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Goodwill and Identifiable Intangible Assets, Net
 12 Months Ended
Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Identifiable Intangible Assets, Net
Goodwill and Identifiable Intangible Assets, net
Goodwill
We review goodwill for impairment on a reporting unit basis annually during the fourth quarter of each year, using a measurement date of October 1st, and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. The Company performed a qualitative assessment by reporting unit as of October 1, 2018, during the fourth quarter of 2018. This assessment included consideration of key factors including macroeconomic conditions, industry and market considerations, cost factors, and other relevant entity-and reporting unit-specific events. We concluded it was more likely than not that the fair value of each reporting unit exceeded its carrying amount. As such, it was not necessary to perform a quantitative goodwill impairment test. There have been no significant events or circumstances affecting the valuation of goodwill subsequent to the qualitative assessment performed as of October 1, 2018.
Allocation of Goodwill to Reporting Segment
The following table shows our goodwill balances by reportable segment: 
(In millions)
 
Food Care
 
Product Care
 
Total
Gross Carrying Value at December 31, 2016
 
$
560.3

 
$
1,513.0

 
$
2,073.3

Accumulated impairment
 
(49.5
)
 
(140.9
)
 
(190.4
)
Carrying Value at December 31, 2016
 
$
510.8

 
$
1,372.1

 
$
1,882.9

Acquisition and divestiture
 
10.1

 
39.3

 
49.4

Currency translation
 
6.0

 
1.5

 
7.5

Gross Carrying Value at December 31, 2017
 
$
576.5

 
$
1,554.1

 
$
2,130.6

Accumulated impairment
 
(49.6
)
 
(141.2
)
 
(190.8
)
Carrying Value at December 31, 2017
 
$
526.9

 
$
1,412.9

 
$
1,939.8

Acquisition, purchase price and other adjustments
 
(0.6
)
 
18.2

 
17.6

Currency translation
 
(6.6
)
 
(3.2
)
 
(9.8
)
Gross Carrying Value at December 31, 2018
 
$
568.9

 
$
1,568.9

 
$
2,137.8

Accumulated impairment
 
(49.2
)
 
(141.0
)
 
(190.2
)
Carrying Value at December 31, 2018
 
$
519.7

 
$
1,427.9

 
$
1,947.6


As noted above, it was determined under a qualitative assessment that it was not more likely than not that the fair value of any reporting unit was less than its carrying amount. Therefore, there was no impairment of goodwill. However, if events or circumstances change in future periods, the Company may be required to perform a quantitative test. If we were required to perform a quantitative test, the amount of the impairment charge to be recognized would be the amount by which the carrying value exceeded the estimated fair value at a reporting unit level.
The future occurrence of a potential indicator of impairment, such as a decrease in expected net earnings, adverse equity market conditions, a decline in current market multiples, a decline in our common stock price, a significant adverse change in legal factors or business climates, an adverse action or assessment by a regulator, unanticipated competition, strategic decisions made in response to economic or competitive conditions, or a more likely than not expectation that a reporting unit or a significant portion of a reporting unit will be sold or disposed of, could require an interim assessment for some or all of the reporting units before the next required annual assessment. In the event of significant adverse changes of the nature described above, we might have to recognize a non-cash impairment of goodwill, which could have a material adverse effect on our consolidated financial condition and results of operations.
Identifiable Intangible Assets, net
The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives: 
 
 
December 31, 2018
 
December 31, 2017
(In millions)
 
Gross
Carrying
Value
 
Accumulated
Amortization
 
Net (1)
 
Gross
Carrying
Value
 
Accumulated
Amortization
 
Net
Customer relationships
 
$
72.4

 
$
(22.3
)
 
$
50.1

 
$
59.7

 
$
(19.7
)
 
$
40.0

Trademarks and tradenames
 
15.1

 
(1.6
)
 
13.5

 
11.6

 
(0.5
)
 
11.1

Capitalized software
 
62.2

 
(49.8
)
 
12.4

 
50.6

 
(40.0
)
 
10.6

Technology
 
37.2

 
(23.5
)
 
13.7

 
39.2

 
(27.5
)
 
11.7

Contracts
 
13.2

 
(10.1
)
 
3.1

 
10.9

 
(9.6
)
 
1.3

Total intangible assets with definite lives
 
200.1

 
(107.3
)
 
92.8

 
172.0

 
(97.3
)
 
74.7

Trademarks and tradenames with indefinite lives
 
8.9

 
—

 
8.9

 
8.9

 
—

 
8.9

Total identifiable intangible assets, net
 
$
209.0

 
$
(107.3
)
 
$
101.7

 
$
180.9

 
$
(97.3
)
 
$
83.6


 
       
(1) 
As of December 31, 2018, intangible assets increased due to the AFP acquisition. See Note 4, "Discontinued Operations, Divestitures and Acquisitions," to the Notes to Consolidated Financial Statements for additional information related to the AFP acquisition.
The following table shows the remaining estimated future amortization expense at December 31, 2018. 
Year
 
Amount
(in millions)
2019
 
$
14.2

2020
 
12.0

2021
 
9.0

2022
 
7.6

Thereafter
 
50.0

Total
 
$
92.8

 
Amortization expense was $15.7 million in 2018, $13.1 million in 2017 and $15.0 million in 2016.
The following table shows the remaining weighted average useful life of our definite lived intangible assets as of December 31, 2018. 
 
Remaining weighted average useful lives
Customer relationships
13.3
Trademarks and trade names
11.1
Technology
6.3
Contracts
8.2
Total identifiable intangible assets, net with definite lives
10.8