XML 51 R40.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Goodwill and Identifiable Intangible Assets, net (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Summary of Goodwill Balances by Segment Reporting Structure | The following table shows our goodwill balances by reportable segment:
(In millions) |  | Food |  | Protective |  | Total
Gross Carrying Value at December 31, 2023 |  | $ | 1,284.3 |  |  | $ | 1,798.1 |  |  | $ | 3,082.4 |
Accumulated amortization(1) |  | (49.1) |  |  | (140.8) |  |  | (189.9) |
Carrying Value at December 31, 2023 |  | $ | 1,235.2 |  |  | $ | 1,657.3 |  |  | $ | 2,892.5 |
Currency translation |  | (2.9) |  |  | (5.5) |  |  | (8.4) |
Carrying Value at June 30, 2024 |  | $ | 1,232.3 |  |  | $ | 1,651.8 |  |  | $ | 2,884.1 |
(1)There was no change to our accumulated amortization balance during the six months ended June 30, 2024.
Summary of Identifiable Intangible Assets with Indefinite Useful Lives | The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives. As of June 30, 2024, there were no impairment indicators present.
| June 30, 2024 |  | December 31, 2023
(In millions) | Gross Carrying Value |  | Accumulated Amortization |  |  |  | Net |  | Gross Carrying Value |  | Accumulated Amortization |  |  |  | Net
Customer relationships | $ | 285.5 |  |  | $ | (79.6) |  |  |  |  | $ | 205.9 |  |  | $ | 287.7 |  |  | $ | (69.3) |  |  |  |  | $ | 218.4 |
Trademarks and tradenames | 56.7 |  |  | (21.7) |  |  |  |  | 35.0 |  |  | 57.0 |  |  | (19.4) |  |  |  |  | 37.6 |
Software | 152.5 |  |  | (122.3) |  |  |  |  | 30.2 |  |  | 148.2 |  |  | (112.8) |  |  |  |  | 35.4 |
Technology | 196.6 |  |  | (67.8) |  |  |  |  | 128.8 |  |  | 197.5 |  |  | (60.1) |  |  |  |  | 137.4 |
Contracts | 11.4 |  |  | (10.3) |  |  |  |  | 1.1 |  |  | 11.5 |  |  | (10.2) |  |  |  |  | 1.3 |
Total intangible assets with definite lives | 702.7 |  |  | (301.7) |  |  |  |  | 401.0 |  |  | 701.9 |  |  | (271.8) |  |  |  |  | 430.1 |
Trademarks and tradenames with indefinite lives | 8.9 |  |  | — |  |  |  |  | 8.9 |  |  | 8.9 |  |  | — |  |  |  |  | 8.9 |
Total identifiable intangible assets, net | $ | 711.6 |  |  | $ | (301.7) |  |  |  |  | $ | 409.9 |  |  | $ | 710.8 |  |  | $ | (271.8) |  |  |  |  | $ | 439.0 |
Summary of Identifiable Intangible Assets with Definite Useful Lives | The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives. As of June 30, 2024, there were no impairment indicators present.
| June 30, 2024 |  | December 31, 2023
(In millions) | Gross Carrying Value |  | Accumulated Amortization |  |  |  | Net |  | Gross Carrying Value |  | Accumulated Amortization |  |  |  | Net
Customer relationships | $ | 285.5 |  |  | $ | (79.6) |  |  |  |  | $ | 205.9 |  |  | $ | 287.7 |  |  | $ | (69.3) |  |  |  |  | $ | 218.4 |
Trademarks and tradenames | 56.7 |  |  | (21.7) |  |  |  |  | 35.0 |  |  | 57.0 |  |  | (19.4) |  |  |  |  | 37.6 |
Software | 152.5 |  |  | (122.3) |  |  |  |  | 30.2 |  |  | 148.2 |  |  | (112.8) |  |  |  |  | 35.4 |
Technology | 196.6 |  |  | (67.8) |  |  |  |  | 128.8 |  |  | 197.5 |  |  | (60.1) |  |  |  |  | 137.4 |
Contracts | 11.4 |  |  | (10.3) |  |  |  |  | 1.1 |  |  | 11.5 |  |  | (10.2) |  |  |  |  | 1.3 |
Total intangible assets with definite lives | 702.7 |  |  | (301.7) |  |  |  |  | 401.0 |  |  | 701.9 |  |  | (271.8) |  |  |  |  | 430.1 |
Trademarks and tradenames with indefinite lives | 8.9 |  |  | — |  |  |  |  | 8.9 |  |  | 8.9 |  |  | — |  |  |  |  | 8.9 |
Total identifiable intangible assets, net | $ | 711.6 |  |  | $ | (301.7) |  |  |  |  | $ | 409.9 |  |  | $ | 710.8 |  |  | $ | (271.8) |  |  |  |  | $ | 439.0 |
Remaining Estimated Future Amortization Expense | The following table shows the remaining estimated future amortization expense at June 30, 2024.
Year |  | Amount (In millions)
Remainder of 2024 |  | $ | 31.9 |
2025 |  | 57.3 |
2026 |  | 46.2 |
2027 |  | 40.0 |
2028 |  | 38.9 |
Thereafter |  | 186.7 |
Total |  | $ | 401.0 |

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 Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 + Details
Name: | us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482548/350-20-55-24 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-2 + Details
Name: | us-gaap_ScheduleOfGoodwillTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance and exist in perpetuity, by either major class or business segment. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 + Details
Name: | us-gaap_ScheduleOfIndefiniteLivedIntangibleAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 + Details
Name: | us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration