Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill as of the years ended 2016 and 2015 by reportable segment are as follows (in thousands):



	Envelope		Print			Label		Total
Balance as of the year ended 2014	$	23,433	$	42,832		$	109,277	$	175,542
Foreign currency translation	—		(204		)	—		(204		)
Balance as of the year ended 2015	23,433		42,628			109,277		175,338
Foreign currency translation	—		(129		)	—		(129		)
Balance as of the year ended 2016	$	23,433	$	42,499		$	109,277	$	175,209

As discussed in Note 1, the Company is required to perform an impairment test of goodwill at least annually. The impairment test for goodwill uses a two-step approach. Step one compares the estimated fair value of a reporting unit with goodwill to its carrying value. If the carrying value exceeds the estimated fair value, step two must be performed. Step two compares the carrying value of the reporting unit to the fair value of all of the assets and liabilities of the reporting unit (including any unrecognized intangibles) as if the reporting unit was acquired in a business combination. If the carrying amount of a reporting unit’s goodwill exceeds the implied fair value of its goodwill, an impairment loss is recognized in an amount equal to the excess. The Company's valuation of all of its reporting units was performed using the income approach in which the Company utilized a discounted cash flow analysis to determine the present value of expected future cash flows of each reporting unit. The Company performed a market approach analysis in order to support the reasonableness of the fair value determined under the income approach.

The estimated fair value for each of the Company's reporting units, as of the year ended 2016, exceeded the respective carrying values of each reporting unit. As a result, it was concluded that the goodwill assigned to each reporting unit, as of the year ended 2016, was not impaired. Additionally, there were no goodwill impairments recorded for the year ended 2015, except as disclosed in Note 3, which relates to discontinued operations.

Other intangible assets are as follows (in thousands):



		2016										2015
	Weighted Average Remaining Amortization Period (Years)	Gross Carrying Amount		Accumulated Impairment Charges			Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Impairment Charges			Accumulated Amortization			Net Carrying Amount
Intangible assets with definite lives:
Customer relationships	7	$	114,287	$	(27,234	)	$	(60,014	)	$	27,039	$	114,345	$	(27,234	)	$	(55,209	)	$	31,902
Trademarks and trade names	22	64,533		(46,493		)	(9,138		)	8,902		64,540		(46,493		)	(8,649		)	9,398
Leasehold interest	16	4,430		—			(743		)	3,687		4,430		—			(516		)	3,914
Patents	9	3,528		—			(3,225		)	303		3,528		—			(3,192		)	336
Subtotal	11	186,778		(73,727		)	(73,120		)	39,931		186,843		(73,727		)	(67,566		)	45,550

Intangible assets with indefinite lives:
Trade names		84,900		—			—			84,900		84,900		—			—			84,900
Total		$	271,678	$	(73,727	)	$	(73,120	)	$	124,831	$	271,743	$	(73,727	)	$	(67,566	)	$	130,450

Annual amortization expense of intangible assets for the next five years and all future periods is estimated to be as follows (in thousands):



	Annual Estimated Expense
2017	$	5,269
2018	5,003
2019	4,885
2020	4,885
2021	4,731
Thereafter	15,158
Total	$	39,931

Asset Impairments

There were no intangible asset impairments for the years ended 2016 or 2015.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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