On June 16, 2025, the Company entered into an agreement to acquire Continental Disc Corporation ("CDC") in the IET segment in an all-cash transaction for approximately $540 million. CDC is a leading provider of safety-critical pressure management solutions. The acquisition is expected to close in the third quarter of 2025, subject to customary conditions, including regulatory approvals.

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.

On June 2, 2025, the Company entered into an agreement to form a joint venture with a subsidiary of Cactus, Inc. The Company will contribute the Surface Pressure Control ("SPC") business, a business within the Subsea & Surface Pressure Systems product line of its OFSE segment, to the newly formed joint venture in exchange for a 35% non-controlling interest and cash consideration of approximately $345 million. The Company expects to complete the sale at the end of 2025 or early 2026 subject to customary conditions, including regulatory approvals.

On June 9, 2025, the Company entered into an agreement with Crane Company, a diversified manufacturer of engineered industrial products, to sell its Precision Sensors & Instrumentation ("PSI") business, a business within the Industrial Solutions product line of its IET segment, for a total cash consideration of approximately $1.15 billion. The Company expects to complete the sale at the end of 2025 or early 2026 subject to customary conditions, including regulatory approvals.

For both transactions, as of June 30, 2025, the businesses met the criteria to be classified as held for sale. The disposition proceeds are expected to exceed the carrying value of the businesses.

The following table presents financial information related to the assets and liabilities of the businesses classified as held for sale and reported in "All other current assets" and "All other current liabilities" in the condensed consolidated statements of financial position as of June 30, 2025.


Assets and liabilities of business held for sale	SPC		PSI		Total
Assets
Current receivables	$	195	$	62	$	257
Inventories	113		103		216
All other current assets	2		1		3
Property, plant and equipment	37		69		106
Operating lease right-of-use assets	13		9		22
Goodwill	—		425		425
Intangible assets	—		3		3
Contract assets	8		3		11

All other assets	4		1		5
Total assets of business held for sale	372		676		1,048

Liabilities
Accounts payable	102		38		140
Progress collections and deferred income	28		19		47
Operating lease liabilities-current	1		4		5
All other current liabilities	25		13		38
Operating lease liabilities	11		4		15

All other liabilities	17		6		23
Total liabilities of business held for sale	184		84		268
Total net assets of business held for sale	$	188	$	592	$	780