On January 30, 2025, we completed the sale of the Thermal Management business to BCP VI Summit Holdings LP (as assignee of BCP Acquisitions LLC), an affiliate of funds managed by Brookfield Asset Management, for a purchase price of $1.7 billion in cash, subject to customary purchase price adjustments, resulting in total cash proceeds, net of transaction costs and cash transferred, of $1,586.8 million. The results of the Thermal Management business and the sale of the Thermal Management business have been presented as discontinued operations in our Condensed Consolidated Statements of Income and Comprehensive Income for all periods presented.

During the six months ended June 30, 2025, the sale resulted in a pre-tax gain of $435.4 million, net of transaction costs of $32.8 million. The Provision for income taxes for the six months ended June 30, 2025 of $160.5 million predominately relates to tax expense on the gain on sale.


	Three months ended				Six months ended
In millions	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Net sales	$	—	$	—	$	—	$	40.5
Cost of goods sold	—		—		—		20.9
Gross profit	—		—		—		19.6
Selling, general and administrative	0.4		0.7		0.7		16.7
Research and development	—		—		—		1.3

Operating income (loss)	(0.4)		(0.7)		(0.7)		1.6

Income (loss) from discontinued operations before gain from sale and income taxes	(0.4)		(0.7)		(0.7)		1.6
Gain from sale of discontinued operations before income taxes	—		(1.5)		(1.7)		(435.4)
Provision for (benefit from) income taxes	(0.5)		(2.0)		(1.1)		160.5
Income from discontinued operations, net of tax	$	0.1	$	2.8	$	2.1	$	276.5