Business Combinations (Tables)

12 Months Ended

Dec. 31, 2015

The following table reflects the activity associated with goodwill during the year ended December 31, 2015:

(In millions)	RANA		RAEU			Total
Balance, December 31, 2014	$	—	$	—		$	—
Acquisition of Real Alloy		95.4		9.2			104.6
Currency translation adjustments		—		(0.3	)		(0.3	)
Balance, December 31, 2015	$	95.4	$	8.9		$	104.3

Schedule of Purchase Price Allocation

The following tables provide summary information about the purchase consideration, identifiable assets acquired, liabilities assumed, and goodwill.

(In millions)
Purchase consideration:
Cash paid at closing	$	501.2
Fair value of Redeemable Preferred Stock issued		19.6
Initial working capital adjustment		31.3
Final working capital adjustment		2.4
Total purchase consideration	$	554.5

Purchase price allocation:
Assets:
Cash	$	10.2
Trade accounts receivable		150.1
Inventories		157.7
Property, plant and equipment		311.7
Deferred income taxes		0.7
Prepaid expenses, supplies, and other current assets		19.9
Identifiable intangible assets		17.0
Total assets		667.3
Liabilities:
Trade payables		112.4
Accrued liabilities		26.9
Accrued pension benefits		46.0
Environmental liabilities		12.1
Noncurrent asset retirement obligations		5.9
Deferred income taxes		7.5
Other		6.6
Total liabilities		217.4
Estimated fair value of net assets acquired	$	449.9

Total purchase consideration	$	554.5
Estimated fair value of net assets acquired		449.9
Goodwill	$	104.6

Summary of Estimated Fair Value of Property Plant and Equipment

The following table presents the components of property, plant and equipment, net as of December 31, 2015 and 2014:

	December 31,
(In millions)	2015				2014
Land and improvements	$	65.5		$	—
Buildings and improvements		58.4			0.1
Machinery, equipment, furniture and fixtures		201.7			0.1
Construction work in progress		6.2			—
Property, plant and equipment		331.8			0.2
Accumulated depreciation		(30.3	)		(0.1	)
Property, plant and equipment, net	$	301.5		$	0.1

Summary of Assumptions Used to Measure Accrued Pension Benefits

The following assumptions were utilized to measure accrued pension benefits as of the acquisition date:

Discount rate	1.7	%
Rate of compensation increase	3.0	%
Pension increase	1.8	%
Turnover	2.0	%

Summary of Selected Unaudited Pro forma Results of Operations

The following selected unaudited pro forma results of operations of the Company for the years ended December 31, 2015 and 2014, give effect to this business combination as though the transaction occurred on January 1, 2014:

	Year Ended December 31,
(In millions)		2015			2014
Total revenues:
As reported	$	1,145.6		$	2.1
Pro forma		1,382.6			1,523.4
Loss from continuing operations before income taxes:
As reported	$	(40.8	)	$	(8.5	)
Pro forma		(22.8	)		(53.6	)

Real Alloy Acquisition

Business Acquisition [Line Items]

Schedule of Changes in Goodwill

The changes to goodwill during the year ended December 31, 2015 from our initial preliminary purchase price allocation are reflected in the following table:

(In millions, before currency translation adjustments)
Balance, December 31, 2014	$	—
Preliminary purchase price allocation for the Real Alloy Acquisition reported as of March 31, 2015		102.3
Adjustments to preliminary purchase price allocation recorded in the measurement period		2.3
Balance, December 31, 2015	$	104.6

Summary of Estimated Fair Value of Property Plant and Equipment

The fair value of property, plant and equipment acquired was estimated as follows:

(In millions)	Estimated Fair Value
Land and improvements	$	62.9
Buildings and improvements		56.6
Machinery, equipment, furniture and fixtures		181.9
Construction work in progress		10.3
Property, plant and equipment	$	311.7