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Acquisitions
 6 Months Ended
Jun. 30, 2012
Acquisitions [Abstract]  
Acquisitions
14. Acquisitions

In the six months ended June 30, 2012, the Company completed nine acquisitions for an aggregate purchase price of $2,014 million, net of cash acquired. These acquisitions included:

 

  •  

The shares of NKT Flexibles I/S (“NKT”), a Denmark-based designer and manufacturer of flexible pipe products and systems for the offshore oil and gas industry, acquired on April 4, 2012.

 

  •  

The shares of Enerflow Industries Inc. (U.S.) and certain assets of Enerflow Industries Inc. (Canada) (“Enerflow”), a Canada-based fabricator and manufacturer of pressure pumping, blending, and cementing equipment for use primarily in Canada and the U.S., acquired on May 16, 2012.

 

  •  

The shares of Wilson Distribution Holdings (“Wilson”), a U.S.-based distributor of pipe, valves and fittings as well as mill, tool and safety products and services, acquired on May 31, 2012.

The following table displays the total preliminary purchase price allocation for the 2012 acquisitions. The purchase price allocation remains preliminary due to the timing of the acquisitions. The table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition. (in millions):

 

         

Current assets, net of cash acquired

   $  1,132  

Property, plant and equipment

     151  

Intangible assets

     602  

Goodwill

     801  
   

 

 

  

Total assets acquired

     2,686  
   

 

 

  

Current liabilities

     495  

Long-term debt

     1  

Other liabilities

     176  
   

 

 

  

Total liabilities

     672  
   

 

 

  

Cash consideration, net of cash acquired

   $ 2,014  
   

 

 

  

From the dates of acquisition, the results of operations from NKT and Enerflow are included in the Rig Technology segment and the results of operations from Wilson are included in the Distribution & Transmission segment. The intangible assets are expected to be amortizable. In addition, the goodwill resulting from the NKT acquisition is not expected to be deductible for tax purposes.