The Company's changes in goodwill at December 31, 2022 and 2021 consisted of the following:


(in thousands of dollars)	Nine Months Ended December 31,
	2022		2021
Balance at beginning of fiscal year	$	213,998	$	173,051
Acquisition of business(1)	—		41,061
Foreign currency translation adjustment	(117)		(89)

Balance at end of period	$	213,881	$	214,023

(1)On October 4, 2021, the Company acquired 100% of the capital stock of Shank's for approximately $100 million in cash and $2.4 million of additional working capital on-hand at the date of acquisition. The Shank's acquisition resulted in $41.1 million of goodwill. See Note 3 for additional information.

The Company's intangible assets primarily consist of capitalized customer-related intangibles, trade names, proprietary developed technology and noncompetition agreements. The Company's intangible assets subject to amortization consisted of the following at December 31, 2022 and 2021 and at March 31, 2022:


(in thousands, except useful life)				December 31, 2022
	Useful Life (years)			Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer relationships	11	—	13	$	86,500	$	(15,760)	$	70,740
Trade names		5		11,100		(5,490)		5,610
Developed technology	3	—	13	9,300		(5,233)		4,067
Noncompetition agreements	4	—	5	4,000		(1,537)		2,463
Other		5		707		(670)		37
Total intangible assets				$	111,607	$	(28,690)	$	82,917


				December 31, 2021
	Useful Life (years)			Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer relationships	11	—	13	$	86,500	$	(8,030)	$	78,470
Trade names		5		11,100		(3,270)		7,830
Developed technology	3	—	13	9,300		(3,286)		6,014
Noncompetition agreements	4	—	5	4,000		(588)		3,412
Other		5		751		(687)		64
Total intangible assets				$	111,651	$	(15,861)	$	95,790


				March 31, 2022
	Useful Life (years)			Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer relationships	11	—	13	$	86,500	$	(9,963)	$	76,537
Trade names		5		11,100		(3,825)		7,275
Developed technology	3	—	13	9,300		(3,773)		5,527
Noncompetition agreements	4	—	5	4,000		(825)		3,175
Other		5		736		(679)		57
Total intangible assets				$	111,636	$	(19,065)	$	92,571

Intangible assets are amortized on a straight-line basis over the asset's estimated useful economic life as noted above.

The Company's amortization expense for intangible assets for the three and nine months ended December 31, 2022 and 2021 was:


(in thousands of dollars)	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2020		2022		2021
Amortization Expense	$	3,280	$	3,207	$	9,625	$	8,005

Amortization expense for the developed technology intangible asset is recorded in cost of goods sold in the consolidated statements of income. The amortization expense for other intangible assets is recorded in selling, general, and administrative expenses in the consolidated statements of income.

As of December 31, 2022, the expected future amortization expense for intangible assets is as follows:


Fiscal Year (in thousands of dollars)
2023 (excluding the nine months ended December 31, 2022)	$	2,832
2024	11,264
2025	11,812
2026	8,452
2027 and thereafter	48,557
Total expected future amortization expense	$	82,917