XML 80 R18.htm IDEA: XBRL DOCUMENT
v3.20.1

Goodwill and Identifiable Intangible Assets, net | 3 Months Ended
--- | ---
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Identifiable Intangible Assets, net | Goodwill and Identifiable Intangible Assets, net Goodwill The following table shows our goodwill balances by reportable segment. We review goodwill for impairment on a reporting unit basis annually during the fourth quarter of each year and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. As of March 31, 2020, we did not identify any changes in circumstances that would indicate the carrying value of goodwill may not be recoverable. As part of our on-going assessment of goodwill impairment considerations, the Company considered the impact that COVID-19 has had on equity valuations and the overall economic environment, more specifically on the markets in which our products are sold. The Company does not believe that the impact of the COVID-19 pandemic on the business to date has triggered a need to perform a quantitative impairment test on goodwill due to the significant headroom of all reporting units as of our most recent annual test and in consideration of the Company's recent and expected long-term financial performance. We will continue to assess COVID-19's impact on our business including any indicators of goodwill impairment.
(In millions) |  | Food Care |  | Product Care |  | Total
Gross Carrying Value at December 31, 2019 |  | $ | 577.2 |  |  | $ | 1,830.0 |  |  | $ | 2,407.2 |
Accumulated impairment(1) |  | (49.3) |  |  | (141.0) |  |  | (190.3) |
Carrying Value at December 31, 2019 |  | $ | 527.9 |  |  | $ | 1,689.0 |  |  | $ | 2,216.9 |
Acquisition, purchase price and other adjustments |  | — |  |  | (6.0) |  |  | (6.0) |
Currency translation |  | (8.7) |  |  | (6.4) |  |  | (15.1) |
Carrying Value at March 31, 2020 |  | $ | 519.2 |  |  | $ | 1,676.6 |  |  | $ | 2,195.8 |
(1)There has been no change to our accumulated impairment balance during the three months March 31, 2020. Identifiable Intangible Assets, net The following tables summarize our identifiable intangible assets, net. As of March 31, 2020, there were no impairment indicators present.
| March 31, 2020 |  |  |  |  |  |  |  | December 31, 2019 |  |  |  |  |  |
(In millions) | Gross Carrying Value |  | Accumulated Amortization |  |  |  | Net |  | Gross Carrying Value |  | Accumulated Amortization |  |  |  | Net
Customer relationships | $ | 99.2 |  |  | $ | (31.2) |  |  |  |  | $ | 68.0 |  |  | $ | 102.0 |  |  | $ | (30.5) |  |  |  |  | $ | 71.5 |
Trademarks and tradenames | 30.5 |  |  | (5.3) |  |  |  |  | 25.2 |  |  | 31.1 |  |  | (4.3) |  |  |  |  | 26.8 |
Software | 101.8 |  |  | (68.2) |  |  |  |  | 33.6 |  |  | 95.3 |  |  | (62.8) |  |  |  |  | 32.5 |
Technology | 66.1 |  |  | (28.6) |  |  |  |  | 37.5 |  |  | 66.8 |  |  | (27.2) |  |  |  |  | 39.6 |
Contracts | 13.2 |  |  | (10.5) |  |  |  |  | 2.7 |  |  | 13.2 |  |  | (10.4) |  |  |  |  | 2.8 |
Total intangible assets with definite lives | 310.8 |  |  | (143.8) |  |  |  |  | 167.0 |  |  | 308.4 |  |  | (135.2) |  |  |  |  | 173.2 |
Trademarks and tradenames with indefinite lives | 8.9 |  |  | — |  |  |  |  | 8.9 |  |  | 8.9 |  |  | — |  |  |  |  | 8.9 |
Total identifiable intangible assets, net | $ | 319.7 |  |  | $ | (143.8) |  |  |  |  | $ | 175.9 |  |  | $ | 317.3 |  |  | $ | (135.2) |  |  |  |  | $ | 182.1 |
The following table shows the remaining estimated future amortization expense at March 31, 2020.
Year |  | Amount (in millions)
Remainder of 2020 |  | $ | 28.6 |
2021 |  | 27.1 |
2022 |  | 20.3 |
2023 |  | 14.6 |
2024 |  | 13.8 |
Thereafter |  | 62.6 |
Total |  | $ | 167.0 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration