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Discontinued Operations | 12 Months Ended
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Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued operations | Discontinued operations 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, 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 our Superform U.S. business to be sold within the next twelve months. 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. In 2022, the Company recognized impairment and disposal-related costs of $2.6 million and $2.0 million respectively, in relation to the previous dispositions which occurred in 2021. In 2023, the Company recognized a disposal-related credit of $0.2 million, in relation to a previously impaired asset from the previous dispositions which occurred in 2021. The assets and liabilities of the above businesses have been presented within C urrent assets held-for-sale and C urrent liabilities held-for-sale in the Consolidated Balance Sheets at December 31, 2023, and December 31, 2022. In 2021, 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 |  | 2023 |  | 2022 |  | 2021 |
| Net sales |  | $ | 8.2 |  |  | $ | 7.7 |  |  | $ | 20.9 |  |
| Cost of goods sold |  | (6.4) |  |  | (6.9) |  |  | (21.8) |  |
| Gross profit / (loss) |  | 1.8 |  |  | 0.8 |  |  | (0.9) |  |
| Selling, general and administrative expenses |  | (1.7) |  |  | (0.9) |  |  | (2.9) |  |
| Restructuring charges |  | (0.2) |  |  | (0.3) |  |  | (1.0) |  |
| Acquisition and disposal credit / (costs) |  | 0.2 |  |  | (2.0) |  |  | — |  |
| Impairment charges |  | — |  |  | (2.6) |  |  | (1.5) |  |
| Income / (loss) before income taxes |  | 0.1 |  |  | (5.0) |  |  | (6.3) |  |
| Provision for income taxes |  | 0.6 |  |  | (0.1) |  |  | (0.4) |  |
| Income / (loss) after income taxes |  | 0.7 |  |  | (5.1) |  |  | (6.7) |  |
| Net gain on disposition of discontinued operations |  | — |  |  | — |  |  | 6.6 |  |
| Net income / (loss) |  | $ | 0.7 |  |  | $ | (5.1) |  |  | $ | (0.1) |  |
The assets and liabilities classified as held-for-sale were as follows:
| In millions | December 31, 2023 |  | December 31, 2022 |
| Accounts and other receivables | $ | 2.3 |  |  | $ | 2.7 |  |
| Inventories | 3.3 |  |  | 2.7 |  |
| Current assets | 5.6 |  |  | 5.4 |  |
| Right-of-use assets | 2.1 |  |  | 2.7 |  |
| Total assets | $ | 7.7 |  |  | $ | 8.1 |  |
| Accounts payable | 0.9 |  |  | 0.8 |  |
| Accrued liabilities | 0.4 |  |  | 0.2 |  |
| Other current liabilities | 2.6 |  |  | 4.0 |  |
| Current liabilities | 3.9 |  |  | 5.0 |  |
| Total liabilities | $ | 3.9 |  |  | $ | 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. The depreciation and amortization, capital expenditures and significant operating non-cash items were as follows:
| In millions |  | 2023 |  | 2022 |  | 2021 |
| Non-cash add-backs to cash flows from discontinued operating activities: |  |  |  |  |  |  |
| Depreciation |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.5 |  |
| Impairment charges |  | — |  |  | — |  |  | 1.5 |  |
| Settlements from sale of businesses |  | — |  |  | 1.0 |  |  | — |  |
| Cash flows from discontinued investing activities: |  |  |  |  |  |  |
| Capital expenditures |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |

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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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