v3.25.4

Discontinued Operations | 12 Months Ended
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Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations 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 Consolidated Statements of Operations and Comprehensive Income for all periods presented. The assets and liabilities of this business have been presented as held for sale in the Consolidated Balance Sheet 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. The Provision for income taxes below of $154.7 million predominately relates to tax expense on the gain on sale for the year ended December 31, 2025. Income from discontinued operations before income taxes for the year ended December 31, 2024 includes transaction costs of $31.7 million which were recorded within Selling, general and administrative expenses. The operating results of discontinued operations, net of income taxes, are summarized below:
|  | Years ended December 31
In millions |  | 2025 | 2024 | 2023
Net sales |  | $ | 40.5 |  | $ | 622.7 |  | $ | 594.7 |
Cost of goods sold |  | 20.9 |  | 330.8 |  | 327.8 |
Gross profit |  | 19.6 |  | 291.9 |  | 266.9 |
Selling, general and administrative |  | 17.2 |  | 146.1 |  | 125.9 |
Research and development |  | 1.3 |  | 18.3 |  | 16.3 |
Operating income |  | 1.1 |  | 127.5 |  | 124.7 |
Other expense (income) |  | — |  | (0.6) |  | 0.5 |
Income from discontinued operations before income taxes |  | 1.1 |  | 128.1 |  | 124.2 |
Gain from sale of discontinued operations before income taxes |  | (435.3) |  | — |  | — |
Provision for income taxes |  | 154.7 |  | 37.1 |  | 16.8 |
Income from discontinued operations, net of tax |  | $ | 281.7 |  | $ | 91.0 |  | $ | 107.4 |
The major classes of assets and liabilities classified as held for sale were as follows at December 31, 2024:
In millions |
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 |
Total assets held for sale | $ | 1,276.1 |
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 |
Total liabilities held for sale | $ | 168.4 |

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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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