NOTE S. ACQUISITIONS

On March 31, 2022, the Company acquired transmission portfolio assets of India-based AVTEC Ltd.'s off-highway business and AVTEC's Madras Export Procession Zone off-highway component machining business, for $23 million in cash. The Company accounted for this transaction under the acquisition method in accordance with authoritative guidance on business combinations. Control was obtained as of the purchase date through the purchase agreement. The acquired business was integrated into the Company's single operating segment.

The purchase price allocation for this transaction resulted in the recognition of goodwill, intangible assets and property, plant and equipment of $13 million, $8 million and $2 million, respectively. The Company has completed its initial accounting for the fair value of the acquired assets and liabilities, and any adjustments identified in the measurement period, which will not exceed one year from the acquisition date, will be accounted for prospectively.