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ACQUISITIONS | 12 Months Ended
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Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
ACQUISITIONS | ACQUISITIONS On January 1, 2022, we acquired all the outstanding equity of Whiplash, a leading national provider of omnichannel fulfillment and logistics services for a purchase price of $483 million. The acq uisition is included in our SCS business segment, and will expand our e-commerce and omnichannel fulfillment network. We believe that we have sufficient information to provide a reasonable basis for estimating the fair values of assets acquired and liabilities assume d. The purchase price allocation of estimated fair values reflected were finalized during the fourth quarter of 2022. The following table provides the final purchase price allocation of the fair value of the assets and liabilities for Whiplash as of the acquisition date:
(In millions) |  | January 1, 2022 |
Assets: |  |  |
Current assets: |  |  |
Cash and cash equivalents |  | $ | 9 |  |
Receivables, net |  | 79 |
Prepaid expenses and other current assets |  | 4 |
Total current assets |  | 92 |
Revenue earning equipment, net |  | 1 |
Operating property and equipment, net |  | 40 |
Goodwill |  | 280 |
Intangible assets, net |  | 150 |
Sales-type leases and other assets |  | 195 |
Total assets |  | 758 |
Liabilities and shareholders' equity: |  |  |
Current liabilities: |  |  |
Accounts payable |  | 28 |
Accrued expenses and other current liabilities |  | 78 |
Total current liabilities |  | 106 |
Other non-current liabilities |  | 131 |
Deferred income tax |  | 38 |
Total liabilities |  | 275 |
Net assets acquired |  | $ | 483 |  |
The excess of the purchase consideration over the aggregate estimated fair values of identifiable assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized reflects anticipated supply chain services growth opportunities and expected synergies of combining Whiplash with our business. None of the goodwill is deductible for income tax purposes. Customer relationship intangible assets are expected to be amortized over 13 years. The purchase price included $438 million of restricted cash placed in escrow and the remaining amount classified as a deposit as of December 31, 2021. These amounts were recorded in "Prepaid expenses and other current assets" in the Consolidated Balance Sheet as of December 31, 2021. The cash paid from escrow during the first quarter of 2022 is reflected in "Acquisitions, net of cash acquired" in the Consolidated Statement of Cash Flows for the year ended December 31, 2022. On November 1, 2021, we acquired all the outstanding equity of Midwest, a warehousing, distribution, and transportation company based in Woodbridge, IL for a purchase price of $284 million, of which $283 million was paid in 2021. The acquisition is included in our SCS business segment. The acquisition will expand our supply chain services, including multi-customer warehousing and distribution. The following table provides the final purchase price allocation of the fair value of the assets and liabilities for Midwest as of the acquisition date:
(In millions) |  | November 1, 2021
Assets: |  |
Current assets: |  |
Cash and cash equivalents |  | 6
Receivables, net |  | 27
Prepaid expenses and other current assets |  | 2
Total current assets |  | 35
Revenue earning equipment, net |  | 10
Operating property and equipment, net |  | 16
Goodwill |  | 95
Intangible assets, net |  | 134
Sales-type leases and other assets |  | 72
Total assets |  | 362
Liabilities and shareholders' equity: |  |
Current liabilities: |  |
Accounts payable |  | 6
Accrued expenses and other current liabilities |  | 14
Total current liabilities |  | 20
Other non-current liabilities |  | 60
Deferred income tax |  | (2) |
Total liabilities |  | 78
Net assets acquired |  | 284
The excess of the purchase consideration over the aggregate estimated fair values of identifiable assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized reflects supply chain services growth opportunities and expected cost synergies of combining Midwest with our business. All of the goodwill is expected to be deductible for income tax purposes. For the year ended December 31, 2022, we paid $32 million, net of cash acquired, related to other business combinations, primarily within the SCS segment, which resulted in additions to goodwill and intangible assets of $11 million and $6 million, respectively.

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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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