(8)Goodwill and Intangible Assets

Intangible assets, net consist of the following:


	September 30,		December 31,
	2019		2018
	(In thousands)
Intangible assets with finite lives:
Merchant contract portfolios and customer relationships:
Gross carrying value	$	296,033	$	293,069
Accumulated amortization		(157,394)		(139,159)
Accumulated impairment losses		(7,089)		(5,658)
Foreign currency translation adjustment		(29,441)		(27,975)
Net		102,109		120,277

Marketing alliance agreements:
Gross carrying value		191,879		191,879
Accumulated amortization		(56,650)		(47,777)
Accumulated impairment losses		(11,920)		(7,585)
Foreign currency translation adjustment		(20,488)		(18,634)
Net		102,821		117,883

Trademarks, finite-lived:
Gross carrying value		29,493		28,657
Accumulated amortization		(12,536)		(10,748)
Foreign currency translation adjustment		(4,639)		(4,446)
Net		12,318		13,463

Internally developed and acquired software:
Gross carrying value		80,881		60,876
Accumulated amortization		(23,375)		(15,794)
Accumulated impairment losses		(10,190)		(9,324)
Foreign currency translation adjustment		(3,417)		(2,260)
Net		43,899		33,498

Non-competition agreements:
Gross carrying value		6,462		6,462
Accumulated amortization		(5,782)		(5,316)
Foreign currency translation adjustment		(2)		—
Net		678		1,146
Total finite-lived, net		261,825		286,267

Trademarks, indefinite-lived:
Gross carrying value		18,499		18,499
Accumulated impairment losses		(18,499)		(14,627)
Net		—		3,872
Total intangible assets, net	$	261,825	$	290,139

Amortization expense related to intangible assets was $12.8 million and $11.5 million for the three months ended September 30, 2019 and 2018, respectively. Amortization expense related to intangible assets was $36.9 million and $33.7 million for the nine months ended September 30, 2019 and 2018, respectively. In September 2019 the Company retired the indefinite-lived trademarks due to an internal reorganization. As a result, the Company recorded an impairment of $3.9 million for the nine months ended September 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 for the six months ended June 30, 2019. For the nine months ended September 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.

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


	Amount
	(In thousands)
Years ending:
2019 (remainder of the year)	$	12,400
2020		44,833
2021		40,015
2022		34,470
2023		26,951
2024 and thereafter		103,156
Total	$	261,825

The following represents net intangible assets by segment:


	September 30,		December 31,
	2019		2018
	(In thousands)
Intangible assets, net:
North America
Merchant contract portfolios and customer relationships	$	77,197	$	88,141
Marketing alliance agreements		71,975		76,590
Trademarks, finite-lived		3,187		2,585
Internally developed software		29,488		20,167
Non-competition agreements		639		1,089
Trademarks, indefinite-lived		—		3,872
Total		182,486		192,444

Europe
Merchant contract portfolios and customer relationships		24,912		32,136
Marketing alliance agreements		30,846		41,293
Trademarks, finite-lived		9,131		10,878
Internally developed software		14,411		13,331
Non-competition agreements		39		57
Total		79,339		97,695

Total intangible assets, net	$	261,825	$	290,139

Changes in goodwill for the nine months ended September 30, 2019, in total and by reportable segment, were 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		25,030		40		25,070
Foreign currency translation adjustment		35		(6,593)		(6,558)
Goodwill, net as of September 30, 2019	$	265,902	$	105,621	$	371,523

For the nine months ended September 30, 2019 and 2018 there was no goodwill impairment.