Reduction of credit facility availability

  
  
Other long-term assets consisted of the following: 

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
| (in thousands) | September 30, 2022 |  | December 31, 2021 |
|  |  |  |  |
| Contract assets, net (1) | $ | 141,492  |  |  | $ | 122,160  |  |
| Customer acquisition costs | 104,997  |  |  | 109,392  |  |
| Deferred income taxes | 51,935  |  |  | 24,784  |  |
| Equity investments | 30,250  |  |  | 5,250  |  |
| Investment in long-term product supply arrangements | 21,510  |  |  | 13,348  |  |
| Deferred sales commissions | 12,586  |  |  | 13,019  |  |
| Taxes receivable | 539  |  |  | 1,806  |  |
| Other assets | 40,131  |  |  | 40,641  |  |
| Other long-term assets | $ | 403,440  |  |  | $ | 330,400  |  |

(1) Contract assets, net, are net of allowances for credit loss. Refer to "Note 6. Credit Losses."NOTE 10. ACCRUED LIABILITIES   
Accrued liabilities consisted of the following:

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
| (in thousands) | September 30, 2022 |  | December 31, 2021 |
|  |   |  |   |
| Accrued expenses | $ | 145,935  |  |  | $ | 133,978  |  |
| Accrued employee compensation and related expenses | 132,148  |  |  | 182,926  |  |
| Accrued customer incentives and refund obligations | 74,051  |  |  | 79,469  |  |
| Accrued taxes | 34,706  |  |  | 42,605  |  |
| Current lease liabilities | 19,152  |  |  | 19,931  |  |
| Accrued liabilities | $ | 405,992  |  |  | $ | 458,909  |  |

  
Other long-term liabilities consisted of the following:

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
| (in thousands) | September 30, 2022 |  | December 31, 2021 |
|  |  |  |  |
| Accrued taxes | $ | 50,857  |  |  | $ | 56,466  |  |
| Other accrued long-term expenses | 20,096  |  |  | 14,475  |  |
| Other long-term liabilities | $ | 70,953  |  |  | $ | 70,941  |  |

NOTE 11. DEBT  
Credit Facility  
As of September 30, 2022, we had $633.0 million outstanding borrowings under our Credit Facility with a year-to-date weighted average effective interest rate of 2.3%. As of December 31, 2021, we had $73.5 million outstanding borrowings under our Credit Facility with a weighted average effective interest rate of 1.1%. As of September 30, 2022, we had a remaining borrowing availability of $365.5 million under our $1 billion Credit Facility. The funds available under the Credit Facility reflect a further reduction due to the issuance of letters of credit, which were issued in connection with our workers’ compensation policy, for $1.5 million.  
20
