| Goodwill and Intangible Assets |
Goodwill and Intangible Assets Goodwill The changes in the carrying amount of goodwill from December 31, 2023 to March 31, 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 | | (739) | | | Goodwill, March 31, 2024 | | $ | 63,202 | |
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 March 31, 2024 and December 31, 2023, respectively (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2024 | | Gross Carrying Amount | | Accumulated Amortization | | Net Intangibles | | Amortization Period (In Years) | | Customer relationships | $ | 366,577 | | | $ | (171,760) | | | $ | 194,817 | | | 10 - 35 | | Patents and technology | 88,983 | | | (42,533) | | | 46,450 | | | 5 - 19 | | Trade names | 46,677 | | | (29,423) | | | 17,254 | | | 7 - 19 | | Trademarks | 5,089 | | | (2,205) | | | 2,884 | | | 15 | | Non-compete agreements | 189 | | | (189) | | | — | | | 5 | | Total intangible assets | $ | 507,515 | | | $ | (246,110) | | | $ | 261,405 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | 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 | | | |
|