Contract Liability

3 Months Ended

Mar. 31, 2022

Contract With Customer Liability [Abstract]

Contract Liability

8. Contract Liability

Contract liability consists of the following (in thousands):

	March 31, 2022			December 31, 2021
Contract liability	$	17,427		$	18,151
Less: Non-current portion of contract liability		(2,534	)		(2,896	)
Current portion of contract liability	$	14,893		$	15,255

The non-current contract liability balance is included in other long-term liabilities on the condensed consolidated balance sheets. Contract liability 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 related to undelivered equipment, services, or maintenance agreements. The Company recognized $4.3 million of revenue from its contract liabilities during the three months ended March 31, 2022. The opening and closing balances of the Company’s contract liability are as follows (in thousands):

Balance at December 31, 2021	$	18,151
Payments received		3,592
Revenue recognized		(4,316	)
Balance at March 31, 2022	$	17,427