Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

The change in carrying value of goodwill allocated to our reportable segments during the twelve months ended December 31, 2023 was as follows:

	Pressure Control		Spoolable Technologies		Total
Balance at December 31, 2022	$	7,824	$	—	$	7,824
FlexSteel acquisition	—		195,204		195,204
Balance at December 31, 2023	$	7,824	$	195,204	$	203,028

The following table presents the detail of acquired intangible assets other than goodwill as of December 31, 2023:

	Amortization Period	Gross Cost		Accumulated Amortization		Net Book Value
Customer relationships	15 years	$	100,300	$	(5,572)	$	94,728
Developed technology	10 years	77,000		(6,417)		70,583
Tradename	10 years	16,000		(1,333)		14,667
Backlog	3 months	7,000		(7,000)		—
Total		$	200,300	$	(20,322)	$	179,978

All intangible assets are amortized over their estimated useful lives. The weighted average remaining amortization period for identifiable intangible assets acquired is 12 years. Amortization expense recognized during the twelve months ended December 31, 2023 was $20.3 million and was recorded in SG&A expenses in the consolidated statements of income. Estimated future amortization expense is as follows:

2024	15,987
2025	15,987
2026	15,987
2027	15,987
2028	15,987
Thereafter	100,043
Total	$	179,978