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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets

Goodwill 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. In the fourth quarter of 2014, the Company's financial reporting structure was changed to align with the launch of the Company's five primary strategic goals that support its objectives to transform the Company and drive performance through innovation discussed in the "Strategy" section of Part I, Item 1. "Business," of this Annual Report on Form 10-K. As a result, the Company re-evaluated the reporting units within the United States Print and Related Services operating segment and concluded that there are three reporting units as compared to one reporting unit in the prior year. The carrying value of goodwill in the Company's United States reporting unit was allocated based on the relative fair value of the Company's Core Print and Related Services, Specialty Print and Related Services and Other United States Products and Services businesses. Therefore, the Company completed its annual goodwill impairment assessment of the Core Print and Related Services, Specialty Print and Related Services, Other United States Products and Services, Latin America and European reporting units, which included comparing the carrying amount of net assets, including goodwill, of each reporting unit to its respective fair value as of October 31, 2014, the annual assessment date. The European reporting unit does not have goodwill associated with it. Impairment tests prior to that change were performed based on goodwill balances and cash flows under the previous reporting unit structure.

Fair value was determined using an equal weighting of both the income and market approaches, except for the Other United States Products and Services reporting unit for which only an income approach was used. This fair value determination was categorized as Level 3 in the fair value hierarchy (see Note 16, "Financial Instruments and Fair Value Measurements," for the definition of Level 3 inputs). 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. Management concluded that no impairment existed as of October 31, 2014, because the estimated fair value of each of the Company's Core Print and Related Services, Specialty Print and Related Services, Other United States Products and Services, and Latin America reporting units exceeded the respective carrying amounts. The fair value of these reporting units exceed their respective carrying values by greater than ten percent. No additional indications of impairment have been identified between October 31, 2014, and December 31, 2014.

Goodwill at December 31, 2014 and 2013 did not include any accumulated impairment losses. No goodwill impairment was recorded during the years ended December 31, 2014, 2013 or 2012.

Activity impacting the Company's goodwill for the years ended December 31, 2014 and 2013 was as follows:

 
United States Print and Related
Services
 
International
 
Total
Balance at January 1, 2013
$
738.2

 
$
30.4

 
$
768.6

Proteus and Transpak acquisitions (see Note 2)
8.0

 
—

 
8.0

Sale of business (see Note 9)
—

 
(0.5
)
 
(0.5
)
Translation adjustment
—

 
(3.0
)
 
(3.0
)
Balance at December 31, 2013
$
746.2

 
$
26.9

 
$
773.1

Proteus and Transpak acquisitions (see Note 2)
5.1

 
—

 
5.1

Translation adjustment
—

 
(2.7
)
 
(2.7
)
Balance at December 31, 2014
$
751.3

 
$
24.2

 
$
775.5



The components of other intangible assets at December 31, 2014 and 2013 were as follows:

 
December 31, 2014
 
December 31, 2013
 
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
5
 
$
5.1

 
$
(3.8
)
 
$
1.3

 
5
 
$
6.5

 
$
(5.2
)
 
$
1.3

Customer relationships
6
 
445.1

 
(298.5
)
 
146.6

 
6
 
444.9

 
(226.4
)
 
218.5

Capitalized software
5
 
6.7

 
(6.3
)
 
0.4

 
5
 
4.3

 
(3.6
)
 
0.7

Acquired technology
5
 
6.7

 
(5.9
)
 
0.8

 
5
 
7.3

 
(6.0
)
 
1.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total finite-lived intangible assets
 
$
463.6

 
$
(314.5
)
 
$
149.1

 
 
 
$
463.0

 
$
(241.2
)
 
$
221.8



The gross carrying amount and accumulated amortization within other intangible assets—net in the consolidated balance sheets at December 31, 2014 and 2013, differs from the value originally recorded at purchase due to the effects of currency fluctuations between the purchase date and December 31, 2014 and 2013.

Amortization expense for other intangible assets was $75.9 million, $70.3 million and $66.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. The following table outlines the estimated future amortization expense related to intangible assets as of December 31, 2014:

 
Amortization Expense
2015
$
75.0

2016
44.1

2017
11.6

2018
11.0

2019
6.9

2020
0.5

Total
$
149.1