Goodwill and Identifiable Intangible Assets, net (Tables)

12 Months Ended

Dec. 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, 2021	$	576.6	$	1,803.0	$	2,379.6
Accumulated amortization	(49.3)		(140.9)		(190.2)
Carrying Value at December 31, 2021	$	527.3	$	1,662.1	$	2,189.4
Acquisition(1)	5.2		—		5.2
Currency translation	(9.6)		(11.0)		(20.6)
Gross Carrying Value at December 31, 2022	$	572.2	$	1,792.0	$	2,364.2
Accumulated amortization	(49.0)		(140.7)		(189.7)
Carrying Value at December 31, 2022	$	523.2	$	1,651.3	$	2,174.5
Acquisition(2)	707.4		—		707.4
Currency translation	4.7		6.1		10.8
Gross Carrying Value at December 31, 2023	$	1,284.3	$	1,798.1	$	3,082.4
Accumulated amortization(3)	(49.1)		(140.8)		(189.9)
Carrying Value at December 31, 2023	$	1,235.2	$	1,657.3	$	2,892.5

(1)Represents the allocation of goodwill related to our acquisition of Foxpak. See Note 5, "Acquisition and Divestiture Activity," for further details.

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

(3)The change in accumulated amortization from December 31, 2022 to December 31, 2023 is due to the impact of foreign currency translation.

Summary of Identifiable Intangible Assets with Definite and Indefinite Useful Lives

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

	December 31, 2023						December 31, 2022
(In millions)	Gross Carrying Value		Accumulated Amortization		Net		Gross Carrying Value		Accumulated Amortization		Net
Customer relationships	$	287.7	$	(69.3)	$	218.4	$	99.5	$	(47.1)	$	52.4
Trademarks and tradenames	57.0		(19.4)		37.6		30.8		(14.4)		16.4
Software	148.2		(112.8)		35.4		147.7		(111.3)		36.4
Technology	197.5		(60.1)		137.4		67.0		(44.3)		22.7
Contracts	11.5		(10.2)		1.3		11.4		(9.8)		1.6
Total intangible assets with definite lives	701.9		(271.8)		430.1		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	$	710.8	$	(271.8)	$	439.0	$	365.3	$	(226.9)	$	138.4

Remaining Estimated Future Amortization Expense

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

Year	Amount (In millions)
2024	$	63.0
2025	56.7
2026	44.5
2027	39.5
2028	39.1
Thereafter	187.3
Total	$	430.1

Remaining Weighted Average Useful Life of Definite Lived Intangible Assets

The following table shows the remaining weighted average useful life of our definite lived intangible assets as of December 31, 2023. 

	Remaining weighted average useful lives
Customer relationships	9.8
Trademarks and tradenames	8.3
Software	2.1
Technology	10.2
Contracts	3.8
Total identifiable intangible assets, net with definite lives	9.2