Businesses Held for Sale

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Businesses Held for Sale

BUSINESS HELD FOR SALE

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.

In July 2022, we entered into an agreement with GE to sell Nexus Controls, a business in our IET segment, specializing in scalable industrial controls systems, safety systems, hardware, and software cybersecurity solutions and services. Based on preliminary estimates, the carrying value is expected to approximate the fair value of the business, less costs to sell. We expect to complete the sale in mid-2023 subject to customary conditions, including regulatory approvals.

The following table presents financial information related to the assets and liabilities of our Nexus Controls business classified as held for sale and reported in “All other current assets” and “All other current liabilities” in our consolidated statements of financial position as of December 31, 2022.

Assets and liabilities of business held for sale	Nexus Controls
Assets
Current receivables	$	59
Inventories	36
Property, plant and equipment	2
Goodwill	230
Other assets	10
Total assets of business held for sale	337
Liabilities
Accounts payable	30
All other current liabilities	56
Other liabilities	7
Total liabilities of business held for sale	93
Total net assets of business held for sale	$	244