Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

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.

Due to the Company’s decision to sell its third-party logistics business on June 30, 2021, goodwill included in the carrying amount of the third-party logistics business sold of $16.6 million was determined based on the relative fair value of the third-party logistics business and the portion of the Core Print and Related Services reporting unit retained. When only a portion of goodwill is allocated to a business to be sold, an interim goodwill impairment test was completed on the remaining $86.4 million of goodwill in the Core Print and Related Services reporting unit. No impairment was recorded as a result of the interim impairment test.

The Company completed its annual impairment test as of October 31, 2021, and identified no indicators of impairment in any of the Company's reporting units during the year ended December 31, 2021. 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. This fair value determination was categorized as Level 3 in the fair value hierarchy (see Note 15, “Financial Instruments and Fair Value Measurements,” for the definition of Level 3 inputs).

No goodwill impairment charges were recorded related to the Company’s continuing operations during the years ended December 31, 2021 or 2020. The accumulated goodwill impairment losses and the carrying value of goodwill from continuing operations at December 31, 2021 and 2020, were as follows:


	December 31, 2021						December 31, 2020
	United States Print and Related Services		International		Total		United States Print and Related Services		International		Total
Goodwill	$	864.7	$	30.0	$	894.7	$	881.3	$	30.0	$	911.3
Accumulated goodwill impairment loss	(778.3)		(30.0)		(808.3)		(778.3)		(30.0)		(808.3)
Goodwill, net of accumulated goodwill impairment loss	$	86.4	$	—	$	86.4	$	103.0	$	—	$	103.0

Activity impacting goodwill for the year ended December 31, 2021, was as follows:


	United States Print and Related Services		International		Total
Balance at January 1, 2021	$	103.0	$	—	$	103.0
Sale of third-party logistics business	(16.6)		—		(16.6)


Balance at December 31, 2021	$	86.4	$	—	$	86.4

There was no activity impacting goodwill for the year ended December 31, 2020.

Other Intangible Assets

The components of other intangible assets at December 31, 2021 and 2020, were as follows:


		December 31, 2021						December 31, 2020
	Weighted Average Amortization Period (Years)	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Finite-lived intangible assets:
Trademarks, patents, licenses and agreements	6	$	68.1	$	(50.7)	$	17.4	$	69.6	$	(44.3)	$	25.3
Capitalized software	5	19.2		(14.3)		4.9		17.3		(11.7)		5.6
Acquired technology	5	3.6		(1.2)		2.4		3.0		(0.5)		2.5
Customer relationships	6	560.1		(509.5)		50.6		561.9		(491.0)		70.9
Total finite-lived intangible assets		$	651.0	$	(575.7)	$	75.3	$	651.8	$	(547.5)	$	104.3

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 finite-lived intangible assets for the years ended December 31, 2021 and 2020.

Amortization expense for other intangible assets was $31.5 million and $39.1 million for the years ended December 31, 2021 and 2020, respectively. The following table outlines the estimated future amortization expense related to other intangible assets as of December 31, 2021:


	Amortization Expense
2022	$	30.4
2023	26.2
2024	15.1
2025	2.7
2026	0.9

Total	$	75.3