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Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill, allocated by operating segments, were as follows (see Note 15):
(In thousands)
 
Payment
Services -
Puerto Rico & Caribbean
 
Payment
Services -
Latin America
 
Merchant
Acquiring, net
 
Business
Solutions
 
Total
Balance at December 31, 2019
 
$
160,972

 
$
54,571

 
$
138,121

 
$
45,823

 
$
399,487

Foreign currency translation adjustments
 
—

 
(3,862
)
 
—

 
—

 
(3,862
)
Balance at June 30, 2020
 
$
160,972


$
50,709


$
138,121


$
45,823


$
395,625



Goodwill is tested for impairment on an annual basis as of August 31, or more often if events or changes in circumstances indicate there may be impairment. The Company may test for goodwill impairment using a qualitative or a quantitative analysis. In the quantitative analysis, the Company compares the estimated fair value of the reporting units to their carrying values, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is
not considered impaired. If the fair value does not exceed the carrying value, an impairment loss is recorded for the excess of the carrying value over the fair value, limited to the recorded balance of goodwill. In the first half of 2020, global equity markets conditions deteriorated in reaction to the COVID-19 pandemic resulting in a corresponding decrease in the Company's stock price and market capitalization. As a result, management performed assessments as to whether the fair value of reporting units was less than carrying value as of June 30, 2020 and concluded that it was more likely than not that the fair value continued to be in excess of the carrying value for all reporting units. No impairment losses were recognized as of June 30, 2020.

The carrying amount of other intangible assets at June 30, 2020 and December 31, 2019 was as follows:
 
 
 
 
June 30, 2020
(Dollar amounts in thousands)
 
Useful life in years
 
Gross
amount
 
Accumulated
amortization
 
Net carrying
amount
Customer relationships
 
8 - 14
 
$
343,756

 
$
(233,324
)
 
$
110,432

Trademarks
 
10 - 15
 
41,919

 
(34,262
)
 
7,657

Software packages
 
3 - 10
 
267,204

 
(180,477
)
 
86,727

Non-compete agreement
 
15
 
56,539

 
(36,750
)
 
19,789

Other intangible assets, net
 
 
 
$
709,418

 
$
(484,813
)
 
$
224,605

 
 
 
 
December 31, 2019
(Dollar amounts in thousands)
 
Useful life in years
 
 Gross
amount
 
Accumulated
amortization
 
Net carrying
amount
Customer relationships
 
8 - 14
 
$
344,883

 
$
(220,434
)
 
$
124,449

Trademarks
 
2 - 15
 
42,025

 
(32,456
)
 
9,569

Software packages
 
3 - 10
 
256,220

 
(169,974
)
 
86,246

Non-compete agreement
 
15
 
56,539

 
(34,866
)
 
21,673

Other intangible assets, net
 
 
 
$
699,667

 
$
(457,730
)
 
$
241,937



Amortization expense related to other intangibles for the three and six months ended June 30, 2020 amounted to $13.5 million and $27.1 million, respectively, compared to $12.9 million and $25.1 million for the corresponding periods in 2019.

The estimated amortization expense of the balances outstanding at June 30, 2020 for the next five years is as follows:
(Dollar amounts in thousands)
Remaining 2020
 
$
25,563

2021
 
47,008

2022
 
41,727

2023
 
36,783

2024
 
28,458