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Acquisitions and Divestitures (Tables) | 9 Months Ended
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Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Purchase Price Allocation of Net Tangible and Intangible Assets Acquired and Liabilities Assumed | We are working to complete the valuation and have recorded a preliminary purchase price allocation of:
| (in millions)
Cash | $ | 99 |
Receivables | 76 |
Inventory | 124 |
Other current assets | 9 |
Property, plant and equipment | 186 |
Operating leases right of use assets | 22 |
Deferred tax assets | 93 |
Definite life intangible assets | 200 |
Indefinite life intangible assets | 1,450 |
Goodwill | 1,016 |
Other assets | 14 |
Assets acquired | $ | 3,289 |
Current liabilities | 159 |
Contingent consideration | 440 |
Other liabilities | 15 |
Total purchase price | 2,675 |
Less: cash received | (99) |
Net Cash Paid | $ | 2,576 |
We are working to complete the valuation and have recorded a preliminary purchase price allocation of:
| (in millions) |
Cash | $ | 52 |  |
Receivables | 102 |  |
Inventory | 60 |  |
Other current assets | 3 |  |
Property, plant and equipment | 383 |  |
Finance leases right of use assets | 8 |  |
Definite life intangible assets | 48 |  |
Indefinite life intangible assets | 686 |  |
Goodwill | 791 |  |
Other assets | 77 |  |
Assets acquired | $ | 2,210 |  |
Current liabilities | 133 |  |
Deferred tax liability | 158 |  |
Finance lease liabilities | 8 |  |
Other liabilities | 21 |  |
Total purchase price | $ | 1,890 |  |
Less: long-term debt | (436) |  |
Less: cash received | (52) |  |
Net Cash Paid | $ | 1,402 |  |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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