Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2020

Intangible Assets and Goodwill

Intangible Assets and Goodwill

8. Intangible Assets and Goodwill

The following table provides the components of the Company’s intangible assets (in thousands, except weighted average amortization period in years):

	Weighted
	Average	As of December 31, 2020						As of December 31, 2019
	Amortization	Initial		Accumulated		Net		Initial		Accumulated		Net
	Period	Cost		Amortization		Balance		Cost		Amortization		Balance
Franchise agreements	12.5	$	180,867	$	(108,671)	$	72,196	$	180,867	$	(93,197)	$	87,670
Other intangible assets:
Software (a)	4.5	$	44,389	$	(18,926)	$	25,463	$	36,680	$	(9,653)	$	27,027
Trademarks	8.4		2,325		(1,274)		1,051		1,904		(1,037)		867
Non-compete agreements	4.4		3,920		(2,814)		1,106		3,700		(1,546)		2,154
Training materials	5.0		2,400		(1,120)		1,280		2,400		(640)		1,760
Other	5.3		1,670		(601)		1,069		800		(293)		507
Total other intangible assets	4.7	$	54,704	$	(24,735)	$	29,969	$	45,484	$	(13,169)	$	32,315

(a) As of December 31, 2020, and December 31, 2019, capitalized software development costs of $1.4 million and $10.5 million, respectively, were related to technology projects not yet complete and ready for their intended use and thus were not subject to amortization.

Amortization expense was $24.9 million, $20.6 million and $19.5 million for the years ended December 31, 2020, 2019 and 2018, respectively.

As of December 31, 2020, the estimated future amortization expense related to intangible assets includes the estimated amortization expense associated with the Company’s intangible assets assumed with the Company’s acquisitions (in thousands):

As of December 31, 2020:
2021	$	25,431
2022		23,603
2023		17,089
2024		14,288
2025		10,365
Thereafter		11,389
	$	102,165

The following table presents changes to goodwill by reportable segment for the period from January 1, 2019 to December 31, 2020 (in thousands):

	Real Estate		Mortgage		Total
Balance, January 1, 2019	$	138,884	$	11,800	$	150,684
Goodwill recognized from acquisitions		8,207		—		8,207
Effect of changes in foreign currency exchange rates		147		—		147
Balance, December 31, 2019		147,238		11,800		159,038
Goodwill recognized from acquisitions (a)		9,893		6,833		16,726
Effect of changes in foreign currency exchange rates		71		—		71
Balance, December 31, 2020	$	157,202	$	18,633	$	175,835

(a) Includes adjustments to preliminary estimates from 2019 acquisitions.