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Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS (Tables)

v3.22.1
ACQUISITIONS (Tables)
 3 Months Ended
Mar. 31, 2022
Business Combinations [Abstract] Ìý
Schedule of Business Acquisitions by Acquisition, 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 $ 778Ìý
Estimated cash consideration payable related to Internal Revenue Code Section 338(h)(10) 35Ìý
Total cash consideration 813Ìý
Fair value of settlement of a pre-existing relationship (20)
Total purchase consideration $ 793Ìý
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 $ 9Ìý $ —Ìý 9Ìý
Accounts receivable, net 233Ìý 2Ìý 235Ìý
Inventories 137Ìý 2Ìý 139Ìý
Other current assets 4Ìý (1) 3Ìý
Property, plant and equipment 179Ìý 26Ìý 205Ìý
Other non-current assets 74Ìý (1) 73Ìý
Accounts payable (122) —Ìý (122)
Accrued employment costs (8) —Ìý (8)
Other current liabilities (9) —Ìý (9)
Other non-current liabilities (21) (1) (22)
Net identifiable assets acquired 476Ìý 27Ìý 503Ìý
Goodwill 279Ìý 11Ìý 290Ìý
Total net assets acquired $ 755Ìý $ 38Ìý $ 793Ìý
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 $ 13Ìý 15
Supplier relationships 21Ìý 18
Trade names and trademarks 7Ìý 15
Total identifiable intangible assets $ 41Ìý 17