Goodwill and Identifiable Intangible Assets, net (Tables)

6 Months Ended

Jun. 30, 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
Acquisitions(2)	738.2		—		738.2
Currency translation	3.4		3.2		6.6
Carrying Value at June 30, 2023	$	1,264.8	$	1,654.5	$	2,919.3

(1)There was no change to our accumulated amortization balance during the six months ended June 30, 2023.

(2)Represents amounts allocated to goodwill resulting from acquisitions, primarily for 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 June 30, 2023, there were no impairment indicators present.

	June 30, 2023						December 31, 2022
(In millions)	Gross Carrying Value		Accumulated Amortization		Net		Gross Carrying Value		Accumulated Amortization		Net
Customer relationships	$	281.0	$	(57.1)	$	223.9	$	99.5	$	(47.1)	$	52.4
Trademarks and tradenames	56.9		(17.0)		39.9		30.8		(14.4)		16.4
Software	164.5		(120.9)		43.6		147.7		(111.3)		36.4
Technology	197.5		(52.0)		145.5		67.0		(44.3)		22.7
Contracts	11.5		(10.0)		1.5		11.4		(9.8)		1.6
Total intangible assets with definite lives	711.4		(257.0)		454.4		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	$	720.3	$	(257.0)	$	463.3	$	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 June 30, 2023, there were no impairment indicators present.

	June 30, 2023						December 31, 2022
(In millions)	Gross Carrying Value		Accumulated Amortization		Net		Gross Carrying Value		Accumulated Amortization		Net
Customer relationships	$	281.0	$	(57.1)	$	223.9	$	99.5	$	(47.1)	$	52.4
Trademarks and tradenames	56.9		(17.0)		39.9		30.8		(14.4)		16.4
Software	164.5		(120.9)		43.6		147.7		(111.3)		36.4
Technology	197.5		(52.0)		145.5		67.0		(44.3)		22.7
Contracts	11.5		(10.0)		1.5		11.4		(9.8)		1.6
Total intangible assets with definite lives	711.4		(257.0)		454.4		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	$	720.3	$	(257.0)	$	463.3	$	365.3	$	(226.9)	$	138.4

Remaining Estimated Future Amortization Expense

The following table shows the remaining estimated future amortization expense at June 30, 2023. 

Year	Amount (In millions)
Remainder of 2023	$	33.6
2024	61.3
2025	54.9
2026	42.7
2027	39.1
Thereafter	222.8
Total	$	454.4