Acquisitions (Tables)

6 Months Ended

Jul. 02, 2022

Business Combinations [Abstract]

Summary of Preliminary Allocation of Purchase Price

The following table summarizes the preliminary allocation of the purchase price to the fair value of assets acquired and liabilities assumed as of the date of the acquisition. The Company preliminarily determined the fair value of the tangible and intangible assets and liabilities acquired, and recorded goodwill based on the excess of the fair value of the acquisition consideration over such fair values as follows:

Cash and other current assets	$	4
Accounts receivable, net		72
Inventories, net		117
Property, plant and equipment		87
Goodwill (1)		72
Other intangible assets, net		349
Other assets (non-current)		37
Total assets		738
Accounts payable		55
Accrued liabilities		33
Other liabilities		36
Total liabilities		124
Net asset acquired (2)	$	614

(1) The $72 million of preliminary goodwill was allocated to the Products & Solutions segment. Goodwill from this acquisition is partially deductible for tax purposes.

(2) Reflects preliminary purchase price allocation.