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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets |
8. | Goodwill and Intangible Assets
Goodwill Goodwill represents the excess of the cost of an acquired business over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. At December 31, 2018 and 2017, we had $862.1 million and $828.0 million, respectively, of goodwill recorded in our Packaging segment and $55.2 million for both years in our Paper segment on our Consolidated Balance Sheets. Changes in the carrying amount of our goodwill were as follows (dollars in millions):
|  |  |  |  |  |  |  |  |  | Total |
|  | Packaging |  |  | Paper |  |  | Goodwill |
Balance at January 1, 2017 |  | $ | 682.7 |  |  | $ | 55.2 |  |  | $ | 737.9 |
Acquisitions (a)(b) |  |  | 145.3 |  |  |  | — |  |  |  | 145.3 |
Balance at December 31, 2017 |  | $ | 828.0 |  |  | $ | 55.2 |  |  | $ | 883.2 |
Acquisitions (c)(d) |  |  | 34.1 |  |  |  | — |  |  |  | 34.1 |
Balance at December 31, 2018 |  | $ | 862.1 |  |  | $ | 55.2 |  |  | $ | 917.3 |
(a) | In connection with the October 2017 acquisition of Sacramento Container, the Company recorded $151.1 million of goodwill in the Packaging segment.
(b) | During 2017, the Company recorded opening balance sheet adjustments related to the TimBar and Columbus Container acquisitions resulting in a decrease to goodwill of $5.8 million.
(c) | During 2018, the Company recorded a $5.5 million adjustment to increase the goodwill balance for the Company’s October 2017 acquisition of Sacramento Container.
(d) | In connection with the October 2018 acquisition of Englander, the Company recorded $28.6 million of goodwill in the Packaging segment.
See Note 4, Acquisitions, for more information. Intangible Assets Intangible assets are comprised of customer relationships and trademarks and trade names. The weighted average useful life, gross carrying amount, and accumulated amortization of our intangible assets were as follows (dollars in millions):
|  | As of December 31, 2018 |  |  | As of December 31, 2017 |
|  | Weighted Average Remaining Useful Life (in Years) |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Weighted Average Remaining Useful Life (in Years) |  | Gross Carrying Amount |  |  | Accumulated Amortization |
Customer relationships (e) |  | 10.9 |  |  | $ | 504.6 |  |  | $ | 144.5 |  |  | 11.8 |  | $ | 497.8 |  |  | $ | 109.8 |
Trademarks and trade names (e) |  | 10.1 |  |  |  | 34.8 |  |  |  | 18.3 |  |  | 9.8 |  |  | 32.9 |  |  |  | 13.2 |
Other (e) |  |  | 3.0 |  |  |  | 4.4 |  |  |  | 2.7 |  |  | 3.6 |  |  | 4.3 |  |  |  | 2.0 |
Total intangible assets (excluding goodwill) |  | 10.8 |  |  | $ | 543.7 |  |  | $ | 165.5 |  |  | 11.7 |  | $ | 535.0 |  |  | $ | 125.0 |
(e) | In connection with the October 2018 acquisition of Englander, the Company recorded intangible assets of $13.2 million for customer relationships, $0.8 million for trade names, and $0.1 million for other intangibles. In October 2017, the Company acquired Sacramento Container and recorded intangible assets of $61.9 million for customer relationships, $5.1 million for trade names, and $0.1 million for other intangibles.
Amortization expense was $40.5 million, $35.7 million, and $26.6 million for the years ended December 31, 2018, 2017, and 2016, respectively. Estimated amortization expense of intangible assets over the next five years is expected to approximate $38.8 million (2019), $38.8 million (2020), $38.0 million (2021), $35.5 million (2022), and $34.5 million (2023). Impairment Testing We test goodwill for impairment annually in the fourth quarter or sooner if events or changes in circumstances indicate that the carrying value of the asset may exceed fair value. Additionally, when we experience changes to our business or operating environment, we evaluate the remaining useful lives and recoverability of our finite-lived purchased intangible assets to determine whether any adjustments to the useful lives or impairment are necessary. We completed our test in the fourth quarter and there was no indication of goodwill or intangible asset impairment.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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