Goodwill And Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS

The components of goodwill and identifiable intangibles at December 31, 2020 and 2019, and related amortization periods are as follows:


(In thousands)	2020		2019		Amortization Periods
Goodwill	$	67,708	$	81,404	Not amortized
Identifiable intangible assets, net:
Customer relationships (cost basis of $29,450 in 2020 and $29,550 in 2019)	17,551		20,198		10-12 years
Proprietary technology (cost basis of $3,726 in 2020 and $6,181 in 2019)	194		895		Not more than 15 years
Trade names (cost basis of $13,397 in 2020 and $13,645 in 2019)	1,075		1,543		5 - 13 years
Total carrying value of identifiable intangibles	18,820		22,636
Total carrying value of goodwill and identifiable intangible assets	$	86,528	$	104,040

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 goodwill at December 31, 2020 and 2019 is as follows:


(In thousands)	Aluminum Extrusions1		PE Films1		Total
Net carrying value of goodwill at December 31, 2018	$	24,066	$	57,338	$	81,404
Goodwill impairment charge	—		—		—
Net carrying value of goodwill at December 31, 2019	24,066		57,338		81,404
Goodwill impairment charge	(13,696)		—		(13,696)
Net carrying value of goodwill at December 31, 2020	$	10,370	$	57,338	$	67,708
1.The goodwill of Aluminum Extrusions and PE Films is carried by the Futura and Surface Protection reporting units, respectively.

A reconciliation of identifiable intangibles at December 31, 2020 and 2019 is as follows:


(In thousands)			Customer Relationships		Proprietary Technology		Trade Names		Total
Aluminum Extrusions:
	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
		Amortization expense	(2,480)		(20)		—		(2,500)
	Net carrying value at December 31, 2020		$	17,164	$	35	$	—	$	17,199

PE Films:
	Net carrying value at December 31, 2018		$	—	$	730	$	—	$	730
		Amortization expense	—		(120)		—		(120)
	Net carrying value at December 31, 2019		—		610		—		610
		Amortization expense	—		(120)		—		(120)
		Bright View disposal	—		(490)		—		(490)
	Net carrying value at December 31, 2020		$	—	$	—	$	—	$	—

Flexible Packaging Films:
	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)
		Impairment loss	—		—		—		—
	Net carrying value at December 31, 2019		554		230		1,543		2,327
		Amortization expense	(84)		(53)		(260)		(397)
		Increase (decrease) due to foreign currency translation	(83)		(18)		(208)		(309)
	Net carrying value at December 31, 2020		$	387	$	159	$	1,075	$	1,621

Total net carrying value of identifiable intangibles at December 31, 2020			$	17,551	$	194	$	1,075	$	18,820

Amortization expense over the next five years is expected to be as follows:


Year	Amount (In thousands)
2021	$	2,955
2022	2,820
2023	2,195
2024	2,154
2025	2,154