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Goodwill and Identifiable Intangible Assets, Net
 12 Months Ended
Dec. 31, 2019
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. For our 2019 annual review, the Company elected to bypass the optional qualitative assessment and performed a quantitative assessment by reporting unit as of October 1, 2019. Based on the results of the quantitative assessment, which indicated a fair value in excess of carrying amount for each of the Company's designated reporting units, we concluded there was no impairment of goodwill. There have been no significant events or circumstances affecting the valuation of goodwill subsequent to the quantitative assessment performed as of October 1, 2019.
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, 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

Acquisition, purchase price and other adjustments
 
6.3

 
257.0

 
263.3

Currency translation
 
2.0

 
4.1

 
6.1

Gross Carrying Value at December 31, 2019
 
$
577.2

 
$
1,830.0

 
$
2,407.2

Accumulated impairment
 
(49.3
)
 
(141.0
)
 
(190.3
)
Carrying Value at December 31, 2019
 
$
527.9

 
$
1,689.0

 
$
2,216.9


As noted above, it was determined under a quantitative assessment that there was no impairment of goodwill. However, if we become aware of indicators of impairment in future periods, we may be required to perform an interim assessment for some or all of our reporting units before the next annual assessment. Examples of such indicators may include 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. In the event of significant adverse changes of the nature described above, we may 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, 2019
 
December 31, 2018
(In millions)
 
Gross
Carrying
Value
 
Accumulated
Amortization
 
Net (1)
 
Gross
Carrying
Value
 
Accumulated
Amortization
 
Net
Customer relationships
 
$
102.0

 
$
(30.5
)
 
$
71.5

 
$
72.4

 
$
(22.3
)
 
$
50.1

Trademarks and tradenames
 
31.1

 
(4.3
)
 
26.8

 
15.1

 
(1.6
)
 
13.5

Software
 
95.3

 
(62.8
)
 
32.5

 
62.2

 
(49.8
)
 
12.4

Technology
 
66.8

 
(27.2
)
 
39.6

 
37.2

 
(23.5
)
 
13.7

Contracts
 
13.2

 
(10.4
)
 
2.8

 
13.2

 
(10.1
)
 
3.1

Total intangible assets with definite lives
 
308.4

 
(135.2
)
 
173.2

 
200.1

 
(107.3
)
 
92.8

Trademarks and tradenames with indefinite lives
 
8.9

 
—

 
8.9

 
8.9

 
—

 
8.9

Total identifiable intangible assets, net
 
$
317.3

 
$
(135.2
)
 
$
182.1

 
$
209.0

 
$
(107.3
)
 
$
101.7


 
       
(1) 
As of December 31, 2019, intangible assets increased due to the Automated acquisition. See Note 5, "Discontinued Operations, Divestitures and Acquisitions," to the Notes to Consolidated Financial Statements for additional information related to the Automated acquisition.
The following table shows the estimated future amortization expense at December 31, 2019. 
Year
 
Amount
(in millions)
2020
 
$
33.6

2021
 
26.3

2022
 
20.0

2023
 
14.7

2024
 
14.2

Thereafter
 
64.4

Total
 
$
173.2

 
Amortization expense was $28.9 million in 2019, $15.7 million in 2018 and $13.1 million in 2017.
The following table shows the remaining weighted average useful life of our definite lived intangible assets as of December 31, 2019. 
 
Remaining weighted average useful lives
Customer relationships
12.6
Trademarks and trade names
9.5
Technology
4.9
Contracts
7.3
Total identifiable intangible assets, net with definite lives
8.8

Expected future cash flows associated with the Company's intangible assets are not expected to be materially affected by the Company's intent or ability to renew or extend the arrangements. Based on our experience with similar agreements, we expect to continue to renew contracts held as intangibles through the end of the remaining useful lives.