Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2021

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, 2021	U.S. Pawn Segment		Latin America Pawn Segment		Retail POS Payment Solutions Segment		Total
Balance, beginning of year	$	802,148	$	175,233	$	—	$	977,381
Acquisitions (see Note 3)	59,645		—		503,106		562,751

Effect of foreign currency translation	—		(3,954)		—		(3,954)

Balance, end of year	$	861,793	$	171,279	$	503,106	$	1,536,178

December 31, 2020
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

The Company performed its annual assessment of goodwill and determined there was no impairment as of December 31, 2021 and 2020.

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,
	2021						2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Merchant relationships	$	194,000	$	(962)	$	193,038	$	—	$	—	$	—
Developed technology	99,400		(828)		98,572		—		—		—
Customer relationships	26,111		(25,174)		937		25,782		(23,918)		1,864
AFF trade name	10,200		(213)		9,987		—		—		—
Lessee relationships	1,500		(48)		1,452		—		—		—
	$	331,211	$	(27,225)	$	303,986	$	25,782	$	(23,918)	$	1,864

Merchant relationships and customer relationships are generally amortized using an accelerated amortization method that reflects the future cash flows expected from the existing AFF merchants and returning pawn customers.

The following table details the remaining weighted-average amortization periods for the definite-lived intangible assets included in the table above:


			Weighted-Average Remaining Amortization Period (Years)
As of December 31, 2021
Merchant relationships			3.3
Developed technology			2.5
Customer relationships			1.6
Trade name			1.0
Lessee relationships			0.7
Total definite-lived intangible assets			3.0

Amortization expense for definite-lived intangible assets was $3.4 million, $2.3 million and $2.9 million for the years ended December 31, 2021, 2020 and 2019, respectively. Estimated future amortization expense is as follows (in thousands):


2022	$	57,074
2023	56,914
2024	49,842
2025	48,188
2026	45,250
Thereafter	46,718
	$	303,986

Indefinite-Lived Intangible Assets

Indefinite-lived intangible assets as of December 31, 2021 and 2020 consist of the following (in thousands):


	As of December 31,
	2021		2020
Trade names	$	46,300	$	46,300
Pawn licenses (1)	36,648		34,237
Other indefinite-lived intangibles	1,250		1,250
	$	84,198	$	81,787

(1)Costs to renew licenses with indefinite lives are expensed as incurred and recorded in 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, 2021 and 2020.