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Discontinued Operations
 12 Months Ended
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 millions202520242023
Net sales$40.5 $622.7 $594.7 
Cost of goods sold20.9 330.8 327.8 
Gross profit19.6 291.9 266.9 
Selling, general and administrative17.2 146.1 125.9 
Research and development1.3 18.3 16.3 
Operating income1.1 127.5 124.7 
Other expense (income)— (0.6)0.5 
Income from discontinued operations before income taxes1.1 128.1 124.2 
Gain from sale of discontinued operations before income taxes(435.3)— — 
Provision for income taxes154.7 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 allowances115.0 
Inventories80.8 
Other current assets46.3 
Current assets held for sale300.8 
Property, plant and equipment, net71.4 
Goodwill709.1 
Intangibles, net153.4 
Other non-current assets41.4 
Non-current assets held for sale975.3 
Total assets held for sale$1,276.1 
Accounts payable$40.9 
Employee compensation and benefits20.6 
Other current liabilities61.0 
Current liabilities held for sale122.5 
Pension and other post-retirement compensation and benefits12.1 
Deferred tax liabilities12.0 
Other non-current liabilities21.8 
Non-current liabilities held for sale45.9 
Total liabilities held for sale$168.4