Quarterly report pursuant to Section 13 or 15(d)

Equity Method Investments

v3.20.2
Equity Method Investments
3 Months Ended
Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
Equity Method Investments

The following is the summarized balance sheet information for the Company’s interests in the WMS and Santander joint ventures. These equity method investments on an aggregated basis as of March 31, 2020 and December 31, 2019 (in thousands):
 
March 31, 2020
 
December 31, 2019
Current assets
$
45,489

 
$
50,588

Non-current assets
24,635

 
25,370

Current liabilities
13,623

 
26,593

Non-current liabilities
9,866

 
2,207


The following is the summarized results of operations information for these equity method investments on an aggregated basis for the three months ended March 31, 2020 and 2019 (in thousands):    
 
Three Months Ended March 31,
 
2020
 
2019
Revenue
$
30,877

 
$
32,100

Net income
7,088

 
6,887


The carrying values of the Company’s equity interests in WMS and Santander as of March 31, 2020 and December 31, 2019 were as follows (in thousands):
 
March 31, 2020
 
December 31, 2019
Carrying value in our equity method investments
$
64,300

 
$
78,886



As of March 31, 2020, there was an aggregate difference of $41.4 million between the carrying amounts of these investments and the amounts of underlying equity in net assets in these investments. The difference was determined by applying the acquisition method of accounting in connection with the EMC Acquisition and is being amortized ratably over the life of the related acquired intangible assets. The weighted-average life of the intangible assets at the time of the EMC Acquisition in total was 14.9 years.