
(table only in thousands)	Three Months Ended March 31, 2022						Year ended December 31, 2021
Goodwill / Tradename	Goodwill			Tradename			Goodwill			Tradename
Beginning balance	$	161,183		$	9,629		$	161,820		$	12,937
Acquisitions		20,667			—			—			—
Transfers to finite life classification		—			—			—			(3,150	)
Foreign currency translation		(251	)		(56	)		(637	)		(158	)
	$	181,599		$	9,573		$	161,183		$	9,629


(table only in thousands)	As of March 31, 2022						As of December 31, 2021
Intangible assets – finite life	Cost			Accum. Amort.			Cost			Accum. Amort.
Technology	$	14,457		$	14,038		$	14,457		$	13,704
Customer lists		73,199			54,838			73,199			53,970
Tradename		9,728			2,974			9,728			2,745
Foreign currency adjustments		(1,950	)		(697	)		(2,149	)		(1,025	)
	$	95,434		$	71,153		$	95,235		$	69,394

Activity for the three-months ended March 31, 2022 and 2021 is as follows:


(table only in thousands)	2022			2021
Intangible assets – finite life, net at beginning of period	$	25,841		$	29,637
Amortization expense		(1,431	)		(1,685	)
Transfers from indefinite life classification		—			3,150
Foreign currency adjustments		(129	)		(81	)
Intangible assets – finite life, net at end of period	$	24,281		$	31,021

Amortization expense of finite life intangible assets was $1.4 million and $1.7 million for the three-month periods ended March 31, 2022 and 2021, respectively. Amortization over the next five years for finite life intangibles is expected to be $4.4 million for the remainder of 2022, $5.1 million in 2023, $4.2 million in 2024, $3.2 million in 2025, and $1.8 million in 2026.

The Company completes an annual (or more often if circumstances require) goodwill and indefinite life intangible asset impairment assessment on October 1. As a part of its impairment assessment, the Company first qualitatively assesses whether current events or changes in circumstances lead to a determination that it is more likely than not (defined as a likelihood of more than 50 percent) that the fair value of a reporting unit or indefinite life intangible asset is less than its carrying amount. If there is a qualitative determination that the fair value is more likely than not greater than carrying value, the Company does not need to quantitatively test for impairment. If this qualitative assessment indicates a more likely than not potential that the asset may be impaired, the estimated fair value is calculated. If the estimated fair value is less than carrying value, an impairment charge is recorded.

As of March 31, 2022, we reviewed our previous forecasts and assumptions based on our current projections, which are subject to various risks and uncertainties, including projected revenue, projected operational profit, terminal growth rates, and the cost of capital. The Company did not identify any triggering events during the three-month period ended March 31, 2022 that would require an interim impairment assessment of goodwill or intangible assets.

The Company's assumptions about future conditions important to its assessment of potential impairment of its goodwill and indefinite life intangible assets, including the impact of the COVID-19 pandemic, are subject to uncertainty, and the Company will continue to monitor these conditions in future periods as new information becomes available, and will update its analysis accordingly.