Segment and Geographic Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment and Geographic Information

Note 4 — Segment and Geographic Information

In accordance with ASC 280, Segment Reporting (“ASC 280”), we determined we have two operating segments which are aggregated into one reportable segment, Ranpak. The chief operating decision maker assesses the Company’s performance and allocates resources based on the Company’s consolidated financial information. The aggregation of the two operating segments is based on the Company’s determination that, per ASC 280, the operating segments have similar economic characteristics, and are similar in all of the following areas: the nature of products and services, the nature of production processes, the type or class of customer for their products or services, and the methods used to distribute their products or provide their services. In addition, the operating segments were aggregated for purposes of determining whether segments meet the quantitative threshold for separate reporting.

We attribute revenue and gross profit to individual countries based on the selling location. Our products are primarily sold from North America and Europe. As previously noted, segment gross profit includes certain depreciation and amortization expenses that are included in cost of goods sold.

	Three Months Ended March 31,
	2022			2021
Revenue
North America	$	30.9		$	28.1
Europe/Asia		51.6			59.6
Net revenue		82.5			87.7
Segment gross profit
North America		9.9			9.7
Europe/Asia		14.7			26.6
Gross profit		24.6			36.3
Expenses excluded from segment gross profit
Selling, general and administrative expenses		29.7			19.1
Depreciation and amortization expense		8.2			8.7
Other operating expense, net		0.5			0.8
Interest expense		5.0			5.6
Foreign currency gain		(0.6	)		(3.6	)
Income (loss) before income tax benefit	$	(18.2	)	$	5.7

Our customers are not concentrated in any specific geographic region. During the three months ended March 31, 2022 and 2021, no customers exceeded 10% of net revenue.

The following table presents our long-lived assets by geographic region:

	March 31, 2022		December 31, 2021
North America	$	61.8	$	62.1
Europe/Asia		61.3		64.2
Total long-lived assets	$	123.1	$	126.3