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Goodwill and Identifiable Intangible Assets, net
 12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Identifiable Intangible Assets, Net 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. For our 2020 annual review, the Company elected to bypass the optional qualitative assessment and performed a quantitative assessment by reporting unit as of October 1, 2020. 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, 2020. As part of our assessment of goodwill impairment considerations, the Company considered the impact that COVID-19 has had on the overall economic environment, more specifically on the markets in which our products are sold. The Company does not believe the COVID-19 pandemic has had a material negative impact on our business to date.
Allocation of Goodwill to Reporting Segment
The following table shows our goodwill balances by reportable segment: 
(In millions)FoodProtectiveTotal
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 adjustments6.3 257.0 263.3 
Currency translation2.0 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 
Acquisition, purchase price and other adjustments— (5.3)(5.3)
Currency translation2.5 8.9 11.4 
Gross Carrying Value at December 31, 2020$579.7 $1,833.6 $2,413.3 
Accumulated impairment(1)
(49.5)(141.2)(190.7)
Carrying Value at December 31, 2020$530.2 $1,692.4 $2,222.6 
(1)    The change in accumulated impairment from December 31, 2019 to December 31, 2020 is due to the impact of foreign currency translation.
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, 2020December 31, 2019
(In millions)Gross
Carrying
Value		Accumulated
Amortization		NetGross
Carrying
Value		Accumulated
Amortization		Net
Customer relationships$105.2 $(37.2)$68.0 $102.0 $(30.5)$71.5 
Trademarks and tradenames31.3 (8.5)22.8 31.1 (4.3)26.8 
Software104.7 (69.7)35.0 95.3 (62.8)32.5 
Technology66.7 (33.0)33.7 66.8 (27.2)39.6 
Contracts13.6 (11.0)2.6 13.2 (10.4)2.8 
Total intangible assets with definite lives
321.5 (159.4)162.1 308.4 (135.2)173.2 
Trademarks and tradenames with indefinite lives
8.9 — 8.9 8.9 — 8.9 
Total identifiable intangible assets, net
$330.4 $(159.4)$171.0 $317.3 $(135.2)$182.1 
The following table shows the estimated future amortization expense at December 31, 2020. 
Year
Amount
(in millions)
2021$35.4 
202226.1 
202319.8 
202414.3 
202514.1 
Thereafter52.4 
Total$162.1 
 
Amortization expense was $37.5 million in 2020, $28.9 million in 2019 and $15.7 million in 2018.
The following table shows the remaining weighted average useful life of our definite lived intangible assets as of December 31, 2020. 
 Remaining weighted average useful lives
Customer relationships11.7
Trademarks and trade names9.1
Technology4.1
Contracts6.4
Total identifiable intangible assets, net with definite lives8.0
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.
During the fourth quarter of 2020, we identified a triggering event related to our foam fabrication producing asset group within our Protective segment. The asset group's primary asset was determined to be the intangible asset of Customer Relationships, which has a remaining useful life of approximately 12 years. The triggering event was related to the finalization of the upcoming year's financial projections and budget which indicated short-term deterioration in the profitability of the specific asset group's North American operations. The short-term deterioration is driven, in part, by a decrease in expected sales of a particular customer within the region. The decline in expected performance identified as a triggering event is not expected to be material to the overall segment or total Company. We performed a quantitative analysis of the recoverability of the net asset group and determined that the assets were not impaired, as the expected cash flows, including the residual value of the net asset group exceeded the carrying value. Key assumptions used to estimate the recoverable amount of the asset group were expected future sales performance and efficiency and cost improvements resulting in cash flow growth over the remaining useful life of the primary asset. The asset group tested for impairment had a net carrying value of $120.5 million as of the date of testing, of which $47.6 million was attributable to intangible assets.