Goodwill and Identifiable Intangible Assets, net

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets, net

Goodwill and Identifiable Intangible Assets, net

Goodwill

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 impaired.

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, 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)	739.1		—		739.1
Currency translation	0.5		(0.8)		(0.3)
Carrying Value at September 30, 2023	$	1,262.8	$	1,650.5	$	2,913.3

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

(2)Represents amounts allocated to goodwill resulting from acquisitions, primarily for Liquibox. See Note 5, "Acquisitions," for further details.

Identifiable Intangible Assets, net

The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives. As of September 30, 2023, there were no impairment indicators present.

	September 30, 2023						December 31, 2022
(In millions)	Gross Carrying Value		Accumulated Amortization		Net		Gross Carrying Value		Accumulated Amortization		Net
Customer relationships	$	279.7	$	(62.1)	$	217.6	$	99.5	$	(47.1)	$	52.4
Trademarks and tradenames	56.7		(18.1)		38.6		30.8		(14.4)		16.4
Software	162.2		(124.0)		38.2		147.7		(111.3)		36.4
Technology	197.1		(55.9)		141.2		67.0		(44.3)		22.7
Contracts	11.4		(10.1)		1.3		11.4		(9.8)		1.6
Total intangible assets with definite lives	707.1		(270.2)		436.9		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	$	716.0	$	(270.2)	$	445.8	$	365.3	$	(226.9)	$	138.4

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

Year	Amount (In millions)
Remainder of 2023	$	17.8
2024	60.7
2025	54.6
2026	42.7
2027	38.9
Thereafter	222.2
Total	$	436.9

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.