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Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

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 September 30, 2025 and December 31, 2024, we had $1,199.8 million and $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 are as follows (dollars in millions):

		Goodwill
Balance at January 1, 2025		$	922.4
Acquisitions (a)			277.4
Balance at September 30, 2025		$	1,199.8

(a)In connection with the September 2025 Greif Acquisition, the preliminary valuation of goodwill is $277.4 million, which is recorded in the Packaging segment.

See Note 4, Acquisitions, for more information on the September 2025 Greif Acquisition.

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):

		September 30, 2025												December 31, 2024
		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 (b)			12.7			$	1,006.0			$	391.5				6.6			$	546.0			$	362.4
Trademarks and trade names (b)			9.5				111.3				35.2				6.0				41.3				33.0
Other			1.2				4.4				4.4				1.9				4.4				4.4
Total intangible assets (excluding goodwill)			12.3			$	1,121.7			$	431.1				6.6			$	591.7			$	399.8

(b)In connection with the September 2025 Greif Acquisition, the preliminary valuation of intangible assets is $460.0 million for customer relationships and $70.0 million for trademarks.

During the nine months ended September 30, 2025 and 2024, amortization expense was $31.3 million and $28.3 million, respectively.

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- References

No definition available.

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-20/tableOfContent

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