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Business Combinations (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Allocation of Total Consideration to Fair Value of Assets and Liabilities of Quality Carriers | The allocation of total consideration to the fair values of the acquired assets and liabilities of Pan Am is summarized in the table below.
(Dollars in Millions) | June 1, 2022
Assets Acquired: |
Accounts Receivable, net | $ | 46 |
Properties and Equipment, net | 600
Goodwill | 17
Investments in Affiliates | 90
Other Assets | 11
Total Assets Acquired | $ | 764 |
Liabilities Assumed: |
Accounts Payable and Accrued Liabilities | $ | 32 |
Deferred Tax Liabilities | 75 |
Other Long-term Liabilities | 57 |
Total Liabilities Assumed | $ | 164 |
Fair Value of Assets Acquired, Net of Liabilities Assumed: | $ | 600 |
The allocation of total consideration to the fair values of the acquired assets and liabilities of Quality Carriers is summarized in the table below.
(Dollars in Millions) | July 1, 2021
Assets Acquired: |
Cash and Cash Equivalents | $ | 3 |
Accounts Receivable, net | 113 |
Properties and Equipment, net | 225 |
Goodwill | 213 |
Intangible Assets | 180 |
Other Assets | 9 |
Total Assets Acquired | $ | 743 |
Liabilities Assumed: |
Accounts Payable and Accrued Liabilities | $ | 48 |
Finance Lease Obligations and Notes Payable | 68 |
Casualty, Environmental and Other Reserves | 62 |
Other Long-term Liabilities | 21 |
Total Liabilities Assumed | $ | 199 |
Fair Value of Assets Acquired, Net of Liabilities Assumed: | $ | 544 |

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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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