Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

10. Goodwill and Intangible Assets

Goodwill

Goodwill represents the excess of the cost of an acquired business over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. At June 30, 2022 and December 31, 2021 we had $922.5 million and $923.5 million, respectively, of goodwill recorded in our Packaging segment, which represents the entire goodwill balance reported on our Consolidated Balance Sheets.

Changes in the carrying amount of our goodwill are as follows (dollars in millions):


	Goodwill
Balance at January 1, 2022	$	923.5
Acquisitions (a)		(1.0	)
Balance at June 30, 2022	$	922.5

(a)

During the six months ended June 30, 2022, the Company recorded a $1.0 million adjustment to decrease the goodwill balance for the Company's December 2021 acquisition of Advance Packaging.

Intangible Assets

Intangible assets are primarily comprised of customer relationships and trademarks and trade names.

The weighted average remaining useful life, gross carrying amount, and accumulated amortization of our intangible assets were as follows (dollars in millions):


	June 30, 2022						December 31, 2021
	Weighted Average Remaining Useful Life (in Years)		Gross Carrying Amount		Accumulated Amortization		Weighted Average Remaining Useful Life (in Years)		Gross Carrying Amount		Accumulated Amortization
Customer relationships (b)		8.6	$	546.0	$	273.0		8.5	$	551.1	$	254.9
Trademarks and trade names (b)		7.4		41.3		27.2		8.4		37.6		25.5
Other (b)		3.6		4.5		4.3		2.2		4.4		4.3
Total intangible assets (excluding goodwill)		8.6	$	591.8	$	304.5		8.5	$	593.1	$	284.7

(b)

In connection with the December 2021 acquisition of Advance Packaging, the Company recorded intangible assets of $47.3 million for customer relationships, $2.8 million for trade names, and $0.1 million for other intangibles. During the three months ended June 30, 2022, the Company made a $1.4 million net adjustment based on the valuation received for the intangible assets. This adjustment resulted in a revision to the original allocations for customer relationships and trade names. As of June 30, 2022, the revised allocations for customer relationships and trade names are $42.2 million and $6.5 million, respectively.

During the six months ended June 30, 2022 and 2021, amortization expense was $19.8 million and $18.9 million, respectively.