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Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2022
2024 Acquisition [Member]    
Business Acquisition [Line Items]    
Summary of Purchase Price Allocation

The following table summarizes the preliminary purchase price allocation detail as of the acquisition dates and the measurement period adjustments for acquisitions closed during fiscal years 2024 (in millions):

 

 

2024 Acquisitions

 

Measurement period adjustments

 

As of December 31, 2024

 

Net purchase price, net of cash acquired

 

$

300

 

$

(1

)

$

299

 

 

 

 

 

 

 

 

 

Fair value of net assets acquired:

 

 

 

 

 

 

 

Current assets other than cash

 

 

170

 

 

1

 

 

171

 

Property, plant and equipment

 

 

36

 

 

—

 

 

36

 

Trade names and patents (1)

 

 

19

 

 

—

 

 

19

 

Customer relationships (1)

 

 

23

 

 

—

 

 

23

 

Other long-term assets

 

 

5

 

 

3

 

 

8

 

Current liabilities

 

 

(44

)

 

(1

)

 

(45

)

Other long-term liabilities

 

 

(2

)

 

(2

)

 

(4

)

Total fair value of net assets acquired

 

 

207

 

 

1

 

 

208

 

Goodwill (2)

 

$

93

 

$

(2

)

$

91

 
(1)
Intangible assets acquired are amortized over a 11-year weighted average period.
(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 full amount of goodwill recognized is expected to be deductible for income tax purposes.
  
2022 Acquisition [Member]    
Business Acquisition [Line Items]    
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 (in millions):

 

 

2022 Acquisitions

 

Net purchase price, net of cash acquired

 

$

80

 

 

 

 

 

Fair value of net assets acquired:

 

 

 

Current assets other than cash

 

 

11

 

Property, plant and equipment

 

 

10

 

Customer relationships and other intangibles (1)

 

 

15

 

Current liabilities

 

 

(5

)

Total fair value of net assets acquired

 

 

31

 

Goodwill (2)

 

$

49

 
(1)
Intangible assets acquired are amortized over a 8-year weighted average period.
(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 full amount of goodwill recognized is expected to be deductible for income tax purposes.