Goodwill and Other Intangible Assets

The Company follows the guidance of ASC Topic 805, Business Combinations ("ASC Topic 805"), in recording goodwill arising from a business combination as the excess of purchase price over the fair value of identifiable assets acquired and liabilities assumed.

The Company tests goodwill for impairment at least annually on November 30 in conjunction with preparation of its annual business plan, or more frequently if events or circumstances indicate it might be impaired.

The Company tested goodwill for impairment as of November 30, 2018 under ASC Topic 350, Intangibles — Goodwill and Other. In this quantitative assessment, the Company estimated the fair value of the reporting units using a market approach in combination with a discounted operating cash flow approach. Significant assumptions used in developing the discounted operating cash flow approach were revenue growth rates and pricing, costs for manufacturing inputs, levels of capital investment and estimated cost of capital for high, medium and low growth environments. There was no impairment in the carrying value of goodwill for the years ended December 31, 2018, 2017 and 2016, with the exception of $0.1 million of goodwill impairment related to the sale of the Brattleboro mill in 2018. See Note 14, "Sale of Brattleboro mill and Impairment Loss."

Intangible assets with finite useful lives are amortized on a straight-line basis over their respective estimated useful lives to their estimated residual values, and reviewed for impairment in accordance with ASC Topic 360, Property, Plant, and Equipment. Intangible assets consist primarily of customer relationships, trade names and acquired intellectual property. Such intangible assets are amortized using the straight-line method over estimated useful lives of between 10 and 15 years. Certain trade names are estimated to have indefinite useful lives and as such are not amortized. Intangible assets with indefinite lives are reviewed for impairment at least annually. There was no impairment in the carrying value of intangible assets with indefinite lives for the years ended December 31, 2018, 2017 and 2016 .

The following table presents the carrying value of goodwill by business segment and changes in the carrying value of goodwill.



	Technical Products									Fine Paper and Packaging				Other
	Gross Amount			Accumulated Impairment Losses						Gross Amount		Accumulated Impairment Losses		Gross Amount		Accumulated Impairment Losses
	Gross Amount			Accumulated Impairment Losses			Net			Gross Amount		Accumulated Impairment Losses	Net	Gross Amount		Accumulated Impairment Losses		Net		Net
Balance at December 31, 2016	$	107.4		$	(43.6	)	$	63.8		$	6.2	—	6.2	$	0.4	—		0.4		$	70.4
Goodwill acquired in the Coldenhove Acquisition	10.0			—			10.0			—		—	—	—		—		—		10.0
Foreign currency translation	10.9			(6.0		)	4.9			—		—	—	—		—		—		4.9
Balance at December 31, 2017	128.3			(49.6		)	78.7			6.2		—	6.2	0.4		—		0.4		85.3
Adjustment of goodwill acquired in the Coldenhove Acquisition (1)	1.1			—			1.1			—		—	—	—		—		—		1.1
Impairment related to the Brattleboro mill and associated office and research facilities (2)	—			—			—			—		—	—	—		(0.1	)	(0.1	)	(0.1		)
Foreign currency translation	(4.5		)	2.2			(2.3		)	—		—	—	—		—		—		(2.3		)
Balance at December 31, 2018	$	124.9		$	(47.4	)	$	77.5		$	6.2	—	6.2	$	0.4	(0.1	)	0.3		$	84.0

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(1)	As a result of finalizing the acquisition accounting for Coldenhove in the 2018, an adjustment of $1.1 million, net of tax, was recorded as a reduction to inventory and fixed assets and increase to goodwill.


(2)	In conjunction with the sale of the Brattleboro mill, a goodwill impairment loss of $0.1 million was recognized in 2018.

Other Intangible Assets

As of December 31, 2018, the Company had net identifiable intangible assets of $70.7 million. All such intangible assets were acquired in the acquisitions of Neenah Germany, Fox River, FiberMark, Coldenhove and the Crane technical materials business, and the acquisition of the Wausau and Southworth brands. The following table details amounts related to those assets.



	12/31/2018					12/31/2017
	Gross Amount		Accumulated Amortization			Gross Amount		Accumulated Amortization
Amortizable intangible assets
Customer based intangibles	$	38.3	$	(18.2	)	$	39.2	$	(14.7	)
Trade names and trademarks	5.1		(2.5		)	5.2		(2.3		)
Acquired technology	16.9		(6.7		)	17.2		(3.9		)
Total amortizable intangible assets	60.3		(27.4		)	61.6		(20.9		)
Trade names	37.8		—			38.0		—
Total	$	98.1	$	(27.4	)	$	99.6	$	(20.9	)

The following table presents intangible assets acquired in conjunction with the Coldenhove acquisition as of December 31, 2017:



	Intangibles		Estimated Useful Lives (Years)
Intangible assets — definite lived
Trade names and trademarks	$	0.5	10
Customer based intangibles	2.9		15
Acquired technology	1.3		4
Total	4.7
Non-amortizable trade names	1.2
Total intangible assets	$	5.9

As of December 31, 2018, $45.8 million, $24.0 million, and $0.9 million of such intangible assets are reported within the Technical Products, Fine Paper and Packaging and Other segments, respectively. See Note 15, "Business Segment and Geographic Information." Aggregate amortization expense of acquired intangible assets for the years ended December 31, 2018, 2017 and 2016 was $4.3 million, $3.7 million and $3.9 million, respectively and was reported in Cost of products sold on the consolidated statement of operations. Estimated amortization expense for the years ended December 31, 2019, 2020, 2021, 2022 and 2023 is $3.8 million, $3.6 million, $3.4 million, $2.7 million and $2.5 million, respectively.