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ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Summary of Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of 100% of the LKZ assets acquired and liabilities assumed:
In millions |  |
Assets acquired |  |
Cash and cash equivalents |  | $ | 30 |
Accounts receivable |  | 6 |
Inventory |  | 95 |
Property, plant and equipment |  | 36 |
Goodwill |  | 111 |
Other noncurrent assets |  | 3 |
Total assets acquired |  | 281 |
Liabilities assumed |  |
Current liabilities |  | 21 |
Noncurrent liabilities |  | 3 |
Total liabilities assumed |  | 24 |
Net assets acquired |  | $ | 257 |
The following table summarizes the fair value of the L&M Radiator, Inc. assets acquired and liabilities assumed:
In millions |  |
Assets acquired |  |
Cash and cash equivalents |  | $ | 16 |
Accounts receivable |  | 20 |
Inventory |  | 27 |
Other current assets |  | 1 |
Property, plant and equipment |  | 43 |
Goodwill |  | 104 |
Other intangible assets |  | 89 |
Other noncurrent assets |  | 1 |
Total assets acquired |  | 301 |
Liabilities assumed |  |
Current liabilities |  | 16 |
Noncurrent liabilities |  | 40 |
Total liabilities assumed |  | 56 |
Net assets acquired |  | $ | 245 |
The following table summarizes the fair value of the Nordco assets acquired and liabilities assumed:
In millions |  |
Assets acquired |  |
Cash and cash equivalents |  | $ | 5 |
Accounts receivable |  | 23 |
Inventory |  | 34 |
Other current assets |  | 2 |
Property, plant and equipment |  | 17 |
Goodwill |  | 215 |
Other intangible assets |  | 168 |
Other noncurrent assets |  | 12 |
Total assets acquired |  | 476 |
Liabilities assumed |  |
Current liabilities |  | 20 |
Noncurrent liabilities |  | 46 |
Total liabilities assumed |  | 66 |
Net assets acquired |  | $ | 410 |

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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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