The following table summarizes the purchase price allocation as of the acquisition date (in millions):



Equity consideration for the conversion of MRC Global common stock outstanding	$	1,185
Fair value of replacement MRC Global RSUs and MRC Global PSUs attributable to the purchase price		12
Repayment of certain existing indebtedness of MRC Global		643
Purchase price consideration	$	1,840

Fair value of net assets acquired:
Cash and cash equivalents	$	77
Receivables, net		514
Inventories, net		971
Prepaid and other current assets		36
Property, plant and equipment, net		123
Operating right-of-use assets		126
Other assets		13
Trade names (1)		230
Customer relationships (2)		280
Total identifiable assets acquired		2,370
Accounts payable		(383	)
Accrued liabilities		(166	)
Other current liabilities		(2	)
Long-term operating lease liabilities		(108	)
Deferred income taxes		(193	)
Other long-term liabilities		(59	)
Total identifiable liabilities assumed		(911	)
Noncontrolling interest		(2	)
Total fair value of net assets acquired		1,457
Goodwill (3)	$	383

(1)

Trade names acquired are indefinite-lived intangible assets.

(2)

Customer relationships acquired are amortized over a 15-year weighted average period.

(3)

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 business acquired and is not deductible for income tax purposes.

2024 Acquisition [Member]

Business Combination [Line Items]

Summary of Purchase Price Allocation

The following table summarizes the purchase price allocation detail as of the acquisition dates and the measurement period adjustments for acquisitions closed during fiscal year 2024 (in millions):


	As initially reported			Measurement period adjustments			December 31, 2025 (as adjusted)
Net purchase price, net of cash acquired	$	300		$	(1	)	$	299

Fair value of net assets acquired:
Current assets other than cash		170			(1	)		169
Property, plant and equipment		36			2			38
Trade names and patents (1)		19			—			19
Customer relationships (1)		23			(1	)		22
Other long-term assets		5			3			8
Current liabilities		(44	)		(1	)		(45	)
Other long-term liabilities		(2	)		(2	)		(4	)
Total fair value of net assets acquired		207			—			207
Goodwill (2)	$	93		$	(1	)	$	92

(1)

Intangible assets acquired are amortized over an 11-year weighted average period.

(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 full amount of goodwill recognized is expected to be deductible for income tax purposes.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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