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Note 14 - Intangible Assets, Net | 12 Months Ended
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Dec. 31, 2023
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, 2023 and 2022 (in thousands):
|  | December 31, 2023 |  |  | December 31, 2022 |  |  | December 31, 2023 |
|  |  |  |  |  | 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 |  | $ | 256,835 |  |  | $ | (139,302 | ) |  | $ | 117,533 |  |  | $ | 222,200 |  |  | $ | (118,221 | ) |  | $ | 103,979 |  |  |  | 6.1 |
Trademarks |  |  | 58,977 |  |  |  | (36,578 | ) |  |  | 22,399 |  |  |  | 57,100 |  |  |  | (32,921 | ) |  |  | 24,179 |  |  |  | 6.4 |
Technology |  |  | 179,154 |  |  |  | (82,266 | ) |  |  | 96,888 |  |  |  | 170,652 |  |  |  | (71,191 | ) |  |  | 99,461 |  |  |  | 11.2 |
Software |  |  | 15,248 |  |  |  | (12,352 | ) |  |  | 2,896 |  |  |  | 11,556 |  |  |  | (9,671 | ) |  |  | 1,885 |  |  |  | 0.7 |
Total |  | $ | 510,214 |  |  | $ | (270,498 | ) |  | $ | 239,716 |  |  | $ | 461,508 |  |  | $ | (232,004 | ) |  | $ | 229,504 |  |  |  | 8.1 |
Amortization expense for intangible assets was $38.5 million, $37.4 million and $28.1 million for the years ended December 31, 2023, 2022 and 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 consolidated statements of cash flows. The following table summarizes the intangible assets which were acquired during the year ended December 31, 2023 (in thousands):
|  | Acquired Fair Value |  |  | Weighted average life |
DeltaTek: |  |  |  |  |  |  |  |
CR&C |  | $ | 2,571 |  |  |  | 6.0 |
Trademarks |  |  | 257 |  |  |  | 5.0 |
Technology |  |  | 8,237 |  |  |  | 15.0 |
Total |  | $ | 11,065 |  |  |  | 12.7 |
PRT: |  |  |  |  |  |  |  |
CR&C |  | $ | 32,048 |  |  |  | 10.0 |
Trademarks |  |  | 1,627 |  |  |  | 4.0 |
Technology |  |  | 265 |  |  |  | 15.0 |
Total |  | $ | 33,940 |  |  |  | 9.8 |
No impairment expense associated with our intangible assets was recognized during the years ended December 31, 2023, 2022 and 2021. Expected future intangible asset amortization as of December 31, 2023 is as follows (in thousands):
Years ending December 31, |  |  |  |
2024 |  | $ | 35,875 |
2025 |  |  | 32,968 |
2026 |  |  | 32,968 |
2027 |  |  | 32,968 |
2028 |  |  | 30,890 |
Thereafter |  |  | 74,047 |
Total |  | $ | 239,716 |

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