Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

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Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2024
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 20) for the six months ended June 30, 2024 and year ended December 31, 2023 are presented below (in thousands):

Well Completions Other Total
Balance as of January 1, 2023
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 —  (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 
Acquisitions —  —  — 
Impairment losses —  —  — 
Dispositions —  —  — 
Balance as of June 30, 2024
Goodwill 86,043  14,137  100,180 
Accumulated impairment losses (76,829) (14,137) (90,966)
$ 9,214  $ —  $ 9,214 

Impairment of Goodwill
As a result of the ARS sale, we performed an impairment assessment of our goodwill during the third quarter of 2023. Under GAAP, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of one or more of its reporting units is greater than its carrying amount. If, after assessing the totality of events or circumstances, the Company determines it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, there is no need to perform any further testing. However, if the Company concludes otherwise, then it is required to perform a quantitative impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. If the fair value of the reporting unit is less than its carrying value, an impairment loss is recorded based on that difference.

Based on the qualitative assessment, the Company concluded that it was more likely than not that the carrying value of the Aviation reporting unit was greater than its fair value at September 30, 2023. To determine fair value of the Aviation reporting unit at September 30, 2023, the Company used the income approach. The income approach estimates the fair value based on anticipated cash flows that are discounted using a weighted average cost of capital. As a result, the Company impaired goodwill associated with Cobra Aviation, resulting in a $1.8 million impairment charge during the third quarter of 2023.
Intangible Assets

The Company had the following finite lived intangible assets recorded, which are included in “other non-current assets” on the unaudited condensed consolidated balance sheets (in thousands):
June 30, December 31,
2024 2023
Trade names 7,730  7,730 
Less: accumulated amortization - trade names (7,203) (6,817)
Intangible assets, net $ 527  $ 913 

Amortization expense for intangible assets was $0.2 million and $0.4 million for each of the three and six months ended June 30, 2024 and 2023, respectively. The original life of trade names is 10 years as of June 30, 2024 with a remaining weighted average useful life of 1.7 years.

Aggregated expected amortization expense for the future periods is expected to be as follows (in thousands):
Remainder of 2024 $ 318 
2025 85 
2026 85 
2027 39 
2028 — 
Thereafter — 
$ 527