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Note 14 - Intangible Assets, Net | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
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 December 31, 2022 and 2021 (in thousands):
|  | December 31, 2022 |  |  | December 31, 2021 |  |  | December 31, 2022 |
|  |  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |  |  | Weighted |
|  | Gross |  |  | impairment |  |  |  |  |  |  | Gross |  |  | impairment |  |  |  |  |  |  | average |
|  | carrying |  |  | and |  |  | Net book |  |  | carrying |  |  | and |  |  | Net book |  |  | remaining |
|  | amount |  |  | amortization |  |  | value |  |  | amount |  |  | amortization |  |  | value |  |  | life (years) |
CR&C |  | $ | 222,200 |  |  | $ | (118,221 | ) |  | $ | 103,979 |  |  | $ | 222,200 |  |  | $ | (98,271 | ) |  | $ | 123,929 |  |  |  | 5.3 |
Trademarks |  |  | 57,100 |  |  |  | (32,921 | ) |  |  | 24,179 |  |  |  | 57,100 |  |  |  | (29,392 | ) |  |  | 27,708 |  |  |  | 7.5 |
Technology |  |  | 170,652 |  |  |  | (71,191 | ) |  |  | 99,461 |  |  |  | 159,458 |  |  |  | (60,979 | ) |  |  | 98,479 |  |  |  | 11.7 |
Software |  |  | 11,556 |  |  |  | (9,671 | ) |  |  | 1,885 |  |  |  | 8,754 |  |  |  | (5,817 | ) |  |  | 2,937 |  |  |  | 0.8 |
Total |  | $ | 461,508 |  |  | $ | (232,004 | ) |  | $ | 229,504 |  |  | $ | 447,512 |  |  | $ | (194,459 | ) |  | $ | 253,053 |  |  |  | 8.3 |
Amortization expense for intangible assets was $37.4 million, $28.1 million and $28.2 million for the years ended December 31, 2022, 2021 and 2020, 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 consolidated statements of cash flows. The following table summarizes the intangible assets which were acquired pursuant to the Merger (in thousands):
|  | Acquired Fair Value |  |  | Weighted average life |
CR&C |  | $ | 7,000 |  |  |  | 10.0 |
Trademarks |  |  | 17,000 |  |  |  | 10.0 |
Technology |  |  | 79,920 |  |  |  | 15.0 |
Software |  |  | 871 |  |  |  | 1.0 |
Total |  | $ | 104,791 |  |  |  | 13.7 |
No impairment expense associated with our intangible assets was recognized during the years ended December 31, 2022 and 2021. We recognized impairment expense associated with our intangible assets of $60.4 million for the year ended December 31, 2020, which is included in “Impairment expense” in our consolidated statement of operations. Refer to Note 4 “Fair value measurements” for further details. The following table summarizes our intangible asset impairment expense by operating segment for the year ended December 31, 2020 (in thousands):
2020: |  | CR&C |  |  | Technology |  |  | Trademarks |  |  | Total |
NLA |  | $ | 10,262 |  |  | $ | 20,616 |  |  | $ | 11,437 |  |  | $ | 42,315 |
ESSA |  |  | - |  |  |  | 6,909 |  |  |  | 4,070 |  |  |  | 10,979 |
APAC |  |  | - |  |  |  | 7,100 |  |  |  | - |  |  |  | 7,100 |
Total |  | $ | 10,262 |  |  | $ | 34,625 |  |  | $ | 15,507 |  |  | $ | 60,394 |
Expected future intangible asset amortization as of December 31, 2022 is as follows (in thousands):
Years ending December 31, |  |  |  |
2023 |  | $ | 35,467 |
2024 |  |  | 33,582 |
2025 |  |  | 33,582 |
2026 |  |  | 33,582 |
2027 |  |  | 33,582 |
Thereafter |  |  | 59,709 |
Total |  | $ | 229,504 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=2144471 + Details
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