
	Consumer Packaging		Industrial Paper Packaging		Total
Goodwill at December 31, 2025	$	1,947,991	$	563,620	$	2,511,611

Divestitures	—		(538)		(538)



Foreign currency translation	(43,769)		(3,566)		(47,335)
Goodwill at June 28, 2026	$	1,904,222	$	559,516	$	2,463,738

The goodwill balance of the Industrial Paper Packaging segment at December 31, 2025 includes $55,244 related to Industrial Plastics, previously reported as part of the All Other group of businesses. See Note 1 for additional information. Goodwill activity reflected as “Divestitures” above relates to the June 2026 sale of a small recycling business in Savannah, Georgia, part of the Industrial Paper Packaging segment. 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 2025 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 during the discrete period, EBITDA, 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 Consumer Packaging Europe, Middle East and Africa (“EMEA”)/Asia-Pacific (“APAC”) and Global Paper Products APAC reporting units are 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. In the case of Consumer Packaging EMEA/APAC, the lower differential between the fair value and carrying value of the reporting unit is due to the acquisition of Eviosys in December 2024, at which time the majority of assets and liabilities acquired were recorded at fair value. The total goodwill associated with the Consumer Packaging EMEA/APAC and Global Paper Products APAC reporting units was $1,415,082 and $26,346, respectively, at June 28, 2026.

During the time subsequent to the annual evaluation, and at June 28, 2026, 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.

A summary of other intangible assets as of June 28, 2026 and December 31, 2025 is as follows:


	June 28, 2026		December 31, 2025
Other Intangible Assets, gross:
Patents	$	29,235	$	29,403
Customer lists	2,833,022		2,895,345
Trade names	27,929		28,417
Proprietary technology	228,380		234,336
Other	2,071		2,054
Total Other Intangible Assets, gross	$	3,120,637	$	3,189,555

Accumulated Amortization:
Patents	$	(19,971)	$	(18,706)
Customer lists	(499,254)		(431,704)
Trade names	(13,188)		(12,488)
Proprietary technology	(53,526)		(41,990)
Other	(1,306)		(1,193)
Total Accumulated Amortization	(587,245)		(506,081)
Other Intangible Assets, net	$	2,533,392	$	2,683,474

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 twenty years. The Company has no intangible assets with indefinite lives.

Aggregate amortization expense was $45,570 and $44,193 for the three-month periods ended June 28, 2026 and June 29, 2025, respectively, and $89,890 and $86,154 for the six-month periods ended June 28, 2026 and June 29, 2025, respectively. Amortization expense on other intangible assets is expected to total approximately $181,200 in 2026, $181,200 in 2027, $181,200 in 2028, $180,400 in 2029 and $179,200 in 2030.