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Business Combinations, Goodwill and Intangible Assets (Tables) | 9 Months Ended
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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 | )

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