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DIVESTITURES
 12 Months Ended
Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]  
DIVESTITURES DIVESTITURES
On July 26, 2021, the Company entered into a stock purchase agreement to sell its Chubb business to APi. Chubb, reported within the Company’s Fire & Security segment, delivers essential fire safety and security solutions from design and installation to monitoring, service and maintenance across more than 17 countries around the globe.

The assets and liabilities of Chubb have been reclassified as held for sale in the accompanying Consolidated Balance Sheet as of December 31, 2021 and recorded at the lower of their carrying value or fair value less estimated cost to sell. In addition, depreciation and amortization was ceased in accordance with ASC 360. Based on the carrying amount of Chubb’s net assets, foreign currency translation rates and other assumptions as of December 31, 2021, the Company expects to recover the carrying value of the disposal group upon completion of the transaction.
The components of Chubb's assets and liabilities recorded as held for sale were as follows:

(In millions)2021
Cash and cash equivalents$60 
Accounts receivable, net445 
Inventories, net73 
Contract assets, current184 
Other assets, current27 
Fixed assets, net67 
Intangible assets, net545 
Goodwill940 
Operating lease right-of-use assets193 
Pension and post-retirement assets614 
Other assets20 
Total assets held for sale$3,168 
Accounts payable$(190)
Accrued liabilities(248)
Contract liabilities, current(162)
Future pension and post-retirement obligations(69)
Future income tax obligations(273)
Operating lease liabilities(175)
Other long-term liabilities(17)
Total liabilities held for sale$(1,134)

On January 3, 2022, the Company completed the sale of Chubb for an enterprise value of $3.1 billion, subject to working capital and other adjustments as provided in the Chubb Sale Agreement. Consistent with the Company's capital allocation strategy, the net proceeds of approximately $2.6 billion will be used to fund investments in organic and inorganic growth initiatives and capital returns to its shareowners as well as for general corporate purposes.