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 gain on the sale of $2.9 billion, which is included in Other income (expense), net on the accompanying Unaudited Condensed 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 Access Solutions.


(In millions)	June 2, 2024
Cash and cash equivalents	$	82
Accounts receivable, net	90
Inventories, net	43
Contract assets	3
Other current assets	3
Fixed assets, net	18
Intangible assets, net	53
Goodwill	1,467
Operating lease right-of-use assets	16

Other assets	8
Total assets held for sale	$	1,783

Accounts payable	$	54
Accrued liabilities	20
Contract liabilities	60




Operating lease liabilities	17
Other long-term liabilities	10
Total liabilities held for sale	$	161

On December 12, 2023, the Company entered into a stock purchase agreement to sell the CCR business to Haier Group Corporation for an enterprise value of approximately $775 million. CCR, historically reported in the Company's Refrigeration 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. As a result, the assets and liabilities of CCR are presented as held for sale in the accompanying Unaudited Condensed Consolidated Balance Sheet as of June 30, 2024 and December 31, 2023, and recorded at the lower of their carrying value or fair value less estimated cost to sell. The transaction is expected to close in 2024 and is subject to customary closing conditions.

The net assets of Industrial Fire met the criteria to be classified as held for sale during the fourth quarter of 2023. 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. As a result, the assets and liabilities of Industrial Fire are presented as held for sale in the accompanying Unaudited Condensed Consolidated Balance Sheet as of June 30, 2024 and December 31, 2023, and recorded at the lower of their carrying value or fair value less estimated cost to sell. On March 5, 2024, the Company entered into a stock purchase agreement to sell its Industrial Fire business to Sentinel Capital Partners for an enterprise value of approximately $1.425 billion. The sale of Industrial Fire was completed on July 1, 2024.


	June 30, 2024
(In millions)	Commercial Refrigeration		Industrial Fire		Total
Cash and cash equivalents	$	151	$	40	$	191
Accounts receivable, net	207		93		300
Inventories, net	98		72		170
Contract assets	117		51		168
Other current assets	17		5		22
Fixed assets, net	79		24		103
Intangible assets, net	—		2		2
Goodwill	69		452		521
Operating lease right-of-use assets	48		26		74

Other assets	48		2		50
Total assets held for sale	$	834	$	767	$	1,601

Accounts payable	$	122	$	43	$	165
Accrued liabilities	149		55		204
Contract liabilities	24		19		43

Long-term debt, including current portion	7		—		7
Future pension and post-retirement obligations	196		—		196
Future income tax obligations	7		3		10
Operating lease liabilities	36		20		56
Other long-term liabilities	3		3		6
Total liabilities held for sale	$	544	$	143	$	687


	December 31, 2023
(In millions)	Commercial Refrigeration		Access Solutions		Industrial Fire		Total
Cash and cash equivalents	$	131	$	6	$	20	$	157
Accounts receivable, net	274		104		101		479
Inventories, net	84		31		65		180
Contract assets	98		2		42		142
Other current assets	15		3		4		22
Fixed assets, net	78		13		22		113
Intangible assets, net	—		53		2		55
Goodwill	72		1,498		439		2,009
Operating lease right-of-use assets	49		13		28		90

Other assets	44		10		13		67
Total assets held for sale	$	845	$	1,733	$	736	$	3,314

Accounts payable	$	129	$	20	$	39	$	188
Accrued liabilities	181		21		55		257
Contract liabilities	23		53		22		98

Long-term debt, including current portion	8		—		—		8
Future pension and post-retirement obligations	203		—		1		204
Future income tax obligations	4		2		3		9
Operating lease liabilities	40		11		23		74
Other long-term liabilities	3		12		9		24
Total liabilities held for sale	$	591	$	119	$	152	$	862