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Acquisitions and Divestitures (Tables) | 9 Months Ended
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Sep. 30, 2025
Business Combination [Abstract] |
Business Combination, Separately Recognized Transaction | The acquisition-date fair value of the consideration consisted of the following:
(in millions) | Fair Value of Purchase Consideration
Cash paid | $ | 154 |
Fair value of previously held equity interest | 193 |
Fair value of redeemable non-controlling interest | 237 |
Settlement of preexisting relationship | 53 |
Total | $ | 637 |
Purchase Price Allocation | The following table summarizes the preliminary acquisition date fair value of net tangible and intangible assets acquired, net of liabilities assumed from EnviroMix:
(in millions) | Fair Value |
Receivables | 4 |  |
Contract assets | 8 |  |
Goodwill | 76 |  |
Other intangible assets, net | 34 |  |
Other non-current assets | 1 |  |
Accounts payable | (3) |  |
Accrued and other current liabilities | (4) |  |
Deferred income tax liabilities | (9) |  |
Other non-current accrued liabilities | (1) |  |
Total | $ | 106 |  |
The following table summarizes the preliminary acquisition date fair value of net tangible and intangible assets acquired, net of liabilities assumed from Idrica:
(in millions) | Fair Value |
Cash and cash equivalents | $ | 4 |  |
Receivables | 5 |  |
Prepaid and other current assets | 6 |  |
Goodwill | 522 |  |
Other intangible assets, net | 165 |  |
Other non-current assets | 15 |  |
Accounts payable | (8) |  |
Accrued and other current liabilities | (5) |  |
Short term borrowings and current maturities of long-term debt | (16) |  |
Long term debt | (7) |  |
Deferred income tax liabilities | (41) |  |
Other non-current accrued liabilities | (3) |  |
Total | $ | 637 |  |
Summary of Intangible Assets Acquired | The following table summarizes key information underlying identifiable intangible assets related to the EnviroMix acquisition:
| Useful Life(a) | Fair Value (in millions)
Customer Relationships | 10 years | $ | 25 |
Backlog | 8 months | 5 |
Non-compete agreements | 5 years | 3 |
Trade Name | 6 years | 1 |
Total | 8.1 years | $ | 34 |
The following table summarizes key information underlying identifiable intangible assets related to the Idrica acquisition:
(in millions) | Useful Life (in years)(a) | Fair Value (in millions)
Customer Relationships | 24 | $ | 28 |
Backlog | 9 | 2 |
Technology | 7 | 132 |
Trade Name | 10 | 2 |
Intangible Assets Under Construction | N/A | 1 |
Total | 10 | $ | 165 |
(a)Useful life approximates weighted average useful life. •The preliminary estimates of fair value of Idrica’s identifiable intangible assets were determined using a combination of the income and cost approaches. The fair value measurements were primarily based on significant inputs that are not observable in the market and thus represent a Level 3 measurement of the fair value hierarchy as defined in ASC 820, Fair Value Measurements. Intangible assets consisting of the customer relationships, backlog, and trade name were valued using the multi-period excess earnings method (“MEEM”) or the relief from royalty (“RFR”) method, both of which are forms of the income approach. The intangible asset related to Idrica’s developed technology was valued using the replacement cost approach. •The customer and backlog intangible assets were valued using the MEEM. The MEEM is an approach where the net earnings attributable to the asset being measured are isolated from other “contributory assets” over the intangible asset’s remaining economic life. •The trade name intangible asset was valued using the RFR method. The RFR method suggests that in lieu of ownership, the acquirer can obtain comparable rights to use the subject asset via a license from a hypothetical third-party owner. The asset’s fair value is the present value of license fees avoided by owning it (i.e., the royalty savings). •The developed technology intangible asset was valued using the replacement cost approach. The replacement cost approach is a valuation method that relies on estimating the replacement costs of assets based on the principle that an asset would not be purchased for a price higher than the cost to replace it with an asset of comparable utility.

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- Definition Tabular disclosure of transaction recognized separately from acquisition of asset and assumption of liability in business combination. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired in business combination. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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