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ACQUISITIONS (Tables)

6 Months Ended

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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- References

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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

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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

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-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

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