Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets and Goodwill

Intangible Assets

Intangible assets consisted of the following:

	December 31, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	268,187	$	(141,492)	$	126,695	$	268,199	$	(115,010)	$	153,189
Software & technology	21,981		(16,234)		5,747		19,000		(12,350)		6,650
Total intangible assets, net	$	290,168	$	(157,726)	$	132,442	$	287,199	$	(127,360)	$	159,839

Amortization expense was $30 million, $33 million and $36 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Future amortization expense for intangible assets at December 31, 2021 is as follows:

2022	$	29,812
2023	26,962
2024	26,962
2025	20,302
2026	14,148
Thereafter	14,256
Total	$	132,442

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.

	Goodwill before accumulated impairment		Accumulated impairment		December 31, 2020		Acquisitions/dispositions		FX Impact		December 31, 2021
Global Ecommerce	$	609,431	$	(198,169)	$	411,262	$	(16,200)	$	—	$	395,062
Presort Services	220,992		—		220,992		—		—		220,992
SendTech Solutions	520,031		—		520,031		13,804		(14,786)		519,049
Total goodwill	$	1,350,454	$	(198,169)	$	1,152,285	$	(2,396)	$	(14,786)	$	1,135,103

	December 31, 2019		Acquisitions		Impairment		FX Impact		December 31, 2020
Global Ecommerce	$	609,431	$	—	$	(198,169)	$	—	$	411,262
Presort Services	212,529		8,463		—		—		220,992
SendTech Solutions	502,219		—		—		17,812		520,031
Total goodwill	$	1,324,179	$	8,463	$	(198,169)	$	17,812	$	1,152,285

During the second quarter of 2021, we sold a U.K. based software consultancy business ("Tacit") acquired as part of our 2017 acquisition of Newgistics. We received net proceeds of $28 million and recognized a pre-tax gain of $10 million (after-tax gain of $4 million), which included a goodwill allocation of $16 million attributable to Tacit. In the fourth quarter of 2021, we acquired CrescoData for $15 million in cash plus potential additional payments of up to $7 million based on the achievement of revenue targets during 2022-2024. CrescoData is a Singapore based, Platform-as-a-Service business that enables mapping and automating of product, stock and order data between platforms and is included in our SendTech Solutions segment.