Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

v3.24.0.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 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 21) for the years ended December 31, 2023 and 2022 are presented below (in thousands):
Well Completion 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(a)
—  (1,810) (1,810)
Dispositions —  (693) (693)
Balance as of December 31, 2023
Goodwill 86,043  14,137  100,180 
Accumulated impairment losses (76,829) (14,137) (90,966)
$ 9,214  $ —  $ 9,214 
a.See Note 7 for a description of impairment losses recognized.


Intangible Assets
The Company had the following definite lived intangible assets recorded as of the dates presented below (in thousands):
December 31,
2023 2022
Trade names 7,730  7,850 
Less: accumulated amortization - trade names (6,817) (6,068)
Intangible assets, net $ 913  $ 1,782 
Amortization expense for intangible assets was $0.8 million, $0.8 million and $1.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company recognized impairment of intangible assets totaling $1.2 million for the year ended December 31, 2021. See Note 7 for a description of these impairment losses.
The original life of trade names is 10 years as of December 31, 2023 with a remaining average useful life of 1.75 years.
Aggregated expected amortization expense for the future periods is expected to be as follows (in thousands):
Year ended December 31: Amount
2024 $ 704 
2025 85 
2026 85 
2027 39 
$ 913