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Operating Leases
 12 Months Ended
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):
20242023
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):
202420232022
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 less4,159 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 
20266,807 
20275,712 
20284,248 
20292,459 
Thereafter1,329 
Total lease payments29,352 
Less: Imputed interest(4,079)
Present value of operating lease liabilities25,273 
Less: Current portion(7,284)
Total long-term operating lease liabilities$17,989 
Weighted-average remaining lease term (years)4.0
Weighted-average discount rate6 %