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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Intangible Assets and Goodwill

Other intangible assets are measured initially at cost, or where acquired in a business combination at fair value, and are amortized on a straight-line basis over their estimated useful lives as shown in the table below.


			Customer relationships			10 - 15 years
			Technology and trading related			5 - 25 years

Schedule of Investments in Affiliates

The company owns interest in the following affiliate:

Name of company

Country of
incorporation

Holding

Proportion of voting rights and shares held

Classification

Consolidation method

Nikkei-MEL Co. Limited

Japan

Ordinary shares

50%

Joint venture

Equity method

Schedule of Property, Plant and Equipment Useful Life

The estimated useful lives is summarized as follows:


			Freehold buildings			10 - 33 years
			Leasehold land and buildings			The lesser of life of lease or freehold rate
			Machinery and equipment			3 - 25 years
			Including:
			Heavy production equipment (including casting, rolling, extrusion and press equipment)			20 - 25 years
			Chemical production plant and robotics			7 - 10 years
			Other production machinery			5 - 10 years
			Furniture, fittings, storage and equipment			3 - 10 years
			Computer software			4 - 7 years

Financing Receivable, Allowance for Credit Loss

The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected.


In millions	2020
Balance at January 1,	$	1.3
Adoption of ASU 2016-13, cumulative-effect for changes for adoption of credit loss guidance	—
Recoveries for expected credit losses	(0.7)
Other, including foreign currency translation	(0.1)
Balance at December 31,	$	0.5