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Discontinued Operations (Tables) | 12 Months Ended
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Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Components of Income | The key components of income from both the Veralto and Fortive businesses from discontinued operations for the years ended December 31 were as follows ($ in millions):
| 2023 |  | 2022 |  | 2021
Sales | $ | 3,712 |  |  | $ | 4,828 |  |  | $ | 4,651 |
Cost of sales | (1,556) |  |  | (2,067) |  |  | (1,938) |
Selling, general and administrative expenses | (1,236) |  |  | (1,392) |  |  | (1,381) |
Research and development expenses | (168) |  |  | (217) |  |  | (244) |
Other income (expense) | (14) |  |  | 1 |  |  | 6 |
Interest expense | (7) |  |  | (7) |  |  | (7) |
Income from discontinued operations before income taxes | 731 |  |  | 1,146 |  |  | 1,087 |
Income tax expense | (188) |  |  | (265) |  |  | (101) |
Earnings from discontinued operations, net of income taxes | $ | 543 |  |  | $ | 881 |  |  | $ | 986 |
The following table summarizes the major classes of assets and liabilities of the Veralto-related discontinued operations that were included in the Company’s accompanying Consolidated Balance Sheet as of December 31, 2022 ($ in millions):
Assets: |
Trade accounts receivable, net | $ | 816 |
Inventories | 345 |
Prepaid expenses and other current assets | 119 |
Property, plant and equipment, net | 247 |
Goodwill | 2,476 |
Other intangible assets, net | 479 |
Other long-term assets | 299 |
Total assets, discontinued operations | $ | 4,781 |
Liabilities: |
Trade accounts payable | $ | 440 |
Accrued expenses and other liabilities | 687 |
Other long-term liabilities | 287 |
Total liabilities, discontinued operations | $ | 1,414 |
Summary of Major Classes of Assets and Liabilities | The key components of income from both the Veralto and Fortive businesses from discontinued operations for the years ended December 31 were as follows ($ in millions):
| 2023 |  | 2022 |  | 2021
Sales | $ | 3,712 |  |  | $ | 4,828 |  |  | $ | 4,651 |
Cost of sales | (1,556) |  |  | (2,067) |  |  | (1,938) |
Selling, general and administrative expenses | (1,236) |  |  | (1,392) |  |  | (1,381) |
Research and development expenses | (168) |  |  | (217) |  |  | (244) |
Other income (expense) | (14) |  |  | 1 |  |  | 6 |
Interest expense | (7) |  |  | (7) |  |  | (7) |
Income from discontinued operations before income taxes | 731 |  |  | 1,146 |  |  | 1,087 |
Income tax expense | (188) |  |  | (265) |  |  | (101) |
Earnings from discontinued operations, net of income taxes | $ | 543 |  |  | $ | 881 |  |  | $ | 986 |
The following table summarizes the major classes of assets and liabilities of the Veralto-related discontinued operations that were included in the Company’s accompanying Consolidated Balance Sheet as of December 31, 2022 ($ in millions):
Assets: |
Trade accounts receivable, net | $ | 816 |
Inventories | 345 |
Prepaid expenses and other current assets | 119 |
Property, plant and equipment, net | 247 |
Goodwill | 2,476 |
Other intangible assets, net | 479 |
Other long-term assets | 299 |
Total assets, discontinued operations | $ | 4,781 |
Liabilities: |
Trade accounts payable | $ | 440 |
Accrued expenses and other liabilities | 687 |
Other long-term liabilities | 287 |
Total liabilities, discontinued operations | $ | 1,414 |

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