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Business Divestitures and Assets and Liabilities Held for Sale (Tables)
 6 Months Ended
Jun. 30, 2025
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$2,564 
Amount held in escrow17 
Earnout consideration100 
Direct costs to sell(30)
Fair value of sale consideration$2,651 
The following table summarizes the different components of net proceeds received from business divestiture presented under Cash flows from investing activities:
(DOLLARS IN MILLIONS)
Cash proceeds from the buyer$2,564 
Cash transferred to the buyer(29)
Net Cash flows from investing activities$2,535 
The major classes of assets and liabilities sold consisted of the following:
(DOLLARS IN MILLIONS)May 1, 2025
Assets
Cash and cash equivalents$29 
Trade receivables, net218 
Inventories289 
Property, plant and equipment, net439 
Goodwill(1)
1,190 
Other intangible assets, net1,093 
Operating lease right-of-use assets68 
Deferred tax assets17 
Other assets116 
Less: Loss recognized on assets held-for-sale(2)
(337)
Total assets3,122 
Liabilities
Accounts payable$(131)
Deferred tax liability(75)
Other liabilities(193)
Total liabilities(399)
Equity
Accumulated other comprehensive income - currency translation adjustment$49 
Accumulated other comprehensive income - pension adjustment(26)
Non-controlling Interests (NCI)(4)
Total equity19 
Carrying value of net assets (adjusted for currency translation, pension, and NCI adjustments)$2,742 
_______________________
(1) The goodwill balance is presented net of $64 million of goodwill impairment recorded in 2024.
(2) A loss was recorded on assets held-for-sale in the amount of $337 million through March 31, 2025.
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$161 
Direct costs to sell(3)
Fair value of sale consideration$158 
The following table summarizes the different components of net proceeds received from business divestiture presented under Cash flows from investing activities:
(DOLLARS IN MILLIONS)
Cash proceeds from the buyer$161 
Cash transferred to the buyer(9)
Net Cash flows from investing activities$152 
The major classes of assets and liabilities sold consisted of the following:
(DOLLARS IN MILLIONS)May 9, 2025
Assets
Cash and cash equivalents$9 
Trade receivables, net33 
Inventories15 
Property, plant and equipment, net60 
Goodwill77 
Other intangible assets, net19 
Other assets40 
Total assets253 
Liabilities
Accounts payable$(30)
Other liabilities(50)
Total liabilities(80)
Equity
Accumulated other comprehensive income - currency translation adjustment(1)
Accumulated other comprehensive income - pension adjustment(24)
Total equity(25)
Carrying value of net assets (adjusted for currency translation and pension adjustments)$148