Goodwill and Identifiable Intangible Assets, net

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets, net

Goodwill

The following table shows our goodwill balances by reportable segment. We review goodwill for impairment on a reporting unit basis annually during the fourth quarter of each year and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. As of March 31, 2020, we did not identify any changes in circumstances that would indicate the carrying value of goodwill may not be recoverable. As part of our on-going assessment of goodwill impairment considerations, the Company considered the impact that COVID-19 has had on equity valuations and the overall economic environment, more specifically on the markets in which our products are sold. The Company does not believe that the impact of the COVID-19 pandemic on the business to date has triggered a need to perform a quantitative impairment test on goodwill due to the significant headroom of all reporting units as of our most recent annual test and in consideration of the Company's recent and expected long-term financial performance. We will continue to assess COVID-19's impact on our business including any indicators of goodwill impairment.


(In millions)	Food Care		Product Care		Total
Gross Carrying Value at December 31, 2019	$	577.2	$	1,830.0	$	2,407.2
Accumulated impairment⁽¹⁾	(49.3)		(141.0)		(190.3)
Carrying Value at December 31, 2019	$	527.9	$	1,689.0	$	2,216.9
Acquisition, purchase price and other adjustments	—		(6.0)		(6.0)
Currency translation	(8.7)		(6.4)		(15.1)

Carrying Value at March 31, 2020	$	519.2	$	1,676.6	$	2,195.8

⁽¹⁾There has been no change to our accumulated impairment balance during the three months March 31, 2020.

Identifiable Intangible Assets, net

The following tables summarize our identifiable intangible assets, net. As of March 31, 2020, there were no impairment indicators present.


	March 31, 2020										December 31, 2019
(In millions)	Gross Carrying Value		Accumulated Amortization		Net		Gross Carrying Value		Accumulated Amortization			Net
Customer relationships	$	99.2	$	(31.2)	$	68.0	$	102.0	$	(30.5)		$	71.5
Trademarks and tradenames	30.5		(5.3)		25.2		31.1		(4.3)			26.8
Software	101.8		(68.2)		33.6		95.3		(62.8)			32.5
Technology	66.1		(28.6)		37.5		66.8		(27.2)			39.6
Contracts	13.2		(10.5)		2.7		13.2		(10.4)			2.8
Total intangible assets with definite lives	310.8		(143.8)		167.0		308.4		(135.2)			173.2
Trademarks and tradenames with indefinite lives	8.9		—		8.9		8.9		—			8.9
Total identifiable intangible assets, net	$	319.7	$	(143.8)	$	175.9	$	317.3	$	(135.2)		$	182.1

The following table shows the remaining estimated future amortization expense at March 31, 2020.


Year	Amount (in millions)
Remainder of 2020	$	28.6
2021	27.1
2022	20.3
2023	14.6
2024	13.8
Thereafter	62.6
Total	$	167.0