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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 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 December 31, 2024, were as follows (in thousands):
|  | Artificial Lift and Downhole
Goodwill, December 31, 2023 |  | $ | — |
Acquisitions |  | 66,778 |
Impact on non-U.S. local currency translation |  | (5,125) |
Goodwill, December 31, 2024 |  | $ | 61,653 |
We perform our annual test of goodwill as of October 1 or when events and circumstances indicate that the fair value may be below its carrying value. There was no impairment of goodwill during the year ended December 31, 2024. Intangible Assets At December 31, 2024 and 2023, intangible assets consisted of the following (in thousands):
| December 31, 2024
| Cost |  | Accumulated amortization |  | Net |  | Amortization period (in years)
Customer relationships | $ | 212,990 |  |  | $ | (121,405) |  |  | $ | 91,585 |  |  | 2 - 15
Patents and technology | 29,166 |  |  | (17,867) |  |  | 11,299 |  |  | 10 - 19
Trade names and other | $ | 28,913 |  |  | $ | (22,567) |  |  | $ | 6,346 |  |  | 8 - 19
Total intangible assets | $ | 271,069 |  |  | $ | (161,839) |  |  | $ | 109,230 |  |  |
| December 31, 2023
| Cost |  | Accumulated amortization |  | Net |  | 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 and other | 43,037 |  |  | (29,164) |  |  | 13,873 |  |  | 7 - 19
Trademark | 5,089 |  |  | (2,120) |  |  | 2,969 |  |  | 15
Total intangible assets | $ | 405,115 |  |  | $ | (237,145) |  |  | $ | 167,970 |  |  |
Intangible assets with definite lives are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. The Coiled Tubing product line has faced headwinds since 2019, including tariffs on raw materials, lower sales volumes in 2020 and 2021 due to the pandemic, and inflation-driven steel price increases since 2022. During 2024, the Coiled Tubing product line faced further cost headwinds due to increased importation duties. Given these factors, the Company performed an impairment test and determined that the carrying value of intangibles assets in the Coiled Tubing product line was impaired. As a result, the Company recorded an impairment charge of $119.1 million in 2024. The fair values used in the impairment analysis were determined using the net present value of the expected future cash flows for the asset group (classified within level 3 of the fair value hierarchy). The Company determine the fair value of the reporting unit using a discounted cash flow analysis, which requires significant assumptions and estimates about the future operations of the reporting unit. The assumptions about future cash flows and growth rates are based on the Company’s current estimates, strategic plans and management’s estimates for future activity levels. Forecasted cash flows in future periods were estimated using a terminal value calculation, which considered long-term earnings growth rates. Amortization expense was $36.8 million and $23.9 million for the years ended December 31, 2024 and 2023, respectively. The estimated future amortization expense for the next five years is as follows (in thousands):
Year ending December 31, |  | Amount
2025 |  | $ | 19,516 |
2026 |  | 16,819 |
2027 |  | 15,487 |
2028 |  | 14,188 |
2029 |  | 13,817 |

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