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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets 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, 2019 under ASC Topic 350, Intangibles — Goodwill and Other. The Company elected the option under ASC Topic 350, Intangibles — Goodwill and Other, to perform a qualitative assessment of the Company's reporting units to determine whether further impairment testing is necessary. In this qualitative assessment, the Company considered the following items for each of the reporting units: macroeconomic conditions, industry and market conditions, overall financial performance and other entity specific events. In addition, for each of these reporting units, the most recent fair value determination results in an amount that exceeds the carrying amount of the reporting units. Based on these assessments, the Company determined that the likelihood that a current fair value determination would be less than the current carrying amount of the reporting unit is not more likely than not. There was no impairment in the carrying value of goodwill for the years ended December 31, 2019, 2018 and 2017, with the exception of $0.1 million of goodwill impairment related to the sale of the Brattleboro mill in 2018. See Note 13, "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, 2019, 2018 and 2017.
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
 
 
 
 
 
 
 
 
Net
 
 
 
Net
 
 
 
Net
 
Net
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 (a)
 
1.1

 
—

 
1.1

 
—

 
—

 
—

 
—

 
—

 
—

 
1.1

Impairment related to the Brattleboro mill and associated office and research facilities (b)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(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

Realignment of Other segment (c)
 
0.4

 
(0.1
)
 
0.3

 
—

 
—

 
—

 
(0.4
)
 
0.1

 
(0.3
)
 
—

Foreign currency translation
 
(1.9
)
 
1.0

 
(0.9
)
 
—

 
—

 
—

 
—

 
—

 
—

 
(0.9
)
Balance at December 31, 2019
 
$
123.4

 
$
(46.5
)
 
$
76.9

 
$
6.2

 
$
—

 
$
6.2

 
$
—

 
$
—

 
$
—

 
$
83.1

_______________________

(a)
As a result of finalizing the acquisition accounting for Neenah Coldenhove in 2018, an adjustment of $1.1 million, net of income taxes, was recorded as a reduction to inventory and fixed assets and increase to goodwill.
(b)
In conjunction with the sale of the Brattleboro mill, a goodwill impairment loss of $0.1 million was recognized in 2018.
(c)
In January 2019, the Company realigned the remaining products manufactured in the Other business segment to be managed as part of the Technical Products business segment. See Note 14, "Business Segment and Geographic Information."

Other Intangible Assets
As of December 31, 2019, the Company had net identifiable intangible assets of $66.7 million. All such intangible assets were acquired in the acquisitions of Neenah Germany, Fox River, FiberMark, Neenah 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.
 
 
12/31/2019
 
12/31/2018
 
 
Gross
Amount
 
Accumulated
Amortization
 
Gross
Amount
 
Accumulated
Amortization
Amortizable intangible assets
 
 

 
 

 
 

 
 

Customer based intangibles
 
$
38.2

 
$
(20.4
)
 
$
38.3

 
$
(18.2
)
Trade names and trademarks
 
5.1

 
(2.7
)
 
5.1

 
(2.5
)
Acquired technology
 
16.9

 
(8.0
)
 
16.9

 
(6.7
)
Total amortizable intangible assets
 
60.2

 
(31.1
)
 
60.3

 
(27.4
)
Trade names
 
37.6

 
—

 
37.8

 
—

Total
 
$
97.8

 
$
(31.1
)
 
$
98.1

 
$
(27.4
)

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, 2019, $43.1 million and $23.6 million of such intangible assets are reported within the Technical Products and Fine Paper and Packaging, respectively. See Note 14, "Business Segment and Geographic Information." Aggregate amortization expense of acquired intangible assets for the years ended December 31, 2019, 2018 and 2017 was $3.9 million, $4.3 million and $3.7 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, 2020, 2021, 2022, 2023 and 2024 is $3.7 million, $3.5 million, $2.9 million, $2.7 million and $2.7 million, respectively.