Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS

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GOODWILL AND OTHER INTANGIBLE ASSETS
3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill

The Company records goodwill when an acquisition is made and the purchase price is greater than the fair value assigned to the underlying separately-identifiable tangible and intangible assets acquired and the liabilities assumed. All of the Company's goodwill was allocated to the Company's Consumer Payments reporting unit at March 31, 2021 and December 31, 2020.

The Company considered the market conditions generated by the COVID-19 pandemic and concluded that there were no indicators of impairment for the goodwill of the Consumer Payments reporting unit for the three months ended March 31, 2021.

The Company tests goodwill for impairment on an annual basis, or when events occur or circumstances indicate the fair value of a reporting unit may be below its carrying value. The Company will continue to monitor the economic impact of COVID-19 on its ongoing assessment of goodwill. The Company expects to perform its next annual goodwill impairment test during the
fourth quarter of 2021 using market data and discounted cash flow analysis. The Company concluded there was no impairment as of March 31, 2021 or December 31, 2020. As such, there was no accumulated impairment loss as of March 31, 2021 and December 31, 2020.

Other Intangible Assets

The Company's other intangible assets include acquired merchant portfolios, customer relationships, ISO relationships, trade names, technology, and residual buyouts. As of March 31, 2021 and December 31, 2020, intangible assets consisted of the following:
(in thousands) March 31, 2021 December 31, 2020
Other intangible assets:
Merchant portfolios $ 55,816  $ 55,816 
Customer relationships 40,740  40,740 
Residual buyouts 116,112  116,112 
Non-compete agreements 3,390  3,390 
Trade names 2,870  2,870 
Technology 14,390  14,390 
ISO relationships 15,200  15,200 
 Total gross carrying value 248,518  248,518 
Less accumulated amortization:
Merchant portfolios (22,028) (19,471)
Customer relationships (31,071) (30,267)
Residual buyouts (75,975) (72,659)
Non-compete agreements (3,390) (3,390)
Trade names (1,711) (1,651)
Technology (13,975) (13,951)
ISO relationships (7,553) (7,319)
Total accumulated amortization (155,703) (148,708)
Accumulated allowance for impairment (1,753) (1,753)
 Net carrying value $ 91,062  $ 98,057 
 
See Note 9, Commitments and Contingencies, for information about an acquired merchant portfolio with a contingent purchase price.

Amortization expense for finite-lived intangible assets was $7.0 million and $8.5 million for the three months ended March 31, 2021 and March 31, 2020, respectively. Amortization expense for future periods could differ due to new intangible asset acquisitions, changes in useful lives of existing intangible assets, and other relevant events or circumstances.

The Company tests intangible assets for impairment when events occur or circumstances indicate that the fair value of an intangible asset or group of intangible assets may be impaired. In the Company's Consumer Payments segment, a residual buyout intangible asset with a net carrying value of $2.2 million was deemed to be impaired at December 31, 2020. The fair value of this intangible asset was estimated to be approximately $0.5 million, resulting in the recognition of an impairment charge of $1.8 million. This impairment was the result of diminished cash flows generated by the merchant portfolio.
The Company also considered the market conditions generated by the COVID-19 pandemic and concluded that there were no additional impairment indicators present at March 31, 2021.