Note 2 - Disposal Group Held for Sale

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Note 2. Disposal Group Held for Sale

In February 2024, we entered into a definitive agreement to sell our European hydraulics business to HPIH S.à r.l. for approximately $40. The sale price is subject to adjustment based on net working capital and net financial position balances as of the closing date. The results of operations of the European hydraulics business are reported within our Off-Highway operating segment. We classified the disposal group as held for sale, recognizing a $29 loss to adjust the carrying value of net assets to fair value less estimated costs to sell. The sale is expected to close during the second quarter of 2024. The carrying amounts of the major classes of assets and liabilities of our European hydraulics business are as follows:

	March 31,
	2024
Accounts receivable - Trade	$	17
Accounts receivable - Other		1
Inventories		44
Current assets of disposal group held for sale	$	62
Accounts payable	$	14
Accrued payroll and employee benefits		4
Current portion of operating lease liabilities		1
Other accrued liabilities		3
Current liabilities of disposal group held for sale	$	22
Noncurrent operating lease liabilities	$	1
Pension and postretirement obligations		2
Other noncurrent liabilities		1
Noncurrent liabilities of disposal group held for sale	$	4