On August 1, 2023, the Company completed the previously announced acquisition of Spectrum Plastics Group (“Spectrum”) from AEA Investors (the “Spectrum Acquisition”). Spectrum manufactures flexible packaging products, plastic and silicone extrusions, and components for the industrial, food and medical business sectors throughout the United States and international markets. Spectrum is part of the Electronics & Industrial segment. The net purchase price was approximately $1,792 million, including a net upward adjustment of approximately $43.1 million for acquired cash and net working capital, among other items. The Company accounted for the acquisition in accordance with ASC 805, which requires the assets acquired and liabilities assumed to be recognized on interim Consolidated Balance Sheets at their fair values as of the acquisition date.

The table below presents the provisional fair values allocated to the assets acquired and liabilities assumed. The purchase accounting and purchase price allocation for Spectrum are substantially complete. However, the Company continues to refine the preliminary valuation of certain acquired assets and liabilities assumed, principally working capital settlements, which could impact the amount of residual goodwill recorded. The Company will finalize the amounts recognized as it obtains the information necessary to complete the analysis, but no later than one year from the date of the acquisition. Final determination of the fair values may result in further adjustments to the values presented in the following table:


Spectrum Assets Acquired and Liabilities Assumed on August 1, 2023	Estimated fair value as previously reported 1		Measurement period adjustments 2		Estimated fair value adjusted
(In millions)
Fair value of assets acquired
Cash and cash equivalents	$	31	$	—	$	31
Accounts and notes receivable	68		—		68
Inventories	52		—		52
Property, plant and equipment	125		—		125
Other intangible assets	916		—		916
Deferred charges and other assets	34		—		34
Total Assets Acquired	$	1,226	$	—	$	1,226
Fair value of liabilities assumed
Accounts payable	$	21	$	—	$	21
Income taxes payable	17		—		17
Deferred income tax liabilities	177		—		177
Other noncurrent liabilities	37		7		44
Total Liabilities Assumed	$	252	$	7	$	259
Goodwill	818		7		825
Total Consideration	$	1,792	$	—	$	1,792

2.The Company recorded measurement period adjustments to reflect changes in preliminary valuation assumptions for tax accounts. The measurement period adjustment was offset against goodwill.

Other intangible assets with definite lives include acquired customer-related intangible assets of $772 million, developed technology of $126 million and trademark/tradename of $18 million. Acquired customer-related intangible assets, developed technology, and trademark/tradename have useful lives of 20 years, 15 years and 5 years, respectively. The preliminary customer-related intangible assets' fair value was determined using the multi-period excess earnings method while the developed technology and trademark/tradename fair values were determined utilizing the relief from royalty method.

The excess of the consideration for Spectrum over the preliminary net fair value of assets acquired and liabilities assumed resulted in the provisional recognition of $825 million of goodwill, which has been assigned to the Electronics & Industrial segment. Goodwill is primarily attributable to the optimization of the combined Electronics & Industrial segment and Spectrum businesses’ global activities across sales and manufacturing, as well as expected future customer relationships. Spectrum goodwill will not be deductible for U.S. tax purposes.