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Note 14 - Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

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