Goodwill and Identifiable Intangible Assets, net (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill Balances by Segment Reporting Structure

The following table shows our goodwill balances by reportable segment: 

(In millions)	Food		Protective		Total
Gross Carrying Value at December 31, 2022	$	572.2	$	1,792.0	$	2,364.2
Accumulated amortization(1)	(49.0)		(140.7)		(189.7)
Carrying Value at December 31, 2022	$	523.2	$	1,651.3	$	2,174.5
Acquisition(2)	728.7		—		728.7
Currency translation	2.2		3.5		5.7
Carrying Value at March 31, 2023	$	1,254.1	$	1,654.8	$	2,908.9

(1)There was no change to our accumulated amortization balance during the three months ended March 31, 2023.

(2)Represents the allocation of goodwill related to our acquisition of Liquibox. See Note 5, "Acquisitions," for further details.

Summary of Identifiable Intangible Assets with Indefinite Useful Lives

The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives. As of March 31, 2023, there were no impairment indicators present.

	March 31, 2023						December 31, 2022
(In millions)	Gross Carrying Value		Accumulated Amortization		Net		Gross Carrying Value		Accumulated Amortization		Net
Customer relationships	$	281.5	$	(51.7)	$	229.8	$	99.5	$	(47.1)	$	52.4
Trademarks and tradenames	57.1		(15.7)		41.4		30.8		(14.4)		16.4
Software	157.5		(116.9)		40.6		147.7		(111.3)		36.4
Technology	197.6		(47.8)		149.8		67.0		(44.3)		22.7
Contracts	11.4		(9.9)		1.5		11.4		(9.8)		1.6
Total intangible assets with definite lives	705.1		(242.0)		463.1		356.4		(226.9)		129.5
Trademarks and tradenames with indefinite lives	8.9		—		8.9		8.9		—		8.9
Total identifiable intangible assets, net	$	714.0	$	(242.0)	$	472.0	$	365.3	$	(226.9)	$	138.4

Summary of Identifiable Intangible Assets with Definite Useful Lives

The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives. As of March 31, 2023, there were no impairment indicators present.

	March 31, 2023						December 31, 2022
(In millions)	Gross Carrying Value		Accumulated Amortization		Net		Gross Carrying Value		Accumulated Amortization		Net
Customer relationships	$	281.5	$	(51.7)	$	229.8	$	99.5	$	(47.1)	$	52.4
Trademarks and tradenames	57.1		(15.7)		41.4		30.8		(14.4)		16.4
Software	157.5		(116.9)		40.6		147.7		(111.3)		36.4
Technology	197.6		(47.8)		149.8		67.0		(44.3)		22.7
Contracts	11.4		(9.9)		1.5		11.4		(9.8)		1.6
Total intangible assets with definite lives	705.1		(242.0)		463.1		356.4		(226.9)		129.5
Trademarks and tradenames with indefinite lives	8.9		—		8.9		8.9		—		8.9
Total identifiable intangible assets, net	$	714.0	$	(242.0)	$	472.0	$	365.3	$	(226.9)	$	138.4

Remaining Estimated Future Amortization Expense

The following table shows the remaining estimated future amortization expense at March 31, 2023. 

Year	Amount (In millions)
Remainder of 2023	$	49.8
2024	59.3
2025	51.4
2026	40.5
2027	38.9
Thereafter	223.2
Total	$	463.1