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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets A summary of changes in the Company’s goodwill by reportable segment is as follows (in thousands):
|  | December 31, 2023 |  | Acquisitions 1 |  | Dispositions 2 |  | Impairments 3 |  | Acquisition Accounting Adjustments |  | Foreign Currency |  | December 31, 2024
Segment |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vehicle Payments |  | $2,803,990 |  | $73,217 |  | $— |  | $— |  | $— |  | $(192,932) |  | $2,684,275
Corporate Payments |  | 2,074,736 |  | 637,332 |  | (58,220) |  | — |  | 1,058 |  | (25,772) |  | 2,629,134
Lodging Payments |  | 416,952 |  | — |  | — |  | — |  | — |  | (3,514) |  | 413,438
Other |  | 349,280 |  | — |  | — |  | (90,000) |  | — |  | (1,460) |  | 257,820
|  | $5,644,958 |  | $710,549 |  | $(58,220) |  | $(90,000) |  | $1,058 |  | $(223,678) |  | $5,984,667
1 Reflects the recognition of preliminary goodwill related to acquisitions completed by the Company during the year ended December 31, 2024.
2 Reflects goodwill derecognized in connection with the disposition of the Company's merchant solutions business in the U.S. See Note 19 for further information.
3 Represents the partial impairment of the goodwill within the Company's Payroll Card reporting unit during the year ended December 31, 2024. See Note 2 for further information.
|  | December 31, 2022 |  | Acquisitions |  | Dispositions |  | Impairments |  | Acquisition Accounting Adjustments |  | Foreign Currency |  | December 31, 2023
Segment |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vehicle Payments |  | $2,530,391 |  | $233,240 |  | $(40,857) |  | $— |  | $4,389 |  | $76,827 |  | $2,803,990
Corporate Payments |  | 1,906,070 |  | 149,553 |  | — |  | — |  | (105) |  | 19,218 |  | 2,074,736
Lodging Payments |  | 416,044 |  | — |  | — |  | — |  | (764) |  | 1,672 |  | 416,952
Other |  | 348,930 |  | — |  | — |  | — |  | — |  | 350 |  | 349,280
|  | $5,201,435 |  | $382,793 |  | $(40,857) |  | $— |  | $3,520 |  | $98,067 |  | $5,644,958
At December 31, 2024 and 2023, approximately $1.1 billion and $985.9 million of the Company’s goodwill is deductible for tax purposes, respectively. Acquisition accounting adjustments recorded in 2024 and 2023 are a result of the Company completing its acquisition accounting and working capital adjustments for certain prior year acquisitions. At December 31, 2024, goodwill is presented net of accumulated impairment losses of $90.0 million, all of which were recorded during the year ended December 31, 2024 and are included in our Other category as described above. There were no accumulated impairment losses as of December 31, 2023. Other intangible assets consisted of the following at December 31 (in thousands):
|  |  |  | 2024 |  | 2023
|  | Weighted- Avg Useful Life (Years)1 |  | Gross Carrying Amounts |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amounts |  | Accumulated Amortization |  | Net Carrying Amount
Customer and vendor relationships |  | 16.8 |  | $3,476,642 |  | $(1,624,079) |  | $1,852,563 |  | $3,044,522 |  | $(1,511,173) |  | $1,533,349
Trade names and trademarks—indefinite lived |  | N/A |  | 410,391 |  | — |  | 410,391 |  | 440,900 |  | — |  | 440,900
Trade names and trademarks—other |  | 7.8 |  | 66,047 |  | (13,055) |  | 52,992 |  | 51,510 |  | (15,334) |  | 36,176
Technology |  | 6.1 |  | 306,296 |  | (245,038) |  | 61,258 |  | 299,780 |  | (238,819) |  | 60,961
Non-compete agreements |  | 3.7 |  | 52,412 |  | (19,174) |  | 33,238 |  | 85,111 |  | (70,834) |  | 14,277
Total other intangibles |  |  |  | $4,311,788 |  | $(1,901,346) |  | $2,410,442 |  | $3,921,823 |  | $(1,836,160) |  | $2,085,663
N/A = Not Applicable |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 The weighted-average useful life calculation excludes fully amortized intangible assets.
Changes in foreign exchange rates resulted in $69.6 million and $32.4 million decreases to the carrying values of other intangible assets in the years ended December 31, 2024 and 2023, respectively. Amortization expense related to intangible assets for the years ended December 31, 2024, 2023 and 2022 was $230.8 million, $225.4 million and $227.2 million, respectively. During the year ended December 31, 2024, the Company wrote-off the gross carrying amounts and the related accumulated amortization of fully amortized intangible assets of approximately $70.3 million which were no longer being used. Due to rebranding activity during the year ended December 31, 2024, the Company reassessed the useful lives of certain trademarks. This resulted in a reclassification of $13.3 million from indefinite to finite-lived assets as of December 31, 2024. At the time of change in estimate, which was applied prospectively, the Company tested these trademarks for impairment, which resulted in no impairment charge. The future estimated amortization of intangible assets at December 31, 2024 is as follows (in thousands):
2025 |  | $235,277
2026 |  | 217,005
2027 |  | 205,855
2028 |  | 195,480
2029 |  | 179,637
Thereafter |  | 966,797

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