Note 11 - Discontinued Operations |
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Jun. 28, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] |
11. Discontinued Operations
Our Superform aluminum superplastic forming business, which historically operated from sites in the U.S. and the U.K., was previously included in the Gas Cylinders segment. As a result of our decision to exit non-strategic aluminum product lines, the results of the Superform business were then presented as discontinued operations.
During the second quarter of 2026, following a period of active marketing in which the Company did not identify a suitable buyer, the Company ceased actively marketing the Superform U.S. business for sale. Improved performance, supported by stronger conditions in the aerospace market, was also considered in reaching this decision. As a result, the Superform U.S. business no longer met the criteria for classification as held for sale or discontinued operations. Accordingly, Superform’s results have been reclassified to continuing operations for all periods presented, and Superform is presented as a separate reportable segment.
At December 31, 2025, the Superform U.S. business met the criteria for classification as held for sale and its assets and liabilities were presented within Current assets held-for-sale and Current liabilities held-for-sale, respectively, in the Consolidated Balance Sheet. The assets and liabilities classified as held for sale at December 31, 2025 were as follows:
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.
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