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Concentrations of Credit Risk
 12 Months Ended
Dec. 31, 2021
Risks And Uncertainties [Abstract]  
Concentrations of Credit Risk

18. Concentrations of Credit Risk

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

We believe we have placed our demand deposits and temporary cash investments with high credit-quality financial institutions. At December 31, 2021 and 2020, our demand deposits and temporary cash investments consisted of the following (in thousands):

 

 

 

2021

 

 

2020

 

Deposits in FDIC and SIPC-insured institutions under insurance limits

 

$

2,043

 

 

$

1,000

 

Deposits in FDIC and SIPC-insured institutions over insurance limits

 

 

125,405

 

 

 

227,961

 

Deposits in foreign banks

 

 

9,342

 

 

 

1,966

 

 

 

 

136,790

 

 

 

230,927

 

Less outstanding checks and other reconciling items

 

 

(19,266

)

 

 

(6,012

)

Cash and cash equivalents

 

$

117,524

 

 

$

224,915

 

 

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 we provide services. As is general industry practice, we typically do not require customers to provide collateral. A $5.6 million provision for credit loss was recognized in 2020 in relation to accounts receivable balances that were estimated to be uncollectible.