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Segment and Geographic Information
12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Segment and Geographic Information

Note 7 Segment and Geographic Information

In accordance with ASC 280, Segment Reporting (“ASC 280”), we determined we have two operating segments which are aggregated into one reportable segment, Ranpak. The chief operating decision maker assesses the Company’s performance and allocates resources based on the Company’s consolidated financial information. The aggregation of the two operating segments is based on the Company’s determination that, per ASC 280, the operating segments have similar economic characteristics, and are similar in all of the following areas: the nature of products and services, the nature of production processes, the type or class of customer for their products or services, and the methods used to distribute their products or provide their services. In addition, the operating segments were aggregated for purposes of determining whether segments meet the quantitative threshold for separate reporting.

We attribute revenue and gross profit to individual countries based on the selling location. Our products are primarily sold from North America and Europe. As previously noted, segment gross profit includes certain depreciation and amortization expenses that are included in cost of goods sold:

 

 

 

 

 

 

 

 

 

Successor

 

 

 

Predecessor

 

 

 

Year Ended December 31,

 

 

June 3, 2019 –

 

 

 

January 1, 2019

 

 

 

2021

 

 

2020

 

 

December 31, 2019

 

 

 

– June 2, 2019

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

146.9

 

 

$

127.4

 

 

$

81.8

 

 

 

$

50.1

 

Europe/Asia

 

 

237.0

 

 

 

170.8

 

 

 

81.3

 

 

 

 

56.3

 

Net revenue

 

 

383.9

 

 

 

298.2

 

 

 

163.1

 

 

 

 

106.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment gross profit

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

53.9

 

 

 

50.7

 

 

 

33.6

 

 

 

 

21.4

 

Europe/Asia

 

 

95.0

 

 

 

71.9

 

 

 

32.1

 

 

 

 

23.8

 

Gross profit

 

 

148.9

 

 

 

122.6

 

 

 

65.7

 

 

 

 

45.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses excluded from segment gross profit

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

98.3

 

 

 

72.5

 

 

 

37.7

 

 

 

 

23.8

 

Transaction costs

 

 

-

 

 

 

2.2

 

 

 

0.3

 

 

 

 

7.4

 

Depreciation and amortization expense

 

 

35.0

 

 

 

31.5

 

 

 

17.2

 

 

 

 

17.7

 

Other operating expense, net

 

 

3.4

 

 

 

4.7

 

 

 

2.4

 

 

 

 

2.2

 

Interest expense

 

 

22.4

 

 

 

30.2

 

 

 

27.3

 

 

 

 

20.2

 

Foreign currency (gain) loss

 

 

(5.3

)

 

 

6.1

 

 

 

0.7

 

 

 

 

(2.2

)

Loss before income tax benefit

 

$

(4.9

)

 

$

(24.6

)

 

$

(19.9

)

 

 

$

(23.9

)

 

Our customers are not concentrated in any specific geographic region. During 2021, 2020, and the 1H 2019 Predecessor Period, no customers exceeded 10% of net revenue. During the Successor Period, one customer accounted for approximately 10.0% of net revenue.

The following table presents our long-lived assets by segment and geographic location:

 

 

 

December 31, 2021

 

 

December 31, 2020

 

North America

 

$

62.1

 

 

$

59.4

 

Europe/Asia

 

 

64.2

 

 

 

65.0

 

Total long-lived assets

 

$

126.3

 

 

$

124.4