Few Spinoffs Make a Clean Break

The throng of spinoffs from companies such as Hewlett Packard Enterprise Co., Baxter International Inc. and Timken Co. often masks the complex challenges finance chiefs face in the aftermath.

Global spinoff transactions reached a record $250.9 billion in 2015, nearly doubling the $127 billion in deals completed in 2014, according to Dealogic.

But there still is baggage. Companies can spend months vacuuming costly services and...