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Acquisitions and Dispositions
3 Months Ended
Mar. 31, 2016
Acquisitions and Dispositions  
Acquisitions and Dispositions

 

Note 12—Acquisitions and Dispositions

 

Acquisitions. During the first quarter of 2016, we completed one acquisition for cash consideration of $85 million. We did not recognize any goodwill related to this acquisition.

 

Dispositions. In the first quarter of 2016, we entered into definitive agreements to sell several non-core assets. A portion of these transactions closed in March, and we expect the sale of the remaining assets to be consummated in the second quarter of 2016, subject to customary closing conditions, as applicable. As of March 31, 2016, we classified approximately $120 million of assets as held for sale on our Condensed Consolidated Balance Sheet (in “Other current assets”). During the three months ended March 31, 2016, we recognized gains of approximately $56 million and impairment losses of $50 million related to these non-core asset sales, including $15 million of impairment of goodwill included in a disposal group classified as held for sale. These gains and impairment losses are included in “Depreciation and amortization” on our Condensed Consolidated Statement of Operations.