Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

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		Latin America Payments and Solutions		Merchant Acquiring, net		Business Solutions		Total
Balance at December 31, 2023	$	160,972	$	452,597	$	138,121	$	40,010	$	791,700


Adjustment to goodwill from prior year acquisition	—		(1,352)		—		—		(1,352)
Foreign currency translation adjustments	—		(12,416)		—		—		(12,416)
Balance at March 31, 2024	$	160,972	$	438,829	$	138,121	$	40,010	$	777,932

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 a qualitative analysis, the Company assesses whether it is "more likely than not" that the fair value of a reporting unit is less than its carrying amount. In the quantitative analysis, the Company compares the estimated fair value of the reporting units to their carrying values, including goodwill. No impairment losses were recognized for the periods ended March 31, 2024 or 2023.

The carrying amount of other intangible assets at March 31, 2024 and December 31, 2023 was as follows:


		March 31, 2024
(Dollar amounts in thousands)	Useful life in years	Gross amount		Accumulated amortization		Net carrying amount
Customer relationships	8 - 20	$	563,127	$	(357,752)	$	205,375
Trademarks	10 - 15	92,535		(44,085)		$	48,450
Software packages	3 - 10	518,676		(283,751)		$	234,925
Non-compete agreement	5	1,687		(249)		$	1,438
Other intangible assets, net		$	1,176,025	$	(685,837)	$	490,188


		December 31, 2023
(Dollar amounts in thousands)	Useful life in years	Gross amount		Accumulated amortization		Net carrying amount
Customer relationships	8 - 20	$	568,284	$	(340,952)	$	227,332
Trademarks	1 - 15	94,203		(41,319)		52,884
Software packages	3 - 10	510,898		(274,610)		236,288
Non-compete agreement	5	1,735		(169)		1,566
Other intangible assets, net		$	1,175,120	$	(657,050)	$	518,070

Amortization expense related to other intangibles for the three months ended March 31, 2024 amounted to $28.8 million compared to $16.3 million for the corresponding period in 2023.

The estimated amortization expense of the other intangible balances outstanding at March 31, 2024, for the remainder of 2024 and the years thereafter is as follows:


(In thousands)
Remaining 2024	$	78,146
2025	81,086
2026	68,499
2027	57,280
2028	46,758
Thereafter	158,419