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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 | Goodwill and Intangible Assets Goodwill The changes in the carrying amount of goodwill from December 31, 2023 to June 30, 2024, were as follows (in thousands):
|  | Artificial Lift and Downhole
Goodwill, December 31, 2023 |  | $ | — |
Acquisitions |  | 63,941 |
Impact on non-U.S. local currency translation |  | (1,252) |
Goodwill, June 30, 2024 |  | $ | 62,689 |
Goodwill is not amortized and is tested for impairment at least annually or when events and circumstances indicate that fair value may be below its carrying value. Intangible Assets Intangible assets consisted of the following as of June 30, 2024 and December 31, 2023, respectively (in thousands):
| June 30, 2024
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Intangibles |  | Amortization Period (In Years)
Customer relationships | $ | 364,622 |  |  | $ | (179,305) |  |  | $ | 185,317 |  |  | 10 - 35
Patents and technology | 89,001 |  |  | (43,944) |  |  | 45,057 |  |  | 5 - 19
Trade names | 46,574 |  |  | (29,921) |  |  | 16,653 |  |  | 7 - 19
Trademarks | 5,089 |  |  | (2,290) |  |  | 2,799 |  |  | 15
Non-compete agreements | 189 |  |  | (189) |  |  | — |  |  | 5
Total intangible assets | $ | 505,475 |  |  | $ | (255,649) |  |  | $ | 249,826 |  |  |
| December 31, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Intangibles |  | Amortization Period (In Years)
Customer relationships | $ | 267,838 |  |  | $ | (164,672) |  |  | $ | 103,166 |  |  | 10 - 35
Patents and technology | 89,151 |  |  | (41,189) |  |  | 47,962 |  |  | 5 - 19
Trade names | 42,847 |  |  | (28,974) |  |  | 13,873 |  |  | 7 - 19
Trademarks | 5,089 |  |  | (2,120) |  |  | 2,969 |  |  | 15
Non-compete agreements | 190 |  |  | (190) |  |  | — |  |  | 5
Total intangible assets | $ | 405,115 |  |  | $ | (237,145) |  |  | $ | 167,970 |  |  |

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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 -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481283/985-20-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/985-20/tableOfContent + Details
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