XML 30 R16.htm IDEA: XBRL DOCUMENT v3.25.0.1
Discontinued Operations
 12 Months Ended
Dec. 31, 2024
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., 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 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.
In 2022, the Company recognized impairment and disposal-related costs of $2.6 million and $2.0 million respectively, in relation to previous dispositions of our Superform U.K. business and our U.S. aluminum gas cylinder business, which occurred in 2021.
In 2024 and 2023, the Company recognized a disposal-related credit of $0.4 million and $0.2 million, respectively, 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 Current assets held-for-sale and Current liabilities held-for-sale in the Consolidated Balance Sheets at December 31, 2024, and December 31, 2023.
7.     Discontinued operations (continued)
Results of discontinued operations were as follows:
In millions202420232022
Net sales$6.6 $8.2 $7.7 
Cost of goods sold(5.2)(6.4)(6.9)
Gross profit1.4 1.8 0.8 
Selling, general and administrative expenses(1.9)(1.7)(0.9)
Restructuring charges— (0.2)(0.3)
Acquisition and disposal credit / (costs)0.4 0.2 (2.0)
Impairment charges— — (2.6)
(Loss) / income before income taxes(0.1)0.1 (5.0)
Credit / (provision) for income taxes0.2 0.6 (0.1)
Net (loss) / income$0.1 $0.7 $(5.1)
The associated assets and liabilities relating to Superform U.S. that are classified as held-for-sale were as follows:
In millionsDecember 31, 2024December 31, 2023
Accounts and other receivables$1.8 $2.2 
Prepayments and accrued income0.4 0.1 
Inventories4.0 3.3 
Current assets6.2 5.6 
Right-of-use assets1.5 2.1 
Total assets$7.7 $7.7 
Accounts payable0.8 0.9 
Accrued liabilities0.4 0.4 
Other current liabilities2.4 2.6 
Current liabilities3.6 3.9 
Total liabilities$3.6 $3.9 
The depreciation and amortization, capital expenditures and significant operating non-cash items were as follows:
In millions202420232022
Non-cash add-backs to cash flows from discontinued operating activities:
Depreciation$— $0.1 $0.1 
Settlements from sale of businesses— — 1.0 
Cash flows from discontinued investing activities:
Capital expenditures$— $0.1 $0.1 
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 December 31,December 31,
In millions20242023
Accounts and other receivables5.5 2.2 
Prepayments and accrued income1.6 0.1 
Inventory11.3 3.3 
Current assets18.4 5.6 
Property, plant and equipment0.3 1.2 
Right-of-use-assets3.8 2.1 
Non-current assets4.1 3.3 
Total held-for-sale assets$22.5 $8.9 
Held-for-sale liabilities
Accounts payable1.4 0.9 
Accrued liabilities3.3 0.4 
Other liabilities8.1 2.6 
Held-for-sale liabilities$12.8 $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 within the next twelve months.
In 2024, the company recognized a $9.8 million loss on held-for-sale asset group recognized within acquisitions and disposals costs, relating to our Graphic Arts segment to reflect its fair value. A total $2.4 million of costs ($1.7 million accrual), have also been recognized within acquisitions and disposals costs in the Income Statement, for expected costs in relation to professional fees in relation to the planned divestiture of the Graphic Arts segment.

Included within assets held-for-sale in 2023 are land and buildings valued at $1.2 million, within our Elektron Segment. In 2024, the Company recognized a $6.1 million gain on disposal in relation to the sale of the land and buildings in our Elektron division. Net consideration of $7.3 million was received in the fourth quarter of 2024. There was no gain on disposal of assets held for sale in 2023.
In accordance with ASC 205-20 and ASC 360-10, our Graphic Arts business is classified as held-for-sale at December 31, 2024, however the business does not meet the criteria to be classified as a discontinued operation.