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Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

11. Goodwill and Intangible Assets

Goodwill

The following table summarizes the change in goodwill, which was acquired in the acquisition of Great North in 2023 (in millions):

 

 

Total

 

Net balance as of December 31, 2022

 

$

-

 

Addition due to business combination

 

 

16.8

 

Impairments

 

 

-

 

Foreign currency translation

 

 

(0.1

)

Net balance as of December 31, 2023 (1)

 

$

16.7

 

(1) As of December 31, 2023, the Goodwill balance is included in long-lived assets in the Well Construction business segment.

Intangible Assets

Intangible assets, the majority of which were acquired in the acquisition of TIW Corporation in 2016, OilPatch Technologies in 2017, and Great North in July 2023, consist of the following:

 

 

Estimated
Useful Lives

 

December 31, 2023

 

 

 

 

 

Gross Book
Value

 

 

Accumulated
Amortization

 

 

Foreign Currency
Translation

 

 

Net Book Value

 

 

 

 

 

(In thousands)

 

Trademarks

 

10 - 15 years

 

$

12,091

 

 

$

(2,811

)

 

$

4

 

 

$

9,284

 

Patents

 

15 - 30 years

 

 

9,686

 

 

 

(4,200

)

 

 

(22

)

 

 

5,464

 

Customer relationships

 

5 - 15 years

 

 

40,291

 

 

 

(13,095

)

 

 

(3

)

 

 

27,193

 

Organizational Costs

 

3 years

 

 

163

 

 

 

(163

)

 

 

-

 

 

 

-

 

 

 

 

$

62,231

 

 

$

(20,269

)

 

$

(21

)

 

$

41,941

 

 

 

 

 

Estimated
Useful Lives

 

December 31, 2022

 

 

 

 

 

Gross Book
Value

 

 

Accumulated
Amortization

 

 

Foreign Currency
Translation

 

 

Net Book Value

 

 

 

 

 

(In thousands)

 

Trademarks

 

10 - 15 years

 

$

8,233

 

 

$

(2,118

)

 

$

(79

)

 

$

6,036

 

Patents

 

15 - 30 years

 

 

6,055

 

 

 

(3,699

)

 

 

-

 

 

 

2,356

 

Customer relationships

 

5 - 15 years

 

 

26,028

 

 

 

(10,878

)

 

 

(234

)

 

 

14,916

 

Organizational costs

 

3 years

 

 

183

 

 

 

(131

)

 

 

(12

)

 

 

40

 

 

 

 

$

40,499

 

 

$

(16,826

)

 

$

(325

)

 

$

23,348

 

 

Amortization expense was $3.6 million, $2.8 million, $3.0 million, respectively for each of the years 2023, 2022 and 2021. Based on the carrying value of intangible assets at December 31, 2023, amortization expense for the subsequent five years is estimated to be as follows: 2024 — $4.9 million; 2025 — $4.8 million; 2026 — $4.8 million; 2027 — $4.6 million; and 2028 — $4.6 million.