Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.23.1
Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
Changes in the net carrying amount of goodwill by reporting segment (see Note 19) for the three months ended March 31, 2023 and year ended December 31, 2022 are presented below (in thousands):

Well Completions Other Total
Balance as of January 1, 2022
Goodwill $ 86,043  $ 14,830  $ 100,873 
Accumulated impairment losses (76,829) (12,327) (89,156)
9,214  2,503  11,717 
Acquisitions —  —  — 
Impairment losses —  —  — 
Balance as of December 31, 2022
Goodwill 86,043  14,830  100,873 
Accumulated impairment losses (76,829) (12,327) (89,156)
9,214  2,503  11,717 
Acquisitions —  —  — 
Impairment losses —  —  — 
Balance as of March 31, 2023
Goodwill 86,043  14,830  100,873 
Accumulated impairment losses (76,829) (12,327) (89,156)
$ 9,214  $ 2,503  $ 11,717 

Intangible Assets

The Company had the following definite lived intangible assets recorded (in thousands):
March 31, December 31,
2023 2022
Trade names 7,850  7,850 
Less: accumulated amortization - trade names (6,263) (6,068)
Intangible assets, net $ 1,587  $ 1,782 

Amortization expense for intangible assets was $0.2 million for each of the three months ended March 31, 2023 and 2022, respectively. The original life of trade names ranges from 10 to 20 years as of March 31, 2023 with a remaining average useful life of 3.1 years.

Aggregated expected amortization expense for the future periods is expected to be as follows (in thousands):
Remainder of 2023 $ 584 
2024 710 
2025 91 
2026 91 
2027 45 
Thereafter 66 
$ 1,587