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Intangible Assets, Goodwill and Other Assets | 9 Months Ended
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Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets, Goodwill and Other Assets | Intangible Assets, Goodwill and Other Assets Intangible Assets Intangible assets consisted of the following:
| September 30, 2020 |  | December 31, 2019
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Customer relationships | $ | 268,195 |  |  | $ | (108,338) |  |  | $ | 159,857 |  |  | $ | 265,665 |  |  | $ | (88,550) |  |  | $ | 177,115 |
Software & technology | 31,600 |  |  | (23,969) |  |  | 7,631 |  |  | 31,600 |  |  | (19,999) |  |  | 11,601 |
Trademarks & other | 13,324 |  |  | (13,319) |  |  | 5 |  |  | 13,324 |  |  | (11,400) |  |  | 1,924 |
Total intangible assets | $ | 313,119 |  |  | $ | (145,626) |  |  | $ | 167,493 |  |  | $ | 310,589 |  |  | $ | (119,949) |  |  | $ | 190,640 |
Amortization expense for the three months ended September 30, 2020 and 2019 was $8 million and $9 million, respectively, and amortization expense for the nine months ended September 30, 2020 and 2019 was $26 million and $27 million, respectively. Future amortization expense as of September 30, 2020 is shown in the table below. Actual amortization expense may differ due to, among other things, fluctuations in foreign currency exchange rates, impairments, acquisitions and accelerated amortization.
Remaining for year ending December 31, 2020 | $ | 7,683 |
Year ending December 31, 2021 | 30,265 |
Year ending December 31, 2022 | 29,315 |
Year ending December 31, 2023 | 26,465 |
Year ending December 31, 2024 | 26,465 |
Thereafter | 47,300 |
Total | $ | 167,493 |
Goodwill Changes in the carrying value of goodwill, by reporting segment, are shown in the table below.
|  |  |  |  | December 31, 2019 |  | Impairment |  | Acquisition |  | Currency impact |  | September 30, 2020
Global Ecommerce |  |  |  |  | $ | 609,431 |  |  | $ | (198,169) |  |  | $ | — |  |  | $ | — |  |  | $ | 411,262 |
Presort Services |  |  |  |  | 212,529 |  |  | — |  |  | 8,463 |  |  | — |  |  | 220,992 |
Commerce Services |  |  |  |  | 821,960 |  |  | (198,169) |  |  | 8,463 |  |  | — |  |  | 632,254 |
SendTech Solutions |  |  |  |  | 502,219 |  |  | — |  |  | — |  |  | 7,671 |  |  | 509,890 |
Total goodwill |  |  |  |  | $ | 1,324,179 |  |  | $ | (198,169) |  |  | $ | 8,463 |  |  | $ | 7,671 |  |  | $ | 1,142,144 |
In the first quarter of 2020, we determined that the estimated fair value of the Global Ecommerce reporting unit was less than its carrying value and recorded a non-cash, pre-tax goodwill impairment charge of $198 million. At December 31, 2019, the fair value of our Global Ecommerce business exceeded its carrying value by less than 20%. During the first quarter of 2020, our Global Ecommerce reporting unit experienced weaker than expected performance, due in part to the deteriorating macroeconomic conditions and uncertainty brought on by COVID-19, causing us to evaluate the Global Ecommerce goodwill for impairment. To test the Global Ecommerce goodwill for impairment, we determined the fair value of the Global Ecommerce reporting unit and compared it to the reporting unit's carrying value, including goodwill. We engaged a third-party to assist in the determination of the fair value of the reporting unit. The determination of fair value, and the resulting impairment charge, relied on internal projections developed using numerous estimates and assumptions that are inherently subject to significant uncertainties. These estimates and assumptions included revenue growth, profitability, cash flows, capital spending and other available information. The determination of fair value also incorporated a risk-adjusted discount rate, terminal growth rates and other assumptions that market participants may use. Changes in any of these estimates or assumptions could materially affect the determination of fair value and the associated goodwill impairment charge and could result in an additional impairment charge in the future. These estimates and assumptions are considered Level 3 inputs under the fair value hierarchy. Other Assets Other assets at September 30, 2020 and December 31, 2019 includes long-term investments of $426 million and $289 million, respectively. In the second quarter of 2020, we surrendered certain company owned life insurance policies and received proceeds of $46 million. We did not record a gain or loss on the surrender; however, the surrender resulted in a tax expense of $12 million (see Note 13 for further information). Also, in the second quarter of 2020, we sold our interest in an equity investment for $12 million and recognized a gain of $12 million.

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