As more fully described in the Company’s 2018 Annual Report on Form 10-K, we test goodwill for impairment at least annually and on an interim basis if an event or circumstance indicates that it is more likely than not that an impairment loss has been incurred. The Company performed this annual assessment, on a qualitative basis, as allowed by GAAP, in the second quarter of 2019 and concluded that no impairment existed.



(in millions)	ACCO Brands North America		ACCO Brands EMEA			ACCO Brands International			Total
(in millions)	ACCO Brands North America		ACCO Brands EMEA			ACCO Brands International			Total
Balance at December 31, 2018	$	375.6	$	165.6		$	167.7		$	708.9
Acquisitions	—		—			12.3			12.3
Foreign currency translation	—		(10.4		)	(1.1		)	(11.5		)
Balance at September 30, 2019	$	375.6	$	155.2		$	178.9		$	709.7

The preliminary valuation of identifiable intangible assets of $10.2 million acquired in the Foroni Acquisition includes an amortizable trade name, "Foroni^®," which has been recorded at its estimated fair value. The fair value of the trade name was determined using the relief from royalty method, which is based on the present value of royalty fees derived from projected revenues. The Foroni^® trade name is expected to be amortized over 23 years on a straight-line basis.

The valuation of identifiable intangible assets of $3.2 million acquired in the Cumberland Asset Acquisition includes an amortizable trade name and amortizable customer relationships, which have been recorded at their estimated fair values. The fair value of the trade name was determined using the relief from royalty method, which is based on the present value of royalty fees derived from projected revenues. The fair value of the customer relationships was determined using the multi-period excess earnings method which is based on the present value of the projected after-tax cash flows.

The amortizable trade name is expected to be amortized over 10 years on a straight-line basis while the customer relationships will be amortized on an accelerated basis over 7 years from January 31, 2019, the date the Cumberland assets were acquired by the Company. The allocation of the identifiable intangibles acquired in the Cumberland Asset Acquisition was as follows:



(in millions)	Fair Value		Remaining Useful Life Ranges
Trade name - amortizable	$	0.8	10 Years
Customer relationships	2.4		7 Years
Total identifiable intangibles acquired	$	3.2

The valuation of identifiable intangible assets of $10.3 million acquired in the GOBA Acquisition includes an amortizable trade name and amortizable customer relationships, which have been recorded at their estimated fair values. The fair value of the trade name was determined using the relief from royalty method, which is based on the present value of royalty fees derived from projected revenues. The fair value of the customer relationships was determined using the multi-period excess earnings method which is based on the present value of the projected after-tax cash flows.

The amortizable trade name is expected to be amortized over 15 years on a straight-line basis, while the customer relationships will be amortized on an accelerated basis over 10 years from July 2, 2018, the date GOBA was acquired by the Company. The allocation of the identifiable intangibles acquired in the GOBA Acquisition was as follows:



(in millions)	Fair Value		Remaining Useful Life Ranges
Trade name - amortizable	$	3.8	15 Years
Customer relationships	6.5		10 Years
Total identifiable intangibles acquired	$	10.3

The Company's gross carrying value and accumulated amortization by class of identifiable intangible assets as of September 30, 2019 and December 31, 2018, was as follows:



	September 30, 2019								December 31, 2018
(in millions)	Gross Carrying Amounts		Accumulated Amortization				Net Book Value		Gross Carrying Amounts		Accumulated Amortization				Net Book Value
Indefinite-lived intangible assets:
Trade names	$	462.8	$	(44.5	)	⁽¹⁾	$	418.3	$	471.7	$	(44.5	)	⁽¹⁾	$	427.2
Amortizable intangible assets:
Trade names	312.9		(80.0		)		232.9		306.0		(70.5		)		235.5
Customer and contractual relationships	236.9		(135.4		)		101.5		240.2		(120.5		)		119.7
Patents	5.3		(1.2		)		4.1		5.5		(0.9		)		4.6
Subtotal	555.1		(216.6		)		338.5		551.7		(191.9		)		359.8
Total identifiable intangibles	$	1,017.9	$	(261.1	)		$	756.8	$	1,023.4	$	(236.4	)		$	787.0

The Company’s intangible amortization expense was $8.6 million and $9.4 million for the three months ended September 30, 2019 and 2018, respectively, and $26.8 million and $27.2 million for the nine months ended September 30, 2019 and 2018, respectively.

Estimated amortization expense for amortizable intangible assets as of September 30, 2019, for the current year and the next five years are as follows:

We test indefinite-lived intangibles for impairment at least annually and on an interim basis if an event or circumstance indicates that it is more likely than not that an impairment loss has been incurred. We performed this annual assessment, on a qualitative basis, as allowed by GAAP, in the second quarter of 2019 and concluded that no impairment existed.