Business Acquisitions (Tables)

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Preliminary and Final Fair Values of the Assets Acquired and Liabilities Assumed

The consideration paid to merge with Neenah, and the fair values of the assets acquired and liabilities assumed as of the Merger date were as follows (in millions):


	Final Fair Value as of September 30, 2023		Adjustments		Preliminary Allocation as of July 6, 2022
Cash and cash equivalents	$	55.9	$	—	$	55.9
Accounts receivable, net	198.1		(8.5)		206.6
Inventory, net	194.5		2.7		191.8

Other current assets	27.8		0.3		27.5
Property, plant and equipment, net	463.2		9.6		453.6
Intangible assets, net	236.9		17.9		219.0
Other assets	42.1		0.3		41.8
Total assets	$	1,218.5	$	22.3	$	1,196.2

Current debt	$	1.9	$	—	$	1.9
Accounts payable and other current liabilities	198.8		(9.1)		207.9
Long-term debt	22.8		—		22.8
Deferred income tax liabilities	86.7		19.0		67.7
Other liabilities	82.4		0.4		82.0
Net assets acquired	$	825.9	$	12.0	$	813.9
Goodwill	230.4		(12.0)		242.4
Total consideration	$	1,056.3	$	—	$	1,056.3

Schedule of Components of Identifiable Intangible Assets

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	$	202.3	14.3
Trade names	14.4		20
Developed technology	20.2		7
Total amortizable intangible assets	$	236.9

Schedule of Supplemental Pro Forma Financial Information

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):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022
Net sales	$	561.1	$	1,713.6
Net income	15.8		(0.9)