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Held-for-sale assets and liabilities | 3 Months Ended
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Mar. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Held-for-sale assets and liabilities | 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. The assets and liabilities of the Superform business have been presented within Current assets held-for-sale and Current liabilities held-for-sale in the Consolidated Balance Sheets at March 30, 2025 and December 31, 2024. Results of discontinued operations in the First Quarter of 2025 and 2024 were as follows:
|  | First Quarter |  |  |
| In millions | 2025 |  | 2024 |  |  |  |  |  |
| Net sales | $ | 1.5 |  |  | $ | 1.5 |  |  |  |  |  |  |
| Cost of goods sold | (1.4) |  |  | (1.1) |  |  |  |  |  |  |
| Gross profit | $ | 0.1 |  |  | $ | 0.4 |  |  |  |  |  |  |
| Selling, general and administrative expenses | (0.4) |  |  | (0.4) |  |  |  |  |  |  |
| Restructuring charges | 0.3 |  |  | (0.1) |  |  |  |  |  |  |
| Operating loss | $ | — |  |  | $ | (0.1) |  |  |  |  |  |  |
| Tax credit | — |  |  | — |  |  |  |  |  |  |
| Net loss | $ | — |  |  | $ | (0.1) |  |  |  |  |  |  |
11. Discontinued Operations (continued) The associated assets and liabilities relating to Superform U.S. that are classified as held-for-sale were as follows:
| Held-for-sale assets | March 30, |  | December 31, |
| In millions | 2025 |  | 2024 |
| Inventory | $ | 4.3 |  |  | $ | 4.0 |  |
| Prepayments and accrued income | 0.4 |  |  | 0.4 |  |
| Accounts and other receivables | 2.0 |  |  | 1.8 |  |
| Current assets | 6.7 |  |  | 6.2 |  |
| Property, plant and equipment | 0.2 |  |  | — |  |
| Right-of-use-assets | 1.4 |  |  | 1.5 |  |
| Non-current assets | 1.6 |  |  | 1.5 |  |
| Total assets | $ | 8.3 |  |  | $ | 7.7 |  |
| Accounts payable | 0.9 |  |  | 0.8 |  |
| Accrued liabilities | 0.1 |  |  | 0.4 |  |
| Other liabilities | 2.2 |  |  | 2.4 |  |
| Current liabilities | $ | 3.2 |  |  | $ | 3.6 |  |
| Total liabilities | $ | 3.2 |  |  | $ | 3.6 |  |
There was $0.2m of capital expenditure in the First Quarter of 2025 (2024 $0.1m), 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 30, |  | December 31, |
| In millions | 2025 |  | 2024 |
| Inventory | $ | 12.3 |  |  | $ | 11.3 |  |
| Prepayments and accrued income | 1.7 |  |  | 1.6 |  |
| Accounts and other receivables | 6.0 |  |  | 5.5 |  |
| Current assets | 20.0 |  |  | 18.4 |  |
| Property, plant and equipment | 0.6 |  |  | 0.3 |  |
| Right-of-use-assets | 3.7 |  |  | 3.8 |  |
| Non-current assets | 4.3 |  |  | 4.1 |  |
| Total held-for-sale assets | $ | 24.3 |  |  | $ | 22.5 |  |
| Held-for-sale liabilities |  |  |  |
| Accounts payable | 2.9 |  |  | 1.4 |  |
| Accrued liabilities | 4.6 |  |  | 3.3 |  |
| Other liabilities | 7.7 |  |  | 8.1 |  |
| Held-for-sale liabilities | $ | 15.2 |  |  | $ | 12.8 |  |
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 expectation a sale will conclude in 2025. In accordance with ASC 205-20 and ASC 360-10, our Graphic Arts business is classified as held-for-sale at March 30, 2025 and December 31, 2024, however the business does not meet the criteria to be classified as a discontinued operation.

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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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