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.


	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



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