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ACQUISITIONS (Tables) | 6 Months Ended
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Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Preliminary Allocation of the Purchase Price | The preliminary allocation of the purchase price is as follows:
(In millions) |  | August 1, 2022
Cash and cash equivalents |  | $ | 462 |
Accounts receivable |  | 426 |
Inventories |  | 373 |
Other assets, current |  | 54 |
Fixed assets |  | 343 |
Intangible assets |  | 965 |
Goodwill |  | 876 |
Other assets |  | 293 |
Accounts payable |  | (412) |
Accrued liabilities |  | (445) |
Contract liabilities, current |  | (21) |
Other long-term liabilities |  | (574) |
Net assets acquired |  | $ | 2,340 |
Less: Fair value of non-controlling interests |  | (22) |
Less: Fair value of previously held TCC equity investments |  | (1,398) |
Total cash consideration |  | $ | 920 |
Schedule of Intangible Assets Based on Preliminary Estimate of Fair Value | The Company recorded intangible assets based on its preliminary estimate of fair value which consisted of the following:
(In millions) | Estimated Useful Life (in years) |  | Intangible Assets Acquired
Customer relationships | 23 |  | $ | 497 |
Technology | 7 |  | 220 |
Trademark | 26 |  | 180 |
Backlog | 1 |  | 60 |
Land use rights | 45 |  | 8 |
Total intangible assets acquired |  |  | $ | 965 |

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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-1 + 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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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