Goodwill and Identifiable Intangible Assets, net

6 Months Ended

Jun. 30, 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. Since the date of our last annual goodwill impairment assessment, we have not identified any changes in circumstances that would indicate the carrying value of goodwill is not recoverable.

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	0.7		(2.4)		(1.7)
Carrying Value at June 30, 2021	$	530.9	$	1,690.0	$	2,220.9

(1)There was no change to our accumulated impairment balance during the six months ended June 30, 2021.

Identifiable Intangible Assets, net

The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives. As of June 30, 2021, there were no impairment indicators present.

	June 30, 2021						December 31, 2020
(In millions)	Gross Carrying Value		Accumulated Amortization		Net		Gross Carrying Value		Accumulated Amortization		Net
Customer relationships	$	104.5	$	(40.0)	$	64.5	$	105.2	$	(37.2)	$	68.0
Trademarks and tradenames	31.3		(10.0)		21.3		31.3		(8.5)		22.8
Software	115.8		(80.7)		35.1		104.7		(69.7)		35.0
Technology	65.4		(35.5)		29.9		66.7		(33.0)		33.7
Contracts	13.6		(11.2)		2.4		13.6		(11.0)		2.6
Total intangible assets with definite lives	330.6		(177.4)		153.2		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	$	339.5	$	(177.4)	$	162.1	$	330.4	$	(159.4)	$	171.0

The following table shows the remaining estimated future amortization expense at June 30, 2021. 

Year	Amount (In millions)
Remainder of 2021	$	20.4
2022	29.1
2023	22.3
2024	15.6
2025	13.9
Thereafter	51.9
Total	$	153.2

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 their remaining useful lives.