In 2023, the Company announced plans to exit its Fire & Security and Commercial Refrigeration businesses over the course of 2024. The announced plan to exit the Fire & Security segment represents a single disposal plan to separately divest multiple businesses over different reporting periods. Upon the CRF Business qualifying as held for sale during the year ended December 31, 2024, the components of the Fire & Security segment in aggregate met the criteria to be presented as discontinued operations in the accompanying Consolidated Statement of Operations and Consolidated Statement of Cash Flows. In addition, the assets and liabilities of the CRF Business have been reclassified to held for sale at December 31, 2023. The results of the CCR business did not meet the criteria to be presented in discontinued operations.


(In millions)	2024		2023		2022
Net sales	$	2,323	$	3,147	$	3,133
Costs of sales	(1,390)		(1,926)		(1,966)
Research and development	(86)		(124)		(123)
Selling, general and administrative	(564)		(690)		(535)
Other income (expense), net	(584)		26		22
Gain (loss) on divestitures and deconsolidation	5,176		(297)		—
Interest (expense) income, net	(41)		(51)		(62)
Earnings before income taxes	4,834		85		469
Income tax (expense) benefit	1,391		(128)		(92)
Tax on divestitures and deconsolidation	(1,729)		5		—
Discontinued operations, net of tax	$	4,496	$	(38)	$	377


	December 31, 2023
(In millions)	Commercial Refrigeration		Access Solutions		Industrial Fire		Commercial & Residential Fire		Total
Cash and cash equivalents	$	131	$	6	$	20	$	163	$	320
Accounts receivable, net	274		104		101		401		880
Inventories, net	84		31		65		394		574
Other assets, current	113		5		46		25		189
Fixed assets, net	78		13		22		133		246
Intangible assets, net	—		53		2		83		138
Goodwill	72		1,498		439		469		2,478
Operating lease right-of-use assets	49		13		28		70		160
Other assets	44		10		13		41		108
Total assets held for sale	$	845	$	1,733	$	736	$	1,779	$	5,093

Accounts payable	$	129	$	20	$	39	$	259	$	447
Accrued liabilities	204		74		77		239		594
Long-term debt, including current portion	8		—		—		—		8
Future pension and post-retirement obligations	203		—		1		6		210
Future income tax obligations	4		2		3		12		21
Operating lease liabilities	40		11		23		58		132
Other long-term liabilities	3		12		9		14		38
Total liabilities held for sale	$	591	$	119	$	152	$	588	$	1,450

On June 2, 2024, the Company completed the sale of Access Solutions for cash proceeds of $5.0 billion. Access Solutions, historically reported in the Company's Fire & Security segment, is a global supplier of physical security and digital access solutions supporting the hospitality, commercial, education and military markets. The Company recognized a net gain on the sale of $1.8 billion, which is included in Discontinued operations, net of tax on the accompanying Consolidated Statement of Operations.

On July 1, 2024, the Company completed the sale of Industrial Fire for cash proceeds of $1.4 billion. Industrial Fire, historically reported in the Company's Fire & Security segment, is a leading manufacturer of a full spectrum of fire detection and suppression solutions and services in critical high-hazard environments, including oil and gas, power generation, marine and offshore facilities, automotive, data centers and aircraft hangars. The Company recognized a net gain on the sale of $319 million, which is included in Discontinued operations, net of tax on the accompanying Consolidated Statement of Operations.

On October 1, 2024, the Company completed the sale of CCR for cash proceeds of $679 million. CCR, historically reported in the Company's Climate Solutions Transportation segment, is a global supplier of turnkey solutions for commercial refrigeration systems and services, with a primary focus on serving food retail customers, cold storage facilities and warehouses. The Company recognized a gross gain on the sale of $318 million, which is included in Other income (expense), net on the accompanying Consolidated Statement of Operations. The net proceeds received are subject to working capital and other adjustments provided in the stock purchase agreement governing the sale of CCR.

On December 2, 2024, the Company completed the sale of the CRF Business for cash proceeds of $2.9 billion. The CRF Business, historically reported in the Company's Fire & Security segment, is a leading manufacturer of fire detection and alarm solutions for both commercial and residential applications. The Company recognized a net gain on the sale of $1.4 billion, which is included in Discontinued operations, net of tax on the accompanying Consolidated Statement of Operations. The net proceeds received are subject to working capital and other adjustments provided in the stock purchase agreement governing the sale of the CRF Business.



(In millions)	Access Solutions		Industrial Fire		Commercial Refrigeration		Commercial & Residential Fire
Cash and cash equivalents	$	82	$	40	$	121	$	64
Accounts receivable, net	90		93		217		422
Inventories, net	43		73		99		408
Other current assets	6		55		155		26
Fixed assets, net	18		24		84		127
Intangible assets, net	53		2		10		81
Goodwill	1,467		452		72		449
Operating lease right-of-use assets	16		24		48		66
Other assets	8		2		46		29
Total assets held for sale	$	1,783	$	765	$	852	$	1,672

Accounts payable	$	54	$	43	$	124	$	195
Accrued liabilities	80		65		154		153
Operating lease liabilities	17		24		49		66
Other long-term liabilities	10		6		213		24
Total liabilities held for sale	$	161	$	138	$	540	$	438