Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

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

	Goodwill
Balance at January 1, 2022	$	923.5
Acquisitions (a)		(1.0	)
Adjustment related to sale of corrugated assets (b)		(0.1	)
Balance at September 30, 2022	$	922.4

(a)During the nine months ended September 30, 2022, the Company recorded a $1.0 million adjustment to decrease the goodwill balance for the Company's December 2021 acquisition of Advance Packaging.

(b)During the three months ended September 30, 2022, a corrugated products facility sold part of its operations, which primarily included existing inventory. As a result, the Company recorded a $0.1 million adjustment to decrease the goodwill balance.

Components of Intangible Assets

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

	September 30, 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 (c)		8.4	$	546.0	$	282.0		8.5	$	551.1	$	254.9
Trademarks and trade names (c)		7.4		41.3		28.0		8.4		37.6		25.5
Other (c)		3.6		4.5		4.4		2.2		4.4		4.3
Total intangible assets (excluding goodwill)		8.4	$	591.8	$	314.4		8.5	$	593.1	$	284.7

(c)In connection with the December 2021 acquisition of Advance Packaging, the Company recorded intangible assets of $47.3 million for customer relationships, $2.8 million for trade names, and $0.1 million for other intangibles. During the three months ended June 30, 2022, the Company made a $1.4 million net adjustment based on the final valuation received for the intangible assets. This adjustment resulted in a revision to the original allocations for customer relationships and trade names. As of June 30, 2022, the revised allocations for customer relationships and trade names were $42.2 million and $6.5 million, respectively.