Acquisitions (Tables)

12 Months Ended

Dec. 31, 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	$	955.7

Cash and cash equivalents	10.1
Accounts receivable	28.2
Inventories	16.1
Property, plant and equipment	119.5
Other assets	4.8
Intangible assets	473.7
Total identifiable assets acquired	652.4
Accounts payable	8.6
Accrued expenses	7.4
Other liabilities	5.0
Deferred tax liabilities	122.9
Net identifiable liabilities acquired	143.9
Goodwill	$	447.2

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



	Preliminary Fair Value		Remaining Useful Lives
Patented/Unpatented Technology	$	164.1	10
Customer/Distributor Relationships	198.6		15
In-Process Research & Development	5.0		10	⁽¹⁾
Trade Names/Trademarks	106.0		Indefinite
Total Preliminary Fair Value	$	473.7
⁽¹⁾Until In-Process Research & Development projects become viable, these assets have an indefinite life and are subject to impairment

Machinery and Equipment	$	17.7	5
Converting machines	90.4		3 - 7
Buildings and Improvements	7.4		15
Land	4.1		N/A
Total Preliminary Fair Value	$	119.5

Business Combination, Separately Recognized Transactions



	Amount
Deferred financing costs	$	12.6
Transaction costs (including $11.3 million of IPO 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 unaudited information represents the supplemental pro forma results of the Company’s consolidated statement of operations as if the Ranpak Business Combination occurred on January 1, 2018, for the years ended and December 31, 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):



	December 31,
	2019			2018
Net Sales	$	273.6		$	266.1

Net (loss) income	$	(9.7	)	$	(3.9	)