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Acquisitions | 9 Months Ended
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Sep. 02, 2022
Business Combinations [Abstract] |
ACQUISITIONS | ACQUISITIONS Figma Subsequent to September 2, 2022, we entered into a definitive agreement under which we intend to acquire Figma, Inc. (“Figma”) for approximately $20 billion, comprised of approximately half cash and half stock, subject to customary purchase price adjustments. Approximately 6 million additional restricted stock units will be granted to Figma’s Chief Executive Officer and employees that will vest over four years subsequent to closing. The transaction is subject to regulatory approvals and customary closing conditions, and is expected to close in 2023. We will be required to pay Figma a reverse termination fee of $1 billion if the transaction fails to receive regulatory clearance, assuming all other closing conditions have been satisfied or waived, or if it fails to close within 18 months from September 15, 2022. Figma is a privately held company that provides a web-first collaborative product design platform. Following the closing, we intend to integrate Figma into our Digital Media reportable segment for financial reporting purposes. Frame.io On October 7, 2021, we completed the acquisition of Frame.io, a privately held company that provides a cloud-based video collaboration platform, for approximately $1.24 billion, primarily in cash consideration. The financial results of Frame.io have been included in our condensed consolidated financial statements since the date of the acquisition. Frame.io is reported as part of our Digital Media reportable segment. The table below represents the final purchase price allocation to total identifiable intangible assets acquired and net liabilities assumed based on their respective estimated fair values as of October 7, 2021 and the associated estimated useful lives at that date. During the nine months ended September 2, 2022, we recorded purchase accounting adjustments that were not material based on changes to management’s estimates and assumptions in regards to the total purchase price and its related impact to goodwill.
(dollars in millions) | Amount |  | Weighted Average Useful Life (years)
Purchased technology | $ | 331 |  |  | 4
In-process research and development (1) | 19 |  |  | N/A
Trademarks | 4 |  |  | 3
Customer contracts and relationships | 3 |  |  | 10
Total identifiable intangible assets | 357 |  |  |
Net liabilities assumed | (36) |  |  | N/A
Goodwill (2) | 915 |  |  | N/A
Total purchase price | $ | 1,236 |  |  |
_________________________________________ (1) Capitalized as purchased technology and considered indefinite lived until completion or abandonment of the associated research and development efforts. (2) Non-deductible for tax purposes. 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. The financial results of Workfront have been included in our condensed consolidated financial statements since the date of the acquisition. Workfront is reported as part of our Digital Experience reportable segment. The table below represents the final purchase price allocation to total identifiable intangible assets acquired and net liabilities assumed based on their estimated fair values as of December 7, 2020 and the associated estimated useful lives at that date.
(dollars in millions) | Amount |  | Weighted Average 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 | (31) |  |  | N/A
Goodwill (1) | 1,095 |  |  | N/A
Total purchase price | $ | 1,524 |  |  |
_________________________________________ (1) Non-deductible for tax purposes. Pro forma financial information has not been presented for these acquisitions as the impacts to our condensed consolidated financial statements were not material.

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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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