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Contract Assets (Tables) | 6 Months Ended
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Jun. 30, 2023
Revenue Recognition [Abstract] |
Schedule of outstanding contract assets | Contract assets are as follows (in thousands):
| June 30, 2023 |  | December 31, 2022
Contract assets | $ | 83,060 |  |  | $ | 83,060 |
Less accumulated amortization | (5,761) |  |  | (3,371) |
Contract assets, net | 77,299 |  |  | 79,689 |
Less current contract assets | (7,716) |  |  | (7,113) |
Contract assets, long term | $ | 69,583 |  |  | $ | 72,576 |
The below table reflects our estimated amortization per year (in thousands) based on the Company’s current forecasted revenues from the ProFrac Agreement.
Years ending December 31, |  | Amortization |  |
2023 (excluding the six months ended June 30, 2023) | $ | 3,226 |  |  |
2024 |  | 8,980 |  |  |
2025 |  | 8,980 |  |  |
2026 |  | 8,980 |  |  |
2027 |  | 8,980 |  |  |
Thereafter through May 2032 |  | 38,153 |  |  |
Total contract assets |  | $ | 77,299 |  |  |

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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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