Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

10. Goodwill and Intangible Assets

Goodwill

Goodwill represents the excess of the cost of an acquired business over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. At March 31, 2022 and December 31, 2021 we had $923.1 million and $923.5 million of goodwill recorded in our Packaging segment respectively, which represents the entire goodwill balance reported on our Consolidated Balance Sheets.

Changes in the carrying amount of our goodwill are as follows (dollars in millions):


	Goodwill
Balance at January 1, 2022	$	923.5
Acquisitions (a)		(0.4	)
Balance at March 31, 2022	$	923.1

(a)

During the three months ended March 31, 2022, the Company recorded a $0.4 million adjustment to decrease the goodwill balance for the Company's December 2021 acquisition of Advanced Packaging.

Intangible Assets

Intangible assets are primarily comprised of customer relationships and trademarks and trade names.

The weighted average remaining useful life, gross carrying amount, and accumulated amortization of our intangible assets were as follows (dollars in millions):


	March 31, 2022						December 31, 2021
	Weighted Average Remaining Useful Life (in Years)		Gross Carrying Amount		Accumulated Amortization		Weighted Average Remaining Useful Life (in Years)		Gross Carrying Amount		Accumulated Amortization
Customer relationships		8.3	$	551.1	$	264.5		8.5	$	551.1	$	254.9
Trademarks and trade names		8.3		37.6		26.1		8.4		37.6		25.5
Other		2.2		4.4		4.3		2.2		4.4		4.3
Total intangible assets (excluding goodwill)		8.3	$	593.1	$	294.9		8.5	$	593.1	$	284.7

During the three months ended March 31, 2022 and 2021, amortization expense was $10.2 million and $9.6 million, respectively.