Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

Changes in the carrying value of goodwill by segment were as follows (in thousands):


December 31, 2020	U.S. operations segment		Latin America operations segment		Total
Balance, beginning of year	$	771,311	$	177,332	$	948,643
Acquisitions (see Note 3)	28,978		4,456		33,434

Effect of foreign currency translation	—		(6,505)		(6,505)
Other adjustments	1,859		(50)		1,809
Balance, end of year	$	802,148	$	175,233	$	977,381

December 31, 2019
Balance, beginning of year	$	759,538	$	157,881	$	917,419
Acquisitions (see Note 3)	11,773		15,533		27,306

Effect of foreign currency translation	—		5,175		5,175
Other adjustments	—		(1,257)		(1,257)
Balance, end of year	$	771,311	$	177,332	$	948,643

The Company performed its annual assessment of goodwill and determined there was no impairment as of December 31, 2020 and 2019.

Definite-Lived Intangible Assets

The following table summarizes the components of gross and net definite-lived intangible assets subject to amortization (in thousands):


	As of December 31,
	2020						2019
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	25,782	$	(23,918)	$	1,864	$	25,899	$	(21,681)	$	4,218

Customer relationships are generally amortized using an accelerated amortization method that reflects the future cash flows expected from the returning pawn customers.

Amortization expense for definite-lived intangible assets was $2.3 million, $2.9 million and $6.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. The remaining weighted-average amortization period for customer relationships is 0.9 years. Estimated future amortization expense is as follows (in thousands):


2021	$	1,299
2022	295
2023	230
2024	31
2025	9
	$	1,864

Indefinite-Lived Intangible Assets

Indefinite-lived intangible assets as of December 31, 2020 and 2019 consist of the following (in thousands):


	As of December 31,
	2020		2019
Trade names	$	46,300	$	46,300
Pawn licenses (1)	34,237		34,107
Other indefinite-lived intangibles	1,250		1,250
	$	81,787	$	81,657

(1)Costs to renew licenses with indefinite lives are expensed as incurred and recorded in store operating expenses in the consolidated statements of income.

The Company performed its annual assessment of indefinite-lived intangible assets and determined there was no impairment as of December 31, 2020 and 2019.