Ranpak (PACK) 10-Q 8 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 01, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-38348
Entity Registrant Name	RANPAK HOLDINGS CORP.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1377160
Entity Address, Address Line One	7990 Auburn Road
Entity Address, City or Town	Concord Township
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44077
City Area Code	440
Local Phone Number	354-4445
Title of 12(b) Security	Class A Ordinary Shares, par value $0.0001 per share
Trading Symbol	PACK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001712463
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Ordinary Shares, par value $0.0001 per share
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		79,486,569
Class C
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,921,099

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net revenue	$ 81.2	$ 82.5
Cost of goods sold	53.7	57.9
Gross profit	27.5	24.6
Selling, general and administrative expenses	27.2	29.7
Depreciation and amortization expense	8	8.2
Other operating expense (income), net	1.2	0.5
Income (loss) from operations	(8.9)	(13.8)
Interest expense	5.7	5
Foreign currency (gain) loss	0.2	(0.6)
Other non-operating expense, net	(0.3)	0
Income (loss) before income tax benefit	(14.5)	(18.2)
Income tax benefit	(2.1)	(4.1)
Net income (loss)	$ (12.4)	$ (14.1)
Earnings Per Share [Abstract]
Basic	$ (0.15)	$ (0.17)
Diluted	$ (0.15)	$ (0.17)
Weighted average number of shares outstanding - Class A and C
Basic	82,136,793	81,573,467
Diluted	82,136,793	81,573,467
Other comprehensive income (loss), before tax
Foreign currency translation adjustments	$ 3.1	$ (2.8)
Interest rate swap adjustments	(2.1)	8.1
Cross currency swap adjustments	(1)	0.1
Total other comprehensive loss, before tax	0	5.4
Provision for income taxes related to other comprehensive loss	(0.8)	2
Total other comprehensive loss, net of tax	0.8	3.4
Comprehensive loss, net of tax	(11.6)	(10.7)
Class A
Net income (loss)	$ (12)	$ (13.6)
Earnings Per Share [Abstract]
Basic	$ (0.15)	$ (0.17)
Diluted	$ (0.15)	$ (0.17)
Weighted average number of shares outstanding - Class A and C
Basic	79,215,694	78,652,368
Diluted	79,215,694	78,652,368
Class C
Net income (loss)	$ (0.4)	$ (0.5)
Earnings Per Share [Abstract]
Basic	$ (0.14)	$ (0.17)
Diluted	$ (0.14)	$ (0.17)
Weighted average number of shares outstanding - Class A and C
Basic	2,921,099	2,921,099
Diluted	2,921,099	2,921,099
Paper revenue
Revenue	$ 64.3	$ 66.2
Machine lease revenue
Revenue	12.8	12.2
Other revenue
Revenue	$ 4.1	$ 4.1

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 58.6	$ 62.8
Accounts receivable, net	34.4	33
Inventories, net	22.6	25
Income tax receivable	5.2	2.1
Prepaid expenses and other current assets	19.4	16.7
Total current assets	140.2	139.6
Property, plant and equipment, net	127	124
Operating lease right-of-use assets, net	21.9	6
Goodwill	448.7	446.7
Intangible assets, net	366.4	372.1
Deferred tax assets	0.6	0.6
Other assets	44.4	44.5
Total assets	1,149.2	1,133.5
Current liabilities
Accounts payable	21.9	24.3
Accrued liabilities and other	15.3	10.6
Current portion of long-term debt	1.4	1.3
Operating lease liabilities, current	2.7	2
Deferred machine fee revenue	1.6	0.9
Total current liabilities	42.9	39.1
Long-term debt	395	391.7
Deferred tax liabilities	82.3	80.8
Derivative instruments	4.7	3.7
Operating lease liabilities, non-current	19.2	4
Other liabilities	1.5	1.4
Total liabilities	545.6	520.7
Commitments and contingencies - Note 13
Shareholders' equity
Additional paid-in capital	706.7	704.3
Accumulated deficit	(109.1)	(96.7)
Accumulated other comprehensive income (loss)	6	5.2
Total shareholders' equity	603.6	612.8
Total liabilities and shareholders' equity	1,149.2	1,133.5
Class A
Shareholders' equity
Common stock	0	0
Class C
Shareholders' equity
Common stock	$ 0	$ 0

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Balance Sheets - Parenthetical - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Class A
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (shares)	200,000,000	200,000,000
Common stock, shares issued (shares)	79,468,609	79,086,372
Common stock, shares outstanding (shares)	79,468,609	79,086,372
Class C
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (shares)	200,000,000	200,000,000
Common stock, shares issued (shares)	2,921,099	2,921,099
Common stock, shares outstanding (shares)	2,921,099	2,921,099

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions	Total	Additional Paid-In Capital	Accumulated Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)	Class A	Class C
Beginning Balance at Dec. 31, 2021	$ 636.2	$ 688.9	$ (55.3)	$ 2.6
Beginning Balance (Shares) at Dec. 31, 2021					78,482,024	2,921,099
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based awards vested and distributed	(2.9)	(2.9)
Stock-based awards vested and distributed (shares)					521,719
Issue Director shares					2,495
Amortization of restricted stock units	8.8	8.8
Net loss	(14.1)		(14.1)		$ (13.6)	$ (0.5)
Other comprehensive income (loss)	3.4			3.4
Ending Balance at Mar. 31, 2022	631.4	694.8	(69.4)	6
Ending Balance (Shares) at Mar. 31, 2022					79,006,238	2,921,099
Beginning Balance at Dec. 31, 2022	612.8	704.3	(96.7)	5.2
Beginning Balance (Shares) at Dec. 31, 2022					79,086,372	2,921,099
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based awards vested and distributed	(0.4)	(0.4)
Stock-based awards vested and distributed (shares)					368,153
Issue Director shares					14,084
Amortization of restricted stock units	2.8	2.8
Net loss	(12.4)		(12.4)		$ (12)	$ (0.4)
Other comprehensive income (loss)	0.8			0.8
Ending Balance at Mar. 31, 2023	$ 603.6	$ 706.7	$ (109.1)	$ 6
Ending Balance (Shares) at Mar. 31, 2023					79,468,609	2,921,099

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities
Net loss	$ (12.4)	$ (14.1)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	16.3	18.8
Amortization of deferred financing costs	0.4	0.4
Loss on disposal of fixed assets	0.3	0
Deferred income taxes	2	(1.4)
Amortization of initial value of interest rate swap	(0.2)	(0.2)
Currency (gain) loss on foreign denominated debt and notes payable	0.2	(0.2)
Amortization of restricted stock units	2.8	8.8
Amortization of cloud-based software implementation costs	0.7	0
Changes in operating assets and liabilities:
(Increase) decrease in receivables, net	(1.2)	4.8
(Increase) decrease in inventory	2.7	(7.6)
(Increase) decrease in prepaid expenses and other assets	(2.7)	(1.2)
Increase (decrease) in accounts payable	(2.1)	2.9
Increase (decrease) in accrued liabilities	3.2	(4.9)
Change in other assets and liabilities	(2.5)	(5.9)
Net cash provided by (used in) operating activities	7.5	(9.4)
Capital expenditures:
Converter equipment	(4.5)	(8.4)
Other capital expenditures	(7.3)	(1.4)
Total capital expenditures	(11.8)	(9.8)
Patent and trademark expenditures	0	(0.9)
Net cash used in investing activities	(11.8)	(10.7)
Cash Flows from Financing Activities
Proceeds from equity offering, gross	0.8	0
Principal Payments on term loans	(0.4)	(0.4)
Payments on finance lease liabilities	(0.2)	(0.2)
Tax payments for withholdings on stock-based awards distributed	(0.5)	(2.5)
Net cash used in financing activities	(0.3)	(3.1)
Effect of Exchange Rate Changes on Cash	0.4	(0.2)
Net Increase (Decrease ) in Cash and Cash Equivalents	(4.2)	(23.4)
Cash and Cash Equivalents, beginning of period	62.8	103.9
Cash and Cash Equivalents, end of period	$ 58.6	$ 80.5

Nature of Operations

Nature of Operations	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Note 1 — Nature of Operations Ranpak Holdings Corp. is a leading provider of environmentally sustainable, systems-based, product protection solutions for e-Commerce and industrial supply chains. Through proprietary protective packaging solutions (“PPS”) systems and paper consumables, the Company offers a full suite of protective packaging solutions. The Automated Solutions (“AS”) and Automated Paper Solutions (“APS”) (collectively, “Automation”) product lines provide end-of-line automation systems that solve distinct challenges facing end-users. The Company’s business is global, with a strong presence in the United States and Europe. Throughout this report, when we refer to “Ranpak,” the “Company,” “we,” “our,” or “us,” we are referring to Ranpak Holdings Corp. and all of our subsidiaries, except where the context indicates otherwise.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2 — Basis of Presentation and Summary of Significant Accounting Policies Unaudited Interim Financial Statements — These interim unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for each of the three years ended December 31, 2022, 2021, and 2020, which are included in our Annual Report on Form 10-K for the year ended December 31, 2022 (“2022 10-K”). The three months ended March 31, 2023 may be further referred to herein as the “first quarter of 2023.” The three months ended March 31, 2022 may be further referred to herein as the “first quarter of 2022.” The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with instructions to Form 10-Q and Rule 10-01 of the Securities and Exchange Commission (“SEC”) Regulation S-X as they apply to interim financial information. Accordingly, the unaudited interim condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements, although we believe that the disclosures made are adequate to make the information not misleading. The interim condensed consolidated financial statements are unaudited but, in our opinion, include all adjustments that are necessary for a fair statement of operations and financial position for the periods presented. The interim financial results are not necessarily indicative of results that may be expected for any other interim period or the fiscal year. Principles of Consolidation — The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries prepared in conformity with GAAP. All intercompany balances and transactions have been eliminated in consolidation. All amounts are in millions, except share and per share amounts and are approximate due to rounding. Use of Estimates — The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and such differences could be material. Foreign Currency — The nature of business activities involves the management of various financial and market risks, including those related to changes in foreign currency exchange rates. The functional currency of our operating subsidiaries outside the U.S. is the applicable local currency. For those operations, assets and liabilities are translated into U.S. dollars ("USD") at period-end exchange rates into Euros, then into USD. Revenues and expenses are translated into USD using average monthly exchange rates into Euros, then into USD. Recently Adopted Accounting Standards — We have adopted all applicable accounting standards and did not adopt any new accounting standards issued by the Financial Accounting Standards Board (“FASB”) in the first quarter of 2023. Recently Issued Accounting Standards — In December 2022, the FASB issued Accounting Standards Update (“ASU”) No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”), which gives optional guidance to provide relief for reference rate reform, where certain transactions have transitioned or are transitioning away from the London Interbank Offered Rate (“LIBOR”) to other reference rates. Certain tenors of USD LIBOR are transferring from LIBOR by June 30, 2023, including one-month and three-month USD LIBOR, on which our existing indebtedness and interest rate swap agreements are based as of March 31, 2023. ASU 2022-06 defers the sunset date of ASC Topic 848, Reference Rate Reform (“ASC 848”) from December 31, 2022 to December 31, 2024 to ensure the relief in ASC 848 covers the period of time during which a significant number of modifications may take place. As further disclosed in Note 7, "Long-Term Debt" , we amended the terms of our Credit Agreement to replace the interest rate based on LIBOR and related LIBOR-based mechanics with an interest rate based on the secured overnight financing rate ("SOFR") and related SOFR-based mechanics. As a result of the amendment, we are evaluating the effects of ASC 848 and its effects on our condensed consolidated financial statements, which will be complete by June 30, 2023.

Supplemental Balance Sheet Data

Supplemental Balance Sheet Data and Cash Flow Information	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Balance Sheet Data and Cash Flow Information	Note 3 — Supplemental Balance Sheet Data and Cash Flow Information Cash and cash equivalents — Cash and cash equivalents include securities with original maturities of three months or less and cash in banks. We are invested in a money market fund, which is classified as a cash equivalent because of its short-term, highly liquid nature that is readily convertible to cash. Unrealized gains or losses are included in other operating non-operating expense (income), net. Unrealized gains were $ 0.3 million in the first quarter of 2023 and were immaterial in the first quarter of 2022. The balance was approximately $ 27.8 million and $ 30.5 million at March 31, 2023 and December 31, 2022, respectively. The fair value of money market funds is considered Level 1 in the fair value hierarchy because they are securities traded in active markets. Refer to Note 10, “ Fair Value Measurement ” for further detail. Accounts Receivable, net — The components of accounts receivable, net were as follows: March 31, 2023 December 31, 2022 Accounts receivable $ 34.8 $ 33.7 Allowance for doubtful accounts ( 0.4 ) ( 0.7 ) Accounts receivable, net $ 34.4 $ 33.0 At March 31, 2023 and December 31, 2022 , no customer’s accounts receivable balance exceeded 10.0 % of our accounts receivable balance. Inventories, net — The components of inventories, net were as follows: March 31, 2023 December 31, 2022 Raw materials $ 9.8 $ 12.4 Work-in-process 6.7 5.7 Finished goods 6.3 7.2 Total inventories 22.8 25.3 Reserve for obsolescence ( 0.2 ) ( 0.3 ) Inventories, net $ 22.6 $ 25.0 Property, Plant and Equipment, net — The following table details our property, plant and equipment, net: March 31, 2023 December 31, 2022 Land $ 4.0 $ 4.0 Buildings and improvements 13.4 13.3 Machinery and equipment 41.0 34.0 Computer and office equipment 11.8 11.5 Converting machines 187.7 182.8 Total property, plant, and equipment 257.9 245.6 Accumulated depreciation ( 130.9 ) ( 121.6 ) Property, plant, and equipment, net $ 127.0 $ 124.0 Depreciation expense recorded in cost of goods sold and depreciation and amortization in the unaudited condensed consolidated statements of operations and comprehensive income (loss) was as follows: Three Months Ended March 31, Depreciation expense included in 2023 2022 Cost of goods sold $ 8.3 $ 10.6 Depreciation and amortization expense 0.8 0.9 Total depreciation expense $ 9.1 $ 11.5 Accrued Liabilities and Other – The components of accrued liabilities and other were as follows: March 31, 2023 December 31, 2022 Employee compensation $ 2.7 $ 2.1 Taxes 3.8 3.4 Professional fees 1.6 0.8 Bonus 2.3 0.7 Interest 1.8 1.9 Other 3.1 1.7 Accrued liabilities and other $ 15.3 $ 10.6 Supplemental Cash Flow Information — Supplemental cash flow information is as follows: Three Months Ended March 31, 2023 2022 Supplemental cash flow information Interest paid $ 5.8 $ 5.1 Income taxes paid $ 0.8 $ 0.7 Non-cash investing activities Right-of-use assets obtained in exchange for lease liabilities $ 18.1 $ 0.1 Capital expenditures in accounts payable $ 0.8 $ 0.7

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment and Geographic Information	Note 4 — Segment and Geographic Information In accordance with ASC 280, Segment Reporting (“ASC 280”), we determined we have two operating segments which are aggregated into one reportable segment, Ranpak. The chief operating decision maker assesses the Company’s performance and allocates resources based on the Company’s consolidated financial information. The aggregation of the two operating segments is based on the Company’s determination that, per ASC 280, the operating segments have similar economic characteristics, and are similar in all of the following areas: the nature of products and services, the nature of production processes, the type or class of customer for their products or services, and the methods used to distribute their products or provide their services. In addition, the operating segments were aggregated for purposes of determining whether segments meet the quantitative threshold for separate reporting. We attribute revenue and gross profit to individual countries based on the selling location. Our products are primarily sold from North America and Europe. As previously noted, segment gross profit includes certain depreciation and amortization expenses that are included in cost of goods sold. Three Months Ended March 31, 2023 2022 Revenue North America $ 31.1 $ 30.9 Europe/Asia 50.1 51.6 Net revenue 81.2 82.5 Segment gross profit North America 9.4 9.9 Europe/Asia 18.1 14.7 Gross profit 27.5 24.6 Expenses excluded from segment gross profit Selling, general and administrative expenses 27.2 29.7 Depreciation and amortization expense 8.0 8.2 Other operating expense, net 1.2 0.5 Interest expense 5.7 5.0 Foreign currency (gain) loss 0.2 ( 0.6 ) Other non-operating income, net ( 0.3 ) - Loss before income tax benefit $ ( 14.5 ) $ ( 18.2 ) Our customers are not concentrated in any specific geographic region. During the three months ended March 31, 2023 and 2022 , no customers exceeded 10 % of net revenue. The following table presents our long-lived assets by geographic region. Refer to Note 11, “ Leases ” for additional detail on our new leased facility in Eygelshoven, The Netherlands: March 31, 2023 December 31, 2022 North America $ 67.4 $ 65.4 Europe/Asia 81.5 64.6 Total long-lived assets $ 148.9 $ 130.0

Revenue Recognition, Contracts

Revenue Recognition, Contracts with Customers	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition, Contracts with Customers	Note 5 — Revenue Recognition, Contracts with Customers Revenue is recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration expected to be received in exchange for those goods or services. Revenue for paper consumables is recognized based on shipping terms, which is the point in time the customer obtains control of the promised goods. Revenue for Automation equipment sales is recognized based on an input method of cost and effort incurred over time. Maintenance revenue is recognized straight-line on the basis that the level of effort is consistent over the term of the contract. Lease components within contracts with customers are recognized in accordance with ASC 842 on a straight-line basis over the terms of the PPS systems agreements with customers, which have durations of less than one year. Sales, value-added, and other taxes collected from customers and remitted to governmental authorities are excluded from revenue. Our paper consumables, automation equipment, and maintenance services are determined to be distinct performance obligations. Free on loan and leased equipment is typically identified as a separate lease component in scope of ASC 842. We have forms of variable consideration present in our contracts with customers, including rebates and other discounts. We estimate variable consideration using either the expected value method or the most likely amount method. We include in the transaction price some or all of an amount of variable consideration estimated to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The time between when a performance obligation is satisfied and when billing and payment occur is closely aligned and performance obligations do not extend beyond one year. The transfer of control of our products results in an unconditional right to receive consideration. Accordingly, we did no t have any material contract assets as of December 31, 2022 . Contract assets arise as revenue is recognized prior to billing the customer in accordance with the terms of the contract. Changes in contract assets were as follows: Three Months Ended March 31, 2023 Beginning balance $ - Revenue recognized in excess of billings 1.6 Ending balance $ 1.6 Deferred revenue represents contractual amounts received from customers that exceed percentage of project completion that is in excess of costs incurred for automation equipment sales, as well as prepayments for machine fees that are amortized over the next quarter. Our enforceable contractual obligations have durations of less than one year and are included in current liabilities on the unaudited condensed consolidated balance sheets. Changes in deferred revenue were as follows: Three Months Ended March 31, 2023 Beginning balance $ 0.9 Deferral of revenue 2.3 Recognition of revenue ( 1.6 ) Ending balance $ 1.6 In addition to the disaggregation of revenue between paper, machine lease, and other revenue, we also disaggregate our revenue by segment geography to assist in evaluating the nature, timing, and uncertainty of revenue and cash flows that may be impacted by economic factors: Three Months Ended March 31, 2023 2022 ASC 606 North America $ 25.3 $ 25.6 Europe/Asia 43.1 44.7 Total paper and other revenue $ 68.4 $ 70.3 ASC 842 Machine lease revenue $ 12.8 $ 12.2 Net revenue $ 81.2 $ 82.5 North America consists of the United States, Canada and Mexico, among others; Europe/Asia consists of European, Asian (including China), Pacific Rim, South American and African countries, among others.

Goodwill, Long-Lived Assets, In

Goodwill, Long-Lived Assets, Intangible Assets and Impairment	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Long-Lived Assets, Intangible Assets and Impairment	Note 6 — Goodwill, Long-Lived Assets, Intangible Assets and Impairment Goodwill, Indefinite-Lived Intangible Assets and Impairment Goodwill represents the excess of purchase price over the fair value of net assets acquired. Trademarks and trade names are accounted for as indefinite-lived intangible assets and, accordingly, are not subject to amortization. We review goodwill on a reporting unit basis and indefinite-lived assets for impairment annually on October 1 st and on an interim basis whenever events or changes in circumstances indicate the carrying value of goodwill or indefinite-lived intangible assets may be impaired. As of March 31, 2023, there were no indicators to suggest that it is more likely than not that the fair value of our reporting units and indefinite-lived intangible assets were below their carrying values. The following table shows our goodwill balances by operating segment that are aggregated into one reportable segment: North America Europe Total Balance at December 31, 2022 $ 338.8 $ 107.9 $ 446.7 Currency translation - 2.0 2.0 Balance at March 31, 2023 $ 338.8 $ 109.9 $ 448.7 Finite-Lived or Amortizable Intangible Assets, net Finite-lived or amortizable intangible assets consist of patented and unpatented technology, customer/distributor relationships, and other intellectual property. Impairment of Long-Lived Assets We review our long-lived assets, including amortizable intangible assets; property, plant and equipment; and lease right-of-use assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. For long-lived assets, an impairment loss is indicated when the undiscounted cash flows estimated to be generated by the asset group are not sufficient to recover the unamortized balance of the asset group. If indicators exist, the loss is measured as the excess of carrying value over the asset group’s fair value, as determined based on discounted future cash flows, asset appraisal and market values of similar assets. As of March 31, 2023, there were no indicators of impairment present for property, plant and equipment or amortizable intangible assets that required us to test for recoverability. The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives: March 31, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer/distributor relationships $ 197.5 $ ( 50.2 ) $ 147.3 $ 195.5 $ ( 46.5 ) $ 149.0 Patented/unpatented technology 171.6 ( 59.0 ) 112.6 171.6 ( 55.0 ) 116.6 Intellectual property 0.5 ( 0.2 ) 0.3 0.5 ( 0.2 ) 0.3 Total definite-lived intangible assets 369.6 ( 109.4 ) 260.2 367.6 ( 101.7 ) 265.9 Trademarks/tradenames with indefinite lives 106.2 - 106.2 106.2 - 106.2 Identifiable intangible assets, net $ 475.8 $ ( 109.4 ) $ 366.4 $ 473.8 $ ( 101.7 ) $ 372.1 The following table shows the remaining estimated amortization expense for our definite-lived intangible assets at March 31, 2023: Year Amount 2023 $ 21.8 2024 29.1 2025 28.6 2026 28.2 2027 28.1 Thereafter 124.4 $ 260.2 Amortization expense was $ 7.2 million and $ 7.3 million in the first quarter of 2023 and 2022, respectively. The following table shows the remaining weighted-average useful life of our definite lived intangible assets as of March 31, 2023: Remaining Weighted-Average Useful Life March 31, 2023 December 31, 2022 Customer/distributor relationships 11 years 11 years Patented/unpatented technology 7 years 8 years Intellectual property 7 years 7 years Total identifiable assets, net with definite lives 10 years 10 years

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Note 7 — Long-Term Debt In connection with Ranpak's business combination with One Madison Corporation, Ranger Pledgor LLC, a Delaware limited liability company (“Holdings”), Ranger Packaging LLC, a Delaware limited liability company (the “U.S. Borrower” prior to the Reorganization (as defined below)), and Ranpak B.V., a private limited liability company under the laws of the Netherlands (the “Dutch Borrower” and together with the U.S. Borrower, the “Borrowers”), the lenders and issuing banks party thereto and Goldman Sachs Lending Partners LLC (the "Administrative Agent") entered into a First Lien Credit Agreement on June 3, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the "Credit Agreement"). The aggregate principal amount of the senior secured credit facilities consists of a $ 378.2 million dollar-denominated first lien term facility (the “First Lien Dollar Term Facility”), a € 140.0 million ($ 152.6 million equivalent) euro-denominated first lien term facility (the “First Lien Euro Term Facility” and, together with the First Lien Dollar Term Facility, the “First Lien Term Facility”) and a $ 45.0 million revolving facility (the “Revolving Facility” and together with the First Lien Term Facility, the “Facilities”). The First Lien Term Facility matures in June 2026 and the Revolving Facility matures in 2024 . As of March 31, 2023 and December 31, 2022 , no amounts were outstanding under the Revolving Facility. Long-term debt consisted of the following: March 31, 2023 December 31, 2022 First Lien Dollar Term Facility $ 250.0 $ 250.0 First Lien Euro Term Facility 147.7 145.4 Finance lease liabilities 1.5 1.5 Equipment financing 0.8 - Deferred financing costs, net ( 3.6 ) ( 3.9 ) Total debt 396.4 393.0 Less: current portion of long-term debt ( 0.7 ) ( 0.6 ) Less: current portion of finance lease liabilities ( 0.7 ) ( 0.7 ) Long-term debt $ 395.0 $ 391.7 Borrowings under the Facilities, at the Borrowers’ option, bear interest at either (1) an adjusted eurocurrency rate or, as of the effectiveness of Amendment No. 2 (as defined below), the SOFR rate, or (2) a base rate, in each case plus an applicable margin. The applicable margin is 3.75 % with respect to eurocurrency borrowings or SOFR borrowings, as applicable, assuming a first lien net leverage ratio of less than 5.00 :1.00, subject to a leverage-based step-up to an applicable margin equal to 4.00 % for eurocurrency borrowings and SOFR borrowings, as applicable, and 3.00 % with respect to base rate borrowings. The interest rate for the First Lien Dollar Term Facility as of March 31, 2023 and December 31, 2022 was 8.42 % and 7.88 %, respectively. The interest rate for the First Lien Euro Term Facility as of March 31, 2023 and December 31, 2022 was 6.18 % and 5.25 %, respectively. The Revolving Facility includes borrowing capacity available for standby letters of credit of up to $ 5.0 million. Any issuance of letters of credit will reduce the amount available under the Revolving Facility. As of March 31, 2023, we had $ 2.4 million committed to outstanding letters of credit, leaving net availability under the Revolving Facility at $ 42.6 million. The Facilities will provide the Borrowers with the option to increase commitments under the Facilities in an aggregate amount not to exceed the greater of $ 95.0 million and 100 % of Consolidated EBITDA (as defined in the definitive documentation with respect to the Facilities) for the four consecutive fiscal quarters most recently ended, plus any voluntary prepayments of the First Lien Term Facility (and, in the case of the Revolving Facility, to the extent such voluntary prepayments are accompanied by permanent commitment reductions under the Revolving Facility), plus unlimited amounts subject to the relevant net leverage ratio tests and certain other conditions. The obligations of the Borrowers under the Facilities and certain of their obligations under hedging arrangements and cash management arrangements are unconditionally guaranteed by Holdings and each existing and subsequently acquired or organized direct or indirect wholly-owned U.S. organized restricted subsidiary of Holdings (together with Holdings, the "U.S. Guarantors") and, solely with respect to the obligations of the Dutch Borrower or any Dutch Guarantor, each existing and subsequently acquired or organized direct or indirect wholly-owned Dutch organized restricted subsidiary of Holdings (the "Dutch Guarantors", and together with the U.S. Guarantors the "Guarantors"), in each case, other than certain excluded subsidiaries. The Facilities are secured by (i) a first priority pledge of the equity interests of the Borrowers and of each direct, wholly-owned restricted subsidiary of any Borrower or any Guarantor and (ii) a first priority security interest in substantially all of the assets of the Borrowers and the Guarantors (in each case, subject to customary exceptions), provided that notwithstanding the foregoing, obligations of the U.S. Borrower and U.S. Guarantors under the Facilities were not secured by assets of the Dutch Borrower or any Dutch Guarantor. The Facilities impose restrictions that require the Company to comply with or maintain certain financial tests and ratios. Such agreements restrict our ability to, among other things: (i) declare dividends or redeem or repurchase capital stock, including with respect to Class A common stock; (ii) prepay, redeem or purchase other debt; (iii) incur liens; (iv) make loans, guarantees, acquisitions and other investments; (v) incur additional indebtedness; (vi) engage in sale and leaseback transactions; (vii) amend or otherwise alter debt and other material agreements; (viii) engage in mergers, acquisitions and asset sales; (ix) engage in transactions with affiliates; and (x) enter into arrangements that would prohibit us from granting liens or restrict our ability to pay dividends, make loans or transfer assets among our subsidiaries. We were in compliance with all financial covenants as of March 31, 2023 . On February 14, 2020, the Borrowers, Holdings, certain other subsidiaries of Holdings, certain lenders party to Amendment No. 1 (as defined below) and Goldman Sachs Lending Partners LLC (the “Administrative Agent”) entered into the Amendment No. 1 to the First Lien Credit Agreement ("Amendment No. 1"). Among other things, the Amendment No. 1 amends the Credit Agreement such that (i) the requirement of the Borrowers to apply excess cash flow to mandatorily prepay term loans under the Credit Agreement commences with the fiscal year ending December 31, 2021 (instead of the fiscal year ending December 31, 2020) and (ii) the aggregate amount per fiscal year of capital stock of any parent company of the U.S. Borrower that is held by directors, officers, management, employees, independent contractors or consultants of the U.S. Borrower (or any parent company or subsidiary thereof) that the U.S. Borrower may repurchase, redeem, retire or otherwise acquire or retire for value has been increased to the greater of $ 10.0 million and 10 % of Consolidated Adjusted EBITDA (as defined in the Credit Agreement) (increased from the greater of $ 7.0 million and 7 % of Consolidated Adjusted EBITDA) as of the last day of the most recently ended four fiscal quarter period for which financial statements have been delivered. On July 1, 2020, (i) Rack Holdings Inc. merged with and into Ranger Packaging LLC, with Ranger Packaging LLC as the surviving entity of such merger and (ii) Ranger Packaging LLC merged with and into Ranpak Corp., with Ranpak Corp. as the surviving entity of such merger (clauses (i) and (ii) collectively, the "Reorganization"). Contemporaneously with the Reorganization, Ranger Packaging LLC, Ranpak Corp., Ranger Pledgor LLC, certain other subsidiaries of Ranger Pledgor LLC and the Administrative Agent entered into a borrower assumption agreement ("Borrower Assumption Agreement") whereby, among other things, Ranpak Corp. assumed all obligations, liabilities and rights of Ranger Packaging LLC as the "U.S. Borrower" under the Facilities. Under the First Lien Term Facility agreement, our lower leverage ratio at December 31, 2020 required us to pay our lenders an $ 8.2 million exit payment (the “Exit Payment”), which was paid in the first quarter of 2021. This amount is included in interest expense, net in 2020. Additionally, as a result of making the Exit Payment to our lenders, we became eligible to enter into the Permitted Exit Payment Amendment (as defined in the Credit Agreement) to the Credit Agreement which, among other things, introduced additional exceptions to the negative covenant that restricts the ability of the Borrowers and their restricted subsidiaries from paying dividends and distributions or repurchasing capital stock. On July 28, 2021, the Permitted Exit Payment Amendment to the Credit Agreement became effective. On April 4, 2023, the Borrowers, Holdings, certain other subsidiaries of Holdings, certain lenders party to Amendment No. 2 (as defined below) and the Administrative Agent entered into the Amendment No. 2 to First Lien Credit Agreement (“Amendment No. 2”) to amend the Credit Agreement. Pursuant to the terms of Amendment No. 2, the parties agreed, among other things, to replace the interest rate based on the LIBOR and related LIBOR-based mechanics applicable to borrowings under the Credit Agreement with an interest rate based on the SOFR (including a customary spread adjustment) and related SOFR-based mechanics. Except as amended by Amendment No. 2, the remaining terms of the Credit Agreement remain in full force and effect.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 8 — Derivative Instruments We use derivatives as part of the normal business operations to manage our exposure to fluctuations in interest rates associated with variable interest rate debt and fluctuations in foreign currency translation associated with our global business presence. These derivatives can help decrease the volatility of cash flows affected by changes in interest rates and foreign currency exchange rates. On January 31, 2019, the Company entered into a business combination contingent interest rate swap in a notional amount of $ 200.0 million (the “January 2019 Swap”) to hedge part of the floating interest rate exposure under the First Lien Dollar Term Facility. The January 2019 Swap became effective on June 3, 2019 and would have terminated on June 3, 2022. The January 2019 Swap economically converts a portion of the variable rate debt to fixed rate debt. The Company receives floating interest payments monthly based on one-month LIBOR and pays a fixed rate of 2.56 % to the counterparty. Prior to September 25, 2019, the Company did not apply hedge accounting to the January 2019 Swap. Changes in fair value were recorded to interest expense. On September 25, 2019, the Company amended the January 2019 Swap to extend its term to mature on June 1, 2023 and lower the rate to 2.31 % (the “Amended January 2019 Swap”). We concurrently entered into an incremental $ 50.0 million notional swap at 1.5 % and maturing on June 1, 2023 (the “September 2019 Swap”). Additionally, on September 25, 2019, we designated as cash flow hedges the Amended January 2019 Swap and the September 2019 Swap and applied hedge accounting. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the contract agreements without exchange of the underlying notional amount. Changes in fair value are recorded in accumulated other comprehensive income and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. On March 27, 2020, we entered into an interest rate swap that amended the Amended January 2019 Swap to a lower rate of 2.1 % and extended the maturity to June 1, 2024 (the “Second Amended January 2019 Swap”). We designated the Second Amended January 2019 Swap as a cash flow hedge and applied hedge accounting. A summary of our interest rate swaps is as follows: Interest Rate Swap Agreements Designation Maturity Date Rate Notional Value Debt Instrument Hedged Percentage of Debt Instrument Outstanding March 31, 2023 September 2019 Swap Cash flow hedge June 1, 2023 1.50 % $ 50.0 First Lien Dollar Term Facility 20 % Second Amended January 2019 Swap Cash flow hedge June 1, 2024 2.09 % 200.0 First Lien Dollar Term Facility 80 % $ 250.0 100 % December 31, 2022 September 2019 Swap Cash flow hedge June 1, 2023 1.50 % $ 50.0 First Lien Dollar Term Facility 20 % Second Amended January 2019 Swap Cash flow hedge June 1, 2024 2.09 % 200.0 First Lien Dollar Term Facility 80 % $ 250.0 100 % The Second Amended January 2019 Swap contains an insignificant financing element that is amortized over the term of the hedging relationship. As of March 31, 2023, we anticipate having to reclassify $ 5.7 million from accumulated other comprehensive income into earnings during the next twelve months to offset the variability of the hedged items during this period. On September 1, 2021, we entered into a cross currency swap (the “September 2021 Swap”) to protect our net investment in a European subsidiary and hedge against the risk of adverse changes in the exchange rate of the Euro and U.S. dollar (“USD”). On September 1, 2021, we designated the September 2021 Swap as a net investment hedge. The September 2021 Swap involves the receipt of fixed-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the contract without exchange of the underlying notional amounts. At a spot exchange rate of 1.1835 , we converted notional amounts of approximately $ 80.0 million at 5.84 % for € 67.6 million at 5.02 %. The change in fair value of the September 2021 Swap is recorded in currency translation in other comprehensive income (loss) and accumulated other comprehensive income (loss). Components of the September 2021 Swap excluded from the assessment of effectiveness are amortized out of accumulated other comprehensive income (loss) and into interest expense over the life of the September 2021 Swap to maturity on June 1, 2024. In February 2022, we terminated the September 2021 Swap. The resulting cash inflow of approximately $ 2.1 million is recorded within other comprehensive income. We simultaneously entered into another cross-currency swap (the “February 2022 Swap”) and designated it as a net investment hedge. The February 2022 Swap involves the receipt of fixed-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the contract without exchange of the underlying notional amounts. At a spot exchange rate of 1.1345 , we converted notional amounts of approximately $ 80.0 million at 5.84 % for € 70.5 million at 4.37 %. The change in fair value of the February 2022 Swap is recorded in currency translation in other comprehensive income (loss) and accumulated other comprehensive income. Components of the February 2022 Swap excluded from the assessment of effectiveness are amortized out of accumulated other comprehensive income and into interest expense over the life of the February 2022 Swap to maturity on June 1, 2024. In April 2022, we terminated the February 2022 Swap, resulting in a cash inflow of approximately $ 2.8 million, which is recorded within other comprehensive income. We simultaneously entered into another cross-currency swap (the “April 2022 Swap”) and designated it as a net investment hedge. The April 2022 Swap involves the receipt of fixed-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the contract without exchange of the underlying notional amounts. At a spot exchange rate of 1.0827 , we converted notional amounts of approximately $ 80.0 million at 5.84 % for € 73.9 million at 3.93 %. The change in fair value of the April 2022 Swap is recorded in currency translation in other comprehensive income (loss) and accumulated other comprehensive income. Components of the April 2022 Swap excluded from the assessment of effectiveness are amortized out of accumulated other comprehensive income and into interest expense over the life of the April 2022 Swap to maturity on June 1, 2024. In July 2022, we terminated the April 2022 Swap, resulting in a cash inflow of approximately $5.1 million, which is recorded within other comprehensive income. In November 2022, we entered into a cross currency swap (the “November 2022 Swap”) and designated it as a net investment hedge. The November 2022 Swap involves the receipt of fixed-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the contract without exchange of the underlying notional amounts. At a spot exchange rate of 1.0205 , we converted notional amounts of approximately $ 80.0 million at 5.84 % for € 78.4 million at 3.95 %. The change in fair value of the November 2022 Swap is recorded in currency translation in other comprehensive income (loss) and accumulated other comprehensive income (loss). Components of the November 2022 Swap excluded from the assessment of effectiveness are amortized out of accumulated other comprehensive income (loss) and into interest expense over the life of the November 2022 Swap to maturity on June 1, 2024. The following table summarizes the total fair values of derivative assets and liabilities and the respective classification in the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022. The net amount of derivatives can be reconciled to the tabular disclosure of fair value in Note 10, “Fair Value Measurement” : Assets (Liabilities) Balance Sheet Classification March 31, 2023 December 31, 2022 Interest Rate Swap Agreements Designated as cash flow hedges Prepaid expenses and other current assets $ 5.8 $ 6.3 Designated as cash flow hedges Other assets 0.4 1.8 $ 6.2 $ 8.1 Cross-Currency Swap Agreement Designated as net investment hedge Derivative instruments $ ( 4.7 ) $ ( 3.7 ) $ ( 4.7 ) $ ( 3.7 ) The following table presents the effect of our derivative financial instruments on our unaudited condensed consolidated statements of operations. The income effects of our derivative activities are reflected in interest expense. Three Months Ended March 31, 2023 2022 Total interest expense presented in the statement of operations $ 5.7 $ 5.0 Interest rate swap agreements designated as cash flow hedges ( 1.8 ) 1.0 Cross-currency swap agreement designated as net investment hedge, amounts excluded from effectiveness testing $ ( 0.3 ) $ ( 0.3 )

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Note 9 — Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) is a separate line within the unaudited condensed consolidated statements of equity that reports our cumulative income (loss) that has not been reported as part of net income (loss). The components of accumulated other comprehensive income (loss) at March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 Gross Balance Tax Effect Net Balance Foreign currency translation $ ( 4.9 ) $ - $ ( 4.9 ) Unrealized gain (loss) on interest rate swaps 8.7 ( 1.8 ) 6.9 Unrealized gain (loss) on cross-currency swap ( 4.7 ) 1.1 ( 3.6 ) Realized gain (loss) on cross-currency swap 10.0 ( 2.4 ) 7.6 Total $ 9.1 $ ( 3.1 ) $ 6.0 December 31, 2022 Gross Balance Tax Effect Net Balance Foreign currency translation $ ( 8.0 ) $ - $ ( 8.0 ) Unrealized gain (loss) on interest rate swaps 11.0 ( 2.4 ) 8.6 Unrealized gain (loss) on cross-currency swap ( 3.9 ) 0.9 ( 3.0 ) Realized gain (loss) on cross-currency swap 10.0 ( 2.4 ) 7.6 Total $ 9.1 $ ( 3.9 ) $ 5.2 The following table presents the changes in accumulated other comprehensive income (loss) by component: Three Months Ended March 31, 2023 Foreign currency translation Unrealized gain (loss) on interest rate swaps Unrealized gain (loss) on cross-currency swap Realized gain (loss) on cross-currency swap Total Beginning balance $ ( 8.0 ) $ 8.6 $ ( 3.0 ) $ 7.6 $ 5.2 Other comprehensive income (loss) before reclassifications 3.1 ( 4.0 ) ( 1.1 ) - ( 2.0 ) Amounts reclassified from accumulated other comprehensive income (loss) - 2.3 0.5 - 2.8 Ending balance $ ( 4.9 ) $ 6.9 $ ( 3.6 ) $ 7.6 $ 6.0

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurement	Note 10 — Fair Value Measurement Financial instruments are required to be categorized within a valuation hierarchy based upon the lowest level of input that is significant to the fair value measurement. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value: • Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 — Inputs that are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be derived from observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activities. The carrying values of cash and cash equivalents (primarily consisting of bank deposits and a money market fund), accounts receivable and accounts payable approximate their fair values due to the short-term nature of these instruments as of March 31, 2023 and December 31, 2022. The following table provides the carrying amounts, estimated fair values and the respective fair value measurements of our financial instruments as of March 31, 2023 and December 31, 2022: Fair Value Measurements Carrying Amount Level 1 Level 2 Level 3 March 31, 2023 Money market fund $ 27.8 $ 27.8 $ - $ - Current and long-term debt 400.0 - 396.2 - Interest rate swap agreements 6.2 - 6.2 - Cross-currency swap agreement $ 4.7 $ - $ 4.7 $ - December 31, 2022 Money market fund $ 30.5 $ 30.5 $ - $ - Current and long-term debt 396.9 - 388.7 - Interest rate swap agreements 8.1 - 8.1 - Cross-currency swap agreement $ 3.7 $ - $ 3.7 $ - The money market fund is valued at net asset value and is considered a Level 1 measurement. The money market fund's carrying value approximates its fair value due to the short-term nature of the investment. The fair value of outstanding long-term debt is based on prices and other relevant information generated by market transactions involving identical or comparable debt instruments, which represents a Level 2 measurement. Derivative positions are classified within Level 2 of the valuation hierarchy as they are valued using quoted market prices for similar assets and liabilities in active markets.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 11 — Income Taxes For each interim reporting period, we make an estimate of the effective tax rate we expect to be applicable for the full year for our operations. This estimated effective tax rate is used in providing for income taxes on a year-to-date basis. Our effective tax rate was as follows: Three Months Ended March 31, 2023 2022 Effective tax rate 14.4 % 22.7 % The fluctuation in the effective tax rate over the periods presented above was primarily attributable to a tax expense of $ 1.2 million related to stock-based compensation shortfall recognized in the current period. The effective tax rate differs from the U.S. federal statutory rate due primarily to expense from stock-based compensation, which is partially offset by U.S. foreign-derived intangible income deduction, tax credits available in the U.S., and income in foreign jurisdictions that are taxed at different rates than the U.S. statutory tax rate. We are subject to taxation in the United States (federal, state, local) and foreign jurisdictions. As of March 31, 2023 , tax years 2019 through 2021 are subject to examination by the tax authorities. Pursuant to ASC 740, Income Taxes (“ASC 740”), as of each balance sheet date, we assess our uncertain tax positions to determine whether factors underlying the sustainability assertion have changed. As of March 31, 2023, such factors have not changed and no additional adjustments are necessary.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	Note 12 — Leases We lease automobiles, machinery, equipment, warehouses, and office buildings. We account for these leases in accordance with ASC 842 by recording right-of-use assets and lease liabilities. The right-of-use asset represents our right to use underlying assets for the lease term and the lease liability represents our obligation to make lease payments under the leases. We determine if an arrangement is or contains a lease at contract inception and exercise judgment and apply certain assumptions when determining the discount rate, lease term, and lease payments. ASC 842 requires a lessee to record a lease liability based on the discounted unpaid lease payments using the interest rate implicit in the lease or, if the rate cannot be readily determined, the incremental borrowing rate. Generally, we do not have knowledge of the rate implicit in the lease and, therefore, we use the incremental borrowing rate for a lease. The lease term includes the non-cancelable period of the lease plus any additional periods covered by an option to extend that we are reasonably certain to exercise. In the first quarter of 2023, we commenced a 15 -year operating lease for our new regional headquarters in Eygelshoven, the Netherlands. We recorded an operating right-of-use asset and corresponding operating lease liabilities of approximately € 13.8 million (equivalent to approximately $ 14.8 million). This facility is used for both administrative and production purposes. Operating leases and finance leases are included in the condensed consolidated balance sheets as follows: Classification March 31, 2023 December 31, 2022 Lease assets Operating lease right-of-use assets, net Assets $ 21.9 $ 6.0 Finance lease right of use assets, net Property, plant, and equipment, net 1.4 1.4 Total lease assets $ 23.3 $ 7.4 Lease liabilities Operating lease liabilities, current Current liabilities $ 2.7 $ 2.0 Operating lease liabilities, non-current Non-current liabilities 19.2 4.0 Finance lease liabilities, current Current portion of long-term debt 0.7 0.7 Finance lease liabilities, non-current Long-term debt 0.8 0.8 Total lease liabilities $ 23.4 $ 7.5 The components of lease costs, which are included in income from operations in our condensed consolidated statements of operations and comprehensive income (loss), were as follows: Three Months Ended March 31, 2023 2022 Operating leases Operating lease costs $ 1.0 $ 0.8 Variable lease costs 0.1 - Short-term lease costs 0.2 - Total operating lease costs $ 1.3 $ 0.8 Finance leases Amortization of right-of-use asset $ 0.2 $ 0.2 Interest on finance lease liabilities - - Total finance lease costs $ 0.2 $ 0.2 Maturities of lease liabilities as of March 31, 2023 are as follows: Operating Finance Total 2023 $ 3.4 $ 0.6 $ 4.0 2024 4.2 0.6 4.8 2025 4.0 0.3 4.3 2026 2.6 0.1 2.7 2027 2.1 - 2.1 2028 and Thereafter 19.8 - 19.8 Total lease payments 36.1 1.6 37.7 Less lease interest ( 14.2 ) ( 0.1 ) ( 14.3 ) Total lease liabilities $ 21.9 $ 1.5 $ 23.4 Additional information related to leases is presented as follows: March 31, 2023 December 31, 2022 Operating leases Weighted average remaining lease term 11.3 years 3.3 years Weighted average discount rate 9.4 % 5.4 % Finance leases Weighted average remaining lease term 2.4 years 2.5 years Weighted average discount rate 4.5 % 3.4 % Three Months Ended March 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1.0 $ 0.7 Financing cash flows from finance leases 0.2 0.2 Total cash paid $ 1.2 $ 0.9 Leased assets obtained in exchange for new operating lease liabilities $ 18.0 $ - Leased assets obtained in exchange for new finance lease liabilities 0.1 0.1 Right-of-use assets obtained in exchange for lease liabilities $ 18.1 $ 0.1 As previously noted, our machine lease revenue is accounted for under ASC 842 and is recognized on a straight-line basis over the terms of the agreements with customers, which have durations of less than one year.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13 — Commitments and Contingencies Litigation We are subject to legal proceedings and claims that arise in the ordinary course of our business. Management evaluates each claim and provides for potential loss when the claim is probable to be paid and reasonably estimable. While adverse decisions in certain of these litigation matters, claims and administrative proceedings could have a material effect on a particular period’s results of operations, subject to the uncertainties inherent in estimating future costs for contingent liabilities, management believes that any future accruals with respect to these currently known contingencies would not have a material effect on the financial condition, liquidity or cash flows of the Company. There are no amounts required to be reflected in these unaudited interim condensed consolidated financial statements related to contingencies for the three months ended March 31, 2023. Environmental Matters Our operations are subject to extensive and changing U.S. federal, state and local laws and regulations, as well as the laws of other countries that establish health and environmental quality standards. These standards, among others, relate to air and water pollutants and the management and disposal of hazardous substances and wastes. We are exposed to potential liability for personal injury or property damage caused by any release, spill, exposure or other accident involving such pollutants, substances or wastes. There are no amounts required to be reflected in these unaudited interim consolidated financial statements related to environmental contingencies. Management believes the Company is in compliance, in all material respects, with environmental laws and regulations and maintains insurance coverage to mitigate exposure to environmental liabilities. Management does not believe any environmental matters will have a material adverse effect on the Company’s future consolidated results of operations, financial position or cash flows. Guarantees We issue bank guarantees from time to time for various purposes that arise out of the normal course of business. These amounts are immaterial for all periods presented.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 14 — Stock-Based Compensation We expense the fair value of grants of various stock-based compensation programs over the vesting period of the awards. Stock compensation expense is recorded in selling, general, and administrative expenses in the condensed consolidated statements of operations. Awards granted are recognized as compensation expense based on the grant date fair value, estimated in accordance with ASC 718, Compensation – Stock Compensation . The grant date fair value is the closing price of our stock on the grant date. Failure to satisfy the threshold service or performance conditions results in the forfeiture of shares. Forfeiture of share awards with service conditions or performance-based restrictions results in a reversal of previously recognized share-based compensation expense so long as the awards were probable of vesting. Stock compensation expense includes actual forfeitures incurred. The table below summarizes certain data for our stock-based compensation plans: Three Months Ended March 31, 2023 2022 Stock-based compensation expense $ 2.8 $ 8.8 Tax (expense) benefit for stock-based compensation 0.7 0.3 Stock-based compensation expense, net of tax $ 2.1 $ 9.1 The Ranpak Holdings Corp. 2019 Omnibus Incentive Plan (the “2019 Plan”) rewards employees and other individuals to perform at their highest level and contribute significantly to the success of the Company. The 2019 Plan is an omnibus plan that may provide these incentives through grants of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSU” or “RSUs”), performance awards, other cash-based awards and other stock-based awards to employees, directors, or consultants of the Company. At the annual meeting in May 2021, shareholders approved an amendment to the 2019 Plan (the “Amended Plan”) that authorized an additional 9.0 million shares for issuance for future awards. As of March 31, 2023, the pool of shares in the 2019 Plan is summarized as follows: 2019 Plan Quantity Maximum allowed for issuance 13,118,055 Awards granted ( 7,646,474 ) Awards forfeited 1,359,944 Available for future awards 6,831,525 Awards vested 2,611,028 Restricted Stock Units — RSUs represent a right to receive one share of our common stock that is both nontransferable and forfeitable unless and until certain conditions are satisfied. Typically, RSUs vest ratably over a two-year period. The fair value of RSUs is determined on the grant date and is amortized over the vesting period on a ratable basis. Performance-Based Restricted Stock Units — Performance-based restricted stock units (“PRSU” or “PRSUs”) represent a right to receive, to the extent vested and earned, one share of our common stock. Our PRSUs generally follow two forms. One form of PRSU vests over a three-year period with the number of the awards to be earned determined at the end of the initial one-year performance period, based upon attainment of specific business performance goals during such initial one-year performance period. If certain minimum performance levels are not attained in the initial one-year performance period, the awards will be automatically forfeited before vesting. The awards are variable in that PRSUs earned could range from 0 % to 150 % of the target number of PRSUs granted, contingent on the performance level attained. In connection with the shareholders approving the Amended Plan, certain executive officers and key employees received a special long-term incentive PRSU award (the “2021 LTIP PRSUs”). The 2021 LTIP PRSUs are generally eligible to be earned based on performance against pre-established performance metrics during our 2023, 2024 and 2025 fiscal years. One-third of the 2021 LTIP PRSUs are eligible to be earned and vest on each of January 1, 2024, January 1, 2025, and January 1, 2026 based on the achievement of performance goals during the one-year period immediately preceding the vesting date (each such one-year period, a “2021 LTIP PRSU Measurement Period”), subject to continued employment on each such vesting date. The number of PRSUs eligible to be earned in respect of each such 2021 LTIP PRSU Measurement Period will be equal to one-third of the target number of PRSUs multiplied by a percentage that corresponds to the level of achievement of our performance goals. The awards are variable in that the PRSUs earned could range from 0 % to 300 % of the target number of PRSUs granted contingent on the performance level attained. The fair value of our PRSUs is determined on the grant date. Compensation cost for these awards is recognized based on the probability of achievement of the performance-based conditions. Activity of our RSUs and PRSUs is as follows: RSUs PRSUs Quantity Weighted Average Grant Date Fair Value Quantity Weighted Average Grant Date Fair Value Restricted at December 31, 2022 351,945 $ 15.78 2,560,551 $ 23.52 Granted 24,474 6.30 1,251,870 6.30 Vested ( 103,565 ) 27.97 ( 435,219 ) 18.38 Forfeited ( 7,513 ) 27.81 ( 18,281 ) 34.22 Outstanding at March 31, 2023 265,341 $ 9.81 3,358,921 $ 17.71 Director Stock Units — Members of the Company’s Board of Directors (“Director(s)”) may elect to receive their quarterly retainer fees in the form of Class A common shares that are covered by an active shelf registration statement. The retainers are paid quarterly, in arrears in the form of cash or stock at the Director’s election, and vest upon issuance. These shares are priced at the closing price of the last business day of the calendar quarter. Additionally, Directors are granted an annual award of RSUs of $ 0.1 million on the date of the annual shareholder meeting. The number of RSUs is determined by the closing price of Ranpak stock on that date. These RSUs vest at the earlier of the (i) anniversary of the grant date or (ii) the following annual shareholder meeting. The following table includes the number of shares granted and vested for Directors electing to receive retainer payments in shares: Director Stock Units Quantity Weighted Average Grant Date Fair Value Balance at December 31, 2022 51,240 $ 11.72 Granted 14,084 5.77 Vested ( 14,084 ) 5.77 Balance at March 31, 2023 51,240 $ 11.72

Earnings (Loss) per Share

Earnings (Loss) per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings (Loss) per Share	Note 15 — Earnings (Loss) per Share Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to the potential dilution, if any, that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, using the more dilutive of the two-class method or if-converted method. Diluted EPS excludes potential shares of common stock if their effect is anti-dilutive. If there is a net loss in any period, basic and diluted EPS are computed in the same manner. The two-class method determines net income (loss) per common share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common shareholders for the period to be allocated between different classes of common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. We apply the two-class method for EPS when computing net income (loss) per Class A and Class C common shares. As of March 31, 2023 , we have not issued any instruments that are considered to be participating securities. Weighted average shares of Class A and Class C common stock have been combined in the denominator of basic and diluted earnings (loss) per share because they have equivalent economic rights. The following table sets forth the computation of our earnings (loss) per share: Three Months Ended March 31, 2023 2022 Numerator: Net loss $ ( 12.4 ) $ ( 14.1 ) Net loss attributable to common stockholders for basic and diluted EPS $ ( 12.4 ) $ ( 14.1 ) Denominator: Basic weighted average common shares outstanding 82,136,793 81,573,467 Dilutive effect of assumed vesting of RSUs and PRSUs - - Dilutive effect of Class A and Class C earnout shares - - Diluted weighted average common shares outstanding 82,136,793 81,573,467 Loss per share attributable to common stockholders Basic $ ( 0.15 ) $ ( 0.17 ) Diluted $ ( 0.15 ) $ ( 0.17 ) Two-class method: Class A Common Stock Basic weighted average common shares outstanding 79,215,694 78,652,368 Dilutive effect of assumed vesting of RSUs and PRSUs - - Dilutive effect of Class A earnout shares - - Diluted weighted average common shares outstanding 79,215,694 78,652,368 Proportionate share of net loss $ ( 12.0 ) $ ( 13.6 ) Class A – basic earnings (loss) per share $ ( 0.15 ) $ ( 0.17 ) Class A – diluted earnings (loss) per share $ ( 0.15 ) $ ( 0.17 ) Class C Common Stock Basic weighted average common shares outstanding 2,921,099 2,921,099 Dilutive effect of assumed vesting of RSUs and PRSUs - - Dilutive effect of Class C earnout shares - - Diluted weighted average common shares outstanding 2,921,099 2,921,099 Proportionate share of net loss $ ( 0.4 ) $ ( 0.5 ) Class C – basic earnings (loss) per share $ ( 0.14 ) $ ( 0.17 ) Class C – diluted earnings (loss) per share $ ( 0.14 ) $ ( 0.17 ) The dilutive effect of 0.1 and 1.2 million shares in the first quarter of 2023 and 2022, respectively, was omitted from the calculation of diluted weighted-average shares outstanding and diluted earnings per share because we were in a loss position. The following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive or because milestones were not yet achieved for awards contingent on the achievement of performance milestones: Three Months Ended March 31, 2023 2022 RSUs and PRSUs 2,902,389 3,270,039 Total antidilutive securities 2,902,389 3,270,039

Transactions with Related Parti

Transactions with Related Parties	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 16 — Transactions with Related Parties On June 3, 2019, upon the closing of Ranpak’s business combination with One Madison Corporation, Ranpak entered into a shared services agreement (the “Shared Services Agreement”) with an entity controlled by our chief executive officer, One Madison Group LLC (the “Sponsor”), pursuant to which the Sponsor may provide, or cause to be provided, certain services to Ranpak. The Shared Services Agreement provides for a broad array of potential services, including administrative and “back office” or corporate-type services and requires Ranpak to indemnify the Sponsor in connection with the services provided by the Sponsor to Ranpak. Total fees under the agreement were $ 0.1 million for each of the first quarters of 2023 and 2022 .

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Shareholders' Equity	Note 17 — Shareholders' Equity On July 26, 2022, the Directors authorized a general share repurchase program of the Company’s Class A common stock of up to $ 50.0 million, with a 36-month expiration. These Class A common stock repurchases may occur in transactions that may include, without limitation, tender offers, open market purchases, accelerated share repurchases, negotiated block purchases, and transactions effected through plans under Rule 10b5-1 of the Securities Exchange Act of 1934. The timing and actual amount of shares repurchased will depend on a variety of different factors and may be modified, suspended or terminated at any time at the discretion of the Directors.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation — The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries prepared in conformity with GAAP. All intercompany balances and transactions have been eliminated in consolidation. All amounts are in millions, except share and per share amounts and are approximate due to rounding.
Use of Estimates	Use of Estimates — The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and such differences could be material.
Foreign Currency	Foreign Currency — The nature of business activities involves the management of various financial and market risks, including those related to changes in foreign currency exchange rates. The functional currency of our operating subsidiaries outside the U.S. is the applicable local currency. For those operations, assets and liabilities are translated into U.S. dollars ("USD") at period-end exchange rates into Euros, then into USD. Revenues and expenses are translated into USD using average monthly exchange rates into Euros, then into USD.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards	Recently Adopted Accounting Standards — We have adopted all applicable accounting standards and did not adopt any new accounting standards issued by the Financial Accounting Standards Board (“FASB”) in the first quarter of 2023. Recently Issued Accounting Standards — In December 2022, the FASB issued Accounting Standards Update (“ASU”) No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”), which gives optional guidance to provide relief for reference rate reform, where certain transactions have transitioned or are transitioning away from the London Interbank Offered Rate (“LIBOR”) to other reference rates. Certain tenors of USD LIBOR are transferring from LIBOR by June 30, 2023, including one-month and three-month USD LIBOR, on which our existing indebtedness and interest rate swap agreements are based as of March 31, 2023. ASU 2022-06 defers the sunset date of ASC Topic 848, Reference Rate Reform (“ASC 848”) from December 31, 2022 to December 31, 2024 to ensure the relief in ASC 848 covers the period of time during which a significant number of modifications may take place. As further disclosed in Note 7, "Long-Term Debt" , we amended the terms of our Credit Agreement to replace the interest rate based on LIBOR and related LIBOR-based mechanics with an interest rate based on the secured overnight financing rate ("SOFR") and related SOFR-based mechanics. As a result of the amendment, we are evaluating the effects of ASC 848 and its effects on our condensed consolidated financial statements, which will be complete by June 30, 2023.

Supplemental Balance Sheet Da_2

Supplemental Balance Sheet Data and Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Components of Accounts Receivable, Net	Accounts Receivable, net — The components of accounts receivable, net were as follows: March 31, 2023 December 31, 2022 Accounts receivable $ 34.8 $ 33.7 Allowance for doubtful accounts ( 0.4 ) ( 0.7 ) Accounts receivable, net $ 34.4 $ 33.0
Schedule of Inventory, Net	Inventories, net — The components of inventories, net were as follows: March 31, 2023 December 31, 2022 Raw materials $ 9.8 $ 12.4 Work-in-process 6.7 5.7 Finished goods 6.3 7.2 Total inventories 22.8 25.3 Reserve for obsolescence ( 0.2 ) ( 0.3 ) Inventories, net $ 22.6 $ 25.0
Property, Plant and Equipment	Property, Plant and Equipment, net — The following table details our property, plant and equipment, net: March 31, 2023 December 31, 2022 Land $ 4.0 $ 4.0 Buildings and improvements 13.4 13.3 Machinery and equipment 41.0 34.0 Computer and office equipment 11.8 11.5 Converting machines 187.7 182.8 Total property, plant, and equipment 257.9 245.6 Accumulated depreciation ( 130.9 ) ( 121.6 ) Property, plant, and equipment, net $ 127.0 $ 124.0 Depreciation expense recorded in cost of goods sold and depreciation and amortization in the unaudited condensed consolidated statements of operations and comprehensive income (loss) was as follows: Three Months Ended March 31, Depreciation expense included in 2023 2022 Cost of goods sold $ 8.3 $ 10.6 Depreciation and amortization expense 0.8 0.9 Total depreciation expense $ 9.1 $ 11.5
Schedule of Accrued Liabilities and Other	Accrued Liabilities and Other – The components of accrued liabilities and other were as follows: March 31, 2023 December 31, 2022 Employee compensation $ 2.7 $ 2.1 Taxes 3.8 3.4 Professional fees 1.6 0.8 Bonus 2.3 0.7 Interest 1.8 1.9 Other 3.1 1.7 Accrued liabilities and other $ 15.3 $ 10.6
Schedule of Cash Flow, Supplemental Disclosures	Supplemental Cash Flow Information — Supplemental cash flow information is as follows: Three Months Ended March 31, 2023 2022 Supplemental cash flow information Interest paid $ 5.8 $ 5.1 Income taxes paid $ 0.8 $ 0.7 Non-cash investing activities Right-of-use assets obtained in exchange for lease liabilities $ 18.1 $ 0.1 Capital expenditures in accounts payable $ 0.8 $ 0.7

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	We attribute revenue and gross profit to individual countries based on the selling location. Our products are primarily sold from North America and Europe. As previously noted, segment gross profit includes certain depreciation and amortization expenses that are included in cost of goods sold. Three Months Ended March 31, 2023 2022 Revenue North America $ 31.1 $ 30.9 Europe/Asia 50.1 51.6 Net revenue 81.2 82.5 Segment gross profit North America 9.4 9.9 Europe/Asia 18.1 14.7 Gross profit 27.5 24.6 Expenses excluded from segment gross profit Selling, general and administrative expenses 27.2 29.7 Depreciation and amortization expense 8.0 8.2 Other operating expense, net 1.2 0.5 Interest expense 5.7 5.0 Foreign currency (gain) loss 0.2 ( 0.6 ) Other non-operating income, net ( 0.3 ) - Loss before income tax benefit $ ( 14.5 ) $ ( 18.2 ) Our customers are not concentrated in any specific geographic region. During the three months ended March 31, 2023 and 2022 , no customers exceeded 10 % of net revenue. The following table presents our long-lived assets by geographic region. Refer to Note 11, “ Leases ” for additional detail on our new leased facility in Eygelshoven, The Netherlands: March 31, 2023 December 31, 2022 North America $ 67.4 $ 65.4 Europe/Asia 81.5 64.6 Total long-lived assets $ 148.9 $ 130.0

Revenue Recognition, Contract_2

Revenue Recognition, Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Change in contract assets	Contract assets arise as revenue is recognized prior to billing the customer in accordance with the terms of the contract. Changes in contract assets were as follows: Three Months Ended March 31, 2023 Beginning balance $ - Revenue recognized in excess of billings 1.6 Ending balance $ 1.6
Schedule of Change in Deferred Revenue	on the unaudited condensed consolidated balance sheets. Changes in deferred revenue were as follows: Three Months Ended March 31, 2023 Beginning balance $ 0.9 Deferral of revenue 2.3 Recognition of revenue ( 1.6 ) Ending balance $ 1.6
Revenue from Contracts with Customers Summarized by Segment Geography	In addition to the disaggregation of revenue between paper, machine lease, and other revenue, we also disaggregate our revenue by segment geography to assist in evaluating the nature, timing, and uncertainty of revenue and cash flows that may be impacted by economic factors: Three Months Ended March 31, 2023 2022 ASC 606 North America $ 25.3 $ 25.6 Europe/Asia 43.1 44.7 Total paper and other revenue $ 68.4 $ 70.3 ASC 842 Machine lease revenue $ 12.8 $ 12.2 Net revenue $ 81.2 $ 82.5

Goodwill, Long-Lived Assets, _2

Goodwill, Long-Lived Assets, Intangible Assets and Impairment (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill Balances by Operating Segment	The following table shows our goodwill balances by operating segment that are aggregated into one reportable segment: North America Europe Total Balance at December 31, 2022 $ 338.8 $ 107.9 $ 446.7 Currency translation - 2.0 2.0 Balance at March 31, 2023 $ 338.8 $ 109.9 $ 448.7
Schedule of Indefinite-Lived Intangible Assets	The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives: March 31, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer/distributor relationships $ 197.5 $ ( 50.2 ) $ 147.3 $ 195.5 $ ( 46.5 ) $ 149.0 Patented/unpatented technology 171.6 ( 59.0 ) 112.6 171.6 ( 55.0 ) 116.6 Intellectual property 0.5 ( 0.2 ) 0.3 0.5 ( 0.2 ) 0.3 Total definite-lived intangible assets 369.6 ( 109.4 ) 260.2 367.6 ( 101.7 ) 265.9 Trademarks/tradenames with indefinite lives 106.2 - 106.2 106.2 - 106.2 Identifiable intangible assets, net $ 475.8 $ ( 109.4 ) $ 366.4 $ 473.8 $ ( 101.7 ) $ 372.1
Finite-lived Intangible Assets Amortization Expense	The following table shows the remaining estimated amortization expense for our definite-lived intangible assets at March 31, 2023: Year Amount 2023 $ 21.8 2024 29.1 2025 28.6 2026 28.2 2027 28.1 Thereafter 124.4 $ 260.2
Schedule of Finite-Lived Intangible Assets	The following table shows the remaining weighted-average useful life of our definite lived intangible assets as of March 31, 2023: Remaining Weighted-Average Useful Life March 31, 2023 December 31, 2022 Customer/distributor relationships 11 years 11 years Patented/unpatented technology 7 years 8 years Intellectual property 7 years 7 years Total identifiable assets, net with definite lives 10 years 10 years

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt consisted of the following: March 31, 2023 December 31, 2022 First Lien Dollar Term Facility $ 250.0 $ 250.0 First Lien Euro Term Facility 147.7 145.4 Finance lease liabilities 1.5 1.5 Equipment financing 0.8 - Deferred financing costs, net ( 3.6 ) ( 3.9 ) Total debt 396.4 393.0 Less: current portion of long-term debt ( 0.7 ) ( 0.6 ) Less: current portion of finance lease liabilities ( 0.7 ) ( 0.7 ) Long-term debt $ 395.0 $ 391.7

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	A summary of our interest rate swaps is as follows: Interest Rate Swap Agreements Designation Maturity Date Rate Notional Value Debt Instrument Hedged Percentage of Debt Instrument Outstanding March 31, 2023 September 2019 Swap Cash flow hedge June 1, 2023 1.50 % $ 50.0 First Lien Dollar Term Facility 20 % Second Amended January 2019 Swap Cash flow hedge June 1, 2024 2.09 % 200.0 First Lien Dollar Term Facility 80 % $ 250.0 100 % December 31, 2022 September 2019 Swap Cash flow hedge June 1, 2023 1.50 % $ 50.0 First Lien Dollar Term Facility 20 % Second Amended January 2019 Swap Cash flow hedge June 1, 2024 2.09 % 200.0 First Lien Dollar Term Facility 80 % $ 250.0 100 %
Schedule of Derivative Assets at Fair Value	The following table summarizes the total fair values of derivative assets and liabilities and the respective classification in the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022. The net amount of derivatives can be reconciled to the tabular disclosure of fair value in Note 10, “Fair Value Measurement” : Assets (Liabilities) Balance Sheet Classification March 31, 2023 December 31, 2022 Interest Rate Swap Agreements Designated as cash flow hedges Prepaid expenses and other current assets $ 5.8 $ 6.3 Designated as cash flow hedges Other assets 0.4 1.8 $ 6.2 $ 8.1 Cross-Currency Swap Agreement Designated as net investment hedge Derivative instruments $ ( 4.7 ) $ ( 3.7 ) $ ( 4.7 ) $ ( 3.7 )
Schedule of Derivative Liabilities at Fair Value	The following table summarizes the total fair values of derivative assets and liabilities and the respective classification in the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022. The net amount of derivatives can be reconciled to the tabular disclosure of fair value in Note 10, “Fair Value Measurement” : Assets (Liabilities) Balance Sheet Classification March 31, 2023 December 31, 2022 Interest Rate Swap Agreements Designated as cash flow hedges Prepaid expenses and other current assets $ 5.8 $ 6.3 Designated as cash flow hedges Other assets 0.4 1.8 $ 6.2 $ 8.1 Cross-Currency Swap Agreement Designated as net investment hedge Derivative instruments $ ( 4.7 ) $ ( 3.7 ) $ ( 4.7 ) $ ( 3.7 )
Schedule of Derivative Instruments, Gain (Loss)	The following table presents the effect of our derivative financial instruments on our unaudited condensed consolidated statements of operations. The income effects of our derivative activities are reflected in interest expense. Three Months Ended March 31, 2023 2022 Total interest expense presented in the statement of operations $ 5.7 $ 5.0 Interest rate swap agreements designated as cash flow hedges ( 1.8 ) 1.0 Cross-currency swap agreement designated as net investment hedge, amounts excluded from effectiveness testing $ ( 0.3 ) $ ( 0.3 )

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Components of AOCI	The components of accumulated other comprehensive income (loss) at March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 Gross Balance Tax Effect Net Balance Foreign currency translation $ ( 4.9 ) $ - $ ( 4.9 ) Unrealized gain (loss) on interest rate swaps 8.7 ( 1.8 ) 6.9 Unrealized gain (loss) on cross-currency swap ( 4.7 ) 1.1 ( 3.6 ) Realized gain (loss) on cross-currency swap 10.0 ( 2.4 ) 7.6 Total $ 9.1 $ ( 3.1 ) $ 6.0 December 31, 2022 Gross Balance Tax Effect Net Balance Foreign currency translation $ ( 8.0 ) $ - $ ( 8.0 ) Unrealized gain (loss) on interest rate swaps 11.0 ( 2.4 ) 8.6 Unrealized gain (loss) on cross-currency swap ( 3.9 ) 0.9 ( 3.0 ) Realized gain (loss) on cross-currency swap 10.0 ( 2.4 ) 7.6 Total $ 9.1 $ ( 3.9 ) $ 5.2 The following table presents the changes in accumulated other comprehensive income (loss) by component: Three Months Ended March 31, 2023 Foreign currency translation Unrealized gain (loss) on interest rate swaps Unrealized gain (loss) on cross-currency swap Realized gain (loss) on cross-currency swap Total Beginning balance $ ( 8.0 ) $ 8.6 $ ( 3.0 ) $ 7.6 $ 5.2 Other comprehensive income (loss) before reclassifications 3.1 ( 4.0 ) ( 1.1 ) - ( 2.0 ) Amounts reclassified from accumulated other comprehensive income (loss) - 2.3 0.5 - 2.8 Ending balance $ ( 4.9 ) $ 6.9 $ ( 3.6 ) $ 7.6 $ 6.0

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	The following table provides the carrying amounts, estimated fair values and the respective fair value measurements of our financial instruments as of March 31, 2023 and December 31, 2022: Fair Value Measurements Carrying Amount Level 1 Level 2 Level 3 March 31, 2023 Money market fund $ 27.8 $ 27.8 $ - $ - Current and long-term debt 400.0 - 396.2 - Interest rate swap agreements 6.2 - 6.2 - Cross-currency swap agreement $ 4.7 $ - $ 4.7 $ - December 31, 2022 Money market fund $ 30.5 $ 30.5 $ - $ - Current and long-term debt 396.9 - 388.7 - Interest rate swap agreements 8.1 - 8.1 - Cross-currency swap agreement $ 3.7 $ - $ 3.7 $ -

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	Our effective tax rate was as follows: Three Months Ended March 31, 2023 2022 Effective tax rate 14.4 % 22.7 %

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Operating Leases and Finance Leases included in Condensed Consolidated Balance Sheets	Operating leases and finance leases are included in the condensed consolidated balance sheets as follows: Classification March 31, 2023 December 31, 2022 Lease assets Operating lease right-of-use assets, net Assets $ 21.9 $ 6.0 Finance lease right of use assets, net Property, plant, and equipment, net 1.4 1.4 Total lease assets $ 23.3 $ 7.4 Lease liabilities Operating lease liabilities, current Current liabilities $ 2.7 $ 2.0 Operating lease liabilities, non-current Non-current liabilities 19.2 4.0 Finance lease liabilities, current Current portion of long-term debt 0.7 0.7 Finance lease liabilities, non-current Long-term debt 0.8 0.8 Total lease liabilities $ 23.4 $ 7.5
Summary of Components of Lease Costs	The components of lease costs, which are included in income from operations in our condensed consolidated statements of operations and comprehensive income (loss), were as follows: Three Months Ended March 31, 2023 2022 Operating leases Operating lease costs $ 1.0 $ 0.8 Variable lease costs 0.1 - Short-term lease costs 0.2 - Total operating lease costs $ 1.3 $ 0.8 Finance leases Amortization of right-of-use asset $ 0.2 $ 0.2 Interest on finance lease liabilities - - Total finance lease costs $ 0.2 $ 0.2
Summary of Maturities of Lease Liabilities	Maturities of lease liabilities as of March 31, 2023 are as follows: Operating Finance Total 2023 $ 3.4 $ 0.6 $ 4.0 2024 4.2 0.6 4.8 2025 4.0 0.3 4.3 2026 2.6 0.1 2.7 2027 2.1 - 2.1 2028 and Thereafter 19.8 - 19.8 Total lease payments 36.1 1.6 37.7 Less lease interest ( 14.2 ) ( 0.1 ) ( 14.3 ) Total lease liabilities $ 21.9 $ 1.5 $ 23.4
Summary of Additional Information Related to Leases	Additional information related to leases is presented as follows: March 31, 2023 December 31, 2022 Operating leases Weighted average remaining lease term 11.3 years 3.3 years Weighted average discount rate 9.4 % 5.4 % Finance leases Weighted average remaining lease term 2.4 years 2.5 years Weighted average discount rate 4.5 % 3.4 % Three Months Ended March 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1.0 $ 0.7 Financing cash flows from finance leases 0.2 0.2 Total cash paid $ 1.2 $ 0.9 Leased assets obtained in exchange for new operating lease liabilities $ 18.0 $ - Leased assets obtained in exchange for new finance lease liabilities 0.1 0.1 Right-of-use assets obtained in exchange for lease liabilities $ 18.1 $ 0.1

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Cost by Plan	The table below summarizes certain data for our stock-based compensation plans: Three Months Ended March 31, 2023 2022 Stock-based compensation expense $ 2.8 $ 8.8 Tax (expense) benefit for stock-based compensation 0.7 0.3 Stock-based compensation expense, net of tax $ 2.1 $ 9.1
Share-based Payment Arrangement, Activity	As of March 31, 2023, the pool of shares in the 2019 Plan is summarized as follows: 2019 Plan Quantity Maximum allowed for issuance 13,118,055 Awards granted ( 7,646,474 ) Awards forfeited 1,359,944 Available for future awards 6,831,525 Awards vested 2,611,028
Share-based Payment Arrangement, Restricted Stock Unit, Activity	Activity of our RSUs and PRSUs is as follows: RSUs PRSUs Quantity Weighted Average Grant Date Fair Value Quantity Weighted Average Grant Date Fair Value Restricted at December 31, 2022 351,945 $ 15.78 2,560,551 $ 23.52 Granted 24,474 6.30 1,251,870 6.30 Vested ( 103,565 ) 27.97 ( 435,219 ) 18.38 Forfeited ( 7,513 ) 27.81 ( 18,281 ) 34.22 Outstanding at March 31, 2023 265,341 $ 9.81 3,358,921 $ 17.71
Share-based Payment Arrangement, Nonemployee Director Award Plan, Activity	Director Stock Units Quantity Weighted Average Grant Date Fair Value Balance at December 31, 2022 51,240 $ 11.72 Granted 14,084 5.77 Vested ( 14,084 ) 5.77 Balance at March 31, 2023 51,240 $ 11.72

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Weighted average shares of Class A and Class C common stock have been combined in the denominator of basic and diluted earnings (loss) per share because they have equivalent economic rights. The following table sets forth the computation of our earnings (loss) per share: Three Months Ended March 31, 2023 2022 Numerator: Net loss $ ( 12.4 ) $ ( 14.1 ) Net loss attributable to common stockholders for basic and diluted EPS $ ( 12.4 ) $ ( 14.1 ) Denominator: Basic weighted average common shares outstanding 82,136,793 81,573,467 Dilutive effect of assumed vesting of RSUs and PRSUs - - Dilutive effect of Class A and Class C earnout shares - - Diluted weighted average common shares outstanding 82,136,793 81,573,467 Loss per share attributable to common stockholders Basic $ ( 0.15 ) $ ( 0.17 ) Diluted $ ( 0.15 ) $ ( 0.17 ) Two-class method: Class A Common Stock Basic weighted average common shares outstanding 79,215,694 78,652,368 Dilutive effect of assumed vesting of RSUs and PRSUs - - Dilutive effect of Class A earnout shares - - Diluted weighted average common shares outstanding 79,215,694 78,652,368 Proportionate share of net loss $ ( 12.0 ) $ ( 13.6 ) Class A – basic earnings (loss) per share $ ( 0.15 ) $ ( 0.17 ) Class A – diluted earnings (loss) per share $ ( 0.15 ) $ ( 0.17 ) Class C Common Stock Basic weighted average common shares outstanding 2,921,099 2,921,099 Dilutive effect of assumed vesting of RSUs and PRSUs - - Dilutive effect of Class C earnout shares - - Diluted weighted average common shares outstanding 2,921,099 2,921,099 Proportionate share of net loss $ ( 0.4 ) $ ( 0.5 ) Class C – basic earnings (loss) per share $ ( 0.14 ) $ ( 0.17 ) Class C – diluted earnings (loss) per share $ ( 0.14 ) $ ( 0.17 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings	The following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive or because milestones were not yet achieved for awards contingent on the achievement of performance milestones: Three Months Ended March 31, 2023 2022 RSUs and PRSUs 2,902,389 3,270,039 Total antidilutive securities 2,902,389 3,270,039

Supplemental Balance Sheet Da_3

Supplemental Balance Sheet Data and Cash Flow Information - Components of Accounts Receivable, Net (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 34.8	$ 33.7
Allowance for doubtful accounts	(0.4)	(0.7)
Accounts receivable, net	$ 34.4	$ 33

Supplemental Balance Sheet Da_4

Supplemental Balance Sheet Data and Cash Flow Information - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Cash	$ 27.8		$ 30.5
Other non-operating income, net	$ (0.3)	$ 0
No Customer | Maximum | Accounts Receivable | Customer Concentration Risk
Accounts Notes And Loans Receivable [Line Items]
Concentration risk, percentage	10%		10%

Supplemental Balance Sheet Da_5

Supplemental Balance Sheet Data and Cash Flow Information - Schedule of Inventory, Net (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 9.8	$ 12.4
Work-in-process	6.7	5.7
Finished goods	6.3	7.2
Total inventories	22.8	25.3
Reserve for obsolescence	(0.2)	(0.3)
Inventories, net	$ 22.6	$ 25

Supplemental Balance Sheet Da_6

Supplemental Balance Sheet Data and Cash Flow Information - Schedule of Property. Plant and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	$ 257.9	$ 245.6
Accumulated depreciation	(130.9)	(121.6)
Property, plant, and equipment, net	127	124
Land
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	4	4
Buildings and Improvements
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	13.4	13.3
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	41	34
Computer and office equipment
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	11.8	11.5
Converting Machines
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	$ 187.7	$ 182.8

Supplemental Balance Sheet Da_7

Supplemental Balance Sheet Data and Cash Flow Information - Schedule of Depreciation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation	$ 9.1	$ 11.5
Cost of goods sold
Property, Plant and Equipment [Line Items]
Depreciation	8.3	10.6
Depreciation and amortization expense
Property, Plant and Equipment [Line Items]
Depreciation	$ 0.8	$ 0.9

Supplemental Balance Sheet Da_8

Supplemental Balance Sheet Data and Cash Flow Information - Schedule of Accrued Liabilities and Other (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Employee compensation	$ 2.7	$ 2.1
Taxes	3.8	3.4
Professional fees	1.6	0.8
Bonus	2.3	0.7
Interest	1.8	1.9
Other	3.1	1.7
Accrued liabilities and other	$ 15.3	$ 10.6

Supplemental Balance Sheet Da_9

Supplemental Balance Sheet Data and Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest paid	$ 5.8	$ 5.1
Income taxes paid	0.8	0.7
Non-cash investing activities
Right-of-use assets obtained in exchange for lease liabilities	18.1	0.1
Capital expenditures in accounts payable	$ 0.8	$ 0.7

Segment and Geographic Inform_3

Segment and Geographic Information - Narrative (Details) - Segment	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of operating segments	2
Number of reportable segments	1
No Customer | Revenue | Customer Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	10%	10%

Segment and Geographic Inform_4

Segment and Geographic Information - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net revenue	$ 81.2	$ 82.5
Gross profit	27.5	24.6
Selling, general and administrative expenses	27.2	29.7
Depreciation and amortization expense	8	8.2
Other operating expense (income), net	1.2	0.5
Interest expense	5.7	5
Foreign currency (gain) loss	0.2	(0.6)
Other non-operating income, net	(0.3)	0
Loss before income tax benefit	(14.5)	(18.2)
Long-lived assets	148.9		$ 130
North America
Segment Reporting Information [Line Items]
Net revenue	31.1	30.9
Gross profit	9.4	9.9
Long-lived assets	67.4		65.4
Europe/Asia
Segment Reporting Information [Line Items]
Net revenue	50.1	51.6
Gross profit	18.1	$ 14.7
Long-lived assets	$ 81.5		$ 64.6

Revenue Recognition, Contract_3

Revenue Recognition, Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 0	$ 0

Revenue Recognition, Contract_4

Revenue Recognition, Contracts with Customers - Schedule of Change in Deferred Revenue (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 0.9
Deferral of revenue	2.3
Recognition of revenue	(1.6)
Ending balance	1.6
Contract assets [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	0
Revenue Recognized In Excess of Billings	1.6
Ending balance	$ 1.6

Revenue Recognition, Contract_5

Revenue Recognition, Contracts with Customers - Revenue from Contracts with Customers Summarized by Segment Geography (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Net revenue	$ 81.2	$ 82.5
ASC 606
Disaggregation of Revenue [Line Items]
Net revenue	68.4	70.3
ASC 842
Disaggregation of Revenue [Line Items]
Machine lease revenue	12.8	12.2
Net revenue	81.2	82.5
North America | ASC 606
Disaggregation of Revenue [Line Items]
Revenue	25.3	25.6
Europe/Asia | ASC 606
Disaggregation of Revenue [Line Items]
Revenue	$ 43.1	$ 44.7

Goodwill, Long-Lived Assets, _3

Goodwill, Long-Lived Assets, Intangible Assets and Impairment - Schedule of Goodwill Balances by Operating Segment (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Gross carrying value, beginning balance	$ 446.7
Currency translation	2
Gross carrying value, ending balance	448.7
North America
Goodwill [Roll Forward]
Gross carrying value, beginning balance	338.8
Currency translation	0
Gross carrying value, ending balance	338.8
Europe
Goodwill [Roll Forward]
Gross carrying value, beginning balance	107.9
Currency translation	2
Gross carrying value, ending balance	$ 109.9

Goodwill, Long-Lived Assets, _4

Goodwill, Long-Lived Assets, Intangible Assets and Impairmentt - Schedule of Identifiable Intangible Assets, Net (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 369.6	$ 367.6
Accumulated Amortization	(109.4)	(101.7)
Net	260.2	265.9
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, Gross Carrying Amount	475.8	473.8
Intangible assets, net	366.4	372.1
Trademarks/tradenames with indefinite lives
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	0	0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, net	106.2	106.2
Indefinite-lived intangible assets (excluding goodwill)	106.2	106.2
Customer/distributor relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	197.5	195.5
Accumulated Amortization	(50.2)	(46.5)
Net	147.3	149
Patented/Unpatented Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	171.6	171.6
Accumulated Amortization	(59)	(55)
Net	112.6	116.6
Intellectual Property
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	0.5	0.5
Accumulated Amortization	(0.2)	(0.2)
Net	$ 0.3	$ 0.3

Goodwill, Long-Lived Assets, _5

Goodwill, Long-Lived Assets, Intangible Assets and Impairment - Schedule of Finite-Lived Intangible Assets Amortization Expense (Details) $ in Millions	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 21.8
2024	29.1
2025	28.6
2026	28.2
2027	28.1
Thereafter	124.4
Finite-lived intangible assets, Net	$ 260.2

Goodwill, Long-Lived Assets, _6

Goodwill, Long-Lived Assets, Intangible Assets and Impairment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 7.2	$ 7.3

Goodwill, Long-Lived Assets, _7

Goodwill, Long-Lived Assets, Intangible Assets and Impairment - Schedule of Intangible Asset Remaining Useful Life (Details) - Weighted Average	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life (years)	10 years	10 years
Customer/distributor relationships
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life (years)	11 years	11 years
Patented/Unpatented Technology
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life (years)	7 years	8 years
Intellectual Property
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life (years)	7 years	7 years

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) € in Millions, $ in Millions		3 Months Ended		12 Months Ended
	Feb. 14, 2020 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2020 USD ($)	Jun. 03, 2019 USD ($)	Jun. 03, 2019 EUR (€)
Debt Instrument [Line Items]
Long-term debt		$ 396.4		$ 393
Debt covenant, restrictive payments	$ 10				$ 7
Debt covenant, threshold percentage of debt capacity of cash contributions	10%				7%
Amortization of deferred financing costs		0.4	$ 0.4
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 42.6					$ 45
Debt instrument maturity date		2024
Long-term line of credit		$ 0		0
Line of credit facility, additional borrowing capacity		$ 95
Percentage of consolidated EBIDTA		100%
Letters of credit outstanding amount		$ 2.4
Standby Letters of Credit
Debt Instrument [Line Items]
Long-term line of credit		$ 5
First Lien Term Facility
Debt Instrument [Line Items]
Debt instrument maturity date		2026
Exit Payment						$ 8.2
First Lien Term Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Mandatory prepayments of term loans upon the occurrence descriptions		We were in compliance with all financial covenants as of March 31, 2023 .
Dollar Denominated Line of Credit | First Lien Term Facility
Debt Instrument [Line Items]
Long-term debt		$ 250		250			378.2
First Lien Euro Term Facility | First Lien Term Facility
Debt Instrument [Line Items]
Long-term debt		$ 147.7		$ 145.4			$ 152.6	€ 140
Debt instrument, interest rate, effective percentage		6.18%		5.25%
Line of Credit | First Lien Term Facility
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage		8.42%		7.88%
Line of Credit | First Lien Credit Agreement
Debt Instrument [Line Items]
Debt instrument, covenant, leverage ratio, minimum		0.05%
Line of Credit | First Lien Credit Agreement | Eurodollar Applicable Margin Rate
Debt Instrument [Line Items]
Basis spread on variable rate		3.75%		3.75%
Line of Credit | First Lien Credit Agreement | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		0.04%		3%

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long Term Debt (Details) € in Millions, $ in Millions	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 03, 2019 USD ($)	Jun. 03, 2019 EUR (€)
Debt Instrument [Line Items]
Total long-term debt	$ 396.4	$ 393
Total lease liabilities	1.5
Less: current portion of long-term debt	(0.7)	(0.6)
Less: current portion of finance lease liabilities	(0.7)	(0.7)
Long-term debt	395	391.7
Equipment [Member]
Debt Instrument [Line Items]
Long-term debt	0.8	0
Dollar Denominated Line of Credit | First Lien Term Facility
Debt Instrument [Line Items]
Total long-term debt	250	250	$ 378.2
First Lien Euro Term Facility | First Lien Term Facility
Debt Instrument [Line Items]
Total long-term debt	147.7	145.4	$ 152.6	€ 140
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Total lease liabilities	1.5	1.5
Deferred financing costs, net	$ (3.6)	$ (3.9)

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) € in Millions, $ in Millions	1 Months Ended		3 Months Ended
	Apr. 30, 2022 USD ($) Rate	Feb. 28, 2022 USD ($) Rate	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Nov. 30, 2022 USD ($) Rate	Nov. 30, 2022 EUR (€) Rate	Apr. 30, 2022 EUR (€) Rate	Feb. 28, 2022 EUR (€) Rate	Sep. 30, 2021 USD ($) Rate	Sep. 30, 2021 EUR (€) Rate	Mar. 27, 2020	Sep. 25, 2019 USD ($)	Jan. 31, 2019 USD ($)
Derivative [Line Items]
Interest rate cash flow hedge loss to be reclassified during next twelve months, net			$ 5.7
Designated as Hedging Instrument | Cash Flow Hedge
Derivative [Line Items]
Derivative, notional amount			250	$ 250
January 2019 Swap | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount													$ 200
Derivative, fixed interest rate													2.56%
January 2019 Swap | Designated as Hedging Instrument | Cash Flow Hedge
Derivative [Line Items]
Derivative, notional amount			$ 200	$ 200
Derivative, fixed interest rate			2.09%	2.09%							2.10%	2.31%
September 2019 Swap | Designated as Hedging Instrument | Cash Flow Hedge
Derivative [Line Items]
Derivative, notional amount			$ 50	$ 50								$ 50
Derivative, fixed interest rate			1.50%	1.50%								1.50%
September 2021 Swap
Derivative [Line Items]
Derivative, notional amount									$ 80
Derivative, Description of Terms			The September 2021 Swap involves the receipt of fixed-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the contract without exchange of the underlying notional amounts. At a spot exchange rate of 1.1835, we converted notional amounts of approximately $80.0 million at 5.84% for €67.6 million at 5.02%. The change in fair value of the September 2021 Swap is recorded in currency translation in other comprehensive income (loss) and accumulated other comprehensive income (loss). Components of the September 2021 Swap excluded from the assessment of effectiveness are amortized out of accumulated other comprehensive income (loss) and into interest expense over the life of the September 2021 Swap to maturity on June 1, 2024.
Derivative, fixed interest rate									5.84%	5.84%
Gains (losses) on derivatives		$ 2.1
Spot exchange rate									1.1835	1.1835
Derivative notional amount, converted | €										€ 67.6
Derivative notional amount, converted rate | Rate									5.02%	5.02%
February 2022 Swap
Derivative [Line Items]
Derivative, notional amount		$ 80
Derivative, fixed interest rate		5.84%						5.84%
Gains (losses) on derivatives	$ 2.8
Spot exchange rate		1.1345						1.1345
Derivative notional amount, converted | €								€ 70.5
Derivative notional amount, converted rate | Rate		4.37%						4.37%
April 2022 Swap
Derivative [Line Items]
Derivative, notional amount	$ 80
Derivative, fixed interest rate	5.84%						5.84%
Spot exchange rate	1.0827						1.0827
Derivative notional amount, converted | €							€ 73.9
Derivative notional amount, converted rate | Rate	393%						393%
November 2022 Swap
Derivative [Line Items]
Derivative, notional amount					$ 80
Derivative, fixed interest rate					5.84%	5.84%
Spot exchange rate					1.0205	1.0205
Derivative notional amount, converted | €						€ 78.4
Derivative notional amount, converted rate | Rate					395%	395%

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Interest Rate Swaps (Details) - Designated as Hedging Instrument - Cash Flow Hedge - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 27, 2020	Sep. 25, 2019
Derivative [Line Items]
Derivative, notional amount	$ 250	$ 250
Percentage of Debt Instrument Outstanding	100%	100%
September 2019 Swap
Derivative [Line Items]
Derivative, fixed interest rate	1.50%	1.50%		1.50%
Derivative, notional amount	$ 50	$ 50		$ 50
September 2019 Swap | First Lien Term Facility
Derivative [Line Items]
Percentage of Debt Instrument Outstanding	20%	20%
January 2019 Swap
Derivative [Line Items]
Derivative, fixed interest rate	2.09%	2.09%	2.10%	2.31%
Derivative, notional amount	$ 200	$ 200
January 2019 Swap | First Lien Term Facility
Derivative [Line Items]
Percentage of Debt Instrument Outstanding	80%	80%

Derivative Instruments - Sche_2

Derivative Instruments - Schedule of Derivative Assets and Liabilities at Fair Value (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative asset, fair value	$ (4.7)	$ (3.7)
Cash Flow Hedge | Interest Rate Swap
Derivative [Line Items]
Derivative liability, fair value	6.2	8.1
Cash Flow Hedge | Derivative instruments | Interest Rate Swap
Derivative [Line Items]
Derivative asset, fair value	(4.7)	(3.7)
Cash Flow Hedge | Prepaid Expenses And Other Current Assets | Interest Rate Swap
Derivative [Line Items]
Derivative liability, fair value	5.8	6.3
Cash Flow Hedge | Other Assets | Interest Rate Swap
Derivative [Line Items]
Derivative asset, fair value	$ 0.4	$ 1.8

Derivative Instruments - Effect

Derivative Instruments - Effect of Derivative Instruments on Statement of Financial Position (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative [Line Items]
Interest expense	$ 5.7	$ 5
Interest Expense | Interest Rate Swap
Derivative [Line Items]
Interest rate swap agreements designated as cash flow hedges	(1.8)	1
Cross currency swap agreement designated as net investment hedge, amounts excluded from effectiveness testing	$ (0.3)	$ (0.3)

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Foreign currency translation, Gross Balance	$ (4.9)	$ (8)
Foreign currency translation, Tax Effect	0	0
Foreign currency translation, Net Balance	(4.9)	(8)
Unrealized gain (loss) on interest rate swaps, Gross Balance	8.7	11
Unrealized gain (loss) on interest rate swaps, Tax Effect	(1.8)	(2.4)
Unrealized gain (loss) on interest rate swaps, Net Balance	6.9	8.6
Unrealized gain (loss) on cross currency swap, Gross Balance	(4.7)	(3.9)
Unrealized gain (loss) on cross currency swap, Tax Effect	1.1	0.9
Unrealized gain (loss) on cross currency swap, Net Balance	(3.6)	(3)
Realized gain (loss) on cross-currency swap, Gross Balance	10	10
Realized gain (loss) on cross-currency swap, Tax Effect	(2.4)	(2.4)
Realized gain (loss) on cross-currency swap, Net Balance	7.6	7.6
Total, Gross Balance	9.1	9.1
Total, Tax Effect	(3.1)	3.9
Total, Net Balance	$ 6	$ 5.2

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 612.8
Ending Balance	603.6
Foreign currency translation Member
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(8)
Other comprehensive income (loss) before reclassifications	3.1
Amounts reclassified from accumulated other comprehensive income (loss)	0
Ending Balance	(4.9)
Unrealized gain (loss) on interest rate swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	8.6
Other comprehensive income (loss) before reclassifications	(4)
Amounts reclassified from accumulated other comprehensive income (loss)	2.3
Ending Balance	6.9
Unrealized gain (loss) on cross currency swap
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(3)
Other comprehensive income (loss) before reclassifications	(1.1)
Amounts reclassified from accumulated other comprehensive income (loss)	0.5
Ending Balance	(3.6)
Realized Gain Loss On Cross Currency Swap Member
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	7.6
Other comprehensive income (loss) before reclassifications	0
Amounts reclassified from accumulated other comprehensive income (loss)	0
Ending Balance	7.6
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	5.2
Other comprehensive income (loss) before reclassifications	(2)
Amounts reclassified from accumulated other comprehensive income (loss)	2.8
Ending Balance	$ 6

Fair Value Measurement - Schedu

Fair Value Measurement - Schedule of Carrying Amounts, Estimated Fair Values and Respective Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market fund	$ 27.8	$ 30.5
Current and long-term debt	0	0
Interest rate swap agreements	0	0
Cross-currency swap agreement	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market fund	0	0
Current and long-term debt	396.2	388.7
Interest rate swap agreements	6.2	8.1
Cross-currency swap agreement	4.7	3.7
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market fund	0	0
Current and long-term debt	0	0
Interest rate swap agreements	0	0
Cross-currency swap agreement	0	0
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market fund	27.8	30.5
Current and long-term debt	400	396.9
Interest rate swap agreements	6.2	8.1
Cross-currency swap agreement	$ 4.7	$ 3.7

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Tax Rate (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective tax rate, percent	14.40%	22.70%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Income Taxes [Line Items]
Tax Expense Related To Stock-Based Compensation	$ 1.2
Earliest Tax Year
Income Taxes [Line Items]
Examination tax year	2019
Latest Tax Year
Income Taxes [Line Items]
Examination tax year	2021

Leases - Schedule of Operating

Leases - Schedule of Operating Leases and Finance Leases included in Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Lease assets
Operating lease right-of-use assets	$ 21.9	$ 6
Finance lease right of use assets, net	1.4	1.4
Total lease assets	23.3	7.4
Lease liabilities
Operating lease liabilities, current	2.7	2
Operating lease liabilities, non-current	19.2	4
Finance lease liabilities, current	0.7	0.7
Finance lease liabilities, non-current	0.8	0.8
Total lease liabilities	$ 23.4	$ 7.5
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant and equipment, net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current portion of long-term debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt

Leases - Schedule of Components

Leases - Schedule of Components of Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating leases
Operating lease costs	$ 1	$ 0.8
Variable lease costs	0.1	0
Short-term lease costs	0.2	0
Total operating lease costs	1.3	0.8
Finance leases
Amortization of right-of-use asset	0.2	0.2
Interest on finance lease liabilities	0	0
Total finance lease costs	$ 0.2	$ 0.2

Leases - Narrative (Details)

Leases - Narrative (Details) € in Millions, $ in Millions	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Operating lease right-of-use assets	$ 21.9		$ 6
Operating lease liabilities	21.9
Eygelshoven Netherlands [Member]
Operating lease right-of-use assets	14.8	€ 13.8
Operating lease liabilities	$ 14.8	€ 13.8
Operating lease term	15 years	15 years

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Lease Liabilities (Details) $ in Millions	Mar. 31, 2023 USD ($)
Operating leases
2023	$ 3.4
2024	4.2
2025	4
2026	2.6
2027	2.1
2028 and Thereafter	19.8
Total lease payments	36.1
Less lease interest	(14.2)
Total lease liabilities	21.9
Finance leases
2023	0.6
2024	0.6
2025	0.3
2026	0.1
2027	0
2028 and Thereafter	0
Total lease payments	1.6
Less lease interest	(0.1)
Total lease liabilities	1.5
Total
2023	4
2024	4.8
2025	4.3
2026	2.7
2027	2.1
2028 and Thereafter	19.8
Total lease payments	37.7
Less lease interest	(14.3)
Total lease liabilities	$ 23.4

Leases - Schedule of Additional

Leases - Schedule of Additional Information to Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Operating leases
Weighted average remaining lease term	11 years 3 months 18 days		3 years 3 months 18 days
Weighted average discount rate	4.50%		3.40%
Finance leases
Weighted average remaining lease term	2 years 4 months 24 days		2 years 6 months
Weighted average discount rate	9.40%		5.40%
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 1	$ 0.7
Financing cash flows from finance leases	0.2	0.2
Total cash paid	1.2	0.9
Leased assets obtained in exchange for new operating lease liabilities	18	0
Leased assets obtained in exchange for new finance lease liabilities	0.1	0.1
Right-of-use assets obtained in exchange for lease liabilities	$ 18.1	$ 0.1

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Certain Data for Stock-Based Compensation Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 2.8	$ 8.8
Tax (expense) benefit for stock-based compensation	0.7	0.3
Stock-based compensation expense, net of tax	$ 2.1	$ 9.1

Stock-Based Compensation - 2019

Stock-Based Compensation - 2019 Plan (Details) - 2019 Plan - Share-based Payment Arrangement, Option	3 Months Ended
	Mar. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum allowed for issuance	13,118,055
Awards granted	(7,646,474)
Awards forfeited	1,359,944
Available for future awards	6,831,525
Awards vested	2,611,028

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	May 31, 2021	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized for issuance of future awards	9
RSUs | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 0.1
RSUs | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		2 years
PRSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Targeted performance goal expressed as percentage of growth in performance level attained		0%
PRSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Targeted performance goal expressed as percentage of growth in performance level attained		150%
2021 LTIP PRSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Targeted performance goal expressed as percentage of growth in performance level attained		0%
2021 LTIP PRSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Targeted performance goal expressed as percentage of growth in performance level attained		300%

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance-Based Restricted Stock Unit and Restricted Stock Unit Activity (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at December 31, 2022 (shares) | shares	351,945
Granted (shares) | shares	24,474
Vested (shares) | shares	(103,565)
Forfeited (shares) | shares	(7,513)
Outstanding at March 31, 2023 (shares) | shares	265,341
Weighted Average Grant Date Fair Value
Outstanding at December 31, 2022 (USD per share) | $ / shares	$ 15.78
Granted (USD per share) | $ / shares	6.30
Vested (USD per share) | $ / shares	27.97
Forfeited (USD per share) | $ / shares	27.81
Outstanding at March 31, 2023 (USD per share) | $ / shares	$ 9.81
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at December 31, 2022 (shares) | shares	2,560,551
Granted (shares) | shares	1,251,870
Vested (shares) | shares	(435,219)
Forfeited (shares) | shares	(18,281)
Outstanding at March 31, 2023 (shares) | shares	3,358,921
Weighted Average Grant Date Fair Value
Outstanding at December 31, 2022 (USD per share) | $ / shares	$ 23.52
Granted (USD per share) | $ / shares	6.30
Vested (USD per share) | $ / shares	18.38
Forfeited (USD per share) | $ / shares	34.22
Outstanding at March 31, 2023 (USD per share) | $ / shares	$ 17.71

Stock-Based Compensation - Dire

Stock-Based Compensation - Director Stock Unit Activity (Details) - Director Stock Units	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Quantity
Outstanding at December 31, 2022 (shares) | shares	51,240
Granted (shares) | shares	14,084
Vested (shares) | shares	(14,084)
Outstanding at March 31, 2023 (shares) | shares	51,240
Weighted Average Grant Date Fair Value
Outstanding at December 31, 2022 (USD per share) | $ / shares	$ 11.72
Granted (USD per share) | $ / shares	5.77
Vested (USD per share) | $ / shares	5.77
Outstanding at March 31, 2023 (USD per share) | $ / shares	$ 11.72

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Common Stock Outstanding (Details) - shares	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Class A
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	79,468,609	79,086,372	79,006,238	78,482,024
Class C
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	2,921,099	2,921,099	2,921,099	2,921,099

Earnings (Loss) per Share - Sch

Earnings (Loss) per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share Basic [Line Items]
Net loss	$ (12.4)	$ (14.1)
Net income (loss) attributable to common stockholders for basic and diluted EPS	$ (12.4)	$ (14.1)
Basic weighted average common shares outstanding (shares)	82,136,793	81,573,467
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Dilutive effect of assumed vesting of RSUs and PRSUs (shares)	0	0
Dilutive effect of Class A and Class C earnout shares	0	0
Dilutive weighted average common shares outstanding (shares)	82,136,793	81,573,467
Loss per share attributable to common stockholders
Basic (USD per share)	$ (0.15)	$ (0.17)
Diluted (USD per share)	$ (0.15)	$ (0.17)
Class A
Earnings Per Share Basic [Line Items]
Net loss	$ (12)	$ (13.6)
Basic weighted average common shares outstanding (shares)	79,215,694	78,652,368
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Dilutive effect of assumed vesting of RSUs and PRSUs (shares)	0	0
Dilutive effect of Class A and Class C earnout shares	0	0
Dilutive weighted average common shares outstanding (shares)	79,215,694	78,652,368
Loss per share attributable to common stockholders
Basic (USD per share)	$ (0.15)	$ (0.17)
Diluted (USD per share)	$ (0.15)	$ (0.17)
Class C
Earnings Per Share Basic [Line Items]
Net loss	$ (0.4)	$ (0.5)
Basic weighted average common shares outstanding (shares)	2,921,099	2,921,099
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Dilutive effect of assumed vesting of RSUs and PRSUs (shares)	0	0
Dilutive effect of Class A and Class C earnout shares	0	0
Dilutive weighted average common shares outstanding (shares)	2,921,099	2,921,099
Loss per share attributable to common stockholders
Basic (USD per share)	$ (0.14)	$ (0.17)
Diluted (USD per share)	$ (0.14)	$ (0.17)

Earnings (Loss) per Share - Add

Earnings (Loss) per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Dilutive effect of shares omitted from the calculation of diluted weighted average shares outstanding and diluted earnings per share	0.1	1.2

Earnings (Loss) per Share - S_2

Earnings (Loss) per Share - Schedule of Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities	2,902,389	3,270,039
RSUs and PRSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities	2,902,389	3,270,039

Transactions with Related Par_2

Transactions with Related Parties - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
One Madison Group LLC
Related Party Transaction [Line Items]
Related party transaction, fees	$ 0.1	$ 0.1

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
	Jul. 26, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Class of Stock [Line Items]
Proceeds from issuance of common stock		$ 0.8	$ 0
Common Class A [Member]
Class of Stock [Line Items]
Common stock, shares issued (shares)		79,468,609		79,086,372
Share repurchase program maximum amount	$ 50
Stock repurchase program period	36 months
Class C
Class of Stock [Line Items]
Common stock, shares issued (shares)		2,921,099		2,921,099

Subsequent Event - Narrative (D

Subsequent Event - Narrative (Details) - Common Class A [Member] $ in Millions	Jul. 26, 2022 USD ($)
Subsequent Event [Line Items]
Share repurchase program maximum amount	$ 50
Stock repurchase program period	36 months