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Business Divestitures and Assets and Liabilities Held for Sale (Tables)
 12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations
The following table summarizes the fair value of sale consideration received in connection with the business divestiture:
(DOLLARS IN MILLIONS)
Cash proceeds from the buyer$839 
Direct costs to sell(10)
Fair value of sale consideration$829 
The following table summarizes the different components of Net proceeds received from business disposals presented under Cash flows from investing activities:
(DOLLARS IN MILLIONS)
Cash proceeds from the buyer$839 
Cash transferred to the buyer(32)
Net Cash flows from investing activities$807 
The major classes of assets and liabilities sold consisted of the following:
(DOLLARS IN MILLIONS)April 2, 2024
Assets
Cash and cash equivalents$32 
Trade receivables, net18 
Inventories17 
Property, plant and equipment, net7 
Goodwill271 
Other intangible assets, net144 
Operating lease right-of-use assets10 
Other assets11 
Total assets510 
Liabilities
Accounts payable$(5)
Deferred tax liability(25)
Other liabilities(18)
Total liabilities(48)
Equity
Accumulated other comprehensive income - currency translation adjustment4 
Total equity4 
Carrying value of net asset (adjusted for currency translation adjustment)$466 
Included in the Company’s Consolidated Balance Sheets as of December 31, 2024 and December 31, 2023 are the following carrying amounts of the assets and liabilities held for sale:
(DOLLARS IN MILLIONS)December 31, 2024December 31, 2023
Assets
Cash and cash equivalents$2 $26 
Trade receivables, net187 15 
Inventories274 18 
Property, plant and equipment, net451 7 
Goodwill(1)
1,216 276 
Other intangible assets, net1,078 146 
Operating lease right-of-use assets57 9 
Other assets112 9 
Less: Loss recognized on assets held-for-sale(2)
$(347)— 
Total assets held-for-sale$3,030 $506 
Liabilities
Accounts payable$90 $4 
Deferred tax liability51 24 
Other liabilities191 18 
Total liabilities held-for-sale$332 $46 
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(1)The goodwill balance in assets held for sale for the Pharma Solutions disposal group as of December 31, 2024, is presented net of $64 million of goodwill impairment.
(2)Includes the impact of $131 million, primarily related to losses on foreign currency translation, expected to be reclassified out of accumulated other comprehensive loss upon close of the sales.