Discontinued Operations

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

On January 30, 2025, we completed the sale of the Thermal Management business to BCP VI Summit Holdings LP (as assignee of BCP Acquisitions LLC), an affiliate of funds managed by Brookfield Asset Management, for a purchase price of $1.7 billion in cash, subject to customary purchase price adjustments, resulting in cash proceeds, net of transaction costs and cash transferred, of $1,585.1 million. The results of the Thermal Management business have been presented as discontinued operations in our Condensed Consolidated Statements of Income and Comprehensive Income for all periods presented. The assets and liabilities of this business have been presented as held for sale in the Condensed Consolidated Balance Sheets for the year ended December 31, 2024. The Thermal Management business was previously disclosed as a stand-alone reporting segment.

The sale resulted in a pre-tax gain of $435.3 million, net of transaction costs of $32.8 million during the nine months ended September 30, 2025. The Provision for income taxes below of $158.0 million predominately relates to tax expense on the gain on sale during the nine months ended September 30, 2025.

Transaction costs of $12.6 million and $21.2 million related to the sale of Thermal Management were incurred during the three and nine months ended September 30, 2024, respectively and are recorded within Selling, general and administrative below.

The operating results of discontinued operations are summarized below:


	Three months ended				Nine months ended
In millions	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Net sales	$	—	$	157.1	$	40.5	$	440.1
Cost of goods sold	—		81.5		20.9		239.3
Gross profit	—		75.6		19.6		200.8
Selling, general and administrative	0.2		39.8		16.9		105.9
Research and development	—		4.6		1.3		13.5

Operating income (loss)	(0.2)		31.2		1.4		81.4
Other expense (income)	—		(0.1)		—		(0.1)
Income (loss) from discontinued operations before gain from sale and income taxes	(0.2)		31.3		1.4		81.5
Loss (gain) from sale of discontinued operations before income taxes	0.1		—		(435.3)		—
Provision for (benefit from) income taxes	(2.5)		5.2		158.0		17.7
Income from discontinued operations, net of tax	$	2.2	$	26.1	$	278.7	$	63.8

The major classes of assets and liabilities that were previously classified as held for sale were as follows:


In millions	December 31, 2024
Cash and cash equivalents	$	58.7
Accounts receivable, net of allowances	115.0
Inventories	80.8
Other current assets	46.3
Current assets held for sale	$	300.8

Property, plant and equipment, net	$	71.4
Goodwill	709.1
Intangibles, net	153.4
Other non-current assets	41.4
Non-current assets held for sale	$	975.3


Accounts payable	$	40.9
Employee compensation and benefits	20.6
Other current liabilities	61.0
Current liabilities held for sale	$	122.5


Pension and other post-retirement compensation and benefits	$	12.1
Deferred tax liabilities	12.0
Other non-current liabilities	21.8
Non-current liabilities held for sale	$	45.9