Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

As of December 31, 2020 and 2019, we had $35.1 million of goodwill included on our Consolidated Balance Sheets. Goodwill is not amortized but tested for impairment annually as of each November 1st and at any time when events suggest impairment may have occurred.

In August 2018, we sold our Ladysmith, Wisconsin tissue manufacturing facility for net cash proceeds of approximately $70.9 million. In connection with the sale, we recorded a $14.0 million write-off of goodwill of the Consumer Products reporting unit. The goodwill was allocated to our divested assets by estimating the fair value of the Ladysmith facility compared to the estimated fair value of the Consumer Products reporting unit, which was then used to estimate the amount of goodwill to allocate to the sold business.

In 2018, we conducted our annual impairment test as of the November 1, 2018 measurement date and concluded, based on a weakened market outlook, that the estimated fair value of the Consumer Products reporting unit, using a discounted cash flow methodology, was below the carrying value of the reporting unit, resulting in a non-cash impairment charge of $195.1 million. This amount represented the remaining goodwill associated with our Consumer Products reporting unit that was originally recorded as the result of our acquisition of Cellu Tissue Holdings, Inc. in 2010.

Changes in the carrying amounts of goodwill and intangible assets by reportable segment were as follows:


(In millions)	Consumer Products		Pulp and Paperboard				Total
	Intangibles		Goodwill		Intangibles
Balance as of December 31, 2018	$	4.6	$	35.1	$	19.5	$	59.2
Amortization	(4.3)		—		(2.9)		(7.2)
Balance as of December 31, 2019	0.3		35.1		16.6		52.0
Amortization	(0.3)		—		(2.9)		(3.2)
Balance as of December 31, 2020	$	—	$	35.1	$	13.7	$	48.8

As of December 31, 2020, intangible assets consisted of $12.8 million customer relationships, $0.7 million tradenames and trademarks and $0.2 million other intangibles. As of December 31, 2019, intangible assets consisted of $15.0 million of customer relationships, $1.7 million of tradenames and trademarks and $0.2 million of other intangibles. Definite-lived intangible assets are amortized over their useful lives, which have historically ranged from 5 to 10 years.

Accumulated amortization of definite lived intangible assets at December 31, 2020, 2019 and 2018 was $50.1 million, $46.9 million and $39.7 million.

As of December 31, 2020, estimated future amortization expense related to intangible assets is as follows (in millions):


Years ending December 31,	Amount
2021	$	2.9
2022	2.2
2023	2.1
2024	2.1
2025	2.1
Thereafter	2.1
Total	$	13.7