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10-K
KEY ENERGY SERVICES INC filed this Form 10-K on 02/28/2018
Entire Document
 
Key Energy Services, Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)



Deferred Financing Costs
A summary of deferred financing costs including capitalized costs, write-offs and amortization are presented in the table below (in thousands):
Predecessor
 
Balance at December 31, 2015
$
18,098

Capitalized costs

Amortization
(3,328
)
Write-off
(14,770
)
Balance at December 15, 2016

 
 
 
 
Successor
 
Balance at December 15, 2016
2,040

Capitalized costs

Amortization
(17
)
Write-off

Balance at December 31, 2016
$
2,023

Capitalized costs
350

Amortization
(476
)
Balance at December 31, 2017
$
1,897

 
The Predecessor balance of $14.8 million was eliminated in accordance with ASC 852, recorded as a reorganization item on the consolidated statement of operations. See “Note 5. Reorganization Items” for more details.
NOTE 17.    COMMITMENTS AND CONTINGENCIES
Operating Lease Arrangements
We lease certain property and equipment under non-cancelable operating leases that expire at various dates through 2024, with varying payment dates throughout each month. In addition, we have a number of leases scheduled to expire during 2018.
As of December 31, 2017, the future minimum lease payments under non-cancelable operating leases are as follows (in thousands):
 
Lease Payments
2018
$
4,478

2019
3,380

2020
1,753

2021
1,503

2022
1,459

Thereafter
2,012

Total
$
14,585

We are also party to a significant number of month-to-month leases that can be canceled at any time. Operating lease expense was $6.4 million, less than $0.1 million, $11.4 million, and $16.9 million for the year ended December 31, 2017, the period from December 16, 2016 through December 31, 2016, the period from January 1, 2016 through December 15, 2016 and the year ended December 31, 2015, respectively.

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