Annual report pursuant to Section 13 and 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS - (Tables)

v3.21.1
GOODWILL AND OTHER INTANGIBLE ASSETS - (Tables)
12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill The Company's goodwill was allocated to reporting units as follows:
(in thousands) December 31, 2020 December 31, 2019
Consumer Payments $ 106,832  $ 106,832 
Integrated Partners —  2,683 
  $ 106,832  $ 109,515 


The following table summarizes the changes in the carrying value of goodwill for the years ended December 31, 2020, 2019 and 2018:
(in thousands) Amount
Balance at January 1, 2018 (all Consumer Payments) $ 101,532 
Additions for the year ended December 31, 2018:
  PayRight (Integrated Partners) 298 
  RadPad/Landlord Station (Integrated Partners) 2,385 
  PPS Northeast (Consumer Payments) 1,920 
  PPS Tech (Consumer Payments) 3,380 
Balance at December 31, 2019 and 2018 109,515 
Disposal of goodwill in Integrated Partners reporting unit (Note 2, Disposal of Business)
(2,683)
Balance at December 31, 2020 $ 106,832 
Schedule of Other Intangible Assets
At December 31, 2020 and December 31, 2019, other intangible assets consisted of the following:
As of December 31,
(in thousands) 2020 2019
Capitalized:
Merchant portfolios $ 55,816  $ 114,554 
Customer relationships 40,740  40,740 
Residual buyouts 116,112  112,731 
Non-compete agreements 3,390  3,390 
Trade names 2,870  2,870 
Technology 14,390  15,390 
ISO relationships 15,200  15,200 
Total capitalized $ 248,518  $ 304,875 
Less accumulated amortization:
Merchant portfolios $ (19,471) $ (12,655)
Customer relationships (30,267) (25,836)
Residual buyouts (72,659) (59,796)
Non-compete agreements (3,390) (3,390)
Trade names (1,651) (1,273)
Technology (13,951) (12,758)
ISO relationships (7,319) (6,341)
Total accumulated amortization $ (148,708) $ (122,049)
Accumulated allowance for impairment $ (1,753) $ — 
Net carrying value $ 98,057  $ 182,826 



The weighted-average amortization periods for intangible assets held at December 31, 2020 are as follows:

Useful Life Amortization Method Weighted-Average Life
Merchant portfolios
5 - 6 years
Straight-line 5.5 years
Residual buyouts
1 - 9 years
Straight-line and double declining 6.8 years
Non-compete agreements 3 years Straight-line 3.0 years
Trade names
5 -12 years
Straight-line 11.6 years
Technology
6 - 7 years
Straight-line 6.1 years
ISO relationships
11 - 25 years
Sum-of-years digits 23.7 years
Customer relationships
10 - 15 years
Straight-line and sum-of-years digits 11.0 years
Schedule of Finite-lived Intangible Assets Amortization Expense
The estimated amortization expense of intangible assets as of December 31, 2020 for the next five years and thereafter is:
(in thousands)
Estimated
Year Ending December 31, Amortization Expense
2021 $ 28,216 
2022 27,066 
2023 21,280 
2024 10,126 
2025 3,671 
Thereafter 7,698 
Total $ 98,057