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ACQUISITIONS (Tables) | 6 Months Ended
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Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Preliminary Allocation of the Purchase Price | The components of the purchase price are as follows:
(In millions) |  | January 2, 2024
Cash |  | $ | 11,156 |
Common shares (58,608,959 shares at $51.20 per share) |  | 3,001 |
Total consideration |  | $ | 14,157 |
Schedule of Allocation of the Purchase Price | The preliminary allocation of the purchase price is as follows:
(In millions) |  | Preliminary January 2, 2024 |  | Measurement Period Adjustments |  | As Adjusted January 2, 2024
Cash and cash equivalents |  | $ | 394 |  |  | (1) |  |  | $ | 393 |
Accounts receivable |  | 408 |  |  | 5 |  |  | 413 |
Inventories |  | 948 |  |  | — |  |  | 948 |
Other current assets |  | 17 |  |  | — |  |  | 17 |
Fixed assets |  | 913 |  |  | 11 |  |  | 924 |
Intangible assets |  | 6,640 |  |  | — |  |  | 6,640 |
Other assets |  | 284 |  |  | 2 |  |  | 286 |
Accounts payable |  | (288) |  |  | (2) |  |  | (290) |
Other liabilities, current |  | (626) |  |  | (4) |  |  | (630) |
Future income tax obligations |  | (1,825) |  |  | 5 |  |  | (1,820) |
Other liabilities |  | (284) |  |  | (12) |  |  | (296) |
Total identifiable net assets |  | 6,581 |  |  | 4 |  |  | 6,585 |
Goodwill |  | 7,576 |  |  | (4) |  |  | 7,572 |
Total consideration |  | $ | 14,157 |  |  | $ | — |  |  | $ | 14,157 |
Schedule of Intangible Assets Based on Estimate of Fair Value | The Company recorded intangible assets based on its estimate of fair value which consisted of the following:
(In millions) |  | Estimated Useful Life (in years) |  | Intangible Assets Acquired
Customer relationships |  | 17 |  | $ | 4,787 |
Technology |  | 10 - 20 |  | 1,051 |
Trademark |  | 40 |  | 679 |
Backlog |  | 1 |  | 123 |
Total intangible assets acquired |  |  |  | $ | 6,640 |
Schedule of Business Acquisition, Pro Forma Information | The following table summarizes the results of the VCS Business since the date of acquisition:
(In millions) | Three Months Ended June 30, 2024 |  | Six Months Ended June 30, 2024
Net sales | $ | 743 |  |  | $ | 1,618 |
Net income (loss) | (109) |  |  | (233) |
The following unaudited pro forma financial information is presented to illustrate the estimated effects of the acquisition of the VCS Business as if the business combination had occurred on January 1, 2023:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Net sales | $ | 6,689 |  |  | $ | 7,227 |  |  | $ | 12,871 |  |  | $ | 13,505 |
Net income (loss) | 2,421 |  |  | 250 |  |  | 2,764 |  |  | 329 |

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- Definition Tabular disclosure of the nature and amount of any material, nonrecurring adjustments directly attributable to the business combination(s) included in the reported pro forma revenue and earnings (supplemental pro forma information). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(4) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -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 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 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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