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REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 12 Months Ended
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Dec. 31, 2024
Revenue from Contract with Customer [Abstract] |
Revenue From Contracts With Customers | The following table provides information about receivables, contract assets and contract liabilities from contracts with customers:
(in thousands of $) | 2024 |  | 2023
Trade accounts receivable from contracts with customers, net (1) | 31,434 |  | 28,970
Contract assets, current (2) | 3,183 |  | 3,938
Contract liabilities, current (2) | (353) |  |  | (5,320)
(1)Trade accounts receivable from contracts with customers, net, relate to receivables from drilling contracts, voyage charter receivables, demurrage receivables and pool receivables, net of allowance for expected credit losses. The expected credit losses relating to trade accounts receivable from contracts with customers was $0.1 million as of December 31, 2024 (December 31, 2023: $15.0 thousand). (See also Note 12: Trade Accounts Receivable and Other Current Assets and Note 27: Allowance for Expected Credit Losses). (2)Contract assets, current, and contract liabilities, current are included in "Prepaid expenses and accrued income" and "Other current liabilities", respectively, in the Consolidated Balance Sheets. Significant changes in the contract assets and the contract liabilities balances during the year ended December 31, 2024, are as follows:
(in thousands of $) | Contract Assets | Contract Liabilities | Net Contract Balances
Net contract asset/(liability), beginning of the year | 3,938 |  | (5,320) |  | (1,382) |
Amortization of contract assets and contract liabilities from contracts at the beginning of the year | (3,938) |  | 5,320 |  | 1,382 |
Cash (received)/paid, excluding amounts recognized in the income statement | 3,183 |  | (353) |  | 2,830 |
Net contract asset/(liability), at the end of the year | 3,183 |  | (353) |  | 2,830 |
Significant changes in the contract assets and the contract liabilities balances during the year ended December 31, 2023, are as follows:
(in thousands of $) | Contract Assets | Contract Liabilities | Net Contract Balances
Net contract asset/(liability), beginning of the year | 10,102 |  | (1,585) |  | 8,517 |
Amortization of contract assets and contract liabilities from contracts at the beginning of the year | (10,102) |  | 1,585 |  | (8,517) |
Cash (received)/paid, excluding amounts recognized in the income statement | 3,938 |  | (5,320) |  | (1,382) |
Net contract asset/(liability), at the end of the year | 3,938 |  | (5,320) |  | (1,382) |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
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