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Contract Assets (Tables) | 9 Months Ended
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Sep. 30, 2024
Revenue Recognition [Abstract] |
Schedule of Outstanding Contract Assets | Contract assets are as follows (in thousands):
| September 30, 2024 |  | December 31, 2023
Contract assets | $ | 83,060 |  |  | $ | 83,060 |
Less accumulated amortization | (12,745) |  |  | (8,404) |
Contract assets, net | 70,315 |  |  | 74,656 |
Less current contract assets | (6,480) |  |  | (5,836) |
Contract assets, long term | $ | 63,835 |  |  | $ | 68,820 |
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 |  |
2024 (excluding the nine months ended September 30, 2024) | $ | 1,499 |  |  |
2025 |  | 6,833 |  |  |
2026 |  | 8,868 |  |  |
2027 |  | 10,117 |  |  |
2028 |  | 10,117 |  |  |
Thereafter through May 2032 |  | 32,881 |  |  |
Total contract assets |  | $ | 70,315 |  |  |

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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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