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Acquisitions | 3 Months Ended
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Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Acquisition | Acquisitions Hexion Epoxy Business. On February 1, 2022, the Company completed its acquisition of Hexion's global epoxy business ("Westlake Epoxy") for a total final purchase consideration of $1,207. The assets acquired and liabilities assumed and the results of operations of the Westlake Epoxy business are included in the Performance and Essential Materials segment. The purchase accounting adjustments recorded since the date of the acquisition resulted in a $12 increase in goodwill. The intangible assets that have been acquired are being amortized over periods of 11 to 19 years. The information below represents the final purchase price allocation:
Cash |  | $ | 42 |  |
Accounts receivable |  | 299 |  |
Inventories |  | 346 |  |
Prepaid expenses and other current assets |  | 22 |  |
Property, plant and equipment |  | 664 |  |
Operating lease right-of-use assets |  | 59 |  |
Intangible assets |  | 145 |  |
Other assets |  | 104 |  |
Total assets acquired |  | 1,681 |  |
Accounts payable |  | 189 |  |
Accrued and other liabilities |  | 88 |  |
Deferred income taxes |  | 96 |  |
Pensions and other post-retirement benefits |  | 163 |  |
Operating lease liabilities |  | 48 |  |
Other liabilities |  | 19 |  |
Total liabilities assumed |  | 603 |  |
Total identifiable net assets acquired |  | 1,078 |  |
Noncontrolling interest |  | (2) |  |
Goodwill |  | 131 |  |
Total Westlake Corporation purchase consideration |  | $ | 1,207 |  |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI https://asc.fasb.org/topic&trid=2303972 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4946-128472 + Details
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