Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2017
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

8.

Goodwill and Intangible Assets

Goodwill

Goodwill represents the excess of the cost of an acquired business over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. At June 30, 2017 and December 31, 2016 we had $675.9 million and $682.7 million of goodwill recorded in our Packaging segment, respectively. At both June 30, 2017 and December 31, 2016 we had $55.2 million of goodwill recorded in our Paper segment.

Changes in the carrying amount of our goodwill are as follows (dollars in millions):

 

 

 

Goodwill

 

Balance at January 1, 2017

 

$

737.9

 

Acquisitions (a)(b)

 

 

(6.8

)

Balance at June 30, 2017

 

$

731.1

 

 

(a)

During the six months ended June 30, 2017, the Company recorded a $5.7 million opening balance sheet adjustment to decrease the goodwill balance for the Company’s November 2016 acquisition of Columbus Container, Inc.

 

(b)

During the quarter ended March 31, 2017, the Company received $1.1 million from the seller related to a working capital adjustment. This adjustment was recorded as a decrease to the goodwill balance for the Company's August 2016 acquisition of TimBar Corporation.

 

Intangible Assets

Intangible assets are primarily comprised of customer relationships and trademarks and trade names.

The weighted average remaining useful life, gross carrying amount, and accumulated amortization of our intangible assets were as follows (dollars in millions):

 

 

 

June 30, 2017

 

 

December 31, 2016

 

 

 

Weighted Average Remaining Useful Life (in Years)

 

Gross  Carrying Amount

 

 

Accumulated Amortization

 

 

Weighted Average Remaining Useful Life (in Years)

 

Gross  Carrying Amount

 

 

Accumulated Amortization

 

Customer relationships

 

12.7

 

$

429.4

 

 

$

93.9

 

 

13.1

 

$

424.5

 

 

$

79.8

 

Trademarks and trade names

 

10.5

 

 

28.8

 

 

 

10.6

 

 

10.5

 

 

27.7

 

 

 

8.1

 

Other

 

4.1

 

 

4.2

 

 

 

1.7

 

 

4.3

 

 

4.2

 

 

 

1.4

 

Total intangible assets (excluding goodwill)

 

12.5

 

$

462.4

 

 

$

106.2

 

 

12.9

 

$

456.4

 

 

$

89.3

 

 

During the six months ended June 30, 2017 and 2016, amortization expense was $16.9 million and $11.2 million, respectively.