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Acquisitions (Tables)

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Summary of Purchase Price Allocation

Following is the purchase price allocation detail (in millions):

		As of September 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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- References

No definition available.

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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

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