Business Combinations, Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2021

Business Combinations Goodwill And Intangible Assets [Abstract]

Schedule of Preliminary Purchase Consideration

The preliminary purchase consideration to allocate was determined as follows (in millions of dollars):

Contract purchase price	$	670.0
Preliminary working capital adjustment		31.0
Initial outstanding indebtedness – Other postretirement benefits liabilities		(83.5	)
Cash paid at acquisition close on March 31, 2021		617.5
Cash received for post-close adjustments		(8.3	)
Total purchase consideration to allocate	$	609.2

Summary of Preliminary Fair Value of Assets Acquired and Liabilities Assumed as of Acquisition Date

The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the acquisition date as well as adjustments made up to September 30, 2021 (in millions of dollars):

	Initial Allocation			Adjustments			Updated Allocation
Trade receivables	$	162.4		$	(2.4	)	$	160.0
Other receivables		6.2			4.8			11.0
Inventories, including step up		209.0			0.1			209.1
Prepaid expenses and other current assets		—			0.3			0.3
Property, plant and equipment		385.4			(41.7	)		343.7
Operating lease assets		12.3			—			12.3
Intangible assets		56.5			(6.5	)		50.0
Goodwill		27.4			(6.9	)		20.5
Other Assets		—			56.8			56.8
Accounts payable		(143.0	)		(0.2	)		(143.2	)
Accrued salaries, wages and related expenses		(5.9	)		(1.0	)		(6.9	)
Other accrued liabilities		(11.5	)		0.9			(10.6	)
Long-term portion of operating lease liabilities		(8.7	)		—			(8.7	)
Pension and other postretirement benefits		(83.7	)		0.2			(83.5	)
Long-term liabilities		(1.6	)		—			(1.6	)
Preliminary allocated purchase consideration	$	604.8		$	4.4		$	609.2

Components of Acquired Intangible Assets and Estimated Useful Lives

Intangible Assets. The following table presents the components of acquired intangible assets and their estimated useful lives (in millions of dollars):

	Useful Life (in years)		Fair Value
Favorable lease contract		120	$	7.0
Favorable commodity contracts		2		11.0
Customer relationships		12		32.0
Total			$	50.0

Schedule of Goodwill

The following table presents the changes to goodwill during the nine months ended September 30, 2021 (in millions of dollars):

	Gross Carrying Value		Accumulated Impairment Loss			Net Carrying Value
Balance as of December 31, 2020	$	37.2	$	(18.4	)	$	18.8
Warrick acquisition		20.5		—			20.5
Balance as of September 30, 2021	$	57.7	$	(18.4	)	$	39.3

Unaudited Proforma Information of Consolidated Results of Operations

The unaudited pro forma information presented below is for informational purposes only and is not necessarily indicative of our consolidated results of operations of the consolidated business had the acquisition occurred at the beginning of fiscal year 2020 or of the results of our future operations of the consolidated business

	Quarter Ended September 30,					Nine Months Ended September 30,
	2021			2020		2021			2020
Net sales	$	750.6		$	534.3	$	2,130.4		$	1,703.7
Net (loss) income	$	(2.8	)	$	1.9	$	(1.2	)	$	(44.2	)