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Acquisitions
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
Acquisitions ACQUISITIONS
The pro-forma impacts on our results of operations, including the pro-forma effect of events that are directly attributable to the following acquisitions, were not significant.
Acquisition of U-POL Holdings Limited
On September 15, 2021, we completed the acquisition of U-POL Holdings Limited ("U-POL") for an aggregate cash purchase price of $619.8 million. The acquisition of U-POL, a leading supplier of paint, protective coatings and accessories primarily for the automotive aftermarket, strengthens Axalta's global refinish leadership position and supports its broader growth strategy. The results of the business are reported within our Performance Coatings segment. The U-POL acquisition was recorded as a business combination under ASC 805, "Business Combinations," with identifiable assets acquired and liabilities assumed recorded at their estimated fair values as of the acquisition date.
At December 31, 2021, we have not finalized the purchase accounting related to the U-POL acquisition and these amounts represent preliminary values. The allocation of the purchase price may be modified up to one year from the closing date of the acquisition as more information is obtained about the fair value of assets acquired and liabilities assumed. The purchase price was allocated as follows:
September 15, 2021 (As initially reported)Measurement Period AdjustmentsSeptember 15, 2021 (Adjusted)
Cash$23.7 $— $23.7 
Accounts and notes receivable, net22.5 — 22.5 
Inventories23.3 — 23.3 
Prepaid expenses and other current assets, net3.2 — 3.2 
Property, plant and equipment, net16.5 (0.1)16.4 
Identifiable intangible assets273.0 1.0 274.0 
Other assets2.0 — 2.0 
Accounts payable(20.9)— (20.9)
Other accrued liabilities(3.9)(0.2)(4.1)
Other liabilities(0.9)— (0.9)
Deferred income taxes(68.4)(0.5)(68.9)
Net assets before goodwill from acquisition270.1 0.2 270.3 
Goodwill from acquisition349.7 (0.2)349.5 
Net assets acquired$619.8 $— $619.8 
Goodwill was recognized as the excess of the purchase price over the net identifiable assets recognized. The goodwill is primarily attributed to the assembled workforce and the anticipated future economic benefits and is allocated to our refinish reporting unit. The goodwill recognized at December 31, 2021 is not deductible for income tax purposes.
We incurred and expensed acquisition-related transaction costs for the U-POL acquisition of $8.8 million, which is included within other operating charges on the consolidated statements of operations for the year ended December 31, 2021.
The fair value associated with definite-lived intangible assets was $274.0 million, comprised of $29.0 million in developed technology, $35.0 million in trademarks and $210.0 million in customer relationships. The definite-lived intangible assets will be amortized over an average term of 17.4 years. The measurement period adjustment impacting identified intangible assets related to a change in the royalty rate assumption used for the valuation of the developed technology intangible asset.
Other Acquisitions
During April 2021, we acquired a producer of wire enamels used in a range of consumer electronics, electric vehicle and industrial applications, based in China. The acquisition was accounted for as a business combination within our industrial end-market and Performance Coatings segment. The overall impacts to our consolidated financial statements were not considered material as of and for the year ended December 31, 2021. As of December 31, 2021, we have not yet finalized the purchase accounting related to the acquisition and the amounts recorded represent preliminary values. We expect to finalize our purchase accounting during the measurement period which will be no later than one year following the acquisition date.