Goodwill and Identifiable Intangible Assets, net

3 Months Ended

Mar. 31, 2021

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. We have not identified any changes in circumstances that would indicate the carrying value of goodwill may not be recoverable since we performed our annual goodwill impairment test as of October 1, 2020.

Allocation of Goodwill to Reporting Segment

The following table shows our goodwill balances by reportable segment: 

(In millions)	Food		Protective		Total
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
Currency translation	(1.0)		(4.4)		(5.4)
Carrying Value at March 31, 2021	$	529.2	$	1,688.0	$	2,217.2

(1)There was no change to our accumulated impairment balance during the three months ended March 31, 2021.

Identifiable Intangible Assets, net

The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives. As of March 31, 2021, there were no impairment indicators present.

	March 31, 2021						December 31, 2020
(In millions)	Gross Carrying Value		Accumulated Amortization		Net		Gross Carrying Value		Accumulated Amortization		Net
Customer relationships	$	103.4	$	(38.2)	$	65.2	$	105.2	$	(37.2)	$	68.0
Trademarks and tradenames	31.1		(9.2)		21.9		31.3		(8.5)		22.8
Software	109.6		(75.2)		34.4		104.7		(69.7)		35.0
Technology	65.1		(33.7)		31.4		66.7		(33.0)		33.7
Contracts	13.5		(11.1)		2.4		13.6		(11.0)		2.6
Total intangible assets with definite lives	322.7		(167.4)		155.3		321.5		(159.4)		162.1
Trademarks and tradenames with indefinite lives	8.9		—		8.9		8.9		—		8.9
Total identifiable intangible assets, net	$	331.6	$	(167.4)	$	164.2	$	330.4	$	(159.4)	$	171.0

The following table shows the remaining estimated future amortization expense at March 31, 2021. 

Year	Amount (in millions)
Remainder of 2021	$	27.6
2022	27.3
2023	20.8
2024	14.3
2025	13.8
Thereafter	51.5
Total	$	155.3