Other Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Other Assets

Other current assets are summarized as follows:

	December 31, 2020		December 31, 2019
Prepaid expenses	16.3		19.3
Income tax receivable(1)	315.3		74.2
Other assets- short term	4.7		5.2
Total other current assets	$	336.3	$	98.7

Other assets are summarized as follows:

	December 31, 2020		December 31, 2019
Deferred financing
Deferred financing costs	0.9		41.7
Less: Accumulated amortization-deferred financing costs	(0.5)		(36.9)
Deferred financing costs, net	0.4		4.8
Other
Supply agreements (2)	11.4		11.5
Equity in net assets of affiliates	3.1		7.7
Restricted cash - collateral requirements	19.5		16.4
Other	49.2		36.4
Total	$	83.6	$	76.8

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(1) Increase in income tax receivable expected to be received within 12 months and is an increase over the prior year as a result of the carryback provisions included in the CARES Act.

(2) Certain payments accounted for as consideration paid by the Company to a customer are being amortized as reductions to net revenues.

Goodwill Disclosure

Goodwill is summarized as follows:

	December 31, 2020	December 31, 2019
Goodwill(1) (2)	565.3	2.4

(1) The acquisition of Fiber Materials Inc. ("FMI") on January 10, 2020 resulted in the establishment of $76.0 goodwill.

(2) The Bombardier Acquisition (as defined below) on October 30, 2020 resulted in the establishment of 486.8 of goodwill. See also Note 29, Acquisitions, as of December 31, 2020, given the preliminary nature of the Bombardier Acquisition purchase price allocation, the Company has not yet allocated goodwill to the relevant reportable segments.

The balance of goodwill by reportable segment as of December 31, 2020, excluding that noted above as resulting from the Bombardier Acquisition, is $42.9 for the Fuselage Systems segment, $33.1 for the Propulsion Systems segment, and $2.5 for the Wing Systems segment. The goodwill balance as of December 31, 2019 of $2.4 is allocated to the Wing Systems segment.

The change in value from December 31, 2019 to December 31, 2020 for the Wing Systems segment goodwill item, noted above, reflects net exchange differences arising during the period.

The total goodwill value includes no accumulated impairment loss in any of the periods presented. The Company assesses goodwill for impairment annually as of the first day of the fourth quarter or more frequently if events or circumstances indicate that the fair value of a reporting unit that includes goodwill may be lower than its carrying value. We test goodwill for impairment by performing a qualitative assessment or quantitative test at the reporting unit level. In performing a qualitative assessment, we evaluate company-specific, market and industry, economic, and other relevant factors that may impact the fair value of our reporting units or the carrying value of the net assets of the respective reporting unit. If we determine that it is more likely than not that the carrying value of the net assets is more than the fair value of the respective reporting unit, then a quantitative test is performed. Where the quantitative test is used, we compare the carrying value of net assets to the estimated fair value of the respective reporting unit. If the fair value is determined to be less than carrying value, a goodwill impairment loss is recognized for the amount that the carrying amount of the reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit.