Discontinued Operations

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Our Superform aluminum superplastic forming business, which operated 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 in 2020, we have reflected the results of operations of these businesses as discontinued operations in the Consolidated Statements of Income for all periods presented.

Our U.S. aluminum gas cylinder business was sold in March 2021 for $20.2 million, net of working capital adjustments. The Company recognized a gain on disposition, net of tax, of $7.1 million.

In September 2021, our Superform U.K. business was sold for $4.0 million, net of working capital adjustments. The Company recognized a loss on disposition, net of tax, of $0.5 million.

We expect our Superform U.S. business to be sold within the next twelve months.

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 at December 31, 2021, and December 31, 2020. The Company recognized a $1.5 million impairment charge relating to plant and equipment held in our Superform U.S. business reflecting updated expectations of fair market value.

7. Discontinued operations (continued)

Results of discontinued operations were as follows:


In millions	2021		2020		2019
Net sales	$	20.9	$	53.2	$	70.1
Cost of goods sold	(21.8)		(51.5)		(65.8)
Gross (loss) / profit	(0.9)		1.7		4.3
Selling, general and administrative expenses	(2.9)		(5.8)		(5.3)
Restructuring charges	(1.0)		(0.1)		(0.1)
Impairment charges	(1.5)		—		(5.2)
Other income	—		3.4		—
Operating loss	(6.3)		(0.8)		(6.3)
Net interest expense	—		—		(0.2)
Net loss before income taxes	(6.3)		(0.8)		(6.5)
Provision for income taxes	(0.4)		—		0.9
Net loss	$	(6.7)	$	(0.8)	$	(5.6)

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


In millions	December 31, 2021		December 31, 2020
Accounts and other receivables	$	2.1	$	8.7
Inventories	2.7		12.6

Current assets	4.8		21.3

Property, plant and equipment	—		7.9
Right-of-use assets	—		3.1

Total assets	$	4.8	$	32.3

Accounts payable	0.5		4.3
Accrued liabilities	0.1		1.5
Other current liabilities	0.8		1.5
Current liabilities	1.4		7.3

Other non-current liabilities	—		4.1
Total liabilities	$	1.4	$	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 operating non-cash items were as follows:


In millions	2021		2020		2019
Non-cash add-backs to cash flows from discontinued operating activities:
Depreciation	$	0.5	$	1.1	$	1.1
Impairment charges	1.5		—		5.2

Cash flows from discontinued investing activities:
Capital expenditures	$	0.1	$	0.3	$	0.8

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