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Acquisitions and Divestitures (Tables) | 9 Months Ended
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Sep. 30, 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 | 23 |
Definite-life intangible assets | 218 |
Indefinite-life intangible assets | 339 |
Goodwill | 717 |
Other assets | 3 |
Assets acquired | $ | 1,625 |
Current liabilities | 182 |
Deferred tax liability | 76 |
Operating lease liabilities | 23 |
Other liabilities | 14 |
Total purchase price | $ | 1,330 |
Less: cash received | (22) |
Net Cash Paid | $ | 1,308 |
We have completed the valuation of assets acquired and liabilities assumed and have recorded a purchase price allocation of:
| (in millions)
Cash | $ | 99 |
Receivables | 76 |
Inventory | 123 |
Other current assets | 9 |
Property, plant and equipment | 186 |
Operating lease right-of-use assets | 22 |
Deferred tax assets | 107 |
Definite-life intangible assets | 200 |
Indefinite-life intangible assets | 1,450 |
Goodwill | 988 |
Other assets | 11 |
Assets acquired | $ | 3,271 |
Current liabilities | 159 |
Contingent consideration | 440 |
Other liabilities | 15 |
Total purchase price | $ | 2,657 |
Less: cash received | (99) |
Net Cash Paid | $ | 2,558 |
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 lease 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 September 30, 2023 |  | As of December 31, 2022
| (in millions)
Assets held for sale |  |  |
Other receivables, net of allowances | $ | 2 |  |  | $ | — |
Inventories, net | 83 |  |  | 79 |
Current assets held for sale (1) | 85 |  |  | 79 |
Property, plant and equipment, net | 164 |  |  | 159 |
Operating lease right-of-use assets | 1 |  |  | — |
Goodwill | 290 |  |  | 292 |
Intangible assets, net | 697 |  |  | 671 |
Deferred income taxes | 8 |  |  | — |
Noncurrent assets held for sale (2) | 1,160 |  |  | 1,122 |
Total assets held for sale | $ | 1,245 |  |  | $ | 1,201 |
Liabilities held for sale |  |  |
Accrued employment costs | $ | — |  |  | $ | 4 |
Other current liabilities | 1 |  |  | — |
Current liabilities held for sale (3) | 1 |  |  | 4 |
Long-term operating lease liabilities | 1 |  |  | — |
Deferred income taxes | — |  |  | 15 |
Noncurrent liabilities held for sale (4) | 1 |  |  | 15 |
Total liabilities held for sale | $ | 2 |  |  | $ | 19 |
(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 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 -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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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 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483475/205-20-45-11 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-3A Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-4A Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-5A Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5B -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-5B Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-5C Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5D -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-5D Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-3A Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 205 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-1 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-3 + Details
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