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Goodwill and Acquired Intangible Assets, Net
 12 Months Ended
Dec. 31, 2023
Goodwill and Acquired Intangible Assets, Net  
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.