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Goodwill and Intangible Assets
 6 Months Ended
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$— 
Acquisitions63,941 
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 AmountAccumulated AmortizationNet IntangiblesAmortization Period (In Years)
Customer relationships$364,622 $(179,305)$185,317 
10 - 35
Patents and technology89,001 (43,944)45,057 
5 - 19
Trade names46,574 (29,921)16,653 
7 - 19
Trademarks5,089 (2,290)2,799 
15
Non-compete agreements189 (189)— 
5
Total intangible assets$505,475 $(255,649)$249,826 
December 31, 2023
Gross Carrying AmountAccumulated AmortizationNet IntangiblesAmortization Period (In Years)
Customer relationships$267,838 $(164,672)$103,166 
10 - 35
Patents and technology89,151 (41,189)47,962 
5 - 19
Trade names42,847 (28,974)13,873 
7 - 19
Trademarks5,089 (2,120)2,969 
15
Non-compete agreements190 (190)— 
5
Total intangible assets$405,115 $(237,145)$167,970