Acquisitions (Tables)

The following summarizes the consideration transferred at closing for the Industrious acquisition (dollars in millions):


Cash consideration	$	369
Fair value of existing equity method investment in Industrious	373
Forgiveness of note receivable	50

Other	51
Total consideration	$	843

The following represents the summary of the excess purchase price over the fair value of net assets acquired (dollars in millions):


Purchase price	$	843
Less: Estimated fair value of net assets acquired	269
Excess purchase price over estimated fair value of net assets acquired	$	574

The following table summarizes the preliminary fair values assigned to the identified assets acquired and liabilities assumed at the acquisition date on January 16, 2025 (dollars in millions):


Assets Acquired:
Current assets	$	96
Property, plant & equipment	42
Intangible assets	247
Goodwill	574
Right-of-use and other assets	689
Total assets acquired	1,648
Liabilities Assumed:
Current liabilities	122
Operating lease and other liabilities	683
Total liabilities assumed	805
Estimated Fair Value of Net Assets Acquired	$	843

In connection with the Industrious acquisition, below is a summary of the value allocated to the intangible assets acquired (dollars in millions):

Asset Class

Amortization
Period

Amount
Assigned at
Acquisition
Date

Customer relationships

7 years

Tradenames

11-13 years

137

Management agreements

10 years

Total identified intangible assets

247