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Restatement of Previously Issued Unaudited Condensed Consolidated Interim Financial Statements (UNAUDITED)
 12 Months Ended
Dec. 31, 2019
Accounting Changes and Error Corrections [Abstract]  
Restatement of Previously Issued Unaudited Condensed Consolidated Interim Financial Statements Restatement of Previously Issued Unaudited Condensed Consolidated Interim Financial Statements (UNAUDITED)

Subsequent to the issuance of our unaudited condensed consolidated interim financial statements as of June 30, 2019 (Successor) and for the Predecessor Period January 1, 2019 through June 2, 2019 and April 1, 2019 through June 2, 2019 and the Successor Period June 3, 2019 through June 30, 2019 and September 30, 2019 (Successor) and for the Predecessor Period January 1, 2019 through June 2, 2019 and the Successor period for the three months ended September 30, 2019 and the period June 3, 2019 through September 30, 2019, management identified several errors related to presentation of the Predecessor Period (January 1, 2019 through June 2, 2019) resulting from incorrect accounting and reporting related to the Ranpak Business Combination. The foreign currency translation adjustments line item in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) was misstated by ($27.6 million) and the Unaudited Condensed Consolidated Statement of Changes in Shareholders’ Equity was also misstated as a result of all of the errors identified as noted in the below table. Additionally it was determined that the Unaudited Condensed Consolidated Statement of Cash Flows included several misclassified amounts in the Predecessor Period, resulting in a ($7.8 million) misstatement of net cash flows provided by operating activities, a ($1.1 million) misstatement of net cash flows used in financing activities, and a $8.9 million misstatement in the effect of exchange rate changes on cash. The Company has corrected the errors in this Form 10-K and will prospectively correct the comparable Q2 and Q3 2019 unaudited condensed consolidated interim financial statements that will be presented in the Q2 and Q3 2020 unaudited condensed consolidated interim Form 10-Q filings, respectively.

In addition, management also identified several errors in the unaudited condensed consolidated interim financial statements for the Successor Period (June 3,2019 through June 30, 2019 for Q2 2019 and June 3,2019 through September 30, 2019 for Q3 2019) resulting from incorrect accounting and reporting related to the Ranpak Business Combination. These Successor Period errors resulted in multiple misstatements in the Unaudited Condensed Consolidated Statement of Cash Flows including $3.4 million of net cash provided by financing activities and $7.9 million of effects of exchange rate changes on cash. We also misclassified (1) $308.1 million, relating to the cash withdrawn from trust account, between net cash used in investing activities and beginning cash and (2) $11.3 million, relating to One Madison Corporation’s deferred initial public offering underwriting fees, between net cash used in operating activities and net cash from financing activities. Ending cash balance for both the second and third quarter remain unchanged. Goodwill was also misstated by $10.0 million. The foreign currency gain line item in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) was misstated by $2.5 million and the Unaudited Condensed Consolidated Statement of Changes in Shareholders’ Equity was also misstated as a result of the errors identified as noted in the below table. The Company has corrected the errors in this Form 10-K and will prospectively correct the comparable Q2 and Q3 2019 unaudited condensed consolidated interim financial statements that will be presented in the Q2 and Q3 2020 unaudited condensed consolidated interim Form 10-Q filings, respectively.

Management has evaluated the materiality of these misstatements and concluded that the Predecessor Period and Successor Period misstatements were not material to the unaudited condensed consolidated interim financial statements as of June 30, 2019 (Successor) and for the Predecessor Period January 1, 2019 through June 2, 2019 and April 1, 2019 through June 2, 2019 and the Successor Period June 3, 2019 through June 30, 2019 and September 30, 2019 (Successor) and for the Predecessor Period January 1, 2019 through June 2, 2019 and the Successor period for the three months ended September 30, 2019 and the period June 3, 2019 through September 30, 2019, respectively.

The impact of the necessary adjustments on the total amounts previously reported for the Predecessor Period in our unaudited condensed consolidated interim financial statements (included in our quarterly reports on Form 10-Q for the three and six months ended June 30, 2019 and for the three and nine months ended September 30, 2019) is summarized in the following table:


Predecessor Period (January 1, 2019 through June 2, 2019)

As previously reported in Q2 and Q3 Form 10-Qs
Adjustment
As Restated
Unaudited Condensed Consolidated Statement of Cash Flows (January 1, 2019 through June 2, 2019)



Deferred income taxes
$
0.6

$
(7.8
)
$
(7.2
)
Net cash (used in) provided by operating activities
$
24.5

$
(7.8
)
$
16.7

Payments on term loans and credit facility
$
(13.3
)
$
(1.1
)
$
(14.4
)
Net cash provided by (used in) financing activities
$
(13.3
)
$
(1.1
)
$
(14.4
)
Effect of Exchange Rate Changes on Cash
$
(7.7
)
$
8.9

$
1.2





Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (from January 1, 2019 through June 2, 2019)



Foreign currency translation adjustments
$
23.6

$
(27.6
)
$
(4.0
)
Comprehensive income (loss)
$
4.6

$
(27.6
)
$
(23.0
)




Unaudited Condensed Consolidated Statement of Changes in Shareholders’ Equity - Predecessor (at June 2, 2019)



Additional Paid In Capital
$
—

$
291.4

$
291.4

Accumulated Deficit
$
—

$
(88.9
)
$
(88.9
)
Treasury Stock
$
—

$
(1.5
)
$
(1.5
)
Accumulated Other Comprehensive Loss
$
—

$
(27.6
)
$
(27.6
)
Total Shareholders’ Equity
$
—

$
173.4

$
173.4



Predecessor Period (April 1, 2019 through June 2, 2019)

As previously reported in Q2 Form 10-Q of 2019
Adjustment
As Restated
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (from April 1, 2019 through June 2, 2019)



Foreign currency translation adjustments
$
27.0

$
(27.6
)
$
(0.6
)
Comprehensive income (loss)
$
11.2

$
(27.6
)
$
(16.4
)

The impact of the necessary adjustments on the total amounts previously reported for the Successor Period from June 3, 2019 through June 30, 2019 in our unaudited condensed consolidated interim financial statements (included in our quarterly report on Form 10-Q for the three and six months ended June 30, 2019) is summarized in the following table:










Successor Period (June 3, 2019 through June 30 2019)

As previously reported in Q2 Form 10-Q of 2019
Adjustment
As Restated
Unaudited Condensed Consolidated Statement of Cash Flows



Net loss
$
(10.5
)
$
(1.9
)
$
(12.4
)
(Decrease) increase in accounts payable
$
(25.8
)
$
11.3

$
(14.5
)
Increase (decrease) accrued liabilities
$
0.9

$
(0.6
)
$
0.3

Currency gain on foreign denominated notes payable
$
(0.8
)
$
2.5

$
1.7

Net cash (used in) provided by operating activities
$
(24.6
)
$
11.3

$
(13.3
)
Cash withdrawn from trust account
$
—

$
308.1

$
308.1

Net cash used in investing activities
$
(947.6
)
$
308.1

$
(639.5
)




Proceeds from issuance of term loans and credit facility
$
539.0

$
(4.4
)
$
534.6

Proceeds from sale of common stock
$
302.4

$
12.3

$
314.7

Payments of deferred registration costs
$
—

$
(11.3
)
$
(11.3
)
Net cash provided by (used in) financing activities
$
666.5

$
(3.4
)
$
663.1

Effect of Exchange Rate Changes on Cash
$
7.4

$
(7.9
)
$
(0.5
)
Net increase (decrease) in cash and cash equivalents
$
(298.3
)
$
308.1

$
9.8

Cash and Cash Equivalents, beginning of period
$
309.8

$
(308.1
)
$
1.7





Unaudited Condensed Consolidated Balance Sheet (at June 30, 2019)



Goodwill
$
464.1

$
10.0

$
474.1

Total assets
$
1,082.4

$
10.0

$
1,092.4

Accrued liabilities and other
$
10.3

$
(0.6
)
$
9.7

Total current liabilities
$
24.2

$
(0.6
)
$
23.6

Total Liabilities
$
671.7

$
(0.6
)
$
671.6

Additional Paid In Capital
$
428.3

$
15.0

$
443.3

Accumulated other comprehensive (loss)
$
4.8

$
(2.5
)
$
2.3

Accumulated deficit
$
(22.4
)
$
(1.9
)
$
(24.3
)
Total Shareholders’ Equity
$
410.7

$
10.6

$
421.3

Total Liabilities and Shareholders' Equity
$
1,082.4

$
10.0

$
1,092.4





Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (from June 3, 2019 through June 30, 2019)



Foreign currency (gain) loss
$
(0.8
)
$
2.5

$
1.7

Loss before income taxes
$
(12.3
)
$
(2.5
)
$
(14.8
)
Income tax benefit
$
(1.8
)
$
(0.6
)
$
(2.4
)
Net income (loss)
$
(10.5
)
$
(1.9
)
$
(12.4
)
Comprehensive income (loss)
$
(5.7
)
$
(1.9
)
$
(7.6
)
Net income (loss) per share
$
(0.19
)
$
(0.04
)
$
(0.23
)
 
 
 
 
Unaudited Condensed Consolidated Statement of Changes in Shareholders’ Equity - Successor (at June 30, 2019)



Additional Paid In Capital
$
428.3

$
15.0

$
443.3

Accumulated other comprehensive (loss)
$
4.8

$
(2.5
)
$
2.3

Accumulated deficit
$
(22.4
)
$
(1.9
)
$
(24.3
)
Total Shareholders’ Equity
$
410.7

$
10.6

$
421.3


The impact of the necessary adjustments on the total amounts previously reported for the Successor Period from June 3 through September 30, 2019 in our unaudited condensed consolidated interim financial statements (included in our quarterly report on Form 10-Q for the three and nine months ended September 30, 2019) is summarized in the following table:



Successor Period (June 3, 2019 through September 30, 2019)

As previously reported in Q3 Form 10-Q of 2019
Adjustment
As Restated
Unaudited Condensed Consolidated Statement of Cash Flows



Net loss
$
(12.0
)
$
(1.9
)
$
(13.9
)
Increase (decrease) in accounts payable
$
(25.4
)
$
11.3

$
(14.1
)
Increase (decrease) accrued liabilities
$
2.9

$
(0.6
)
$
2.3

Currency gain on foreign denominated notes payable
$
(3.3
)
$
2.5

$
(0.8
)
Net cash (used in) provided by operating activities
$
(11.6
)
$
11.3

$
(0.3
)
Cash withdrawn from trust account
$
—

$
308.1

$
308.1

Net cash (used in) provided by investing activities
$
(956.3
)
$
308.1

$
(648.2
)




Proceeds from issuance of term loans and credit facility
$
539.0

$
(4.4
)
$
534.6

Proceeds from sale of common stock
$
302.4

$
12.3

$
314.7

Payments of deferred registration costs
$
—

$
(11.3
)
$
(11.3
)
Net cash provided by (used in) financing activities
$
666.5

$
(3.4
)
$
663.1

Effect of Exchange Rate Changes on Cash
$
5.2

$
(7.9
)
$
(2.7
)
Net increase (decrease) in cash and cash equivalents
$
(296.2
)
$
308.1

$
11.9

Cash and Cash Equivalents, beginning of period
$
309.8

$
(308.1
)
$
1.7





Unaudited Condensed Consolidated Balance Sheet (at September 30, 2019)



Goodwill
$
411.6

$
10.0

$
421.6

Total assets
$
1,065.5

$
10.0

$
1,075.5

Accrued liabilities and other
$
12.1

$
(0.6
)
$
11.5

Total current liabilities
$
31.3

$
(0.6
)
$
30.7

Total Liabilities
$
665.9

$
(0.6
)
$
665.3

Additional Paid In Capital
$
429.8

$
15.0

$
444.8

Accumulated other comprehensive (loss)
$
(6.3
)
$
(2.5
)
$
(8.8
)
Accumulated deficit
$
(23.9
)
$
(1.9
)
$
(25.8
)
Total Shareholders’ Equity
$
399.6

$
10.6

$
410.2

Total Liabilities and Shareholders' Equity
$
1,065.5

$
10.0

$
1,075.5





Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (from June 3, 2019 through September 30, 2019)



Foreign currency (gain) loss
$
(4.1
)
$
2.5

$
(1.6
)
Loss before income taxes
$
(17.5
)
$
(2.5
)
$
(20.0
)
Income tax (benefit) expense
$
(5.5
)
$
(0.6
)
$
(6.1
)
Net income (loss)
$
(12.0
)
$
(1.9
)
$
(13.9
)
Comprehensive income (loss)
$
(18.3
)
$
(1.9
)
$
(20.2
)
Net income (loss) per share
$
(0.22
)
$
(0.04
)
$
(0.26
)
 
 
 
 
Unaudited Condensed Consolidated Statement of Changes in Shareholders’ Equity - Successor (at September 30, 2019)



Additional Paid In Capital
$
429.8

$
15.0

$
444.8

Accumulated other comprehensive (loss)
$
(6.3
)
$
(2.5
)
$
(8.8
)
Accumulated deficit
$
(23.9
)
$
(1.9
)
$
(25.8
)
Total Shareholders’ Equity
$
399.6

$
10.6

$
410.2