Liberty Energy (LBRT) 10-Q 31 Jul 20 2020 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2020	Jul. 24, 2020
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-38081
Entity Registrant Name	Liberty Oilfield Services Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-4891595
Entity Address, Address Line One	950 17th Street
Entity Address, Address Line Two	Suite 2400
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	515-2800
Title of 12(b) Security	Class A Common Stock, par value $0.01
Trading Symbol	LBRT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020
Amendment Flag	false
Entity Central Index Key	0001694028
Current Fiscal Year End Date	--12-31
Shares of Class A Common Stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		84,853,162
Shares of Class B Common Stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		28,080,525

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 124,504	$ 112,690
Accounts receivable—trade, net of allowances for credit losses of $2,930 and $1,053, respectively	58,569	204,413
Accounts and notes receivable—related party	1,314	9,629
Unbilled revenue	8,636	38,868
Inventories	81,167	88,547
Prepaid and other current assets	25,500	34,827
Total current assets	299,690	488,974
Property and equipment, net	613,136	651,703
Other assets	30,704	34,339
Finance lease right-of-use assets	32,921	55,337
Operating lease right-of-use assets	74,669	53,076
Total assets	1,051,120	1,283,429
Current liabilities:
Accounts payable	27,381	117,613
Accrued liabilities:
Accrued vendor invoices	10,854	42,753
Operational accruals	9,496	26,753
Accrued salaries and benefits	8,021	28,805
Accrued interest and other (including payables to related parties of $2,878 and $1,329, respectively)	8,487	10,643
Current portion of long-term debt, net of discount of $1,397 and $1,341, respectively	353	409
Current portion of finance lease liabilities	15,633	23,646
Current portion of operating lease liabilities	20,727	15,873
Total current liabilities	100,952	266,495
Long-term debt, net of discount of $1,745 and $2,485, respectively, less current portion	105,596	105,731
Deferred tax liability	14,887	19,659
Payable pursuant to tax receivable agreements, including payables to related parties of $20,579 and $23,797, respectively	45,678	48,481
Noncurrent portion of finance lease liabilities	12,898	24,884
Noncurrent portion of operating lease liabilities	51,152	36,687
Total liabilities	331,163	501,937
Commitments & contingencies (Note 13)
Stockholders’ equity:
Preferred Stock, $0.01 par value, 10,000 shares authorized and none issued and outstanding	0	0
Common Stock:
Additional paid in capital	435,885	410,596
Retained earnings	94,817	143,105
Total stockholders’ equity	531,831	554,827
Non-controlling interest	188,126	226,665
Total equity	719,957	781,492
Total liabilities and equity	1,051,120	1,283,429
Class A, $0.01 par value, 400,000,000 shares authorized and 84,853,084 issued and outstanding as of June 30, 2020 and 81,885,384 issued and outstanding as of December 31, 2019
Common Stock:
Common stock, par value $0.01	848	819
Class B, $0.01 par value, 400,000,000 shares authorized and 28,080,525 issued and outstanding as of June 30, 2020 and 30,638,960 issued and outstanding as of December 31, 2019
Common Stock:
Common stock, par value $0.01	$ 281	$ 307

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Allowance for bad debts	$ 2,930	$ 1,053
Payables to related parties	2,878	1,329
Current portion of long-term debt, discount	1,397	1,341
Long-term debt, discount	1,745	2,485
Payable pursuant to tax receivable agreements, related parties	$ 20,579	$ 23,797
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Shares of Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	84,853,084	81,885,384
Common stock, shares outstanding (in shares)	84,853,084	81,885,384
Shares of Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	28,080,525	30,638,960
Common stock, shares outstanding (in shares)	28,080,525	30,638,960

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue:
Revenue	$ 88,362	$ 537,322	$ 560,706	$ 1,066,153
Revenue—related parties	0	4,825	0	11,142
Total revenue	88,362	542,147	560,706	1,077,295
Operating costs and expenses:
Cost of services (exclusive of depreciation and amortization shown separately below)	89,518	426,444	482,234	855,743
General and administrative	18,064	23,989	46,677	46,077
Severance and related costs	9,057	0	9,057	0
Depreciation and amortization	44,931	40,368	89,762	78,755
Loss on disposal of assets	334	143	232	1,366
Total operating costs and expenses	161,904	490,944	627,962	981,941
Operating (loss) income	(73,542)	51,203	(67,256)	95,354
Other (income) expense:
Interest income	(24)	(298)	(287)	(463)
Interest income—related party	(45)	(706)	(232)	(706)
Interest expense	3,725	4,601	7,783	8,948
Total interest expense	3,656	3,597	7,264	7,779
Net (loss) income before income taxes	(77,198)	47,606	(74,520)	87,575
Income tax (benefit) expense	(11,363)	7,083	(11,102)	13,143
Net (loss) income	(65,835)	40,523	(63,418)	74,432
Less: Net (loss) income attributable to non-controlling interests	(20,064)	18,491	(19,367)	34,279
Net (loss) income attributable to Liberty Oilfield Services Inc. stockholders	$ (45,771)	$ 22,032	$ (44,051)	$ 40,153
Net (loss) income attributable to Liberty Oilfield Services Inc. stockholders per common share:
Basic (in dollars per share)	$ (0.55)	$ 0.32	$ (0.53)	$ 0.59
Diluted (in dollars per share)	$ (0.55)	$ 0.32	$ (0.53)	$ 0.58
Weighted average common shares outstanding:
Basic (in shares)	83,292	68,404	82,472	67,918
Diluted (in shares)	83,292	114,338	82,472	114,277

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Additional Paid in Capital	Retained Earnings	Total Stockholders’ Equity	Non-controlling Interest	Shares of Class A Common Stock	Shares of Class A Common StockCommon Stock	Shares of Class B Common Stock	Shares of Class B Common StockCommon Stock
Beginning balance at Dec. 31, 2018	$ 740,814	$ 312,659	$ 119,274	$ 433,069	$ 307,745		$ 684		$ 452
Beginning balance (in shares) at Dec. 31, 2018							68,360,000		45,207,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchanges of Class B Common Stock for Class A Common Stock (shares)							1,637,000		(1,637,000)
Exchange of Class B Common Stock for Class A Common Stock	0	11,413		11,413	(11,413)		$ 16		$ (16)
Effect of exchange on deferred tax asset, net of liability under tax receivable agreements	896	896		896
Class A Common Stock dividend	(7,107)		(7,107)	(7,107)
Distributions to non-controlling unitholders	(4,358)				(4,358)
Other distributions and advance payments to non-controlling interest unitholders	(547)				(547)
Share repurchase (shares)							(1,303,000)
Share repurchases	(17,098)	(13,017)		(13,030)	(4,068)		$ (13)
Stock based compensation expense	6,451	6,451		6,451	0
Vesting of restricted stock units (shares)							268,000
Vesting of restricted stock units	(1,039)	(303)		(300)	(739)		$ 3
Restricted stock and RSU forfeitures (shares)							0
Restricted stock and RSU forfeitures	2	0	2	2	0		$ 0
Net (loss) income	74,432		40,153	40,153	34,279
Ending balance (in shares) at Jun. 30, 2019							68,962,000		43,570,000
Ending balance at Jun. 30, 2019	792,446	318,099	152,322	471,547	320,899		$ 690		$ 436
Beginning balance at Mar. 31, 2019	755,482	314,967	133,877	449,967	305,515		$ 687		$ 436
Beginning balance (in shares) at Mar. 31, 2019							68,744,000		43,570,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Class A Common Stock dividend	(3,588)		(3,588)	(3,588)
Distributions to non-controlling unitholders	(2,179)				(2,179)
Other distributions and advance payments to non-controlling interest unitholders	(325)				(325)
Stock based compensation expense	3,571	3,571		3,571
Vesting of restricted stock units (shares)							218,000
Vesting of restricted stock units	(1,039)	(439)		(436)	(603)		$ 3
Restricted stock and RSU forfeitures (shares)							0
Restricted stock and RSU forfeitures	1	0	1	1	0		$ 0
Net (loss) income	40,523		22,032	22,032	18,491
Ending balance (in shares) at Jun. 30, 2019							68,962,000		43,570,000
Ending balance at Jun. 30, 2019	792,446	318,099	152,322	471,547	320,899		$ 690		$ 436
Beginning balance at Dec. 31, 2019	781,492	410,596	143,105	554,827	226,665		$ 819		$ 307
Beginning balance (in shares) at Dec. 31, 2019						81,885,384	81,885,000	30,638,960	30,639,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchanges of Class B Common Stock for Class A Common Stock (shares)							2,558,000		(2,558,000)
Exchange of Class B Common Stock for Class A Common Stock	0	18,201		18,201	(18,201)		$ 26		$ (26)
Effect of exchange on deferred tax asset, net of liability under tax receivable agreements	454	454		454
Class A Common Stock dividend	(4,244)		(4,244)	(4,244)
Distributions to non-controlling unitholders	(1,532)				(1,532)
Other distributions and advance payments to non-controlling interest unitholders	(805)	(1)		(1)	(804)
Stock based compensation expense	8,407	6,172		6,172	2,235
Vesting of restricted stock units (shares)							414,000
Vesting of restricted stock units	(403)	472		476	(879)		$ 4
Restricted stock and RSU forfeitures (shares)							(4,000)
Restricted stock and RSU forfeitures	6	(9)	7	(3)	9		$ (1)
Net (loss) income	(63,418)		(44,051)	(44,051)	(19,367)
Ending balance (in shares) at Jun. 30, 2020						84,853,084	84,853,000	28,080,525	28,081,000
Ending balance at Jun. 30, 2020	719,957	435,885	94,817	531,831	188,126		$ 848		$ 281
Beginning balance at Mar. 31, 2020	781,453	413,664	140,581	555,371	226,082		$ 819		$ 307
Beginning balance (in shares) at Mar. 31, 2020							81,920,000		30,639,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchanges of Class B Common Stock for Class A Common Stock (shares)							2,558,000		(2,558,000)
Exchange of Class B Common Stock for Class A Common Stock	0	18,201		18,201	(18,201)		$ 26		$ (26)
Effect of exchange on deferred tax asset, net of liability under tax receivable agreements	454	454		454
Other distributions and advance payments to non-controlling interest unitholders	(1)	(1)		(1)	0
Stock based compensation expense	4,283	3,171		3,171	1,112
Vesting of restricted stock units (shares)							379,000
Vesting of restricted stock units	(403)	405		409	(812)		$ 4
Restricted stock and RSU forfeitures (shares)							(4,000)
Restricted stock and RSU forfeitures	6	(9)	7	(3)	9		$ (1)
Net (loss) income	(65,835)		(45,771)	(45,771)	(20,064)
Ending balance (in shares) at Jun. 30, 2020						84,853,084	84,853,000	28,080,525	28,081,000
Ending balance at Jun. 30, 2020	$ 719,957	$ 435,885	$ 94,817	$ 531,831	$ 188,126		$ 848		$ 281

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2019
Statement of Stockholders' Equity [Abstract]
Common stock dividend (in dollars per share)	$ 0.05	$ 0.10	$ 0.05
Distributions to noncontrolling unitholders (in dollars per share)	$ 0.05	$ 0.10	$ 0.05

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net (loss) income	$ (63,418)	$ 74,432
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	89,762	78,755
Loss on disposal of assets	232	1,366
Interest expense on finance lease liability	0	1,350
Amortization of debt issuance costs	1,106	1,105
Inventory write-down	770	0
Non-cash lease expense	1,999	2,828
Stock based compensation expense	8,407	6,451
Deferred income taxes	(11,268)	6,895
Loss on tax receivable agreements	169	0
Provision for credit losses	4,678	0
Changes in operating assets and liabilities:
Accounts receivable and unbilled revenue	171,398	(113,559)
Accounts receivable and unbilled revenue—related party	8,314	(462)
Inventories	6,610	(26,785)
Other assets	21,410	18,151
Accounts payable and accrued liabilities	(142,643)	53,343
Accounts payable and accrued liabilities—related party	0	(1,000)
Payment of operating lease liability	(895)	(5,157)
Net cash provided by operating activities	96,631	97,713
Cash flows from investing activities:
Purchases of property and equipment and construction in-progress	(70,460)	(130,408)
Proceeds from sale of assets	463	344
Net cash used in investing activities	(69,997)	(130,064)
Cash flows from financing activities:
Repayments of borrowings on term loan	(875)	(438)
Payments on finance lease obligations	(4,965)	(6,794)
Class A Common Stock dividends	(4,262)	(6,885)
Per unit distributions to non-controlling interest unitholders	(1,532)	(4,357)
Other distributions and advance payments to non-controlling interest unitholders	(2,783)	(547)
Tax withholding on restricted stock unit vesting	(403)	(1,039)
Share repurchases	0	(18,398)
Net cash used in financing activities	(14,820)	(38,458)
Net increase (decrease) in cash and cash equivalents	11,814	(70,809)
Cash and cash equivalents—beginning of period	112,690	103,312
Cash and cash equivalents—end of period	124,504	32,503
Supplemental disclosure of cash flow information:
Cash paid for income taxes	0	1,042
Cash paid for interest	5,649	5,575
Non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued liabilities	$ 7,855	$ 10,353

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization Liberty Oilfield Services Inc. (the “Company”) was incorporated as a Delaware corporation on December 21, 2016, to become a holding corporation for Liberty Oilfield Services New HoldCo LLC (“Liberty LLC”) and its subsidiaries upon completion of a corporate reorganization (the “Corporate Reorganization”) and planned initial public offering of the Company (“IPO”). The Company has no material assets other than its ownership of units in Liberty LLC (“Liberty LLC Units”). Please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 27, 2020 (the “Annual Report”) for additional information on the Corporate Reorganization and IPO that were completed on January 17, 2018. The Company, together with its subsidiaries, is a multi-basin provider of hydraulic fracturing services and goods, with a focus on deploying the latest technologies in the technically demanding oil and gas reservoirs in which it operates, principally in North Dakota, Colorado, New Mexico, Wyoming, and Texas. Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared using generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all information or notes required by GAAP for annual financial statements and should be read together with the annual financial statements and notes thereto included in the Annual Report. The accompanying unaudited condensed consolidated financial statements and related notes present the condensed consolidated financial position of the Company as of June 30, 2020 and December 31, 2019, and the results of operations, cash flows, and equity of the Company as of and for the three and six months ended June 30, 2020 and 2019. The interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim period. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results of operations expected for the entire fiscal year ended December 31, 2020. Further, these estimates and other factors, including those outside the Company’s control, such as the impact of sustained lower commodity prices, could have a significant adverse impact to the Company’s financial condition, results of operations and cash flows. All intercompany amounts have been eliminated in the presentation of the unaudited condensed consolidated financial statements of the Company. Comprehensive income is not reported due to the absence of items of other comprehensive income or loss during the periods presented. The Company’s operations are organized into a single reportable segment, which consists of hydraulic fracturing services and goods.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Recently Adopted Accounting Standards Credit Losses In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which changes the impairment model for most financial assets and certain other instruments. Specifically, this new guidance requires using a forward looking, expected loss model for trade and other receivables, held-to-maturity debt securities, loans, and other instruments. Under ASU 2016-13, a company recognizes, as an allowance, the estimate of lifetime expected credit losses, which is expected to result in more timely recognition of such losses. On January 1, 2020, the Company adopted ASU 2016-13 using the modified-retrospective approach, which allows for a cumulative-effect adjustment to the consolidated condensed balance sheet as of the beginning of the first reporting period in which the guidance is effective. Periods prior to the adoption date that are presented for comparative purposes are not adjusted. The Company continuously evaluates customers based on risk characteristics, such as historical losses and current economic conditions. Due to the cyclical nature of the oil and gas industry, the Company often evaluates its customers’ estimated losses on a case-by-case basis. While there was no impact to the financial statements as a result of adoption of ASU 2016-13, as a result of deteriorating economic conditions for the oil and gas industry brought on by the COVID-19 pandemic, during the three and six months ended June 30, 2020, the Company recorded a provision for credit losses of $2.2 million and $4.7 million, respectively, included in general and administrative expenses in the accompanying unaudited condensed consolidated statement of operations, in accordance with the new standard. Refer to “Credit Risk” within Note 7—Fair Value Measurements and Financial Instruments for additional disclosures required under ASU 2016-13. Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which eliminates, adds and modifies certain disclosure requirements for fair value measurements. The Company adopted ASU 2018-13 on January 1, 2020 and determined the adoption of this standard did not impact the Company’s condensed consolidated financial statements. Refer to Note 7—Fair Value Measurements and Financial Instruments for the disclosures required under ASU 2018-13. Leases In April 2020, the FASB issued FASB Staff Q&A Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic (“the Q&A”), which allows companies to elect to recognize the impact of COVID-19 rent concessions, including rent deferrals, within the current period, rather than recognizing these concessions as a lease modification in accordance with lease guidance, ASU No. 2016-02, Leases (Accounting Standard Codification (“ASC”) Topic 842) , if the total lease payments of the modified lease are substantially the same as or less than the total original lease payments. According to the Q&A, entities are to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842 and ASC Topic 840, Leases as though enforceable rights and obligations for those concessions existed. The adoption of the Q&A did not have a material impact on the accompanying unaudited condensed consolidated financial statements. Recently Issued Accounting Standards Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform, which provides temporary optional guidance to companies impacted by the transition away from the London Interbank Offered Rate (“LIBOR”). The guidance provides certain expedients and exceptions to applying GAAP in order to lessen the potential accounting burden when contracts, hedging relationships, and other transactions that reference LIBOR as a benchmark rate are modified. This guidance is effective upon issuance and expires on December 31, 2022. The Company is currently assessing the impact of the LIBOR transition and this ASU on the Company’s financial statements. Severance and Related Costs On April 2, 2020, the Company announced that it reduced the size of its workforce and its general and administrative cost structure, as well as other cost cutting measures, in response to significantly lower customer activity. Payments made to employees leaving the Company are recorded to severance and related costs in the accompanying unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2020. The Company also adopted a more flexible cost structure, including employee furloughs. The Company pays all insurance and benefit costs for employees while on furlough, and such costs are also included in severance and related costs. Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. These reclassifications had no effect on the previously reported net income.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following: June 30, December 31, ($ in thousands) 2020 2019 Proppants $ 7,226 $ 14,013 Chemicals 5,769 10,076 Maintenance parts 68,172 64,458 $ 81,167 $ 88,547

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consist of the following: Estimated June 30, December 31, ($ in thousands) 2020 2019 Land N/A $ 5,400 $ 5,400 Field services equipment 2-7 1,003,695 978,418 Vehicles 4-7 59,977 60,290 Buildings and facilities 5-30 31,631 29,930 Office equipment, furniture, and software 2-7 6,639 6,623 1,107,342 1,080,661 Less accumulated depreciation and amortization (539,377) (455,687) 567,965 624,974 Construction in-progress N/A 45,171 26,729 $ 613,136 $ 651,703 Depreciation expense for the three months ended June 30, 2020 and 2019 was $42.3 million and $37.4 million, respectively. During the six months ended June 30, 2020 and 2019, the Company recognized depreciation expense of $83.9 million and $73.1 million, respectively. During the six months ended June 30, 2020, as a result of negative market indicators including the COVID-19 pandemic, the increased supply of low-priced oil, and customer cancellations, the Company concluded these triggering events could indicate possible impairment of property and equipment. The Company performed a quantitative and qualitative impairment analysis and determined that no impairment had occurred as of March 31, 2020. As of June 30, 2020 the Company concluded that no additional triggering events occurred and the conclusion reached at March 31, 2020 is still appropriate. Such analysis required management to make estimates and assumptions based on historical data and consideration of future market conditions. Given the uncertainty inherent in any projection, heightened by the possibility of unforeseen additional effects of COVID-19, actual results may differ from the estimates and assumptions used, or conditions may change, which could result in impairment charges in the future.

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	Leases The Company has operating and finance leases primarily for vehicles, equipment, railcars, office space, and facilities. The terms and conditions for these leases vary by the type of underlying asset. Certain leases include variable lease payments for items such as property taxes, insurance, maintenance, and other operating expenses associated with leased assets. Payments that vary based on an index or rate are included in the measurement of lease assets and liabilities at the rate as of the commencement date. All other variable lease payments are excluded from the measurement of lease assets and liabilities, and are recognized in the period in which the obligation for those payments is incurred. Additionally, in June 2020, the Company entered into one sublease agreement with a third party for a leased property that the Company no longer occupies. The components of lease expense for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2020 2019 2020 2019 Finance lease cost: Amortization of right-of-use assets $ 2,139 $ 2,611 $ 4,793 $ 4,977 Interest on lease liabilities 462 699 1,058 1,350 Operating lease cost 6,199 5,053 11,670 10,264 Variable lease cost 776 603 1,571 1,607 Sublease (income) (16) — (16) — Total lease cost, net $ 9,560 $ 8,966 $ 19,076 $ 18,198 Sup plemental cash flow and other information related to leases for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2020 2019 2020 2019 Cash paid for amounts included in measurement of liabilities: Operating leases $ 5,052 $ 2,752 $ 10,484 $ 10,550 Finance leases 2,957 3,512 6,023 6,794 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 14,428 625 19,654 70,055 Finance leases — 6,718 — 64,139 During the three months ended June 30, 2020 the Company amended certain finance leases, the change in terms of which caused the leases to be reclassified to operating leases. In connection with the amendments the Company wrote-off finance lease right-of-use assets and liabilities of $17.6 million and $15.0 million, respectively, and recognized operating lease right-of-use assets and liabilities of $14.5 million and $11.9 million, respectively. There was no gain or loss recognized as a result of these amendments. Lease terms and discount rates as of June 30, 2020 and December 31, 2019 were as follows: June 30, 2020 December 31, 2019 Weighted-average remaining lease term: Operating leases 5.8 years 6.4 years Finance leases 1.1 years 1.3 years Weighted-average discount rate: Operating leases 5.1 % 5.4 % Finance leases 5.2 % 5.2 % Future minimum lease commitments as of June 30, 2020 are as follows: ($ in thousands) Finance Operating Sublease Income Remainder of 2020 $ 8,266 $ 11,751 $ (103) 2021 17,454 23,970 (171) 2022 4,135 15,445 — 2023 — 7,572 — 2024 — 5,193 — Thereafter — 19,878 — Total lease payments 29,855 83,809 (274) Less imputed interest (1,324) (11,930) — Total $ 28,531 $ 71,879 $ (274) The Company’s vehicle leases typically include a residual value guarantee. For the Company’s vehicle leases classified as operating leases, the total residual value guaranteed as of June 30, 2020 is $7.0 million; the payment is not probable and therefore has not been included in the measurement of the lease liability and right-of-use asset. For vehicle leases that are classified as financing leases, the Company includes the residual value guarantee as estimated in the lease agreement, in the financing lease liability.
Leases	Leases The Company has operating and finance leases primarily for vehicles, equipment, railcars, office space, and facilities. The terms and conditions for these leases vary by the type of underlying asset. Certain leases include variable lease payments for items such as property taxes, insurance, maintenance, and other operating expenses associated with leased assets. Payments that vary based on an index or rate are included in the measurement of lease assets and liabilities at the rate as of the commencement date. All other variable lease payments are excluded from the measurement of lease assets and liabilities, and are recognized in the period in which the obligation for those payments is incurred. Additionally, in June 2020, the Company entered into one sublease agreement with a third party for a leased property that the Company no longer occupies. The components of lease expense for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2020 2019 2020 2019 Finance lease cost: Amortization of right-of-use assets $ 2,139 $ 2,611 $ 4,793 $ 4,977 Interest on lease liabilities 462 699 1,058 1,350 Operating lease cost 6,199 5,053 11,670 10,264 Variable lease cost 776 603 1,571 1,607 Sublease (income) (16) — (16) — Total lease cost, net $ 9,560 $ 8,966 $ 19,076 $ 18,198 Sup plemental cash flow and other information related to leases for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2020 2019 2020 2019 Cash paid for amounts included in measurement of liabilities: Operating leases $ 5,052 $ 2,752 $ 10,484 $ 10,550 Finance leases 2,957 3,512 6,023 6,794 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 14,428 625 19,654 70,055 Finance leases — 6,718 — 64,139 During the three months ended June 30, 2020 the Company amended certain finance leases, the change in terms of which caused the leases to be reclassified to operating leases. In connection with the amendments the Company wrote-off finance lease right-of-use assets and liabilities of $17.6 million and $15.0 million, respectively, and recognized operating lease right-of-use assets and liabilities of $14.5 million and $11.9 million, respectively. There was no gain or loss recognized as a result of these amendments. Lease terms and discount rates as of June 30, 2020 and December 31, 2019 were as follows: June 30, 2020 December 31, 2019 Weighted-average remaining lease term: Operating leases 5.8 years 6.4 years Finance leases 1.1 years 1.3 years Weighted-average discount rate: Operating leases 5.1 % 5.4 % Finance leases 5.2 % 5.2 % Future minimum lease commitments as of June 30, 2020 are as follows: ($ in thousands) Finance Operating Sublease Income Remainder of 2020 $ 8,266 $ 11,751 $ (103) 2021 17,454 23,970 (171) 2022 4,135 15,445 — 2023 — 7,572 — 2024 — 5,193 — Thereafter — 19,878 — Total lease payments 29,855 83,809 (274) Less imputed interest (1,324) (11,930) — Total $ 28,531 $ 71,879 $ (274) The Company’s vehicle leases typically include a residual value guarantee. For the Company’s vehicle leases classified as operating leases, the total residual value guaranteed as of June 30, 2020 is $7.0 million; the payment is not probable and therefore has not been included in the measurement of the lease liability and right-of-use asset. For vehicle leases that are classified as financing leases, the Company includes the residual value guarantee as estimated in the lease agreement, in the financing lease liability.
Lessor, Operating Leases	Leases The Company has operating and finance leases primarily for vehicles, equipment, railcars, office space, and facilities. The terms and conditions for these leases vary by the type of underlying asset. Certain leases include variable lease payments for items such as property taxes, insurance, maintenance, and other operating expenses associated with leased assets. Payments that vary based on an index or rate are included in the measurement of lease assets and liabilities at the rate as of the commencement date. All other variable lease payments are excluded from the measurement of lease assets and liabilities, and are recognized in the period in which the obligation for those payments is incurred. Additionally, in June 2020, the Company entered into one sublease agreement with a third party for a leased property that the Company no longer occupies. The components of lease expense for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2020 2019 2020 2019 Finance lease cost: Amortization of right-of-use assets $ 2,139 $ 2,611 $ 4,793 $ 4,977 Interest on lease liabilities 462 699 1,058 1,350 Operating lease cost 6,199 5,053 11,670 10,264 Variable lease cost 776 603 1,571 1,607 Sublease (income) (16) — (16) — Total lease cost, net $ 9,560 $ 8,966 $ 19,076 $ 18,198 Sup plemental cash flow and other information related to leases for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2020 2019 2020 2019 Cash paid for amounts included in measurement of liabilities: Operating leases $ 5,052 $ 2,752 $ 10,484 $ 10,550 Finance leases 2,957 3,512 6,023 6,794 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 14,428 625 19,654 70,055 Finance leases — 6,718 — 64,139 During the three months ended June 30, 2020 the Company amended certain finance leases, the change in terms of which caused the leases to be reclassified to operating leases. In connection with the amendments the Company wrote-off finance lease right-of-use assets and liabilities of $17.6 million and $15.0 million, respectively, and recognized operating lease right-of-use assets and liabilities of $14.5 million and $11.9 million, respectively. There was no gain or loss recognized as a result of these amendments. Lease terms and discount rates as of June 30, 2020 and December 31, 2019 were as follows: June 30, 2020 December 31, 2019 Weighted-average remaining lease term: Operating leases 5.8 years 6.4 years Finance leases 1.1 years 1.3 years Weighted-average discount rate: Operating leases 5.1 % 5.4 % Finance leases 5.2 % 5.2 % Future minimum lease commitments as of June 30, 2020 are as follows: ($ in thousands) Finance Operating Sublease Income Remainder of 2020 $ 8,266 $ 11,751 $ (103) 2021 17,454 23,970 (171) 2022 4,135 15,445 — 2023 — 7,572 — 2024 — 5,193 — Thereafter — 19,878 — Total lease payments 29,855 83,809 (274) Less imputed interest (1,324) (11,930) — Total $ 28,531 $ 71,879 $ (274) The Company’s vehicle leases typically include a residual value guarantee. For the Company’s vehicle leases classified as operating leases, the total residual value guaranteed as of June 30, 2020 is $7.0 million; the payment is not probable and therefore has not been included in the measurement of the lease liability and right-of-use asset. For vehicle leases that are classified as financing leases, the Company includes the residual value guarantee as estimated in the lease agreement, in the financing lease liability.

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt Debt consists of the following: June 30, December 31, ($ in thousands) 2020 2019 Term Loan outstanding $ 109,091 $ 109,996 Deferred financing costs and original issue discount (3,142) (3,826) Total debt, net of deferred financing costs and original issue discount $ 105,949 $ 106,140 Current portion of long-term debt, net of discount $ 353 $ 409 Long-term debt, net of discount and current portion 105,596 105,731 $ 105,949 $ 106,140 On September 19, 2017, the Company entered into two credit agreements, a revolving line of credit up to $250.0 million (the “ABL Facility”) and a $175.0 million term loan (the “Term Loan Facility”, and together with the ABL Facility the “Credit Facilities”). ABL Facility Under the terms of the ABL Facility, up to $250.0 million may be borrowed, subject to certain borrowing base limitations based on a percentage of eligible accounts receivable and inventory. On May 29, 2020 the Company amended the ABL Facility to allow accounts receivables that are more than 90 but less than 120 days past their original invoice date to be included in the determination of eligible accounts receivables, up to a limit of $37.5 million when combined with receivables that are more than 60 but less than 90 days past their due date to be included in the borrowing base. The expanded borrowing base terms are in effect from May 1, 2020 through August 31, 2020. As of June 30, 2020, the borrowing base was calculated to be $83.2 million, and the Company had no borrowings outstanding, except for a letter of credit in the amount of $0.3 million, with $82.9 million of remaining availability. Borrowings under the ABL Facility bear interest at LIBOR or a base rate, plus an applicable LIBOR margin of 1.5% to 2% or base rate margin of 0.5% to 1%, as defined in the ABL Facility credit agreement. The average monthly unused commitment is subject to an unused commitment fee of 0.375% to 0.5%. Interest and fees are payable in arrears at the end of each month, or, in the case of LIBOR loans, at the end of each interest period. The ABL Facility matures on the earlier of (i) September 19, 2022 and (ii) to the extent the debt under the Term Loan Facility remains outstanding, 90 days prior to the final maturity of the Term Loan Facility, which matures on September 19, 2022. Borrowings under the ABL Facility are collateralized by accounts receivable and inventory, and further secured by the Company, Liberty LLC, and R/C IV Non-U.S. LOS Corp. (“R/C IV”), a Delaware corporation and a subsidiary of the Company, as parent guarantors. Term Loan Facility The Term Loan Facility provides for a $175.0 million term loan, of which $109.1 million remained outstanding as of June 30, 2020. Amounts outstanding bear interest at LIBOR or a base rate, plus an applicable margin of 7.625% or 6.625%, respectively, and the weighted average on borrowings was 8.6% as of June 30, 2020. The Company is required to make quarterly principal payments of 1% per annum of the outstanding principal balance, commencing on December 31, 2017, with final payment due at maturity on September 19, 2022. The Term Loan Facility is collateralized by the fixed assets of Liberty Oilfield Services LLC (“LOS”) and its subsidiaries, and is further secured by the Company, Liberty LLC, and R/C IV, as parent guarantors. The Credit Facilities include certain non-financial covenants, including but not limited to restrictions on incurring additional debt and certain distributions. Moreover, the ability of the Company to incur additional debt and to make distributions is dependent on maintaining a maximum leverage ratio. The Term Loan Facility requires mandatory prepayments upon certain dispositions of property or issuance of other indebtedness, as defined, and annually a percentage of excess cash flow (25% to 50%, depending on leverage ratio, of consolidated net income less capital expenditures and other permitted payments, commencing with the year ending December 31, 2018). Certain mandatory prepayments and optional prepayments are subject to a prepayment premium of 3% of the prepaid principal declining annually to 1% during the first three years of the term of the Term Loan Facility. The Credit Facilities are not subject to financial covenants unless liquidity, as defined in the respective credit agreements, falls below a specific level. During a covenant measurement period under the ABL Facility, the Company is required to maintain a minimum fixed charge coverage ratio, as defined, of 1.0 to 1.0 for each period if excess availability is less than 10% of the borrowing base or $12.5 million, whichever is greater. During a covenant measurement period under the Term Loan Facility, the Company is required to maintain a minimum fixed charge coverage ratio, as defined, of 1.2 to 1.0 for each trailing twelve-month period if the Company’s liquidity, as defined, is less than $25.0 million for at least five Based on liquidity as defined in the respective agreements, the Company was not subject to financial covenants as of June 30, 2020 and thus was in compliance as of June 30, 2020. Maturities of debt are as follows: ($ in thousands) Remainder of 2020 $ 875 2021 $ 1,750 2022 $ 106,466 2023 $ — 2024 $ — $ 109,091

Fair Value Measurements and Fin

Fair Value Measurements and Financial Instruments	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements and Financial Instruments	Fair Value Measurements and Financial Instruments The fair values of the Company’s assets and liabilities represent the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly transaction at the reporting date. These fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company’s own judgments about the assumptions that market participants would use in pricing the asset or liability. The Company discloses the fair values of its assets and liabilities according to the quality of valuation inputs under the following hierarchy: • Level 1 Inputs: Quoted prices (unadjusted) in an active market for identical assets or liabilities. • Level 2 Inputs: Inputs other than quoted prices that are directly or indirectly observable. • Level 3 Inputs: Unobservable inputs that are significant to the fair value of assets or liabilities. The classification of an asset or liability is based on the lowest level of input significant to its fair value. Those that are initially classified as Level 3 are subsequently reported as Level 2 when the fair value derived from unobservable inputs is inconsequential to the overall fair value, or if corroborating market data becomes available. Assets and liabilities that are initially reported as Level 2 are subsequently reported as Level 3 if corroborating market data is no longer available. Transfers occur at the end of the reporting period. There were no transfers into or out of Levels 1, 2, and 3 during the six months ended June 30, 2020 and 2019. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, notes receivable, accounts payable, accrued liabilities, long-term debt, and finance and operating lease obligations. These financial instruments do not require disclosure by level. The carrying values of all of the Company’s financial instruments included in the accompanying unaudited condensed consolidated balance sheets approximated or equaled their fair values at June 30, 2020 and December 31, 2019. • The carrying values of cash and cash equivalents, accounts receivable and accounts payable (including accrued liabilities) approximated fair value at June 30, 2020 and December 31, 2019, due to their short-term nature. • The carrying value of amounts outstanding under long-term debt agreements with variable rates approximated fair value at June 30, 2020 and December 31, 2019, as the effective interest rates approximated market rates. Nonrecurring Measurements Certain assets are measured at fair value on a nonrecurring basis. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. These assets consist of notes receivable—related party from the Affiliate, as defined and described in Note 12—Related Party Transactions. The note was initially recorded for the trade receivables, created in the normal course of business, due from the Affiliate as of the Agreement Date, as defined in Note 12—Related Party Transactions. There were no identified events or changes in circumstances that had a significant adverse effect on the fair value of the note receivable. The note is classified as Level 3 in the fair value hierarchy as the inputs to the determination of fair value are based upon unobservable inputs. The note was paid in full in January 2020, and a s of June 30, 2020 and December 31, 2019, notes receivable—related party from the Affiliate totaled $0 a nd $2.5 million, respectively. Recurring Measurements The fair values of the Company’s cash equivalents measured on a recurring basis pursuant to ASC 820-10 Fair Value Measurements and Disclosures are carried at estimated fair value. Cash equivalents consist of money market accounts which the Company has classified as Level 1 given the active market for these accounts. As of June 30, 2020 and December 31, 2019, the Company had cash equivalents, measured at fair value, of $108.3 million and $86.9 million, respectively. Nonfinancial assets The Company estimates fair value to perform impairment tests as required on long-lived assets. The inputs used to determine such fair value are primarily based upon internally developed cash flow models and would generally be classified within Level 3 in the event that such assets were required to be measured and recorded at fair value within the financial statements. Although a triggering event occurred during the six months ended June 30, 2020 (see Note 4—Property and Equipment), no such measurements were required as of June 30, 2020 and December 31, 2019. Credit Risk The Company’s financial instruments exposed to concentrations of credit risk consist primarily of cash and cash equivalents and trade receivables. The Company’s cash and cash equivalent balances on deposit with financial institutions total $124.5 million and $112.7 million as of June 30, 2020 and December 31, 2019, respectively, which exceeded FDIC insured limits. The Company regularly monitors these institutions’ financial condition. The majority of the Company’s customers have payment terms of 45 days or less. As of June 30, 2020 and December 31, 2019, customer A, customer B, and customer C accounted for 60% and customer E accounted for 12% of total accounts receivable and unbilled revenue, respectively. The Company mitigates the associated credit risk by performing credit evaluations and monitoring the payment patterns of its customers. During the three months ended June 30, 2020, customer A, customer B, customer C, and customer D accounted fo r 53% of total revenue, and during the three months ended June 30, 2019, no customers accounted for more than 10% of total revenue. During the six months ended June 30, 2020 and 2019, customer A accounted for 15% and customer F accounted for 10% of total revenue, respectively. As of June 30, 2020 the Company had $2.9 million in allowance for credit losses. In connection with the adoption of ASU 2016-13 recognized a $2.5 million allowance for credit losses, to the Company’s accounts receivables in consideration of both historic collection experience and the expected impact of currently deteriorating economic conditions for the oil and gas industry. The Company recorded a provision for credit losses of $2.2 million during the three months ended June 30, 2020 that was primarily related to one customer that entered bankruptcy proceedings during the second quarter of 2020. The Company applied historic loss factors to its receivable portfolio segments that were not expected to be further impacted by current economic developments, and an additional economic conditions factor to portfolio segments anticipated to experience greater losses in the current economic environment. While the Company has not experienced significant credit losses in the past and has not yet seen material changes to the payment patterns of its customers, the Company cannot predict with any certainty the degree to which the impacts of COVID-19, including the potential impact of periodically adjusted borrowing base limits, level of hedged production, or unforeseen well shut-ins may affect the ability of its customers to timely pay receivables when due. Accordingly, in future periods, the Company may revise its estimates of expected credit losses. As of December 31, 2019, the Company had recorded a $1.1 million allowance for credit losses related to one specific entity engaged in the business of oil and gas exploration and production that filed for bankruptcy. ($ in thousands) Allowance for credit losses at December 31, 2019 $ 1,053 Credit Losses: Current period provision 4,678 Amounts written off, net of recoveries (2,801) Allowance for credit losses at June 30, 2020 $ 2,930

Equity

Equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Equity	Equity Restricted Stock Awards Restricted stock awards are awards of Class A Common Stock that are subject to restrictions on transfer and to a risk of forfeitures if the award recipient is no longer an employee or director of the Company for any reason prior to the lapse of the restrictions. The following table summarizes the Company’s unvested restricted stock activity for the six months ended June 30, 2020: Number of Shares Grant Date Fair Value per Share (1) Outstanding at December 31, 2019 268,205 $ — Vested (29,249) — Forfeited (4,387) — Outstanding at June 30, 2020 234,569 $ — (1) Prior to the IPO and Corporate Reorganization, Liberty Oilfield Services Holdings LLC (“Liberty Holdings”) issued Class B units of Liberty Holdings (“Legacy Units”). The Legacy Units were determined to have a de minimis grant-date fair value based on their assigned benchmark values. In connection with the Corporate Reorganization, the unvested Legacy Units were exchanged for 1,258,514 shares of restricted stock with the same terms and requisite vesting conditions. The shares of restricted stock retain the grant date fair value of the Legacy Units. Restricted Stock Units Restricted stock units (“RSUs”) granted pursuant to the Long Term Incentive Plan (“LTIP”), if they vest, will be settled in shares of the Company’s Class A Common Stock. RSUs were granted with vesting terms up to five years. Changes in non-vested RSUs outstanding under the LTIP during the six months ended June 30, 2020 were as follows: Number of Units Weighted Average Grant Date Fair Value per Unit Non-vested as of December 31, 2019 1,734,535 $ 16.97 Granted 1,132,770 7.10 Vested (590,432) 17.31 Forfeited (34,931) 15.01 Outstanding at June 30, 2020 2,241,942 $ 11.92 Performance Restricted Stock Units Performance restricted stock units (“PSUs”) granted pursuant to the LTIP, if they vest, will be settled in shares of the Company’s Class A Common Stock. PSUs were granted with a three ’ results over the three year period from January 1, 2019 through December 31, 2021 for PSUs granted in 2019 and from January 1, 2020 through December 31, 2022 for PSUs granted in 2020. The Company records compensation expense based on the Company’s best estimate of the number of PSUs that will vest at the end of the performance period. If such performance targets are not met, or are not expected to be met, no compensation expense is recognized and any recognized compensation expense is reversed. Changes in non-vested PSUs outstanding under the LTIP during the six months ended June 30, 2020 were as follows: Number of Units Weighted Average Grant Date Fair Value per Unit Non-vested as of December 31, 2019 329,277 $ 14.93 Granted 392,948 9.62 Vested — — Forfeited — — Outstanding at June 30, 2020 722,225 $ 12.04 Stock-based compensation is included in cost of services and general and administrative expenses in the Company’s condensed consolidated statements of operations. The Company recognized stock based compensation expense of $4.3 million and $8.4 million for the three and six months ended June 30, 2020, respectively. The Company recognized stock based compensation of $3.6 million and $6.5 million for the three and six months ended June 30, 2019, respectively. There was approximately $24.2 million of unrecognized compensation expense relating to outstanding RSUs and PSUs as of June 30, 2020. The unrecognized compensation expense will be recognized on a straight-line basis over the weighted average remaining vesting period of two years . Dividends On April 2, 2020, the Company suspended future quarterly dividends until business conditions warrant reinstatement. The Company paid cash dividends of $0.05 per share of Class A Common Stock on March 20, 2020 to stockholders of record as of March 6, 2020. Liberty LLC paid a distribution of $5.6 million, or $0.05 per Liberty LLC Unit, to all holders of Liberty LLC Units as of March 6, 2020, $4.1 million of which was paid to the Company. The Company used the proceeds of the distribution to pay the dividend to all holders of shares of Class A Common Stock as of March 6, 2020, which totaled $4.1 million. Additionally, the Company accrued $0.2 million of dividends payable related to restricted shares and RSUs to be paid upon vesting. Dividends related to forfeited restricted shares and RSUs will be forfeited. Share Repurchase Program On September 10, 2018 the Company’s board of directors authorized a share repurchase plan to repurchase up to $100.0 million of the Company’s Class A Common Stock through September 30, 2019. On January 22, 2019, the Company’s board of directors authorized an additional $100.0 million under the share repurchase plan through January 31, 2021. During the six months ended June 30, 2020, no shares were repurchased under the share repurchase program. During the six months ended June 30, 2019, Liberty LLC purchased and retired 1,303,003 Liberty LLC Units from the Company for $18.4 million, and the Company repurchased and retired 1,303,003 shares of Class A Common Stock for $18.4 million, or $14.66 average price per share. The repurchase in the six months ended June 30, 2019 completed the share repurchase amount authorized on September 10, 2018. Of the total amount of Class A Common Stock repurchased, 117,647 shares were repurchased or returned from R/C Energy IV Direct Partnership, L.P., R/C IV Liberty Holdings, L.P., and Riverstone/Carlyle Energy Partners IV, L.P. (“R/C”). For further details of this related party transaction, see Note 12—Related Party Transactions. As of June 30, 2020, $98.7 million remained authorized for future repurchases of Class A Common Stock under the share repurchase program.

Net (Loss) Income per Share

Net (Loss) Income per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Net (Loss) Income per Share	Net (Loss) Income per Share Basic net (loss) income per share measures the performance of an entity over the reporting period. Diluted net (loss) income per share measures the performance of an entity over the reporting period while giving effect to all potentially dilutive common shares that were outstanding during the period. The Company uses the “if-converted” method to determine the potential dilutive effect of its Class B Common Stock and the treasury stock method to determine the potential dilutive effect of outstanding restricted stock and restricted stock units. The following table reflects the allocation of net (loss) income to common stockholders and net (loss) income per share computations for the periods indicated based on a weighted average number of common stock outstanding: Three Months Ended Six Months Ended (In thousands) June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Basic Net (Loss) Income Per Share Numerator: Net (loss) income attributable to Liberty Oilfield Services Inc. stockholders $ (45,771) $ 22,032 $ (44,051) $ 40,153 Denominator: Basic weighted average common shares outstanding 83,292 68,404 82,472 67,918 Basic net (loss) income per share attributable to Liberty Oilfield Services Inc. stockholders $ (0.55) $ 0.32 $ (0.53) $ 0.59 Diluted Net (Loss) Income Per Share Numerator: Net (loss) income attributable to Liberty Oilfield Services Inc. stockholders $ (45,771) $ 22,032 $ (44,051) $ 40,153 Effect of exchange of the shares of Class B Common Stock for shares of Class A Common Stock — 13,992 — 25,825 Diluted net (loss) income attributable to Liberty Oilfield Services Inc. stockholders $ (45,771) $ 36,024 $ (44,051) $ 65,978 Denominator: Basic weighted average shares outstanding 83,292 68,404 82,472 67,918 Effect of dilutive securities: Restricted stock — 556 — 578 Restricted stock units — 1,808 — 1,717 Class B Common Stock — 43,570 — 44,064 Diluted weighted average shares outstanding 83,292 114,338 82,472 114,277 Diluted net (loss) income per share attributable to Liberty Oilfield Services Inc. stockholders $ (0.55) $ 0.32 $ (0.53) $ 0.58 In accordance with GAAP, diluted weighted average common shares outstanding for the three and six months ended June 30, 2020 exclude 29,392 and 30,015, respectively, weighted average shares of Class B Common Stock, 246 and 257, respectively, weighted average shares of restricted stock, and 1,914 and 2,124, respectively, weighted average shares of restricted stock units.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is a corporation and is subject to U.S. federal, state, and local income tax on its share of Liberty LLC’s taxable income. The effective combined U.S. federal and state income tax rate applicable to the Company for the six months ended June 30, 2020 was 14.9% , compared to 15.0% for the period ended June 30, 2019. The Company’s effective tax rate is significantly less than the statutory federal tax rate of 21.0% primarily because no taxes are payable by the Company for the non-controlling interest’s share of Liberty LLC’s pass-through results for federal, state, and local income tax reporting. The Company recognized an income tax benefit of $11.4 million and $11.1 million during the three and six months ended June 30, 2020, respectively. The Company recognized income tax expense of $7.1 million and $13.1 million during the three and six months ended June 30, 2019, respectively. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (“CARES”) Act was enacted and signed into law. The CARES Act contains modifications to the rules around federal income tax net operating loss (“NOL”) rules. The CARES Act permits NOL carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. Certain provisions of the CARES Act impact the 2019 income tax provision computations of the Company and are reflected in the period of enactment. The Company has applied for and received the NOL carryback refund to recover a portion of cash taxes paid in 2018 of $9.3 million, a portion of which will be due to TRA Holders (as defined below) and is reflected as current TRA payable. Tax Receivable Agreements In connection with the IPO, on January 17, 2018, the Company entered into two Tax Receivable Agreements (the “TRAs”) with R/C Energy IV Direct Partnership, L.P. and the then existing owners that continued to own Liberty LLC Units (each such person and any permitted transferee, a “TRA Holder” and together, the “TRA Holders”). The TRAs generally provide for the payment by the Company of 85% of the net cash savings, if any, in U.S. federal, state, and local income tax and franchise tax (computed using simplifying assumptions to address the impact of state and local taxes) that the Company actually realizes (or is deemed to realize in certain circumstances) in periods after the IPO as a result, as applicable to each TRA Holder, of (i) certain increases in tax basis that occur as a result of the Company’s acquisition (or deemed acquisition for U.S. federal income tax purposes) of all or a portion of such TRA Holder’s Liberty LLC Units in connection with the IPO or pursuant to the exercise of redemption or call rights, (ii) any net operating losses available to the Company as a result of the Corporate Reorganization, and (iii) imputed interest deemed to be paid by the Company as a result of, and additional tax basis arising from, any payments the Company makes under the TRAs. During the six months ended June 30, 2020 redemptions of Liberty LLC Units and shares of Class B Common Stock resulted in an increase of $2.6 million in amounts payable under the TRAs, and a net increase of $3.0 million in deferred tax assets, all of which were recorded through equity. During the six months ended June 30, 2019, redemptions of Liberty LLC Units and shares of Class B Common Stock resulted in an increase of $5.1 million in amounts payable under the TRAs, and a net increase of $6.0 million in deferred tax assets, all of which were recorded through equity. At June 30, 2020 and December 31, 2019, the Company ’ s liability under the TRAs was $51.1 million and $50.3 million, respectively, a portion of which is presented as a component of current liabilities of $5.4 million and $1.8 million, respectively, a portion of which is presented as a component of long-term liabilities of $45.7 million and $48.5 million, respectively, and the related deferred tax assets totaled $52.9 million and $49.9 million, respectively. The Company made a tax benefit payment of $2.0 million to the Company’s TRA Holders, related to tax benefits realized during the calendar year ended December 31, 2019 and payable pursuant to the Company’s TRAs during the six months ended June 30, 2020.

Defined Contribution Plan

Defined Contribution Plan	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [Abstract]
Defined Contribution Plan	Defined Contribution Plan The Company sponsors a 401(k) defined contribution retirement plan covering eligible employees. However, effective April 1, 2020, in connection with other cost savings measures undertaken in response to declining demand for frac services as a result of the impacts of the COVID-19 pandemic, the Company suspended its 6% matching contribution. Prior to April 1, 2020, the Company made matching contributions at a rate of $1.00 for each $1.00 of employee contribution, subject to a cap of 6% of the employee’s salary and federal limits. Contributions made by the Company wer e $0 and $3.9 million for the three months ended June 30, 2020 and 2019, respectively, and $4.2 million and $8.0 million for the six months ended June 30, 2020 and 2019, respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Prior to the Corporate Reorganization, one of the members of Liberty Holdings contributed a portion of its member interest in Liberty Holdings to R/C IV. Subsequently, in conjunction with the Corporate Reorganization, R/C IV was contributed to Liberty LLC. R/C IV had net operating loss carryforwards for federal and state income tax purposes which resulted in the recognition of a $2.9 million payable pursuant to the TRAs. During the year ended December 31, 2019, R/C IV Liberty Holdings, L.P. exercised its redemption right and redeemed 9,605,786 shares of Class B Common Stock resulting in an increase in tax basis, as described under “Tax Receivable Agreements” in Note—10 Income Taxes, and recognition of $22.3 million in amounts payable under the TRAs. As of June 30, 2020 and December 31, 2019, the Company ’ s current liabilities under the TRAs payable to R/C IV Liberty Holdings, L.P. and R/C IV were $2.9 million and $1.3 million, respectively, included in accrued interest and other and non-current liabilities were $20.6 million and $23.8 million, respectively, in payable pursuant to tax receivable agreements in the accompanying unaudited condensed consolidated balance sheets. Liberty Resources LLC, an oil and gas exploration and production company, and its successor entity (collectively, the “Affiliate”) has certain common ownership and management with the Company. The amounts of the Company’s revenue related to hydraulic fracturing services provided to the Affiliate for the three months ended June 30, 2020 and 2019 was $0 and $4.8 million, respectively, and $0 and $11.1 million for the six months ended June 30, 2020 and 2019, respectively. As of June 30, 2020 and December 31, 2019, $1.3 million and $7.1 million, respectively, of the Company’s accounts receivable—related party was with the Affiliate. On June 24, 2019 (the “Agreement Date”), the Company entered into an agreement with the Affiliate to amend payment terms for outstanding invoices due as of the Agreement Date to be due on July 31, 2020. On September 30, 2019, the agreement was amended to extend the due date for remaining amounts outstanding to October 31, 2020. Amounts outstanding from the Affiliate as of the Agreement Date were $15.6 million. The amount outstanding, including all accrued interest, was paid in full in January 2020. As of June 30, 2020 and December 31, 2019, amounts outstanding under the amended payment terms from the Affiliate are $0 and $2.5 million, respectively, all of which is presented in accounts and notes receivable—related party in the accompanying unaudited condensed consolidated balance sheet. The balance outstanding is subject to interest at 13% annual percent yield, retroactively applied to the respective invoice date. During the three and six months ended June 30, 2020, interest income from the Affiliate was $0 and $0.2 million, respectively, and accrued interest as of June 30, 2020 and December 31, 2019 was $0 . Receivables earned for services performed after the Agreement Date continue to be subject to normal 30-day payment terms, provided that any amount unpaid after 60 days will be subject to 13% interest. Liberty Holdings entered into an advisory agreement dated December 30, 2011 with R/C, in which R/C agreed to provide certain administrative advisory services to Liberty Holdings. The Company incurred no service fees during the three and six months ended June 30, 2020 and 2019. The advisory services agreement was terminated pursuant to an agreement effective as of January 11, 2018. On January 11, 2018, Liberty Holdings, R/C, and other parties entered into a Master Reorganization Agreement that, among other things, crystallized the “waterfall” provisions of Article VI of the Third Amended and Restated Limited Liability Agreement of Liberty Holdings, dated October 11, 2016 (the “Holdings LLC Agreement”) in connection with the IPO. As part of this crystallization, R/C and affiliated entities (collectively, the “R/C Affiliates”) received shares of Class A Common Stock, including 117,647 shares of Class A Common Stock (such 117,647 shares referred to as the “Issued Shares”) to compensate R/C Affiliates for certain accrued preferred returns but which would not have been issued had the $2.0 million in fees owed under the advisory agreement been paid in cash. Had this fee been paid in cash on or prior to January 11, 2018, R/C and Liberty Holdings acknowledge that R/C Affiliates would not have received the Issued Shares in the crystallization pursuant to the provisions of the Holdings LLC Agreement. Subsequently, during the fourth quarter of 2018, R/C asserted that certain provisions of the termination of services agreement provided for R/C to receive $2.0 million in cash as payment of those accrued fees. To resolve this matter, the Company agreed to pay R/C Affiliates $2.0 million in cash in exchange for the purchase, at the IPO price, or return of the Issued Shares and $0.3 million for interest and the settlement of the matter. Accordingly, $2.3 million was recorded as accrued liabilities—related party in the accompanying condensed consolidated balance sheet as of December 31, 2018 and subsequently paid in January 2019. The purchased and returned shares of Class A Common Stock were canceled and retired, and the Company does not expect to incur future expense related to the advisory agreement or termination thereof. During 2016, Liberty Holdings entered into a future commitment to invest and become a non-controlling minority member in Proppant Express Investments, LLC (“PropX Investments”), the owner of Proppant Express Solutions, LLC (“PropX”), a provider of proppant logistics equipment. LOS was party to a services agreement (the “PropX Services Agreement”) whereby LOS was to provide certain administrative support functions to PropX, and LOS was to purchase and lease proppant logistics equipment from PropX. The PropX Services Agreement was terminated on May 29, 2018, however the Company continues to purchase and lease equipment from PropX under certain lease agreements. For the three months ended June 30, 2020 and 2019, the Company leased proppant logistics equipment for $1.9 million

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments & Contingencies Purchase Commitments (tons and gallons are not in thousands) The Company enters into purchase and supply agreements to secure supply and pricing of proppants and chemicals. As of June 30, 2020 and December 31, 2019, the agreements provide pricing and committed supply sources for the Company to purchas e 4,158,750 and 7,978,300 tons, respectively, of proppant through February 1, 2022. Amounts above also include commitments to pay for transport fees on minimum amounts of proppants or railcars. Additionally, related proppant transload service commitments extend through 2025. As of June 30, 2020 and December 31, 2019, the Company also had agreements that provide pricing and committed supply source for the purchase of 1,221,000 and 3,339,534 gallons, respectively, of chemicals through December 31, 2020. Future proppant, including rail car transport, and chemical commitments based on Company forecasts are as follows: ($ in thousands) Remainder of 2020 $ 62,684 2021 83,571 2022 18,701 2023 9,524 2024 10,268 Thereafter 7,664 $ 192,412 Certain supply agreements contain a clause whereby in the event that the Company fails to purchase minimum volumes, as defined in the agreement, during a specific time period, a shortfall fee may apply. In circumstances where the Company does not make the minimum purchases required under the contract, the Company and its suppliers have a history of amending such minimum purchase contractual terms and in rare cases does the Company incur such shortfall fees. If the Company were unable to make any of the minimum purchases and the Company and its suppliers cannot come to an agreement to avoid such fees, the Company could incur shortfall fees in the amounts of $44.1 million, $48.9 million, $18.6 million, $9.5 million, $10.3 million, and $7.7 million for the remainder of 2020 and years ended 2021, 2022, 2023, 2024, and thereafter, respectively. Based on forecasted levels of activity, the Company does not currently expect to incur significant shortfall fees. Litigation Securities Class Actions On March 11, 2020, Marshall Cobb, on behalf of himself and all other persons similarly situated, filed a putative class action lawsuit in the state District Court of Denver County, Colorado against the Company and certain officers and board members of the Company along with other defendants in connection with the IPO (the “Cobb Complaint”). The Cobb Complaint alleges that the Company and certain officers and board members of the Company violated Section 11 of the Securities Act of 1933 by virtue of inaccurate or misleading statements allegedly contained in the registration statement filed in connection with the IPO and requests unspecified damages and costs. The Cobb Plaintiffs also allege control person liability claims under Section 15 of the Securities Act of 1933 against certain officers and board members of the Company and other defendants. On April 3, 2020, Marc Joseph, on behalf of himself and all other persons similarly situated, filed a putative class action lawsuit in the United States District Court in Denver, Colorado against the Company and certain officers and board members of the Company along with other defendants in connection with the IPO and requests unspecified damages and costs (the “Joseph Complaint,” and collectively with the Cobb Complaint, the “Securities Lawsuits”). The Joseph Complaint, which is based on similar factual allegations made in the Cobb Complaint, alleges that the defendants violated Sections 11 and 12(a)(2) of the Securities Act of 1933 by virtue of inaccurate or misleading statements allegedly contained in the registration statement and prospectus filed in connection with the IPO. The Joseph Complaint also alleges control person liability claims under Section 15 of the Securities Act of 1933 against certain officers and board members of the Company and other defendants. The Company has hired counsel and plans to vigorously defend against the allegations in the Securities Lawsuits. Other Litigation In addition to the matters described above, from time to time, the Company is subject to legal and administrative proceedings, settlements, investigations, claims and actions. The Company’s assessment of the likely outcome of litigation matters is based on its judgment of a number of factors including experience with similar matters, past history, precedents, relevant financial and other evidence and facts specific to the matter. Notwithstanding the uncertainty as to the final outcome, based upon the information currently available, management does not believe any matters in aggregate will have a material adverse effect on its financial position or results of operations.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (unaudited)	6 Months Ended
	Jun. 30, 2020
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data	Selected Quarterly Financial Data The following tables summarizes consolidated changes in equity for the three months ended June 30, 2020 and 2019: Shares of Class A Common Stock Shares of Class B Common Stock Class A Common Stock, Par Value Class B Common Stock, Par Value Additional Paid in Capital Retained Earnings Total Stockholders ’ equity Noncontrolling Interest Total Equity Balance—March 31, 2020 81,920 30,639 $ 819 $ 307 $ 413,664 $ 140,581 $ 555,371 $ 226,082 $ 781,453 Exchanges of Class B Common Stock for Class A Common Stock 2,558 (2,558) 26 (26) 18,201 — 18,201 (18,201) — Effect of exchange on deferred tax asset, net of liability under tax receivable agreements — — — — 454 — 454 — 454 Other distributions and advance payments to noncontrolling interest unitholders — — — — (1) — (1) — (1) Stock based compensation expense — — — — 3,171 — 3,171 1,112 4,283 Restricted stock and RSU forfeitures (4) — (1) — (9) 7 (3) 9 6 RSU Vesting 379 — 4 — 405 — 409 (812) (403) Net loss — — — — — (45,771) (45,771) (20,064) (65,835) Balance—June 30, 2020 84,853 28,081 $ 848 $ 281 $ 435,885 $ 94,817 $ 531,831 $ 188,126 $ 719,957 Shares of Class A Common Stock Shares of Class B Common Stock Class A Common Stock, Par Value Class B Common Stock, Par Value Additional Paid in Capital Retained Earnings Total Stockholders ’ equity Noncontrolling Interest Total Equity Balance—March 31, 2019 68,744 43,570 $ 687 $ 436 $ 314,967 $ 133,877 $ 449,967 $ 305,515 $ 755,482 $0.05/share of Class A Common Stock dividend — — — — — (3,588) (3,588) — (3,588) $0.05/unit distribution to noncontrolling interest unitholders — — — — — — — (2,179) (2,179) Other distributions and advance payments to noncontrolling interest unitholders — — — — — — — (325) (325) Stock based compensation expense — — — — 3,571 — 3,571 — 3,571 RSU Vesting 218 — 3 — (439) — (436) (603) (1,039) Restricted stock and RSU forfeitures — — — — — 1 1 — 1 Net income — — — — — 22,032 22,032 18,491 40,523 Balance—June 30, 2019 68,962 43,570 $ 690 $ 436 $ 318,099 $ 152,322 $ 471,547 $ 320,899 $ 792,446

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsThe Company has evaluated events through the filing of this Quarterly Report and determined that no subsequent events have occurred that would require recognition or disclosure in the unaudited consolidated financial statements.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared using generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all information or notes required by GAAP for annual financial statements and should be read together with the annual financial statements and notes thereto included in the Annual Report. The accompanying unaudited condensed consolidated financial statements and related notes present the condensed consolidated financial position of the Company as of June 30, 2020 and December 31, 2019, and the results of operations, cash flows, and equity of the Company as of and for the three and six months ended June 30, 2020 and 2019. The interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim period. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results of operations expected for the entire fiscal year ended December 31, 2020. Further, these estimates and other factors, including those outside the Company’s control, such as the impact of sustained lower commodity prices, could have a significant adverse impact to the Company’s financial condition, results of operations and cash flows. All intercompany amounts have been eliminated in the presentation of the unaudited condensed consolidated financial statements of the Company. Comprehensive income is not reported due to the absence of items of other comprehensive income or loss during the periods presented. The Company’s operations are organized into a single reportable segment, which consists of hydraulic fracturing services and goods.
Recently Adopted And Issued Accounting Standards	Recently Adopted Accounting Standards Credit Losses In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which changes the impairment model for most financial assets and certain other instruments. Specifically, this new guidance requires using a forward looking, expected loss model for trade and other receivables, held-to-maturity debt securities, loans, and other instruments. Under ASU 2016-13, a company recognizes, as an allowance, the estimate of lifetime expected credit losses, which is expected to result in more timely recognition of such losses. On January 1, 2020, the Company adopted ASU 2016-13 using the modified-retrospective approach, which allows for a cumulative-effect adjustment to the consolidated condensed balance sheet as of the beginning of the first reporting period in which the guidance is effective. Periods prior to the adoption date that are presented for comparative purposes are not adjusted. The Company continuously evaluates customers based on risk characteristics, such as historical losses and current economic conditions. Due to the cyclical nature of the oil and gas industry, the Company often evaluates its customers’ estimated losses on a case-by-case basis. While there was no impact to the financial statements as a result of adoption of ASU 2016-13, as a result of deteriorating economic conditions for the oil and gas industry brought on by the COVID-19 pandemic, during the three and six months ended June 30, 2020, the Company recorded a provision for credit losses of $2.2 million and $4.7 million, respectively, included in general and administrative expenses in the accompanying unaudited condensed consolidated statement of operations, in accordance with the new standard. Refer to “Credit Risk” within Note 7—Fair Value Measurements and Financial Instruments for additional disclosures required under ASU 2016-13. Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which eliminates, adds and modifies certain disclosure requirements for fair value measurements. The Company adopted ASU 2018-13 on January 1, 2020 and determined the adoption of this standard did not impact the Company’s condensed consolidated financial statements. Refer to Note 7—Fair Value Measurements and Financial Instruments for the disclosures required under ASU 2018-13. Leases In April 2020, the FASB issued FASB Staff Q&A Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic (“the Q&A”), which allows companies to elect to recognize the impact of COVID-19 rent concessions, including rent deferrals, within the current period, rather than recognizing these concessions as a lease modification in accordance with lease guidance, ASU No. 2016-02, Leases (Accounting Standard Codification (“ASC”) Topic 842) , if the total lease payments of the modified lease are substantially the same as or less than the total original lease payments. According to the Q&A, entities are to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842 and ASC Topic 840, Leases as though enforceable rights and obligations for those concessions existed. The adoption of the Q&A did not have a material impact on the accompanying unaudited condensed consolidated financial statements. Recently Issued Accounting Standards Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform, which provides temporary optional guidance to companies impacted by the transition away from the London Interbank Offered Rate (“LIBOR”). The guidance provides certain expedients and exceptions to applying GAAP in order to lessen the potential accounting burden when contracts, hedging relationships, and other transactions that reference LIBOR as a benchmark rate are modified. This guidance is effective upon issuance and expires on December 31, 2022. The Company is currently assessing the impact of the LIBOR transition and this ASU on the Company’s financial statements.
Reclassifications	Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. These reclassifications had no effect on the previously reported net income.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: June 30, December 31, ($ in thousands) 2020 2019 Proppants $ 7,226 $ 14,013 Chemicals 5,769 10,076 Maintenance parts 68,172 64,458 $ 81,167 $ 88,547

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment consist of the following: Estimated June 30, December 31, ($ in thousands) 2020 2019 Land N/A $ 5,400 $ 5,400 Field services equipment 2-7 1,003,695 978,418 Vehicles 4-7 59,977 60,290 Buildings and facilities 5-30 31,631 29,930 Office equipment, furniture, and software 2-7 6,639 6,623 1,107,342 1,080,661 Less accumulated depreciation and amortization (539,377) (455,687) 567,965 624,974 Construction in-progress N/A 45,171 26,729 $ 613,136 $ 651,703

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Lease, Cost	The components of lease expense for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2020 2019 2020 2019 Finance lease cost: Amortization of right-of-use assets $ 2,139 $ 2,611 $ 4,793 $ 4,977 Interest on lease liabilities 462 699 1,058 1,350 Operating lease cost 6,199 5,053 11,670 10,264 Variable lease cost 776 603 1,571 1,607 Sublease (income) (16) — (16) — Total lease cost, net $ 9,560 $ 8,966 $ 19,076 $ 18,198
Lessee, Supplemental Cash Flow Information	Sup plemental cash flow and other information related to leases for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2020 2019 2020 2019 Cash paid for amounts included in measurement of liabilities: Operating leases $ 5,052 $ 2,752 $ 10,484 $ 10,550 Finance leases 2,957 3,512 6,023 6,794 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 14,428 625 19,654 70,055 Finance leases — 6,718 — 64,139
Lease Term And Discount Rate, Lessee	Lease terms and discount rates as of June 30, 2020 and December 31, 2019 were as follows: June 30, 2020 December 31, 2019 Weighted-average remaining lease term: Operating leases 5.8 years 6.4 years Finance leases 1.1 years 1.3 years Weighted-average discount rate: Operating leases 5.1 % 5.4 % Finance leases 5.2 % 5.2 %
Lessee, Operating Lease, Liability, Maturity	Future minimum lease commitments as of June 30, 2020 are as follows: ($ in thousands) Finance Operating Sublease Income Remainder of 2020 $ 8,266 $ 11,751 $ (103) 2021 17,454 23,970 (171) 2022 4,135 15,445 — 2023 — 7,572 — 2024 — 5,193 — Thereafter — 19,878 — Total lease payments 29,855 83,809 (274) Less imputed interest (1,324) (11,930) — Total $ 28,531 $ 71,879 $ (274)
Finance Lease, Liability, Maturity	Future minimum lease commitments as of June 30, 2020 are as follows: ($ in thousands) Finance Operating Sublease Income Remainder of 2020 $ 8,266 $ 11,751 $ (103) 2021 17,454 23,970 (171) 2022 4,135 15,445 — 2023 — 7,572 — 2024 — 5,193 — Thereafter — 19,878 — Total lease payments 29,855 83,809 (274) Less imputed interest (1,324) (11,930) — Total $ 28,531 $ 71,879 $ (274)
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity	Future minimum lease commitments as of June 30, 2020 are as follows: ($ in thousands) Finance Operating Sublease Income Remainder of 2020 $ 8,266 $ 11,751 $ (103) 2021 17,454 23,970 (171) 2022 4,135 15,445 — 2023 — 7,572 — 2024 — 5,193 — Thereafter — 19,878 — Total lease payments 29,855 83,809 (274) Less imputed interest (1,324) (11,930) — Total $ 28,531 $ 71,879 $ (274)

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt	Debt consists of the following: June 30, December 31, ($ in thousands) 2020 2019 Term Loan outstanding $ 109,091 $ 109,996 Deferred financing costs and original issue discount (3,142) (3,826) Total debt, net of deferred financing costs and original issue discount $ 105,949 $ 106,140 Current portion of long-term debt, net of discount $ 353 $ 409 Long-term debt, net of discount and current portion 105,596 105,731 $ 105,949 $ 106,140
Schedule of Maturities of Long-term Debt	Maturities of debt are as follows: ($ in thousands) Remainder of 2020 $ 875 2021 $ 1,750 2022 $ 106,466 2023 $ — 2024 $ — $ 109,091

Fair Value Measurements and F_2

Fair Value Measurements and Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Schedule Of Allowance For Doubtful Accounts	($ in thousands) Allowance for credit losses at December 31, 2019 $ 1,053 Credit Losses: Current period provision 4,678 Amounts written off, net of recoveries (2,801) Allowance for credit losses at June 30, 2020 $ 2,930

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Nonvested Restricted Stock Shares Activity	The following table summarizes the Company’s unvested restricted stock activity for the six months ended June 30, 2020: Number of Shares Grant Date Fair Value per Share (1) Outstanding at December 31, 2019 268,205 $ — Vested (29,249) — Forfeited (4,387) — Outstanding at June 30, 2020 234,569 $ — (1) Prior to the IPO and Corporate Reorganization, Liberty Oilfield Services Holdings LLC (“Liberty Holdings”) issued Class B units of Liberty Holdings (“Legacy Units”). The Legacy Units were determined to have a de minimis grant-date fair value based on their assigned benchmark values. In connection with the Corporate Reorganization, the unvested Legacy Units were exchanged for 1,258,514 shares of restricted stock with the same terms and requisite vesting conditions. The shares of restricted stock retain the grant date fair value of the Legacy Units.
Schedule of Nonvested Restricted Stock Units Activity	Changes in non-vested RSUs outstanding under the LTIP during the six months ended June 30, 2020 were as follows: Number of Units Weighted Average Grant Date Fair Value per Unit Non-vested as of December 31, 2019 1,734,535 $ 16.97 Granted 1,132,770 7.10 Vested (590,432) 17.31 Forfeited (34,931) 15.01 Outstanding at June 30, 2020 2,241,942 $ 11.92
Schedule Of Performance Restricted Stock Units Activity	Changes in non-vested PSUs outstanding under the LTIP during the six months ended June 30, 2020 were as follows: Number of Units Weighted Average Grant Date Fair Value per Unit Non-vested as of December 31, 2019 329,277 $ 14.93 Granted 392,948 9.62 Vested — — Forfeited — — Outstanding at June 30, 2020 722,225 $ 12.04

Net Income per Share (Tables)

Net Income per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reflects the allocation of net (loss) income to common stockholders and net (loss) income per share computations for the periods indicated based on a weighted average number of common stock outstanding: Three Months Ended Six Months Ended (In thousands) June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Basic Net (Loss) Income Per Share Numerator: Net (loss) income attributable to Liberty Oilfield Services Inc. stockholders $ (45,771) $ 22,032 $ (44,051) $ 40,153 Denominator: Basic weighted average common shares outstanding 83,292 68,404 82,472 67,918 Basic net (loss) income per share attributable to Liberty Oilfield Services Inc. stockholders $ (0.55) $ 0.32 $ (0.53) $ 0.59 Diluted Net (Loss) Income Per Share Numerator: Net (loss) income attributable to Liberty Oilfield Services Inc. stockholders $ (45,771) $ 22,032 $ (44,051) $ 40,153 Effect of exchange of the shares of Class B Common Stock for shares of Class A Common Stock — 13,992 — 25,825 Diluted net (loss) income attributable to Liberty Oilfield Services Inc. stockholders $ (45,771) $ 36,024 $ (44,051) $ 65,978 Denominator: Basic weighted average shares outstanding 83,292 68,404 82,472 67,918 Effect of dilutive securities: Restricted stock — 556 — 578 Restricted stock units — 1,808 — 1,717 Class B Common Stock — 43,570 — 44,064 Diluted weighted average shares outstanding 83,292 114,338 82,472 114,277 Diluted net (loss) income per share attributable to Liberty Oilfield Services Inc. stockholders $ (0.55) $ 0.32 $ (0.53) $ 0.58

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Other Commitments	Future proppant, including rail car transport, and chemical commitments based on Company forecasts are as follows: ($ in thousands) Remainder of 2020 $ 62,684 2021 83,571 2022 18,701 2023 9,524 2024 10,268 Thereafter 7,664 $ 192,412

Selected Quarterly Financial _2

Selected Quarterly Financial Data (unaudited) (Tables)	6 Months Ended
	Jun. 30, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	The following tables summarizes consolidated changes in equity for the three months ended June 30, 2020 and 2019: Shares of Class A Common Stock Shares of Class B Common Stock Class A Common Stock, Par Value Class B Common Stock, Par Value Additional Paid in Capital Retained Earnings Total Stockholders ’ equity Noncontrolling Interest Total Equity Balance—March 31, 2020 81,920 30,639 $ 819 $ 307 $ 413,664 $ 140,581 $ 555,371 $ 226,082 $ 781,453 Exchanges of Class B Common Stock for Class A Common Stock 2,558 (2,558) 26 (26) 18,201 — 18,201 (18,201) — Effect of exchange on deferred tax asset, net of liability under tax receivable agreements — — — — 454 — 454 — 454 Other distributions and advance payments to noncontrolling interest unitholders — — — — (1) — (1) — (1) Stock based compensation expense — — — — 3,171 — 3,171 1,112 4,283 Restricted stock and RSU forfeitures (4) — (1) — (9) 7 (3) 9 6 RSU Vesting 379 — 4 — 405 — 409 (812) (403) Net loss — — — — — (45,771) (45,771) (20,064) (65,835) Balance—June 30, 2020 84,853 28,081 $ 848 $ 281 $ 435,885 $ 94,817 $ 531,831 $ 188,126 $ 719,957 Shares of Class A Common Stock Shares of Class B Common Stock Class A Common Stock, Par Value Class B Common Stock, Par Value Additional Paid in Capital Retained Earnings Total Stockholders ’ equity Noncontrolling Interest Total Equity Balance—March 31, 2019 68,744 43,570 $ 687 $ 436 $ 314,967 $ 133,877 $ 449,967 $ 305,515 $ 755,482 $0.05/share of Class A Common Stock dividend — — — — — (3,588) (3,588) — (3,588) $0.05/unit distribution to noncontrolling interest unitholders — — — — — — — (2,179) (2,179) Other distributions and advance payments to noncontrolling interest unitholders — — — — — — — (325) (325) Stock based compensation expense — — — — 3,571 — 3,571 — 3,571 RSU Vesting 218 — 3 — (439) — (436) (603) (1,039) Restricted stock and RSU forfeitures — — — — — 1 1 — 1 Net income — — — — — 22,032 22,032 18,491 40,523 Balance—June 30, 2019 68,962 43,570 $ 690 $ 436 $ 318,099 $ 152,322 $ 471,547 $ 320,899 $ 792,446

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Jun. 30, 2020	Jun. 30, 2020
Loss Contingencies [Line Items]
Current period provision	$ 2,500		$ 4,678
COVID-19
Loss Contingencies [Line Items]
Current period provision		$ 2,200	$ 4,700

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Inventory [Line Items]
Inventories	$ 81,167	$ 81,167		$ 88,547
Inventory write-down	100	770	$ 0
Proppants
Inventory [Line Items]
Inventories	7,226	7,226		14,013
Chemicals
Inventory [Line Items]
Inventories	5,769	5,769		10,076
Maintenance parts
Inventory [Line Items]
Inventories	$ 68,172	$ 68,172		$ 64,458

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,107,342		$ 1,107,342		$ 1,080,661
Less accumulated depreciation and amortization	(539,377)		(539,377)		(455,687)
Property and equipment, before construction in-progress, net	567,965		567,965		624,974
Construction in-progress	45,171		45,171		26,729
Property and equipment, net	613,136		613,136		651,703
Depreciation	42,300	$ 37,400	83,900	$ 73,100
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,400		5,400		5,400
Field services equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,003,695		$ 1,003,695		978,418
Field services equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives			2 years
Field services equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives			7 years
Vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	59,977		$ 59,977		60,290
Vehicles | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives			4 years
Vehicles | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives			7 years
Buildings and facilities
Property, Plant and Equipment [Line Items]
Property and equipment, gross	31,631		$ 31,631		29,930
Buildings and facilities | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives			5 years
Buildings and facilities | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives			30 years
Office equipment, furniture, and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,639		$ 6,639		$ 6,623
Office equipment, furniture, and software | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives			2 years
Office equipment, furniture, and software | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives			7 years

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Amortization of right-of-use assets	$ 2,139	$ 2,611	$ 4,793	$ 4,977
Interest on lease liabilities	462	699	1,058	1,350
Operating lease cost	6,199	5,053	11,670	10,264
Variable lease cost	776	603	1,571	1,607
Sublease (income)	(16)	0	(16)	0
Total lease cost, net	9,560	$ 8,966	19,076	$ 18,198
Operating lease, residual value of leased asset	$ 7,000		$ 7,000

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Cash paid for amounts included in measurement of liabilities:
Operating leases	$ 5,052	$ 2,752	$ 10,484	$ 10,550
Finance leases	2,957	3,512	6,023	6,794
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	14,428	625	19,654	70,055
Finance leases	0	$ 6,718	$ 0	$ 64,139
Finance lease, right of use asset, write off	17,600
Finance lease, liability, write off	15,000
Operating lease right of use asset recognized	14,500
Operating lease liability recognized	$ 11,900

Leases - Lease Term And Discoun

Leases - Lease Term And Discount Rates (Details)	Jun. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease, weighted average remaining lease term	5 years 9 months 18 days	6 years 4 months 24 days
Finance lease, weighted average remaining lease term	1 year 1 month 6 days	1 year 3 months 18 days
Operating lease, weighted average discount rate	5.10%	5.40%
Finance lease, weighted average discount rate	5.20%	5.20%

Leases - Finance and Operating

Leases - Finance and Operating Leases Maturity (Details) $ in Thousands	Jun. 30, 2020USD ($)
Finance
Remainder of 2020	$ 8,266
2021	17,454
2022	4,135
2023	0
2024	0
Thereafter	0
Total lease payments	29,855
Less imputed interest	(1,324)
Total	28,531
Operating
Remainder of 2020	11,751
2021	23,970
2022	15,445
2023	7,572
2024	5,193
Thereafter	19,878
Total lease payments	83,809
Less imputed interest	(11,930)
Total	71,879
Sublease Income
Remainder of 2020	(103)
2021	(171)
2022	0
2023	0
2024	0
Thereafter	0
Total lease payments	$ (274)

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt, gross	$ 109,091,000,000
Deferred financing costs and original issue discount	(3,142,000)	$ (3,826,000)
Total debt, net of deferred financing costs and original issue discount	105,949,000	106,140,000
Current portion of long-term debt, net of discount	353,000	409,000
Long-term debt, net of discount and current portion	105,596,000	105,731,000
Term Loan Outstanding
Debt Instrument [Line Items]
Long-term debt, gross	109,091,000	$ 109,996,000
Revolving Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 0

Debt - Credit Facilities (Detai

Debt - Credit Facilities (Details)	6 Months Ended
	Jun. 30, 2020USD ($)	May 29, 2020USD ($)	Sep. 19, 2017USD ($)agreement
Debt Instrument [Line Items]
Long-term debt, gross	$ 109,091,000,000
Revolving Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	0
Revolving Credit Facility
Debt Instrument [Line Items]
Number of credit agreements | agreement			2
Revolving Credit Facility | ABL Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 250,000,000
Eligible accounts receivable, borrowing base (more than 90 and less than 120 days past combined with more than 60 but less than 90 days past due date)		$ 37,500,000
Revolving Credit Facility | Revolving Line of Credit | ABL Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity	$ 83,200,000
Line of credit, maturity, number of days prior maturity of another facility	90 days
Revolving Credit Facility | Revolving Line of Credit | Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 175,000,000
Long-term debt, gross	$ 109,100,000
Revolving Credit Facility | Revolving Line of Credit | Term Loan Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	7.625%
Revolving Credit Facility | Revolving Line of Credit | Term Loan Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	6.625%
Letter of Credit | ABL Credit Facility
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 300,000
Remaining borrowing capacity	$ 82,900,000
Minimum | Revolving Credit Facility | Revolving Line of Credit | ABL Credit Facility
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage	0.375%
Minimum | Revolving Credit Facility | Revolving Line of Credit | ABL Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Minimum | Revolving Credit Facility | Revolving Line of Credit | ABL Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Maximum | Revolving Credit Facility | Revolving Line of Credit | ABL Credit Facility
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage	0.50%
Maximum | Revolving Credit Facility | Revolving Line of Credit | ABL Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Maximum | Revolving Credit Facility | Revolving Line of Credit | ABL Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%

Debt - Term Loan Facility (Deta

Debt - Term Loan Facility (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Sep. 19, 2017
Debt Instrument [Line Items]
Long-term debt, gross	$ 109,091,000,000
Revolving Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	0
Revolving Credit Facility | ABL Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 250,000,000
Revolving Credit Facility | Revolving Line of Credit | Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 175,000,000
Long-term debt, gross	$ 109,100,000
Weighted average interest rate	8.60%
Line of credit facility, outstanding balance, quarterly principal payments, percent	1.00%
Line of credit facility, covenant compliance, prepayment minimum, percent	3.00%
Line of credit facility, covenant compliance, prepayment minimum, floor during first three years, percent	1.00%
Covenant compliance, prepayment premium, floor, number of years	3 years
Line of credit facility, covenant compliance, fixed charge coverage ratio	1.2
Line of credit facility, covenant compliance, excess availability threshold, amount	$ 25,000,000
Covenant compliance, threshold, number of consecutive business days	5 days
Revolving Credit Facility | Revolving Line of Credit | Term Loan Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	7.625%
Revolving Credit Facility | Revolving Line of Credit | Term Loan Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	6.625%
Revolving Credit Facility | Revolving Line of Credit | Term Loan Facility | Minimum
Debt Instrument [Line Items]
Line of credit facility, covenant compliance, annual percentage of excess cash flow	25.00%
Revolving Credit Facility | Revolving Line of Credit | Term Loan Facility | Maximum
Debt Instrument [Line Items]
Line of credit facility, covenant compliance, annual percentage of excess cash flow	50.00%
Revolving Credit Facility | Revolving Line of Credit | ABL Credit Facility
Debt Instrument [Line Items]
Line of credit facility, covenant compliance, fixed charge coverage ratio	1
Line of credit facility, covenant compliance, excess availability threshold, percent of borrowing base	10.00%
Line of credit facility, covenant compliance, excess availability threshold, amount	$ 12,500,000
Revolving Credit Facility | Revolving Line of Credit | ABL Credit Facility | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Revolving Credit Facility | Revolving Line of Credit | ABL Credit Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility | Revolving Line of Credit | ABL Credit Facility | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Revolving Credit Facility | Revolving Line of Credit | ABL Credit Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%

Debt - Maturities of Debt (Deta

Debt - Maturities of Debt (Details) $ in Thousands	Jun. 30, 2020USD ($)
Debt Disclosure [Abstract]
Remainder of 2020	$ 875,000
2021	1,750,000
2022	106,466,000
2023	0
2024	0
Long-term debt, gross	$ 109,091,000

Fair Value Measurements and F_3

Fair Value Measurements and Financial Instruments (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value		$ 108,300	$ 108,300		$ 86,900
Cash balances on deposit with financial institutions		124,504	$ 124,504		112,690
Customer payment terms			45 days
Allowance for uncollectible accounts		2,930	$ 2,930		1,053
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for uncollectible accounts		2,930	$ 2,930		1,053
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201613Member
Bad Debt Expense [Abstract]
Current period provision	$ 2,500		$ 4,678
Amounts written off, net of recoveries			(2,801)
Liberty Resources LLC | Hydraulic Fracturing Services | Affiliated Entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due from related parties		0	$ 0		2,500
Oil And Gas Exploration Entity Filing For Bankruptcy
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Allowance for uncollectible accounts					1,100
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for uncollectible accounts					$ 1,100
Bad Debt Expense [Abstract]
Current period provision		$ 2,200
Customer Concentration Risk | Customer A, B And C | Accounts Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage			60.00%		60.00%
Customer Concentration Risk | Customer E | Accounts Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage			12.00%		12.00%
Customer Concentration Risk | Customer A, B, C And D | Total Revenue
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage		53.00%
Customer Concentration Risk | Customer A | Total Revenue
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage			15.00%	15.00%
Customer Concentration Risk | Customer F | Total Revenue
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage			10.00%	10.00%

Equity - Additional Information

Equity - Additional Information (Details) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Subsidiary or Equity Method Investee [Line Items]
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Shares of Class A Common Stock
Subsidiary or Equity Method Investee [Line Items]
Common stock, shares outstanding (in shares)	84,853,084	81,885,384
Shares of Class B Common Stock
Subsidiary or Equity Method Investee [Line Items]
Common stock, shares outstanding (in shares)	28,080,525	30,638,960

Equity - Restricted Stock Award

Equity - Restricted Stock Awards and Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 17, 2018	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based compensation expense			$ 3.6	$ 8.4	$ 6.5
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period (in shares)				1,734,535
Granted (in shares)				1,132,770
Vested (in shares)				(590,432)
Forfeited (in shares)				(34,931)
Outstanding at end of period (in shares)		2,241,942		2,241,942
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding at beginning of period (in dollars per share)				$ 16.97
Granted (in dollars per share)				7.10
Vested (in dollars per share)				17.31
Forfeited (in dollars per share)				15.01
Outstanding at end of period (in dollars per share)		$ 11.92		$ 11.92
Vesting period of awards				5 years
Share-based compensation expense		$ 4.3
Unamortized compensation expense		$ 24.2		$ 24.2
Weighted average remaining vesting period				2 years
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period (in shares)				329,277
Granted (in shares)				392,948
Vested (in shares)				0
Forfeited (in shares)				0
Outstanding at end of period (in shares)		722,225		722,225
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding at beginning of period (in dollars per share)				$ 14.93
Granted (in dollars per share)				9.62
Vested (in dollars per share)				0
Forfeited (in dollars per share)				0
Outstanding at end of period (in dollars per share)		$ 12.04		$ 12.04
Vesting period of awards				3 years
Shares of Class A Common Stock | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period (in shares)				268,205
Vested (in shares)				(29,249)
Forfeited (in shares)				(4,387)
Outstanding at end of period (in shares)		234,569		234,569
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding at beginning of period (in dollars per share)				$ 0
Vested (in dollars per share)				0
Forfeited (in dollars per share)				0
Outstanding at end of period (in dollars per share)		$ 0		$ 0
Shares issued (in shares)	1,258,514

Equity - Dividends and Repurcha

Equity - Dividends and Repurchase of Common Stock (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jan. 22, 2019	Sep. 10, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.05	$ 0.10		$ 0.05
Shares of Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount						$ 100,000,000	$ 100,000,000
Shares of Class A Common Stock | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends, per share, declared (in dollars per share)			$ 0.05
Dividends, common stock, cash	$ 4,100,000
Treasury stock, shares, retired (in shares)			0	1,303,003
Treasury stock, retired, amount				$ 18,400,000
Remaining authorized repurchase amount	$ 98,700,000		$ 98,700,000		$ 98,700,000
Treasury stock acquired, average cost per share (in dollars per share)				$ 14.66
Liberty LLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.05
Liberty LLC | LLC Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends, common stock, cash	$ 5,600,000
Treasury stock, shares, retired (in shares)				1,303,003
Treasury stock, retired, amount				$ 18,400,000
Restricted Stock and Restricted Stock Units (RSUs) | Shares of Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends payable	$ 200,000		$ 200,000
Riverstone | Affiliated Entity | Shares of Class A Common Stock | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury stock, shares, retired (in shares)				117,647

Net Income per Share - Earnings

Net Income per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net income attributable to Liberty Oilfield Services Inc. Stockholders	$ (45,771)	$ 22,032	$ (44,051)	$ 40,153
Denominator, Basic [Abstract]
Basic weighted average shares outstanding (in shares)	83,292	68,404	82,472	67,918
Basic net income per share attributable to Liberty Oilfield Services Inc. Stockholders (in dollars per share)	$ (0.55)	$ 0.32	$ (0.53)	$ 0.59
Numerator, Diluted [Abstract]
Net income attributable to Liberty Oilfield Services Inc. Stockholders	$ (45,771)	$ 22,032	$ (44,051)	$ 40,153
Effect of exchange of the shares of Class B Common Stock for shares of Class A Common Stock	0	13,992	0	25,825
Net Income (Loss) Available to Common Stockholders, Diluted	$ (45,771)	$ 36,024	$ (44,051)	$ 65,978
Denominator, Diluted [Abstract]
Basic weighted average shares outstanding (in shares)	83,292	68,404	82,472	67,918
Effect of dilutive securities:
Restricted stock (in shares)	0	556	0	578
Restricted stock units (in shares)	0	1,808	0	1,717
Class B Common Stock (in shares)	0	43,570	0	44,064
Diluted weighted average shares outstanding (in shares)	83,292	114,338	82,472	114,277
Diluted net income per share attributable to Liberty Oilfield Services Inc. Stockholders (in dollars per share)	$ (0.55)	$ 0.32	$ (0.53)	$ 0.58

Net (Loss) Income per Share - A

Net (Loss) Income per Share - Antidilutive Securities (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Shares of Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	29,392	30,015
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	246	257
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	1,914	2,124

Income Taxes (Details)

Income Taxes (Details) $ in Thousands	Jan. 17, 2018agreement	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Operating Loss Carryforwards [Line Items]
Effective combined income tax rate				14.90%	15.00%
Income tax (benefit) expense		$ (11,363)	$ 7,083	$ (11,102)	$ 13,143
NOL carryback refund		9,300		9,300
Number of tax receivable agreements | agreement	2
Taxes payable		51,100		51,100		$ 50,300
Deferred tax asset		52,900		52,900		49,900
Taxes payable, current		5,400		5,400		1,800
Taxes payable, noncurrent		45,678		45,678		$ 48,481
Tax Receivable Agreement
Operating Loss Carryforwards [Line Items]
Payment for tax benefit				2,000
Shares of Class B Common Stock | Tax Receivable Agreement | Common Stock
Operating Loss Carryforwards [Line Items]
Taxes payable		2,600	5,100	2,600	5,100
Deferred tax asset		$ 3,000	$ 6,000	$ 3,000	$ 6,000

Defined Contribution Plan (Deta

Defined Contribution Plan (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Defined Contribution Plan Disclosure [Line Items]
Maximum annual contribution per employee, percent			6.00%
401(k) Defined Contribution Retirement Plan
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution per one dollar of employee contribution			$ 1
Contributions made by the employer	$ 0	$ 3,900,000	$ 4,200,000	$ 8,000,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Jun. 24, 2019	Jan. 11, 2018	Jun. 30, 2020	Apr. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Taxes payable			$ 51,100,000		$ 51,100,000		$ 51,100,000		$ 50,300,000
Payables to related parties			2,878,000		2,878,000		2,878,000		1,329,000
Payable pursuant to tax receivable agreements, related parties			20,579,000		20,579,000		20,579,000		23,797,000
Revenue from related parties					0	$ 4,825,000	0	$ 11,142,000
Interest income, related party					45,000	706,000	232,000	706,000
Prepaid expense and other current assets			25,500,000		25,500,000		25,500,000		34,827,000
Cost of goods sold					89,518,000	426,444,000	482,234,000	855,743,000
Liberty Resources LLC | Affiliated Entity | Hydraulic Fracturing Services
Related Party Transaction [Line Items]
Revenue from related parties					0	4,800,000	0	11,100,000
Accounts receivable, related parties			1,300,000		1,300,000		1,300,000		7,100,000
Note receivable—related party, less current portion	$ 15,600,000
Due from related parties			0		0		0		2,500,000
Receivable with imputed interest, effective yield (interest rate)	13.00%
Interest income, related party					0		200,000
Accrued interest receivable, related party			0		0		0		0
Riverstone | Affiliated Entity | Service Fees
Related Party Transaction [Line Items]
Accrued liabilities—related party		$ 2,000,000								$ 2,300,000
Expenses from transactions with related party							0	0
Interest and settlement expense		300,000
Proppant Express Investments, LLC | Affiliated Entity | Administrative Support and Purchase and Lease Proppant Logistics Equipment
Related Party Transaction [Line Items]
Leases from related party					1,900,000	2,400,000	4,500,000	4,900,000
Due to related parties			700,000		700,000		700,000		800,000
Reduction in lease payments			700,000	$ 1,100,000
Increase in operating lease liability							3,000,000
Increase in operating right-of-use asset							3,000,000
R/C IV Non-U.S. LOS Corp | Tax Receivable Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Taxes payable		$ 2,900,000
Shares of Class B Common Stock | R/C IV Non-U.S. LOS Corp | Tax Receivable Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Taxes payable									$ 22,300,000
Stock redeemed (in shares)									9,605,786
Shares of Class B Common Stock | Common Stock | Tax Receivable Agreement
Related Party Transaction [Line Items]
Taxes payable			$ 2,600,000		$ 2,600,000	$ 5,100,000	$ 2,600,000	$ 5,100,000
IPO | Shares of Class A Common Stock | Common Stock | Riverstone | Affiliated Entity | Service Fees
Related Party Transaction [Line Items]
Number of shares issued (shares)		117,647

Commitments and Contingencies -

Commitments and Contingencies - Proppant, Chemical and Rail Car Commitments (Details) $ in Thousands	Jun. 30, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2020	$ 62,684
2021	83,571
2022	18,701
2023	9,524
2024	10,268
Thereafter	7,664
Other commitment	$ 192,412

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2020Tgal	Dec. 31, 2019Tgal
Proppant
Long-term Purchase Commitment [Line Items]
Minimum mass required (in tons) | T	4,158,750	7,978,300
Chemicals
Long-term Purchase Commitment [Line Items]
Minimum volume required | gal	1,221,000	3,339,534

Commitment and Contingencies -

Commitment and Contingencies - Shortfall Fees (Details) - Shortfall Fees $ in Millions	Jun. 30, 2020USD ($)
Other Commitments [Line Items]
Shortfall fees, remainder of 2020	$ 44.1
Shortfall fees in 2021	48.9
Shortfall fees in 2022	18.6
Shortfall fees in 2023	9.5
Shortfall fees in 2024	10.3
Shortfall fees due thereafter	$ 7.7

Selected Quarterly Financial _3

Selected Quarterly Financial Data - Equity Statement (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 781,453	$ 755,482	$ 781,492	$ 740,814
Exchange of Class B Common Stock for Class A Common Stock	0		0	0
Effect of exchange on deferred tax asset, net of liability under tax receivable agreements	454		454	896
Class A Common Stock dividend		(3,588)	(4,244)	(7,107)
Distributions to non-controlling unitholders		(2,179)	(1,532)	(4,358)
Other distributions and advance payments to non-controlling interest unitholders	(1)	(325)	(805)	(547)
Share repurchases				(17,098)
Stock based compensation expense	4,283	3,571	8,407	6,451
RSU Vesting	(403)	(1,039)	(403)	(1,039)
Restricted stock and RSU forfeitures	6	1	6	2
Net (loss) income	(65,835)	40,523	(63,418)	74,432
Ending balance	$ 719,957	$ 792,446	719,957	$ 792,446
Distributions to noncontrolling unitholders (in dollars per share)	$ 0.05	$ 0.10		$ 0.05
Common stock dividend (in dollars per share)	$ 0.05	$ 0.10		$ 0.05
Additional Paid in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 413,664	$ 314,967	410,596	$ 312,659
Exchange of Class B Common Stock for Class A Common Stock	18,201		18,201	11,413
Effect of exchange on deferred tax asset, net of liability under tax receivable agreements	454		454	896
Other distributions and advance payments to non-controlling interest unitholders	(1)		(1)
Share repurchases				(13,017)
Stock based compensation expense	3,171	3,571	6,172	6,451
RSU Vesting	405	(439)	472	(303)
Restricted stock and RSU forfeitures	(9)	0	(9)	0
Ending balance	435,885	318,099	435,885	318,099
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	140,581	133,877	143,105	119,274
Class A Common Stock dividend		(3,588)	(4,244)	(7,107)
Restricted stock and RSU forfeitures	7	1	7	2
Net (loss) income	(45,771)	22,032	(44,051)	40,153
Ending balance	94,817	152,322	94,817	152,322
Total Stockholders’ Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	555,371	449,967	554,827	433,069
Exchange of Class B Common Stock for Class A Common Stock	18,201		18,201	11,413
Effect of exchange on deferred tax asset, net of liability under tax receivable agreements	454		454	896
Class A Common Stock dividend		(3,588)	(4,244)	(7,107)
Other distributions and advance payments to non-controlling interest unitholders	(1)		(1)
Share repurchases				(13,030)
Stock based compensation expense	3,171	3,571	6,172	6,451
RSU Vesting	409	(436)	476	(300)
Restricted stock and RSU forfeitures	(3)	1	(3)	2
Net (loss) income	(45,771)	22,032	(44,051)	40,153
Ending balance	531,831	471,547	531,831	471,547
Non-controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	226,082	305,515	226,665	307,745
Exchange of Class B Common Stock for Class A Common Stock	(18,201)		(18,201)	(11,413)
Distributions to non-controlling unitholders		(2,179)	(1,532)	(4,358)
Other distributions and advance payments to non-controlling interest unitholders	0	(325)	(804)	(547)
Share repurchases				(4,068)
Stock based compensation expense	1,112		2,235	0
RSU Vesting	(812)	(603)	(879)	(739)
Restricted stock and RSU forfeitures	9	0	9	0
Net (loss) income	(20,064)	18,491	(19,367)	34,279
Ending balance	$ 188,126	$ 320,899	$ 188,126	$ 320,899
Shares of Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			81,885,384
Ending balance (in shares)	84,853,084		84,853,084
Shares of Class A Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	81,920,000	68,744,000	81,885,000	68,360,000
Beginning balance	$ 819	$ 687	$ 819	$ 684
Exchange of Class B Common Stock for Class A Common Stock	$ 26		$ 26	$ 16
Exchanges of Class B Common Stock for Class A Common Stock (shares)	2,558,000		2,558,000	1,637,000
Share repurchase (shares)				(1,303,000)
Share repurchases				$ (13)
RSU Vesting (in shares)	379,000	218,000	414,000	268,000
RSU Vesting	$ 4	$ 3	$ 4	$ 3
Restricted stock and RSU forfeitures (shares)	(4,000)	0	(4,000)	0
Restricted stock and RSU forfeitures	$ (1)	$ 0	$ (1)	$ 0
Ending balance (in shares)	84,853,000	68,962,000	84,853,000	68,962,000
Ending balance	$ 848	$ 690	$ 848	$ 690
Common stock dividend (in dollars per share)			$ 0.05
Shares of Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			30,638,960
Ending balance (in shares)	28,080,525		28,080,525
Shares of Class B Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	30,639,000	43,570,000	30,639,000	45,207,000
Beginning balance	$ 307	$ 436	$ 307	$ 452
Exchange of Class B Common Stock for Class A Common Stock	$ (26)		$ (26)	$ (16)
Exchanges of Class B Common Stock for Class A Common Stock (shares)	(2,558,000)		(2,558,000)	(1,637,000)
Ending balance (in shares)	28,081,000	43,570,000	28,081,000	43,570,000
Ending balance	$ 281	$ 436	$ 281	$ 436