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Acquisition and Assets Held for Sale (Tables) | 3 Months Ended
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Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Fair Value of Consideration Transferred | The fair value of the consideration transferred on the date of acquisition consisted of the following:
In millions |
Cash | $ | 7,450 |
Fair value of replacement equity awards for pre-combination services (3.2 million shares) (1) | 14 |
Effective settlement of pre-existing relationship (2) | (111) |
Total consideration transferred | $ | 7,353 |
_____________________________________________ (1)The fair value of the replacement equity awards issued by the Company was determined as of the Signify Health Acquisition Date. The fair value of the awards attributed to pre-combination services of $14 million is included in the consideration transferred and the fair value of the awards attributed to post-combination services of $167 million has been, or will be, included in the Company’s post-combination financial statements as compensation costs. (2)The purchase price included $111 million of effectively settled liabilities the Company owed to Signify Health from their pre-existing relationship.
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition:
In millions |
Cash and cash equivalents | $ | 376 |
Accounts receivable | 190 |
Other current assets (including restricted cash of $28) | 149 |
Property and equipment | 25 |
Goodwill | 5,907 |
Intangible assets | 1,920 |
Other long-term assets | 23 |
Total assets acquired | 8,590 |
Other current liabilities | 609 |
Debt (current and long-term) | 346 |
Deferred income taxes | 256 |
Other long-term liabilities | 26 |
Total liabilities assumed | 1,237 |
Total consideration transferred | $ | 7,353 |
Summary of the Preliminary Valuation of Goodwill Allocated to Business Segments | The preliminary valuation of goodwill was allocated to the Company’s business segments as follows:
In millions |
Health Services | $ | 3,404 |
Health Care Benefits | 2,473 |
Pharmacy & Consumer Wellness | 30 |
Total goodwill | $ | 5,907 |
Summary of Preliminary Fair Values and Weighted Average Useful Lives for Intangible Assets Acquired | The following table summarizes the preliminary fair values and weighted average useful lives for intangible assets acquired in the Signify Health Acquisition, each of which is subject to change as the Company finalizes its purchase accounting:
In millions, except weighted average useful life | Gross Fair Value |  | Weighted Average Useful Life (years)
Customer relationships | $ | 1,810 |  |  | 16.7
Technology | 50 |  |  | 3.0
Trademark (definite-lived) | 60 |  |  | 5.0
Total intangible assets | $ | 1,920 |  |  | 16.0
Summary of Assets and Liabilities Held for Sale | The following table summarizes the assets and liabilities held for sale at March 31, 2023 and December 31, 2022:
In millions | March 31, 2023 |  | December 31, 2022
Assets: |  |  |
Accounts receivable, net | $ | 211 |  |  | $ | 227 |
Inventories | 183 |  |  | 188 |
Property and equipment, net | — |  |  | 244 |
Deferred income taxes | 214 |  |  | 131 |
Other | 17 |  |  | 118 |
Total assets held for sale | $ | 625 |  |  | $ | 908 |
Liabilities: |  |  |
Accounts payable | $ | 84 |  |  | $ | 86 |
Accrued expenses | 58 |  |  | 71 |
Other | 71 |  |  | 71 |
Total liabilities held for sale | $ | 213 |  |  | $ | 228 |

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- Definition Tabular disclosure of long lived assets held for sale. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 + Details
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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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