XML 22 R14.htm IDEA: XBRL DOCUMENT
v3.23.1

Goodwill and Other Intangible Assets | 3 Months Ended
--- | ---
Apr. 02, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill A summary of the changes in goodwill for the three-month period ended April 2, 2023 is as follows:
|  | Consumer Packaging |  | Industrial Paper Packaging |  | All Other |  | Total |
Goodwill at December 31, 2022 |  | $ | 898,625 |  |  | $ | 394,826 |  |  | $ | 381,860 |  |  | $ | 1,675,311 |  |
Dispositions |  | — |  |  | (3,042) |  |  | — |  |  | (3,042) |  |
Foreign currency translation |  | 2,145 |  |  | 5,520 |  |  | 621 |  |  | 8,286 |  |
Measurement period adjustments |  | 439 |  |  | (1,447) |  |  | — |  |  | (1,008) |  |
Goodwill at April 2, 2023 |  | $ | 901,209 |  |  | $ | 395,857 |  |  | $ | 382,481 |  |  | $ | 1,679,547 |  |
Goodwill activity reflected under the caption “Dispositions” relates to the sale of the Company's S3 business on January 25, 2023. Goodwill activity reflected under the caption “Measurement period adjustments” relates to the prior year acquisitions of Metal Packaging and Skjern. See Note 3 for additional information. The Company assesses goodwill for impairment annually during the third quarter, or from time to time when warranted by the facts and circumstances surrounding individual reporting units or the Company as a whole. The Company completed its most recent annual goodwill impairment testing during the third quarter of 2022 and analyzed certain qualitative and quantitative factors in determining whether a goodwill impairment existed. The Company's assessments reflected a number of significant management assumptions and estimates including the Company's forecast of sales growth, gross profit margins, and discount rates. Changes in these assumptions could materially impact the Company's conclusions. Based on its assessments, the Company concluded that there was no impairment of goodwill for any of its reporting units. Although no reporting units failed the annual impairment test, in management’s opinion the goodwill balances of the Plastics - Healthcare and Protexic reporting units are at risk of impairment in the near term if each reporting unit's operations do not perform in line with management's expectations, or if there is a negative change in the long-term outlook for the business or in other factors such as the discount rate. At April 2, 2023, the t otal goodwill associated with the Plastics - Healthcare reporting uni t was $62,963 and the tot al goodwill associated with the Protexic reporting unit w as $29,051. During the time subsequent to the annual evaluation, and at April 2, 2023, the Company considered whether any events and/or changes in circumstances had resulted in the likelihood that the goodwill of any of its reporting units may have been impaired. It is management's opinion that no such events and/or changes in circumstances have occurred. Other Intangible Assets A summary of other intangible assets as of April 2, 2023 and December 31, 2022 is as follows:
|  | April 2, 2023 |  | December 31, 2022
Other Intangible Assets, gross: |  |  |  |
Patents |  | $ | 29,301 |  |  | $ | 29,303 |
Customer lists |  | 1,093,534 |  |  | 1,092,232 |
Trade names |  | 32,940 |  |  | 34,220 |
Proprietary technology |  | 56,851 |  |  | 57,720 |
Other |  | 6,276 |  |  | 6,721 |
Total Other Intangible Assets, gross |  | $ | 1,218,902 |  |  | $ | 1,220,196 |
Accumulated Amortization: |  |  |  |
Patents |  | $ | (18,296) |  |  | $ | (17,889) |
Customer lists |  | (438,067) |  |  | (417,034) |
Trade names |  | (16,568) |  |  | (15,892) |
Proprietary technology |  | (25,709) |  |  | (25,113) |
Other |  | (2,478) |  |  | (2,670) |
Total Accumulated Amortization |  | $ | (501,118) |  |  | $ | (478,598) |
Other Intangible Assets, net |  | $ | 717,784 |  |  | $ | 741,598 |
Other intangible assets are amortized using the straight-line method over their respective useful lives when management has determined that the straight-line method approximates the pattern of consumption of the respective intangible assets. These lives generally range from three to forty years. The Company has no intangible assets with indefinite lives. Aggregate amortization expense was $21,164 and $18,800 for the three-month periods ended April 2, 2023 and April 3, 2022, respectively. Amortization expense on other intangible assets is expected to total approximately $81,900 in 2023, $74,000 in 2024, $64,900 in 2025, $61,600 in 2026 and $60,100 in 2027.

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 https://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration