Ranpak (PACK) 10-Q 6 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 04, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
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	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001712463
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Ordinary Shares, par value $0.0001 per share
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		68,999,035
Class C
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		6,511,293

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2019	Jun. 02, 2019	Sep. 30, 2020
Machine lease revenue	$ 10.4	$ 9.3	$ 11.8	$ 14.4	$ 28.3
Net revenue	76.8	69.1	85.4	106.4	206.3
Cost of goods sold	46.6	39.6	52.6	61.2	122.3
Gross profit	30.2	29.5	32.8	45.2	84
Selling, general and administrative expenses	17.8	17.7	22.5	23.8	58.1
Transaction costs	0	0	0.3	7.4	0
Depreciation and amortization expense	7.7	10.3	13.3	17.7	22.9
Other operating expense, net	1.9	0.5	0.8	2.2	2.9
Income (loss) from operations	2.8	1	(4.1)	(5.9)	0.1
Interest expense	4.9	9.5	17.5	20.2	16.6
Foreign currency (gain) loss	3.2	(3.2)	(1.6)	(2.2)	3.1
Loss before income tax expense	(5.3)	(5.3)	(20)	(23.9)	(19.6)
Income tax expense (benefit)	0.8	(3.7)	(6.1)	(4.9)	(1.4)
Net loss	$ (6.1)	$ (1.6)	$ (13.9)	$ (19)	$ (18.2)
Loss per share			$ (0.26)	$ (19,195.40)
Weighted average number of shares outstanding				995
Loss per share
Basic	$ (0.08)	$ (0.03)	(0.26)	$ (19,195.40)	$ (0.25)
Diluted	$ (0.08)	$ (0.03)	$ (0.26)	$ (19,195.40)	$ (0.25)
Weighted average number of shares outstanding - Class A and C
Basic	72,396,183	53,871,068	53,870,568	995	71,401,580
Diluted	72,396,183	53,871,068	53,870,568	995	71,401,580
Other comprehensive income (loss), before tax
Foreign currency translation adjustments	$ 8.4	$ (11.1)	$ (6.3)	$ (4)	$ 7.9
Interest rate swap adjustments	(0.5)	0	0	0	(12.2)
Total other comprehensive income (loss), before tax	7.9	(11.1)	(6.3)	(4)	(4.3)
Provision (benefit) for income taxes related to other comprehensive income (loss)	0.1	0	0	0	(2.1)
Total other comprehensive income (loss), net of tax	7.8	(11.1)	(6.3)	(4)	(2.2)
Comprehensive income (loss), net of tax	1.7	(12.7)	(20.2)	(23)	(20.4)
Paper revenue
Revenue	64.9	57	72.7	88.8	171.2
Other revenue
Revenue	$ 1.5	$ 2.8	$ 0.9	$ 3.2	$ 6.8

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 31.3	$ 19.7
Accounts receivable, net	42.4	36.1
Inventories, net	13.5	11.6
Income tax receivable	6.2	1.5
Prepaid expenses and other current assets	3.5	2.5
Total current assets	96.9	71.4
Property, plant and equipment, net	126	122.5
Goodwill	453.1	448.8
Intangible assets, net	441.8	458.6
Other assets	3.2	3.1
Total assets	1,121	1,104.4
Current liabilities
Accounts payable	21.8	12.3
Accrued liabilities and other	25.6	15.5
Current portion of long-term debt	1.6	1.6
Deferred machine fee revenue	0.8	2.5
Total current liabilities	49.8	31.9
Long-term debt	424.8	418.8
Deferred tax liabilities	115.8	115
Derivative instruments	11.3	4.6
Other liabilities	2	2.3
Total liabilities	603.7	572.6
Commitments and contingencies – Note 13
Shareholders' equity
Additional paid-in capital	563.4	557.5
Accumulated deficit	(47.3)	(29.1)
Accumulated other comprehensive income	1.2	3.4
Total shareholders' equity	517.3	531.8
Total liabilities and shareholders' equity	1,121	1,104.4
Class A
Shareholders' equity
Common stock	0	0
Class C
Shareholders' equity
Common stock	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets - Parenthetical - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Common stock, shares authorized (shares)	426,000,000
Common stock, shares outstanding (shares)	75,502,448	70,805,034
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)	68,991,155	64,293,741
Common stock, shares outstanding (shares)	68,991,155	64,293,741
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)	6,511,293	6,511,293
Common stock, shares outstanding (shares)	6,511,293	6,511,293

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions	Total	Additional Paid-In Capital	Accumulated Earnings (Deficit)	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Common Stock	Ordinary Class A	Ordinary Class B	Class A	Class C
Beginning Balance at Dec. 31, 2018	$ 196.4	$ 291.4	$ (69.9)	$ (1.5)	$ (23.6)	$ 0
Beginning Balance (Shares) at Dec. 31, 2018						995
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(3.2)		(3.2)
Other comprehensive income (loss)	(3.4)				(3.4)
Ending Balance at Mar. 31, 2019	189.8	291.4	(73.1)	(1.5)	(27)	$ 0
Ending Balance (Shares) at Mar. 31, 2019						995
Beginning Balance at Dec. 31, 2018	196.4	291.4	(69.9)	(1.5)	(23.6)	$ 0
Beginning Balance (Shares) at Dec. 31, 2018						995
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(19)
Other comprehensive income (loss)	(4)
Ending Balance at Jun. 02, 2019	173.4	291.4	(88.9)	(1.5)	(27.6)	$ 0
Ending Balance (Shares) at Jun. 02, 2019						0
Beginning Balance at Mar. 31, 2019	189.8	291.4	(73.1)	(1.5)	(27)	$ 0
Beginning Balance (Shares) at Mar. 31, 2019						995
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase of Ranpak Corp.	0
Purchase of Ranpak Corp. (shares)						(995)
Net loss	(15.8)		(15.8)
Other comprehensive income (loss)	(0.6)				(0.6)
Ending Balance at Jun. 02, 2019	173.4	291.4	(88.9)	$ (1.5)	(27.6)	$ 0
Ending Balance (Shares) at Jun. 02, 2019						0
Beginning Balance at Jun. 03, 2019	5	16.9	(11.9)
Beginning Balance (Shares) at Jun. 03, 2019							2,770,967	11,250,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Forward purchase shares	0
Forward purchase shares (shares)							15,000,000
Additional shares purchased	0
Additional shares purchased (shares)							16,149,317
Conversion of forward purchase and additional shares	267	267
Conversion of forward purchase and additional shares (shares)							(31,149,317)		25,454,282	5,695,035
Shares canceled	(33)	(33)
Shares canceled (shares)								(3,854,664)
Convert Class B	63.4	63.4
Convert Class B (shares)								(7,395,336)	6,663,953	731,383
Convert public shares	125	125
Convert public shares (shares)									14,581,346
Convert private placement warrants	6.4	6.4
Convert private placement warrants (shares)									658,051	84,875
Public shares redeemed	0
Public shares redeemed (shares)							(2,770,967)
Amortization of restricted stock units	0.2	0.2
Other	(2.6)	(2.6)
Net loss	(12.4)		(12.4)
Other comprehensive income (loss)	2.3				2.3
Ending Balance at Jun. 30, 2019	421.3	443.3	(24.3)		2.3
Ending Balance (Shares) at Jun. 30, 2019									47,357,632	6,511,293
Beginning Balance at Jun. 03, 2019	5	16.9	(11.9)
Beginning Balance (Shares) at Jun. 03, 2019							2,770,967	11,250,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(13.9)
Other comprehensive income (loss)	(6.3)
Ending Balance at Sep. 30, 2019	410.2	444.9	(25.9)		(8.8)
Ending Balance (Shares) at Sep. 30, 2019									47,361,352	6,511,293
Beginning Balance at Jun. 30, 2019	421.3	443.3	(24.3)		2.3
Beginning Balance (Shares) at Jun. 30, 2019									47,357,632	6,511,293
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue Director shares	0
Issue Director shares (shares)									3,720
Amortization of restricted stock units	1.6	1.6
Net loss	(1.6)		(1.6)
Other comprehensive income (loss)	(11.1)				(11.1)
Ending Balance at Sep. 30, 2019	410.2	444.9	(25.9)		(8.8)
Ending Balance (Shares) at Sep. 30, 2019									47,361,352	6,511,293
Beginning Balance at Dec. 31, 2019	$ 531.8	557.5	(29.1)		3.4
Beginning Balance (Shares) at Dec. 31, 2019	70,805,034								64,293,741	6,511,293
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based awards vested and distributed	$ 0
Stock-based awards vested and distributed (shares)									51,603
Issue Director shares	0
Issue Director shares (shares)									6,903
Amortization of restricted stock units	2.2	2.2
Net loss	(3.6)		(3.6)
Other comprehensive income (loss)	(11.8)				(11.8)
Ending Balance at Mar. 31, 2020	518.6	559.7	(32.7)		(8.4)
Ending Balance (Shares) at Mar. 31, 2020									64,352,247	6,511,293
Beginning Balance at Dec. 31, 2019	$ 531.8	557.5	(29.1)		3.4
Beginning Balance (Shares) at Dec. 31, 2019	70,805,034								64,293,741	6,511,293
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (18.2)
Other comprehensive income (loss)	(2.2)
Ending Balance at Sep. 30, 2020	$ 517.3	563.4	(47.3)		1.2
Ending Balance (Shares) at Sep. 30, 2020	75,502,448								68,991,155	6,511,293
Beginning Balance at Mar. 31, 2020	$ 518.6	559.7	(32.7)		(8.4)
Beginning Balance (Shares) at Mar. 31, 2020									64,352,247	6,511,293
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based awards vested and distributed	0
Stock-based awards vested and distributed (shares)									143,048
Issue Director shares	0
Issue Director shares (shares)									61,164
Amortization of restricted stock units	2	2
Net loss	(8.5)		(8.5)
Other comprehensive income (loss)	1.8				1.8
Ending Balance at Jun. 30, 2020	513.9	561.7	(41.2)		(6.6)
Ending Balance (Shares) at Jun. 30, 2020									64,556,459	6,511,293
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Warrant exchange	0
Warrant exchange (Shares)									4,422,564
Stock-based awards vested and distributed (shares)									2,048
Issue Director shares (shares)									10,084
Amortization of restricted stock units	1.7	1.7
Net loss	(6.1)		(6.1)
Other comprehensive income (loss)	7.8				7.8
Ending Balance at Sep. 30, 2020	$ 517.3	$ 563.4	$ (47.3)		$ 1.2
Ending Balance (Shares) at Sep. 30, 2020	75,502,448								68,991,155	6,511,293

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2019	Jun. 02, 2019	Sep. 30, 2020
Cash Flows from Operating Activities
Net loss	$ (13.9)	$ (19)	$ (18.2)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	20.1	26.6	45.3
Amortization of deferred financing costs	0.7	7.5	1.2
Loss on disposal of fixed assets	0.2	1	1.7
Deferred income taxes	(1.3)	(7.2)	(0.9)
Loss on derivative contract	6.4
Amortization of initial value of hedging instrument			(1.2)
Currency (gain) loss on foreign denominated debt and notes payable	(0.8)	(2.4)	3.2
Amortization of restricted stock units	1.8		5.9
Changes in operating assets and liabilities:
(Increase) decrease in receivables, net	(0.8)	1.8	(4.9)
(Increase) decrease in income tax receivables, net	(5.3)	1.7	(4.5)
(Increase) decrease in inventory	2.7	(1.3)	(2.7)
(Increase) decrease in prepaid expenses and other assets	(0.5)	2.7	(1)
Increase (decrease) in accounts payable	(14.1)	(2.8)	8.2
Increase (decrease) in accrued liabilities	3.1	7.1	6.5
Change in other assets and liabilities	1.4	1	(0.8)
Net cash provided by (used in) operating activities	(0.3)	16.7	37.8
Capital expenditures:
Converter equipment	(9.7)	(9.9)	(21.1)
Other capital expenditures	(0.8)	(0.6)	(3.9)
Total capital expenditures	(10.5)	(10.5)	(25)
Cash paid for acquisitions	(945.6)
Cash withdrawn from trust account	308.1
Patent and trademark expenditures	(0.2)	(0.3)	(0.5)
Net cash used in investing activities	(648.2)	(10.8)	(25.5)
Cash Flows from Financing Activities
Proceeds from issuance of term loans and credit facility	534.6
Proceeds from sale of common stock	314.7
Shares subject to Redemption	(158.3)
Financing costs of debt facilities	(12.6)
Payments on term loans and credit facility		(14.4)	(1.2)
Payments of promissory note	(4)
Payment of deferred registration costs	(11.3)
Net cash provided by (used in) financing activities	663.1	(14.4)	(1.2)
Effect of Exchange Rate Changes on Cash	(2.7)	1.2	0.5
Net Increase (Decrease) in Cash and Cash Equivalents	11.9	(7.3)	11.6
Cash and Cash Equivalents, beginning of period	1.7	17.5	19.7
Cash and Cash Equivalents, end of period	$ 13.6	$ 10.2	$ 31.3

Nature of Operations

Nature of Operations	9 Months Ended
	Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Operations	Note 1 — Ranpak Holdings Corp. (formerly known as One Madison Corporation) is a leading provider of environmentally sustainable, systems-based, product protection solutions for e-Commerce and industrial supply chains. Through proprietary protective packaging systems and paper consumables, the Company offers a full suite of protective packaging solutions. 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. One Madison Corporation (“One Madison”) was originally formed as a blank check company incorporated on July 13, 2017 and was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. One Madison units, Class A ordinary shares originally sold as part of the units, and warrants originally sold as part of the units sold in the Company’s initial public offering on January 22, 2018 were listed in the New York Stock Exchange (the “NYSE”) under the symbols “OMAD.U”, “OMAD” and “OMAD.WS”, respectively. The Class A ordinary shares and warrants comprising the units began separately trading on February 26, 2018. Upon the closing of the business combination (the “Closing”) as described below, these shares and warrants that were converted as part of the transaction, began trading under the symbols “PACK” and “PACK WS,” respectively. On June 3, 2019, the Company, consummated a business combination (the “Ranpak Business Combination”) pursuant to the Stock Purchase Agreement dated December 12, 2018 by and among the Company, Rack Holdings L.P., a Delaware limited partnership (“Seller”), and Rack Holdings, Inc., a Delaware corporation and a direct wholly owned subsidiary of Seller (“Rack Holdings”). The Company, through its wholly owned subsidiary, Ranger Packaging LLC (the “Acquiring Entity”), acquired all of the issued and outstanding equity interests of Rack Holdings from Seller, on the terms and subject to the conditions set forth in the Stock Purchase Agreement. Refer to Note 7, “ Acquisition

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2 — 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, 2019, 2018, and 2017 and Rack Holdings’ audited consolidated financial statements and accompanying notes for each of the years ended December 31, 2018, and 2017, which are included in our Annual Report on Form 10-K for the year ended December 31, 2019 (“Form 10-K”) and the Company’s Registration Statement on Form S-4, as amended (File No. 333-230030) (the “Registration Statement”), respectively. Periods prior to the Ranpak Business Combination are noted as Predecessor periods and periods after the Ranpak Business Combination are noted as Successor periods, both of which are subsequently defined. 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. Predecessor and Successor Reporting — On June 3, 2019, the Company consummated the acquisition of all outstanding and issued equity interests of Rack Holdings, pursuant to the Stock Purchase Agreement, and now owns 100% of Rack Holdings Inc. and its wholly owned subsidiaries. The Ranpak Business Combination is accounted for under the scope of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”), as One Madison was deemed to be the accounting acquirer while Rack Holdings was deemed the “Predecessor.” Accordingly, the business combination is accounted for using the acquisition method which requires the Company to record the fair value of assets acquired and liabilities assumed from Rack Holdings (See Note 7, “ Acquisition ”). The financial statements separate the Company’s presentation into two distinct periods. The period before the Closing of the Ranpak Business Combination (labeled “ Predecessor ” period) depicts the financial statements of Rack Holdings, and the period after the Closing (labeled “ Successor ” period) depicts the financial statements of the Company, including the consolidation of One Madison with Rack Holdings and application of acquisition method of accounting. Further, the period of June 3, 2019 through September 30, 2019 is defined as the “ Successor Period” and the period January 1, 2019 through June 2, 2019 is defined as the “1H 2019 Predecessor Period.” As a result of the application of the acquisition method of accounting as of the Closing, the financial statements for the Predecessor periods and for the Successor periods are presented on a different basis of accounting and are, therefore, not comparable. 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 and certain immaterial prior year amounts have been reclassified consistent with current year presentation. 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 at period-end exchange rates and revenues and expenses are translated into U.S. dollars using average monthly exchange rates. Emerging Growth Company (“EGC”) — Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”) exempts EGCs from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act of 1933, as amended, registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. We have elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, we, as an EGC, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our financial statements with another public company, which is neither an EGC nor an EGC which has opted out of using the extended transition period, difficult or impossible because of the potential differences in accounting standards used. Recently Adopted Accounting Standards — In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 modifies the disclosure requirements on fair value measurements. We adopted ASU 2018-13 on January 1, 2020. The adoption of ASU 2018-13 did not have an impact on our fair value disclosures. Recently Issued Accounting Standards — In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASC 842”). The amendments in this ASU require an entity to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. The amendments also require certain quantitative and qualitative disclosures about leasing arrangements. ASC 842 was originally effective for fiscal years beginning after December 15, 2019, and interim periods beginning after December 15, 2020 with early adoption permitted. In October 2019, the FASB delayed the implementation of ASC 842 for private companies until fiscal years beginning after December 15, 2020. In June 2020, the FASB further delayed the implementation of ASC 842 for private companies until fiscal years beginning after December 15, 2021. Given our status as an EGC, we will adopt ASC 842 in accordance with the private company guidance. Our implementation team includes personnel from accounting, tax, legal, information technology, and operations departments. We are in the process of analyzing our lease portfolio and business processes to determine the impact of the new standard on our financial statements and disclosures, however, an estimate of the impact is unavailable at this time. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2 016-13”), which amends the FASB’ s guidance on the impairment of financial instruments. ASU 2016-13 adds to GAAP an impairment model (known as the “ current expected credit loss model”) that is based on expected losses rather than incurred losses. ASU 2016-13 was originally effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years. On October 16, 2019, the FASB delayed the implementation of ASU 2016-13 for private companies until fiscal years beginning January 1, 2023. Given our status as an EGC, we will adopt ASU 2016-13 in accordance with the private company guidance. We are currently evaluating the impact that this new guidance will have on our financial position, results of operations, cash flows and related disclosures. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. These expedients and exceptions do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, for which an entity has elected certain optional expedients and that are retained through the end of the hedging relationship. ASU 2020-04 is effective for all entities as of March 12, 2020 (the date of the issuance of ASU 2020-04) through December 31, 2022. An entity may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. We are evaluating the impact of ASU 2020-04 on our financial statements and disclosures.

Supplemental Balance Sheet Data

Supplemental Balance Sheet Data and Cash Flow Information	9 Months Ended
	Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Supplemental Balance Sheet Data and Cash Flow Information	Note 3 — Accounts Receivable, net — The components of accounts receivable, net was follows: September 30, 2020 December 31, 2019 Accounts receivable $ 42.9 $ 36.3 Allowance for doubtful accounts (0.5 ) (0.2 ) Accounts receivable, net $ 42.4 $ 36.1 Inventories, net — The components of inventories, net were as follows: September 30, 2020 December 31, 2019 Raw materials $ 9.1 $ 7.2 Finished goods 5.6 4.7 Total inventories 14.7 11.9 Reserve for obsolescence (1.2 ) (0.3 ) Inventories, net $ 13.5 $ 11.6 Property, Plant and Equipment, net — The following table details our property, plant and equipment, net: September 30, 2020 December 31, 2019 Land $ 4.1 $ 4.1 Buildings and improvements 8.8 8.1 Machinery and equipment 14.3 13.0 Computer and office equipment 8.8 6.7 Converting machines 129.1 105.9 Total property, plant, and equipment 165.1 137.8 Accumulated depreciation (39.1 ) (15.3 ) Property, plant, and equipment, net $ 126.0 $ 122.5 Depreciation expense recorded in cost of sales and depreciation and amortization in the unaudited condensed consolidated statements of operations and comprehensive income (loss) was as follows: Successor Predecessor Three Months Ended September 30, Nine Months Ended September 30, June 3, 2019 – January 1, 2019 2020 2019 2020 September 30, 2019 – June 2, 2019 Depreciation expense included in cost of goods sold $ 8.0 $ 5.1 $ 22.4 $ 6.9 $ 8.9 Depreciation expense included in depreciation and amortization expense 0.6 0.4 1.6 0.5 0.7 Total depreciation expense $ 8.6 $ 5.5 $ 24.0 $ 7.4 $ 9.6 Supplemental Cash Flow Information — Supplemental cash flow information is as follows: Successor Predecessor Three Months Ended September 30, Nine Months Ended September 30, June 3, 2019 – January 1, 2019 2020 2019 2020 September 30, 2019 – June 2, 2019 Interest paid $ 5.5 $ 7.9 $ 17.0 $ 7.9 $ 12.5 Taxes paid 1.2 2.2 2.7 2.4 4.0 Capital leases $ - $ - $ 0.3 $ - $ -

Segment and Geographic Informat

Segment and Geographic Information	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment and Geographic Information	Note 4 — In accordance with ASC 280, Segment Reporting We attribute revenue to individual countries based on the selling location. Our products are primarily sold from North America and Europe. The following table presents a summary of total net revenue to external customers by geographic location: Successor Predecessor Three Months Ended September 30, Nine Months Ended September 30, June 3, 2019 – January 1, 2019 2020 2019 2020 September 30, 2019 – June 2, 2019 North America $ 33.3 $ 32.9 $ 88.6 $ 42.2 $ 50.1 Europe/Asia 43.5 36.2 117.7 43.2 56.3 Net revenue $ 76.8 $ 69.1 $ 206.3 $ 85.4 $ 106.4 Our customers are not concentrated in any specific geographic region. During the nine months ended September 30, 2020 and the 1H 2019 Predecessor Period, no customers exceeded 10% of net revenue. During the Successor Period, one customer accounted for approximately 10.1% of net revenue.

Revenue Recognition, Contracts

Revenue Recognition, Contracts with Customers	9 Months Ended
	Sep. 30, 2020
Revenue From Contract With Customer [Abstract]
Revenue Recognition, Contracts with Customers	Note 5 — 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 equipment sales is recognized based on an input method, based on percentage of completion of cost and effort incurred. 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 Topic 840, Leases 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 840. In association to the sale of automation equipment, we sell other goods and services, such as extended warranties, preventative maintenance services, spare parts and spare part packages, and consulting services. These other goods and services do not represent performance obligations because they are neither separate nor distinct, or they are not material. 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. As the transfer of control of our products results in an unconditional right to receive consideration, we did not record contract assets as of September 30, 2020 and December 31, 2019. 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: Nine Months Ended September 30, 2020 Beginning balance $ 2.5 Deferral of revenue 1.3 Recognition of revenue (1.9 ) Adjustment for returns (1.1 ) Ending balance $ 0.8 In addition to the disaggregation of revenue between paper, machine lease, and other revenue, we further 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: Successor Predecessor Three Months Ended September 30, Nine Months Ended September 30, June 3, 2019 – January 1, 2019 2020 2019 2020 September 30, 2019 – June 2, 2019 North America $ 29.0 $ 29.0 $ 76.6 $ 38.3 $ 43.0 Europe/Asia 37.4 30.8 101.4 35.3 49.0 Machine lease revenue 10.4 9.3 28.3 11.8 14.4 Net revenue $ 76.8 $ 69.1 $ 206.3 $ 85.4 $ 106.4 North America consists of the United States, Canada and Mexico; Europe/Asia consists of European, Asian (including China), Pacific Rim, South American and African countries.

Goodwill, Long-Lived and Intang

Goodwill, Long-Lived and Intangible Assets, Net	9 Months Ended
	Sep. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill, Long-Lived and Intangible Assets, Net	Note 6 — Goodwill and Indefinite-Lived Intangible Assets 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 Due to the COVID-19 outbreak, we assessed whether events or circumstances indicate that it was more likely than not that our goodwill and indefinite-lived intangible assets were impaired as of September 30, 2020. The goodwill and indefinite-lived intangible assets assessments included consideration of key factors such as macroeconomic conditions, industry and market considerations, cost factors, and other relevant entity-and reporting unit-specific events. While the extent and duration of the economic implications from the COVID-19 pandemic remain unclear, we concluded that it is more likely than not that the fair value of our reporting units and indefinite-lived intangible assets exceeded their carrying values at September 30, 2020. 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, 2019 $ 343.0 $ 105.8 $ 448.8 Currency translation - 4.3 4.3 Balance at September 30, 2020 $ 343.0 $ 110.1 $ 453.1 Finite-Lived Intangible Assets, net Finite-lived or amortizable intangible assets consist of patented and unpatented technology and customer/distributor relationships. In the second quarter of 2020, certain in-process research & development assets were placed in service and transferred into patented/unpatented technology to be amortized over a five-year Impairment of Long-lived Assets We review our long-lived assets, including amortizable intangible assets and property, plant and equipment, 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 September 30, 2020, 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: September 30, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer/distributor relationships $ 204.1 $ (18.3 ) $ 185.8 $ 199.5 $ (7.9 ) $ 191.6 Patented/unpatented technology 168.3 (20.0 ) 148.3 164.5 (8.5 ) 156.0 In-process research and development 1.6 - 1.6 5.0 - 5.0 Total definite-lived intangible assets 374.0 (38.3 ) 335.7 369.0 (16.4 ) 352.6 Trademarks/tradenames with indefinite lives 106.1 - 106.1 106.0 - 106.0 Identifiable intangible assets, net $ 480.1 $ (38.3 ) $ 441.8 $ 475.0 $ (16.4 ) $ 458.6 The following table shows the remaining estimated amortization expense for our definite-lived intangible assets at September 30, 2020: Year Amount 2020 $ 7.2 2021 29.0 2022 29.0 2023 29.0 2024 29.0 Thereafter 210.9 $ 334.1 Amortization expense was $7.1 million and $21.3 million in the three and nine months ended September 30, 2020, respectively. Amortization expense was $9.8 million in the three months ended September 30, 2019, $12.7 million in the Successor Period, and $17.0 million in the 1H 2019 Predecessor Period. The following table shows the remaining weighted-average useful life of our definite lived intangible assets as of September 30, 2020: Remaining Weighted-Average Useful Life Customer/distributor relationships 14 years Patented/unpatented technology 10 years Total identifiable assets, net with definite lives 12 years

Acquisition

Acquisition	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Acquisition	Note 7 — Ranpak Business Combination — On June 3, 2019, the Company consummated the acquisition of all outstanding and issued equity interests of Rack Holdings, the Ranpak Business Combination, pursuant to the Stock Purchase Agreement for consideration of $794.9 million and €140.0 million ($160.8 million) in cash, (i) $341.5 million and €140.0 million ($160.8 million) of which was used by the Seller to repay outstanding indebtedness and unpaid transaction expenses as contemplated by the Stock Purchase Agreement and (ii) the remainder of which was paid to Seller. The purchase price paid at Closing was estimated and subject to customary post-Closing adjustments which included an adjustment of $0.7 million for net working capital and as additional consideration. The Ranpak Business Combination is accounted for under ASC 805. Pursuant to ASC 805, the Company has been determined to be the accounting acquirer. Refer to Note 1, Nature of Operations The allocation of the consideration to the assets acquired and liabilities assumed is based on various estimates. As of December 31, 2019, the Company completed evaluation of net working capital as part of the purchase price paid at Closing and paid additional consideration of $0.7 million. We finalized the purchase accounting fair value assessment in the second quarter of 2020. The following represents the purchase price allocation for the Ranpak Business Combination: Amount Total consideration $ 955.7 Cash and cash equivalents 10.1 Accounts receivable 28.2 Inventories 16.1 Property, plant and equipment 119.5 Other assets 4.8 Intangible assets 473.7 Total identifiable assets acquired 652.4 Accounts payable 8.6 Accrued expenses 7.4 Other liabilities 5.0 Deferred tax liabilities 122.9 Net identifiable liabilities acquired 143.9 Goodwill $ 447.2 Intangible assets and property, plant and equipment balances comprise the following: Fair Value Remaining Useful Lives Patented/Unpatented Technology $ 164.1 10 years Customer/Distributor Relationships 198.6 15 years In-Process Research & Development 5.0 N/A Trade Names/Trademarks 106.0 Indefinite Total Fair Value $ 473.7 Machinery and Equipment $ 17.6 5 years Converting Machines 90.4 3 - 7 years Buildings and Improvements 7.4 15 years Land 4.1 N/A Total Fair Value $ 119.5 The fair values for the trade names/trademarks, patented/unpatented technology, and in-process R&D were determined using the Relief-from-Royalty Method, which is a combination of an Income Approach and Market Approach. The fair value for customer/distributor relationships was determined using the Multi-Period Excess Earnings Method, which is an Income-based Approach. In the second quarter of 2020, certain in-process research & development assets were placed in service and transferred into patented/unpatented technology to be amortized over a five-year The fair value for land was determined using Sales Comparison and Cost Approaches, depending on location. The fair value for machinery and equipment, and buildings and improvements were determined using a combination of the Cost Approach and Market Approach, considering physical deterioration when determining current reproduction costs. The estimates of remaining useful lives for the intangible assets and property, plant, and equipment were determined by assessing the period of economic benefit of the assets. Goodwill represents the excess of the total purchase consideration over the fair value of the underlying net assets, largely arising from the assembled workforce, new customers and the replacement of customers and technology attrition. Goodwill is not amortized for tax purposes. The following unaudited information represents the supplemental pro forma results of the Company’s condensed consolidated statement of operations as if the Ranpak Business Combination occurred on January 1, 2019, for the three and nine months ended September 30, 2019, after giving effect to certain adjustments, including depreciation and amortization of the assets acquired and liabilities assumed based on their estimated fair values and changes in interest expense resulting from changes in debt (in millions): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Net revenue $ 70.4 $ 198.2 Net loss $ 0.8 $ (9.8 ) These pro forma results were based on estimates and assumptions, which the Company believes are reasonable. They are not the results that would have been realized had the Company been a combined company during the periods presented and are not necessarily indicative of consolidated results of operations in future periods. The pro forma results include adjustments primarily related to purchase accounting adjustments. Acquisition costs and other non-recurring charges incurred are included in the earliest period presented. Neopack Acquisition — On February 28, 2017, pursuant to the Share Purchase Agreement (“e3NEO Purchase Agreement”) the Predecessor acquired all of the capital stock of Neopack Solutions S.A.S. dba e3NEO. The e3NEO Purchase Agreement contained a contingent consideration arrangement that required the Company to pay e3NEO a “Next Generation Machine Payment”, which was computed by the Company based on certain criteria established in the e3NEO Purchase Agreement. The criteria included, but were not limited to, the design and development by e3NEO of a prototype of the “Next Generation Machine” as defined in the e3NEO Purchase Agreement. The maximum amount payable, $1.1 million, was recorded as contingent consideration, all of which was paid in 2018. Additionally, the e3NEO Purchase Agreement contains an earn-out provision whereby the seller may be entitled to receive an earn-out payment in an amount up to the greater of (i) $2.6 million (the “Minimum Earn-Out Amount”), and (ii) the trailing twelve (12) month earnings before income taxes, depreciation and amortization of the business calculated as of December 31, 2020 multiplied by forty-eight percent (48%). In order to be eligible to receive the Minimum Earn-Out Amount pursuant to the purchase agreement, e3NEO must have caused the business to receive purchase orders from customers and receive sign-off from customers upon completion of a successful factory acceptance test related to certain next generation machines on or before December 31, 2019 subject to reasonable approval of the Company. The conditions of the earn-out were not achieved and the Company agreed to a settlement arrangement with the former majority owner of e3NEO, which was approved by French authorities and finalized on April 21, 2020. The arrangement provides for a payment to the earn-out counterparties in the amount of approximately

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Note 8 — In connection with the Closing of the Ranpak Business Combination, Ranger Pledgor LLC (“Holdings”), Ranger Packaging LLC (the “U.S. Borrower”), and Ranpak B.V. (the “Dutch Borrower" and together with the US Borrower, the “Borrowers”), entered into a First Lien Credit Agreement that provided for senior secured credit facilities to, in part, (i) fund the business combination, (ii) repay and terminate the existing indebtedness of Rack Holdings, and (iii) pay all fees, premiums, expenses and other transaction costs incurred in connection with the foregoing. 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 seven years after the closing date and the Revolving Facility matures five years after the closing date. In December 2019, the Company closed on a public offering of its Class A common stock generating net proceeds of approximately $107.7 million that was used to pay down the First Lien Dollar Term Facility. As of September 30, 2020 and December 31, 2019, no amounts were outstanding under the Revolving Facility. Long-term debt consisted of the following: September 30, 2020 December 31, 2019 First Lien Dollar Term Facility $ 270.9 $ 270.9 First Lien Euro Term Facility 162.5 157.3 Deferred financing costs, net (7.0 ) (7.8 ) Total debt 426.4 420.4 Less: current portion (1.6 ) (1.6 ) Long-term debt $ 424.8 $ 418.8 Borrowings under the Facilities, at the Borrowers’ option, bear interest at either (1) an adjusted eurocurrency rate or (2) a base rate, in each case plus an applicable margin. The applicable margin is 3.75% with respect to eurocurrency borrowings and base rate borrowings as of September 30, 2020 and December 31, 2019, (in each case, 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 400 basis points for eurocurrency borrowings. The interest rate for the First Lien Dollar Term Facility as of September 30, 2020 and December 31, 2019 was 3.91% and 5.70%, respectively. The interest rate for the First Lien Euro Term Facility as of September 30, 2020 and December 31, 2019 was 3.75% and 4.00%, 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. 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 trailing-twelve months Consolidated EBITDA (as defined in the definitive documentation with respect to the Facilities), plus any voluntary prepayments of the debt financing (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 (i) the US Borrower under the Facilities and certain of its 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 US organized restricted subsidiary of Holdings (together with Holdings, the “US Guarantors”) and (ii) the Dutch Borrower under the Facilities are unconditionally guaranteed by the US Borrower, the US Guarantors and 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 US 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 obligations of the US Borrower and US 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 September 30, 2020. On February 14, 2020, Ranger Packaging LLC, a Delaware limited liability company (“U.S. Borrower”), Ranpak B.V., (the “Dutch Borrower”; the U.S. Borrower and the Dutch Borrower, the “Borrowers”), Ranger Pledgor LLC, a Delaware limited liability company (“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 First Lien Credit Agreement (“Amendment No. 1”) to amend the First Lien Credit Agreement, dated as of June 3, 2019 among the Borrowers, Holdings, the lenders, the issuing banks and the Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). 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 $10,000,000 and 10% of Consolidated Adjusted EBITDA (as defined in the Credit Agreement) (increased from the greater of $7,000,000 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, we entered into a borrower assumption agreement (“Borrower Assumption Agreement”), which provided that, in the following order, (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 Goldman Sachs Lending Partners LLC entered into the 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 New Credit Facilities.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 9 — 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 decrease the volatility of cash flows affected by changes in interest 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 the Closing of the Ranpak Business Combination and will terminate on the third anniversary of the Closing 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 (loss) 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 3, 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 September 30, 2020 September 2019 Swap Cash flow hedge June 1, 2023 1.50% $ 50.0 First Lien Dollar Term Facility 18% Second Amended January 2019 Swap Cash flow hedge June 3, 2024 2.10% 200.0 First Lien Dollar Term Facility 74% $ 250.0 92% December 31, 2019 September 2019 Swap Cash flow hedge June 1, 2023 1.50% $ 50.0 First Lien Dollar Term Facility 18% Amended January 2019 Swap Cash flow hedge June 1, 2023 2.31% 200.0 First Lien Dollar Term Facility 74% $ 250.0 92% The Second Amended January 2019 Swap contains an insignificant financing element that is amortized over the term of the hedging relationship. We recognized a loss on the interest rate swaps of $1.2 million and $1.6 million in interest expense in the unaudited condensed consolidated statement of operations and comprehensive income (loss) for the three and nine months ended September 30, 2020. As of September 30, 2020, we anticipate having to reclassify $4.6 million from accumulated other comprehensive income (loss) into earnings during the next twelve months to offset the variability of the hedged items during this period. 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 September 30, 2020 and December 31, 2019. The net amount of derivatives can be reconciled to the tabular disclosure of fair value in Note 11: Interest Rate Swap Agreements Balance Sheet Classification September 30, 2020 December 31, 2019 Designated as cash flow hedges Accrued liabilities and other $ 4.6 $ 0.4 Designated as cash flow hedges Other liabilities 11.2 4.6 $ 15.8 $ 5.0 The following table presents the effect of our derivative financial instruments on our unaudited condensed consolidated statement of operations. The income effects of our derivative activities are reflected in interest expense. There were no gains or losses recorded prior to June 3, 2019: Successor Predecessor Three Months Ended September 30, Nine Months Ended September 30, June 3, 2019 – January 1, 2019 2020 2019 2020 September 30, 2019 – June 2, 2019 Total interest expense presented in the statement of operations $ 4.9 $ 9.5 $ 16.6 $ 17.5 $ 20.2 Interest rate swap agreements designated as cash flow hedges 1.2 - 1.6 - - Interest rate swap agreements not designated as cash flow hedges $ - $ 1.0 $ - $ 6.4 $ -

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Note 10 — 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 September 30, 2020 and December 31, 2019 were as follows: September 30, 2020 Gross Balance Tax Effect Net Balance Foreign currency translation $ 9.4 $ - $ 9.4 Unrealized gain (loss) on interest rate swaps (10.6 ) 2.4 (8.2 ) Total $ (1.2 ) $ 2.4 $ 1.2 December 31, 2019 Gross Balance Tax Effect Net Balance Foreign currency translation $ 1.7 $ - $ 1.7 Unrealized gain (loss) on interest rate swaps 1.4 0.3 1.7 Total $ 3.1 $ 0.3 $ 3.4 The following table presents the changes in accumulated other comprehensive income ( loss ) by component for the nine months ended September 30, 2020 : Nine Months Ended September 30, 2020 Foreign currency translation Unrealized gain (loss) on interest rate swaps Total Beginning balance $ 1.7 $ 1.7 $ 3.4 Other comprehensive income (loss) before reclassifications 7.7 (9.9 ) (2.2 ) Ending balance $ 9.4 $ (8.2 ) $ 1.2

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurement	Note 11 — 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. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, foreign exchange rates, and credit ratings. ▪ 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), accounts receivable and accounts payable approximate their fair values due to the short-term nature of these instruments as of September 30, 2020 and December 31, 2019. The carrying value of borrowings under the credit facilities approximates fair value due to the variable interest rates associated with those borrowings. The following table provides the carrying amounts, estimated fair values and the respective fair value measurements of our financial instruments as of September 30, 2020 and December 31, 2019: Fair Value Measurements Carrying Amount Level 1 Level 2 Level 3 September 30, 2020 Current and long-term debt $ 433.4 $ - $ 433.4 $ - Interest rate swap agreements liability $ 15.8 $ - $ 15.8 $ - December 31, 2019 Current and long-term debt $ 428.2 $ - $ 428.2 $ - Interest rate swap agreements liability $ 5.0 $ - $ 5.0 $ - The valuation techniques and inputs used for fair value measurements categorized within Level 2 include quoted comparable prices from market inputs. Generally, these fair value measures are model-based valuation techniques such as discounted cash flows or option pricing models using our own estimates and assumptions or those expected to be used by market participants. We determine our valuation policies and procedures and analyze changes in fair value measurements from period to period by using an industry standard market approach, in which prices and other relevant information are generated by market transactions involving identical or comparable assets or liabilities. No financial instruments were measured using unobservable inputs. 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. These Level 2 derivatives are valued utilizing an income approach, which discounts future cash flow based upon current market expectations and adjusts for credit risk.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 12 — 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: Successor Predecessor Three Months Ended September 30, Nine Months Ended September 30, June 3, 2019 – January 1, 2019 2020 2019 2020 September 30, 2019 – June 2, 2019 Effective tax rate (15.7)% 69.8% 7.1% 31.4% 20.5% The fluctuation in the effective tax rate over the periods presented above was primarily attributable to a jurisdictional mix of income between periods and discrete tax expense of $1.3 million recorded through the nine months ended September 30, 2020. The effective tax rate differs from the U.S. federal statutory rate due primarily to benefits derived from the 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. Pursuant to the Ranpak Business Combination discussed in detail in Note 7, “ Acquisition, to the notes to the unaudited condensed consolidated financial statements, the Company has calculated the fair market value of assets and liabilities, including the impact on the deferred tax assets and liabilities in accordance with the guidance under ASC 805. The deferred tax assets and liabilities are final as the valuation analysis has been completed. The deferred tax assets and liabilities resulted in a net deferred tax liability We are subject to taxation in the United States (federal, state, local) and foreign jurisdictions. As of September 30, 2020, tax years 2017 through 2020 are subject to examination by the tax authorities. Pursuant to ASC 740, as of each balance sheet date, the Company assesses its uncertain tax positions to determine whether factors underlying the sustainability assertion have changed. During the three months ended September 30, 2020, based on new information in an ongoing examination over the 2017-2019 tax years by the tax authorities in the Netherlands, the Company has recognized discrete tax expense for an additional uncertain tax position of $1.3 million relating to positions which are no longer more-likely-than-not sustainable. The Company anticipates to resolve this matter within the next twelve months. On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) into law. The CARES Act includes several significant business tax provisions that, among other things, would eliminate the taxable income limit for certain net operating losses (“NOL”) and allow businesses and individuals to carry back NOLs arising in 2018, 2019, and 2020 to the five prior tax years; suspend the excess business loss rules under section 461(l); accelerate refunds of previously generated corporate AMT credits; generally loosen the business interest limitation under section 163(j) from 30 percent to 50 percent (special partnership rules apply); and fix the “retail glitch” for qualified improvement property in the 2017 tax code overhaul known informally as the Tax Cuts and Jobs Act (the “TCJA”) (TCJA, Public Law 115-97). ASC 740, Income Taxes

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13 — 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 nine months ended September 30, 2020. Leases Certain office and warehouse facilities, transportation vehicles and data processing equipment are leased. Total rental expense for these leases was $0.6 million and $1.6 million in the three and nine months ended September 30, 2020, respectively. Total rental expense for these leases was $0.4 million in the three months ended September 30, 2019, $0.5 million in the Successor Period, and $0.9 million in the 1H 2019 Predecessor Period. 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	9 Months Ended
	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	Note 14 — 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 table below summarizes certain data for our stock-based compensation plans: Successor Predecessor Three Months Ended September 30, Nine Months Ended September 30, June 3, 2019 – January 1, 2019 2020 2019 2020 September 30, 2019 – June 2, 2019 Stock-based compensation expense $ 1.7 $ 1.6 $ 5.9 $ 1.8 $ - Tax (expense) benefit for stock-based compensation 0.4 0.4 1.1 0.4 - Fair value of vested awards $ 2.1 $ 2.0 $ 7.0 $ 2.2 $ - Our shareholders approved the Ranpak Holdings Corp. 2019 Omnibus Incentive Plan (the “2019 Plan”) at the Annual Meeting of Shareholders on February 20, 2019. The purpose of the 2019 Plan is to motivate and reward 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. As of September 30, 2020, the pool of shares in the 2019 Plan is summarized as follows: 2019 Plan Quantity Maximum allowed for issuance 4,118,055 Awards granted (2,331,736 ) Awards forfeited 734,913 Available for future awards 2,521,232 Awards vested 288,394 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. Certain RSUs vest ratably over a two-year one-year Performance-Based Restricted Stock Units — Performance-based restricted stock units (“PRSU”) vest over a three-year one-year 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, 2019 483,299 $ 9.30 - $ - Granted 501,141 8.08 667,196 8.09 Vested (248,392 ) 8.61 - - Forfeited (58,329 ) 9.04 (116,700 ) 8.07 Outstanding at September 30, 2020 677,719 $ 8.67 550,496 $ 8.09 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, 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, paid or granted quarterly in arrears in the form of cash or stock at the Director’s election, 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. Director Stock Units Quantity Weighted Average Grant Date Fair Value Balance at December 31, 2019 - $ - Granted 107,184 7.41 Vested (26,970 ) 7.18 Balance at September 30, 2020 80,214 $ 7.49

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Shareholders' Equity	Note 15 — Capital Stock — The Company is authorized to issue 426,000,000 shares of capital stock, consisting of (i) 200,000,000 shares of Class A common stock, par value $0.0001 per share, (ii) 25,000,000 shares of Class B common stock, par value $0.0001 per share, and (iii) 200,000,000 shares of Class C common stock, par value $ 0.0001 per share and (iv) 1,000,000 shares of preferred stock, par value $ 0.0001 per share. Common Shares — Each holder of Class A Common Stock (“Class A”) is entitled to one vote for each Class A share held of record. Holders of shares of Class C Common Stock (“Class C”) have no such voting rights and, as such, shall not have the right to receive notice of, attend at or vote on any matters on which stockholders generally are entitled to vote. Class C shares have a right of conversion that upon sale or other transfer convert to Class A shares. Upon the closing of the Ranpak Business Combination, 3,854,664 of Class B shares were canceled and 7,395,336 of Class B shares were converted to 6,663,953 of Class A shares and 731,383 of Class C shares. Certain of the Class B shares were subject to forfeiture conditions that carried over to the Class A shares. At December 31, 2019, Ranpak had 6,847,836 Class A and Class C shares outstanding subject to forfeiture unless certain provisions are met as described below. These shares will not participate in cash dividends or other cash distributions payable prior to the date the conditions have been satisfied. Upon satisfaction, shareholders will be entitled to all cash dividends and other cash distributions from the closing of the Ranpak Business Combination. As of December 31, 2019, there were no such cash dividends or other cash distributions potentially payable upon these conditions. 157,500 shares of Class A common stock will be surrendered for no consideration unless, prior to the fifth anniversary of the Ranpak Business Combination, either (i) the closing price of our Class A common stock equals or exceeds $12.25 per share (in each case as adjusted for share splits, dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30 consecutive trading day period or (ii) the Company completes a liquidation, merger, stock exchange or other similar transaction that results in all ordinary shareholders having the right to exchange their common stock for consideration in cash, securities or other property which equals or exceeds $12.25 per share (in each case as adjusted for share splits, dividends, reorganizations, recapitalizations and the like). 2,940,336 shares of Class A common stock will be surrendered for no consideration unless, prior to the tenth anniversary of the Ranpak Business Combination, (i) the closing price of the Company’s Class A common stock equals or exceeds $15.00 per share (in each case as adjusted for share splits, dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30 consecutive trading day period or (ii) the Company completes a liquidation, merger, stock exchange or other similar transaction that results in all or substantially all of its shareholders having the right to exchange their shares or the Company otherwise undergoes a change of control. A total of 3,750,000 shares of Class A and Class C common stock will be surrendered for no consideration unless, prior to the tenth anniversary of the closing of the Ranpak Business Combination, (i) the closing price of the Company’s Class A shares equals or exceeds $12.50 per share (in each case as adjusted for share splits, dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30 consecutive trading day period or (ii) the Company completes a liquidation, merger, stock exchange or other similar transaction that results in all or substantially all of its shareholders having the right to exchange their shares or the Company otherwise undergoes a change of control. Preferred Shares — The Company’s charter authorizes 1,000,000 shares of preferred stock and provides that shares of preferred stock may be issued from time to time in one or more series. The Board of Directors is authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. The Board of Directors is able, without stockholder approval, to issue preferred stock with voting and other rights that could adversely affect the voting power and other rights of the holders of the common stock and could have anti-takeover effects. As of September 30, 2020, the Company had no preferred stock outstanding. Warrants — On August 6, 2020, we commenced (i) an offer to each holder of our outstanding public warrants, forward purchase warrants, and private placement warrants (collectively, the “Warrants”), each to purchase shares of Class A common stock, par value $0.0001 per share (“Class A common stock”), the opportunity to receive 0.22 shares of Class A common stock in exchange for each outstanding warrant tendered by the holder and exchanged pursuant to the offer (the “Offer”), and (ii) the solicitation of consents (the “Consent Solicitation”) from holders of the public warrants and the forward purchase warrants to amend the Warrant Agreement, dated as of January 17, 2018, by and between the Company and Continental Stock Transfer & Trust Company, which governs all of the Warrants (the “Warrant Amendment”). The approved Warrant Amendment permitted the Company to require that each warrant that is outstanding subsequent to the expiration of the Offer be converted into 0.198 shares of Class A common stock. Further, the Warrant Amendment and its expiration on September 2, 2020 resulted in a valid tendering of 20,048,251 Warrants, or approximately 99.7% of the Warrants, resulting in 4,410,587 shares of Class A common stock issued in exchange for said Warrants. As a result of the low number of Warrants remaining outstanding following the Offer, the NYSE delisted the remaining Warrants. The remaining 60,493 Warrants were exchanged at the 0.198 ratio for 11,977 shares of Class A common stock on September 21, 2020 . We paid an immaterial amount for fractional shares converted to cash. No Warrants remained after the exchanges . Registration Rights — Certain investors were entitled to registration rights pursuant to the forward purchase agreements, subscription agreements, private placement warrant agreements, and the registration rights agreement entered into concurrently with the closing of the IPO. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of a business combination. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period. The Company bore the expenses incurred in connection with the filing of any such registration statements. Follow-On Offering — On December 13, 2019, the Company closed on a public offering of 16,923,077 shares of its Class A common stock at an offering price of $6.50 per share, generating gross proceeds of approximately $110.0 million ($107.7 million net of expenses). These shares were registered pursuant to the Form S-3 declared effective on July 31, 2019. The proceeds from this offering were used to pay down outstanding debt. Outstanding Shares — At September 30, 2020 and December 31, 2019, the Company had the following shares of common stock outstanding: September 30, 2020 December 31, 2019 Class A Class C Total Common Class A Class C Total Common Shares outstanding not subject to an earn-out agreement 62,874,702 5,779,910 68,654,612 58,177,288 5,779,910 63,957,198 Shares subject to $15.00 earn-out 2,940,336 - 2,940,336 2,940,336 - 2,940,336 Shares subject to $12.50 earn-out 3,018,617 731,383 3,750,000 3,018,617 731,383 3,750,000 Shares subject to $12.25 earn-out 157,500 - 157,500 157,500 - 157,500 Total 68,991,155 6,511,293 75,502,448 64,293,741 6,511,293 70,805,034 Translation adjustment— Translation adjustments recorded are a component of accumulated other comprehensive income (loss) in shareholders’ equity. The effects of translating financial statements of foreign operations into the Company’s reporting currency are recognized as a cumulative translation adjustment in accumulated other comprehensive income (loss) which is net of tax, where applicable.

Earnings (Loss) per Share

Earnings (Loss) per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings (Loss) per Share	Note 16 — 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. The Predecessor had one class of shares outstanding. As of September 30, 2020, we have not issued any instruments that were considered to be participating securities. The Successor’s 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 tables set forth the computation of our loss per share: Successor Predecessor Three Months Ended September 30, Nine Months Ended September 30, June 3, 2019 – January 1, 2019 2020 2019 2020 September 30, 2019 – June 2, 2019 Numerator: Net loss $ (6.1 ) $ (1.6 ) $ (18.2 ) $ (13.9 ) $ (19.0 ) Net loss attributable to common stockholders for basic and diluted EPS $ (6.1 ) $ (1.6 ) $ (18.2 ) $ (13.9 ) $ (19.0 ) Denominator: Basic weighted average common shares outstanding 72,396,183 53,871,068 71,401,580 53,870,568 995 Dilutive effect of assumed vesting of RSUs and PRSUs - - - - - Diluted weighted average common shares outstanding 72,396,183 53,871,068 71,401,580 53,870,568 995 Loss per share attributable to common stockholders Basic $ (0.08 ) $ (0.03 ) $ (0.25 ) $ (0.26 ) $ (19,195.40 ) Diluted $ (0.08 ) $ (0.03 ) $ (0.25 ) $ (0.26 ) $ (19,195.40 ) 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 September 30, Nine Months Ended September 30, June 3, 2019 – 2020 2019 2020 September 30, 2019 Warrants on common stock - 20,108,744 - 20,108,744 RSUs and PRSUs 1,230,024 951,475 982,473 951,475 Total antidilutive securities 1,230,024 21,060,219 982,473 21,060,219

Transactions with Related Parti

Transactions with Related Parties	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 17 — Shared Services Agreement 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 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 amounted to approximately $0.1 million and $0.3 million for the three and nine months ended September 30, 2020, respectively. Totals under the agreements were $0.2 million in the three months ended September 30, 2019 and $0.3 million in the Successor Period. Advisory Relationship A director of the Company, prior to being elected as a director, served in an advisory role to Rhône Capital IV L.P., the former majority shareholder of Rack Holdings, Inc., on the sale of Rack Holdings, Inc. The director was compensated for the advisory role through an increase to his indirect equity interest in Rack Holdings, Inc., and reported to Ranpak that the compensation was not significant (less than $50 thousand). Registration Rights Agreement As a result of the Ranpak Business Combination, Ranpak is a party to a registration rights agreement with certain security holders. The agreement requires Ranpak to maintain an effective resale shelf registration statement for the benefit of such security holders until they are permitted by law to freely sell their securities without registration or no longer hold Ranpak securities. Subscription Agreements and Reallocation Agreement One Madison Corporation entered into a subscription agreement, pursuant to which, as amended, certain shareholders, including our Chairman & CEO, another of our directors, our chief financial officer and one of our significant shareholders may be required to surrender to Ranpak certain of their shares (referred to as founder shares) if the closing price of the Class A common stock (or any successor class of listed common shares) equals or exceeds $12.50 per share (as adjusted for share splits, dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30 consecutive trading day period or Ranpak completes a liquidation, merger, share exchange or other similar transaction that results in all of its common shareholders having the right to exchange their common equity for consideration in cash, securities or other property which equals or exceeds $ 12.50 per share (as adjusted for share splits, dividends, reorganizations, recapitalizations and the like) in the five year period following the consummation of the Ranpak Business Combination (the “Earnout”). One Madison Corporation also entered into a reallocation agreement with certain investors, including our Chairman & CEO, another of our directors and one of our significant shareholders, who provided equity financing for the Ranpak Business Combination under the forward purchase agreements and the subscription agreements, pursuant to which the shares subject to the Earnout and the rights to acquire 5,000,000 warrants to purchase Class A shares arising under the forward purchase agreements were reallocated among all equity financing investors pro rata based on the aggregate amount of equity financing provided by such equity financing investors under the forward purchase agreements and the subscription agreements. The Class B ordinary shares owned by each party to the reallocation agreement following the reallocation are subject to the provisions in the forward purchase agreement relating to Class B ordinary shares, including with respect to the voting of, transfer and forfeiture and waiver of redemption rights with respect to such Class B ordinary shares, or, for the parties to the reallocation agreement that are not party to a forward purchase agreement, the provisions substantially similar to such forward purchase agreement provisions that are set forth on an exhibit to the reallocation agreement. Stock Purchase Agreement Ranpak is subject to certain continuing obligations to indemnify the former directors and officers of Rack Holdings Inc. for certain costs, damages and liabilities pursuant to the Stock Purchase Agreement dated December 12, 2018, pursuant to which One Madison Corporation purchased Rack Holdings Inc. Monitoring Fee Arrangement Rack Holdings had a monitoring fee agreement, with Rhône Capital IV L.P., a related party, which required Rack Holdings to pay 1% of projected annual earnings before interest, taxes and depreciation and amortization in advance of each semi-annual period, adjusted retroactively up or down, plus reimbursement of other expenses. As of June 3, 2019, upon the Closing of the Ranpak Business Combination and change in control, this monitoring fee was eliminated. Monitoring fee and reimbursement expenses are immaterial but are included in selling, general and administrative expense in the unaudited condensed consolidated statements of operations and comprehensive income (loss) for the 1H 2019 Predecessor Period.

Restatement of Previously Issue

Restatement of Previously Issued Unaudited Condensed Consolidated Interim Financial Statements	9 Months Ended
	Sep. 30, 2020
Accounting Changes And Error Corrections [Abstract]
Restatement of Previously Issued Unaudited Condensed Consolidated Interim Financial Statements	Note 18 — As disclosed in Note 21 in our Annual Report on Form 10-K for the year ended December 31, 2019, subsequent to the issuance of our unaudited condensed consolidated interim financial statements as of June 30, 2019 (Successor) and for the Predecessor Period January 1, 2019 through June 2, 2019 and April 1, 2019 through June 2, 2019 and the Successor Period June 3, 2019 through June 30, 2019 and September 30, 2019 (Successor) and for the Predecessor Period January 1, 2019 through June 2, 2019 and the Successor period for the three months ended September 30, 2019 and the period June 3, 2019 through September 30, 2019, management identified several errors related to presentation of the Predecessor Period (January 1, 2019 through June 2, 2019) resulting from incorrect accounting and reporting related to the Ranpak Business Combination. The foreign currency translation adjustments line item in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) was misstated by ($27.6 million) and the Unaudited Condensed Consolidated Statement of Changes in Shareholders’ Equity was also misstated as a result of all of the errors identified as noted in the below table. Additionally, it was determined that the Unaudited Condensed Consolidated Statement of Cash Flows included several misclassified amounts in the Predecessor Period, resulting in a ($7.8 million) misstatement of net cash flows provided by operating activities, a ($1.1 million) misstatement of net cash flows used in financing activities, and a $8.9 million misstatement in the effect of exchange rate changes on cash. The Company has corrected the errors in the comparable Q3 2019 unaudited condensed consolidated interim financial statements that are presented in the Q3 2020 unaudited condensed consolidated interim Form 10-Q filing. In addition, management also identified several errors in the unaudited condensed consolidated interim financial statements for the Successor Period (June 3, 2019 through June 30, 2019 for Q2 2019 and June 3, 2019 through September 30, 2019 for Q3 2019) resulting from incorrect accounting and reporting related to the Ranpak Business Combination. These Successor Period errors resulted in multiple misstatements in the Unaudited Condensed Consolidated Statement of Cash Flows including $3.4 million of net cash provided by financing activities and $7.9 million of effects of exchange rate changes on cash. We also misclassified (1) $308.1 million, relating to the cash withdrawn from trust account, between net cash used in investing activities and beginning cash and (2) $11.3 million, relating to One Madison Corporation’s deferred initial public offering underwriting fees, between net cash used in operating activities and net cash from financing activities. Ending cash balance for both the second and third quarter remain unchanged. Goodwill was also misstated by $ 10.0 million. The foreign currency gain line item in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) was misstated by $ 2.5 million and the Unaudited Condensed Consolidated Statement of Changes in Shareholders’ Equity was also misstated as a result of the errors identified as noted in the below table . The Company has corrected the errors in the comparable Q3 2019 unaudited condensed consolidated interim financial statements that are presented in the Q 3 2020 unaudited condensed consolidated interim Form 10-Q filing. Management has evaluated the materiality of these misstatements and concluded that the Predecessor Period and Successor Period misstatements were not material to the unaudited condensed consolidated interim financial statements as of June 30, 2019 (Successor) and for the Predecessor Period January 1, 2019 through June 2, 2019 and April 1, 2019 through June 2, 2019 and the Successor Period June 3, 2019 through June 30, 2019 and September 30, 2019 (Successor) and for the Predecessor Period January 1, 2019 through June 2, 2019 and the Successor period for the three months ended September 30, 2019 and the period June 3, 2019 through September 30, 2019, respectively. The impact of the necessary adjustments on the total amounts previously reported for the Predecessor Period in our unaudited condensed consolidated interim financial statements (included in our quarterly report on Form 10-Q for the three and nine months ended September 30, 2019) is summarized in the following tables: Predecessor Period (January 1, 2019 – June 2, 2019) As previously reported Adjustment As restated Unaudited Condensed Consolidated Statement of Cash Flows Deferred income taxes $ 0.6 $ (7.8 ) $ (7.2 ) Net cash provided by (used in) operating activities 24.5 (7.8 ) 16.7 Payments on term loans and credit facility (13.3 ) (1.1 ) (14.4 ) Net cash provided by (used in) financing activities (13.3 ) (1.1 ) (14.4 ) Effect of exchange rate changes on cash $ (7.7 ) $ 8.9 $ 1.2 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) Foreign currency translation adjustments $ 23.6 $ (27.6 ) $ (4.0 ) Comprehensive income (loss) $ 4.6 $ (27.6 ) $ (23.0 ) Unaudited Condensed Consolidated Statement of Changes in Shareholders' Equity Additional paid-in capital $ - $ 291.4 $ 291.4 Accumulated deficit - (88.9 ) (88.9 ) Treasury stock - (1.5 ) (1.5 ) Accumulated other comprehensive loss - (27.6 ) (27.6 ) Total shareholders' equity $ - $ 173.4 $ 173.4 The impact of the necessary adjustments on the total amounts previously reported for the Successor Period from June 3, 2019 through September 30, 2019 in our unaudited condensed consolidated interim financial statements (included in our quarterly report on Form 10-Q for the three and nine months ended September 30, 2019) is summarized in the following table: Successor Period (June 3, 2019 – September 30, 2019) As previously reported Adjustment As restated Unaudited Condensed Consolidated Statement of Cash Flows Net loss $ (12.0 ) $ (1.9 ) $ (13.9 ) Increase (decrease) in accounts payable (25.4 ) 11.3 (14.1 ) Increase (decrease) in accrued liabilities 2.9 (0.6 ) 2.3 Currency gain on foreign denominated notes payable (3.3 ) 2.5 (0.8 ) Net cash provided by (used in) operating activities (11.6 ) 11.3 (0.3 ) Cash withdrawn from trust account - 308.1 308.1 Net cash provided by (used in) investing activities (956.3 ) 308.1 (648.2 ) Proceeds from issuance of term loans and credit facility 539.0 (4.4 ) 534.6 Proceeds from sale of common stock 302.4 12.3 314.7 Payments of deferred registration costs - (11.3 ) (11.3 ) Net cash provided by (used in) financing activities 666.5 (3.4 ) 663.1 Effect of exchange rate changes on cash 5.2 (7.9 ) (2.7 ) Net increase (decrease) in cash and cash equivalents (296.2 ) 308.1 11.9 Cash and cash equivalents, beginning of period $ 309.8 $ (308.1 ) $ 1.7 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) Foreign currency (gain) loss $ (4.1 ) $ 2.5 $ (1.6 ) Loss before income tax benefit (17.5 ) (2.5 ) (20.0 ) Income tax benefit (5.5 ) (0.6 ) (6.1 ) Net income (loss) (12.0 ) (1.9 ) (13.9 ) Comprehensive income (loss) $ (18.3 ) $ (1.9 ) $ (20.2 ) Net income (loss) per share $ (0.22 ) $ (0.04 ) $ (0.26 ) Unaudited Condensed Consolidated Statement of Changes in Shareholders' Equity Additional paid-in capital $ 429.8 $ 15.1 $ 444.9 Accumulated other comprehensive loss (6.3 ) (2.5 ) (8.8 ) Accumulated deficit (23.9 ) (2.0 ) (25.9 ) Total shareholders' equity $ 399.6 $ 10.6 $ 410.2

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Predecessor and Successor Reporting	Predecessor and Successor Reporting — On June 3, 2019, the Company consummated the acquisition of all outstanding and issued equity interests of Rack Holdings, pursuant to the Stock Purchase Agreement, and now owns 100% of Rack Holdings Inc. and its wholly owned subsidiaries. The Ranpak Business Combination is accounted for under the scope of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”), as One Madison was deemed to be the accounting acquirer while Rack Holdings was deemed the “Predecessor.” Accordingly, the business combination is accounted for using the acquisition method which requires the Company to record the fair value of assets acquired and liabilities assumed from Rack Holdings (See Note 7, “ Acquisition ”). The financial statements separate the Company’s presentation into two distinct periods. The period before the Closing of the Ranpak Business Combination (labeled “ Predecessor ” period) depicts the financial statements of Rack Holdings, and the period after the Closing (labeled “ Successor ” period) depicts the financial statements of the Company, including the consolidation of One Madison with Rack Holdings and application of acquisition method of accounting. Further, the period of June 3, 2019 through September 30, 2019 is defined as the “ Successor Period” and the period January 1, 2019 through June 2, 2019 is defined as the “1H 2019 Predecessor Period.” As a result of the application of the acquisition method of accounting as of the Closing, the financial statements for the Predecessor periods and for the Successor periods are presented on a different basis of accounting and are, therefore, not comparable.
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 and certain immaterial prior year amounts have been reclassified consistent with current year presentation. 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 at period-end exchange rates and revenues and expenses are translated into U.S. dollars using average monthly exchange rates.
New Accounting Standards Issued and Not Yet Adopted	Recently Adopted Accounting Standards — In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 modifies the disclosure requirements on fair value measurements. We adopted ASU 2018-13 on January 1, 2020. The adoption of ASU 2018-13 did not have an impact on our fair value disclosures. Recently Issued Accounting Standards — In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASC 842”). The amendments in this ASU require an entity to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. The amendments also require certain quantitative and qualitative disclosures about leasing arrangements. ASC 842 was originally effective for fiscal years beginning after December 15, 2019, and interim periods beginning after December 15, 2020 with early adoption permitted. In October 2019, the FASB delayed the implementation of ASC 842 for private companies until fiscal years beginning after December 15, 2020. In June 2020, the FASB further delayed the implementation of ASC 842 for private companies until fiscal years beginning after December 15, 2021. Given our status as an EGC, we will adopt ASC 842 in accordance with the private company guidance. Our implementation team includes personnel from accounting, tax, legal, information technology, and operations departments. We are in the process of analyzing our lease portfolio and business processes to determine the impact of the new standard on our financial statements and disclosures, however, an estimate of the impact is unavailable at this time. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2 016-13”), which amends the FASB’ s guidance on the impairment of financial instruments. ASU 2016-13 adds to GAAP an impairment model (known as the “ current expected credit loss model”) that is based on expected losses rather than incurred losses. ASU 2016-13 was originally effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years. On October 16, 2019, the FASB delayed the implementation of ASU 2016-13 for private companies until fiscal years beginning January 1, 2023. Given our status as an EGC, we will adopt ASU 2016-13 in accordance with the private company guidance. We are currently evaluating the impact that this new guidance will have on our financial position, results of operations, cash flows and related disclosures. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. These expedients and exceptions do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, for which an entity has elected certain optional expedients and that are retained through the end of the hedging relationship. ASU 2020-04 is effective for all entities as of March 12, 2020 (the date of the issuance of ASU 2020-04) through December 31, 2022. An entity may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. We are evaluating the impact of ASU 2020-04 on our financial statements and disclosures.

Supplemental Balance Sheet Da_2

Supplemental Balance Sheet Data and Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Schedule of Allowance for Doubtful Accounts	Accounts Receivable, net — The components of accounts receivable, net was follows: September 30, 2020 December 31, 2019 Accounts receivable $ 42.9 $ 36.3 Allowance for doubtful accounts (0.5 ) (0.2 ) Accounts receivable, net $ 42.4 $ 36.1
Schedule of Inventory, Net	Inventories, net — The components of inventories, net were as follows: September 30, 2020 December 31, 2019 Raw materials $ 9.1 $ 7.2 Finished goods 5.6 4.7 Total inventories 14.7 11.9 Reserve for obsolescence (1.2 ) (0.3 ) Inventories, net $ 13.5 $ 11.6
Property, Plant and Equipment	Property, Plant and Equipment, net — The following table details our property, plant and equipment, net: September 30, 2020 December 31, 2019 Land $ 4.1 $ 4.1 Buildings and improvements 8.8 8.1 Machinery and equipment 14.3 13.0 Computer and office equipment 8.8 6.7 Converting machines 129.1 105.9 Total property, plant, and equipment 165.1 137.8 Accumulated depreciation (39.1 ) (15.3 ) Property, plant, and equipment, net $ 126.0 $ 122.5 Depreciation expense recorded in cost of sales and depreciation and amortization in the unaudited condensed consolidated statements of operations and comprehensive income (loss) was as follows: Successor Predecessor Three Months Ended September 30, Nine Months Ended September 30, June 3, 2019 – January 1, 2019 2020 2019 2020 September 30, 2019 – June 2, 2019 Depreciation expense included in cost of goods sold $ 8.0 $ 5.1 $ 22.4 $ 6.9 $ 8.9 Depreciation expense included in depreciation and amortization expense 0.6 0.4 1.6 0.5 0.7 Total depreciation expense $ 8.6 $ 5.5 $ 24.0 $ 7.4 $ 9.6
Schedule of Cash Flow, Supplemental Disclosures	Supplemental Cash Flow Information — Supplemental cash flow information is as follows: Successor Predecessor Three Months Ended September 30, Nine Months Ended September 30, June 3, 2019 – January 1, 2019 2020 2019 2020 September 30, 2019 – June 2, 2019 Interest paid $ 5.5 $ 7.9 $ 17.0 $ 7.9 $ 12.5 Taxes paid 1.2 2.2 2.7 2.4 4.0 Capital leases $ - $ - $ 0.3 $ - $ -

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	The following table presents a summary of total net revenue to external customers by geographic location: Successor Predecessor Three Months Ended September 30, Nine Months Ended September 30, June 3, 2019 – January 1, 2019 2020 2019 2020 September 30, 2019 – June 2, 2019 North America $ 33.3 $ 32.9 $ 88.6 $ 42.2 $ 50.1 Europe/Asia 43.5 36.2 117.7 43.2 56.3 Net revenue $ 76.8 $ 69.1 $ 206.3 $ 85.4 $ 106.4

Revenue Recognition, Contract_2

Revenue Recognition, Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue From Contract With Customer [Abstract]
Schedule of Change in Deferred Revenue	Changes in deferred revenue were as follows: Nine Months Ended September 30, 2020 Beginning balance $ 2.5 Deferral of revenue 1.3 Recognition of revenue (1.9 ) Adjustment for returns (1.1 ) Ending balance $ 0.8
Revenue from Contracts with Customers Summarized by Segment Geography	In addition to the disaggregation of revenue between paper, machine lease, and other revenue, we further 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: Successor Predecessor Three Months Ended September 30, Nine Months Ended September 30, June 3, 2019 – January 1, 2019 2020 2019 2020 September 30, 2019 – June 2, 2019 North America $ 29.0 $ 29.0 $ 76.6 $ 38.3 $ 43.0 Europe/Asia 37.4 30.8 101.4 35.3 49.0 Machine lease revenue 10.4 9.3 28.3 11.8 14.4 Net revenue $ 76.8 $ 69.1 $ 206.3 $ 85.4 $ 106.4

Goodwill, Long-Lived and Inta_2

Goodwill, Long-Lived and Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2019 $ 343.0 $ 105.8 $ 448.8 Currency translation - 4.3 4.3 Balance at September 30, 2020 $ 343.0 $ 110.1 $ 453.1
Schedule of Indefinite-Lived Intangible Assets	The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives: September 30, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer/distributor relationships $ 204.1 $ (18.3 ) $ 185.8 $ 199.5 $ (7.9 ) $ 191.6 Patented/unpatented technology 168.3 (20.0 ) 148.3 164.5 (8.5 ) 156.0 In-process research and development 1.6 - 1.6 5.0 - 5.0 Total definite-lived intangible assets 374.0 (38.3 ) 335.7 369.0 (16.4 ) 352.6 Trademarks/tradenames with indefinite lives 106.1 - 106.1 106.0 - 106.0 Identifiable intangible assets, net $ 480.1 $ (38.3 ) $ 441.8 $ 475.0 $ (16.4 ) $ 458.6
Finite-lived Intangible Assets Amortization Expense	The following table shows the remaining estimated amortization expense for our definite-lived intangible assets at September 30, 2020: Year Amount 2020 $ 7.2 2021 29.0 2022 29.0 2023 29.0 2024 29.0 Thereafter 210.9 $ 334.1
Schedule of Finite-Lived Intangible Assets	The following table shows the remaining weighted-average useful life of our definite lived intangible assets as of September 30, 2020: Remaining Weighted-Average Useful Life Customer/distributor relationships 14 years Patented/unpatented technology 10 years Total identifiable assets, net with definite lives 12 years

Acquisition (Tables)

Acquisition (Tables)	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following represents the purchase price allocation for the Ranpak Business Combination: Amount Total consideration $ 955.7 Cash and cash equivalents 10.1 Accounts receivable 28.2 Inventories 16.1 Property, plant and equipment 119.5 Other assets 4.8 Intangible assets 473.7 Total identifiable assets acquired 652.4 Accounts payable 8.6 Accrued expenses 7.4 Other liabilities 5.0 Deferred tax liabilities 122.9 Net identifiable liabilities acquired 143.9 Goodwill $ 447.2 Intangible assets and property, plant and equipment balances comprise the following: Fair Value Remaining Useful Lives Patented/Unpatented Technology $ 164.1 10 years Customer/Distributor Relationships 198.6 15 years In-Process Research & Development 5.0 N/A Trade Names/Trademarks 106.0 Indefinite Total Fair Value $ 473.7 Machinery and Equipment $ 17.6 5 years Converting Machines 90.4 3 - 7 years Buildings and Improvements 7.4 15 years Land 4.1 N/A Total Fair Value $ 119.5
Business Acquisition, Pro Forma Information	The following unaudited information represents the supplemental pro forma results of the Company’s condensed consolidated statement of operations as if the Ranpak Business Combination occurred on January 1, 2019, for the three and nine months ended September 30, 2019, after giving effect to certain adjustments, including depreciation and amortization of the assets acquired and liabilities assumed based on their estimated fair values and changes in interest expense resulting from changes in debt (in millions): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Net revenue $ 70.4 $ 198.2 Net loss $ 0.8 $ (9.8 )

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt consisted of the following: September 30, 2020 December 31, 2019 First Lien Dollar Term Facility $ 270.9 $ 270.9 First Lien Euro Term Facility 162.5 157.3 Deferred financing costs, net (7.0 ) (7.8 ) Total debt 426.4 420.4 Less: current portion (1.6 ) (1.6 ) Long-term debt $ 424.8 $ 418.8

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
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 September 30, 2020 September 2019 Swap Cash flow hedge June 1, 2023 1.50% $ 50.0 First Lien Dollar Term Facility 18% Second Amended January 2019 Swap Cash flow hedge June 3, 2024 2.10% 200.0 First Lien Dollar Term Facility 74% $ 250.0 92% December 31, 2019 September 2019 Swap Cash flow hedge June 1, 2023 1.50% $ 50.0 First Lien Dollar Term Facility 18% Amended January 2019 Swap Cash flow hedge June 1, 2023 2.31% 200.0 First Lien Dollar Term Facility 74% $ 250.0 92%
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 September 30, 2020 and December 31, 2019. The net amount of derivatives can be reconciled to the tabular disclosure of fair value in Note 11: Interest Rate Swap Agreements Balance Sheet Classification September 30, 2020 December 31, 2019 Designated as cash flow hedges Accrued liabilities and other $ 4.6 $ 0.4 Designated as cash flow hedges Other liabilities 11.2 4.6 $ 15.8 $ 5.0
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 September 30, 2020 and December 31, 2019. The net amount of derivatives can be reconciled to the tabular disclosure of fair value in Note 11: Interest Rate Swap Agreements Balance Sheet Classification September 30, 2020 December 31, 2019 Designated as cash flow hedges Accrued liabilities and other $ 4.6 $ 0.4 Designated as cash flow hedges Other liabilities 11.2 4.6 $ 15.8 $ 5.0
Schedule of Derivative Instruments, Gain (Loss)	The following table presents the effect of our derivative financial instruments on our unaudited condensed consolidated statement of operations. The income effects of our derivative activities are reflected in interest expense. There were no gains or losses recorded prior to June 3, 2019: Successor Predecessor Three Months Ended September 30, Nine Months Ended September 30, June 3, 2019 – January 1, 2019 2020 2019 2020 September 30, 2019 – June 2, 2019 Total interest expense presented in the statement of operations $ 4.9 $ 9.5 $ 16.6 $ 17.5 $ 20.2 Interest rate swap agreements designated as cash flow hedges 1.2 - 1.6 - - Interest rate swap agreements not designated as cash flow hedges $ - $ 1.0 $ - $ 6.4 $ -

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Components of AOCI	The components of accumulated other comprehensive income (loss) at September 30, 2020 and December 31, 2019 were as follows: September 30, 2020 Gross Balance Tax Effect Net Balance Foreign currency translation $ 9.4 $ - $ 9.4 Unrealized gain (loss) on interest rate swaps (10.6 ) 2.4 (8.2 ) Total $ (1.2 ) $ 2.4 $ 1.2 December 31, 2019 Gross Balance Tax Effect Net Balance Foreign currency translation $ 1.7 $ - $ 1.7 Unrealized gain (loss) on interest rate swaps 1.4 0.3 1.7 Total $ 3.1 $ 0.3 $ 3.4 The following table presents the changes in accumulated other comprehensive income ( loss ) by component for the nine months ended September 30, 2020 : Nine Months Ended September 30, 2020 Foreign currency translation Unrealized gain (loss) on interest rate swaps Total Beginning balance $ 1.7 $ 1.7 $ 3.4 Other comprehensive income (loss) before reclassifications 7.7 (9.9 ) (2.2 ) Ending balance $ 9.4 $ (8.2 ) $ 1.2

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2020
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 September 30, 2020 and December 31, 2019: Fair Value Measurements Carrying Amount Level 1 Level 2 Level 3 September 30, 2020 Current and long-term debt $ 433.4 $ - $ 433.4 $ - Interest rate swap agreements liability $ 15.8 $ - $ 15.8 $ - December 31, 2019 Current and long-term debt $ 428.2 $ - $ 428.2 $ - Interest rate swap agreements liability $ 5.0 $ - $ 5.0 $ -

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	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: Successor Predecessor Three Months Ended September 30, Nine Months Ended September 30, June 3, 2019 – January 1, 2019 2020 2019 2020 September 30, 2019 – June 2, 2019 Effective tax rate (15.7)% 69.8% 7.1% 31.4% 20.5%

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based Payment Arrangement, Cost by Plan	The table below summarizes certain data for our stock-based compensation plans: Successor Predecessor Three Months Ended September 30, Nine Months Ended September 30, June 3, 2019 – January 1, 2019 2020 2019 2020 September 30, 2019 – June 2, 2019 Stock-based compensation expense $ 1.7 $ 1.6 $ 5.9 $ 1.8 $ - Tax (expense) benefit for stock-based compensation 0.4 0.4 1.1 0.4 - Fair value of vested awards $ 2.1 $ 2.0 $ 7.0 $ 2.2 $ -
Share-based Payment Arrangement, Activity	As of September 30, 2020, the pool of shares in the 2019 Plan is summarized as follows: 2019 Plan Quantity Maximum allowed for issuance 4,118,055 Awards granted (2,331,736 ) Awards forfeited 734,913 Available for future awards 2,521,232 Awards vested 288,394
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, 2019 483,299 $ 9.30 - $ - Granted 501,141 8.08 667,196 8.09 Vested (248,392 ) 8.61 - - Forfeited (58,329 ) 9.04 (116,700 ) 8.07 Outstanding at September 30, 2020 677,719 $ 8.67 550,496 $ 8.09
Schedule of Nonvested Performance-based Units 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, 2019 483,299 $ 9.30 - $ - Granted 501,141 8.08 667,196 8.09 Vested (248,392 ) 8.61 - - Forfeited (58,329 ) 9.04 (116,700 ) 8.07 Outstanding at September 30, 2020 677,719 $ 8.67 550,496 $ 8.09
Share-based Payment Arrangement, Nonemployee Director Award Plan, Activity	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, 2019 - $ - Granted 107,184 7.41 Vested (26,970 ) 7.18 Balance at September 30, 2020 80,214 $ 7.49

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of Common Stock Outstanding	At September 30, 2020 and December 31, 2019, the Company had the following shares of common stock outstanding: September 30, 2020 December 31, 2019 Class A Class C Total Common Class A Class C Total Common Shares outstanding not subject to an earn-out agreement 62,874,702 5,779,910 68,654,612 58,177,288 5,779,910 63,957,198 Shares subject to $15.00 earn-out 2,940,336 - 2,940,336 2,940,336 - 2,940,336 Shares subject to $12.50 earn-out 3,018,617 731,383 3,750,000 3,018,617 731,383 3,750,000 Shares subject to $12.25 earn-out 157,500 - 157,500 157,500 - 157,500 Total 68,991,155 6,511,293 75,502,448 64,293,741 6,511,293 70,805,034

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following tables set forth the computation of our loss per share: Successor Predecessor Three Months Ended September 30, Nine Months Ended September 30, June 3, 2019 – January 1, 2019 2020 2019 2020 September 30, 2019 – June 2, 2019 Numerator: Net loss $ (6.1 ) $ (1.6 ) $ (18.2 ) $ (13.9 ) $ (19.0 ) Net loss attributable to common stockholders for basic and diluted EPS $ (6.1 ) $ (1.6 ) $ (18.2 ) $ (13.9 ) $ (19.0 ) Denominator: Basic weighted average common shares outstanding 72,396,183 53,871,068 71,401,580 53,870,568 995 Dilutive effect of assumed vesting of RSUs and PRSUs - - - - - Diluted weighted average common shares outstanding 72,396,183 53,871,068 71,401,580 53,870,568 995 Loss per share attributable to common stockholders Basic $ (0.08 ) $ (0.03 ) $ (0.25 ) $ (0.26 ) $ (19,195.40 ) Diluted $ (0.08 ) $ (0.03 ) $ (0.25 ) $ (0.26 ) $ (19,195.40 )
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 September 30, Nine Months Ended September 30, June 3, 2019 – 2020 2019 2020 September 30, 2019 Warrants on common stock - 20,108,744 - 20,108,744 RSUs and PRSUs 1,230,024 951,475 982,473 951,475 Total antidilutive securities 1,230,024 21,060,219 982,473 21,060,219

Restatement of Previously Iss_2

Restatement of Previously Issued Unaudited Condensed Consolidated Interim Financial Statements (Tables)	9 Months Ended
	Sep. 30, 2020
Accounting Changes And Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The impact of the necessary adjustments on the total amounts previously reported for the Predecessor Period in our unaudited condensed consolidated interim financial statements (included in our quarterly report on Form 10-Q for the three and nine months ended September 30, 2019) is summarized in the following tables: Predecessor Period (January 1, 2019 – June 2, 2019) As previously reported Adjustment As restated Unaudited Condensed Consolidated Statement of Cash Flows Deferred income taxes $ 0.6 $ (7.8 ) $ (7.2 ) Net cash provided by (used in) operating activities 24.5 (7.8 ) 16.7 Payments on term loans and credit facility (13.3 ) (1.1 ) (14.4 ) Net cash provided by (used in) financing activities (13.3 ) (1.1 ) (14.4 ) Effect of exchange rate changes on cash $ (7.7 ) $ 8.9 $ 1.2 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) Foreign currency translation adjustments $ 23.6 $ (27.6 ) $ (4.0 ) Comprehensive income (loss) $ 4.6 $ (27.6 ) $ (23.0 ) Unaudited Condensed Consolidated Statement of Changes in Shareholders' Equity Additional paid-in capital $ - $ 291.4 $ 291.4 Accumulated deficit - (88.9 ) (88.9 ) Treasury stock - (1.5 ) (1.5 ) Accumulated other comprehensive loss - (27.6 ) (27.6 ) Total shareholders' equity $ - $ 173.4 $ 173.4 The impact of the necessary adjustments on the total amounts previously reported for the Successor Period from June 3, 2019 through September 30, 2019 in our unaudited condensed consolidated interim financial statements (included in our quarterly report on Form 10-Q for the three and nine months ended September 30, 2019) is summarized in the following table: Successor Period (June 3, 2019 – September 30, 2019) As previously reported Adjustment As restated Unaudited Condensed Consolidated Statement of Cash Flows Net loss $ (12.0 ) $ (1.9 ) $ (13.9 ) Increase (decrease) in accounts payable (25.4 ) 11.3 (14.1 ) Increase (decrease) in accrued liabilities 2.9 (0.6 ) 2.3 Currency gain on foreign denominated notes payable (3.3 ) 2.5 (0.8 ) Net cash provided by (used in) operating activities (11.6 ) 11.3 (0.3 ) Cash withdrawn from trust account - 308.1 308.1 Net cash provided by (used in) investing activities (956.3 ) 308.1 (648.2 ) Proceeds from issuance of term loans and credit facility 539.0 (4.4 ) 534.6 Proceeds from sale of common stock 302.4 12.3 314.7 Payments of deferred registration costs - (11.3 ) (11.3 ) Net cash provided by (used in) financing activities 666.5 (3.4 ) 663.1 Effect of exchange rate changes on cash 5.2 (7.9 ) (2.7 ) Net increase (decrease) in cash and cash equivalents (296.2 ) 308.1 11.9 Cash and cash equivalents, beginning of period $ 309.8 $ (308.1 ) $ 1.7 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) Foreign currency (gain) loss $ (4.1 ) $ 2.5 $ (1.6 ) Loss before income tax benefit (17.5 ) (2.5 ) (20.0 ) Income tax benefit (5.5 ) (0.6 ) (6.1 ) Net income (loss) (12.0 ) (1.9 ) (13.9 ) Comprehensive income (loss) $ (18.3 ) $ (1.9 ) $ (20.2 ) Net income (loss) per share $ (0.22 ) $ (0.04 ) $ (0.26 ) Unaudited Condensed Consolidated Statement of Changes in Shareholders' Equity Additional paid-in capital $ 429.8 $ 15.1 $ 444.9 Accumulated other comprehensive loss (6.3 ) (2.5 ) (8.8 ) Accumulated deficit (23.9 ) (2.0 ) (25.9 ) Total shareholders' equity $ 399.6 $ 10.6 $ 410.2

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)	Jun. 03, 2019
Rack Holdings Inc.
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired	100.00%

Supplemental Balance Sheet Da_3

Supplemental Balance Sheet Data and Cash Flow Information - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Accounts receivable	$ 42.9	$ 36.3
Allowance for doubtful accounts	(0.5)	(0.2)
Accounts receivable, net	$ 42.4	$ 36.1

Supplemental Balance Sheet Da_4

Supplemental Balance Sheet Data and Cash Flow Information - Schedule of Inventory, Net (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Raw materials	$ 9.1	$ 7.2
Finished goods	5.6	4.7
Total inventories	14.7	11.9
Reserve for obsolescence	(1.2)	(0.3)
Inventories, net	$ 13.5	$ 11.6

Supplemental Balance Sheet Da_5

Supplemental Balance Sheet Data and Cash Flow Information - Schedule of Property. Plant and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	$ 165.1	$ 137.8
Accumulated depreciation	(39.1)	(15.3)
Property, plant, and equipment, net	126	122.5
Land
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	4.1	4.1
Buildings and Improvements
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	8.8	8.1
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	14.3	13
Computer and office equipment
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	8.8	6.7
Converting Machines
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	$ 129.1	$ 105.9

Supplemental Balance Sheet Da_6

Supplemental Balance Sheet Data and Cash Flow Information - Schedule of Depreciation Expense (Details) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2019	Jun. 02, 2019	Sep. 30, 2020
Property, Plant and Equipment [Line Items]
Depreciation	$ 8.6	$ 5.5	$ 7.4	$ 9.6	$ 24
Cost of goods sold
Property, Plant and Equipment [Line Items]
Depreciation	8	5.1	6.9	8.9	22.4
Depreciation and amortization expense
Property, Plant and Equipment [Line Items]
Depreciation	$ 0.6	$ 0.4	$ 0.5	$ 0.7	$ 1.6

Supplemental Balance Sheet Da_7

Supplemental Balance Sheet Data and Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2019	Jun. 02, 2019	Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Interest paid	$ 5.5	$ 7.9	$ 7.9	$ 12.5	$ 17
Taxes paid	1.2	2.2	2.4	4	2.7
Capital leases	$ 0	$ 0	$ 0	$ 0	$ 0.3

Segment and Geographic Inform_3

Segment and Geographic Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2020segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of operating segments	2
Number of reportable segments	1
One 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		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2019	Jun. 02, 2019	Sep. 30, 2020
Segment Reporting Information [Line Items]
Revenues	$ 76.8	$ 69.1	$ 85.4	$ 106.4	$ 206.3
North America
Segment Reporting Information [Line Items]
Revenues	33.3	32.9	42.2	50.1	88.6
Europe/Asia
Segment Reporting Information [Line Items]
Revenues	$ 43.5	$ 36.2	$ 43.2	$ 56.3	$ 117.7

Revenue Recognition, Contract_3

Revenue Recognition, Contracts with Customers - Narrative (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
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	9 Months Ended
	Sep. 30, 2020USD ($)
Contract with Customer, Liability [Roll Forward]
Beginning balance	$ 2.5
Deferral of revenue	1.3
Recognition of revenue	(1.9)
Adjustment for returns	(1.1)
Ending balance	$ 0.8

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		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2019	Jun. 02, 2019	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Machine lease revenue	$ 10.4	$ 9.3	$ 11.8	$ 14.4	$ 28.3
Net revenue	76.8	69.1	85.4	106.4	206.3
North America
Disaggregation of Revenue [Line Items]
Revenue	29	29	38.3	43	76.6
Europe/Asia
Disaggregation of Revenue [Line Items]
Revenue	$ 37.4	$ 30.8	$ 35.3	$ 49	$ 101.4

Goodwill, Long-Lived and Inta_3

Goodwill, Long-Lived and Intangible Assets, Net - Schedule of Goodwill Balances by Operating Segment (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Goodwill [Roll Forward]
Gross carrying value, beginning balance	$ 448.8
Currency translation	4.3
Gross carrying value, ending balance	453.1
North America
Goodwill [Roll Forward]
Gross carrying value, beginning balance	343
Currency translation	0
Gross carrying value, ending balance	343
Europe/Asia
Goodwill [Roll Forward]
Gross carrying value, beginning balance	105.8
Currency translation	4.3
Gross carrying value, ending balance	$ 110.1

Goodwill, Long-Lived and Inta_4

Goodwill, Long-Lived and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Sep. 30, 2019	Jun. 02, 2019	Sep. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 7.1		$ 9.8	$ 12.7	$ 17	$ 21.3
In-Process Research & Development
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life (years)		5 years

Goodwill, Long-Lived and Inta_5

Goodwill, Long-Lived and Intangible Assets, Net - Schedule of Identifiable Intangible Assets, Net (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 374	$ 369
Accumulated Amortization	(38.3)	(16.4)
Net	335.7	352.6
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, Gross Carrying Amount	480.1	475
Intangible assets, net	441.8	458.6
Intangible assets, Gross Carrying Amount	480.1	475
Trademarks/tradenames with indefinite lives
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	106.1	106
Customer/distributor relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	204.1	199.5
Accumulated Amortization	(18.3)	(7.9)
Net	185.8	191.6
Patented/Unpatented Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	168.3	164.5
Accumulated Amortization	(20)	(8.5)
Net	148.3	156
In-Process Research & Development
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1.6	5
Net	$ 1.6	$ 5

Goodwill, Long-Lived and Inta_6

Goodwill, Long-Lived and Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets Amortization Expense (Details) $ in Millions	Sep. 30, 2020USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2020	$ 7.2
2021	29
2022	29
2023	29
2024	29
Thereafter	210.9
Finite-lived intangible assets, Net	$ 334.1

Goodwill, Long-Lived and Inta_7

Goodwill, Long-Lived and Intangible Assets, Net - Schedule of Intangible Asset Remaining Useful Life (Details) - Weighted Average	9 Months Ended
	Sep. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life (years)	12 years
Customer/distributor relationships
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life (years)	14 years
Patented/Unpatented Technology
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life (years)	10 years

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) € in Millions, $ in Millions	Dec. 31, 2019USD ($)	Jun. 03, 2019USD ($)	Jun. 03, 2019EUR (€)	Dec. 31, 2018USD ($)	Jun. 30, 2020USD ($)	Sep. 30, 2020USD ($)	Apr. 21, 2020USD ($)	Feb. 28, 2017USD ($)
Rack Holdings Inc.
Business Acquisition [Line Items]
Business combination, consideration transferred		$ 794.9
Payments to acquire businesses, gross		160.8	€ 140
Business combination, consideration transferred, liability incurred		341.5
Adjustment to net working capital	$ 0.7	0.7
Rack Holdings Inc. | Rack Holdings Inc.
Business Acquisition [Line Items]
Business combination, consideration transferred, liability incurred		$ 160.8	€ 140
Neopack
Business Acquisition [Line Items]
Payment for contingent consideration				$ 1.1	$ 0.8
Business combination, contingent consideration arrangements, range of outcomes, value, low								$ 2.6
Business combination, multiple of trailing twelve month EBITDA, percentage								48.00%
Business combination, contingent consideration arrangements, range of outcomes, value, high							$ 1.6
Contingent consideration expense, subject to certain approvals by French authorities					$ 0.2
Earn-out contingent liability, noncurrent						$ 0.6

Acquisition - Preliminary Purch

Acquisition - Preliminary Purchase Price Allocation (Details) - USD ($) $ in Millions	Jun. 03, 2019	Sep. 30, 2019	Sep. 30, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Total consideration		$ 945.6
Goodwill			$ 453.1	$ 448.8
Rack Holdings Inc.
Business Acquisition [Line Items]
Total consideration	$ 955.7
Cash and cash equivalents	10.1
Accounts receivable	28.2
Inventories	16.1
Property, plant and equipment	119.5
Other assets	4.8
Intangible assets	473.7
Total identifiable assets acquired	652.4
Accounts payable	8.6
Accrued expenses	7.4
Other liabilities	5
Deferred tax liabilities	122.9
Net identifiable liabilities acquired	143.9
Goodwill	$ 447.2

Acquisition - Property, Plant a

Acquisition - Property, Plant and Equipment and Intangible Assets (Details) - Rack Holdings Inc. - USD ($) $ in Millions	Jun. 03, 2019	Jun. 30, 2020
Business Acquisition [Line Items]
Intangible assets	$ 473.7
Property, plant and equipment	119.5
Machinery and Equipment
Business Acquisition [Line Items]
Property, plant and equipment	$ 17.6
Property, plant and equipment, Remaining Useful Lives	5 years
Converting Machines
Business Acquisition [Line Items]
Property, plant and equipment	$ 90.4
Converting Machines | Minimum [Member]
Business Acquisition [Line Items]
Property, plant and equipment, Remaining Useful Lives	3 years
Converting Machines | Maximum [Member]
Business Acquisition [Line Items]
Property, plant and equipment, Remaining Useful Lives	7 years
Buildings and Improvements
Business Acquisition [Line Items]
Property, plant and equipment	$ 7.4
Property, plant and equipment, Remaining Useful Lives	15 years
Land
Business Acquisition [Line Items]
Property, plant and equipment	$ 4.1
Patented/Unpatented Technology
Business Acquisition [Line Items]
Finite-lived intangibles	$ 164.1
Intangible assets, Remaining Useful Lives	10 years	5 years
Customer/Distributor Relationships
Business Acquisition [Line Items]
Finite-lived intangibles	$ 198.6
Intangible assets, Remaining Useful Lives	15 years
In-Process Research & Development
Business Acquisition [Line Items]
Finite-lived intangibles	$ 5
Trade Names/Trademarks
Business Acquisition [Line Items]
Indefinite-lived intangible assets	$ 106

Acquisition - Pro Forma Informa

Acquisition - Pro Forma Information (Details) - Rack Holdings Inc. - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Business Acquisition [Line Items]
Net revenue	$ 70.4	$ 198.2
Net loss	$ 0.8	$ (9.8)

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) € in Millions	Feb. 14, 2020USD ($)	Jun. 03, 2019USD ($)	Jun. 02, 2019USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 03, 2019EUR (€)
Debt Instrument [Line Items]
Long-term debt				$ 426,400,000	$ 420,400,000
Payments on term loans and credit facility			$ 14,400,000	1,200,000
Debt covenant, restrictive payments	$ 10,000,000				$ 7,000,000
Debt covenant, threshold percentage of debt capacity of cash contributions	10.00%				7.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 45,000,000
Debt instrument, term		5 years
Long-term line of credit		$ 0
Line of credit facility, additional borrowing capacity				$ 95,000,000
Percentage of consolidated EBIDTA				100.00%
Standby Letters of Credit
Debt Instrument [Line Items]
Long-term line of credit				$ 5,000,000
First Lien Term Facility
Debt Instrument [Line Items]
Debt instrument, term		7 years
Payments on term loans and credit facility		$ 107,700,000
Dollar Denominated Line of Credit | First Lien Term Facility
Debt Instrument [Line Items]
Long-term debt		378,200,000		270,900,000	$ 270,900,000
First Lien Euro Term Facility | First Lien Term Facility
Debt Instrument [Line Items]
Long-term debt		$ 152,600,000		$ 162,500,000	$ 157,300,000	€ 140
Debt instrument, interest rate, effective percentage				3.75%	4.00%
Line of Credit | First Lien Term Facility
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage				3.91%	5.70%
Line of Credit | First Lien Credit Agreement
Debt Instrument [Line Items]
Debt instrument, covenant, leverage ratio, minimum				500.00%
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				4.00%

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long Term Debt (Details) € in Millions, $ in Millions	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 03, 2019USD ($)	Jun. 03, 2019EUR (€)
Debt Instrument [Line Items]
Total long-term debt	$ 426.4	$ 420.4
Less: current portion	(1.6)	(1.6)
Long-term debt	424.8	418.8
Dollar Denominated Line of Credit | First Lien Term Facility
Debt Instrument [Line Items]
Total long-term debt	270.9	270.9	$ 378.2
First Lien Euro Term Facility | First Lien Term Facility
Debt Instrument [Line Items]
Total long-term debt	162.5	157.3	$ 152.6	€ 140
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net	$ (7)	$ (7.8)

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Mar. 27, 2020	Dec. 31, 2019	Sep. 25, 2019	Jan. 31, 2019
Derivative [Line Items]
Interest rate cash flow hedge loss to be reclassified during next twelve months, net	$ 4,600,000	$ 4,600,000
Designated as Hedging Instrument | Cash Flow Hedge
Derivative [Line Items]
Derivative, notional amount	250,000,000	250,000,000		$ 250,000,000
January 2019 Swap | Interest Expense
Derivative [Line Items]
Gains (losses) on derivatives	(1,200,000)	(1,600,000)
January 2019 Swap | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount						$ 200,000,000
Derivative, fixed interest rate						2.56%
January 2019 Swap | Designated as Hedging Instrument | Cash Flow Hedge
Derivative [Line Items]
Derivative, notional amount	$ 200,000,000	$ 200,000,000		$ 200,000,000
Derivative, fixed interest rate	2.10%	2.10%	2.10%	2.31%	2.31%
September 2019 Swap | Designated as Hedging Instrument | Cash Flow Hedge
Derivative [Line Items]
Derivative, notional amount	$ 50,000,000	$ 50,000,000		$ 50,000,000	$ 50,000,000
Derivative, fixed interest rate	1.50%	1.50%		1.50%	1.50%

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Interest Rate Swaps (Details) - Designated as Hedging Instrument - Cash Flow Hedge - USD ($)	Sep. 30, 2020	Mar. 27, 2020	Dec. 31, 2019	Sep. 25, 2019
Derivative [Line Items]
Derivative, notional amount	$ 250,000,000		$ 250,000,000
Percentage of Debt Instrument Outstanding	92.00%		92.00%
September 2019 Swap
Derivative [Line Items]
Derivative, fixed interest rate	1.50%		1.50%	1.50%
Derivative, notional amount	$ 50,000,000		$ 50,000,000	$ 50,000,000
September 2019 Swap | First Lien Term Facility
Derivative [Line Items]
Percentage of Debt Instrument Outstanding	18.00%		18.00%
January 2019 Swap
Derivative [Line Items]
Derivative, fixed interest rate	2.10%	2.10%	2.31%	2.31%
Derivative, notional amount	$ 200,000,000		$ 200,000,000
January 2019 Swap | First Lien Term Facility
Derivative [Line Items]
Percentage of Debt Instrument Outstanding	74.00%		74.00%

Derivative Instruments - Sche_2

Derivative Instruments - Schedule of Derivative Assets and Liabilities at Fair Value (Details) - Designated as Hedging Instrument - Cash Flow Hedge - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Derivative liability, fair value	$ 15.8	$ 5
Accrued liabilities and other | Interest Rate Swap
Derivative [Line Items]
Derivative liability, fair value	4.6	0.4
Other liabilities | Interest Rate Swap
Derivative [Line Items]
Derivative liability, fair value	$ 11.2	$ 4.6

Derivative Instruments - Effect

Derivative Instruments - Effect of Derivative Instruments on Statement of Financial Position (Details) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2019	Jun. 02, 2019	Sep. 30, 2020
Derivative [Line Items]
Interest expense	$ 4.9	$ 9.5	$ 17.5	$ 20.2	$ 16.6
Interest Expense | Interest Rate Swap
Derivative [Line Items]
Interest rate swap agreements designated as cash flow hedges	1.2	0	0	0	1.6
Interest rate swap agreements not designated as cash flow hedges	$ 0	$ 1	$ 6.4	$ 0	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2019	Jun. 02, 2019	Sep. 30, 2020
Equity [Abstract]
Foreign currency translation, Gross Balance	$ 9.4	$ 1.7	$ 8.4	$ (11.1)	$ (6.3)	$ (4)	$ 7.9
Foreign currency translation, Tax Effect	0	0
Foreign currency translation, Net Balance	9.4	1.7
Unrealized gain (loss) on interest rate swaps, Gross Balance	(10.6)	1.4	$ (0.5)	$ 0	$ 0	$ 0	$ (12.2)
Unrealized gain (loss) on interest rate swaps, Tax Effect	2.4	0.3
Unrealized gain (loss) on interest rate swaps, Net Balance	(8.2)	1.7
Total, Gross Balance	(1.2)	3.1
Total, Tax Effect	2.4	0.3
Total, Net Balance	$ 1.2	$ 3.4

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 531.8
Other comprehensive income (loss) before reclassifications	(2.2)
Ending Balance	517.3
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	3.4
Ending Balance	1.2
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	1.7
Other comprehensive income (loss) before reclassifications	7.7
Ending Balance	9.4
Unrealized gain (loss) on interest rate swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	1.7
Other comprehensive income (loss) before reclassifications	(9.9)
Ending Balance	$ (8.2)

Fair Value Measurement - Schedu

Fair Value Measurement - Schedule of Carrying Amounts, Estimated Fair Values and Respective Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current and long-term debt	$ 433.4	$ 428.2
Interest rate swap agreements liability	15.8	5
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current and long-term debt	433.4	428.2
Interest rate swap agreements liability	$ 15.8	$ 5

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Tax Rate (Details)	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2019	Jun. 02, 2019	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rate, percent	(15.70%)	69.80%	31.40%	20.50%	7.10%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Jun. 03, 2019
Income Taxes [Line Items]
Discrete tax expense		$ 1.3
Uncertain tax position	$ 1.3	$ 1.3
Earliest Tax Year | Tax Authorities In Netherlands
Income Taxes [Line Items]
Examination tax year	2017
Latest Tax Year | Tax Authorities In Netherlands
Income Taxes [Line Items]
Examination tax year	2019
Rack Holdings Inc.
Income Taxes [Line Items]
Deferred tax liabilities			$ 122.9

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2019	Jun. 02, 2019	Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Operating leases, rent expense	$ 0.6	$ 0.4	$ 0.5	$ 0.9	$ 1.6

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Certain Data for Stock-Based Compensation Plans (Details) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2019	Jun. 02, 2019	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-based compensation expense	$ 1.7	$ 1.6	$ 1.8	$ 0	$ 5.9
Tax (expense) benefit for stock-based compensation	0.4	0.4	0.4	0	1.1
Fair value of vested awards	$ 2.1	$ 2	$ 2.2	$ 0	$ 7

Stock-Based Compensation - 2019

Stock-Based Compensation - 2019 Plan (Details) - 2019 Plan - Share-based Payment Arrangement, Option	9 Months Ended
	Sep. 30, 2020shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum allowed for issuance	4,118,055
Awards granted	(2,331,736)
Awards forfeited	734,913
Available for future awards	2,521,232
Awards vested	288,394

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
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
RSUs | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Performance period	1 year
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	0.00%
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	150.00%

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance-Based Restricted Stock Unit and Restricted Stock Unit Activity (Details)	9 Months Ended
	Sep. 30, 2020$ / sharesshares
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, 2019 (shares) | shares	483,299
Granted (shares) | shares	501,141
Vested (shares) | shares	(248,392)
Forfeited (shares) | shares	(58,329)
Outstanding at September 30, 2020 (shares) | shares	677,719
Weighted Average Grant Date Fair Value
Restricted at January 1, 2020 (USD per share) | $ / shares	$ 9.30
Granted (USD per share) | $ / shares	8.08
Vested (USD per share) | $ / shares	8.61
Forfeited (USD per share) | $ / shares	9.04
Outstanding at September 30, 2020 (USD per share) | $ / shares	$ 8.67
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, 2019 (shares) | shares	0
Granted (shares) | shares	667,196
Vested (shares) | shares	0
Forfeited (shares) | shares	(116,700)
Outstanding at September 30, 2020 (shares) | shares	550,496
Weighted Average Grant Date Fair Value
Restricted at January 1, 2020 (USD per share) | $ / shares	$ 0
Granted (USD per share) | $ / shares	8.09
Vested (USD per share) | $ / shares	0
Forfeited (USD per share) | $ / shares	8.07
Outstanding at September 30, 2020 (USD per share) | $ / shares	$ 8.09

Stock-Based Compensation - Dire

Stock-Based Compensation - Director Stock Unit Activity (Details) - Director Stock Units	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Quantity
Outstanding at December 31, 2019 (shares) | shares	0
Granted (shares) | shares	107,184
Vested (shares) | shares	(26,970)
Outstanding at September 30, 2020 (shares) | shares	80,214
Weighted Average Grant Date Fair Value
Restricted at January 1, 2020 (USD per share) | $ / shares	$ 0
Granted (USD per share) | $ / shares	7.41
Vested (USD per share) | $ / shares	7.18
Outstanding at September 30, 2020 (USD per share) | $ / shares	$ 7.49

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions	Sep. 21, 2020shares	Sep. 02, 2020shares	Jun. 03, 2019$ / sharesshares	Jun. 30, 2019shares	Sep. 30, 2020$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Aug. 06, 2020$ / shares	Jan. 17, 2018$ / shares
Class of Stock [Line Items]
Common stock, shares authorized (shares)					426,000,000
Preferred stock, shares authorized (shares)					1,000,000
Preferred stock, par value (USD per shares) | $ / shares					$ 0.0001
Shares subject to Earnout (shares)						6,847,836
Threshold number of trading days price must remain above trigger price					20 days
Trading period that price must remain above trigger price					30 days
Preferred stock, shares outstanding (shares)					0
Warrant Amendment
Class of Stock [Line Items]
Number of shares in valid tendering		20,048,251
Percentage of issued shares in valid tendering		99.70%
Number of remaining warrants outstanding	60,493
Ratio of warrants exchanged into common shares	0.198
Shares subject to $12.25 earn-out
Class of Stock [Line Items]
Business combination, earn out price (USD per share) | $ / shares			$ 12.25
Shares subject to $15.00 earn-out
Class of Stock [Line Items]
Business combination, earn out price (USD per share) | $ / shares			15
Shares subject to $12.50 earn-out
Class of Stock [Line Items]
Business combination, earn out price (USD per share) | $ / shares			$ 12.50
Class A
Class of Stock [Line Items]
Common stock, shares authorized (shares)					200,000,000	200,000,000
Common stock, par value (USD per share) | $ / shares					$ 0.0001	$ 0.0001
Convert Class B (shares)			6,663,953	6,663,953
Sale of stock, price per share | $ / shares						$ 6.50
Outstanding warrants converted into common stock | $ / shares								$ 0.198
Sale of stock, number of shares issued in transaction (shares)						16,923,077
Sale of stock, consideration received per transaction | $						$ 110
Sale of stock, consideration received per transaction | $						$ 107.7
Class A | Warrant Amendment
Class of Stock [Line Items]
Number of shares issued in valid tendering		4,410,587
Class of warrants or right exchange of warrants outstanding shares issued	11,977
Class A | Private Placement | Forward Purchase Warrants and Private Placement Warrants
Class of Stock [Line Items]
Common stock, par value (USD per share) | $ / shares							$ 0.0001
Sale of stock, price per share | $ / shares							$ 0.22
Class A | Shares subject to $12.25 earn-out
Class of Stock [Line Items]
Shares subject to Earnout (shares)			157,500
Business combination, earn out price (USD per share) | $ / shares			$ 12.25
Threshold number of trading days price must remain above trigger price			20 days
Trading period that price must remain above trigger price			30 days
Class A | Shares subject to $15.00 earn-out
Class of Stock [Line Items]
Shares subject to Earnout (shares)			2,940,336
Business combination, earn out price (USD per share) | $ / shares			$ 15
Threshold number of trading days price must remain above trigger price			20 days
Trading period that price must remain above trigger price			30 days
Class B
Class of Stock [Line Items]
Common stock, shares authorized (shares)					25,000,000
Common stock, par value (USD per share) | $ / shares					$ 0.0001
Class C
Class of Stock [Line Items]
Common stock, shares authorized (shares)					200,000,000	200,000,000
Common stock, par value (USD per share) | $ / shares					$ 0.0001	$ 0.0001
Convert Class B (shares)			731,383	731,383
Ordinary Class B
Class of Stock [Line Items]
Shares canceled (shares)			3,854,664	3,854,664
Convert Class B (shares)			(7,395,336)	(7,395,336)
Common Class A (or, at each holder’s election, Class C ordinary shares) | Shares subject to $12.50 earn-out
Class of Stock [Line Items]
Shares subject to Earnout (shares)			3,750,000
Business combination, earn out price (USD per share) | $ / shares			$ 12.50
Threshold number of trading days price must remain above trigger price			20 days
Trading period that price must remain above trigger price			30 days

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Common Stock Outstanding (Details) - shares	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	75,502,448			70,805,034
Class A
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	68,991,155	64,556,459	64,352,247	64,293,741	47,361,352	47,357,632
Class C
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	6,511,293	6,511,293	6,511,293	6,511,293	6,511,293	6,511,293
Shares outstanding not subject to an earn-out agreement
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	68,654,612			63,957,198
Shares outstanding not subject to an earn-out agreement | Class A
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	62,874,702			58,177,288
Shares outstanding not subject to an earn-out agreement | Class C
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	5,779,910			5,779,910
Shares subject to $15.00 earn-out
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	2,940,336			2,940,336
Shares subject to $15.00 earn-out | Class A
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	2,940,336			2,940,336
Shares subject to $12.50 earn-out
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	3,750,000			3,750,000
Shares subject to $12.50 earn-out | Class A
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	3,018,617			3,018,617
Shares subject to $12.50 earn-out | Class C
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	731,383			731,383
Shares subject to $12.25 earn-out
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	157,500			157,500
Shares subject to $12.25 earn-out | Class A
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	157,500			157,500

Shareholders' Equity - Schedu_2

Shareholders' Equity - Schedule of Common Stock Outstanding (Parenthetical) (Details)	Jun. 03, 2019$ / shares
Shares subject to $15.00 earn-out
Class of Stock [Line Items]
Business combination, earn out price (USD per share)	$ 15
Shares subject to $12.50 earn-out
Class of Stock [Line Items]
Business combination, earn out price (USD per share)	12.50
Shares subject to $12.25 earn-out
Class of Stock [Line Items]
Business combination, earn out price (USD per share)	$ 12.25

Earnings (Loss) per Share - Sch

Earnings (Loss) per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended					4 Months Ended	5 Months Ended	9 Months Ended
	Jun. 30, 2019	Jun. 02, 2019	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2019	Jun. 02, 2019	Sep. 30, 2020
Earnings Per Share [Abstract]
Net loss	$ (12.4)	$ (15.8)	$ (6.1)	$ (8.5)	$ (3.6)	$ (1.6)	$ (3.2)	$ (13.9)	$ (19)	$ (18.2)
Net loss attributable to common stockholders for basic and diluted EPS			$ (6.1)			$ (1.6)		$ (13.9)	$ (19)	$ (18.2)
Basic weighted average common shares outstanding (shares)			72,396,183			53,871,068		53,870,568	995	71,401,580
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Dilutive weighted average common shares outstanding (shares)			72,396,183			53,871,068		53,870,568	995	71,401,580
Loss per share attributable to common stockholders
Basic (USD per share)			$ (0.08)			$ (0.03)		$ (0.26)	$ (19,195.40)	$ (0.25)
Diluted (USD per share)			$ (0.08)			$ (0.03)		$ (0.26)	$ (19,195.40)	$ (0.25)

Earnings (Loss) per Share - S_2

Earnings (Loss) per Share - Schedule of Antidilutive Securities (Details) - shares	3 Months Ended		4 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities	1,230,024	21,060,219	21,060,219	982,473
Warrants on common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities		20,108,744	20,108,744
RSUs and PRSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities	1,230,024	951,475	951,475	982,473

Transactions with Related Par_2

Transactions with Related Parties - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 03, 2019	Jun. 02, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2020
Related Party Transaction [Line Items]
Threshold number of trading days price must remain above trigger price						20 days
Trading period that price must remain above trigger price						30 days
Private Placement | Forward Purchase Warrants
Related Party Transaction [Line Items]
Sale of stock, number of shares issued in transaction (shares)		5,000,000
Shares subject to $12.50 earn-out
Related Party Transaction [Line Items]
Business combination, earn out price (USD per share)	$ 12.50
Shares subject to $12.50 earn-out | Common Class A (or, at each holder’s election, Class C ordinary shares)
Related Party Transaction [Line Items]
Business combination, earn out price (USD per share)	$ 12.50
Threshold number of trading days price must remain above trigger price	20 days
Trading period that price must remain above trigger price	30 days
One Madison Group LLC
Related Party Transaction [Line Items]
Related party transaction, fees			$ 100	$ 200	$ 300	$ 300
One Madison Group LLC | Private Placement | Forward Purchase Warrants
Related Party Transaction [Line Items]
Sale of stock, number of shares issued in transaction (shares)						5,000,000
One Madison Group LLC | Shares subject to $12.50 earn-out | Common Class A (or, at each holder’s election, Class C ordinary shares)
Related Party Transaction [Line Items]
Business combination, earn out price (USD per share)			$ 12.50			$ 12.50
Director
Related Party Transaction [Line Items]
Related party transaction, fees						$ 50
Rhone Capital IV L.P | Rack Holdings Inc.
Related Party Transaction [Line Items]
Percentage of projected annual EBITDA (percentage)		1.00%

Restatement of Previously Iss_3

Restatement of Previously Issued Unaudited Condensed Consolidated Interim Financial Statements - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2019	Jun. 02, 2019	Sep. 30, 2020
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Foreign currency translation adjustments	$ 9.4	$ 1.7		$ 8.4	$ (11.1)	$ (6.3)	$ (4)	$ 7.9
Net cash provided by (used in) operating activities						(0.3)	16.7	37.8
Net cash provided by (used in) financing activities						663.1	(14.4)	(1.2)
Effect of exchange rate changes on cash						(2.7)	1.2	0.5
Cash withdrawn from trust account						308.1
Payments of deferred registration costs						11.3
Goodwill	$ 453.1	$ 448.8		453.1				453.1
Foreign currency (gain) loss				$ 3.2	(3.2)	(1.6)	(2.2)	$ 3.1
Adjustment
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Foreign currency translation adjustments							(27.6)
Net cash provided by (used in) operating activities						11.3	(7.8)
Net cash provided by (used in) financing activities			$ (3.4)			(3.4)	(1.1)
Effect of exchange rate changes on cash			(7.9)			(7.9)	$ 8.9
Cash withdrawn from trust account			308.1			308.1
Payments of deferred registration costs			11.3			11.3
Goodwill			10		$ 10	10
Foreign currency (gain) loss			$ 2.5			$ 2.5

Restatement of Previously Iss_4

Restatement of Previously Issued Unaudited Condensed Consolidated Interim Financial Statements (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Jun. 02, 2019	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2019	Jun. 02, 2019	Sep. 30, 2020	Jun. 03, 2019	Dec. 31, 2018
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Error Correction, Type [Extensible List]										pack:AdjustmentToCorrectErrorInSuccessorPeriodsMember	pack:AdjustmentToCorrectErrorInSuccessorPeriodsMember
Unaudited Condensed Consolidated Statement of Cash Flows
Net loss			$ (12.4)	$ (15.8)	$ (6.1)	$ (8.5)	$ (3.6)	$ (1.6)	$ (3.2)	$ (13.9)	$ (19)	$ (18.2)
Increase (decrease) in accounts payable										(14.1)	(2.8)	8.2
Increase (decrease) in accrued liabilities										2.3
Currency (gain) loss on foreign denominated debt and notes payable										(0.8)	(2.4)	3.2
Deferred income taxes											(7.2)
Net cash provided by (used in) operating activities										(0.3)	16.7	37.8
Cash withdrawn from trust account										308.1
Net cash used in investing activities										(648.2)	(10.8)	(25.5)
Proceeds from issuance of term loans and credit facility										534.6
Proceeds from sale of common stock										314.7
Payment of deferred registration costs										(11.3)
Payments on term loans and credit facility											(14.4)	(1.2)
Net cash provided by (used in) financing activities										663.1	(14.4)	(1.2)
Effect of exchange rate changes on cash										(2.7)	1.2	0.5
Net increase (decrease) in cash and cash equivalents										11.9	(7.3)	11.6
Cash and cash equivalents, beginning of period	$ 31.3	$ 19.7		10.2	31.3			13.6		13.6	10.2	31.3	$ 1.7	$ 17.5
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
Foreign currency (gain) loss					3.2			(3.2)		(1.6)	(2.2)	3.1
Loss before income tax benefit					(5.3)			(5.3)		(20)	(23.9)	(19.6)
Income tax benefit					0.8			(3.7)		(6.1)	(4.9)	(1.4)
Net loss			(12.4)	(15.8)	(6.1)	(8.5)	(3.6)	(1.6)	(3.2)	(13.9)	(19)	(18.2)
Foreign currency translation adjustments	9.4	1.7			8.4			(11.1)		(6.3)	(4)	7.9
Comprehensive income (loss)					1.7			(12.7)		$ (20.2)	$ (23)	(20.4)
Net income (loss) per share										$ (0.26)	$ (19,195.40)
Unaudited Condensed Consolidated Statement of Changes in Shareholders' Equity
Additional paid-in capital	563.4	557.5		291.4	563.4			444.9		$ 444.9	$ 291.4	563.4
Accumulated deficit	(47.3)	(29.1)		(88.9)	(47.3)			(25.9)		(25.9)	(88.9)	(47.3)
Treasury stock				(1.5)							(1.5)
Accumulated other comprehensive loss	1.2	3.4		(27.6)	1.2			(8.8)		(8.8)	(27.6)	1.2
Total shareholders' equity	$ 517.3	$ 531.8	421.3	173.4	$ 517.3	$ 513.9	$ 518.6	410.2	$ 189.8	410.2	173.4	$ 517.3	5	$ 196.4
As previously reported
Unaudited Condensed Consolidated Statement of Cash Flows
Net loss										(12)
Increase (decrease) in accounts payable										(25.4)
Increase (decrease) in accrued liabilities										2.9
Currency (gain) loss on foreign denominated debt and notes payable										(3.3)
Deferred income taxes											0.6
Net cash provided by (used in) operating activities										(11.6)	24.5
Cash withdrawn from trust account										0
Net cash used in investing activities										(956.3)
Proceeds from issuance of term loans and credit facility										539
Proceeds from sale of common stock										302.4
Payment of deferred registration costs										0
Payments on term loans and credit facility											(13.3)
Net cash provided by (used in) financing activities										666.5	(13.3)
Effect of exchange rate changes on cash										5.2	(7.7)
Net increase (decrease) in cash and cash equivalents										(296.2)
Cash and cash equivalents, beginning of period													309.8
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
Foreign currency (gain) loss										(4.1)
Loss before income tax benefit										(17.5)
Income tax benefit										(5.5)
Net loss										(12)
Foreign currency translation adjustments											23.6
Comprehensive income (loss)										$ (18.3)	4.6
Net income (loss) per share										$ (0.22)
Unaudited Condensed Consolidated Statement of Changes in Shareholders' Equity
Additional paid-in capital				0				429.8		$ 429.8	0
Accumulated deficit				0				(23.9)		(23.9)	0
Treasury stock				0							0
Accumulated other comprehensive loss				0				(6.3)		(6.3)	0
Total shareholders' equity				0				399.6		399.6	0
Adjustment
Unaudited Condensed Consolidated Statement of Cash Flows
Net loss										(1.9)
Increase (decrease) in accounts payable										11.3
Increase (decrease) in accrued liabilities										(0.6)
Currency (gain) loss on foreign denominated debt and notes payable										2.5
Deferred income taxes											(7.8)
Net cash provided by (used in) operating activities										11.3	(7.8)
Cash withdrawn from trust account			308.1							308.1
Net cash used in investing activities										308.1
Proceeds from issuance of term loans and credit facility										(4.4)
Proceeds from sale of common stock										12.3
Payment of deferred registration costs			(11.3)							(11.3)
Payments on term loans and credit facility											(1.1)
Net cash provided by (used in) financing activities			(3.4)							(3.4)	(1.1)
Effect of exchange rate changes on cash			(7.9)							(7.9)	8.9
Net increase (decrease) in cash and cash equivalents										308.1
Cash and cash equivalents, beginning of period													$ (308.1)
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
Foreign currency (gain) loss			$ 2.5							2.5
Loss before income tax benefit										(2.5)
Income tax benefit										(0.6)
Net loss										(1.9)
Foreign currency translation adjustments											(27.6)
Comprehensive income (loss)										$ (1.9)	(27.6)
Net income (loss) per share										$ (0.04)
Unaudited Condensed Consolidated Statement of Changes in Shareholders' Equity
Additional paid-in capital				291.4				15.1		$ 15.1	291.4
Accumulated deficit				(88.9)				(2)		(2)	(88.9)
Treasury stock				(1.5)							(1.5)
Accumulated other comprehensive loss				(27.6)				(2.5)		(2.5)	(27.6)
Total shareholders' equity				$ 173.4				$ 10.6		$ 10.6	$ 173.4