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ACQUISITIONS, LICENSING AGREEMENTS AND ASSETS HELD FOR SALE (Tables) | 12 Months Ended
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Dec. 31, 2020
Business Combinations [Abstract] |
Estimated fair values of assets acquired and liabilities assumed | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed related to the acquisition of certain assets of Synergy as of the acquisition date:
(in millions) |
Accounts receivable | $ | 7 |
Inventories | 24 |
Prepaid expenses and other current assets | 5 |
Product brand intangible assets (estimated useful life 7 years) | 159 |
Accounts payable | (1) |
Accrued expenses | (17) |
Total identifiable net assets | 177 |
Goodwill | 3 |
Total fair value of consideration transferred | $ | 180 |
Schedule of carrying amounts of assets and liabilities held for sale | The carrying amounts of the assets and liabilities held for sale included in the Consolidated Balance Sheet as of December 31, 2020 are as follows:
(in millions) |  |
Prepaid expenses and other current assets: |  |
Trade receivables, net |  | $ | 91 |
Inventories, net |  | 63 |
Prepaid expenses and other current assets |  | 8 |
|  | $ | 162 |
Other non-current assets: |  |
Property, plant and equipment, net |  | $ | 68 |
Goodwill and Intangible assets, net |  | 245 |
Deferred tax assets, net |  | 2 |
|  | $ | 315 |
Accrued and other current liabilities: |  |
Accounts payable |  | $ | 7 |
Accrued and other current liabilities |  | 28 |
|  | $ | 35 |
Other non-current liabilities: |  |
Deferred tax liabilities, net |  | $ | 36 |
Other non-current liabilities |  | 21 |
|  | $ | 57 |

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- Definition Tabular disclosure of long lived assets held for sale. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 + 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=121647850&loc=d3e4845-128472 + Details
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