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Goodwill and Acquired Intangible Assets, Net | 12 Months Ended
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Dec. 31, 2023
Goodwill and Acquired Intangible Assets, Net |
Goodwill and Acquired Intangible Assets, Net | (9) Goodwill and Acquired Intangible Assets, Net The following table summarizes intangible assets as of December 31, 2023 and 2022:
|  | As of December 31, 2023 |  | As of December 31, 2022
(in millions) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Customer relationships |  | $ | 270.5 |  |  | $ | (121.4 | ) |  | $ | 279.1 |  |  | $ | (117.0 | )
Trademarks and trade names |  | 56.4 |  |  | (54.6 | ) |  | 43.9 |  |  | (33.7 | )
Software |  | 44.6 |  |  | (36.3 | ) |  | 54.6 |  |  | (48.4 | )
Non-compete agreements |  | 10.2 |  |  | (1.8 | ) |  | 9.9 |  |  | (0.1 | )
Total |  | $ | 381.7 |  |  | $ | (214.1 | ) |  | $ | 387.5 |  |  | $ | (199.2 | )
The following table summarizes the goodwill and amortizable intangible assets activity for the years ended December 31, 2023 and 2022:
(in millions) |  | Acquired Intangible Assets |  | Goodwill |  | Total Intangible Assets
Balance as of January 1, 2022 |  | $ | 97.8 |  |  | $ | 641.6 |  |  | $ | 739.4 |
Increases (decreases): |  |  |  |  |  |  |  |  |
Acquisitions (see footnote 6) |  | 124.8 |  |  | 224.3 |  |  | 349.1 |
Amortization |  | (27.0 | ) |  | — |  |  | (27.0 | )
Other (primarily changes in foreign currency exchange rates) |  | (7.3 | ) |  | (37.6 | ) |  | (44.9 | )
Balance as of December 31, 2022 |  | 188.3 |  |  | 828.3 |  |  | 1,016.6 |
Increases (decreases): |  |  |  |  |  |
Acquisitions (see footnote 6) |  | — |  |  | 1.3 |  |  | 1.3 |
Amortization |  | (24.5 | ) |  | — |  |  | (24.5 | )
Other (primarily changes in foreign currency exchange rates) |  | 3.8 |  |  | 17.9 |  |  | 21.7 |
Balance as of December 31, 2023 |  | $ | 167.6 |  |  | $ | 847.5 |  |  | $ | 1,015.1 |
Of the total goodwill balance of $847.5 million as of December 31, 2023, $389.9 million relates to the Money Transfer Segment, $125.9 million relates to the epay Segment and the remaining $331.7 million relates to the EFT Processing Segment. Amortization expense for intangible assets with finite lives was $24.5 million, $27.0 million, and $23.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. Estimated annual amortization expense on intangible assets with finite lives as of December 31, 2023, is expected to be $18.2 million for 2024, $14.6 million for 2025, $14.3 million for 2026, $13.0 million for 2027, and$12.6 million for 2028.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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