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Acquisition (Tables) | 6 Months Ended
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Jun. 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 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 and operating income (loss) of the acquired businesses included in our results of operations in the three and six months ended 2022:
| Three months ended June 30, |  | Six months ended June 30,
In thousands | 2022 |  | 2022
Mount Holly |  |  |
Net sales | $ | 26,300 |  |  | $ | 53,604 |
Operating income | 1,911 |  |  | 4,635 |
Jacob Holm |  |  |
Net sales | 96,917 |  |  | 193,304 |
Operating loss | (1,808) |  |  | (3,380) |
Schedule 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 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 | 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 |  | 48,355 |  | 84,148
Other assets | 8,041 |  | 26,929 |  | 34,970
Total assets | 182,973 |  | 397,900 |  | 580,873
Liabilities |  |  |  |  |
Short-term debt |  |  | 14,081 |  | 14,081
Accounts payable | 2,321 |  | 25,264 |  | 27,585
Other current liabilities | 1,868 |  | 21,263 |  | 23,131
Other long-term liabilities | 7,865 |  | 33,340 |  | 41,205
Total liabilities | 12,054 |  | 93,948 |  | 106,002
Total preliminary purchase price | $ | 170,919 |  |  | $ | 303,952 |  |  | $ | 474,871 |
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 June 30, |  | Six months ended June 30,
In thousands, except per share | 2021 |  | 2021
Pro forma |  |  |
Net sales | $ | 347,895 |  |  | $ | 690,448 |
Income (loss) from continuing operations | (10,546) |  |  | 12,892 |

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