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ACQUISITIONS (Tables)

6 Months Ended

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

X

- 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).

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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.

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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.

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