Acquisition (Tables)

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table sets forth information related to the consideration exchanged for each acquisition.

In thousands	Mount Holly		Jacob Holm		Total
Total consideration	$	170,919	$	303,952	$	474,871
Less: Debt repaid	—		(148,000)		(148,000)
Cash consideration	$	170,919	$	155,952	$	326,871

The following table sets forth information related to amounts of net sales and operating income (loss) of the acquired businesses included in our results of operations in the three and six months ended 2022:

	Three months ended June 30,		Six months ended June 30,
In thousands	2022		2022
Mount Holly
Net sales	$	26,300	$	53,604
Operating income	1,911		4,635
Jacob Holm
Net sales	96,917		193,304
Operating loss	(1,808)		(3,380)

Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed

The preliminary purchase price allocations set forth in the following table are based on all information available to us at the present time and is subject to change. With respect to the Mount Holly acquisition, the purchase price allocation is complete. However, the Jacob Holm purchase price allocation is preliminary as we are in the process of finalizing our analysis of certain matters, primarily related to the assessment of potential tax liabilities associated with the acquired entities. In the event new information becomes available, the measurement of the amount of goodwill reflected may be affected.

In thousands	Mount Holly		Jacob Holm		Total
Assets
Cash and cash equivalents	$	—	$	11,426	$	11,426
Accounts receivable	11,599		30,271		41,870
Inventory	7,031		45,340		52,371
Prepaid and other current assets	11		6,727		6,738
Plant, equipment and timberlands	100,498		158,612		259,110
Intangible assets	20,000		70,240		90,240
Goodwill	35,793		48,355		84,148
Other assets	8,041		26,929		34,970
Total assets	182,973		397,900		580,873
Liabilities
Short-term debt			14,081		14,081
Accounts payable	2,321		25,264		27,585
Other current liabilities	1,868		21,263		23,131
Other long-term liabilities	7,865		33,340		41,205
Total liabilities	12,054		93,948		106,002
Total preliminary purchase price	$	170,919	$	303,952	$	474,871

Schedule of Unaudited Pro Forma Financial Information

The following table summarizes annual unaudited pro forma financial information as if the acquisition occurred as of January 1, 2021:

(unaudited)	Three months ended June 30,		Six months ended June 30,
In thousands, except per share	2021		2021
Pro forma
Net sales	$	347,895	$	690,448
Income (loss) from continuing operations	(10,546)		12,892