Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

6. Intangible assets

The Company’s intangible assets consisted of the following:


	March 31, 2022		December 31, 2021
Brands	$	177,425	$	176,225
Software development costs		823,553		805,697
Customer relationships		1,907,292		1,692,838
Computer software		35,226		35,257
		2,943,496		2,710,017
Less accumulated amortization on:
Brands		71,939		69,407
Software development costs		390,872		371,555
Customer relationships		527,474		505,732
Computer software		19,274		17,900
		1,009,559		964,594
Less accumulated impairment on:
Brands		8,464		8,464
Software development costs		84,947		84,947
Customer relationships		449,808		449,808
		543,219		543,219
Intangible assets, net	$	1,390,718	$	1,202,204

Amortization expense on intangible assets for the three months ended March 31, 2022 and 2021, was $61,595 and $62,319, respectively. During the three months ended March 31, 2022, we purchased multiple merchant portfolios for a purchase price of $10,364 which were accounted for as asset acquisitions. The remaining increase in gross intangible assets during the three months ended March 31, 2022, relates to intangibles recorded upon business acquisitions (See Note 10) and capitalized development costs.

The Company performs an impairment analysis on intangibles assets with finite lives when events and circumstances have occurred that would indicate the carrying amount of intangible assets may not be recoverable. Due to the goodwill impairment recognized during the three months ended March 31, 2022 (see Note 5), we concluded that an impairment indicator for certain asset groups was present within these segments. An impairment analysis was performed for the impacted asset groups as of March 31, 2022 which was based on an undiscounted cash flow model. As a result of the analysis, the assets were concluded to be recoverable and no impairment charge was recorded.