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Goodwill and Acquired Intangible Assets, Net (Note)
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND ACQUIRED INTANGIBLE ASSETS, NET Goodwill and Acquired Intangible Assets, Net

Goodwill represents the excess of the purchase price of the acquired business over the estimated fair value of the underlying net tangible and intangible assets acquired. The following table summarizes intangible assets as of December 31, 2019 and 2018:

 
 
As of December 31, 2019
 
As of December 31, 2018
(in thousands)
 
Gross Carrying
Amount
 
Accumulated
Amortization
 
Gross Carrying
Amount
 
Accumulated
Amortization
Customer relationships
 
$
240,027

 
$
(139,319
)
 
$
199,581

 
$
(133,863
)
Trademarks and trade names
 
45,347

 
(28,123
)
 
45,233

 
(25,837
)
Software
 
59,244

 
(35,362
)
 
58,515

 
(29,420
)
Non-compete agreements
 
2,082

 
(2,049
)
 
2,076

 
(1,800
)
Total
 
$
346,700

 
$
(204,853
)
 
$
305,405

 
$
(190,920
)


The following table summarizes the goodwill and amortizable intangible assets activity for the years ended December 31, 2019 and 2018:
  (in thousands)
 
Acquired
Intangible
Assets
 
Goodwill
 
Total
Intangible
Assets
Balance as of January 1, 2018
 
$
150,543

 
$
717,386

 
$
867,929

Increases (decreases):
 
 

 
 

 
 

Acquisitions
 
—

 
20,742

 
20,742

Impairment
 
(7,049
)
 
—

 
(7,049
)
Amortization
 
(22,562
)
 
—

 
(22,562
)
Other (primarily changes in foreign currency exchange rates)
 
(6,447
)
 
(33,931
)
 
(40,378
)
Balance as of December 31, 2018
 
114,485

 
704,197

 
818,682

Increases (decreases):
 
 
 
 
 
 
Acquisitions
 
46,246

 
35,305

 
81,551

Impairment
 
—

 
—

 
—

Amortization
 
(20,374
)
 
—

 
(20,374
)
Other (primarily changes in foreign currency exchange rates)
 
1,490

 
4,321

 
5,811

Balance as of December 31, 2019
 
$
141,847

 
$
743,823

 
$
885,670


The Company performs its annual goodwill impairment test during the fourth quarter of each year. The annual goodwill impairment test completed during the fourth quarter of 2019 resulted in no impairment charges. During the fourth quarter of 2018, the Company recorded a $7.0 million non-cash impairment charge for acquired intangible assets, specifically the HiFX trade name, related to rebranding the HiFX business to xe.
Of the total goodwill balance of $743.8 million as of December 31, 2019, $474.7 million relates to the Money Transfer Segment, $128.9 million relates to the epay Segment and the remaining $140.2 million relates to the EFT Processing Segment. Amortization expense for intangible assets with finite lives was $20.4 million, $22.6 million and $24.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. Estimated annual amortization expense, before income taxes, on intangible assets with finite lives as of December 31, 2019, is expected to total $23.1 million for 2020, $22.2 million for 2021, $21.1 million for 2022, $16.3 million for 2023 and $9.8 million for 2024.