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Transactions (Tables) | 12 Months Ended
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Dec. 31, 2023
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.

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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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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