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Business Combinations | 3 Months Ended
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Mar. 31, 2024
Business Combinations [Abstract] |
Business Combinations | 6. Business Combinations During the first quarter of 2024, our Energy Products and Services segment made two strategic acquisitions to enhance and expand our existing portfolio for a total consideration of $243 million, net of cash acquired. One of the two acquisitions involved White Deer Energy, a middle market private equity fund focused on energy investments. As the transaction involved a related party at the time it was entered into (e.g., directors Ben A. Guill and Eric L. Mattson both had an investment interest in certain White Deer Energy funds), the acquisition was approved by the disinterested members of the Company’s Board of Directors. At March 31, 2024, we provisionally recorded $112 million of goodwill and amortizable intangible assets; $63 million of PP&E, including financing and operating lease right of use assets; $85 million of net working capital; and $17 million of finance and operating lease liabilities. The fair values of the assets acquired and liabilities assumed are preliminary and subject to change until we finalize our accounting for these acquisitions.

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