Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS (Tables)

v3.23.3
ACQUISITIONS (Tables)
 9 Months Ended
Sep. 30, 2023
Business Acquisition [Line Items]  
Schedule of Business Acquisitions, by Acquisition
Acquisitions for the nine months ended September 30, 2023 and 2022, were as follows:
Entity Acquired (Dollars in millions) Date of Acquisition Additional Percent Interest Acquired Payments to Former Owners Acquisition Related Debt Retirements Total Purchase Consideration
Type of Acquisition(1)
Goodwill Acquired
Intangibles Recognized(2)
2023
Hydrogenics Corporation (Hydrogenics) 06/29/23 19% $ 287  $ 48  $ 335 
(3)
 EQUITY $ —  $ — 
Teksid Hierro de Mexico, S.A. de C.V. (Teksid MX) 04/03/23 100% 143 —  143
(4)
 COMB 18 — 
2022 (5)
Meritor, Inc. (Meritor) 08/03/22 100% $ 2,613  $ 248  $ 2,861  COMB $ 926  $ 1,610 
Jacobs Vehicle Systems (Jacobs) 04/08/22 100% 345  —  345  COMB 108  164 
Cummins Westport, Inc. (Westport JV) 02/07/22 50% 42  —  42  COMB —  20 
(1) All results from acquired entities were included in segment results subsequent to the acquisition date. Previously consolidated entities were accounted for as equity transactions (EQUITY). Newly consolidated entities were accounted for as business combinations (COMB).
(2) Intangible assets acquired in the business combination were mostly customer, technology and trade name related.
(3) Hydrogenics entered into three non-interest-bearing promissory notes with $175 million paid on July 31, 2023, and the remaining $160 million due in three installments through 2025.
(4) Total purchase consideration included $32 million for the settlement of accounts payable.
Meritor Inc.  
Business Acquisition [Line Items]  
Business Acquisition, Pro Forma Information The unaudited pro forma financial information does not reflect any potential cost savings, operating efficiencies, long-term debt pay down estimates, financial synergies or other strategic benefits as a result of the acquisition or any restructuring costs to achieve those benefits.
(Unaudited) Three months ended Nine months ended
In millions September 30,
2022		 September 30,
2022
Net sales $ 7,734  $ 23,071 
Net income 397  1,565