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Acquisition (Tables) | 9 Months Ended
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Sep. 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 the Jacob Holm acquisition.
In thousands |  |  |  |  |
Total consideration |  |  |  |  | $ | 303,952 |
Less: Debt repaid |  |  |  |  | (148,000) |
Cash consideration |  |  |  |  | $ | 155,952 |
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 nine months ended 2022:
| Three months ended September 30, |  | Nine months ended September 30,
In thousands | 2022 |  | 2022
Jacob Holm |  |  |
Net sales | $ | 89,160 |  |  | $ | 282,464 |
Operating loss | (4,671) |  |  | (8,051) |
Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed | The preliminary purchase price allocation related to the Jacob Holm acquisition set forth in the following table is based on all information available to us at the present time and is subject to change. The 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 |  |  |  |  | Jacob Holm
Assets |  |  |  |  |
Cash and cash equivalents |  |  |  |  | $ | 11,426 |
Accounts receivable |  |  |  |  | 30,271 |
Inventory |  |  |  |  | 45,340
Prepaid and other current assets |  |  |  |  | 6,727
Plant, equipment and timberlands |  |  |  |  | 158,612
Intangible assets |  |  |  |  | 70,240
Goodwill |  |  |  |  | 48,355
Other assets |  |  |  |  | 26,929
Total assets |  |  |  |  | 397,900
Liabilities |  |  |  |  |
Short-term debt |  |  |  |  | 14,081
Accounts payable |  |  |  |  | 25,264
Other current liabilities |  |  |  |  | 21,263
Other long-term liabilities |  |  |  |  | 33,340
Total liabilities |  |  |  |  | 93,948
Total preliminary purchase price |  |  |  |  | $ | 303,952 |
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 September 30, |  | Nine months ended September 30,
In thousands, except per share | 2021 |  | 2021
Pro forma |  |  |
Net sales | $ | 350,708 |  |  | $ | 1,010,658 |
Income from continuing operations | 6,961 |  |  | 18,746 |

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