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Acquisition of Jamalco (Tables)

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the consideration transferred and the estimated fair value of identified assets acquired, liabilities assumed and noncontrolling interest at the date of acquisition:

Preliminary purchase price allocation						Amount
Consideration transferred
Cash paid						$	8.3
Total consideration transferred						$	8.3
Less: identifiable assets acquired and liabilities assumed
Cash and cash equivalents						$	19.4
Restricted cash						8.3
Inventories						93.4
Accounts receivable - net						8.0
Prepaid and other current assets						7.8
Property, plant and equipment - net						250.9
Other assets						28.0
Accounts payable, trade						(92.9)
Accrued and other current liabilities						(33.9)
Other liabilities						(24.5)
Asset retirement obligations						(36.5)
Total identifiable net assets acquired						228.0
Less: noncontrolling interest						(58.1)
Deferred credit - preliminary bargain purchase gain						(161.6)
Fair value allocated to net assets acquired, net of bargain purchase gain						$	8.3

Schedule of Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information reflects the results of operations of the Company for the three and nine months ended September 30, 2023 and 2022, respectively, as if the acquisition of Jamalco had been completed on January 1, 2022. This unaudited pro forma financial information has been prepared for informational purposes and is not necessarily indicative of the actual consolidated results of operations had the acquisition been completed on January 1, 2022, nor is the information indicative of future results of operations of the combined companies.

						Three months ended September 30,												Nine months ended September 30,
						2023						2022						2023						2022
Revenue						$	545.2					$	649.5					$	1,722.8					$	2,259.6
Earnings						$	(42.0)					$	40.7					$	(77.0)					$	103.1

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-SubTopic 10
-Topic 805
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479328/805-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
-SubTopic 10
-Topic 805
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479328/805-10-50-2

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- References

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X

- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479907/805-20-50-1

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