v3.25.2
Held-for-sale assets and liabilities
 6 Months Ended
Jun. 29, 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 June 29, 2025 and December 31, 2024.
Results of discontinued operations in the second quarter and first six months of 2025 and 2024 were as follows:
Second QuarterYear-to-date
In millions2025202420252024
Net sales$2.6 $1.6 $4.1 $3.1 
Cost of goods sold(1.9)(1.4)(3.3)(2.5)
Gross profit0.7 0.2 0.8 0.6 
Selling, general and administrative expenses(0.4)(0.4)(0.8)(0.8)
Restructuring credit / (charge)— — 0.3 (0.1)
Loss on assets held-for-sale(2.8)— (2.8)— 
Operating loss(2.5)(0.2)(2.5)(0.3)
Tax credit0.1 0.1 0.1 0.1 
Net loss$(2.4)$(0.1)$(2.4)$(0.2)

In the second quarter of 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 the carrying amount to 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 nonrecurring fair value approach under ASC 820. Because 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.
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 June 29,December 31,
In millions20252024
Inventory$3.5 $4.0 
Prepayments and accrued income0.4 0.4 
Accounts and other receivables3.1 1.8 
Current assets7.0 6.2 
Right-of-use-assets— 1.5 
Non-current assets$— $1.5 
Total assets$7.0 $7.7 
Accounts payable$1.2 $0.8 
Accrued liabilities— 0.4 
Other current liabilities2.0 2.4 
Current liabilities$3.2 $3.6 
Total liabilities$3.2 $3.6 
There was $0.2m of capital expenditure in the first half of 2025 (2024: $0.1m), there was no depreciation and amortization.
The only significant non-cash item was the $2.8 million loss on held-for-sale asset group in the second quarter and first six months of 2025.There was $1.4 million, $1.2 million and $0.2 million of inventory, right-of-use assets and property, plant and equipment impairments recognized respectively.
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 June 29,December 31,
In millions20252024
Inventory$11.5 $11.3 
Prepayments and accrued income1.3 1.6 
Accounts and other receivables6.9 5.5 
Current assets$19.7 $18.4 
Property, plant and equipment$0.5 $0.3 
Right-of-use-assets2.4 3.8 
Non-current assets$2.9 $4.1 
Total held-for-sale assets$22.6 $22.5 
Held-for-sale liabilities
Accounts payable$3.5 $1.4 
Accrued liabilities4.4 3.3 
Other current liabilities7.5 8.1 
Held-for-sale liabilities$15.4 $12.8 
12.    Held-for-sale assets and liabilities (continued)
As a result of the Company’s strategic review process announced in October 2023, the Company concluded that its Graphic Arts business no longer aligned with the Company’s overall business and value proposition. In 2024, the Company initiated a sale process for its Graphic Arts business, completing the divestiture in July 2025.
In accordance with ASC 205-20 and ASC 360-10, our Graphic Arts business was classified as held-for-sale at June 29, 2025 and December 31, 2024, however the business did not meet the criteria to be classified as a discontinued operation.