Goodwill and Identifiable Intangible Assets, net (Tables)

3 Months Ended

Mar. 31, 2024

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, 2023	$	1,284.3	$	1,798.1	$	3,082.4
Accumulated amortization(1)	(49.1)		(140.8)		(189.9)
Carrying Value at December 31, 2023	$	1,235.2	$	1,657.3	$	2,892.5
Currency translation	(0.9)		(3.9)		(4.8)
Carrying Value at March 31, 2024	$	1,234.3	$	1,653.4	$	2,887.7

(1)There was no change to our accumulated amortization balance during the three months ended March 31, 2024.

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, 2024, there were no impairment indicators present.

	March 31, 2024						December 31, 2023
(In millions)	Gross Carrying Value		Accumulated Amortization		Net		Gross Carrying Value		Accumulated Amortization		Net
Customer relationships	$	286.5	$	(74.2)	$	212.3	$	287.7	$	(69.3)	$	218.4
Trademarks and tradenames	57.0		(20.6)		36.4		57.0		(19.4)		37.6
Software	151.2		(117.3)		33.9		148.2		(112.8)		35.4
Technology	196.8		(63.8)		133.0		197.5		(60.1)		137.4
Contracts	11.4		(10.3)		1.1		11.5		(10.2)		1.3
Total intangible assets with definite lives	702.9		(286.2)		416.7		701.9		(271.8)		430.1
Trademarks and tradenames with indefinite lives	8.9		—		8.9		8.9		—		8.9
Total identifiable intangible assets, net	$	711.8	$	(286.2)	$	425.6	$	710.8	$	(271.8)	$	439.0

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, 2024, there were no impairment indicators present.

	March 31, 2024						December 31, 2023
(In millions)	Gross Carrying Value		Accumulated Amortization		Net		Gross Carrying Value		Accumulated Amortization		Net
Customer relationships	$	286.5	$	(74.2)	$	212.3	$	287.7	$	(69.3)	$	218.4
Trademarks and tradenames	57.0		(20.6)		36.4		57.0		(19.4)		37.6
Software	151.2		(117.3)		33.9		148.2		(112.8)		35.4
Technology	196.8		(63.8)		133.0		197.5		(60.1)		137.4
Contracts	11.4		(10.3)		1.1		11.5		(10.2)		1.3
Total intangible assets with definite lives	702.9		(286.2)		416.7		701.9		(271.8)		430.1
Trademarks and tradenames with indefinite lives	8.9		—		8.9		8.9		—		8.9
Total identifiable intangible assets, net	$	711.8	$	(286.2)	$	425.6	$	710.8	$	(271.8)	$	439.0

Remaining Estimated Future Amortization Expense

The following table shows the remaining estimated future amortization expense at March 31, 2024. 

Year	Amount (In millions)
Remainder of 2024	$	47.8
2025	57.2
2026	46.1
2027	39.7
2028	39.0
Thereafter	186.9
Total	$	416.7