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Goodwill and Other Intangible Assets | 6 Months Ended
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Jun. 29, 2025
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 six-month period ended June 29, 2025 is as follows:
|  | Consumer Packaging |  | Industrial Paper Packaging |  | All Other |  | Total |
Goodwill at December 31, 2024 |  | $ | 1,807,971 |  |  | $ | 486,636 |  |  | $ | 231,050 |  |  | $ | 2,525,657 |  |
Divestitures |  | — |  |  | (2,043) |  |  | — |  |  | (2,043) |  |
Measurement period adjustments |  | (32,335) |  |  | — |  |  | — |  |  | (32,335) |  |
Foreign currency translation |  | 166,865 |  |  | 22,215 |  |  | (2,314) |  |  | 186,766 |  |
Goodwill at June 29, 2025 |  | $ | 1,942,501 |  |  | $ | 506,808 |  |  | $ | 228,736 |  |  | $ | 2,678,045 |  |
Goodwill activity reflected under the caption “Measurement period adjustments” relates to the December 2024 acquisition of Eviosys. Goodwill activity reflected under the caption “Divestitures” relates to the April 2025 sale of a small recycling business in Asheville, North Carolina. 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 balance of the Metal Packaging - US 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 financial outlook for the reporting unit or in other factors such as the discount rate. The total goodwill associated with the Metal Packaging - US reporting unit was $384,315 at June 29, 2025. During the time subsequent to the annual evaluation, and at June 29, 2025, 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 June 29, 2025 and December 31, 2024 is as follows:
|  | June 29, 2025 |  | December 31, 2024
Other Intangible Assets, gross: |  |  |  |
Patents |  | $ | 29,596 |  |  | $ | 28,941 |
Customer lists |  | 2,929,093 |  |  | 2,679,372 |
Trade names |  | 40,543 |  |  | 38,623 |
Proprietary technology |  | 244,220 |  |  | 226,936 |
Other |  | 2,842 |  |  | 2,339 |
Total Other Intangible Assets, gross |  | $ | 3,246,294 |  |  | $ | 2,976,211 |
Accumulated Amortization: |  |  |  |
Patents |  | $ | (17,230) |  |  | $ | (15,955) |
Customer lists |  | (418,524) |  |  | (332,680) |
Trade names |  | (15,526) |  |  | (13,239) |
Proprietary technology |  | (37,876) |  |  | (26,203) |
Other |  | (1,846) |  |  | (1,436) |
Total Accumulated Amortization |  | (491,002) |  |  | (389,513) |
Other Intangible Assets, net |  | $ | 2,755,292 |  |  | $ | 2,586,698 |
During the six-month period ended June 29, 2025, the Company recorded measurement period adjustments related to the December 2024 acquisition of Eviosys that increased the previously reported fair value of customer lists by $10,859. The effect on amortization expense in the prior period was immaterial. In addition, the Company wrote off other intangible assets, primarily customer lists, with a net book value of $1,455 as a result of the divestiture of a small recycling business in Asheville, North Carolina. See Note 4 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 $44,193 and $17,479 for the three-month periods ended June 29, 2025 and June 30, 2024, respectively, and $86,154 and $35,373 for the six-month periods ended June 29, 2025 and June 30, 2024, respectively. Amortization expense on other intangible assets is expected to total approximately $173,400 in 2025, $171,800 in 2026, $171,200 in 2027, $170,900 in 2028 and $168,500 in 2029.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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