Ranpak (PACK) 10-Q 11 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 11, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 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
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	Q1
Amendment Flag	false
Class A Ordinary Shares, par value $0.0001 per share
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		64,352,247
Common Class C
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		6,511,293
New York Stock Exchange | Class A Ordinary Shares, par value $0.0001 per share
Entity Information [Line Items]
Title of 12(b) Security	Class A Ordinary Shares, par value $0.0001 per share
Trading Symbol	PACK
Security Exchange Name	NYSE
New York Stock Exchange | Warrants, each whole warrant exercisable for one Class A
Entity Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one Class A
Trading Symbol	PACKWS
Security Exchange Name	NYSE

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Machine lease revenue	$ 8.5	$ 9
Net sales	63.4	66.1
Cost of sales	36.6	37.9
Gross profit	26.8	28.2
Selling, general and administrative	19.6	14.3
Depreciation and amortization	7.5	10.7
Other operating expense, net	0.3	1
(Loss) income from operations	(0.6)	2.2
Interest expense	6.2	8.1
Foreign currency gain	(1.5)	(1.9)
(Loss) income before income taxes	(5.3)	(4)
Income tax benefit	(1.7)	(0.6)
Net (loss) income	(3.6)	(3.4)
Other comprehensive (loss) income:
Foreign currency translation adjustments	(4)	(3.4)
Interest rate swap adjustments	(7.8)	0
Comprehensive (loss) income	$ (15.4)	$ (6.8)
Net (loss) income per share—basic and diluted
Net (loss) income per share (in usd per share)	$ (0.05)	$ (3,387.94)
Weighted-average shares outstanding (in shares)	70,862,576	995
Paper revenue
Revenue	$ 53.4	$ 55.3
Other revenue
Revenue	$ 1.5	$ 1.8

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current Assets
Cash and cash equivalents	$ 20.2	$ 19.7
Accounts receivable, net	29.5	36.1
Inventories, net	13.5	11.6
Income tax receivable	3.2	1.5
Prepaid expenses and other current assets	2.4	2.5
Total current assets	68.8	71.4
Property, plant and equipment, net	124	122.5
Goodwill	446.7	448.8
Intangible assets, net	449.6	458.6
Other assets	3.2	3.1
Total Assets	1,092.3	1,104.4
Current Liabilities
Accounts payable	13	12.3
Accrued liabilities and other	13.6	15.5
Current portion of long-term debt	1.5	1.6
Deferred machine fee revenue	0.8	2.5
Total current liabilities	28.9	31.9
Long-term debt	415.5	418.8
Deferred income taxes	113.9	115
Capital lease obligations	14.7	4.6
Other liabilities	0.7	2.3
Total Liabilities	573.7	572.6
Commitments and Contingencies — Note 7
Shareholders' Equity
Additional paid-in capital	559.7	557.5
Accumulated deficit	(32.7)	(29.1)
Accumulated other comprehensive income (loss)	(8.4)	3.4
Total Shareholders' Equity	518.6	531.8
Total Liabilities and Shareholders' Equity	1,092.3	1,104.4
Common Class A
Shareholders' Equity
Common stock	0	0
Common Class C
Shareholders' Equity
Common stock	$ 0	$ 0

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Balance Sheets - Parenthetical - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Common stock, shares authorized (shares)	426,000,000
Common stock, shares outstanding (shares)	70,863,540
Common 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)	64,352,247	64,293,741
Common stock, shares outstanding (shares)	64,352,247	64,293,741
Common 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_4

Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Common Class A	Common Class ACommon Stock	Common Class C	Common Class CCommon Stock
Beginning Balance (shares) at Dec. 31, 2018		995
Beginning Balance at Dec. 31, 2018	$ 196.4	$ 0	$ 291.4	$ (69.9)	$ (1.5)	$ (23.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustments	(3.4)					(3.4)
Unrealized gain (loss) on interest rate swap, net of tax of $2.3	0
Net loss	$ (3.4)			(3.4)
Ending Balance (shares) at Mar. 31, 2019	995	995
Ending Balance at Mar. 31, 2019	$ 189.6	$ 0	291.4	(73.3)	$ (1.5)	(27)
Beginning Balance (shares) at Dec. 31, 2019							64,293,741	64,293,741	6,511,293	6,511,293
Beginning Balance at Dec. 31, 2019	531.8		557.5	(29.1)		3.4		$ 0		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Additional Shares Purchased (shares)								51,603
Additional Shares Purchased	0							$ 0
Issue Director Shares (shares)								6,903
Issue Director Shares	0		0					$ 0
Amortization of restricted stock units	2.2		2.2
Foreign currency translation adjustments	(4)					(4)
Unrealized gain (loss) on interest rate swap, net of tax of $2.3	(7.8)					(7.8)
Net loss	$ (3.6)			(3.6)
Ending Balance (shares) at Mar. 31, 2020	70,863,540						64,352,247	64,352,247	6,511,293	6,511,293
Ending Balance at Mar. 31, 2020	$ 518.6		$ 559.7	$ (32.7)		$ (8.4)		$ 0		$ 0

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows from Operating Activities
Net loss	$ (3.6)	$ (3.4)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	14.5	16.1
Amortization of deferred financing costs	0.4	0.6
Loss on disposal of fixed assets	0.3	0.2
Deferred income taxes	1.7	(1.1)
Currency (gain) on foreign denominated debt and notes payable	(1.6)	(2.1)
Amortization of restricted stock units	2.2	0
Changes in operating assets and liabilities:
Decrease in receivables, net	6.1	2.9
(Increase) in inventory	(2.1)	(0.6)
Decrease in prepaid expenses and other assets	0	1.1
Increase (decrease) in accounts payable	1	(3)
Increase (decrease) in accrued liabilities	(1.7)	0.9
Change in other assets and liabilities	(5.6)	2
Net cash provided by operating activities	11.6	13.6
Capital expenditures:
Converter equipment	(8.6)	(6.2)
Other capital expenditures	(1.7)	(0.3)
Total capital expenditures	(10.3)	(6.5)
Patent and trademark expenditures	(0.2)	(0.1)
Net cash used in investing activities	(10.5)	(6.6)
Cash Flows from Financing Activities
Payments on term loans and credit facility	(0.4)	(1.1)
Net cash used in financing activities	(0.4)	(1.1)
Effect of Exchange Rate Changes on Cash	(0.2)	(0.2)
Net Increase in Cash and Cash Equivalents	0.5	5.7
Cash and Cash Equivalents, beginning of period	19.7	17.5
Cash and Cash Equivalents, end of period	$ 20.2	$ 23.2

Nature of Operations

Nature of Operations	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations 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 " for further discussion of the Ranpak Business Combination. In connection with the Ranpak Business Combination, the Company domesticated to a Delaware corporation on May 31, 2019 and changed its name to Ranpak Holdings Corp.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Unaudited Interim Financial Statements — These interim unaudited condensed consolidated financial statements should be read in conjunction with Ranpak Holdings Corp.'s 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 the Company’s 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 (“U.S. 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 U.S. 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 statement of 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. 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 U.S. 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 U.S. 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 is effective for fiscal years beginning after December 15, 2019, and interim periods beginning after December 15, 2020 with early adoption permitted. On October 16, 2019, the FASB delayed the implementation of ASC 842 for private companies until fiscal years beginning after December 15, 2020. Given our status as an EGC, we will adopt ASC 842 in accordance with the private company guidance. We have formed an implementation team, including personnel from accounting, tax, legal, information technology, and operations departments, to gather information regarding existing leases and the various processes that currently exist to procure, track, and account for leases globally. We continue to assess the potential impact of the new standard on our financial statements and disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), which amends the FASB's guidance on the impairment of financial instruments. ASU 2016-13 adds to U.S. 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 is 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 U.S. 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.

Supplemental Balance Sheet Data

Supplemental Balance Sheet Data and Cash Flow Information	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Balance Sheet Data and Cash Flow Information	Supplemental Balance Sheet Data and Cash Flow Information Accounts Receivable, net — The allowance for doubtful accounts was as follows as of: (in millions) March 31, 2020 December 31, 2019 Allowance for doubtful accounts $ (0.3 ) $ (0.2 ) Inventories, net — The components of inventories, net were as follows as of: (in millions) March 31, 2020 December 31, 2019 Raw materials $ 8.4 $ 7.2 Finished goods 5.5 4.7 Total inventories 13.9 11.9 Less reserve for obsolescence (0.4 ) (0.3 ) Total inventories, net $ 13.5 $ 11.6 Property, Plant and Equipment, net — The following table details our property, plant and equipment, net, as of: (in millions) March 31, 2020 December 31, 2019 Land $ 4.0 $ 4.1 Buildings and improvements 7.6 8.1 Machinery and equipment 14.3 13.0 Computer and office equipment 7.2 6.7 Converting machines 113.3 105.9 Property, plant and equipment 146.4 137.8 Accumulated depreciation and amortization (22.4 ) (15.3 ) Property, plant and equipment, net $ 124.0 $ 122.5 Depreciation expense is recorded in cost of sales and depreciation and amortization in the unaudited condensed consolidated statements of operations and comprehensive loss was as follows: Successor Predecessor (in millions) Three Months Ended Three Months Ended Depreciation expense included in cost of sales $ 7.0 $ 5.5 Depreciation expense included in depreciation and amortization expense 0.5 0.4 Total depreciation expense $ 7.5 $ 5.9 Supplemental Cash Flow Information — Supplemental cash flow information is as follows: Successor Predecessor (in millions) Three Months Ended Three Months Ended Interest Paid $ 6.2 $ 8.1 Taxes Paid $ 0.6 $ 0.5

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment and Geographic Information	Segment and Geographic Information In accordance with ASC 280, Segment Reporting , we determined we have two operating segments which are aggregated into one reportable segment, Ranpak. The chief operating decision maker assesses the Company’s performance and allocates resources based on the Company’s consolidated financial information. The aggregation of the two operating segments is based on the Company’s determination that, per ASC 280, the operating segments have similar economic characteristics, and are similar in all of the following areas: the nature of products and services, the nature of production processes, the type or class of customer for their products or services, and the methods used to distribute their products or provide their services. In addition, the operating segments were aggregated for purposes of determining whether segments meet the quantitative threshold for separate reporting. We attribute revenue to individual countries based on the selling location. Our products are primarily sold from North America and Europe. The following tables present a summary of total net sales to external customers by geographic location: Successor Predecessor Three Months Ended Three Months Ended Net sales North America $ 27.1 $ 29.9 Europe 36.3 36.2 Total $ 63.4 $ 66.1 Our customers are not concentrated in any specific geographic region. During the three months ended March 31, 2020 (Successor period) and 2019 (Predecessor period), one customer accounted for approximately 10.0% and 8.0%

Revenue Recognition, Contracts

Revenue Recognition, Contracts with Customers	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition, Contracts with Customers	Revenue Recognition, Contracts with Customers Revenue is recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration expected to be received in exchange for those goods or services. Revenue for paper consumables is recognized based on shipping terms, which is the point in time the customer obtains control of the promised goods. Revenue for 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 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 March 31, 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. Our enforceable contractual obligations have durations of less than one year, and are included in current liabilities on the unaudited condensed consolidated balance sheets. Changes in deferred revenue were as follows: Three Months Ended Beginning balance $ 2.5 Deferral of revenue — Recognition of revenue (1.7 ) Ending balance $ 0.8 We 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 Three Months Ended North America $ 23.7 $ 26.2 Europe 31.3 30.9 Leasing revenue 8.4 9.0 Total $ 63.4 $ 66.1 North America consists of the United States, Canada and Mexico; Europe 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	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Long-Lived and Intangible Assets, Net	Goodwill, Long-Lived and Intangible Assets, Net 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 and on an interim basis whenever events or changes in circumstances indicate the carrying value of goodwill or indefinite-lived intangible assets may be impaired. 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 March 31, 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 unit and indefinite-lived intangible assets exceeded their carrying values at March 31, 2020 . The following table shows our goodwill balances by operating segment that are aggregated into one reportable segment: (in millions) North America Europe Total Gross carrying value at December 31, 2019 $ 343.0 $ 105.8 $ 448.8 Currency translation — (2.1 ) (2.1 ) Gross carrying value at March 31, 2020 $ 343.0 $ 103.7 $ 446.7 Finite-Lived Intangible Assets, net Finite-lived or amortizable intangible assets consist of patented and unpatented technology and customer/distributor relationships. 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 March 31, 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: March 31, 2020 December 31, 2019 (in millions) Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer/distributor relationships $ 197.2 $ (11.1 ) $ 186.1 $ 199.5 $ (7.9 ) $ 191.6 Patented/unpatented technology 164.7 (12.2 ) 152.5 164.5 (8.5 ) 156.0 In-process research and development 5.0 — 5.0 5.0 — 5.0 Total intangible assets with definite lives 366.9 (23.3 ) 343.6 369.0 (16.4 ) 352.6 Trademarks/tradenames with indefinite lives 106.0 — 106.0 106.0 — 106.0 Total identifiable intangible assets, net $ 472.9 $ (23.3 ) $ 449.6 $ 475.1 $ (16.4 ) $ 458.6 The following table shows the remaining estimated amortization expense for our definite-lived intangible assets at March 31, 2020 : (in millions) Year Amount 2021 $ 27.9 2022 27.9 2023 27.9 2024 27.9 2025 27.9 Thereafter 199.1 $ 338.6 Amortization expense was $7.0 million and $10.2 million in the three months ended March 31, 2020 and 2019 , respectively. The following table shows the remaining weighted-average useful life of our definite lived intangible assets as of March 31, 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	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Acquisition	Acquisition 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 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 , for more information. Rack Holdings constitutes a business with inputs, processes, and outputs. Accordingly, the acquisition of Rack Holdings constitutes the acquisition of a business for purposes of ASC 805 and, due to the change in control of Rack Holdings, was accounted for using the acquisition method. The Company recorded the fair value of assets acquired and liabilities assumed from Rack Holdings. 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 . The Company continues to evaluate the fair value of the acquired intangible assets and equipment. As such, to the extent of these estimates, the purchase price allocation is preliminary and subject to change within the respective measurement period which will not extend beyond one year from the acquisition date. Any adjustments will be recognized in the reporting period in which the adjustment amounts are determined. The following represents the preliminary purchase price allocation for the Ranpak Business Combination: (in millions) 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: Preliminary Remaining Patented/Unpatented Technology $ 164.1 10 years Customer/Distributor Relationships 198.6 15 years In-Process Research & Development 5.0 10 years Trade Names/Trademarks 106.0 Indefinite Total Preliminary 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 Preliminary Fair Value $ 119.5 The preliminary 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 preliminary fair value for customer/distributor relationships was determined using the Multi-Period Excess Earnings Method, which is an Income-based Approach. The preliminary fair value for land was determined using Sales Comparison and Cost Approaches, depending on location. The preliminary 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 preliminary 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 months ended March 31, 2020 and 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 March 31, Three Months Ended March 31, (in millions) 2020 2019 Net Sales $ 63.4 $ 66.1 Net Loss $ (3.6 ) $ (3.4 ) 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 $1.6 million and also provides the former majority owner of e3NEO severance from the Company, including non-compete and consulting amounts under French law. Approximately $1.4 million was accrued for at March 31, 2020 and included in current liabilities in the unaudited condensed consolidated balance sheets. The remaining $0.2 million was subject to the approval by French authorities and expensed in April 2020 with approximately $0.8 million

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt 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 March 31, 2020 and December 31, 2019, no amounts were outstanding under the Revolving Facility. Long-term debt consisted of the following: March 31, 2020 December 31, 2019 First Lien Dollar Term Facility $ 270.9 $ 270.9 First Lien Euro Term Facility (139.7 million Euro) 153.7 157.3 Revolving Facility — — Total Debt 424.6 428.2 Less deferred financing costs, net (7.6 ) (7.8 ) Less current portion (1.5 ) (1.6 ) Long-term Debt $ 415.5 $ 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 2.75% with respect to base rate borrowings as of March 31, 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 at March 31, 2020 and December 31, 2019 was 4.74% and 5.46% , respectively. The Revolving Facility includes borrowing capacity available for standby letters of credit of up to $5 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 March 31, 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.

Derivatives Instruments

Derivatives Instruments	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments We use derivatives as part of the normal business operations to manage our exposure to fluctuations in interest rates associated with variable interest rate debt and 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. We recognized a loss on the interest rate swaps of $ 0.3 million in interest expense in the unaudited condensed consolidated statement of operations and comprehensive income (loss) for the period ended March 31, 2020 . No gains or losses were recognized in the three months ended March 31, 2019 (the Predecessor Period). As of March 31, 2020 , our interest rate swaps have a combined notional value of $250.0 million . During the quarter ended March 31, 2020 , unrealized losses of $7.8 million (net of tax of $2.3 million ) were recorded to other comprehensive loss, and $0.3 million was reclassified out of accumulated other comprehensive loss to interest expense. As of March 31, 2020 , we anticipate having to reclassify $0.4 million from accumulated other comprehensive income (loss) into earnings during the next 12 months to offset the variability of the hedged items during this period. The following table summarizes the total fair value of derivative assets and liabilities as of March 31, 2020 and December 31, 2019: Fair Value as of March 31, 2020 Other Assets Current Liabilities Non-current Liabilities Interest rate swaps designated as accounting hedges $ — $ 0.4 $ 14.7 Total derivatives $ — $ 0.4 $ 14.7 Fair Value as of December 31, 2019 Other Assets Current Liabilities Non-current Liabilities Interest rate swaps designated as accounting hedges $ — $ 0.4 $ 4.6 Total derivatives $ — $ 0.4 $ 4.6 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 in the three months ended March 31, 2019 (the Predecessor Period): Successor (in millions) Three Months Ended Total interest expense presented in the statement of operations $ 6.2 Derivatives designated as hedging instruments: Cash flow hedges- interest rate swaps $ 0.3

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement Financial instruments are required to be categorized within a valuation hierarchy based upon the lowest level of input that is significant to the fair value measurement. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value: ▪ Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. ▪ Level 2 — Inputs that are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be derived from observable market data. 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 March 31, 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 the Company's financial instruments as of March 31, 2020 and December 31, 2019 : Carrying Fair Fair Value Measurements March 31, 2020 Level 1 Level 2 Level 3 Current and long-term debt $ 424.6 $ 424.6 $ — $ 424.6 $ — Derivative liability $ 15.1 $ 15.1 $ — $ 15.1 $ — Carrying Fair Fair Value Measurements December 31, 2019 Level 1 Level 2 Level 3 Current and long-term debt $ 428.2 $ 428.2 $ — $ 428.2 $ — Derivative liability $ 5.0 $ 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 the Company’s own estimates and assumptions or those expected to be used by market participants. The Company determines its valuation policies and procedures and analyzes changes in fair value measurements from period to period by using an industry standard market approach, in which prices and other relevant information is 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	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For each interim reporting period, we make an estimate of the effective tax rate we expect to be applicable for the full year for our operations. This estimated effective tax rate is used in providing for income taxes on a year-to-date basis. Our effective tax rate was as follows: Successor Predecessor Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Effective Tax Rate 32.3% 15.2% The fluctuation in the effective tax rate over the periods presented above was primarily attributable to a jurisdictional mix of income between periods. 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, " the Company has preliminarily estimated 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 provisional as the valuation analysis is not complete. The provisional deferred tax assets and liabilities will be adjusted accordingly with any changes to the fair market value of the underlying assets and liabilities. The provisional deferred tax impact was a net deferred tax liability of $122.9 million . We are subject to taxation in the United States (federal, state, local) and foreign jurisdictions. As of March 31, 2020, tax years 2017 through 2020 are subject to examination by the tax authorities. 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 , requires that the tax effects of changes in tax laws or rates be recorded discretely as a component of the income tax provision related to continuing operations in the period of enactment. As such, we have recorded any applicable impact from the CARES Act in the first quarter of 202

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation We are subject to legal proceedings and claims that arise in the ordinary course of our business. Management evaluates each claim and provides for potential loss when the claim is probable to be paid and reasonably estimable. While adverse decisions in certain of these litigation matters, claims and administrative proceedings could have a material effect on a particular period’s results of operations, subject to the uncertainties inherent in estimating future costs for contingent liabilities, management believes that any future accruals with respect to these currently known contingencies would not have a material effect on the financial condition, liquidity or cash flows of the Company. There are no amounts required to be reflected in these unaudited interim condensed consolidated financial statements related to contingencies for the three months ended March 31, 2020 and the year ended December 31, 2019 . Leases Certain office and warehouse facilities, transportation vehicles and data processing equipment are leased. Total rental expense relating to these leases for the three months ended March 31, 2020 and 2019 was approximately $0.5 million and $0.4 million, respectively. 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.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation We expense the fair value of grants of various stock-based compensation programs over the vesting period of the awards. Stock compensation expense is recorded in selling, general, and administrative expenses in the condensed consolidated statements of operations. Awards granted are recognized as compensation expense based on the grant date fair value, estimated in accordance with ASC 718, Compensation - Stock Compensation . The grant date fair value is the closing price of our stock on the grant date. Failure to satisfy the threshold service or performance conditions results in the forfeiture of shares. Forfeiture of share awards with service conditions or performance-based restrictions results in a reversal of previously recognized share-based compensation expense so long as the awards are probable of vesting. The table below summarizes certain data for our stock-based compensation plans: Successor Three Months Ended Compensation expense for all stock-based compensation plans $ 2.2 Tax benefits for stock-based compensation 0.2 Fair value of vested awards $ 2.4 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, performance awards, other cash-based awards and other stock-based awards to employees, directors, or consultants of the Company. As of March 31, 2020 , a maximum of 4,118,055 shares may be issued under the 2019 Plan. As of March 31, 2020 , 2,141,679 equity awards have been granted, 565,003 equity awards have been canceled, and 262,028 equity awards vested under the 2019 Plan, leaving 2,541,379 shares available for future awards under the 2019 Plan. Shares issued are new shares which have been authorized and designated for award under the 2019 Plan. We did not have any shares outstanding under the 2019 Plan on March 31, 2019. Restricted Stock Units — Restricted stock units 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 restricted stock units vest ratably over a three or two -year period while others vest over a one -year period. The fair value of restricted stock units is determined on the grant date and is amortized over the vesting period on a ratable basis. Restricted Stock Units Shares Weighted Average Grant Date Fair Value Restricted at January 1, 2020 483,299 $ 9.30 Granted 436,783 8.07 Vested (242,093 ) 8.36 Forfeited (5,119 ) 9.43 Outstanding at March 31, 2020 672,870 $ 8.84 As of March 31, 2020 , there was $ 5.0 million of remaining unamortized deferred compensation associated with these restricted stock units that will be expensed over the remaining service period through March 3, 2022. Expense recognized due to the vesting of these awards was $ 2.0 million for the three months ended March 31, 2020 . The Company did not have any shares outstanding under the 2019 Plan at March 31, 2019 and therefore did not incur any amortization expense for the three months ended March 31, 2019 . Performance-Based Restricted Stock Units — Performance-based restricted stock units vest over a three-year period. However, the level of the awards to be earned is determined at the end of the initial one -year performance period, based upon attainment of specific business performance goals during such initial one-year performance period. If certain minimum performance levels are not attained in the initial one-year performance period, the awards will be automatically forfeited before vesting. The awards are variable in that compensation could range from zero to 150% of the award agreement's target contingent on the performance level attained. The fair value of performance-based restricted stock units is determined on the grant date. Compensation cost for these awards is recognized based on the probability of achievement of the performance-based conditions. The table below includes the maximum number of restricted stock units that may be earned under the 2019 Plan. Performance-Based Restricted Stock Units Shares Weighted Average Grant Date Fair Value Restricted at January 1, 2020 — $ — Granted 641,778 8.07 Vested — — Forfeited — — Outstanding at March 31, 2020 641,778 $ 8.07 As of March 31, 2020 , there was $ 5.0 million of remaining unamortized deferred compensation associated with these performance-based restricted stock units that may be expensed over the remaining service period through March 3, 2022. Expense recognized related to these awards was $ 0.2 million for the period ended on March 31, 2020 . The Company did not have any shares outstanding under the 2019 Plan at March 31, 2019 and therefore did not incur any amortization expense for the three months ended March 31, 2019 . Director Stock Units — Members of the Company's Board of Directors 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. The table below includes the number of shares granted and vested for Directors electing to receive retainer payments in shares for the periods below. Director Stock Units Shares Weighted Average Grant Date Fair Value Balance at January 1, 2020 — $ — Granted 6,903 8.15 Vested (6,903 ) 8.15 Balance at March 31, 2020 — $ —

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity 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 March 31, 2020 , the Company had no preferred stock outstanding. Public Warrants— On January 22, 2018, the Company consummated its IPO of 30,000,000 units, each consisting of one Class A ordinary share and one half of one warrant to purchase one Class A ordinary share, i.e., 15,000,000 warrants in total (the “public warrants”). Forward Purchase Warrants— On October 5, 2017, on a private placement basis pursuant to individual forward purchase agreements, the Company’s anchor investors agreed to purchase an aggregate of 15,000,000 Class A ordinary shares (or, at each holder’s election, Class C ordinary shares) plus 5,000,000 warrants to purchase shares of Class A ordinary shares (or, at each holder’s election, warrants to purchase shares of Class C ordinary shares) (the “forward purchase warrants”) at a purchase price of $ 10.00 per ordinary share, with one forward purchase warrant allocated per three forward purchase shares issuable to each investor. The forward purchase shares and forward purchase warrants were issued on June 3, 2019 in connection with the closing of the Ranpak Business Combination. Private Placement Warrants— On January 17, 2018, certain investors purchased an aggregate of 8,000,000 private placement warrants at a price of $ 1.00 per whole warrant in a private placement that closed simultaneously with the closing of the IPO. On March 27, 2019, the Company entered into a warrant exchange agreement with certain holders of the private placement warrants, pursuant to which 7,429,256 of the outstanding private placement warrants were canceled by the Company in exchange for 742,926 shares of Class A common stock (a 10:1 ratio) in connection with the closing of the Ranpak Business Combination. The private placement warrants (including the shares of Class A common stock or, at the holder’s election, Class C common stock issued upon exercise of the private placement warrants) were not transferable, assignable or salable until 30 days after the completion of the Ranpak Business Combination, subject to certain exceptions, and they will not be redeemable by the Company so long as they are held by the anchor investors who initially purchased such warrants or their respective permitted transferees. Terms of the Warrants— Each warrant entitles the registered holder to purchase one share of Class A common stock (or with respect to the forward purchase and private placement warrants, at the election of the holder, one share of Class C common stock) at a price of $11.50 per share, subject to adjustment, at any time commencing 30 days after the closing of the Ranpak Business Combination, provided that the Company has an effective registration statement under the Securities Act covering the Class A common stock issuable upon exercise of the public warrants and a current prospectus relating thereto is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky laws of the state of residence of the holder. Pursuant to the warrant agreement that governs the terms of the warrants, a warrant holder may exercise its warrants only for a whole number of shares of Class A common stock (or with respect to the forward purchase warrants, at the election of the holder, one share of Class C common stock). This means only a whole warrant may be exercised at a given time by a warrant holder. The warrants will expire five years after the closing of the business combination, or earlier upon redemption or liquidation. Once the public warrants and forward purchase warrants are exercisable, the Company may call such warrants for redemption in whole and not in part; • At a price of $0.01 per warrant; • Upon not less than 30 days’ prior written notice of redemption to each warrant holder; and • If, and only if, the reported last sales price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30 -trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. 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 March 31, 2020 and March 31, 2019 , the Company had the following shares of common stock outstanding: Successor Predecessor March 31, 2020 March 31, 2019 Class A Class C Total Common Common Shares outstanding not subject to an earn-out agreement 58,235,794 5,779,910 64,015,704 995 Shares subject to a $15.00 earn-out 2,940,336 — 2,940,336 — Shares subject to a $12.50 earn-out 3,018,617 731,383 3,750,000 — Shares subject to a $12.25 earn-out 157,500 — 157,500 — Total 64,352,247 6,511,293 70,863,540 995 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 loss which is net of tax, where applicable. Translation adjustments were as follows: Successor Predecessor Three Months Ended Three Months Ended Translation adjustment $ (4.0 ) $ (3.4 )

Earnings (Loss) per Share

Earnings (Loss) per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings (Loss) per Share	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 March 31, 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 (in millions, except per share amounts) Three Months Ended Three Months Ended Net loss $ (3.6 ) $ (3.4 ) Income allocated to participating preferred shares — — Net loss attributable to common stockholders for basic and diluted EPS $ (3.6 ) $ (3.4 ) Basic weighted average common shares outstanding 70,862,576 995 Denominator adjustments for diluted EPS: Assumed exercise of warrants — — Assumed vesting of RSUs — — Dilutive weighted average common shares outstanding 70,862,576 995 Loss per share attributable to common stockholders: Basic $ (0.05 ) $ (3,387.94 ) Diluted $ (0.05 ) $ (3,387.94 ) 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: Successor Predecessor Three Months Ended Three Months Ended Warrants on Common Stock 20,108,744 — Restricted Stock Units and Performance-based Restricted Stock Units 1,314,648 — 21,423,392 —

Transactions with Related Parti

Transactions with Related Parties	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Transactions with Related Parties	Transactions with Related Parties 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 for the three months ended March 31, 2020 . 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 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 three months ended March 31, 2019.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event In March 2020, the World Health Organization characterized the outbreak of a novel strain of coronavirus (“COVID-19”) as a pandemic, which has resulted in rapid changes in market and economic conditions around the world as COVID-19 continues to spread. We believe that these impacts are not unique to us and that our industry competitors have been impacted in a similar fashion. We are deemed an essential business under the Memorandum on Identification of Essential Critical Infrastructure Workers During COVID-19 Response issued by the United States Cybersecurity and Infrastructure Security Agency and pursuant to state decisions in states where our domestic production and distribution facilities are located. We continue to operate our production and distribution facilities, both domestically and internationally, albeit subject to social distancing and other measures to promote a safe operating environment. While we have experienced limited delays in receiving certain supplies we use to assemble our packaging systems, to date, these measures have not materially impacted the cost of producing and distributing our products, the cost and availability of raw materials and components, and we have encountered minimal disruption in our ability to fulfill customer orders. We cannot currently predict the extent to which we will ultimately be impacted due to the evolving and highly uncertain nature of the COVID-19 pandemic and will continue to evaluate the nature and extent of the impact to our business, results of operations and financial condition.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 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. 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 U.S. 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 U.S. 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 is effective for fiscal years beginning after December 15, 2019, and interim periods beginning after December 15, 2020 with early adoption permitted. On October 16, 2019, the FASB delayed the implementation of ASC 842 for private companies until fiscal years beginning after December 15, 2020. Given our status as an EGC, we will adopt ASC 842 in accordance with the private company guidance. We have formed an implementation team, including personnel from accounting, tax, legal, information technology, and operations departments, to gather information regarding existing leases and the various processes that currently exist to procure, track, and account for leases globally. We continue to assess the potential impact of the new standard on our financial statements and disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), which amends the FASB's guidance on the impairment of financial instruments. ASU 2016-13 adds to U.S. 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 is 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 U.S. 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.

Supplemental Balance Sheet Da_2

Supplemental Balance Sheet Data and Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Allowance for Doubtful Accounts	The allowance for doubtful accounts was as follows as of: (in millions) March 31, 2020 December 31, 2019 Allowance for doubtful accounts $ (0.3 ) $ (0.2 )
Schedule of Inventory, Net	The components of inventories, net were as follows as of: (in millions) March 31, 2020 December 31, 2019 Raw materials $ 8.4 $ 7.2 Finished goods 5.5 4.7 Total inventories 13.9 11.9 Less reserve for obsolescence (0.4 ) (0.3 ) Total inventories, net $ 13.5 $ 11.6
Property, Plant and Equipment	The following table details our property, plant and equipment, net, as of: (in millions) March 31, 2020 December 31, 2019 Land $ 4.0 $ 4.1 Buildings and improvements 7.6 8.1 Machinery and equipment 14.3 13.0 Computer and office equipment 7.2 6.7 Converting machines 113.3 105.9 Property, plant and equipment 146.4 137.8 Accumulated depreciation and amortization (22.4 ) (15.3 ) Property, plant and equipment, net $ 124.0 $ 122.5 Depreciation expense is recorded in cost of sales and depreciation and amortization in the unaudited condensed consolidated statements of operations and comprehensive loss was as follows: Successor Predecessor (in millions) Three Months Ended Three Months Ended Depreciation expense included in cost of sales $ 7.0 $ 5.5 Depreciation expense included in depreciation and amortization expense 0.5 0.4 Total depreciation expense $ 7.5 $ 5.9
Schedule of Cash Flow, Supplemental Disclosures	Supplemental cash flow information is as follows: Successor Predecessor (in millions) Three Months Ended Three Months Ended Interest Paid $ 6.2 $ 8.1 Taxes Paid $ 0.6 $ 0.5

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	The following tables present a summary of total net sales to external customers by geographic location: Successor Predecessor Three Months Ended Three Months Ended Net sales North America $ 27.1 $ 29.9 Europe 36.3 36.2 Total $ 63.4 $ 66.1

Revenue Recognition, Contract_2

Revenue Recognition, Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset and Liability	Changes in deferred revenue were as follows: Three Months Ended Beginning balance $ 2.5 Deferral of revenue — Recognition of revenue (1.7 ) Ending balance $ 0.8
Disaggregation of Revenue	We 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 Three Months Ended North America $ 23.7 $ 26.2 Europe 31.3 30.9 Leasing revenue 8.4 9.0 Total $ 63.4 $ 66.1

Goodwill, Long-Lived and Inta_2

Goodwill, Long-Lived and Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 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: (in millions) North America Europe Total Gross carrying value at December 31, 2019 $ 343.0 $ 105.8 $ 448.8 Currency translation — (2.1 ) (2.1 ) Gross carrying value at March 31, 2020 $ 343.0 $ 103.7 $ 446.7
Schedule of Finite-Lived Intangible Assets	The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives: March 31, 2020 December 31, 2019 (in millions) Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer/distributor relationships $ 197.2 $ (11.1 ) $ 186.1 $ 199.5 $ (7.9 ) $ 191.6 Patented/unpatented technology 164.7 (12.2 ) 152.5 164.5 (8.5 ) 156.0 In-process research and development 5.0 — 5.0 5.0 — 5.0 Total intangible assets with definite lives 366.9 (23.3 ) 343.6 369.0 (16.4 ) 352.6 Trademarks/tradenames with indefinite lives 106.0 — 106.0 106.0 — 106.0 Total identifiable intangible assets, net $ 472.9 $ (23.3 ) $ 449.6 $ 475.1 $ (16.4 ) $ 458.6 The following table shows the remaining weighted-average useful life of our definite lived intangible assets as of March 31, 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
Schedule of Indefinite-Lived Intangible Assets	The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives: March 31, 2020 December 31, 2019 (in millions) Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer/distributor relationships $ 197.2 $ (11.1 ) $ 186.1 $ 199.5 $ (7.9 ) $ 191.6 Patented/unpatented technology 164.7 (12.2 ) 152.5 164.5 (8.5 ) 156.0 In-process research and development 5.0 — 5.0 5.0 — 5.0 Total intangible assets with definite lives 366.9 (23.3 ) 343.6 369.0 (16.4 ) 352.6 Trademarks/tradenames with indefinite lives 106.0 — 106.0 106.0 — 106.0 Total identifiable intangible assets, net $ 472.9 $ (23.3 ) $ 449.6 $ 475.1 $ (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 March 31, 2020 : (in millions) Year Amount 2021 $ 27.9 2022 27.9 2023 27.9 2024 27.9 2025 27.9 Thereafter 199.1 $ 338.6

Acquisition (Tables)

Acquisition (Tables)	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following represents the preliminary purchase price allocation for the Ranpak Business Combination: (in millions) 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: Preliminary Remaining Patented/Unpatented Technology $ 164.1 10 years Customer/Distributor Relationships 198.6 15 years In-Process Research & Development 5.0 10 years Trade Names/Trademarks 106.0 Indefinite Total Preliminary 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 Preliminary Fair Value $ 119.5
Business Acquisition, Pro Forma Information	Three Months Ended March 31, Three Months Ended March 31, (in millions) 2020 2019 Net Sales $ 63.4 $ 66.1 Net Loss $ (3.6 ) $ (3.4 )

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt consisted of the following: March 31, 2020 December 31, 2019 First Lien Dollar Term Facility $ 270.9 $ 270.9 First Lien Euro Term Facility (139.7 million Euro) 153.7 157.3 Revolving Facility — — Total Debt 424.6 428.2 Less deferred financing costs, net (7.6 ) (7.8 ) Less current portion (1.5 ) (1.6 ) Long-term Debt $ 415.5 $ 418.8

Derivatives Instruments (Tables

Derivatives Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets at Fair Value	The following table summarizes the total fair value of derivative assets and liabilities as of March 31, 2020 and December 31, 2019: Fair Value as of March 31, 2020 Other Assets Current Liabilities Non-current Liabilities Interest rate swaps designated as accounting hedges $ — $ 0.4 $ 14.7 Total derivatives $ — $ 0.4 $ 14.7 Fair Value as of December 31, 2019 Other Assets Current Liabilities Non-current Liabilities Interest rate swaps designated as accounting hedges $ — $ 0.4 $ 4.6 Total derivatives $ — $ 0.4 $ 4.6
Schedule of Derivative Liabilities at Fair Value	The following table summarizes the total fair value of derivative assets and liabilities as of March 31, 2020 and December 31, 2019: Fair Value as of March 31, 2020 Other Assets Current Liabilities Non-current Liabilities Interest rate swaps designated as accounting hedges $ — $ 0.4 $ 14.7 Total derivatives $ — $ 0.4 $ 14.7 Fair Value as of December 31, 2019 Other Assets Current Liabilities Non-current Liabilities Interest rate swaps designated as accounting hedges $ — $ 0.4 $ 4.6 Total derivatives $ — $ 0.4 $ 4.6
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 in the three months ended March 31, 2019 (the Predecessor Period): Successor (in millions) Three Months Ended Total interest expense presented in the statement of operations $ 6.2 Derivatives designated as hedging instruments: Cash flow hedges- interest rate swaps $ 0.3

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 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 the Company's financial instruments as of March 31, 2020 and December 31, 2019 : Carrying Fair Fair Value Measurements March 31, 2020 Level 1 Level 2 Level 3 Current and long-term debt $ 424.6 $ 424.6 $ — $ 424.6 $ — Derivative liability $ 15.1 $ 15.1 $ — $ 15.1 $ — Carrying Fair Fair Value Measurements December 31, 2019 Level 1 Level 2 Level 3 Current and long-term debt $ 428.2 $ 428.2 $ — $ 428.2 $ — Derivative liability $ 5.0 $ 5.0 $ — $ 5.0 $ —

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 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 March 31, 2020 Three Months Ended March 31, 2019 Effective Tax Rate 32.3% 15.2%

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Cost by Plan	The table below summarizes certain data for our stock-based compensation plans: Successor Three Months Ended Compensation expense for all stock-based compensation plans $ 2.2 Tax benefits for stock-based compensation 0.2 Fair value of vested awards $ 2.4
Share-based Payment Arrangement, Restricted Stock Unit, Activity	Restricted Stock Units Shares Weighted Average Grant Date Fair Value Restricted at January 1, 2020 483,299 $ 9.30 Granted 436,783 8.07 Vested (242,093 ) 8.36 Forfeited (5,119 ) 9.43 Outstanding at March 31, 2020 672,870 $ 8.84
Schedule of Nonvested Performance-based Units Activity	The table below includes the maximum number of restricted stock units that may be earned under the 2019 Plan. Performance-Based Restricted Stock Units Shares Weighted Average Grant Date Fair Value Restricted at January 1, 2020 — $ — Granted 641,778 8.07 Vested — — Forfeited — — Outstanding at March 31, 2020 641,778 $ 8.07
Share-based Payment Arrangement, Nonemployee Director Award Plan, Activity	The table below includes the number of shares granted and vested for Directors electing to receive retainer payments in shares for the periods below. Director Stock Units Shares Weighted Average Grant Date Fair Value Balance at January 1, 2020 — $ — Granted 6,903 8.15 Vested (6,903 ) 8.15 Balance at March 31, 2020 — $ —

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of Common Stock Outstanding	At March 31, 2020 and March 31, 2019 , the Company had the following shares of common stock outstanding: Successor Predecessor March 31, 2020 March 31, 2019 Class A Class C Total Common Common Shares outstanding not subject to an earn-out agreement 58,235,794 5,779,910 64,015,704 995 Shares subject to a $15.00 earn-out 2,940,336 — 2,940,336 — Shares subject to a $12.50 earn-out 3,018,617 731,383 3,750,000 — Shares subject to a $12.25 earn-out 157,500 — 157,500 — Total 64,352,247 6,511,293 70,863,540 995
Schedule of the Effects of Translation Adjustments on Shareholders' Equity	Translation adjustments were as follows: Successor Predecessor Three Months Ended Three Months Ended Translation adjustment $ (4.0 ) $ (3.4 )

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	3 Months Ended
	Mar. 31, 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 (in millions, except per share amounts) Three Months Ended Three Months Ended Net loss $ (3.6 ) $ (3.4 ) Income allocated to participating preferred shares — — Net loss attributable to common stockholders for basic and diluted EPS $ (3.6 ) $ (3.4 ) Basic weighted average common shares outstanding 70,862,576 995 Denominator adjustments for diluted EPS: Assumed exercise of warrants — — Assumed vesting of RSUs — — Dilutive weighted average common shares outstanding 70,862,576 995 Loss per share attributable to common stockholders: Basic $ (0.05 ) $ (3,387.94 ) Diluted $ (0.05 ) $ (3,387.94 )
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: Successor Predecessor Three Months Ended Three Months Ended Warrants on Common Stock 20,108,744 — Restricted Stock Units and Performance-based Restricted Stock Units 1,314,648 — 21,423,392 —

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	Mar. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Allowance for doubtful accounts	$ (0.3)	$ (0.2)

Supplemental Balance Sheet Da_4

Supplemental Balance Sheet Data and Cash Flow Information - Schedule of Inventory, Net (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 8.4	$ 7.2
Finished goods	5.5	4.7
Total inventories	13.9	11.9
Less reserve for obsolescence	(0.4)	(0.3)
Total 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	Mar. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 146.4	$ 137.8
Accumulated depreciation and amortization	(22.4)	(15.3)
Property, plant and equipment, net	124	122.5
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment	4	4.1
Buildings and Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment	7.6	8.1
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	14.3	13
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	7.2	6.7
Converting Machines
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 113.3	$ 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
	Mar. 31, 2020	Mar. 31, 2019
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 7.5	$ 5.9
Cost of sales
Property, Plant and Equipment [Line Items]
Total depreciation expense	7	5.5
Depreciation and amortization expense
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 0.5	$ 0.4

Supplemental Balance Sheet Da_7

Supplemental Balance Sheet Data and Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest Paid	$ 6.2	$ 8.1
Taxes Paid	$ 0.6	$ 0.5

Segment and Geographic Inform_3

Segment and Geographic Information - Narrative (Details) - segment	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
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	10.00%	8.00%

Segment and Geographic Inform_4

Segment and Geographic Information - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Net sales	$ 63.4	$ 66.1
North America
Segment Reporting Information [Line Items]
Net sales	27.1	29.9
Europe
Segment Reporting Information [Line Items]
Net sales	$ 36.3	$ 36.2

Revenue Recognition, Contract_3

Revenue Recognition, Contracts with Customers - Schedule of Change in Deferred Revenue (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Contract with Customer, Liability [Roll Forward]
Beginning balance	$ 2.5
Deferral of revenue	0
Recognition of revenue	(1.7)
Ending balance	$ 0.8

Revenue Recognition, Contract_4

Revenue Recognition, Contracts with Customers - Revenue from Contracts with Customers Summarized by Segment Geography (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Leasing Revenue	$ 8.4	$ 9
Net sales	63.4	66.1
North America
Disaggregation of Revenue [Line Items]
Topic 606 Segment Revenue	23.7	26.2
Europe
Disaggregation of Revenue [Line Items]
Topic 606 Segment Revenue	$ 31.3	$ 30.9

Goodwill, Long-Lived and Inta_3

Goodwill, Long-Lived and Intangible Assets, Net - Schedule of Goodwill Balances by Operating Segment (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Goodwill [Roll Forward]
Gross carrying value, beginning balance	$ 448.8
Currency translation	(2.1)
Gross carrying value, ending balance	446.7
North America
Goodwill [Roll Forward]
Gross carrying value, beginning balance	343
Currency translation	0
Gross carrying value, ending balance	343
Europe
Goodwill [Roll Forward]
Gross carrying value, beginning balance	105.8
Currency translation	(2.1)
Gross carrying value, ending balance	$ 103.7

Goodwill, Long-Lived and Inta_4

Goodwill, Long-Lived and Intangible Assets, Net - Schedule of Identifiable Intangible Assets, Net (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Carrying Amount	$ 366.9	$ 369
Finite-lived intangible assets, Accumulated Amortization	(23.3)	(16.4)
Finite-lived intangible assets, Net	343.6	352.6
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, Gross Carrying Amount	472.9	475.1
Intangible assets, Net	449.6	458.6
Trade Names/Trademarks
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	106	106
Customer/distributor relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Carrying Amount	197.2	199.5
Finite-lived intangible assets, Accumulated Amortization	(11.1)	(7.9)
Finite-lived intangible assets, Net	186.1	191.6
Patented/Unpatented Technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Carrying Amount	164.7	164.5
Finite-lived intangible assets, Accumulated Amortization	(12.2)	(8.5)
Finite-lived intangible assets, Net	152.5	156
In-process research and development
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Carrying Amount	5	5
Finite-lived intangible assets, Accumulated Amortization	0	0
Finite-lived intangible assets, Net	$ 5	$ 5

Goodwill, Long-Lived and Inta_5

Goodwill, Long-Lived and Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets Amortization Expense (Details) $ in Millions	Mar. 31, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 27.9
2022	27.9
2023	27.9
2024	27.9
2025	27.9
Thereafter	199.1
Finite-lived intangible assets, Net	$ 338.6

Goodwill, Long-Lived and Inta_6

Goodwill, Long-Lived and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 7	$ 10.2

Goodwill, Long-Lived and Inta_7

Goodwill, Long-Lived and Intangible Assets, Net - Schedule of Intangible Asset Remaining Useful Life (Details) - Weighted Average	3 Months Ended
	Mar. 31, 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 (€)	Apr. 30, 2020USD ($)	Dec. 31, 2018USD ($)	Mar. 31, 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	€ 140
Adjustment to net working capital	$ 0.7
Neopack
Business Acquisition [Line Items]
Payment for contingent consideration					$ 1.1
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
Earn-out contingent liability						1.4
Earn-out contingent liability, subject to approval by French authorities						$ 0.2
Subsequent Event | Neopack
Business Acquisition [Line Items]
Payment for contingent consideration				$ 0.8

Acquisition - Preliminary Purch

Acquisition - Preliminary Purchase Price Allocation (Details) - USD ($) $ in Millions	Jun. 03, 2019	Mar. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill		$ 446.7	$ 448.8
Rack Holdings Inc.
Business Acquisition [Line Items]
Total Consideration, net of cash	$ 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) - USD ($) $ in Millions	Jun. 03, 2019	Mar. 31, 2020
Rack Holdings Inc.
Business Acquisition [Line Items]
Intangible assets	$ 473.7
Property, plant and equipment	119.5
Machinery and Equipment | Rack Holdings Inc.
Business Acquisition [Line Items]
Property, plant and equipment	$ 17.6
Property, plant and equipment, Remaining Useful Lives	5 years
Converting Machines | Rack Holdings Inc.
Business Acquisition [Line Items]
Property, plant and equipment	$ 90.4
Buildings and Improvements | Rack Holdings Inc.
Business Acquisition [Line Items]
Property, plant and equipment	$ 7.4
Property, plant and equipment, Remaining Useful Lives	15 years
Land | Rack Holdings Inc.
Business Acquisition [Line Items]
Property, plant and equipment	$ 4.1
Patented/Unpatented Technology | Rack Holdings Inc.
Business Acquisition [Line Items]
Finite-lived intangibles	$ 164.1
Intangible assets, Remaining Useful Lives	10 years
Customer/Distributor Relationships | Rack Holdings Inc.
Business Acquisition [Line Items]
Finite-lived intangibles	$ 198.6
Intangible assets, Remaining Useful Lives	15 years
In-Process Research & Development | Rack Holdings Inc.
Business Acquisition [Line Items]
Finite-lived intangibles	$ 5
Intangible assets, Remaining Useful Lives	10 years
Trade Names/Trademarks | Rack Holdings Inc.
Business Acquisition [Line Items]
Indefinite-lived intangible assets	$ 106
Minimum | Converting Machines
Business Acquisition [Line Items]
Property, plant and equipment, Remaining Useful Lives		3 years
Maximum | Converting Machines
Business Acquisition [Line Items]
Property, plant and equipment, Remaining Useful Lives		7 years

Acquisition - Pro Forma Informa

Acquisition - Pro Forma Information (Details) - Rack Holdings Inc. - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Business Acquisition [Line Items]
Net Sales	$ 63.4	$ 66.1
Net Loss	$ (3.6)	$ (3.4)

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) € in Millions	Feb. 14, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 03, 2019USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2020EUR (€)	Dec. 31, 2019EUR (€)	Jun. 03, 2019EUR (€)
Debt Instrument [Line Items]
Long-term debt		$ 428,200,000		$ 428,200,000	$ 424,600,000		$ 428,200,000
Repayments of long-term debt					400,000	$ 1,100,000
Amortization of deferred financing costs					400,000	$ 600,000
First Lien Term Facility
Debt Instrument [Line Items]
Debt instrument, term (years)			7 years
Repayments of long-term debt				107,700,000
First Lien Credit Agreement
Debt Instrument [Line Items]
Debt covenant, restrictive payments	$ 10,000,000	$ 7,000,000
Debt covenant, threshold percentage of debt capacity of cash contributions (percent)	10.00%	7.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, additional borrowing capacity					95,000,000
Percentage of consolidated EBIDTA							100.00%
Standby Letters of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					5,000,000
Dollar Denominated Line of Credit | First Lien Term Facility
Debt Instrument [Line Items]
Long-term debt		$ 270,900,000	$ 378,200,000	270,900,000	270,900,000		$ 270,900,000
Euro Denominated Line of Credit | First Lien Term Facility
Debt Instrument [Line Items]
Long-term debt		$ 157,300,000	152,600,000	$ 157,300,000	$ 153,700,000		$ 157,300,000	€ 139.7	€ 139.7	€ 140
Line of Credit | First Lien Credit Agreement
Debt Instrument [Line Items]
Debt instrument, covenant, leverage ratio, minimum							5
Debt instrument, interest rate, effective percentage		5.46%		5.46%	4.74%		5.46%	4.74%	5.46%
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt		$ 0		$ 0	$ 0		$ 0
Line of credit facility, maximum borrowing capacity			$ 45,000,000
Debt instrument, term (years)			5 years
Long-term line of credit		$ 0		$ 0	$ 0		$ 0
Line of Credit | Eurodollar Applicable Margin Rate | First Lien Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)					3.75%
Line of Credit | Adjusted Base Rate | First Lien Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)					2.75%
Line of Credit | LIBOR | First Lien Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)							400.00%

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long Term Debt (Details) € in Millions, $ in Millions	Mar. 31, 2020USD ($)	Mar. 31, 2020EUR (€)	Dec. 31, 2019USD ($)	Dec. 31, 2019EUR (€)	Jun. 03, 2019USD ($)	Jun. 03, 2019EUR (€)
Debt Instrument [Line Items]
Total Debt	$ 424.6		$ 428.2
Less deferred financing costs, net	(7.6)		(7.8)
Less current portion	(1.5)		(1.6)
Long-term debt	415.5		418.8
Dollar Denominated Line of Credit | First Lien Term Facility
Debt Instrument [Line Items]
Total Debt	270.9		270.9		$ 378.2
Euro Denominated Line of Credit | First Lien Term Facility
Debt Instrument [Line Items]
Total Debt	153.7	€ 139.7	157.3	€ 139.7	$ 152.6	€ 140
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Total Debt	$ 0		$ 0

Derivatives Instruments - Narra

Derivatives Instruments - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 27, 2020	Sep. 25, 2019	Jan. 31, 2019
Derivative [Line Items]
Unrealized gain (loss) on interest rate swap, net of tax	$ 7,800,000	$ 0
Interest rate cash flow hedge loss to be reclassified during next 12 months, net	400,000
Gains (losses) on derivatives		$ 0
Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount	250,000,000				$ 200,000,000
Derivative, fixed interest rate			2.10%	2.31%	2.56%
Unrealized gain (loss) on interest rate swap, net of tax	7,800,000
Unrealized gain (loss) on interest rate swap, tax	2,300,000
1.50% Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount				$ 50,000,000
Derivative, fixed interest rate				1.50%
Interest Expense | Interest Rate Swap
Derivative [Line Items]
Derivative loss recognized in earnings	300,000
Derivative instruments, losses reclassification to interest expense	$ 300,000

Derivatives Instruments - Sched

Derivatives Instruments - Schedule of Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Other Assets
Derivative [Line Items]
Derivative asset, fair value	$ 0	$ 0
Other Assets | Interest Rate Swap | Designated as Hedging Instrument
Derivative [Line Items]
Derivative asset, fair value	0	0
Current Liabilities
Derivative [Line Items]
Derivative liability, fair value	0.4	0.4
Current Liabilities | Interest Rate Swap | Designated as Hedging Instrument
Derivative [Line Items]
Derivative liability, fair value	0.4	0.4
Non-current Liabilities
Derivative [Line Items]
Derivative liability, fair value	14.7	4.6
Non-current Liabilities | Interest Rate Swap | Designated as Hedging Instrument
Derivative [Line Items]
Derivative liability, fair value	$ 14.7	$ 4.6

Derivatives Instruments - Effec

Derivatives Instruments - Effect of Derivative Instruments on Statement of Financial Position (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative [Line Items]
Interest expense	$ 6.2	$ 8.1
Interest Expense | Interest Rate Swap
Derivative [Line Items]
Cash flow hedges - interest rate swaps, reclassification to interest expense	$ 0.3

Fair Value Measurement - Schedu

Fair Value Measurement - Schedule of Carrying Amounts, Estimated Fair Values and Respective Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current and long-term debt	$ 0	$ 0
Derivative liability	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current and long-term debt	424.6	428.2
Derivative liability	15.1	5
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current and long-term debt	0	0
Derivative liability	0	0
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current and long-term debt	424.6	428.2
Derivative liability	15.1	5
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current and long-term debt	424.6	428.2
Derivative liability	$ 15.1	$ 5

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Tax Rate (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Effective tax rate, percent	32.30%	15.20%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Millions	Jun. 03, 2019USD ($)
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
	Mar. 31, 2020	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Operating leases, rent expense	$ 0.5	$ 0.4

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Certain Data for Stock-Based Compensation Plans (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Share-based Payment Arrangement [Abstract]
Compensation expense for all stock-based compensation plans	$ 2.2
Tax benefits for stock-based compensation	0.2
Fair value of vested awards	$ 2.4

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense | $	$ 2.2
2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (shares)	4,118,055
Granted (shares)	2,141,679
Canceled (shares)	(565,003)
Vested (shares)	(262,028)
Number of shares available for future awards (shares)	2,541,379
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)	436,783
Canceled (shares)	(5,119)
Vested (shares)	(242,093)
Unamortized compensation cost | $	$ 5
Stock based compensation expense | $	$ 2
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (years)	3 years
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (years)	2 years
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (years)	1 year
Performance Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)	641,778
Canceled (shares)	0
Vested (shares)	0
Vesting period (years)	3 years
Unamortized compensation cost | $	$ 5
Stock based compensation expense | $	$ 0.2
Performance period (years)	1 year
Minimum | Performance Based Restricted Stock Units
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%
Maximum | Performance Based Restricted Stock Units
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 - Rest

Stock-Based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Shares
Restricted at January 1, 2020 (shares) | shares	483,299
Granted (shares) | shares	436,783
Vested (shares) | shares	(242,093)
Forfeited (shares) | shares	(5,119)
Outstanding at March 31, 2020 (shares) | shares	672,870
Weighted Average Grant Date Fair Value
Restricted at January 1, 2020 (usd per share) | $ / shares	$ 9.30
Granted (usd per share) | $ / shares	8.07
Vested (usd per share) | $ / shares	8.36
Forfeited (usd per share) | $ / shares	9.43
Outstanding at March 31, 2020 (usd per share) | $ / shares	$ 8.84

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance-Based Restricted Stock Unit and Director Stock Unit Activity (Details)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Performance Based Restricted Stock Units
Shares
Restricted at January 1, 2020 (shares) | shares	0
Granted (shares) | shares	641,778
Vested (shares) | shares	0
Forfeited (shares) | shares	0
Outstanding at March 31, 2020 (shares) | shares	641,778
Weighted Average Grant Date Fair Value
Restricted at January 1, 2020 (usd per share) | $ / shares	$ 0
Granted (usd per share) | $ / shares	8.07
Vested (usd per share) | $ / shares	0
Forfeited (usd per share) | $ / shares	0
Outstanding at March 31, 2020 (usd per share) | $ / shares	$ 8.07
Director Stock Units
Shares
Restricted at January 1, 2020 (shares) | shares	0
Granted (shares) | shares	6,903
Vested (shares) | shares	(6,903)
Outstanding at March 31, 2020 (shares) | shares	0
Weighted Average Grant Date Fair Value
Restricted at January 1, 2020 (usd per share) | $ / shares	$ 0
Granted (usd per share) | $ / shares	8.15
Vested (usd per share) | $ / shares	8.15
Outstanding at March 31, 2020 (usd per share) | $ / shares	$ 0

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2019	Dec. 13, 2019	Jun. 03, 2019	Mar. 27, 2019	Jan. 22, 2018	Jan. 17, 2018	Mar. 31, 2020	Mar. 31, 2019
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 (shares)							$ 0.0001
Shares subject to earnout (shares)	6,847,836
Threshold number of trading days price must remain above trigger price (days)							20 days
Trading period that price must remain above trigger price (days)							30 days
Preferred stock, shares outstanding (in shares)							0
Threshold number of days after the closing of business combination to exercise (days)							30 days
Exercise price of warrants (in usd per share)							$ 0.01
Term of warrants			5 years
Threshold number of days or prior written notice that warrants may be called for redemption (days)							30 days
Minimum share price threshold for warrants to be called (in usd per share)							$ 18
Common 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)	$ 0.0001						$ 0.0001
Convert Class B (shares)			6,663,953
Sale of stock, number of shares issued in transaction (shares)		16,923,077
Sale of stock, price per share (in usd per share)		$ 6.50
Number of securities called by each warrant (shares)							1
Sale of stock, consideration received per transaction		$ 110
Sale of stock, consideration received on transaction		$ 107.7
Common Class B
Class of Stock [Line Items]
Common stock, shares authorized (shares)							25,000,000
Common stock, par value (usd per share)							$ 0.0001
Common 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)	$ 0.0001						$ 0.0001
Convert Class B (shares)			731,383
Number of securities called by each warrant (shares)							1
Ordinary Class B
Class of Stock [Line Items]
Shares canceled (shares)			3,854,664
Convert Class B (shares)			7,395,336
Common Class A (or, at each holder’s election, Class C ordinary shares)
Class of Stock [Line Items]
Exercise price of warrants (in usd per share)							$ 11.50
IPO
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (shares)					30,000,000
Private Placement
Class of Stock [Line Items]
Sale of stock, price per share (in usd per share)			$ 10
Private Placement | Common Class A (or, at each holder’s election, Class C ordinary shares)
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (shares)			15,000,000
Public Warrants | IPO
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (shares)					15,000,000
Number of securities called by each warrant (shares)					2
Forward Purchase Warrants | Private Placement
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (shares)			5,000,000
Number of securities called by each warrant (shares)			3
Private Placement Warrants | Common Class A
Class of Stock [Line Items]
Convert private placement warrants (shares)				742,926
Private Placement Warrants | Private Placement
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (shares)						8,000,000
Sale of stock, price per share (in usd per share)						$ 1
Number of warrants canceled (shares)				7,429,256
Threshold number of days after the closing of business combination to exercise (days)				30 days
Private Placement Warrants | Private Placement | Common Class A
Class of Stock [Line Items]
Number of securities called by each warrant (shares)				0.1
Shares subject to a $12.25 earn-out
Class of Stock [Line Items]
Business combination, earn out price (usd per share)							12.25	$ 12.25
Shares subject to a $12.25 earn-out | Common Class A
Class of Stock [Line Items]
Shares subject to earnout (shares)			157,500
Business combination, earn out price (usd per share)			$ 12.25
Threshold number of trading days price must remain above trigger price (days)			20 days
Trading period that price must remain above trigger price (days)			30 days
Shares subject to a $15.00 earn-out
Class of Stock [Line Items]
Business combination, earn out price (usd per share)							15	15
Shares subject to a $15.00 earn-out | Common Class A
Class of Stock [Line Items]
Shares subject to earnout (shares)			2,940,336
Business combination, earn out price (usd per share)			$ 15
Threshold number of trading days price must remain above trigger price (days)			20 days
Trading period that price must remain above trigger price (days)			30 days
Shares subject to a $12.50 earn-out
Class of Stock [Line Items]
Business combination, earn out price (usd per share)							$ 12.50	$ 12.50
Shares subject to a $12.50 earn-out | Common Class A (or, at each holder’s election, Class C ordinary shares)
Class of Stock [Line Items]
Shares subject to earnout (shares)			3,750,000
Business combination, earn out price (usd per share)			$ 12.50
Threshold number of trading days price must remain above trigger price (days)			20 days
Trading period that price must remain above trigger price (days)			30 days

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Common Stock Outstanding (Details) - $ / shares	Mar. 31, 2020	Dec. 31, 2019	Jun. 03, 2019	Mar. 31, 2019
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	70,863,540			995
Common Class A
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	64,352,247	64,293,741
Common Class C
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	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)	64,015,704			995
Shares outstanding not subject to an earn-out agreement | Common Class A
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	58,235,794
Shares outstanding not subject to an earn-out agreement | Common Class C
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	5,779,910
Shares subject to a $15.00 earn-out
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	2,940,336			0
Business combination, earn out price (usd per share)	$ 15			$ 15
Shares subject to a $15.00 earn-out | Common Class A
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	2,940,336
Business combination, earn out price (usd per share)			$ 15
Shares subject to a $15.00 earn-out | Common Class C
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	0
Shares subject to a $12.50 earn-out
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	3,750,000			0
Business combination, earn out price (usd per share)	$ 12.50			$ 12.50
Shares subject to a $12.50 earn-out | Common Class A
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	3,018,617
Shares subject to a $12.50 earn-out | Common Class C
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	731,383
Shares subject to a $12.25 earn-out
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	157,500			0
Business combination, earn out price (usd per share)	$ 12.25			$ 12.25
Shares subject to a $12.25 earn-out | Common Class A
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	157,500
Business combination, earn out price (usd per share)			$ 12.25
Shares subject to a $12.25 earn-out | Common Class C
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	0

Shareholders' Equity - Translat

Shareholders' Equity - Translation Adjustments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Equity [Abstract]
Translation adjustment	$ (4)	$ (3.4)

Earnings (Loss) per Share - Sch

Earnings (Loss) per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net loss	$ (3.6)	$ (3.4)
Income allocated to participating preferred shares	0	0
Net loss attributable to common stockholders for basic and diluted EPS	$ (3.6)	$ (3.4)
Basic weighted average common shares outstanding (shares)	70,862,576	995
Denominator adjustments for diluted EPS:
Assumed exercise of warrants (in shares)	0	0
Assumed vesting of RSUs (in shares)	0	0
Dilutive weighted average common shares outstanding (shares)	70,862,576	995
Loss per share attributable to common stockholders:
Loss per share attributable to common stockholders, basic (in usd per share)	$ (0.05)	$ (3,387.94)
Loss per share attributable to common stockholders, diluted (in usd per share)	$ (0.05)	$ (3,387.94)

Earnings (Loss) per Share - S_2

Earnings (Loss) per Share - Schedule of Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (shares)	21,423,392	0
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (shares)	20,108,744	0
Restricted Stock Units and Performance-based Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (shares)	1,314,648	0

- Narrative (Details)

- Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 03, 2019	Jun. 02, 2019	Mar. 31, 2020	Mar. 31, 2019
Related Party Transaction [Line Items]
Threshold number of trading days price must remain above trigger price (days)			20 days
Trading period that price must remain above trigger price (days)			30 days
One Madison Group LLC
Related Party Transaction [Line Items]
Related party transaction, fees			$ 100
Director
Related Party Transaction [Line Items]
Related party transaction, fees			$ 50
Rack Holdings Inc. | Rhone Capital IV L.P
Related Party Transaction [Line Items]
Percentage of projected annual EBITDA		1.00%
Shares subject to a $12.50 earn-out
Related Party Transaction [Line Items]
Business combination, earn out price (usd per share)			$ 12.50	$ 12.50
Shares subject to a $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 (days)	20 days
Trading period that price must remain above trigger price (days)	30 days
Shares subject to a $12.50 earn-out | Common Class A (or, at each holder’s election, Class C ordinary shares) | One Madison Group LLC
Related Party Transaction [Line Items]
Business combination, earn out price (usd per share)			$ 12.50
Common Stock | Shares subject to a $12.50 earn-out | Common Class A (or, at each holder’s election, Class C ordinary shares) | One Madison Group LLC
Related Party Transaction [Line Items]
Threshold number of trading days price must remain above trigger price (days)			20 days
Trading period that price must remain above trigger price (days)			30 days
Private Placement | Common Class A (or, at each holder’s election, Class C ordinary shares)
Related Party Transaction [Line Items]
Sale of stock, number of shares issued in transaction (shares)	15,000,000
Private Placement | Forward Purchase Warrants
Related Party Transaction [Line Items]
Sale of stock, number of shares issued in transaction (shares)	5,000,000
Private Placement | Forward Purchase Warrants | One Madison Group LLC
Related Party Transaction [Line Items]
Sale of stock, number of shares issued in transaction (shares)			5,000,000