The following table summarizes intangible assets as of December 31, 2021 and 2020:

	As of December 31, 2021					As of December 31, 2020
(in thousands)	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Customer relationships	$	176,024	$	(103,713	)	$	186,749	$	(99,131	)
Trademarks and trade names	45,445		(32,596		)	46,762		(31,327		)
Software	60,118		(47,485		)	61,602		(42,772		)
Non-compete agreements	1,260		(1,260		)	1,980		(1,980		)
Total	$	282,847	$	(185,054	)	$	297,093	$	(175,210	)

The following table summarizes the goodwill and amortizable intangible assets activity for the years ended December 31, 2021 and 2020:

(in thousands)	Acquired Intangible Assets			Goodwill			Total Intangible Assets
Balance as of January 1, 2020	$	141,847		$	743,823		$	885,670
Increases (decreases):
Acquisitions (see footnote 6)	1,575			(265)			1,310
Impairment	(2,048)			(104,554		)	(106,602)
Amortization	(22,867		)	—			(22,867		)
Other (primarily changes in foreign currency exchange rates)	3,376			26,817			30,193
Balance as of December 31, 2020	121,883			665,821			787,704
Increases (decreases):
Amortization	(23,059		)	—			(23,059		)
Other (primarily changes in foreign currency exchange rates)	(1,031		)	(24,216		)	(25,247		)
Balance as of December 31, 2021	$	97,793		$	641,605		$	739,398

The COVID-19 pandemic and subsequent mitigation efforts, which include global business shutdowns, the closing of borders and the implementation of mandatory social distancing requirements, has created an unprecedented disruption to our business beginning in the first half of 2020. These mitigation efforts coupled with the negative economic impacts to the tourism industry caused a decline in revenues, earnings, and necessitated changes to our forecasted outlook. The Company determined the totality of these events constituted a triggering event that required us to perform an interim goodwill impairment assessment as of June 1, 2020. The Company concluded a triggering event had occurred for six reporting units, resulting in quantitative impairment tests. Three reporting units were within the EFT segment, two reporting units were within the Money Transfer segment, and one reporting unit was within the epay segment. As a result, the Company recorded a non-cash goodwill impairment charge of $104.6 million with respect to the xe, Innova and Pure Commerce reporting units. $21.9 million of the impairment charge was included within the EFT Segment, and $82.7 million of the impairment charge was included in the Money Transfer Segment.

During the second half of 2020, the Company recorded a $2.0 million non-cash impairment charge for acquired intangible assets, specifically related to customer lists in the xe reporting unit.

Of the total goodwill balance of $641.6 million as of December 31, 2021, $392.3 million relates to the Money Transfer Segment, $129.1 million relates to the epay Segment and the remaining $120.2 million relates to the EFT Processing Segment. Amortization expense for intangible assets with finite lives was $23.1 million, $22.9 million and $20.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. Estimated annual amortization expense on intangible assets with finite lives as of December 31, 2021, is expected to total $21.7 million for 2022, $16.7 million for 2023, $9.9 million for 2024, $6.5 million for 2025, and $6.1 million for 2026.