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Acquisitions | 6 Months Ended
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Jun. 30, 2024
Business Combinations [Abstract] |
Acquisitions | Acquisitions During the six months ended June 30, 2024, the Company acquired Revela Foods (“Revela”), a Wisconsin-based developer and manufacturer of innovative dairy flavor ingredients and solutions, FDL, a UK-based leading developer and producer of premium flavor and functional ingredient systems, PT Trouw Nutrition Indonesia (“PT”), a subsidiary of Nutreco and leading provider of functional and nutritional solutions for livestock farming in Indonesia, and Totally Natural Solutions (“TNS”), a UK-based hops flavoring producer, for an aggregate cash consideration of $948 million. The aggregate cash consideration of these acquisitions, net of $12 million in cash acquired, was allocated as follows, subject to final measurement period adjustments:
(In millions) | Revela | FDL | PT | TNS | Total
Working capital | $ | 50 |  | $ | 16 |  | $ | 5 |  | $ | 2 |  | $ | 73 |
Property, plant, and equipment | 38 |  | 34 |  | 5 |  | 2 |  | 79 |
Goodwill | 410 |  | 128 |  | 5 |  | 8 |  | 551 |
Other intangible assets | 166 |  | 97 |  | — |  | 11 |  | 274 |
Other long-term assets | 28 |  | 1 |  | — |  | — |  | 29 |
Long-term liabilities | (43) |  | (26) |  | — |  | (1) |  | (70) |
Aggregate cash consideration | $ | 649 |  | $ | 250 |  | $ | 15 |  | $ | 22 |  | $ | 936 |
Goodwill recorded in connection with the acquisitions is primarily attributable to the synergies expected to arise after the Company’s acquisition of the businesses. Of the $551 million allocated to goodwill, $313 million is expected to be deductible for tax purposes. These acquisitions add capabilities to the Human and Animal Nutrition businesses. The Company’s consolidated statement of earnings for the three and six months ended June 30, 2024 includes the post-acquisition results of the acquired businesses which were immaterial. The following table sets forth the fair values and the useful lives of the other intangible assets acquired.
| Useful Lives | Revela | FDL | TNS | Total
| (In years) | (In millions)
Intangible assets with finite lives: |  |  |  |  |  |  |
Trademarks/brands | 3 |  |  | $ | — |  | $ | 4 |  | $ | 1 |  | $ | 5 |
Customer lists | 10 | to | 18 | 124 |  | 73 |  | 8 |  | 205 |
Recipes and others | 10 | to | 21 | 42 |  | 20 |  | 2 |  | 64 |
Total other intangible assets acquired |  |  |  | $ | 166 |  | $ | 97 |  | $ | 11 |  | $ | 274 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
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