XML 24 R9.htm IDEA: XBRL DOCUMENT
v3.20.4

Acquisitions | 12 Months Ended
--- | ---
Dec. 31, 2020
Business Combinations [Abstract] |
Acquisitions | Acquisition NAKAN TM On January 2, 2019, the Company acquired all of the outstanding equity interests in the parent entity of the NAKAN TM global compounding solutions business. NAKAN's products are used in a wide-variety of applications, including in the automotive, building and construction, and medical industries. The closing purchase price of $249 was paid with available cash on hand. The acquisition is being accounted for under the acquisition method of accounting. The assets acquired and liabilities assumed and the results of operations of NAKAN are included in the Vinyls segment. NAKAN's net sales and earnings since the acquisition date were not material to the Company's consolidated statement of operations for the year ended December 31, 2019. The acquisition-related costs recognized in the consolidated statement of operations for the year ended December 31, 2019 were not material. The pro forma impact of this acquisition has not been presented as it is not material to the Company's consolidated statements of operations for the years ended December 31, 2019 and 2018. The following table summarizes the fair value of identified assets acquired and liabilities assumed at the date of acquisition. The allocation of consideration transferred is based on management's estimates, judgments and assumptions. When determining the fair values of assets acquired and liabilities assumed, management made significant estimates, judgments and assumptions. Management estimated that consideration paid exceeded the fair value of the net assets acquired. Therefore, goodwill of $40 was recorded. The goodwill recognized is primarily attributable to the expected value to be achieved from the acquisition. The information below represents the purchase price allocation:
Cash |  | $ | 10 |  |
Accounts receivable |  | 53 |  |
Inventories |  | 40 |  |
Prepaid expenses and other current assets |  | 7 |  |
Property, plant and equipment |  | 75 |  |
Operating lease right-of-use assets |  | 3 |  |
Intangible assets: |  |  |
Customer relationships (weighted average lives of 17 years) |  | 65 |  |
Technology (weighted average lives of 14 years) |  | 40 |  |
Trade name (life of 15 years) |  | 25 |  |
Other assets |  | 12 |  |
Total assets acquired |  | 330 |  |
Accounts payable |  | 57 |  |
Accrued and other liabilities |  | 18 |  |
Deferred income taxes |  | 31 |  |
Pension and other post-retirement benefits |  | 4 |  |
Operating lease liabilities |  | 3 |  |
Other long-term liabilities |  | 8 |  |
Total liabilities assumed |  | 121 |  |
Total identifiable net assets acquired |  | 209 |  |
Goodwill |  | 40 |  |
Total purchase consideration |  | $ | 249 |  |

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
Name: | us-gaap_BusinessCombinationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration