(8)Goodwill and Intangible Assets

Intangible assets, net consist of the following:


	June 30,		December 31,
	2019		2018
	(In thousands)
Intangible assets with finite lives:
Merchant contract portfolios:
Gross carrying value	$	293,069	$	293,069
Accumulated amortization		(151,399)		(139,159)
Accumulated impairment losses		(7,089)		(5,658)
Foreign currency translation adjustment		(26,464)		(27,975)
Net		108,117		120,277

Marketing alliance agreements:
Gross carrying value		191,879		191,879
Accumulated amortization		(53,742)		(47,777)
Accumulated impairment losses		(11,920)		(7,585)
Foreign currency translation adjustment		(17,645)		(18,634)
Net		108,572		117,883

Trademarks, finite-lived:
Gross carrying value		28,657		28,657
Accumulated amortization		(11,940)		(10,748)
Foreign currency translation adjustment		(4,366)		(4,446)
Net		12,351		13,463

Internally developed and acquired software:
Gross carrying value		69,213		60,876
Accumulated amortization		(20,224)		(15,794)
Accumulated impairment losses		(10,190)		(9,324)
Foreign currency translation adjustment		(2,372)		(2,260)
Net		36,427		33,498

Non-competition agreements:
Gross carrying value		6,462		6,462
Accumulated amortization		(5,627)		(5,316)
Net		835		1,146
Total finite-lived, net		266,302		286,267

Trademarks, indefinite-lived:
Gross carrying value		18,499		18,499
Accumulated impairment losses		(14,627)		(14,627)
Net		3,872		3,872
Total intangible assets, net	$	270,174	$	290,139

Amortization expense related to intangible assets was $11.6 million and $11.5 million for the three months ended June 30, 2019 and 2018, respectively. Amortization expense related to intangible assets was $24.1 million and $22.2 million for the six months ended June 30, 2019 and 2018, respectively. No impairment charges were recorded for the three months ended June 30, 2019. In March 2019, the Company’s marketing alliance agreement with Raiffeisen Bank Polska was terminated. As a result of the termination, the Company recorded an impairment of $4.4 million during the six months ended June 30, 2019. For the six months ended June 30, 2019 additional impairments of $1.4 million and $0.8 million were recognized, related to merchant contract portfolios and internally developed and acquired software, respectively. No impairment charges were recorded for the three and six months ended June 30, 2018.

Estimated amortization expense to be recognized during each of the five years subsequent to June 30, 2019:


	Amount
	(In thousands)
Years ending:
2019 (remainder of the year)	$	24,535
2020		44,554
2021		39,653
2022		32,287
2023		25,528
2024 and thereafter		99,745
Total	$	266,302

The following represents net intangible assets by segment:


	June 30,		December 31,
	2019		2018
	(In thousands)
Intangible assets, net:
North America
Merchant contract portfolios	$	79,720	$	88,141
Marketing alliance agreements		74,695		76,590
Trademarks, finite-lived		2,457		2,585
Internally developed software		19,562		20,167
Non-competition agreements		789		1,089
Trademarks, indefinite-lived		3,872		3,872
Total		181,095		192,444

Europe
Merchant contract portfolios		28,397		32,136
Marketing alliance agreements		33,877		41,293
Trademarks, finite-lived		9,894		10,878
Internally developed software		16,865		13,331
Non-competition agreements		46		57
Total		89,079		97,695

Total intangible assets, net	$	270,174	$	290,139

Goodwill activity for the six months ended June 30, 2019, in total and by reportable segment, was as follows:


	Reportable Segment
	North
	America		Europe		Total
	(In thousands)
Goodwill, gross, as of December 31, 2018	$	240,837	$	136,465	$	377,302
Accumulated impairment losses		—		(24,291)		(24,291)
Goodwill, net, as of December 31, 2018		240,837		112,174		353,011
Business combinations		—		40		40
Foreign currency translation adjustment		1,280		123		1,403
Goodwill, net as of June 30, 2019	$	242,117	$	112,337	$	354,454

For the six months ended June 30, 2019 and 2018, there was no goodwill impairment.