Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill represents the excess of purchase price paid over the fair value of the net assets of acquired businesses. Goodwill is not amortized, but we perform an annual goodwill impairment test on December 31 and more frequently if events and circumstances indicate that the asset might be impaired. The change in carrying value of goodwill allocated to our reportable segments during the three months ended March 31, 2026 was as follows:


	Pressure Control		Spoolable Technologies		Total
Balance at December 31, 2025	$	7,824	$	195,204	$	203,028
Cactus International	45,306		—		45,306

Balance at March 31, 2026	$	53,130	$	195,204	$	248,334

The following table presents the detail of acquired intangible assets:


	March 31, 2026						December 31, 2025
	Gross Cost		Accumulated Amortization		Net Cost		Gross Cost		Accumulated Amortization		Net Cost
Customer relationships	$	269,970	$	(23,445)	$	246,525	$	100,300	$	(18,946)	$	81,354
Developed technology	117,360		(24,751)		92,609		77,000		(21,817)		55,183
Trade name	16,000		(4,933)		11,067		16,000		(4,533)		11,467
Backlog	25,770		(11,693)		14,077		7,000		(7,000)		—
Total	$	429,100	$	(64,822)	$	364,278	$	200,300	$	(52,296)	$	148,004

All intangible assets are amortized over their estimated useful lives. The weighted average amortization period for identifiable intangible assets acquired as of March 31, 2026 is 11.3 years. Amortization expense recognized during three months ended March 31, 2026 was $12.5 million, and was recorded in selling, general and administrative expenses in the consolidated statements of income. Estimated future amortization expense is as follows:


Remainder of 2026	$	37,578
2027	50,104
2028	50,104
2029	50,104
2030	50,104
2031	50,104
Thereafter	76,180
Total	$	364,278