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INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS INTANGIBLE ASSETS
In September 2024, as part of the acquisition of the Barber Lake Facility, the Company obtained certain regulatory approvals related to the site. As a result, the Company added $17.0 million of Strategic contracts related to the transaction.
The Company’s intangible assets consisted of the following (in thousands):
September 30, 2024
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Strategic contracts$24,045 $(292)$23,753 
Capitalized software2,289 (300)1,989 
Total$26,334 $(592)$25,742 
December 31, 2023
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Strategic contract$7,000 $(28)$6,972 
Capitalized software1,230 (93)1,137 
Total$8,230 $(121)$8,109 

The Company recorded amortization expense related to intangible assets of $0.2 million and $0.5 million in the three and nine months ended September 30, 2024, respectively, and nil in both the three and nine months ended September 30, 2023. The Company expects to record amortization expense as follows over the next five subsequent years:
(in thousands)
Remainder of 2024$542 
Year Ended December 31, 2025658 
Year Ended December 31, 2026658 
Year Ended December 31, 2027658 
Year Ended December 31, 2028566