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ACQUISITIONS (Tables) | 6 Months Ended
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Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of fair values of assets acquired and liabilities | The following table summarizes the estimated fair values of assets acquired and liabilities assumed as of March 31, 2022, the acquisition date:
(in millions) | Initial Allocation |  |  |  |
ASSETS |  |  |  |  |
Receivables, net | $ | 7 |  |  |  |  |
Inventories, net | 1 |  |  |  |  |
Property, plant and equipment, net | 9 |  |  |  |  |
Goodwill | 132 |  |  |  |  |
Other intangible assets, net | 87 |  |  |  |  |
Total assets acquired | 236 |  |  |  |  |
LIABILITIES |  |  |  |  |
Accounts payable | 2 |  |  |  |  |
Other non-current liabilities | 22 |  |  |  |  |
Total liabilities assumed | 24 |  |  |  |  |
Net assets acquired | $ | 212 |  |  |  |  |
The following table summarizes the final fair values of assets acquired and liabilities assumed as of the acquisition date and subsequent measurement period adjustments:
(in millions) | Initial Allocation |  | Measurement Period Adjustments |  | Final Allocation
ASSETS |  |  |  |  |
Cash and cash equivalents (including restricted cash of $16 million) | $ | 29 |  |  | $ | — |  |  | $ | 29 |
Receivables, net | 16 |  |  | — |  |  | 16 |
Inventories, net | 42 |  |  | (2) |  |  | 40 |
Prepayments and other current assets | 5 |  |  | — |  |  | 5 |
Property, plant and equipment, net | 106 |  |  | (3) |  |  | 103 |
Goodwill | 707 |  |  | (3) |  |  | 704 |
Other intangible assets, net | 130 |  |  | — |  |  | 130 |
Other non-current assets | — |  |  | 7 |  |  | 7 |
Total assets acquired | 1,035 |  |  | (1) |  |  | 1,034 |
LIABILITIES |  |  |  |  |
Notes payable and other short-term debt | 8 |  |  | — |  |  | 8 |
Accounts payable | 22 |  |  | — |  |  | 22 |
Other current liabilities | 13 |  |  | 6 |  |  | 19 |
Long-term debt | 69 |  |  | — |  |  | 69 |
Other non-current liabilities | 39 |  |  | (7) |  |  | 32 |
Total liabilities assumed | 151 |  |  | (1) |  |  | 150 |
Noncontrolling interest | 96 |  |  | — |  |  | 96 |
Net assets and noncontrolling interest acquired | $ | 788 |  |  | $ | — |  |  | $ | 788 |
Schedule of other intangible assets acquired | The following table summarizes the other intangible assets acquired:
(in millions) | Estimated Life |  | Estimated Fair Value
Customer relationships | 12 years |  | $ | 62 |
Manufacturing processes (know-how) | 10 years |  | 25 |
Total other intangible assets |  |  | $ | 87 |
The following table summarizes the other intangible assets acquired:
(in millions) | Estimated Life |  | Estimated Fair Value
Amortized intangible assets: |  |  |
Developed technology | 5 years |  | $ | 70 |
Customer relationships | 11 years |  | 25 |
Total amortized intangible assets |  |  | 95 |
Unamortized trade name | Indefinite |  | 35 |
Total other intangible assets |  |  | $ | 130 |

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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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