Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets

As of December 31, 2025 and 2024, the Company’s intangible assets consisted of the following:


	As of December 31,
	2025		2024
Brands	$	175,649	$	162,575
Software development costs		1,083,801		935,888
Customer relationships		1,599,386		1,524,623
Computer software		46,241		39,220
Gross carrying value		2,905,077		2,662,306

Brands		139,345		113,474
Software development costs		823,006		664,536
Customer relationships		1,026,285		873,840
Computer software		42,391		29,141
Accumulated amortization		2,031,027		1,680,991
Intangible assets, net	$	874,050	$	981,315

During the years ended December 31, 2025 and 2024 we recorded intangible assets of $24,095 and 8,778, respectively, related to the acquisition of merchant portfolios which were accounted for as asset acquisitions, inclusive of contingent consideration payable. A majority of the remaining capital expenditures relate to software development costs. We had unpaid capital expenditure purchases of approximately $5,857, $5,158 and $384 at December 31, 2025, 2024, and 2023 respectively, which was included in "Accounts payable and other liabilities" within the Consolidated Statements of Financial Position. Capital expenditures are recorded as cash outflows from investing activities in the Company's Consolidated Statements of Cash Flows in the period they are paid.

Intangible assets acquired by the Company during the year ended December 31, 2025 and 2024 had the following expected weighted-average useful lives:


	2025	2024
Brands	n/a	n/a
Software development costs	3 years	3 years
Customer relationships	5 years	5 years
Computer software	1 year	2 years
Total weighted-average useful life	3.2 years	3.0 years

Amortization expense on intangible assets for the years ended December 31, 2025, 2024 and 2023 was $266,751, $266,283 and $256,367, respectively. We perform an annual reassessment of estimated useful lives of intangible assets. There were no material revisions to useful lives of intangible assets during the years ended December 31, 2025, 2024 and 2023.

The estimated amortization expense of intangible assets for the next five years is as follows:


2026			274,039
2027			254,358
2028			65,184
2029			47,169
2030			46,380

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. For the years ended December 31, 2025, 2024 and 2023, impairment expense of $785, $823 and $1,254 was recognized related to specifically identified software development costs which had no future economic benefit. These impairments were predominantly in the Digital Wallets segment.