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Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2024
Business Combinations [Abstract] |
Summary of Purchase Price Allocation | Following is the purchase price allocation detail (in millions):
|  | As of March 31, 2024 |
Net purchase price, net of cash acquired |  | $ | 185 |
Fair value of net assets acquired: |  |  |
Current assets other than cash |  | $ | 120 |
Property, plant and equipment |  |  | 9 |
Trade names (estimate useful lives of 10 years) |  |  | 16 |
Customer relationships (estimate useful lives of 15 years) |  |  | 14 |
Current liabilities |  |  | (27 | )
Total fair value of net assets acquired |  | $ | 132 |
Goodwill (1) |  | $ | 53 |
(1) 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 $53 million.

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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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