Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

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, 2023	U.S. Pawn Segment		Latin America Pawn Segment		Retail POS Payment Solutions Segment		Total
Balance, beginning of year	$	916,048	$	179,128	$	486,205	$	1,581,381
Acquisitions (see Note 3)	127,239		—		—		127,239

Effect of foreign currency translation	—		19,452		—		19,452
Other adjustments	(420)		—		—		(420)
Balance, end of year	$	1,042,867	$	198,580	$	486,205	$	1,727,652

December 31, 2022
Balance, beginning of year	$	861,793	$	171,279	$	503,106	$	1,536,178
Acquisitions (see Note 3)	55,455		—		—		55,455

Effect of foreign currency translation	—		7,849		—		7,849
Other adjustments	(1,200)		—		(16,901)		(18,101)
Balance, end of year	$	916,048	$	179,128	$	486,205	$	1,581,381

The Company performed its annual assessment of goodwill and determined there was no impairment as of December 31, 2023 and 2022.

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,
	2023						2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Merchant relationships	$	194,000	$	(63,070)	$	130,930	$	194,000	$	(31,530)	$	162,470
Developed technology	99,400		(40,588)		58,812		99,400		(20,708)		78,692
Customer relationships	28,250		(26,591)		1,659		26,294		(25,716)		578
AFF trade name	10,200		(10,200)		—		10,200		(5,314)		4,886
Lessee relationships	1,500		(1,500)		—		1,500		(1,201)		299
	$	333,350	$	(141,949)	$	191,401	$	331,394	$	(84,469)	$	246,925

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, 2023
Merchant relationships			2.4
Developed technology			1.5
Customer relationships			2.2
Total definite-lived intangible assets			2.1

Amortization expense for definite-lived intangible assets was $57.0 million, $57.1 million and $3.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. Estimated future amortization expense is as follows (in thousands):


2024	$	50,146
2025	48,488
2026	45,551
2027	24,544
2028	22,672

	$	191,401

Indefinite-Lived Intangible Assets

Indefinite-lived intangible assets as of December 31, 2023 and 2022 consist of the following (in thousands):


	As of December 31,
	2023		2022
Trade names	$	46,300	$	46,300
Pawn licenses (1)	40,023		37,113

	$	86,323	$	83,413

(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, 2023 and 2022.