Goodwill and Acquired Intangible Assets, Net

12 Months Ended

Dec. 31, 2022

Goodwill and Acquired Intangible Assets, Net [Abstract]

Goodwill and Acquired Intangible Assets, Net

The following table summarizes intangible assets as of December 31, 2022 and 2021: 

	As of December 31, 2022					As of December 31, 2021
(in thousands)	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Customer relationships	$	279,055	$	(116,986	)	$	176,024	$	(103,713	)
Trademarks and trade names	43,942		(33,733		)	45,445		(32,596		)
Software	54,584		(48,394		)	60,118		(47,485		)
Non-compete agreements	9,931		(124		)	1,260		(1,260		)
Total	$	387,512	$	(199,237	)	$	282,847	$	(185,054	)

The following table summarizes the goodwill and amortizable intangible assets activity for the years ended December 31, 2022 and 2021:  

(in thousands)	Acquired Intangible Assets			Goodwill			Total Intangible Assets
Balance as of January 1, 2021	$	121,883		$	665,821		$	787,704
Increases (decreases):
Amortization	(23,059		)	—			(23,059		)
Other (primarily changes in foreign currency exchange rates)	(1,031		)	(24,216		)	(25,247		)
Balance as of December 31, 2021	97,793			641,605			739,398
Increases (decreases):
Acquisitions (see footnote 6)	124,755			224,296			349,051
Amortization	(26,990		)	—			(26,990		)
Other (primarily changes in foreign currency exchange rates)	(7,283		)	(37,557		)	(44,840		)
Balance as of December 31, 2022	$	188,275		$	828,344		$	1,016,619

Of the total goodwill balance of $828.3 million as of December 31, 2022, $383.7 million relates to the Money Transfer Segment, $123.1 million relates to the epay Segment and the remaining $321.5 million relates to the EFT Processing Segment. Amortization expense for intangible assets with finite lives was $27.0 million, $23.1 million and $22.9 million for the years ended December 31, 2022, 2021 and 2020, respectively. Estimated annual amortization expense on intangible assets with finite lives as of December 31, 2022, is expected to total $24.1 million for 2023, $17.8 million for 2024, $14.6 million for 2025, $14.3 million for 2026, and $13.0 million for 2027.