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Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets

Goodwill

Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in a business combination. Goodwill is assigned to specific reporting units and 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.

On March 25, 2015, due to deteriorating economic conditions, including inflation and currency devaluation, combined with uncertain political conditions, declining print volume and labor challenges, the Company's Argentina Subsidiaries (included within the Latin America reporting unit) commenced bankruptcy restructuring proceedings with a goal of consolidating operations. As a result, the Company conducted an interim goodwill impairment assessment of the Latin America reporting unit, which included comparing the carrying amount of net assets, including goodwill, to its respective fair value as of March 31, 2015, the date of the interim assessment.

Fair value was determined using an equal weighting of both the income and market approaches. 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. The Company performed an additional fair value measurement calculation to determine whether a Latin America reporting unit impairment charge should be recorded because the fair value of the reporting unit was below its carrying amount. As part of this calculation, the Company also estimated the fair values of significant tangible and intangible long-lived assets in the Latin America reporting unit. This fair value determination was categorized as Level 3 in the fair value hierarchy (see Note 12, "Financial Instruments and Fair Value Measurements," for the definition of Level 3 inputs).

The Company recorded a $23.3 million non-cash goodwill impairment charge during the six months ended June 30, 2015, for the Latin America reporting unit within the International segment as a result of the March 31, 2015, interim goodwill assessment. The goodwill impairment charge resulted from a reduction in estimated fair value of the reporting unit based on lower expectations for future revenue, profitability and cash flows due to volume and pricing pressures as compared to expectations in the last annual goodwill impairment assessment performed as of October 31, 2014.

All remaining goodwill was impaired in the third and fourth quarters of 2015, and the accumulated goodwill impairment losses and the carrying value of goodwill at June 30, 2016, and December 31, 2015, were as follows:

 
United States Print and Related Services
 
International
 
Total
Goodwill
$
778.3

 
$
30.0

 
$
808.3

Accumulated goodwill impairment loss
(778.3
)
 
(30.0
)
 
(808.3
)
Balance at June 30, 2016 and December 31, 2015
$
—

 
$
—

 
$
—


Other Intangible Assets

The components of other intangible assets at June 30, 2016, and December 31, 2015, were as follows:

 
 
 
June 30, 2016
 
December 31, 2015
 
Weighted
Average
Amortization
Period (years)
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net Book
Value
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net Book
Value
Trademarks, patents, licenses and agreements
7
 
$
22.6

 
$
(8.0
)
 
$
14.6

 
$
22.1

 
$
(5.5
)
 
$
16.6

Capitalized software
5
 
6.5

 
(6.2
)
 
0.3

 
6.5

 
(6.2
)
 
0.3

Acquired technology
5
 
6.3

 
(6.3
)
 
—

 
6.2

 
(5.9
)
 
0.3

Customer relationships
6
 
460.1

 
(405.3
)
 
54.8

 
459.4

 
(366.1
)
 
93.3

Total
 
$
495.5

 
$
(425.8
)
 
$
69.7

 
$
494.2

 
$
(383.7
)
 
$
110.5



The gross carrying amount and accumulated amortization within other intangible assets—net in the condensed consolidated balance sheets at June 30, 2016, and December 31, 2015, differs from the value originally recorded at acquisition due to impairment charges recorded and the effects of currency fluctuations between the purchase date and June 30, 2016, and December 31, 2015.

Other intangible assets are evaluated for potential impairment whenever events or circumstances indicate that the carrying value may not be recoverable. There were no impairment charges recorded on other intangible assets for the three and six months ended June 30, 2016, and for the three months ended June 30, 2015. The Company recorded other intangible asset impairment charges of $0.1 million for the six months ended June 30, 2015, (see Note 3, "Restructuring, Impairment and Transaction-Related Charges," for further discussion on impairment charges).

Amortization expense for other intangible assets was $21.3 million and $41.4 million for the three and six months ended June 30, 2016, respectively, and $20.5 million and $39.6 million for the three and six months ended June 30, 2015, respectively. The estimated future amortization expense related to other intangible assets as of June 30, 2016, was as follows:

 
Amortization Expense
Remainder of 2016
$
9.3

2017
18.1

2018
17.6

2019
12.8

2020
7.6

2021 and thereafter
4.3

Total
$
69.7