Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Carrying Amount and Fair Value of Financial Instruments

The carrying amount of our revolving credit facility recorded as long-term debt also approximates fair value due to its variable-rate characteristics. The following is a summary of the carrying amounts and estimated fair values of our financial instruments as of December 31, 2016 and 2015 (in thousands):



		Successor				Predecessor
	Fair Value	December 31, 2016				December 31, 2015
	Hierarchy Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
7.75% Senior Notes due 2019, excluding premium	1	$	—	$	—	$	475,000	$	399,000
7.75% Senior Notes due 2022, excluding premium	1	—		—		300,000		238,500
Term Loan	3	152,838		152,838		—		—
Capital Leases	3	70,382		70,382		111,063		111,063
Warrants	3	8,358		8,358		—		—

Summary of Estimated Useful Lives of the Assets

All property and equipment are depreciated or amortized (to the extent of estimated salvage values) on the straight-line method and the estimated useful lives of the assets are as follows:



Buildings and improvements	20-30 years
Well service units and equipment	3-15 years
Fluid services equipment	5-10 years
Brine and fresh water stations	15 years
Fracturing/test tanks	10 years
Pumping equipment	5-10 years
Construction equipment	3-10 years
Contract drilling equipment	3-10 years
Disposal facilities	10-15 years
Vehicles	3-7 years
Rental equipment	2-15 years
Aircraft	10 years
Software and computers	3 years

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the year ended December 31, 2016, are as follows (in thousands):



	Completion
	and Remedial
	Services
Balance as of December 31, 2015	$	—
Goodwill adjustments	646
Goodwill impairment	(646		)
Balance as of December 31, 2016	$	—

Amortizable Intangible Assets

Basic’s intangible assets subject to amortization were as follows (in thousands):



	Successor		Predecessor
	December 31, 2016		December 31, 2015
Customer relationships	$	—	$	92,660
Non-Compete agreements	—		13,057
Trade names	3,410		1,939
Other intangible assets	48		2,086
	3,458		109,742
Less accumulated amortization	—		42,997
Intangible assets subject to amortization, net	$	3,458	$	66,745

Schedule of Amortization Expense

Amortization expense for the next five succeeding years is expected to be as follows (in thousands):



	Amortization
	Expense
2017	$	237
2018	237
2019	237
2020	237
2021	237
Thereafter	2,273
	$	3,458