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Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

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, operating income (loss) of the acquired businesses included in our results of operations prospectively from the date of acquisition and amounts of legal and professional fees directly related to the transaction included in our results of operations for the year ended December 31, 2021:


In thousands	Mount Holly		Jacob Holm
Net sales	$	60,599	$	57,637
Operating income (loss)	6,205		(1,338)
Legal and professional fees included in SG&A	3,421		16,336

Summary 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 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		48,855		84,648
Other assets	8,041		26,929		34,970
Total assets	182,973		398,400		581,373
Liabilities
Short-term debt			14,081		14,081
Accounts payable	2,321		25,264		27,585
Other current liabilities	1,868		21,763		23,631
Other long-term liabilities	7,865		33,340		41,205
Total liabilities	12,054		94,448		106,502
Total preliminary purchase price	$	170,919	$	303,952	$	474,871

Summary of Annual Unaudited Pro Forma Financial Information

The following table summarizes annual unaudited pro forma financial information as if the acquisition occurred as of January 1, 2020:


	2021		2020
In thousands, except per share	(unaudited)
Net sales	$	1,400,901	$	1,421,578
Income (loss) from continuing operations	14,677		23,055