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Business Acquisitions and Divestitures (Tables) | 12 Months Ended
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Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary purchase price allocation for this acquisition:
(In millions) | Amounts Recognized as of Acquisition Date
Purchase consideration: |
Cash | $ | 600 |
Contingent consideration | 92 |
Total purchase consideration | $ | 692 |
Identifiable assets acquired and liabilities assumed: |
Current assets | $ | 5 |
Intangible assets | 229 |
Other non-current assets | 3 |
Current liabilities | (8) |
Total identifiable net assets | 229 |
Goodwill | 463 |
Net assets acquired | $ | 692 |
The following table summarizes the preliminary purchase price allocation for this acquisition:
(In millions) | Amounts Recognized as of Acquisition Date
Purchase consideration: |
Cash | $ | 173 |
Contribution of USOR | 40 |
Total purchase consideration | $ | 213 |
Identifiable assets acquired and liabilities assumed: |
Receivables | $ | 224 |
Property, plant, and equipment | 22 |
Operating lease right-of-use assets | 31 |
Intangible assets | 177 |
Current liabilities | (42) |
Long-term operating lease liabilities | (29) |
Other non-current liabilities | (43) |
Total identifiable net assets | 340 |
Noncontrolling interest | (225) |
Additional paid-in capital | (22) |
Goodwill | 120 |
Net assets acquired | $ | 213 |
Assets and Liabilities Held for Sale | The total assets and liabilities of the E.U. disposal group that met the classification of held for sale in the Company’s Consolidated Balance Sheet at March 31, 2022 were as follows:
(In millions) | March 31, 2022
Assets |
Current assets |
Receivables, net | $ | 1,322 |
Inventories, net | 809 |
Prepaid expenses and other | 72 |
Property, plant, and equipment, net | 304 |
Operating lease right-of-use assets | 224 |
Intangible assets, net | 267 |
Other non-current assets | 328 |
Remeasurement of assets of businesses held for sale to fair value less costs to sell (1) | (302) |
Total assets held for sale | $ | 3,024 |
Liabilities |
Current liabilities |
Drafts and accounts payable | $ | 1,826 |
Current portion of long-term debt | 4 |
Current portion of operating lease liabilities | 33 |
Other accrued liabilities | 473 |
Long-term debt | 11 |
Long-term deferred tax liabilities | 55 |
Long-term operating lease liabilities | 180 |
Other non-current liabilities | 138 |
Total liabilities held for sale | $ | 2,720 |
(1)Excludes charges in fiscal 2022 related to the impairment of individual assets, including a $113 million impairment of internally developed software recorded directly against the gross value of the assets impacted. The total assets and liabilities of the U.K. disposal group that met the classification of held for sale in the Company’s Consolidated Balance Sheet at March 31, 2022 were as follows:
(In millions) | March 31, 2022
Assets |
Current assets |
Cash and cash equivalents | $ | 531 |
Receivables, net | 931 |
Inventories, net | 563 |
Prepaid expenses and other | 50 |
Property, plant, and equipment, net | 91 |
Operating lease right-of-use assets | 270 |
Intangible assets, net | 117 |
Other non-current assets | 88 |
Remeasurement of assets of businesses held for sale to fair value less costs to sell | (1,159) |
Total assets held for sale | $ | 1,482 |
Liabilities |
Current liabilities |
Drafts and accounts payable | $ | 1,593 |
Current portion of operating lease liabilities | 50 |
Other accrued liabilities | 59 |
Long-term deferred tax liabilities | 16 |
Long-term operating lease liabilities | 262 |
Other non-current liabilities | 38 |
Total liabilities held for sale | $ | 2,018 |

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- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI https://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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