v3.24.2.u1
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Schedule of Estimated Useful Lives of Fixed Assets Fixed assets, other than plant facilities associated with productive, depletable properties, are depreciated using the straight-line method over the estimated useful lives of the assets as follows:

 

Plant facilities and equipment

 

1 – 40 years

Furniture and office equipment

 

3 – 15 years

Computer and network equipment

 

3 – 7 years

Buildings and leasehold improvements

 

5 – 40 years

Logistic equipment

 

4 – 7 years
Schedule of Change in Asset Retirement Obligation

Changes in the asset retirement obligations are as follows (in thousands):

 

 

June 30,

 

 

 

2024

 

 

2023

 

Beginning Balance

 

$

2,705

 

 

$

1,245

 

Additions to liabilities

 

 

5,980

 

 

 

—

 

Accretion expense

 

 

255

 

 

 

35

 

Settlements

 

 

(354

)

 

 

—

 

Ending Balance

 

$

8,586

 

 

$

1,280

 
Summary of Fair Values and Carrying Values of Long-Term Debt

As of the dates indicated, our long-term debt consisted of the following (in thousands):

 

 

At June 30, 2024

 

 

At December 31, 2023

 

 

 

 

Carrying Value

 

 

Fair Value

 

 

Carrying Value

 

 

Fair Value

 

 

Valuation Technique

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding principal amount of the 2023 Term Loan Credit Facility

 

$

173,464

 

 

$

194,529

 

 

$

172,820

 

 

$

182,446

 

 

Level 2 – Market Approach

Outstanding principal amount of the ADDT Loan

 

$

142,573

 

 

$

159,737

 

 

$

—

 

 

$

—

 

 

Level 2 – Market Approach

Outstanding principal amount of the 2023 ABL Credit Facility

 

$

50,000

 

 

$

50,000

 

 

$

—

 

 

$

—

 

 

Level 1 – Quoted Prices

Outstanding principal amount of the of the Deferred Cash Consideration Note

 

$

107,832

 

 

$

107,832

 

 

$

—

 

 

$

—

 

 

Level 2 – Market Approach

Outstanding amount of the other indebtedness

 

$

4,134

 

 

$

4,134

 

 

$

—

 

 

$

—

 

 

Level 1 – Quoted Prices
Schedule of Changes in Deferred revenues

Changes in the deferred revenues balance are as follows (in thousands):

 

June 30, 2024

 

Beginning Balance

$

—

 

Customer prepayment acquired in Hi-Crush acquisition

 

13,248

 

Revenue recognized

 

(2,274

)

Ending Balance

$

10,974