XML 29 R13.htm IDEA: XBRL DOCUMENT v3.24.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS
The following table summarizes goodwill activity by segment for the year ended December 31, 2022 (in thousands). There was no activity for the year ended December 31, 2023.
North America (1)
International (2)
Consolidated
Balance as of December 31, 2021$178,685 $37,708 $216,393 
Goodwill impairment— (35,424)(35,424)
Foreign currency translation
— (2,284)(2,284)
Balance as of December 31, 2022$178,685 $— $178,685 
(1)As of December 31, 2023, the North America reporting unit had a negative carrying value.
(2)As of December 31, 2021, the International reporting unit had a negative carrying value.
We performed an assessment in the first, second, third and fourth quarters of 2023 and did not identify a triggering event that would have required us to test for impairment for such periods. Additionally, we performed our annual goodwill impairment assessment as of October 1, 2023, which did not identify any goodwill impairment.
During the first quarter of 2022, we determined the impact to our business from the new variant of COVID-19 required us to evaluate our goodwill for impairment. Our interim quantitative assessment for the first quarter of 2022 did not identify any goodwill impairment.
During the second quarter of 2022, we determined a downward revision of our forecast required us to evaluate our goodwill for impairment. As a result of our interim quantitative assessment, we recognized goodwill impairment within our International reporting unit, representing a full impairment of goodwill for that reporting unit.
During the third quarter of 2021, we determined the prolonged recovery from the COVID-19 pandemic and the sustained decrease in our stock price required us to evaluate our goodwill for impairment. Additionally, we performed our annual goodwill impairment assessment as of October 1, 2021. Our assessments did not identify any goodwill impairment. Therefore, we did not recognize goodwill impairment for either of our reporting units during the year ended December 31, 2021.
In order to evaluate goodwill for impairment, we compared the fair value of our two reporting units, North America and International, to their carrying values. In determining the fair values of our reporting units, we used the discounted cash flow method under the income approach that uses Level 3 inputs.
The following table summarizes intangible assets as of December 31, 2023 and 2022 (in thousands):
December 31, 2023December 31, 2022
Gross Carrying ValueAccumulated AmortizationNet Carrying ValueGross Carrying ValueAccumulated AmortizationNet Carrying Value
Merchant relationships18,842 17,944 898 17,912 14,327 3,585 
Trade names9,459 8,753 706 9,340 8,382 958 
Patents13,235 7,237 5,998 13,341 6,701 6,640 
Other intangible assets9,318 5,516 3,802 17,517 11,059 6,458 
Total$50,854 $39,450 $11,404 $58,110 $40,469 $17,641 

Amortization of intangible assets is computed using the straight-line method over their estimated useful lives, which range from 1 to 10 years. Amortization expense related to intangible assets was $7.8 million, $8.5 million and $8.9 million for the years ended December 31, 2023, 2022 and 2021.
As of December 31, 2023, our estimated future amortization expense related to intangible assets is as follows (in thousands):
2024$4,419 
20252,900 
20262,028 
20271,350 
2028707 
Thereafter— 
Total$11,404