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Acquisitions and Divestitures (Tables) | 3 Months Ended
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Mar. 31, 2023
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 of assets acquired and liabilities assumed and have recorded a preliminary purchase price allocation of:
| (in millions)
Cash | $ | 22 |
Receivables | 86 |
Inventory | 70 |
Other current assets | 3 |
Property, plant and equipment | 144 |
Operating leases right of use assets | 17 |
Definite-life intangible assets | 218 |
Indefinite-life intangible assets | 339 |
Goodwill | 714 |
Assets acquired | $ | 1,613 |
Current liabilities | 177 |
Deferred tax liability | 77 |
Operating lease liabilities | 17 |
Other liabilities | 12 |
Total purchase price | $ | 1,330 |
Less: cash received | (22) |
Net Cash Paid | $ | 1,308 |
We are working to complete the valuation of assets acquired and liabilities assumed 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 | 92 |
Definite-life intangible assets | 200 |
Indefinite-life intangible assets | 1,450 |
Goodwill | 1,020 |
Other assets | 11 |
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 have recorded a purchase price allocation of net tangible and intangible assets acquired and liabilities assumed as follows:
| (in millions) |
Cash | $ | 52 |  |
Receivables | 102 |  |
Inventory | 60 |  |
Other current assets | 3 |  |
Property, plant and equipment | 379 |  |
Finance leases right of use assets | 8 |  |
Definite-life intangible assets | 48 |  |
Indefinite-life intangible assets | 686 |  |
Goodwill | 795 |  |
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 |  |
Schedule Assets and Liabilities Held-for-Sale | Total assets and liabilities held for sale are comprised of the following:
| As of March 31, 2023 |  | As of December 31, 2022
| (in millions)
Inventories, net | $ | 90 |  |  | $ | 79 |
Current assets held for sale (1) | $ | 90 |  |  | $ | 79 |
Property, plant and equipment, net | 161 |  | 159
Goodwill | 292 |  | 292
Intangible assets, net | 677 |  | 671
Noncurrent assets held for sale (2) | $ | 1,130 |  |  | $ | 1,122 |
Accrued employment costs | 6 |  | 4
Current liabilities held for sale (3) | $ | 6 |  |  | $ | 4 |
Deferred income taxes | 13 |  | 15
Noncurrent liabilities held for sale (4) | $ | 13 |  |  | $ | 15 |
(1)Reported in Other current assets on the condensed consolidated balance sheets. (2)Reported in Other assets on the condensed consolidated balance sheets. (3)Reported in Other current liabilities on the condensed consolidated balance sheets. (4)Reported in Other liabilities on the condensed consolidated balance sheets.

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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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