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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | Leases ASC Topic 842 Leases We have operating and finance leases primarily for office locations, including for both field locations and corporate offices, certain operating equipment, and light duty vehicles. The terms and conditions for these leases vary by the type of underlying asset. During the third quarter of 2023, we acquired $7.5 million and $19.1 million of operating leases for operating locations, corporate offices, certain operating equipment and light duty vehicles primarily related to the Ulterra acquisition and NexTier merger, respectively. We also acquired $5.2 million and $50.7 million of finance leases for light duty vehicles and certain operating equipment related to the Ulterra acquisition and NexTier merger, respectively. Operating leases have remaining lease terms of approximately one month to ten years as of December 31, 2024, and finance leases have remaining lease terms of approximately one month to six years as of December 31, 2024. Lease expense consisted of the following for the years ended December 31, 2024, 2023 and 2022 (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Operating lease cost | $ | 18,147 |  |  | $ | 10,073 |  |  | $ | 5,664 |
Finance lease cost: |  |  |  |  |
Amortization of right-of-use assets | 21,394 |  |  | 6,360 |  |  | — |
Interest on lease liabilities | 2,255 |  |  | 1,395 |  |  | — |
Total finance lease cost | 23,649 |  |  | 7,755 |  |  | — |
Short-term lease expense (1) | 360 |  |  | 2,278 |  |  | — |
Total lease expense (2) | $ | 42,156 |  |  | $ | 20,106 |  |  | $ | 5,664 |
(1)Short-term lease expense represents expense related to leases with a contract term of one year or less. (2)Operating lease expense is recorded in operating costs for the respective segments and within “selling, general and administrative”, amortization of right-of-use assets is recorded within “depreciation, depletion, amortization and impairment”, and interest on lease liabilities is recorded within “interest expense” in our consolidated statements of operations. Supplemental cash flow information related to leases for the years ended December 31, 2024, 2023 and 2022 is as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | 14,838 |  |  | $ | 8,935 |  |  | $ | 6,858 |
Operating cash flows from finance leases | 2,220 |  |  | 1,380 |  |  | — |
Financing cash flows from finance leases | 45,484 |  |  | 15,915 |  |  | — |
Right of use assets obtained in exchange for lease obligations: |  |  |  |  |
Operating leases (1) | $ | 12,541 |  |  | $ | 34,802 |  |  | $ | 6,530 |
Finance leases (1) | 21,234 |  |  | 73,245 |  |  | — |
(1)Includes right of use assets acquired in business combinations in 2023. Lease terms and discount rates related to leases as of December 31, 2024 and 2023 is as follows:
| 2024 |  | 2023
Weighted Average Remaining Lease Term: |  |  |
Operating leases | 4.8 years |  | 5.0 years
Finance leases | 2.3 years |  | 1.5 years
Weighted Average Discount Rate: |  |  |
Operating leases | 6.5 | % |  | 6.1 | %
Finance leases | 7.4 | % |  | 7.3 | %
Maturities of operating and finance lease liabilities as of December 31, 2024 are as follows (in thousands):
Year ending December 31, | Operating |  | Finance
2025 | $ | 15,791 |  |  | $ | 16,664 |
2026 | 11,692 |  |  | 6,264 |
2027 | 8,238 |  |  | 1,490 |
2028 | 6,700 |  |  | 1,485 |
2029 | 5,904 |  |  | 1,485 |
Thereafter | 6,944 |  |  | 595 |
Total lease payments | 55,269 |  |  | 27,983 |
Less imputed interest | (7,642) |  |  | (2,553) |
Total | $ | 47,627 |  |  | $ | 25,430 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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