Acquisition (Tables)

9 Months Ended

Sep. 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 the Jacob Holm acquisition.

In thousands
Total consideration	$	303,952
Less: Debt repaid	(148,000)
Cash consideration	$	155,952

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 nine months ended 2022:

	Three months ended September 30,		Nine months ended September 30,
In thousands	2022		2022
Jacob Holm
Net sales	$	89,160	$	282,464
Operating loss	(4,671)		(8,051)

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

The preliminary purchase price allocation related to the Jacob Holm acquisition set forth in the following table is based on all information available to us at the present time and is subject to change. The 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	Jacob Holm
Assets
Cash and cash equivalents	$	11,426
Accounts receivable	30,271
Inventory	45,340
Prepaid and other current assets	6,727
Plant, equipment and timberlands	158,612
Intangible assets	70,240
Goodwill	48,355
Other assets	26,929
Total assets	397,900
Liabilities
Short-term debt	14,081
Accounts payable	25,264
Other current liabilities	21,263
Other long-term liabilities	33,340
Total liabilities	93,948
Total preliminary purchase price	$	303,952

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 September 30,		Nine months ended September 30,
In thousands, except per share	2021		2021
Pro forma
Net sales	$	350,708	$	1,010,658
Income from continuing operations	6,961		18,746