Business Acquisitions (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired And Liabilities Assumed

The estimated fair values of the assets acquired and liabilities assumed as of the Merger date were as follows (in millions):


	Preliminary Fair Value
Cash and cash equivalents	$	55.9
Accounts receivable	206.6
Inventory	191.8
Assets held for sale	10.7
Other current assets	16.8
Property, plant and equipment	453.6
Identifiable intangible assets	219.0
Other non-current assets	41.8
Total assets	$	1,196.2

Current debt	$	1.9
Accounts payable and other current liabilities	207.9
Long-term debt	22.8
Deferred income tax liabilities	67.7
Other non-current liabilities	82.0
Net assets acquired	$	813.9
Goodwill	242.4
Total consideration	$	1,056.3

The consideration paid for Scapa, and the fair values of the assets acquired and liabilities assumed as of the April 15, 2021 acquisition date were as follows (in millions):


	Final Fair Value		Adjustments		Preliminary Fair Value
Cash and cash equivalents	$	22.7	$	—	$	22.7
Accounts receivable	67.7		—		67.7
Inventory	60.0		(0.9)		60.9
Other current assets	9.7		(0.1)		9.8
Property, plant and equipment	159.8		7.7		152.1
Identifiable intangible assets	246.2		—		246.2
Other non-current assets	23.3		(3.0)		26.3
Total assets	$	589.4	$	3.7	$	585.7

Current debt	$	15.0	$	—	$	15.0
Accounts payable and other current liabilities	83.9		(2.0)		85.9
Deferred income tax liabilities	49.2		(12.3)		61.5
Other non-current liabilities	40.1		7.0		33.1
Net assets acquired	$	401.2	$	11.0	$	390.2
Goodwill	252.1		(11.0)		263.1
Total consideration	$	653.3	$	—	$	653.3

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

The following table sets forth the components of identifiable intangible assets (in millions) and their estimated useful lives (in years):


	Fair Value		Weighted-Average Amortization Period (Years)
Amortizable intangible assets:
Customer relationships	$	182.0	14.3
Tradenames and other	14.7		20
Developed technology	22.3		7
Total amortizable intangible assets	$	219.0

The following table shows the fair values assigned to identifiable intangible assets (in millions):


	Fair Value		Weighted-Average Amortization Period (Years)
Amortizable intangible assets:
Customer relationships	$	205.4	15
Tradenames and other	7.7		10
Developed technology	33.1		7
Total amortizable intangible assets	$	246.2

Actual and Pro Forma Net Sales and Income from Continuing Operations

Net sales and Net loss from Neenah included in the Company's unaudited Condensed Consolidated Statements of Income/(Loss) from the Merger date are as follows (in millions):


	July 6, 2022 - September 30, 2022
Net sales	$	289.8
Net loss	$	(5.8)

The supplemental pro forma financial information presented below is not necessarily indicative of consolidated results of operations of the combined business had the Merger occurred as of January 1, 2021 (in millions):


	Three Months Ended
	September 30, 2022		September 30, 2021
Net sales	$	683.7	$	651.4
Net income	$	27.2	$	7.4


	Nine Months Ended
	September 30, 2022		September 30, 2021
Net sales	$	2,108.4	$	1,813.8
Net income (loss)	$	56.5	$	(62.9)

The supplemental pro forma financial information presented below is not necessarily indicative of consolidated results of operations of the combined business had the Scapa acquisition occurred as of January 1, 2020 (in millions):


	Nine Months Ended
	September 30, 2021
Net sales	$	1,180.2
Net income	$	47.9