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Business Combinations, Goodwill and Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2021
Business Combinations Goodwill And Intangible Assets Disclosure [Abstract] |
Schedule of Purchase Consideration | The following table presents the purchase consideration to allocate (in millions of dollars):
Contract purchase price |  | $ | 670.0 |
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 |
Estimated post-close adjustments |  |  | (12.7 | )
Preliminary purchase consideration to allocate |  |  | 604.8 |
Revision to estimated post-close adjustments |  |  | 4.4 |
Final purchase consideration to allocate |  | $ | 609.2 |
Summary of Finalized Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the finalized fair values of assets acquired and liabilities assumed (in millions of dollars):
|  | Initial Allocation |  |  | Adjustments |  |  | Final Allocation |
Trade receivables |  | $ | 162.4 |  |  | $ | (2.4 | ) |  | $ | 160.0 |
Other receivables |  |  | 6.2 |  |  |  | 4.8 |  |  |  | 11.0 |
Inventories |  |  | 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 |
Goodwill1 |  |  | 27.4 |  |  |  | (6.9 | ) |  |  | 20.5 |
Other Assets2 |  |  | — |  |  |  | 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 | )
Total allocated purchase consideration |  | $ | 604.8 |  |  | $ | 4.4 |  |  | $ | 609.2 |
1 | Goodwill is primarily attributable to the assembled workforce and is expected to be deductible for income tax purposes.
2 | Other assets represents assets to be purchased or constructed by Alcoa Corporation (“Alcoa”) following the close of the acquisition and subsequently conveyed to us in connection with separating the rolling mill from the other businesses retained by Alcoa.
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.
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |
Net sales |  | $ | 2,936.8 |  |  | $ | 2,256.3 |
Net income (loss) |  | $ | 0.8 |  |  | $ | (35.7 | )
Schedule of Goodwill | The following table presents the changes in the carrying value of our goodwill (in millions of dollars):
|  | As of December 31, |
|  | 2021 |  |  | 2020 |
Gross carrying value: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 37.2 |  |  | $ | 37.2 |
Warrick acquisition |  |  | 20.5 |  |  |  | — |
Ending balance |  |  | 57.7 |  |  |  | 37.2 |
Accumulated impairment loss |  |  | (18.4 | ) |  |  | (18.4 | )
Net carrying value |  | $ | 39.3 |  |  | $ | 18.8 |
Schedule of Gross Carrying Amount and Accumulated Amortization By Major Intangible Asset Class | The following table presents the gross carrying amount and accumulated amortization by major intangible asset class (in millions of dollars, except amortization periods):
|  | Weighted- Average Amortization Period (in years) |  |  | Gross Amount |  |  | Accumulated Amortization |  |  | Intangible Assets, Net |
As of December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships1 |  |  | 19 |  |  | $ | 68.1 |  |  | $ | (17.8 | ) |  | $ | 50.3 |
Trade name |  |  | 10 |  |  |  | 2.4 |  |  |  | (0.8 | ) |  |  | 1.6 |
Non-compete agreement |  |  | 5 |  |  |  | 5.4 |  |  |  | (3.5 | ) |  |  | 1.9 |
Favorable commodity contracts2 |  |  | 2 |  |  |  | 11.0 |  |  |  | (4.1 | ) |  |  | 6.9 |
Favorable lease contracts2 |  |  | 120 |  |  |  | 7.0 |  |  |  | — |  |  |  | 7.0 |
Total |  |  |  |  |  | $ | 93.9 |  |  | $ | (26.2 | ) |  | $ | 67.7 |
As of December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  |  | 24 |  |  | $ | 36.1 |  |  | $ | (14.2 | ) |  | $ | 21.9 |
Trade name |  |  | 10 |  |  |  | 2.4 |  |  |  | (0.6 | ) |  |  | 1.8 |
Non-compete agreement |  |  | 5 |  |  |  | 5.4 |  |  |  | (2.4 | ) |  |  | 3.0 |
Total |  |  |  |  |  | $ | 43.9 |  |  | $ | (17.2 | ) |  | $ | 26.7 |
1 | Of the total acquired customer relationships, $32.0 million was purchased in conjunction with the Warrick acquisition and had a weighted average amortization period of 12 years.
2 | The favorable lease and commodity contracts were purchased in conjunction with the Warrick acquisition.
Schedule of Expected Amortization of Intangible Assets | The following table presents the expected amortization of intangible assets for each of the next five calendar years and thereafter as of December 31, 2021 (in millions of dollars):
2022 |  | $ | 12.4 |
2023 |  |  | 5.3 |
2024 |  |  | 4.5 |
2025 |  |  | 4.5 |
2026 |  |  | 4.5 |
Thereafter |  |  | 36.5 |
Total |  | $ | 67.7 |

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