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Goodwill and Other Intangible Assets | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024 is as follows:
|  | Consumer Packaging |  | Industrial Paper Packaging |  | All Other |  | Total |
Goodwill at December 31, 2023 |  | $ | 1,056,241 |  |  | $ | 506,406 |  |  | $ | 248,007 |  |  | $ | 1,810,654 |  |
Foreign currency translation |  | (4,427) |  |  | (2,808) |  |  | (212) |  |  | (7,447) |  |
Measurement period adjustments |  | (7,130) |  |  | — |  |  | — |  |  | (7,130) |  |
Goodwill at March 31, 2024 |  | $ | 1,044,684 |  |  | $ | 503,598 |  |  | $ | 247,795 |  |  | $ | 1,796,077 |  |
Goodwill activity reflected under the caption “Measurement period adjustments” relates to the prior year acquisition of Inapel. 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 2023 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 balance of the Plastics-Medical reporting unit is at risk of impairment in the near term if the 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 March 31, 2024, the total goodwill associated with the Plastics-Medical reporting unit was $63,991. During the time subsequent to the annual evaluation, and at March 31, 2024, 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 March 31, 2024 and December 31, 2023 is as follows:
|  | March 31, 2024 |  | December 31, 2023
Other Intangible Assets, gross: |  |  |  |
Patents |  | $ | 29,297 |  |  | $ | 29,304 |
Customer lists |  | 1,277,948 |  |  | 1,282,689 |
Trade names |  | 41,738 |  |  | 41,836 |
Proprietary technology |  | 56,848 |  |  | 56,857 |
Other |  | 6,820 |  |  | 6,916 |
Total Other Intangible Assets, gross |  | $ | 1,412,651 |  |  | $ | 1,417,602 |
Accumulated Amortization: |  |  |  |
Patents |  | $ | (19,956) |  |  | $ | (19,549) |
Customer lists |  | (511,699) |  |  | (493,778) |
Trade names |  | (20,146) |  |  | (18,845) |
Proprietary technology |  | (29,971) |  |  | (29,013) |
Other |  | (2,794) |  |  | (2,747) |
Total Accumulated Amortization |  | (584,566) |  |  | (563,932) |
Other Intangible Assets, net |  | $ | 828,085 |  |  | $ | 853,670 |
During the first quarter of 2024, the Company recorded measurement period adjustments related to the December 1, 2023 acquisition of Inapel that reduced the previously reported fair value of customer lists by $1,094. The effect on amortization expense in the prior period was immaterial. See Note 3 for additional information. 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 or in relation to the asset’s specific pattern of consumption if management has determined that the straight-line method does not provide a fair approximation of the consumption of benefits. These lives generally range from three to forty years. The Company has no intangible assets with indefinite lives. Aggregate amortization expense was $22,939 and $21,164 for the three-month periods ended March 31, 2024 and April 2, 2023, respectively. Amortization expense on other intangible assets is expected to total approximately $90,200 in 2024, $78,900 in 2025, $75,000 in 2026, $73,900 in 2027 and $72,900 in 2028.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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