Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

5. Intangible assets

The Company’s intangible assets consisted of the following:


	September 30, 2024		December 31, 2023
Brands	$	169,341	$	168,508
Software development costs		945,178		880,764
Customer relationships		1,551,967		1,541,507
Computer software		38,595		39,311
Gross carrying value	$	2,705,081	$	2,630,090

Brands		114,064		101,197
Software development costs		661,742		578,383
Customer relationships		858,201		756,463
Computer software		32,137		30,112
Accumulated amortization	$	1,666,144	$	1,466,155
Intangible assets, net	$	1,038,937	$	1,163,935

Amortization expense on intangible assets for the three months ended September 30, 2024 and 2023, was $67,991 and $65,294, respectively. Amortization expense on intangible assets for the nine months ended September 30, 2024 and 2023, was $201,156 and

$192,451, respectively. The increase in gross intangible assets during the nine months ended September 30, 2024 mainly relates to the purchase of merchant portfolios and software development costs.

The Company performs an impairment analysis on intangible assets with finite lives when events and circumstances have occurred that would indicate the carrying amount of intangible assets may not be recoverable. No such events and circumstances were identified during the three and nine months ended September 30, 2024 and 2023. For the three and nine months ended September 30, 2024 impairment expenses of $119 and $795, respectively, were recognized related to software development costs which had no future economic benefit. For the three and nine months ended September 30, 2023 impairment expenses of $0 and $275, respectively, were recognized related to software development costs.