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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2021
Business Combinations [Abstract] |
Summary of Purchase Price Allocation | The following table summarizes the purchase price allocation detail (in millions):
|  | As of June 30, 2021 |
Consideration transferred: |  |  |  |
Cash |  | $ | 96 |
Estimated fair value of contingent consideration |  |  | 23 |
Net purchase price |  | $ | 119 |
Fair value of net assets acquired: |  |  |  |
Current assets other than cash |  | $ | 8 |
Property, plant and equipment |  |  | 36 |
Customer relationships and other intangibles (1) |  |  | 11 |
Other assets and liabilities, net |  |  | (2 | )
Total fair value of net assets acquired |  | $ | 53 |
Goodwill (2) |  | $ | 66 |
| (1) | Intangible assets acquired are amortized over a 9-year weighted average period.
| (2) | The amount of goodwill represents the excess of its purchase price over the fair value of net assets acquired. Goodwill includes the expected benefit that the Company believes will result from combining its operations with those of the businesses acquired. The amount of goodwill expected to be deductible for income tax purposes is approximately $59 million, subject to changes in the fair value of contingent consideration liability subsequent to the acquisition date.

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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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