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Acquisitions and Divestitures (Tables)
 9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Combination, Separately Recognized Transactions
The acquisition-date fair value of the consideration totaled $6,900 million, which consisted of the following:
(in millions)Fair Value of Purchase Consideration
Xylem Common Stock issued to Evoqua stockholders (58,779,096 shares)
$6,121 
Estimated replacement equity awards 160 
Payment of certain Evoqua indebtedness 619 
Total $6,900 
Purchase Price Allocation The following table summarizes the acquisition date fair value of net tangible and intangible assets acquired, net of liabilities assumed from Evoqua:
(in millions)Fair Value
  Cash and cash equivalents$143 
  Receivables(a)430 
  Inventories258 
  Prepaid and other current assets78 
  Assets held for sale8 
  Property, plant and equipment, net508 
  Goodwill4,801 
  Other intangible assets, net1,769 
  Other non-current assets180 
  Non-current assets held for sale85 
  Accounts payable(210)
  Accrued and other current liabilities(357)
 Short-term borrowings and current maturities of long-term debt(166)
  Liabilities held for sale(1)
  Long-term debt(111)
  Other non-current accrued liabilities(120)
  Deferred income tax liabilities(392)
  Non-current liabilities held for sale(3)
Total$6,900 
(a) Including $320 million of receivables and $110 million of contract assets.
Summary of Intangible Assets Acquired
The following table summarizes key information underlying identifiable intangible assets related to the Evoqua acquisition:
(in millions)Useful Life (in years)Useful Life Weighted Average (in years)
Fair Value
(in millions)
Trademarks66.0$50 
Proprietary technology and patents
4 - 9
7.1120 
Customer and distributor relationships
6 - 20
17.91,395 
Backlog
1 - 10
5.4120 
Permits88.070 
Software
1 - 13
2.314 
Total15.4$1,769 
Pro Forma Information
The following table summarizes, on an unaudited pro forma basis, the condensed combined results of operations of the Company for the three and nine months ended September 30, 2023, assuming the acquisition had occurred on January 1, 2022.

(Unaudited)
Three Months Ended
September 30,
(Unaudited)
Nine Months Ended
September 30,
(in millions)20232023
Revenue$2,076 $6,025 
Net income $180 $358