XML 29 R18.htm IDEA: XBRL DOCUMENT
v3.21.1

Discontinued Operations | 3 Months Ended
--- | ---
Mar. 28, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | 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 Condensed Consolidated Statements of Income for all periods presented. Our U.S. aluminum business was sold in March 2021 and we expect the sales of our Superform businesses to occur in 2021. The assets and liabilities of the Superform businesses have been presented within Current assets held-for-sale and Current liabilities held-for-sale in the consolidated balance sheets for 2021 and 2020 and our U.S. aluminum business in 2020. 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:
|  | First Quarter |
| In millions | 2021 |  | 2020 |  |
| Net sales | $ | 9.7 |  |  | $ | 15.4 |  |  |
| Cost of goods sold | (10.1) |  |  | (15.0) |  |  |
| Gross profit | $ | (0.4) |  |  | $ | 0.4 |  |  |
| Selling, general and administrative expenses | (1.4) |  |  | (1.4) |  |  |
| Operating loss | $ | (1.8) |  |  | $ | (1.0) |  |  |
| Tax credit | 0.2 |  |  | — |  |  |
| Net loss | $ | (1.6) |  |  | $ | (1.0) |  |  |
In the First Quarter of 2021, the Company made a $7.5 million gain on the sale of the U.S. aluminum business, net of a $2.0 million tax charge.
|  | First Quarter |
| In millions | 2021 |
| Cash consideration received | $ | 21.0 |  |
| Less |  |
| Net assets sold | (11.5) |  |
| Gross gain on disposition | 9.5 |  |
| Tax expense | (2.0) |  |
| Net gain on disposition | $ | 7.5 |  |
The assets and liabilities classified as held-for-sale related to discontinued operations were as follows:
| Held-for-sale assets | March 28, |  | December 31, |
| In millions | 2021 |  | 2020 |
| Property, plant and equipment | $ | 1.4 |  |  | $ | 7.9 |  |
| Right-of-use-assets from operating leases | 2.9 |  |  | 3.1 |  |
| Inventory | 6.3 |  |  | 12.6 |  |
| Accounts and other receivables | 6.4 |  |  | 8.7 |  |
| Held-for-sale assets | $ | 17.0 |  |  | $ | 32.3 |  |
| Held-for-sale liabilities |  |  |  |
| Accounts payable | 2.9 |  |  | 4.3 |  |
| Accrued liabilities | 1.1 |  |  | 1.5 |  |
| Other current liabilities | 3.3 |  |  | 5.6 |  |
| Held-for-sale liabilities | $ | 7.3 |  |  | $ | 11.4 |  |
Also included within assets held-for-sale in 2021 and 2020 is one building valued at $3.7 million, within our Elektron Segment. The depreciation and amortization, capital expenditures and significant non-cash items were as follows:
|  | First Quarter |
| In millions | 2021 |  | 2020 |  |
| Cash flows from discontinued operating activities: |  |  |  |  |
| Depreciation | $ | 0.2 |  |  | $ | 0.3 |  |  |
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.

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration