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Impairment of Fixed and Long-lived Assets (Tables) | 6 Months Ended
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Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Summary of impairment charges | Impairment of Fixed and Long-lived Assets During the first quarter of 2020, the price of crude oil declined by over 50%, trading below $25 per barrel, causing a significant disruption across the energy industry, which began to negatively impact the Company’s results of operations. The decline of results of operations were driven by market factors, including an oversupply of oil, insufficient storage and demand destruction resulting from the reaction to COVID-19. Based on these factors, the Company concluded that a triggering event occurred and, accordingly, an interim quantitative impairment test was performed as of March 31, 2020. The impairment loss of fixed and intangible assets as of March 31, 2020 was recorded as follows (in thousands):
|  | March, 31, 2020 |  |
Property and equipment, net |  |  | $ | 30,178 |  |  |
Operating lease right-of-use assets |  |  | 7,434 |  |  |
Other Intangibles: |  |  |  |  |
Patents and technology |  |  | 9,902 |  |  |
Customer relationships |  |  | 9,165 |  |  |
Intangible assets in progress |  |  | 596 |  |  |
Trademarks and brand names |  |  | 179 |  |  |
Total other intangibles |  |  | 19,842 |  |  |
Total impairment of fixed, long-lived and intangible assets |  |  | $ | 57,454 |  |  |
Using the income approach, the fair value of the reporting unit was determined based on the present value of future cash flows. The Company utilized internal forecast trends and potential growth rates to estimate future cash flows of the asset group. Based on the results of the quantitative assessment, the Company concluded the carrying value of the asset group exceeded its fair value as of March 31, 2020, and an impairment loss of $57.5 million was recorded as a result of the adverse effect of the COVID-19 pandemic, estimated effect on the economy, and the related negative impact on oil and natural gas prices on projections of future cash flows. Prior to the impairment, the Company recognized amortization expense for finite-lived intangible assets acquired of $0.5 million for the three months ended March 31, 2020. The Company concluded no triggering events during the first and second quarters of 2021.

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- Definition Tabular disclosure for impairment of long-lived assets held and used by an entity which includes a description of the impaired long-lived asset and facts and circumstances leading to the impairment, aggregate amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired long-lived asset is reported. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2921-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.CC) -URI http://asc.fasb.org/extlink&oid=27011434&loc=d3e125687-122742 + Details
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