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Discontinued Operations | 9 Months Ended
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Oct. 01, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations Our Superform aluminum superplastic forming business operating in the U.S. was 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 this business as discontinued operations in the Condensed Consolidated Statements of Income for all periods presented. We expect the sale of our Superform business to occur within the next 12 months. The assets and liabilities of the Superform business have been presented within assets held-for-sale and liabilities held-for-sale in the consolidated balance sheets for 2023 and 2022. Results of discontinued operations in the first nine months of 2023 and 2022 were as follows:
|  | Third Quarter |  | Year-to-date |
| In millions | 2023 |  | 2022 |  |  | 2023 |  | 2022 |
| Net sales | $ | 1.9 |  |  | $ | 1.8 |  |  |  | $ | 6.1 |  |  | $ | 5.5 |  |
| Cost of goods sold | (1.4) |  |  | (1.7) |  |  |  | (5.0) |  |  | (4.9) |  |
| Gross profit | 0.5 |  |  | 0.1 |  |  |  | 1.1 |  |  | 0.6 |  |
| Selling, general and administrative expenses | (0.3) |  |  | (0.1) |  |  |  | (1.0) |  |  | (0.5) |  |
| Restructuring credit / (charge) | 0.1 |  |  | — |  |  |  | (0.1) |  |  | (0.3) |  |
| Acquisition and disposal related costs | — |  |  | (0.7) |  |  |  | — |  |  | (0.9) |  |
| Operating income / (loss) | 0.3 |  |  | (0.7) |  |  |  | — |  |  | (1.1) |  |
| Tax (charge) / credit | (0.1) |  |  | 0.2 |  |  |  | — |  |  | 0.2 |  |
| Net income / (loss) | $ | 0.2 |  |  | $ | (0.5) |  |  |  | $ | — |  |  | $ | (0.9) |  |
9. Discontinued Operations (continued) The assets and liabilities classified as held-for-sale related to discontinued operations were as follows:
| Held-for-sale assets | October 1, |  | December 31, |
| In millions | 2023 |  | 2022 |
| Inventory | $ | 3.3 |  |  | $ | 2.7 |  |
| Accounts and other receivables | 2.3 |  |  | 2.7 |  |
| Current assets | 5.6 |  |  | 5.4 |  |
| Right-of-use-assets | 2.3 |  |  | 2.7 |  |
| Held-for-sale assets | $ | 7.9 |  |  | $ | 8.1 |  |
| Held-for-sale liabilities |  |  |  |
| Accounts payable | $ | 1.0 |  |  | $ | 0.8 |  |
| Accrued liabilities | 0.4 |  |  | 0.2 |  |
| Other liabilities | 0.2 |  |  | 1.0 |  |
| Operating lease liability | 2.6 |  |  | 3.0 |  |
| Held-for-sale liabilities | $ | 4.2 |  |  | $ | 5.0 |  |
Also included within assets held-for-sale in 2023 and 2022 are land and buildings valued at $1.2 million, within our Elektron Segment. There was no depreciation and amortization, capital expenditures or significant non-cash items. 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.

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- 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 -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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