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Transactions (Tables)

12 Months Ended

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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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

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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.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
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