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Business Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Estimated Fair Values of the Assets Acquired and Liabilities Assumed
The preliminary fair values of the assets acquired and liabilities assumed as of the Merger date were as follows (in millions):
Preliminary Allocation as of December 31, 2022AdjustmentsPreliminary Allocation as of July 6, 2022
Cash and cash equivalents$55.9 $— $55.9 
Accounts receivable, net198.9 (7.7)206.6 
Inventories, net195.8 4.0 191.8 
Other current assets27.9 0.4 27.5 
Property, plant and equipment, net459.3 5.7 453.6 
Intangible assets, net262.9 43.9 219.0 
Other assets41.9 0.1 41.8 
Total assets$1,242.6 $46.4 $1,196.2 
Current debt$1.9 $— $1.9 
Accounts payable and other current liabilities199.7 (8.2)207.9 
Long-term debt22.8 — 22.8 
Deferred income tax liabilities93.6 25.9 67.7 
Other liabilities82.7 0.7 82.0 
Net assets acquired$841.9 $28.0 $813.9 
Goodwill214.4 (28.0)242.4 
Total consideration
$1,056.3 $— $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 AdjustmentsPreliminary Fair Value
Cash and cash equivalents$22.7 $— $22.7 
Accounts receivable, net67.7 — 67.7 
Inventories, net60.0 (0.9)60.9 
Other current assets9.7 (0.1)9.8 
Property, plant and equipment, net159.8 7.7 152.1 
Intangible assets, net246.2 — 246.2 
Other assets23.3 (3.0)26.3 
Total assets$589.4 $3.7 $585.7 
Current debt$15.0 $— $15.0 
Accounts payable and other current liabilities83.9 (2.0)85.9 
Deferred income tax liabilities49.2 (12.3)61.5 
Other liabilities40.1 7.0 33.1 
Net assets acquired$401.2 $11.0 $390.2 
Goodwill252.1 (11.0)263.1 
Total consideration$653.3 $— $653.3 
Schedule of Fair Values assigned to Identifiable Intangible Assets The following table sets forth the components of identifiable intangible assets (in millions) and their estimated useful lives (in years):
Fair ValueWeighted-Average Amortization Period
Amortizable intangible assets:
Customer relationships$222.4 14.2
Tradenames and other17.3 20
Developed technology23.2 7
Total amortizable intangible assets$262.9 
The following table shows the fair values assigned to identifiable intangible assets (in millions) and their estimated useful lives (in years):
Fair Value Weighted-Average Amortization Period
Amortizable intangible assets:
Customer relationships$205.4 15
Tradenames and other7.7 10
Developed technology33.1 7
Total amortizable intangible assets$246.2 
Schedule of Net Sales and Net Income from Scapa
Net sales and Net income from Neenah included in the Company's Consolidated Statements of Income (Loss) from the Merger date are as follows (in millions):
July 6, 2022 - December 31, 2022
Net sales$560.2 
Net income$2.5 
The unaudited 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):
Years Ended December 31,
20222021
Net sales$2,768.5 $2,468.5 
Net income (loss)$48.7 $(26.9)
The amounts of Net sales and Net income from Scapa included in the Company's Consolidated Statements of Income (Loss) from the acquisition date are as follows (in millions):
April 15, 2021 - December 31, 2021
Net sales$305.6 
Net income$0.6 
The unaudited 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, nor is it necessarily indicative of the future results of the combined company (in millions):

Year Ended
December 31, 2021
Net sales$1,570.6 
Net income$101.2