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Held-for-sale assets and liabilities
 3 Months Ended
Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Held-for-sale assets and liabilities 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 in 2024.
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 2024 and 2023.
Results of discontinued operations in the first quarter of 2024 and 2023 were as follows:
First Quarter
In millions20242023
Net sales$1.5 $2.3 
Cost of goods sold(1.1)(1.9)
Gross profit$0.4 $0.4 
Selling, general and administrative expenses(0.4)(0.3)
Restructuring charges(0.1)(0.1)
Operating (loss) / profit$(0.1)$— 
Tax credit / (charge)— — 
Net (loss) / profit$(0.1)$— 
11.    Discontinued Operations (continued)

The assets and liabilities classified as held-for-sale related to discontinued operations were as follows:
Held-for-sale assets March 31,December 31,
In millions20242023
Inventory$3.7 $3.3 
Accounts and other receivables2.1 2.3 
Current assets5.8 5.6 
Right-of-use-assets1.8 2.1 
Held-for-sale assets$7.6 $7.7 
Held-for-sale liabilities
Accounts payable0.8 0.9 
Accrued liabilities0.3 0.4 
Other liabilities2.5 2.6 
Held-for-sale liabilities$3.6 $3.9 
There was $0.1m of capital expenditure in the first quarter of 2024 (2023: none), there was no depreciation and amortization or any other significant non-cash items.
Held-for-sale assets and liabilities
The total assets and liabilities classified as held-for-sale, including those that qualify as discontinued operations are as follows:
Held-for-sale assets March 31,December 31,
In millions20242023
Inventory$18.0 $3.3 
Accounts and other receivables6.8 2.3 
Current assets24.8 5.6 
Property, plant and equipment1.2 1.2 
Right-of-use-assets1.8 2.1 
Non-current assets3.0 3.3 
Total held-for-sale assets$27.8 $8.9 
Held-for-sale liabilities
Accounts payable2.1 0.9 
Accrued liabilities1.9 0.4 
Other liabilities4.0 2.6 
Held-for-sale liabilities$8.0 $3.9 
As a result of the Company’s strategic review process announced in October 2023, the Company concluded that its Graphic Arts business no longer aligns with the Company’s overall business and value proposition. In 2024, the Company initiated a sale process for its Graphic Arts business with the intention of divesting this business in 2024.
In accordance with ASC 205-20 and ASC 360-10, our Graphic Arts business is classified as held-for-sale at March 31, 2024, however the business does not meet the criteria to be classified as a discontinued operation.