Revenue From Contracts With Customers |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Revenue from Contract with Customer [Abstract] | |
| Revenue From Contracts With Customers |
NOTE 5. REVENUE FROM CONTRACTS WITH CUSTOMERS We believe that disaggregating our revenue by reportable segment in "Note 12. Business Segments" provides the information necessary to understand the nature, amount, timing and uncertainty of our revenues and cash flows. Contract Balances with Customers Our contract assets are included in “Accounts receivable” in our unaudited condensed consolidated balance sheets. Accounts receivable consist of invoiced amounts or amounts for which we have a right to invoice based on services completed or products delivered. Our current and non-current contract liabilities are included in “Other current liabilities” and “Other liabilities,” respectively, in our unaudited condensed consolidated balance sheets. Our contract liabilities consist of deferred revenues from advance consideration received from customers related to future performance of service or delivery of products and off-market contract liabilities from unfavorable contracts recognized in connection with our business acquisitions in the Proppant Production segment. In the accounting for prior business combinations, we recorded off-market contract liabilities. During the three and six months ended June 30, 2024, we recorded amortization of $10.9 million and $27.4 million, respectively, related to these contract liabilities as revenue compared with $16.5 million and $24.6 million in the respective periods last year. As of June 30, 2024, our off-market contract liabilities amounted to $23.9 million and the related estimated future amortization to revenue is $16.3 million for the remainder of 2024, and $7.6 million in 2025. Performance Obligations Certain of our Proppant Production contracts contain multiple performance obligations to provide a minimum quantity of proppant products to our customers in future periods. For these contracts, the transaction price is allocated to each performance obligation at estimated selling prices and we recognize revenue as we satisfy these performance obligations. As of June 30, 2024, the aggregate amount of transaction price allocated to unsatisfied performance obligations was $167.4 million, and we expect to perform these obligations and recognize revenue of $62.4 million for the remainder of , $45.0 million in , $45.0 million in , and $15.0 million in . We have elected the practical expedient permitting the exclusion of disclosing the value of unsatisfied performance obligations for Stimulation Services and Manufacturing contracts as these contracts have original contract terms of one year or less or we have the right to invoice for services performed. |