XML 34 R22.htm IDEA: XBRL DOCUMENT v3.22.4

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

LEASES

LEASES

Our lease obligations consist of operating and finance leases related to real estate and equipment. The components of lease cost are as follows (in thousands):

									Years Ended December 31,
			Income Statement Classification						2020															2021						2022
Operating lease cost			Facilities and grounds expense(1)						$	3,795														$	3,762					$	3,375
Short-term lease cost			Facilities and grounds expense(1)						185															193						329
Variable lease cost			Facilities and grounds expense(1)						39															160						324
Finance lease cost:
Depreciation of leased assets			Depreciation and amortization(2)						$	439														$	438					$	438
Interest on lease liabilities			Interest expense						496															471						442
Total finance lease cost									935															909						880
Total lease cost									$	4,954														$	5,024					$	4,908

(1)			Facilities and grounds expense is included within Cost of service and General, administrative and other on our Consolidated Statements of Operations.
(2)			Depreciation and amortization expense is included within Field depreciation expense and General, administrative and other on our Consolidated Statements of Operations.

Supplemental cash flow information related to our leases is as follows (in thousands):

			Years Ended December 31,
			2020						2021						2022
Cash paid for operating leases included in operating activities			$	3,383					$	3,822					$	3,671
Cash paid for finance leases included in financing activities			828						835						868

Right-of-use assets obtained in exchange for new leases are as follows (in thousands):

			Years Ended December 31,
			2021						2022
Right-of-use assets obtained in exchange for new operating lease liabilities			$	(1,313)					$	674
Right-of-use assets obtained in exchange for new finance lease liabilities			—						—

During the year ended December 31, 2021, we received a leasehold improvement allowance of $1.4 million for the renovation of our home office space in Houston, Texas from our lessor. We recorded a leasehold improvement asset as property, plant and equipment and reduced our right-of-use asset by $1.4 million. The leasehold improvement allowance will be recognized prospectively by ratably reducing the lease expense over the remaining lease term.

Supplemental balance sheet information related to leases is as follows (in thousands):

Lease Type						Balance Sheet Classification						December 31, 2021						December 31, 2022
Operating lease right-of-use assets						Operating lease right-of-use assets						$	17,881					$	17,060
Finance lease right-of-use assets						Property, plant and equipment, net						6,770						6,770
Accumulated depreciation						Property, plant and equipment, net						(2,443)						(2,881)
Finance lease right-of-use assets, net												$	4,327					$	3,889
Operating lease current liabilities						Current portion of operating lease obligations						$	1,913					$	2,203
Finance lease current liabilities						Current portion of finance lease obligations						375						414
Total current lease liabilities												$	2,288					$	2,617
Operating lease non-current liabilities						Obligations under operating leases, net of current portion						$	18,520					$	17,315
Finance lease non-current liabilities						Obligations under finance leases, net of current portion						5,157						4,743
Total non-current lease liabilities												$	23,677					$	22,058
Total lease liabilities												$	25,965					$	24,675

The average lease terms and discount rates at December 31, 2022 are as follows:

			Weighted-average remaining lease term (years)						Weighted-average discount rate
Operating leases			8.8						8.1		%
Finance leases			11.4						8.2		%

The aggregate future lease payments for non-cancelable operating and finance leases at December 31, 2022 are as follows (in thousands):

			Operating						Finance
Lease payments due:
2023			$	3,687					$	870
2024			3,660						791
2025			3,379						736
2026			3,274						746
2027			3,201						746
Thereafter			9,916						4,063
Total lease payments			$	27,117					$	7,952
Less: Interest			(7,599)						(2,795)
Present value of lease liabilities			$	19,518					$	5,157

At December 31, 2022, we had no significant operating or finance leases that had not yet commenced

LEASES

LEASES

Our lease obligations consist of operating and finance leases related to real estate and equipment. The components of lease cost are as follows (in thousands):

									Years Ended December 31,
			Income Statement Classification						2020															2021						2022
Operating lease cost			Facilities and grounds expense(1)						$	3,795														$	3,762					$	3,375
Short-term lease cost			Facilities and grounds expense(1)						185															193						329
Variable lease cost			Facilities and grounds expense(1)						39															160						324
Finance lease cost:
Depreciation of leased assets			Depreciation and amortization(2)						$	439														$	438					$	438
Interest on lease liabilities			Interest expense						496															471						442
Total finance lease cost									935															909						880
Total lease cost									$	4,954														$	5,024					$	4,908

(1)			Facilities and grounds expense is included within Cost of service and General, administrative and other on our Consolidated Statements of Operations.
(2)			Depreciation and amortization expense is included within Field depreciation expense and General, administrative and other on our Consolidated Statements of Operations.

Supplemental cash flow information related to our leases is as follows (in thousands):

			Years Ended December 31,
			2020						2021						2022
Cash paid for operating leases included in operating activities			$	3,383					$	3,822					$	3,671
Cash paid for finance leases included in financing activities			828						835						868

Right-of-use assets obtained in exchange for new leases are as follows (in thousands):

			Years Ended December 31,
			2021						2022
Right-of-use assets obtained in exchange for new operating lease liabilities			$	(1,313)					$	674
Right-of-use assets obtained in exchange for new finance lease liabilities			—						—

During the year ended December 31, 2021, we received a leasehold improvement allowance of $1.4 million for the renovation of our home office space in Houston, Texas from our lessor. We recorded a leasehold improvement asset as property, plant and equipment and reduced our right-of-use asset by $1.4 million. The leasehold improvement allowance will be recognized prospectively by ratably reducing the lease expense over the remaining lease term.

Supplemental balance sheet information related to leases is as follows (in thousands):

Lease Type						Balance Sheet Classification						December 31, 2021						December 31, 2022
Operating lease right-of-use assets						Operating lease right-of-use assets						$	17,881					$	17,060
Finance lease right-of-use assets						Property, plant and equipment, net						6,770						6,770
Accumulated depreciation						Property, plant and equipment, net						(2,443)						(2,881)
Finance lease right-of-use assets, net												$	4,327					$	3,889
Operating lease current liabilities						Current portion of operating lease obligations						$	1,913					$	2,203
Finance lease current liabilities						Current portion of finance lease obligations						375						414
Total current lease liabilities												$	2,288					$	2,617
Operating lease non-current liabilities						Obligations under operating leases, net of current portion						$	18,520					$	17,315
Finance lease non-current liabilities						Obligations under finance leases, net of current portion						5,157						4,743
Total non-current lease liabilities												$	23,677					$	22,058
Total lease liabilities												$	25,965					$	24,675

The average lease terms and discount rates at December 31, 2022 are as follows:

			Weighted-average remaining lease term (years)						Weighted-average discount rate
Operating leases			8.8						8.1		%
Finance leases			11.4						8.2		%

The aggregate future lease payments for non-cancelable operating and finance leases at December 31, 2022 are as follows (in thousands):

			Operating						Finance
Lease payments due:
2023			$	3,687					$	870
2024			3,660						791
2025			3,379						736
2026			3,274						746
2027			3,201						746
Thereafter			9,916						4,063
Total lease payments			$	27,117					$	7,952
Less: Interest			(7,599)						(2,795)
Present value of lease liabilities			$	19,518					$	5,157

At December 31, 2022, we had no significant operating or finance leases that had not yet commenced.

X

- References

No definition available.

+ Details

Name:	us-gaap_LeasesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI https://asc.fasb.org/subtopic&trid=77888251

+ Details

Name:	us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI https://asc.fasb.org/subtopic&trid=77888251

+ Details

Name:	us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration