Goodwill and Identifiable Intangible Assets, net

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets, net

Goodwill

We review goodwill for impairment on a reporting unit basis annually during the fourth quarter of each year and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Since the date of our last annual goodwill impairment assessment, there have been no significant events or circumstances that have indicated a potential for impairment.

Allocation of Goodwill to Reporting Segment

The following table shows our goodwill balances by reportable segment:


(In millions)	Food		Protective		Total
Gross Carrying Value at December 31, 2024	$	1,277.9	$	1,790.2	$	3,068.1
Accumulated amortization(1)	(48.9)		(140.7)		(189.6)
Carrying Value at December 31, 2024	$	1,229.0	$	1,649.5	$	2,878.5

Currency translation	3.4		4.2		7.6

Carrying Value at March 31, 2025	$	1,232.4	$	1,653.7	$	2,886.1

(1)There was no change to our accumulated amortization balance during the three months ended March 31, 2025.

Identifiable Intangible Assets, net

The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives. As of March 31, 2025, there were no impairment indicators present.


	March 31, 2025				December 31, 2024
(In millions)	Gross Carrying Value		Accumulated Amortization		Net		Gross Carrying Value		Accumulated Amortization		Net
Customer relationships	$	285.4	$	(96.3)	$	189.1	$	284.0	$	(89.9)	$	194.1
Trademarks and tradenames	56.5		(25.1)		31.4		56.5		(23.9)		32.6
Software	158.0		(135.7)		22.3		156.3		(131.5)		24.8
Technology	196.9		(80.5)		116.4		196.2		(75.9)		120.3
Contracts	11.4		(10.6)		0.8		11.4		(10.5)		0.9
Total intangible assets with definite lives	708.2		(348.2)		360.0		704.4		(331.7)		372.7
Trademarks and tradenames with indefinite lives	8.9		—		8.9		8.9		—		8.9
Total identifiable intangible assets, net	$	717.1	$	(348.2)	$	368.9	$	713.3	$	(331.7)	$	381.6

The following table shows the remaining estimated future amortization expense at March 31, 2025.


Year	Amount (In millions)
Remainder of 2025	$	43.9
2026	47.6
2027	42.2
2028	39.5
2029	37.8
Thereafter	149.0
Total	$	360.0

Expected future cash flows associated with the Company's intangible assets are not expected to be materially affected by the Company's intent or ability to renew or extend the arrangements. Based on our experience with similar agreements, we expect to continue to renew contracts held as intangibles through the end of their remaining useful lives.

SEALED AIR CORP/DE 10-Q