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Concentrations of Credit Risk
 12 Months Ended
Dec. 31, 2018
Risks And Uncertainties [Abstract]  
Concentrations of Credit Risk

17. Concentrations of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of demand deposits, temporary cash investments and trade receivables.  

The Company believes it has placed its demand deposits and temporary cash investments with high credit-quality financial institutions.  At December 31, 2018 and 2017, the Company’s demand deposits and temporary cash investments consisted of the following (in thousands):  

 

 

 

2018

 

 

2017

 

Deposits in FDIC and SIPC-insured institutions under insurance limits

 

$

191,457

 

 

$

13,860

 

Deposits in FDIC and SIPC-insured institutions over insurance limits

 

 

38,425

 

 

 

106,849

 

Deposits in foreign banks

 

 

22,698

 

 

 

21,479

 

 

 

 

252,580

 

 

 

142,188

 

Less outstanding checks and other reconciling items

 

 

(7,551

)

 

 

(99,360

)

Cash and cash equivalents

 

$

245,029

 

 

$

42,828

 

 

Concentrations of credit risk with respect to trade receivables are primarily focused on companies involved in the exploration and development of oil and natural gas properties.  The concentration is somewhat mitigated by the diversification of customers for which the Company provides services.  As is general industry practice, the Company typically does not require customers to provide collateral.  No significant losses from individual customers were experienced during the years ended December 31, 2018, 2017 or 2016.  No expense for bad debts was recognized in 2018, 2017 or 2016.