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Cooper Tire Acquisition (Tables) - Cooper Tire | 3 Months Ended
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Mar. 31, 2022
Business Acquisition [Line Items] |
Calculation of Merger Consideration | The following table sets forth cumulative measurement period changes since the Closing Date, as well as the updated and initial preliminary allocation of the Merger Consideration to the estimated fair value of the identifiable tangible and intangible assets acquired and liabilities assumed of Cooper Tire, with the excess recorded to Goodwill as of the Closing Date:
(In millions) |  | Updated Purchase Price Allocation |  |  | Cumulative Measurement Period Changes |  |  | Initial Purchase Price Allocation |
Cash and Cash Equivalents |  | $ | 231 |  |  | $ | — |  |  | $ | 231 |
Accounts Receivable |  |  | 540 |  |  |  | (81 | ) |  |  | 621 |
Inventories |  |  | 695 |  |  |  | 2 |  |  |  | 693 |
Property, Plant and Equipment |  |  | 1,348 |  |  |  | (24 | ) |  |  | 1,372 |
Goodwill |  |  | 625 |  |  |  | 150 |  |  |  | 475 |
Intangible Assets |  |  | 926 |  |  |  | (160 | ) |  |  | 1,086 |
Other Assets |  |  | 357 |  |  |  | (5 | ) |  |  | 362 |
|  |  | 4,722 |  |  |  | (118 | ) |  |  | 4,840 |
Accounts Payable — Trade |  |  | 381 |  |  |  | (83 | ) |  |  | 464 |
Compensation and Benefits |  |  | 356 |  |  |  | (30 | ) |  |  | 386 |
Debt, Finance Leases and Notes Payable and Overdrafts |  |  | 151 |  |  |  | — |  |  |  | 151 |
Deferred Tax Liabilities, net |  |  | 290 |  |  |  | (57 | ) |  |  | 347 |
Other Liabilities |  |  | 426 |  |  |  | 52 |  |  |  | 374 |
Minority Equity |  |  | 21 |  |  |  | — |  |  |  | 21 |
|  |  | 1,625 |  |  |  | (118 | ) |  |  | 1,743 |
Merger Consideration |  | $ | 3,097 |  |  | $ | — |  |  | $ | 3,097 |
Schedule of Identifiable Tangible and Intangible Assets Acquired and Liabilities Assumed | The estimated fair values of the identifiable intangible assets acquired, their weighted average estimated useful lives and the related valuation methodology are as follows:
(In millions, except years) |  | Updated Fair Value |  |  | Cumulative Measurement Period Changes |  |  | Initial Fair Value |  |  | Weighted Average Useful Lives |  | Valuation Methodology
Trade names (indefinite-lived) |  | $ | 560 |  |  | $ | 250 |  |  | $ | 310 |  |  | N/A |  | Relief-from-royalty
Trade names (definite-lived) |  |  | 10 |  |  |  | (30 | ) |  |  | 40 |  |  | 14 years |  | Relief-from-royalty
Customer relationships |  |  | 350 |  |  |  | (380 | ) |  |  | 730 |  |  | 12 years |  | Multi-period excess earnings
Non-compete and other |  |  | 6 |  |  |  | — |  |  |  | 6 |  |  | 2 years |  | Discounted cash flow
|  | $ | 926 |  |  | $ | (160 | ) |  | $ | 1,086 |  |  |  |  |
Schedule of Pro Forma Financial Information | The pro forma results are not necessarily indicative of either the actual consolidated results had the acquisition of Cooper Tire occurred on January 1, 2020, nor are they indicative of future consolidated operating results.
(In millions) |  | Three Months Ended March 31, 2021 |
Net Sales |  | $ | 4,181 |
Income before Income Taxes |  |  | 100 |
Goodyear Net Income |  |  | 63 |

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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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