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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

Goodwill

Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in a business combination. Goodwill is assigned to specific reporting units and is tested annually for impairment as of October 31, or more frequently if events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying value. Due to the Company’s decision to sell its Book business, an interim goodwill impairment test was required to be completed on the remaining goodwill in the Core Print and Related Services reporting unit during the third quarter of 2019.

Fair value was determined using an equal weighting of both the income and market approaches. Under the income approach, the Company determined fair value based on estimated future cash flows discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk and the rate of return an outside investor would expect to earn. Under the market approach, the Company derived the fair value of the reporting units based on market multiples of comparable publicly-traded companies. This fair value determination was categorized as Level 3 in the fair value hierarchy (see Note 15, “Financial Instruments and Fair Value Measurements,” for the definition of Level 3 inputs).

Due to the carrying value of the Book business net assets exceeding the estimated fair value, the Company recorded a $10.1 million goodwill impairment charge related to the Book business during the third quarter of 2019 (see Note 4, “Discontinued Operations”).

In addition, the remaining goodwill that is not allocated to a business to be sold must be tested for impairment. No goodwill impairment was recorded on the remaining $103.0 million related to the retained portion of the Core Print and Related Services reporting unit during the year ended December 31, 2019.

No goodwill impairment charges were recorded related to the Company’s continuing operations during the years ended December 31, 2019, 2018 or 2017. The accumulated goodwill impairment losses and the carrying value of goodwill from continuing operations at December 31, 2019 and 2018, were as follows:
 
December 31, 2019
 
December 31, 2018
 
United States Print and Related Services
 
International
 
Total
 
United States Print and Related Services
 
International
 
Total
Goodwill
$
881.3

 
$
30.0

 
$
911.3

 
$
822.8

 
$
30.0

 
$
852.8

Accumulated goodwill impairment loss
(778.3
)
 
(30.0
)
 
(808.3
)
 
(778.3
)
 
(30.0
)
 
(808.3
)
Goodwill, net of accumulated goodwill impairment loss
$
103.0

 
$
—

 
$
103.0

 
$
44.5

 
$
—

 
$
44.5



Activity impacting goodwill for the years ended December 31, 2019 and 2018, was as follows:
 
United States Print and Related
Services
 
International
 
Total
Balance at January 1, 2018
$
—

 
$
—

 
$
—

Acquisition of Ivie (see Note 3)
28.3

 
—

 
28.3

Investment in Rise (see Note 3)
26.3

 
—

 
26.3

Reclassification of Book business goodwill to discontinued operations (see Note 4)
(10.1
)
 
—

 
(10.1
)
Balance at December 31, 2018
44.5

 
—

 
44.5

Acquisition of Periscope (see Note 3)
58.5

 
—

 
58.5

Balance at December 31, 2019
$
103.0

 
$
—

 
$
103.0



Other Intangible Assets

The components of other intangible assets at December 31, 2019 and 2018, were as follows:
 
December 31, 2019
 
December 31, 2018
 
Weighted
Average
Amortization
Period (Years)
 
Gross
Carrying
Amount
 
Accumulated Amortization
 
Net Book
Value
 
Weighted
Average
Amortization
Period (Years)
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net Book
Value
Finite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trademarks, patents, licenses and agreements
6
 
$
68.6

 
$
(33.6
)
 
$
35.0

 
7
 
$
59.8

 
$
(22.4
)
 
$
37.4

Capitalized software
5
 
16.1

 
(8.5
)
 
7.6

 
5
 
15.3

 
(5.1
)
 
10.2

Customer relationships
6
 
562.1

 
(467.5
)
 
94.6

 
6
 
514.7

 
(449.7
)
 
65.0

Total finite-lived intangible assets
 
$
646.8

 
$
(509.6
)
 
$
137.2

 
 
 
$
589.8

 
$
(477.2
)
 
$
112.6



During the year ended December 31, 2019, the gross carrying amount of other intangible assets increased primarily due to $69.8 million of acquired identifiable finite-lived intangible assets as discussed in Note 3, “Acquisitions and Strategic Investments.” Other intangible assets are evaluated for potential impairment whenever events or circumstances indicate that the carrying value may not be recoverable. There were no impairment charges recorded on finite-lived intangible assets for the years ended December 31, 2019, 2018 and 2017.

Amortization expense for other intangible assets was $44.8 million, $34.4 million and $18.3 million for the years ended December 31, 2019, 2018 and 2017, respectively. The following table outlines the estimated future amortization expense related to other intangible assets as of December 31, 2019:
 
Amortization Expense
2020
$
38.5

2021
30.2

2022
28.3

2023
19.8

2024
18.1

2025 and thereafter
2.3

Total
$
137.2