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Transactions (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combinations [Abstract]  
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 and 2021 (in millions):

 

 

 

2022 Acquisitions

 

 

2021 Acquisitions

 

Consideration transferred:

 

 

 

 

 

 

Cash

 

$

80

 

 

$

96

 

Estimated fair value of contingent consideration

 

 

—

 

 

 

23

 

Net purchase price

 

$

80

 

 

$

119

 

 

 

 

 

 

 

 

Fair value of net assets acquired:

 

 

 

 

 

 

Current assets other than cash

 

$

11

 

 

$

7

 

Property, plant and equipment

 

 

10

 

 

 

36

 

Customer relationships and other intangibles (1)

 

 

15

 

 

 

11

 

Current liabilities

 

 

(5

)

 

 

(2

)

Total fair value of net assets acquired

 

$

31

 

 

$

52

 

Goodwill (2)

 

$

49

 

 

$

67

 

 

(1)
Intangible assets acquired in 2022 and 2021 are amortized over a 8-year and 9-year weighted average period, respectively.
(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 amount of goodwill expected to be deductible for income tax purposes is approximately $49 million and $41 million in connection with the acquisitions in 2022 and 2021, respectively.