Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS (Tables)

v3.22.2
ACQUISITIONS (Tables)
 6 Months Ended
Jun. 30, 2022
Business Combinations [Abstract]  
Schedule of Business Acquisitions by Acquisition
The fair value of the total purchase consideration was determined as follows:
(In Millions)
Cash consideration:
Cash consideration pursuant to the FPT Acquisition Agreement $ 778 
Estimated cash consideration payable related to Internal Revenue Code Section 338(h)(10) 35 
Total cash consideration 813 
Fair value of settlement of a pre-existing relationship (20)
Total purchase consideration $ 793 
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The preliminary purchase price allocation to assets acquired and liabilities assumed in the FPT Acquisition was:
(In Millions)
Initial Allocation of Consideration Measurement Period Adjustments Updated Allocation
Cash and cash equivalents $ 9  $ —  $ 9 
Accounts receivable, net 233  2  235 
Inventories 137  2  139 
Other current assets 4  —  4 
Property, plant and equipment 179  12  191 
Other non-current assets 74  (10) 64 
Accounts payable (122) —  (122)
Accrued employment costs (8) —  (8)
Other current liabilities (9) —  (9)
Other non-current liabilities (21) (1) (22)
Net identifiable assets acquired 476  5  481 
Goodwill 279  33  312 
Total net assets acquired $ 755  $ 38  $ 793 
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination
The preliminary purchase price allocated to identifiable intangible assets acquired was:
(In Millions) Weighted Average Life (In Years)
Customer relationships $ 13  15
Supplier relationships 21  18
Trade names and trademarks 7  15
Total identifiable intangible assets $ 41  17