Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

10. 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, 2023	$	16.7
Addition due to business combination		-
Impairments		-
Foreign currency translation		(0.6	)
Net balance as of June 30, 2024 (1)	$	16.1

(1) As of June 30, 2024, 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 2023, consist of the following:

		June 30, 2024
	Estimated Useful Lives	Gross Book Value		Accumulated Amortization			Foreign Currency Translation			Net Book Value
		(In thousands)
Trademarks	10 – 15 years	$	12,101	$	(3,277	)	$	(138	)	$	8,686
Patents	15 – 30 years		9,670		(4,542	)		(102	)		5,026
Customer relationships	5 – 15 years		40,370		(14,799	)		(433	)		25,138
Organizational costs	3 years		172		(169	)		(3	)		-
		$	62,313	$	(22,787	)	$	(676	)	$	38,850

		December 31, 2023
	Estimated Useful Lives	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