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ACQUISITIONS (Tables) | 6 Months Ended
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Jun. 30, 2022
Business Combinations [Abstract] |
Schedule of Business Acquisitions by Acquisition | The fair value of the total purchase consideration was determined as follows:
| (In Millions)
Cash consideration: |
Cash consideration pursuant to the FPT Acquisition Agreement | $ | 778 |
Estimated cash consideration payable related to Internal Revenue Code Section 338(h)(10) | 35 |
Total cash consideration | 813 |
Fair value of settlement of a pre-existing relationship | (20) |
Total purchase consideration | $ | 793 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The preliminary purchase price allocation to assets acquired and liabilities assumed in the FPT Acquisition was:
| (In Millions)
| Initial Allocation of Consideration |  | Measurement Period Adjustments |  | Updated Allocation
Cash and cash equivalents | $ | 9 |  |  | $ | — |  |  | $ | 9 |
Accounts receivable, net | 233 |  |  | 2 |  |  | 235 |
Inventories | 137 |  |  | 2 |  |  | 139 |
Other current assets | 4 |  |  | — |  |  | 4 |
Property, plant and equipment | 179 |  |  | 12 |  |  | 191 |
Other non-current assets | 74 |  |  | (10) |  |  | 64 |
Accounts payable | (122) |  |  | — |  |  | (122) |
Accrued employment costs | (8) |  |  | — |  |  | (8) |
Other current liabilities | (9) |  |  | — |  |  | (9) |
Other non-current liabilities | (21) |  |  | (1) |  |  | (22) |
Net identifiable assets acquired | 476 |  |  | 5 |  |  | 481 |
Goodwill | 279 |  |  | 33 |  |  | 312 |
Total net assets acquired | $ | 755 |  |  | $ | 38 |  |  | $ | 793 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The preliminary purchase price allocated to identifiable intangible assets acquired was:
| (In Millions) |  | Weighted Average Life (In Years)
Customer relationships | $ | 13 |  |  | 15
Supplier relationships | 21 |  |  | 18
Trade names and trademarks | 7 |  |  | 15
Total identifiable intangible assets | $ | 41 |  |  | 17

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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 a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + 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 http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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