Acquisition (Tables)

6 Months Ended

Jun. 30, 2019

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following represents the preliminary purchase price allocation for the Ranpak Business Combination:



	Amount
Total Consideration, net of cash acquired	$	944.9

Cash and cash equivalents	10.1
Accounts receivable	28.2
Inventories	15.1
Property, plant and equipment	105.5
Other assets	4.8
Intangible assets	450.9
Total identifiable assets acquired	614.6
Accounts payable	8.6
Accrued expenses	7.4
Other liabilities	3.8
Deferred tax liabilities	112.8
Net identifiable liabilities acquired	132.6
Goodwill	$	462.9

Intangible assets and property, plant and equipment balance comprise the following:



	Preliminary Fair Value		Remaining Useful Lives
Trade Names/Trademarks	$	62.0	15 years
Patented/Unpatented Technology	192.3		10 years
Customer/Distributor Relationships	196.6		15 years
Total Preliminary Fair Value	$	450.9

Machinery and Equipment	$	94.8	5 years
Buildings and Improvements	6.6		15 years
Land	4.1		N/A
Total Preliminary Fair Value	$	105.5

Business Combination, Separately Recognized Transactions



	Amount
Deferred financing costs	$	12.6
Transaction costs	25.6
Payment of accrued transaction costs	9.8
Total	$	48.0

Debt issuance costs:
Presented as reduction to debt	$	10.9
Presented as asset	1.7
Total Debt issuance costs	$	12.6

Business Acquisition, Pro Forma Information

The following information represents the unaudited supplemental pro forma results of the Company’s condensed consolidated statement of operations as if the Ranpak Business Combination occurred on January 1, 2018, for the three months and six months ended June 30, 2019 and 2018, after giving effect to certain adjustments, including depreciation and amortization of the assets acquired and liabilities assumed based on their estimated fair values and changes in interest expense resulting from changes in debt (in millions):



	Three Months Ended June 30,					Six Months Ended June 30,
	2019			2018		2019			2018
Net Sales	$	59.9		$	65.2	$	126.5		$	126.8

Net (loss) income	$	(6.1	)	$	1.8	$	(8.6	)	$	(4.9	)