Contract Liabilities

3 Months Ended

Mar. 31, 2023

Contract with Customer, Liability [Abstract]

Contract Liabilities

6. Contract Liabilities

The Company's current and non-current contract liabilities are $13.9 million and $3.1 million, respectively, as of March 31, 2023. The Company's current and non-current contract liabilities were $12.0 million and $3.0 million, respectively, as of December 31, 2022. The non-current contract liabilities balance is included in other long-term liabilities on the condensed consolidated balance sheets. Contract liabilities relates to contracts with customers for which partial or complete payment of the transaction price has been received from the customer and the related obligations must be completed before revenue can be recognized. These amounts primarily relate to undelivered equipment, services, or maintenance agreements. The Company recognized $4.9 million of revenue from its contract liabilities during the three months ended March 31, 2023, of which $4.2 million was recognized from the opening contract liabilities balance. The Company recognized $4.3 million of revenue from its contract liabilities during the three months ended March 31, 2022, of which $3.6 million was recognized from the opening contract liabilities balance. The opening and closing balances of the Company’s contract liabilities are as follows (in thousands):

Balance at December 31, 2022	$	15,003
Payments received		6,850
Revenue recognized		(4,906	)
Foreign currency fluctuation		111
Balance at March 31, 2023	$	17,058