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Goodwill and Intangible Assets | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | 10. Goodwill and Intangible Assets 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, 2023 |  | $ | 16.7 |
Addition due to business combination |  |  | - |
Impairments |  |  | - |
Foreign currency translation |  |  | (0.6 | )
Net balance as of June 30, 2024 (1) |  | $ | 16.1 |
(1) As of June 30, 2024, the Goodwill balance is included in long-lived assets in the Well Construction business segment. 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 2023, consist of the following:
|  |  |  | June 30, 2024 |
|  | Estimated Useful Lives |  | Gross Book Value |  |  | Accumulated Amortization |  |  | Foreign Currency Translation |  |  | Net Book Value |
|  |  |  | (In thousands) |
Trademarks |  | 10 – 15 years |  | $ | 12,101 |  |  | $ | (3,277 | ) |  | $ | (138 | ) |  | $ | 8,686 |
Patents |  | 15 – 30 years |  |  | 9,670 |  |  |  | (4,542 | ) |  |  | (102 | ) |  |  | 5,026 |
Customer relationships |  | 5 – 15 years |  |  | 40,370 |  |  |  | (14,799 | ) |  |  | (433 | ) |  |  | 25,138 |
Organizational costs |  | 3 years |  |  | 172 |  |  |  | (169 | ) |  |  | (3 | ) |  |  | - |
|  |  |  | $ | 62,313 |  |  | $ | (22,787 | ) |  | $ | (676 | ) |  | $ | 38,850 |
|  |  |  | December 31, 2023 |
|  | Estimated Useful Lives |  | Gross Book Value |  |  | Accumulated Amortization |  |  | Foreign Currency Translation |  |  | Net Book Value |
|  |  |  | (In thousands) |
Trademarks |  | 10 – 15 years |  | $ | 12,091 |  |  | $ | (2,811 | ) |  | $ | 4 |  |  | $ | 9,284 |
Patents |  | 15 – 30 years |  |  | 9,686 |  |  |  | (4,200 | ) |  |  | (22 | ) |  |  | 5,464 |
Customer relationships |  | 5 – 15 years |  |  | 40,291 |  |  |  | (13,095 | ) |  |  | (3 | ) |  |  | 27,193 |
Organizational costs |  | 3 years |  |  | 163 |  |  |  | (163 | ) |  |  | - |  |  |  | - |
|  |  |  | $ | 62,231 |  |  | $ | (20,269 | ) |  | $ | (21 | ) |  | $ | 41,941 |

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