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Operating Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Operating Leases | Operating Leases Operating Lease Assets The following table presents the carry value of operating lease assets in the Company’s consolidated balance sheets as of December 31, 2024 and 2023 (in thousands):
| 2024 |  | 2023
Operating lease assets, net | $ | 19,537 |  |  | $ | 21,970 |
Operating lease asset additions are offset by a corresponding increase to operating lease liabilities and do not impact the consolidated statement of cash flows at commencement. The non-cash effect of operating lease additions in 2024, 2023 and 2022 totaled $1.1 million, $1.3 million and $0.4 million, respectively. The following table provides details regarding the components of operating lease expense based on the initial term of underlying agreements for the years ended December 31, 2024, 2023 and 2022 (in thousands):
| 2024 |  | 2023 |  | 2022
Operating lease expense components: |  |  |  |  |
Leases with initial term of greater than 12 months | $ | 8,588 |  |  | $ | 8,481 |  |  | $ | 8,325 |
Leases with initial term of 12 months or less | 4,159 |  |  | 4,852 |  |  | 4,718 |
Total operating lease expense | $ | 12,747 |  |  | $ | 13,333 |  |  | $ | 13,043 |
During 2024, the Completion and Production Services and Downhole Technologies segments recognized non-cash operating lease asset impairment charges of $3.3 million and $0.5 million, respectively, associated with the closure of certain leased facilities. For further discussion, see Note 4, “Asset Impairments and Other Charges and Credits.” Operating Lease Liabilities The following table provides the scheduled maturities of operating lease liabilities as of December 31, 2024 (in thousands):
2025 | $ | 8,797 |
2026 | 6,807 |
2027 | 5,712 |
2028 | 4,248 |
2029 | 2,459 |
Thereafter | 1,329 |
Total lease payments | 29,352 |
Less: Imputed interest | (4,079) |
Present value of operating lease liabilities | 25,273 |
Less: Current portion | (7,284) |
Total long-term operating lease liabilities | $ | 17,989 |
Weighted-average remaining lease term (years) | 4.0
Weighted-average discount rate | 6 | %

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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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