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Transactions (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combinations [Abstract] |
Summary of Purchase Price Allocation | The following table summarizes the purchase price allocation detail as of the acquisition dates for acquisitions closed during fiscal years 2022 and 2021 (in millions):
|  | 2022 Acquisitions |  |  | 2021 Acquisitions |
Consideration transferred: |  |  |  |  |  |
Cash |  | $ | 80 |  |  | $ | 96 |
Estimated fair value of contingent consideration |  |  | — |  |  |  | 23 |
Net purchase price |  | $ | 80 |  |  | $ | 119 |
Fair value of net assets acquired: |  |  |  |  |  |
Current assets other than cash |  | $ | 11 |  |  | $ | 7 |
Property, plant and equipment |  |  | 10 |  |  |  | 36 |
Customer relationships and other intangibles (1) |  |  | 15 |  |  |  | 11 |
Current liabilities |  |  | (5 | ) |  |  | (2 | )
Total fair value of net assets acquired |  | $ | 31 |  |  | $ | 52 |
Goodwill (2) |  | $ | 49 |  |  | $ | 67 |
(1) Intangible assets acquired in 2022 and 2021 are amortized over a 8-year and 9-year weighted average period, respectively. (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 $49 million and $41 million in connection with the acquisitions in 2022 and 2021, respectively.
Schedule of Reconciliation of the Fair Value of the Acquisition Related Contingent Consideration Liabilities | The following table presents a reconciliation of the beginning and ending amounts of the fair value of the acquisition-related contingent consideration liabilities (in millions):
|  | Acquisition-related |
|  | contingent consideration liabilities |
Balance at January 1, 2021 |  | $ | — |
Acquisition-date fair value |  |  | 23 |
Change in fair value |  |  | (10 | )
Balance at December 31, 2021 (1) |  | $ | 13 |
Change in fair value |  |  | (13 | )
Balance at December 31, 2022 |  | $ | — |

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 + 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 https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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