BUSINESS HELD FOR SALE

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

The Company classifies assets and liabilities as held for sale (“disposal group”) when management commits to a plan to sell the disposal group and concludes that it meets the relevant criteria. Assets held for sale are measured at the lower of their carrying value or fair value less costs to sell. Any loss resulting from the measurement is recognized in the period the held for sale criteria are met. Conversely, gains are not recognized until the date of sale.

In July 2022, we entered into an agreement with GE to sell our Nexus Controls business, a product line in our IET segment, specializing in scalable industrial controls systems, safety systems, hardware, and software cybersecurity solutions and services, and on April 3, 2023, we completed the sale resulting in an immaterial gain.

The following table presents financial information related to the assets and liabilities of our Nexus Controls business classified as held for sale and reported in “All other current assets” and “All other current liabilities” in our condensed consolidated statements of financial position as of March 31, 2023.


Assets and liabilities of business held for sale	Nexus Controls
Assets
Current receivables	$	48

Inventories	40
Property, plant and equipment	2
Goodwill	230
Other assets	9

Total assets of business held for sale	329

Liabilities

Accounts payable	18
Progress collections and deferred income	39
All other current liabilities	19
Other liabilities	7
Total liabilities of business held for sale	83
Total net assets of business held for sale	$	246