Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

v3.20.4
Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
The following table summarizes goodwill as of December 31, 2020 (in thousands):
2020
  Stamps.com Segment Metapack Segment Total
Goodwill balance at December 31, 2019 $ 241,984  $ 142,556  $ 384,540 
Foreign currency translation —  4,213  4,213 
Goodwill balance at December 31, 2020 $ 241,984  $ 146,769  $ 388,753 

The following table summarizes goodwill as of December 31, 2019 (in thousands):
2019
  Stamps.com Segment Metapack Segment Total
Goodwill balance at December 31, 2018 $ 242,241  $ 139,469  $ 381,710 
Acquisition of Metapack (see Note 3 - "Acquisitions")
(257) (2,255) (2,512)
Foreign currency translation —  5,342  5,342 
Goodwill balance at December 31, 2019 $ 241,984  $ 142,556  $ 384,540 

Beginning October 1, 2020, the Stamps.com segment includes operations in Atlanta, Georgia that were previously reported as part of the Metapack segment. All prior periods have been updated to conform to current year presentation of goodwill by segment.
We have amortizable and non-amortizable intangible assets consisting of trademarks, trade names, developed technology, non-compete agreements, customer relationships, and other. The gross carrying amount of amortizable and non-amortizable intangible assets was $232.3 million at December 31, 2020 and $229.4 million at December 31, 2019. Non-amortizable assets of $11.4 million as of both December 31, 2020 and December 31, 2019 consist primarily of the trade name relating to the Endicia acquisition.
The following table summarizes our amortizable intangible assets as of December 31, 2020 (in thousands, except years):
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Remaining weighted average amortization period (years)
Patents and others $ 8,195  $ 8,195  $ —  0.0
Customer relationships 113,398  59,762  53,636  7.0
Technology
83,427  33,248  50,179  8.5
Non-compete 2,211  2,104  107  0.5
Trademarks and trade names 13,689  3,746  9,943  8.4
Total amortizable intangible assets at December 31, 2020 $ 220,920  $ 107,055  $ 113,865  7.7
The following table summarizes our amortizable intangible assets as of December 31, 2019 (in thousands, except years):
  Gross
Carrying
 Amount
Accumulated
 Amortization
Net Carrying
Amount
Remaining weighted average amortization period (years)
Patents and others $ 8,195  $ 8,195  $ —  0.0
Customer relationships 111,997  46,503  65,494  7.7
Technology 82,269  25,240  57,029  9.4
Non-compete 2,211  1,889  322  1.5
Trademarks and trade names 13,378  2,549  10,829  9.9
Total amortizable intangible assets at December 31, 2019 $ 218,050  $ 84,376  $ 133,674  8.5

We recorded amortization of intangible assets totaling approximately $21.9 million, $22.2 million, and $18.3 million for the years ended December 31, 2020, 2019, and 2018, respectively. Amortization of intangible assets is included in general and administrative expense in the accompanying consolidated statements of operations.
Our estimated amortization expense for the next five years and thereafter is as follows (in thousands):
Year Ended December 31, Estimated Amortization Expense
2021 $ 19,982 
2022 10,899 
2023 10,012 
2024 9,688 
2025 6,949 
Thereafter 56,335 
   Total $ 113,865