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Goodwill and Identifiable Intangible Assets, net | 12 Months Ended
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Dec. 31, 2022
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. The Company performed a qualitative assessment by reporting unit as of October 1, 2022. This assessment included consideration of key factors including macroeconomic conditions, industry and market considerations, cost factors, financial performance, and other relevant entity and reporting unit-specific events. Based on our qualitative assessment, we determined it was not more likely than not that the fair value of any reporting unit was less than its carrying amount. As such, it was not necessary to perform a quantitative test. There have been no significant events or circumstances affecting the valuation of goodwill subsequent to the qualitative assessment performed as of October 1, 2022. Allocation of Goodwill to Reporting Segment The following table shows our goodwill balances by reportable segment:
(In millions) |  | Food |  | Protective |  | Total
Gross Carrying Value at December 31, 2020 |  | $ | 579.7 |  |  | $ | 1,833.6 |  |  | $ | 2,413.3 |
Accumulated amortization |  | (49.5) |  |  | (141.2) |  |  | (190.7) |
Carrying Value at December 31, 2020 |  | $ | 530.2 |  |  | $ | 1,692.4 |  |  | $ | 2,222.6 |
Divestiture(1) |  | — |  |  | (23.2) |  |  | (23.2) |
Currency translation |  | (3.1) |  |  | (7.4) |  |  | (10.5) |
Gross Carrying Value at December 31, 2021 |  | $ | 576.6 |  |  | $ | 1,803.0 |  |  | $ | 2,379.6 |
Accumulated amortization |  | (49.3) |  |  | (140.9) |  |  | (190.2) |
Carrying Value at December 31, 2021 |  | $ | 527.3 |  |  | $ | 1,662.1 |  |  | $ | 2,189.4 |
Acquisition(2) |  | 5.2 |  |  | — |  |  | 5.2 |
Currency translation |  | (9.6) |  |  | (11.0) |  |  | (20.6) |
Gross Carrying Value at December 31, 2022 |  | $ | 572.2 |  |  | $ | 1,792.0 |  |  | $ | 2,364.2 |
Accumulated amortization(3) |  | (49.0) |  |  | (140.7) |  |  | (189.7) |
Carrying Value at December 31, 2022 |  | $ | 523.2 |  |  | $ | 1,651.3 |  |  | $ | 2,174.5 |
(1)$23.2 million of goodwill was allocated to Reflectix, as part of the business divestiture. Refer to Note 5, "Acquisition and Divestiture Activity," for additional details. (2)Represents the allocation of goodwill related to our acquisition of Foxpak. See Note 5, "Acquisition and Divestiture Activity," for further details. (3)The change in accumulated amortization from December 31, 2021 to December 31, 2022 is due to the impact of foreign currency translation. As noted above, it was determined under a qualitative assessment that there was no impairment of goodwill. However, if we become aware of indicators of impairment in future periods, we may be required to perform an interim assessment for some or all of our reporting units before the next annual assessment. Examples of such indicators may include a decrease in expected net earnings, adverse equity market conditions, a decline in current market multiples, a decline in our common stock price, a significant adverse change in legal factors or business climates, an adverse action or assessment by a regulator, unanticipated competition, strategic decisions made in response to economic or competitive conditions, or a more likely than not expectation that a reporting unit or a significant portion of a reporting unit will be sold or disposed of. In the event of significant adverse changes of the nature described above, we may have to recognize a non-cash impairment of goodwill, which could have a material adverse effect on our consolidated financial condition and results of operations. Identifiable Intangible Assets, net The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives:
|  | December 31, 2022 |  | December 31, 2021
(In millions) |  | Gross Carrying Value |  | Accumulated Amortization |  | Net |  | Gross Carrying Value |  | Accumulated Amortization |  | Net
Customer relationships |  | $ | 99.5 |  |  | $ | (47.1) |  |  | $ | 52.4 |  |  | $ | 102.7 |  |  | $ | (42.4) |  |  | $ | 60.3 |
Trademarks and tradenames |  | 30.8 |  |  | (14.4) |  |  | 16.4 |  |  | 31.2 |  |  | (11.5) |  |  | 19.7 |
Software |  | 147.7 |  |  | (111.3) |  |  | 36.4 |  |  | 125.5 |  |  | (90.5) |  |  | 35.0 |
Technology |  | 67.0 |  |  | (44.3) |  |  | 22.7 |  |  | 64.9 |  |  | (38.3) |  |  | 26.6 |
Contracts |  | 11.4 |  |  | (9.8) |  |  | 1.6 |  |  | 11.5 |  |  | (9.4) |  |  | 2.1 |
Total intangible assets with definite lives |  | 356.4 |  |  | (226.9) |  |  | 129.5 |  |  | 335.8 |  |  | (192.1) |  |  | 143.7 |
Trademarks and tradenames with indefinite lives |  | 8.9 |  |  | — |  |  | 8.9 |  |  | 8.9 |  |  | — |  |  | 8.9 |
Total identifiable intangible assets, net |  | $ | 365.3 |  |  | $ | (226.9) |  |  | $ | 138.4 |  |  | $ | 344.7 |  |  | $ | (192.1) |  |  | $ | 152.6 |
The following table shows the estimated future amortization expense at December 31, 2022.
Year |  | Amount (In millions)
2023 |  | $ | 32.5 |
2024 |  | 25.4 |
2025 |  | 20.9 |
2026 |  | 9.1 |
2027 |  | 8.9 |
Thereafter |  | 32.7 |
Total |  | $ | 129.5 |
Amortization expense was $36.1 million in 2022, $38.8 million in 2021 and $37.5 million in 2020. The following table shows the remaining weighted average useful life of our definite lived intangible assets as of December 31, 2022.
| Remaining weighted average useful lives
Customer relationships | 9.6
Trademarks and tradenames | 7.7
Software | 2.2
Technology | 5.0
Contracts | 4.8
Total identifiable intangible assets, net with definite lives | 6.4
Expected future cash flows associated with the Company's intangible assets are not expected to be materially affected by the Company's intent or ability to renew or extend the arrangements. Based on our experience with similar agreements, we expect to continue to renew contracts held as intangibles through the end of the remaining useful lives. During the fourth quarter of 2020, we identified a triggering event related to our foam fabrication producing asset group within our Protective segment. The asset group's primary asset was determined to be the intangible asset of Customer Relationships, which had a remaining useful life of approximately 12 years, as of the testing date. The triggering event was related to the finalization of the financial projections and budget which indicated short-term deterioration in the profitability of the specific asset group's North American operations. As of October 1, 2020, we performed a quantitative analysis of the recoverability of the net asset group and determined that the assets were not impaired, as the expected cash flows, including the residual value of the net asset group exceeded the carrying value. Actual performance of the asset group for the years ended December 31, 2022 and 2021 exceeded and were consistent with the financial projections utilized in the 2020 recoverability test. Additionally, financial projections developed for 2023 exceed those previously used in the 2020 impairment test across the asset group. No triggering events were identified during the years ended December 31, 2022

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