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Goodwill and other intangible assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and other intangible assets Goodwill and other intangible assets
Goodwill
Changes in the carrying amount of goodwill by segment for the year ended December 31, 2024, are as follows:
Consumer
Packaging
Industrial Paper
Packaging
All Other
Total
Balance as of January 1, 2024
$543,598 $506,406 $248,007 $1,298,011 
Acquisitions
1,285,518 — — 1,285,518 
    Divestitures— — (16,559)(16,559)
    Foreign currency translation(21,145)(19,770)(398)(41,313)
Balance as of December 31, 2024
$1,807,971 $486,636 $231,050 $2,525,657 

Goodwill activity reflected under the caption “Acquisitions” relates to the December 2024 acquisition of Eviosys, and goodwill activity reflected under the caption “Divestitures” relates to the April 2024 divestiture of Protexic. See Note 4 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 2024 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-Medical, Plastics-Food, and Metal Packaging reporting units are individually at risk of impairment in the near term if each reporting unit’s operation does not perform in line with management’s expectations, or if there is a negative change in the long-term financial outlook for each reporting unit or in other factors such as the particular discount rates used. Both the Plastics-Medical and Plastics-Food reporting units are part of the Company’s Thermoformed and Flexibles Packaging business and are included in the pending sale of TFP to Toppan. See Notes 1 and 2 for additional information. In the case of Metal Packaging, the lower differential between the fair value and carrying value of the reporting unit is due to the acquisition of Ball Metalpack Holding, LLC in 2022, at which time the majority of assets and liabilities acquired were recorded at fair value. The total goodwill associated with the Plastics-Medical and Plastics-Food reporting units at December 31, 2024 was $63,575 and $198,807, respectively, and are reflected in “Non-current assets of discontinued operations” in the Company’s Consolidated Balance Sheets. The total goodwill associated with the Metal Packaging reporting unit at December 31, 2024 was $384,315 and is reflected in “Goodwill” in the Company’s Consolidated Balance Sheets.
In the annual goodwill impairment analysis completed during the third quarter of 2024, projected future cash flows for the Plastics-Medical, Plastics-Food, and Metal Packaging reporting units were discounted at 11.5%, 10.5%, and 11.0%, respectively, and their estimated fair values were determined to exceed their individual carrying values by approximately 18.7%, 18.9%, and 12.6%, respectively. Based on the discounted cash flow model and holding other valuation assumptions constant, the discount rates for the Plastics-Medical, Plastics-Food and Metal Packaging reporting units would have to increase to 13.8%, 12.4%, and 12.1%, respectively, in order for the estimated fair values of the reporting units to fall below their carrying values.
During the time subsequent to the annual evaluation, and at December 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
Details at December 31 are as follows:
20242023
Other Intangible Assets, Gross:
Patents$28,941 $23,970 
Customer lists2,679,372 995,077 
Trade names38,623 27,108 
Proprietary technology226,936 48,657 
Other2,339 6,206 
Total Other Intangible Assets, Gross$2,976,211 $1,101,018 
Accumulated Amortization:
Patents$(15,955)$(14,215)
Customer lists(332,680)(328,895)
Trade names(13,239)(8,327)
Proprietary technology(26,203)(20,813)
Other(1,436)(2,211)
Total Accumulated Amortization$(389,513)$(374,461)
Other Intangible Assets, Net$2,586,698 $726,557 

The acquisition of Eviosys in December 2024 resulted in the addition of $1,967,678 of intangible assets, primarily related to customer lists. These intangibles will be amortized over an average useful life of 18.9 years. The fair values of intangible assets associated with this acquisition were determined using an income valuation approach. “Total Other Intangibles Assets, gross” and “Total Accumulated Amortization” were both reduced by $54,860 during the year ended December 31, 2024 as a result of the divestiture of Protexic in April 2024. These fully amortized intangible assets consisted primarily of customer lists. See Note 4 for additional information.
Other intangible assets are amortized using the straight-line method over their respective useful lives when management determines 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 determines 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 on intangible assets was $78,595, $67,323, and $60,263 for the years ended December 31, 2024, 2023, and 2022, respectively. Amortization expense on other intangible assets is expected to approximate $173,400 in 2025, $171,600 in 2026, $170,300 in 2027, $169,700 in 2028 and $167,200 in 2029 based on intangible assets as of December 31, 2024.