Goodwill activity for the nine months ended September 30, 2023 and the year ended December 31, 2022 was as follows:


(in thousands)	Nine months ended September 30, 2023				Year ended December 31, 2022
Goodwill / Tradename	Goodwill		Tradename		Goodwill			Tradename
Balance at beginning of period	$	183,197	$	9,508	$	161,183		$	9,629
Acquisitions		26,455		—		23,312			—
Foreign currency translation		173		6		(1,298	)		(121	)
Balance at end of period	$	209,825	$	9,514	$	183,197		$	9,508

Finite life intangible assets as of September 30, 2023 and December 31, 2022 consisted of the following:


	September 30, 2023						December 31, 2022
(in thousands)	Cost			Accum. Amort.			Cost			Accum. Amort.
Technology	$	16,517		$	13,947		$	14,457		$	13,729
Customer lists		103,471			61,742			85,719			57,540
Tradenames		14,094			4,655			11,604			3,768
Foreign currency adjustments		(1,725	)		(327	)		(1,864	)		(372	)
Total intangible assets – finite life	$	132,357		$	80,017		$	109,916		$	74,665

Finite life intangible asset activity for the nine months ended September 30, 2023 and 2022 was as follows:


	Nine months ended September 30,
(in thousands)	2023			2022
Intangible assets – finite life, net at beginning of period	$	35,251		$	25,841
Amortization expense		(5,306	)		(4,939	)
Acquisitions		22,318			16,438
Foreign currency adjustments		77			(1,245	)
Intangible assets – finite life, net at end of period	$	52,340		$	36,095

Amortization expense of finite life intangible assets was $1.9 million and $2.0 million for the three months ended September 30, 2023 and 2022, respectively, and $5.3 million and $4.9 million for the nine months ended September 30, 2023 and 2022, respectively. Amortization over the next five years for finite life intangibles is expected to be $2.1 million for the remainder of 2023, $8.6 million in 2024, $7.6 million in 2025, $6.2 million in 2026, and $6.0 million in 2027.

The Company completes its goodwill and indefinite life intangible asset impairment assessment annually in the fourth quarter, or more often if circumstances require. 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 the carrying value, the Company does not 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 September 30, 2023, the Company reviewed its previous forecasts and assumptions based on its 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 or nine months ended September 30, 2023 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 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.