XML 117 R17.htm IDEA: XBRL DOCUMENT
v3.20.1

Goodwill And Other Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill And Other Intangible Assets | GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS The components of goodwill and identifiable intangibles at December 31, 2019 and 2018, and related amortization periods for continuing operations are as follows:
(In thousands) |  | 2019 |  | 2018 |  | Amortization Periods
Goodwill | $ | 81,404 |  |  | $ | 81,404 |  |  | Not amortized
Identifiable intangible assets: |  |  |  |  |
Customer relationships (cost basis of $29,550 in 2019 and $29,568 in 2018) | 20,198 |  |  | 22,785 |  |  | 10-12 years
Proprietary technology (cost basis of $6,181 in 2019 and $6,185 in 2018) | 895 |  |  | 1,093 |  |  | Not more than 15 years
Trade names (cost basis of $13,645 in 2019 and $13,690 in 2018) | 1,543 |  |  | 12,417 |  |  | 5 - 13 years
Total carrying value of identifiable intangibles | 22,636 |  |  | 36,295 |  |  |
Total carrying value of goodwill and identifiable intangible assets | $ | 104,040 |  |  | $ | 117,699 |  |  |
In the third quarter of 2019, the Company implemented a rebranding initiative at Bonnell Aluminum whereby the use of the AACOA and Futura trade names was discontinued as of December 31, 2019. The associated trade names assets, with a remaining net book value of $10.2 million, were amortized over the last four months of 2019. A reconciliation of the beginning and ending balance of goodwill for each of the two years in the period ended December 31, 2019 is as follows:
(In thousands) |  |  | Aluminum Extrusions |  | PE Films |  | Total
Net carrying value of goodwill at January 1, 2018 |  | $ | 24,066 |  |  | $ | 104,142 |  |  | $ | 128,208 |
Goodwill impairment charge |  | — |  |  | (46,792 | ) |  | (46,792 | )
Increase (decrease) due to foreign currency translation |  | — |  |  | (12 | ) |  | (12 | )
Net carrying value of goodwill at December 31, 2018 |  | 24,066 |  |  | 57,338 |  |  | 81,404 |
Goodwill impairment charge |  | — |  |  | — |  |  | — |
Increase (decrease) due to foreign currency translation |  | — |  |  | — |  |  | — |
Net carrying value of goodwill at December 31, 2019 |  | $ | 24,066 |  |  | $ | 57,338 |  |  | $ | 81,404 |
The goodwill of Aluminum Extrusions is carried by the reporting units AACOA and Futura, in the amounts of $13.7 million and $10.4 million, respectively, as of December 31, 2019. The goodwill of PE Films is carried by its Surface Protection component in the amount of $57.3 million as of December 31, 2019. The Company recorded a goodwill impairment charge of $46.8 million ($38.2 million after taxes) for goodwill associated with the acquisition of certain components of PE Films. During the third quarter of 2018, the Company performed a goodwill impairment analysis related to the Personal Care reporting unit of PE Films. This review was undertaken as a result of the expected loss of business from a key customer and revised projections for PE Films. Based on an evaluation of projections under various business planning scenarios, the Company concluded that the fair value of the Personal Care reporting unit of PE Films was less than its carrying value. A reconciliation of the beginning and ending balance of identifiable intangibles for each of the two years in the period ended December 31, 2019 is as follows:
(In thousands) | Customer Relationships |  | Proprietary Technology |  | Trade Names |  | Total
Aluminum Extrusions: |  |  |  |  |  |  |
| Net carrying value at January 1, 2018 | $ | 24,613 |  |  | $ | 495 |  |  | $ | 11,071 |  |  | $ | 36,179 |
|  | Amortization expense | (2,489 | ) |  | (420 | ) |  | (516 | ) |  | (3,425 | )
| Net carrying value at December 31, 2018 | 22,124 |  |  | 75 |  |  | 10,555 |  |  | 32,754 |
|  | Amortization expense | (2,480 | ) |  | (20 | ) |  | (10,555 | ) |  | (13,055 | )
| Net carrying value at December 31, 2019 | $ | 19,644 |  |  | $ | 55 |  |  | $ | — |  |  | $ | 19,699 |
PE Films: |  |  |  |  |  |  |
| Net carrying value at January 1, 2018 | $ | — |  |  | $ | 845 |  |  | $ | — |  |  | $ | 845 |
|  | Amortization expense | — |  |  | (115 | ) |  | — |  |  | (115 | )
| Net carrying value at December 31, 2018 | — |  |  | 730 |  |  | — |  |  | 730 |
|  | Amortization expense | — |  |  | (120 | ) |  | — |  |  | (120 | )
| Net carrying value at December 31, 2019 | $ | — |  |  | $ | 610 |  |  | $ | — |  |  | $ | 610 |
Flexible Packaging Films: |  |  |  |  |  |  |
| Net carrying value at January 1, 2018 | $ | 831 |  |  | $ | 360 |  |  | $ | 2,337 |  |  | $ | 3,528 |
|  | Amortization expense | (82 | ) |  | (55 | ) |  | (299 | ) |  | (436 | )
|  | Increase (decrease) due to foreign currency translation | (88 | ) |  | (17 | ) |  | (176 | ) |  | (281 | )
| Net carrying value at December 31, 2018 | 661 |  |  | 288 |  |  | 1,862 |  |  | 2,811 |
|  | Amortization expense | (91 | ) |  | (55 | ) |  | (280 | ) |  | (426 | )
|  | Increase (decrease) due to foreign currency translation | (16 | ) |  | (3 | ) |  | (39 | ) |  | (58 | )
| Net carrying value at December 31, 2019 | $ | 554 |  |  | $ | 230 |  |  | $ | 1,543 |  |  | $ | 2,327 |
Total net carrying value of identifiable intangibles at December 31, 2019 | $ | 20,198 |  |  | $ | 895 |  |  | $ | 1,543 |  |  | $ | 22,636 |
During the fourth quarter of 2017, in conjunction with annual business planning as well as valuation activities and other efforts, the Company determined that the carrying value of Terphane’s remaining long-lived assets were impaired (Terphane’s goodwill was written off in 2015). Accordingly, the Company wrote down these assets based on an enterprise valuation for all of Terphane of approximately $30 million. This write-down resulted in a non-cash asset impairment loss recognized during the fourth quarter of 2017 of $101 million ($87 million after non-cash tax benefits). As part of this write-down, customer relationships, proprietary technology and trade names were impaired by $9.4 million, $4.1 million and $4.0 million, respectively, reducing their values to $0.8 million, $0.4 million and $2.4 million, respectively. The remaining part of this write-down was related to property, plant and equipment. Also, Terphane’s trade names were assigned estimated useful lives of 5 to 13 years, a change from the previous designation of an indefinite life. Amortization expense for continuing operations over the next five years is expected to be as follows:
Year | Amount (In thousands)
2020 | $ | 3,070 |
2021 | 3,070 |
2022 | 2,935 |
2023 | 2,309 |
2024 | 2,269 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration