XML 57 R42.htm IDEA: XBRL DOCUMENT
v3.25.4

Held-for-sale assets and liabilities (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of current held-for-sale assets and liabilities |
|  | Year-to-date
| In millions | 2025 |  | 2024 |  | 2023
| Loss on held-for-sale asset group | $ | (1.9) |  |  | $ | (9.8) |  |  | $ | — |
| Disposal related costs | (0.1) |  |  | (2.4) |  |  | — |
|  | $ | (2.0) |  |  | $ | (12.2) |  |  | $ | — |
Results of discontinued operations were as follows:
| In millions |  | 2025 |  | 2024 |  | 2023 |
| Net sales |  | $ | 9.3 |  |  | $ | 6.6 |  |  | $ | 8.2 |  |
| Cost of goods sold |  | (7.2) |  |  | (5.2) |  |  | (6.4) |  |
| Gross profit |  | 2.1 |  |  | 1.4 |  |  | 1.8 |  |
| Selling, general and administrative expenses |  | (5.5) |  |  | (1.9) |  |  | (1.7) |  |
| Restructuring credit / (charge) |  | — |  |  | — |  |  | (0.2) |  |
| Disposal related credit |  | 0.4 |  |  | 0.4 |  |  | 0.2 |  |
| Loss on assets held-for-sale |  | (2.8) |  |  | — |  |  | — |  |
| (Loss) / income before income taxes |  | (5.8) |  |  | (0.1) |  |  | 0.1 |  |
| Credit for income taxes |  | 0.4 |  |  | 0.2 |  |  | 0.6 |  |
| Net (loss) / income |  | $ | (5.4) |  |  | $ | 0.1 |  |  | $ | 0.7 |  |
In 2025 the Company recognized a $2.8 million loss on held-for-sale asset group relating to Superform assets. The loss reflects an adjustment to bring the carrying amount in line with its estimated fair value less costs to sell, in accordance with ASC 360, due to revised expectations regarding the sale. The fair value measurement was determined using a non-recurring fair value approach under ASC 820. As the asset group is not traded in an active market, the Company applied a market approach, estimating fair value based on recent transactions involving comparable businesses of a similar size and industry profile. This fair value measurement is classified as Level 3 within the fair value hierarchy. Also in 2025, 2024 and 2023, the Company recognized a disposal-related credit of $0.4 million, $0.4 million and $0.2 million, respectively, in relation to a previously impaired asset from the previous dispositions which occurred in 2021. Additionally, in 2025, the Company recognized a provision of $3.1 million in relation to dilapidation obligations associated with the former Superform U.K. site sold in 2021, for which the Group remains a guarantor under the relevant lease arrangements following disposal of the business. The obligation reflects management’s best estimate of the costs required to settle the remaining property reinstatement and exit obligations. The expense has been recorded within discontinued operations in selling, general and administrative expenses, consistent with the nature of the underlying site and its association with the disposed business. The expense has been recorded in the consolidated balance sheet within other current liabilities as a short-term provision, reflecting the Group’s ongoing legal obligation as guarantor and the expected timing of settlement. The associated assets and liabilities relating to Superform U.S. that are classified as held-for-sale were as follows:
| In millions | December 31, 2025 |  | December 31, 2024 |
| Accounts and other receivables | $ | 2.1 |  |  | $ | 1.8 |  |
| Prepayments and accrued income | 0.5 |  |  | 0.4 |  |
| Inventories | 2.9 |  |  | 4.0 |  |
| Current assets | 5.5 |  |  | 6.2 |  |
| Right-of-use assets | — |  |  | 1.5 |  |
| Total assets | $ | 5.5 |  |  | $ | 7.7 |  |
| Accounts payable | 1.1 |  |  | 0.8 |  |
| Accrued liabilities | 0.4 |  |  | 0.4 |  |
| Other current liabilities | 1.3 |  |  | 2.4 |  |
| Current liabilities | 2.8 |  |  | 3.6 |  |
| Total liabilities | $ | 2.8 |  |  | $ | 3.6 |  |
The depreciation and amortization, capital expenditures and significant operating non-cash items were as follows:
| In millions |  | 2025 |  | 2024 |  | 2023 |
| Non-cash add-backs to cash flows from discontinued operating activities: |
| Depreciation |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |  |
| Share-based compensation charge |  | 0.3 |  |  | — |  |  | — |  |
| Cash flows from discontinued investing activities: |  |  |  |  |  |  |
| Capital expenditures |  | $ | 0.2 |  |  | $ | — |  |  | $ | 0.1 |  |
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 millions | 2025 |  | 2024 |
| Accounts and other receivables | 2.1 |  |  | 5.5 |  |
| Prepayments and accrued income | 0.5 |  |  | 1.6 |  |
| Inventory | 2.9 |  |  | 11.3 |  |
| Current assets | 5.5 |  |  | 18.4 |  |
| Property, plant and equipment | — |  |  | 0.3 |  |
| Right-of-use-assets | — |  |  | 3.8 |  |
| Non-current assets | — |  |  | 4.1 |  |
| Total held-for-sale assets | $ | 5.5 |  |  | $ | 22.5 |  |
| Held-for-sale liabilities |  |  |  |
| Accounts payable | 1.1 |  |  | 1.4 |  |
| Accrued liabilities | 0.4 |  |  | 3.3 |  |
| Other liabilities | 1.3 |  |  | 8.1 |  |
| Held-for-sale liabilities | $ | 2.8 |  |  | $ | 12.8 |  |
The consideration and loss on disposal was calculated as follows:
| In millions | 2025 |
| Gross consideration | $ | 7.3 |  |
| Working capital adjustment | (2.3) |  |
| Transaction costs | (2.1) |  |
| Net proceeds | $ | 2.9 |  |
| Net assets disposed | (4.6) |  |
| Accrued transaction costs | (0.2) |  |
| Net loss on disposal | $ | (1.9) |  |
The carrying amounts of the assets and liabilities of Graphic Arts at the date of disposal were as follows:
| Assets | July 2, |
| In millions | 2025 |
| Inventory | $ | 7.9 |  |
| Prepayments and accrued income | 0.9 |  |
| Accounts and other receivables | 3.8 |  |
| Current assets | $ | 12.6 |  |
| Property, plant and equipment | $ | 0.5 |  |
| Right-of-use-assets | 2.3 |  |
| Non-current assets | $ | 2.8 |  |
| Total assets | $ | 15.4 |  |
| Liabilities |  |
| Accounts payable | $ | 0.6 |  |
| Accrued liabilities | 4.7 |  |
| Other current liabilities | 5.5 |  |
| Total liabilities | $ | 10.8 |  |
| Net assets disposed | $ | 4.6 |  |

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information 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 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483475/205-20-45-11 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5B -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5D -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5D Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-7 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 205 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-1 Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-3 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration