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Note 14 - Intangible Assets, Net

9 Months Ended

Sep. 30, 2022

Intangible Assets Disclosure [Text Block]

14.

Intangible assets, net

The following table summarizes our intangible assets comprising of Customer Relationships & Contracts (“CR&C”), Trademarks, Technology and Software as of September 30, 2022 and December 31, 2021 (in thousands):

	*September 30, 2022*							*December 31, 2021*							*September 30, 2022*
	*Gross carrying amount*		*Accumulated impairment and amortization*			*Net book value*		*Gross carrying amount*		*Accumulated impairment and amortization*			*Net book value*		*Weighted average remaining life (years)*
CR&C	$	222,200	$	(113,234	)	$	108,966	$	222,200	$	(98,271	)	$	123,929		5.6
Trademarks		57,100		(32,040	)		25,060		57,100		(29,392	)		27,708		7.7
Technology		170,652		(68,567	)		102,085		159,458		(60,979	)		98,479		11.8
Software		8,754		(8,502	)		252		8,754		(5,817	)		2,937		0.1
Total	$	458,706	$	(222,343	)	$	236,363	$	447,512	$	(194,459	)	$	253,053

Amortization expense for intangible assets was $8.9 million and $27.4 million for the three and nine months ended September 30, 2022, respectively, and $6.5 million and $19.4 million for the three and nine months ended September 30, 2021, respectively.

During the first quarter of 2022, we acquired technology to bolster our well intervention and integrity product offering, resulting in an increase in intangible assets of $11.2 million which will be amortized over a five-year life. The impact of this asset acquisition is included in “Acquisition of technology” on the condensed consolidated statements of cash flows.