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Acquisitions | 6 Months Ended
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Jun. 30, 2024
Business Combinations [Abstract] |
Acquisitions | 15. Acquisitions For the six months ended June 30, 2024, the Company acquired Whitco Supply, LLC for a purchase price consideration of $185 million, net of cash acquired. Whitco Supply, LLC is known as a provider of energy products and solutions in the U.S. The Company has included the financial results of the acquisition in its consolidated financial statements from the date of the acquisition. The Company completed its preliminary valuations as of the acquisition date of the acquired net assets and recognized goodwill of $53 million and intangible assets of $30 million in the U.S. segment, which are subject to change. If additional information is obtained about these assets and liabilities within the measurement period (not to exceed one year from the date of acquisition), the Company will refine its estimate of fair value to allocate the purchase price more accurately. The Company has not presented supplemental pro forma information because the acquired operations did not materially impact the Company’s consolidated operating results. Following is the purchase price allocation detail (in millions):
|  | As of June 30, 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 The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
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