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Current Expected Credit Losses | 12 Months Ended
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Dec. 31, 2023
CURRENT EXPECTED CREDIT LOSSES |
Current Expected Credit Losses | Note 6: Current Expected Credit Losses The Company utilizes an expected credit loss model for valuing its accounts receivable, a financial asset measured at amortized cost. The Company is exposed to credit losses primarily from providing oilfield services. The Company’s expected credit loss allowance for accounts receivable is based on historical collection experience, current and future economic and market conditions and a review of the current status of customers’ account receivable balances. Due to the short-term nature of such receivables, the estimated amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company’s monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers’ financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible and recoveries of amounts previously written off are recorded when collected. ​ The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Years Ended December 31, |  | 2023 |  | 2022
(in thousands) | ​ |  | ​ | ​ |  | ​
Beginning balance | ​ | $ | 7,078 | ​ | $ | 6,765
Provision for current expected credit losses | ​ |  | 2,656 | ​ |  | 2,029
Write-offs | ​ |  | (2,737) | ​ |  | (1,752)
Recoveries collected (net of expenses) | ​ | ​ | 112 | ​ | ​ | 36
Ending balance | ​ | $ | 7,109 | ​ | $ | 7,078
​

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