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Goodwill And Other Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill And Other Intangible Assets

5. GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS

A reconciliation of goodwill at December 31, 2022 and 2021 is as follows:

(In thousands)						Aluminum Extrusions(a)						PE Films(a)						Total
Net carrying value of goodwill at December 31, 2020						$	10,370					$	57,338					$	67,708
Out-of-period adjustment						2,900						—						2,900
Net carrying value of goodwill at December 31, 2021						13,270						57,338						70,608
Net carrying value of goodwill at December 31, 2022						$	13,270					$	57,338					$	70,608
(a) The goodwill of Aluminum Extrusions and PE Films is carried by the Futura and Surface Protection reporting units, respectively.

During the fourth quarter of 2021, the Company recorded an out-of-period adjustment in connection with the original valuation of intangible assets and goodwill related to the acquisition of Futura in February 2017. This adjustment resulted in a reclassification of $2.9 million from acquired customer relationship intangible assets to goodwill and a $0.9 million decrease to accumulated amortization and amortization expense as of and for the period ended December 31, 2021.

A reconciliation of identifiable intangibles at December 31, 2022 and 2021 is as follows:

(In thousands)			Customer Relationships						Proprietary Technology						Trade Names						Total
Gross carrying value at December 31, 2022			$	26,549					$	3,726					$	13,394					$	43,669
Accumulated amortization			(15,467)						(3,672)						(12,840)						(31,979)
Net carrying value at December 31, 2022			$	11,082					$	54					$	554					$	11,690
Gross carrying value at December 31, 2021(a)			$	26,526					$	3,721					$	13,338					$	43,585
Accumulated amortization			(13,267)						(3,603)						(12,563)						(29,433)
Net carrying value at December 31, 2021			$	13,259					$	118					$	775					$	14,152
(a) Includes a $2.9 million gross reclassification from customer relationship intangible assets to goodwill offset by a $0.9 million decrease to accumulated amortization as a result of the out-of-period adjustment.

Amortization expense over the next five years is expected to be as follows:

Year			Amount (In thousands)
2023			$	1,894
2024			1,854
2025			1,854
2026			1,854
2027			1,854

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- References

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- 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

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