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Business Divestitures and Assets and Liabilities Held for Sale (Tables) | 9 Months Ended
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Sep. 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 escrow | 17 |
Earnout consideration | 100 |
Direct costs to sell | (30) |
Fair value of sale consideration | $ | 2,651 |
The following table summarizes the different components of net proceeds received from the 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, net | 218 |
Inventories | 289 |
Property, plant and equipment, net | 439 |
Goodwill(1) | 1,190 |
Other intangible assets, net | 1,093 |
Operating lease right-of-use assets | 68 |
Deferred tax assets | 17 |
Other assets | 116 |
Less: Loss recognized on assets held-for-sale(2) | (307) |
Total assets | 3,152 |
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 equity | 19 |
Carrying value of net assets (adjusted for currency translation, pension, and NCI adjustments) | $ | 2,772 |
_______________________ (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 $307 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 the 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, net | 33 |
Inventories | 15 |
Property, plant and equipment, net | 60 |
Goodwill | 77 |
Other intangible assets, net | 19 |
Other assets | 40 |
Total assets | 253 |
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 |
(DOLLARS IN MILLIONS) |  | September 30, 2025 | December 31, 2024
Assets |  |  |
Cash and cash equivalents |  | $ | — |  | $ | 2 |
Trade receivables, net |  | 16 |  | 187 |
Inventories |  | 48 |  | 274 |
Property, plant and equipment, net |  | 92 |  | 451 |
Goodwill |  | — |  | 1,216 |
Other intangible assets, net |  | 88 |  | 1,078 |
Operating lease right-of-use assets |  | 7 |  | 57 |
Other assets |  | 9 |  | 108 |
Less: Loss recognized on assets held-for-sale |  | (108) |  | (317) |
Total assets held-for-sale |  | $ | 152 |  | $ | 3,056 |
Liabilities |  |  |
Accounts payable |  | $ | 35 |  | $ | 90 |
Deferred tax liability |  | — |  | 51 |
Other liabilities |  | 9 |  | 191 |
Total liabilities held-for-sale |  | $ | 44 |  | $ | 332 |

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