Discontinued Operations

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued operations

Our Superform aluminum superplastic forming business operating from sites in the U.S. and the U.K, and our U.S. aluminum gas cylinder business were historically included in the Gas Cylinders segment. As a result of our decision to exit non-strategic aluminum product lines, we have reflected the results of operations of these businesses as discontinued operations in the Consolidated Statements of Income for all periods presented. We expect the sale of these businesses to occur in 2021.

The assets and liabilities of the above businesses have been presented within Current assets held-for-sale and Current liabilities held-for-sale in the consolidated balance sheets. As the businesses met the criteria for held-for-sale and discontinued operations, the balance sheet at December 31, 2019 has also been adjusted to reflect the the assets and liabilities as held-for-sale. The Company has determined that the carrying value of the held-for-sale assets is recoverable and as a result no loss allowances have been recognized.

Results of discontinued operations were as follows:


In millions	2020		2019		2018
Net sales	$	53.2	$	70.1	$	86.0
Cost of goods sold	(51.5)		(65.8)		(81.8)
Gross profit	$	1.7	$	4.3	$	4.2
Selling, general and administrative expenses	(5.8)		(5.3)		(6.3)
Restructuring charges	(0.1)		(0.1)		(0.2)
Impairment charges	—		(5.2)		(1.3)
Other income	3.4		—		—
Operating loss	$	(0.8)	$	(6.3)	$	(3.6)
Net interest expense	$	—	$	(0.2)	$	(0.1)
Net loss before income taxes	$	(0.8)	$	(6.5)	$	(3.7)
Provision for income taxes	$	—	$	0.9	$	1.0
Net loss	$	(0.8)	$	(5.6)	$	(2.7)

The assets and liabilities classified as held-for-sale were as follows:


In millions	December 31, 2020		December 31, 2019
Accounts and other receivables	$	8.7	$	13.5
Inventories	12.6		16.9

Current assets	21.3		30.4

Property, plant and equipment	7.9		8.7
Right-of-use assets	3.1		3.8
Other non-current assets
Total assets	$	32.3	$	42.9

Accounts payable	$	4.3	$	6.2
Accrued liabilities	1.5		1.6
Other current liabilities	1.5		0.6
Current liabilities	$	7.3	$	8.4

Other non-current liabilities	$	4.1	$	4.5
Total liabilities	$	11.4	$	12.9

Also included within assets held-for-sale in 2020 and 2019 is one building valued at $3.7 million, within our Elektron Segment. In 2019 there was also inventory valued at $0.2 million in relation to one of our operations within our Gas Cylinders Segment, see Note 9.

7. Discontinued operations (continued)

The depreciation and amortization, capital expenditures and significant operating noncash items were as follows:


In millions	2020		2019		2018
Cash flows from discontinued operating activities:
Depreciation	$	1.1	$	1.1	$	1.1
Impairment charges	—		5.2		1.3

Cash flows from discontinued investing activities:
Capital expenditures	$	0.3	$	0.8	$	0.7

Cash balances are swept into the treasury entities at the end of each day, these sweeps are recorded within operating cash flows in the statements of cash flows.