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Goodwill and Intangible Assets | 3 Months Ended
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Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | 6. Goodwill and Intangible Assets Goodwill activity for the three months ended March 31, 2024 and the year ended December 31, 2023 was as follows:
(in thousands) |  | Three months ended March 31, 2024 |  |  | Year ended December 31, 2023 |
Goodwill / Tradename |  | Goodwill |  |  | Tradename |  |  | Goodwill |  |  | Tradename |
Balance at beginning of period |  | $ | 211,326 |  |  | $ | 9,570 |  |  | $ | 183,197 |  |  | $ | 9,508 |
Acquisitions |  |  | 110 |  |  |  | — |  |  |  | 27,152 |  |  |  | — |
Foreign currency translation |  |  | 43 |  |  |  | (12 | ) |  |  | 977 |  |  |  | 62 |
Balance at end of period |  | $ | 211,479 |  |  | $ | 9,558 |  |  | $ | 211,326 |  |  | $ | 9,570 |
During the three months ended March 31, 2024, the Company recorded measurement period adjustments related to the acquisition of Kemco Systems Co., LLC ("Kemco"), as discussed in Note 15, resulting in an increase to goodwill. Finite life intangible assets as of March 31, 2024 and December 31, 2023 consisted of the following:
|  | March 31, 2024 |  |  | December 31, 2023 |
(in thousands) |  | Cost |  |  | Accum. Amort. |  |  | Cost |  |  | Accum. Amort. |
Technology |  | $ | 16,517 |  |  | $ | 14,225 |  |  | $ | 16,517 |  |  | $ | 14,061 |
Customer lists |  |  | 103,471 |  |  |  | 65,072 |  |  |  | 103,471 |  |  |  | 63,420 |
Tradenames |  |  | 14,094 |  |  |  | 5,343 |  |  |  | 14,094 |  |  |  | 5,001 |
Foreign currency adjustments |  |  | (1,111 | ) |  |  | 7 |  |  |  | (1,083 | ) |  |  | 56 |
Total intangible assets – finite life |  | $ | 132,971 |  |  | $ | 84,647 |  |  | $ | 132,999 |  |  | $ | 82,538 |
Finite life intangible asset activity for the three months ended March 31, 2024 and 2023 was as follows:
|  | Three months ended March 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Intangible assets – finite life, net at beginning of period |  | $ | 50,461 |  |  | $ | 35,251 |
Amortization expense |  |  | (2,157 | ) |  |  | (1,690 | )
Acquisitions |  |  | — |  |  |  | 1,778 |
Foreign currency adjustments |  |  | 20 |  |  |  | 75 |
Intangible assets – finite life, net at end of period |  | $ | 48,324 |  |  | $ | 35,414 |
Amortization expense of finite life intangible assets was $2.2 million and $1.7 million for the three months ended March 31, 2024 and 2023, respectively. Amortization over the next five years for finite life intangibles is expected to be $6.4 million for the remainder of 2024, $7.6 million in 2025, $6.2 million in 2026, $6.0 million in 2027, and $5.6 million in 2028. 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 March 31, 2024, 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 months ended March 31, 2024 and 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.

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