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Acquisitions, Intangible Assets and Goodwill
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Acquisitions, Intangible Assets and Goodwill Acquisitions, Intangible Assets and Goodwill
Acquisitions
In October 2017, we acquired Newgistics for $471 million, net of cash acquired. The results of Newgistics are included in our consolidated operating results from the date of acquisition. Our consolidated revenue for the year ended December 31, 2017 includes $140 million from Newgistics. On a pro forma basis, had we acquired Newgistics on January 1, 2017, revenue would have been $341 million higher for the year ended December 31, 2017. The impact on earnings would not have been material.










Intangible Assets
Intangible assets consisted of the following:
 
December 31, 2019
 
December 31, 2018
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
Customer relationships
$
265,665

 
$
(88,550
)
 
$
177,115

 
$
338,320

 
$
(149,539
)
 
$
188,781

Software & technology
31,600

 
(19,999
)
 
11,601

 
54,297

 
(35,325
)
 
18,972

Trademarks & other
13,324

 
(11,400
)
 
1,924

 
22,305

 
(16,858
)
 
5,447

Total intangible assets, net
$
310,589

 
$
(119,949
)
 
$
190,640

 
$
414,922

 
$
(201,722
)
 
$
213,200



Amortization expense was $36 million, $39 million and $28 million for the years ended December 31, 2019, 2018 and 2017, respectively.
The future amortization expense for intangible assets at December 31, 2019 is as follows:
2020
$
33,429

2021
29,972

2022
29,026

2023
26,188

2024
26,188

Thereafter
45,837

Total
$
190,640


Actual amortization expense may differ from the amounts above due to, among other things, fluctuations in foreign currency exchange rates, acquisitions, divestitures and impairment charges.

Goodwill
Changes in the carrying amount of goodwill by reporting segment are shown in the tables below.
 
December 31, 2018
 
Acquisitions/ dispositions
 
Other (1)
 
December 31, 2019
Global Ecommerce
$
609,431

 
$
—

 
$
—

 
$
609,431

Presort Services
207,465

 
5,064

 
—

 
212,529

Commerce Services
816,896

 
5,064

 
—

 
821,960

SendTech Solutions
515,455

 
(10,490
)
 
(2,746
)
 
502,219

Total goodwill
$
1,332,351

 
$
(5,426
)
 
$
(2,746
)
 
$
1,324,179

 
December 31, 2017
 
Acquisitions
 
Other (1)
 
December 31, 2018
Global Ecommerce
$
602,461

 
$
7,623

 
$
(653
)
 
$
609,431

Presort Services
204,781

 
2,684

 
—

 
207,465

Commerce Services
807,242

 
10,307

 
(653
)
 
816,896

SendTech Solutions
527,108

 
—

 
(11,653
)
 
515,455

Total goodwill
$
1,334,350

 
$
10,307

 
$
(12,306
)
 
$
1,332,351



(1)
Primarily represents foreign currency translation adjustments.