Acquisition (Tables)

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

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

(in millions)	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 balances comprise the following:

	Preliminary Fair Value		Remaining Useful Lives
Patented/Unpatented Technology	$	164.1	10 years
Customer/Distributor Relationships	198.6		15 years
In-Process Research & Development	5.0		10 years
Trade Names/Trademarks	106.0		Indefinite
Total Preliminary Fair Value	$	473.7
Machinery and Equipment	$	17.6	5 years
Converting Machines	90.4		3 - 7 years
Buildings and Improvements	7.4		15 years
Land	4.1		N/A
Total Preliminary Fair Value	$	119.5

Business Acquisition, Pro Forma Information

	Three Months Ended March 31,			Three Months Ended March 31,
(in millions)	2020			2019
Net Sales	$	63.4		$	66.1
Net Loss	$	(3.6	)	$	(3.4	)