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DIVESTITURES | 6 Months Ended
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Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
DIVESTITURES | DIVESTITURES Discontinued Operations During 2024, the Company exited its Fire & Security segment in multiple transactions that represented a single disposal plan to separately divest multiple businesses over different reporting periods. As a result, the components of the Fire & Security segment in aggregate met the criteria to be presented as discontinued operations in the accompanying Unaudited Condensed Consolidated Statement of Operations and Unaudited Condensed Consolidated Statement of Cash Flows. Amounts reported during 2024 include the operating results of each component through their respective date of sale and related gain on sale. Amounts reported during 2025 relate to retained obligations from these business divestitures. The components of Discontinued operations, net of tax are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Net sales | $ | — |  |  | $ | 755 |  |  | $ | — |  |  | $ | 1,517 |
Costs of sales | — |  |  | (452) |  |  | — |  |  | (894) |
Research and development | — |  |  | (27) |  |  | — |  |  | (59) |
Selling, general and administrative | — |  |  | (186) |  |  | — |  |  | (364) |
Other income (expense), net | — |  |  | (4) |  |  | — |  |  | 1 |
Gain (loss) on divestitures and deconsolidation | (22) |  |  | 2,881 |  |  | (22) |  |  | 2,881 |
Interest (expense) income, net | — |  |  | (10) |  |  | — |  |  | (34) |
Earnings (loss) before income taxes | (22) |  |  | 2,957 |  |  | (22) |  |  | 3,048 |
Income tax (expense) benefit | — |  |  | 41 |  |  | — |  |  | 42 |
Tax on divestitures and deconsolidation | 5 |  |  | (1,076) |  |  | 5 |  |  | (1,076) |
Discontinued operations, net of tax | $ | (17) |  |  | $ | 1,922 |  |  | $ | (17) |  |  | $ | 2,014 |
On December 2, 2024, the Company completed the sale of the Commercial and Residential Fire business ("CRF Business") for cash proceeds of $2.9 billion. The CRF Business, historically reported in the Company's Fire & Security segment, is a leading manufacturer of fire detection and alarm solutions for both commercial and residential applications. Upon sale, the Company recognized a net gain on the sale of $1.4 billion, which is included in Discontinued operations, net of tax. On July 1, 2024, the Company completed the sale of its Industrial Fire business ("Industrial Fire") for cash proceeds of $1.4 billion. Industrial Fire, historically reported in the Company's Fire & Security segment, is a leading manufacturer of a full spectrum of fire detection and suppression solutions and services in critical high-hazard environments, including oil and gas, power generation, marine and offshore facilities, automotive, data centers and aircraft hangars. Upon sale, the Company recognized a net gain on the sale of $319 million, which is included in Discontinued operations, net of tax. On June 2, 2024, the Company completed the sale of its Access Solutions business ("Access Solutions") for cash proceeds of $5.0 billion. Access Solutions, historically reported in the Company's Fire & Security segment, is a global supplier of physical security and digital access solutions supporting the hospitality, commercial, education and military markets. Upon sale, the Company recognized a net gain on the sale of $1.8 billion, which is included in Discontinued operations, net of tax. Continuing Operations On October 1, 2024, the Company completed the sale of CCR for cash proceeds of $679 million. CCR, historically reported in the Company's Climate Solutions Transportation segment, is a global supplier of turnkey solutions for commercial refrigeration systems and services, with a primary focus on serving food retail customers, cold storage facilities and warehouses. Upon sale, the Company recognized a gross gain on the sale of $318 million, which is included in Other income (expense), net. During the three months ended June 30, 2025, the Company finalized the working capital and other adjustments provided in the stock purchase agreement governing the sale of CCR.

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- Definition The entire disclosure 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 -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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