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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | 8. 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 both December 31, 2023 and 2022, we had $922.4 million of goodwill recorded in our Packaging segment, which represents the entire goodwill balance reported on our Consolidated Balance Sheets. Changes in the carrying amount of our goodwill were as follows (dollars in millions):
|  | Goodwill |
Balance at January 1, 2022 |  | $ | 923.5 |
Acquisition adjustment (a) |  |  | (1.0 | )
Adjustment related to sale of corrugated assets (b) |  |  | (0.1 | )
Balance at December 31, 2022 |  |  | 922.4 |
Balance at December 31, 2023 |  | $ | 922.4 |
(a) During 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 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. Intangible Assets Intangible assets are comprised of customer relationships and trademarks and trade names. The weighted average useful life, gross carrying amount, and accumulated amortization of our intangible assets were as follows (dollars in millions):
|  | As of December 31, 2023 |  |  | As of December 31, 2022 |
|  | 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) |  |  | 7.4 |  |  | $ | 546.0 |  |  | $ | 326.9 |  |  |  | 8.2 |  |  | $ | 546.0 |  |  | $ | 290.9 |
Trademarks and trade names (c) |  |  | 6.5 |  |  |  | 41.3 |  |  |  | 30.9 |  |  |  | 7.2 |  |  |  | 41.3 |  |  |  | 28.6 |
Other |  |  | 2.9 |  |  |  | 4.4 |  |  |  | 4.3 |  |  |  | 3.4 |  |  |  | 4.4 |  |  |  | 4.3 |
Total intangible assets (excluding goodwill) |  |  | 7.3 |  |  | $ | 591.7 |  |  | $ | 362.1 |  |  |  | 8.1 |  |  | $ | 591.7 |  |  | $ | 323.8 |
(c) During 2022, the Company made a $1.4 million net adjustment based on the final valuation received for the intangible assets associated with the December 2021 acquisition of Advance Packaging. This adjustment resulted in a revision to the original allocations for customer relationships and trade names. As of December 31, 2022, the revised allocations for customer relationships and trade names were $42.2 million and $6.5 million, respectively. Amortization expense was $38.3 million, $39.1 million, and $37.7 million for the years ended December 31, 2023, 2022, and 2021, respectively. Estimated amortization expense of intangible assets over the next five years is expected to approximate $37.7 million (2024), $37.6 million (2025), $37.5 million (2026), $34.7 million (2027) and $27.1 million (2028). Impairment Testing We test goodwill for impairment annually in the fourth quarter or sooner if events or changes in circumstances indicate that the carrying value of the asset may exceed fair value. Additionally, when we experience changes to our business or operating environment, we evaluate the remaining useful lives and recoverability of our finite-lived purchased intangible assets to determine whether any adjustments to the useful lives or impairment are necessary. We completed our annual qualitative assessment in the fourth quarter, and there was no indication of goodwill or intangible asset impairment.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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