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Goodwill and Intangible Assets (Tables) | 9 Months Ended
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Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Summary of Change in Goodwill | The following table summarizes the change in goodwill, which was acquired in the acquisition of Great North in 2023 (in millions):
|  | Total |
Net balance as of December 31, 2022 |  | $ | - |
Addition due to business combination |  |  | 16.8 |
Impairments |  |  | - |
Foreign currency translation |  |  | (0.6 | )
Net balance as of September 30, 2023 (1) |  | $ | 16.2 |
(1) As of September 30, 2023, the Goodwill balance is included in long-lived assets in the Well Construction business segment.
Schedule of Intangible Assets | Intangible assets, the majority of which were acquired in the acquisition of TIW Corporation in 2016, OilPatch Technologies in 2017, and Great North in July 2023, consist of the following:
|  |  |  | September 30, 2023 |
|  | Estimated Useful Lives |  | Gross Book Value |  |  | Accumulated Amortization |  |  | Foreign Currency Translation |  |  | Net Book Value |
|  |  |  | (In thousands) |
Trademarks |  | 10 - 15 years |  | $ | 11,967 |  |  | $ | (2,578 | ) |  | $ | 2 |  |  | $ | 9,391 |
Patents |  | 15 - 30 years |  |  | 9,573 |  |  |  | (4,033 | ) |  |  | (1 | ) |  |  | 5,539 |
Customer relationships |  | 5 - 15 years |  |  | 39,833 |  |  |  | (12,272 | ) |  |  | 13 |  |  |  | 27,574 |
Organizational costs |  | 3 years |  |  | 163 |  |  |  | (163 | ) |  |  | - |  |  |  | - |
|  |  |  | $ | 61,536 |  |  | $ | (19,046 | ) |  | $ | 14 |  |  | $ | 42,504 |
|  |  |  | December 31, 2022 |
|  | Estimated Useful Lives |  | Gross Book Value |  |  | Accumulated Amortization |  |  | Foreign Currency Translation |  |  | Net Book Value |
|  |  |  | (In thousands) |
Trademarks |  | 10 - 15 years |  | $ | 8,233 |  |  | $ | (2,118 | ) |  | $ | (79 | ) |  | $ | 6,036 |
Patents |  | 15 - 30 years |  |  | 6,055 |  |  |  | (3,699 | ) |  |  | - |  |  |  | 2,356 |
Customer relationships |  | 5 - 15 years |  |  | 26,028 |  |  |  | (10,878 | ) |  |  | (234 | ) |  |  | 14,916 |
Organizational costs |  | 3 years |  |  | 183 |  |  |  | (131 | ) |  |  | (12 | ) |  |  | 40 |
|  |  |  | $ | 40,499 |  |  | $ | (16,826 | ) |  | $ | (325 | ) |  | $ | 23,348 |

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