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Acquisitions | 9 Months Ended
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Sep. 03, 2021
Business Combinations [Abstract] |
ACQUISITIONS | ACQUISITIONS Frame.io In August 2021, we entered into a definitive agreement under which we expect to acquire Frame.io, a privately held company that provides a cloud-based video collaboration platform, for approximately $1.28 billion. The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in the fourth quarter of fiscal 2021. Following the closing, we intend to integrate Frame.io into our Digital Media reportable segment. Workfront On December 7, 2020, we completed the acquisition of Workfront, a privately held company that provides a workflow platform, for approximately $1.52 billion of cash consideration. During the first quarter of fiscal 2021, we began integrating Workfront into our Digital Experience reportable segment. The table below represents the preliminary purchase price allocation to total identifiable intangible assets acquired and net liabilities assumed based on their respective estimated fair values as of December 7, 2020. The fair values assigned to assets acquired and liabilities assumed are based on management’s best estimates and assumptions as of the reporting date. Fair values associated with the net tax liabilities assumed and their related impact to goodwill were pending finalization as of the reporting date.
(in millions) | Amount |  | Useful Life (years)
Customer contracts and relationships | $ | 290 |  |  | 10
Purchased technology | 100 |  |  | 3
Backlog | 40 |  |  | 2
Trademarks | 30 |  |  | 5
Total identifiable intangible assets | 460 |  |  |
Net liabilities assumed | (36) |  |  | N/A
Goodwill (1) | 1,100 |  |  | N/A
Total purchase price | $ | 1,524 |  |  |
_________________________________________ (1) Non-deductible for tax-purposes.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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