On August 19, 2022, the Company completed the previously announced sale of its Oil & Gas business comprising of pipeline services and equipment businesses to Pipeline Technique Limited and recognized a pre-tax loss of $8.6 million. This divestiture did not qualify for discontinued operations and therefore, its results are included in the Company's continuing operations within the Industrial segment for all periods presented through the date of sale.

Following is the pre-tax income (losses) for this business for the three and nine months ended October 1, 2022 and October 2, 2021:


	Third Quarter				Year-to-Date
(Millions of Dollars)	2022		2021		2022		2021
Pre-tax income (losses)	$	2.9	$	(3.2)	$	(2.7)	$	(13.3)

In addition, the Company recognized a $168.4 million pre-tax asset impairment charge to adjust the carrying amount of the long-lived assets of the Oil & Gas business to its fair value less the costs to sell during the second quarter of 2022.

On July 5, 2022, the Company completed the previously announced sale of its Mechanical Access Solutions ("MAS") business comprising of the automatic doors business to Allegion plc for net proceeds of $922.2 million and a pre-tax gain of $618 million.

As part of the purchase and sale agreement, the Company will perform transition services relating to certain administrative functions for Allegion plc for an initial period of two years or less, pending integration of these functions into their pre-existing business processes.

On July 22, 2022, the Company completed the previously announced sale of its Company's Convergent Security Solutions ("CSS") business comprising of the commercial electronic security and healthcare businesses to Securitas AB for net proceeds of $3.1 billion and a pre-tax gain of $602 million.

As part of the purchase and sale agreement, the Company will perform transition services relating to certain administrative functions for Securitas AB for an initial period of one year or less, pending integration of these functions into their pre-existing business processes. A portion of the $3.1 billion received at closing reimburses the Company for transition service costs expected to be incurred.

The MAS and CSS divestitures represent a single plan to exit the Security segment and are considered a strategic shift that will have a major effect on the Company’s operations and financial results. As such, the operating results of MAS and CSS are reported as discontinued operations. Amounts previously reported have been reclassified to conform to this presentation to allow for meaningful comparison of continuing operations. These divestitures allow the Company to invest in other areas of the Company that fit into its long-term growth strategy.

Summarized operating results of discontinued operations are presented in the following table for the three and nine months ended October 1, 2022 and October 2, 2021:


	Third Quarter				Year-to-Date
(Millions of Dollars)	2022		2021		2022		2021
Net Sales	$	78.2	$	483.5	$	1,056.3	$	1,461.8
Cost of sales	49.0		307.6		687.5		927.6
Selling, general, and administrative(1)	30.2		125.3		308.0		393.6
Gain on sale of discontinued operations	1,220.0		—		1,220.0		—
Other, net and restructuring charges	14.1		15.9		47.3		42.4
Earnings from discontinued operations before income taxes	$	1,204.9	$	34.7	$	1,233.5	$	98.2
Income taxes on discontinued operations	396.9		0.1		396.7		10.4
Net earnings from discontinued operations	$	808.0	$	34.6	$	836.8	$	87.8

The following table presents the significant non-cash items and capital expenditures for the discontinued operations with respect to MAS and CSS that are included in the Condensed Consolidated Statements of Cash Flows for the three and nine months ended October 1, 2022 and October 2, 2021:


	Third Quarter				Year-to-Date
(Millions of Dollars)	2022		2021		2022		2021
Depreciation and amortization	$	—	$	16.4	$	0.4	$	51.2
Capital expenditures	$	—	$	6.4	$	6.3	$	13.2
Stock-based compensation	$	(1.0)	$	1.8	$	17.5	$	5.7

As of January 1, 2022, the assets and liabilities related to MAS and CSS were classified as held for sale on the Company's Consolidated Balance Sheet. There were no assets or liabilities held for sale relating to the Oil & Gas business as of January 1, 2022. The carrying amounts of the assets and liabilities that were aggregated in assets held for sale and liabilities held for sale as of January 1, 2022 are presented in the following table:


(Millions of Dollars)	January 1, 2022
Cash and cash equivalents	$	145.1
Accounts and notes receivable, net	513.9
Inventories, net	169.4
Other current assets	41.2
Property, plant and equipment, net	84.3
Goodwill and other intangibles, net	2,270.2
Other assets	281.3
Total assets	$	3,505.4

Accounts payable and accrued expenses	$	460.4
Other long-term liabilities	137.4
Total liabilities	$	597.8