4. Acquisitions and Investments

2017

In the year ended December 31, 2017, the Company completed a total of eight acquisitions and other investments for an aggregate cash investment of $86 million, net of cash acquired. The Company has preliminarily allocated $61 million to identifiable intangible assets and $89 million to goodwill for current and prior year acquisitions.

2016

In the year ended December 31, 2016, the Company completed a total of 10 acquisitions and other investments for an aggregate cash investment of $230 million, net of cash acquired and $18 million of NOV stock. The Company allocated $24 million to identifiable intangible assets and $74 million to goodwill.

2015

In the year ended December 31, 2015, the Company completed seven acquisitions and other investments for an aggregate purchase price of $86 million, net of cash acquired. The Company allocated $13 million to identifiable intangible assets and $51 million to goodwill.

The amount allocated to goodwill represents the excess of the purchase price over the fair value of the net assets acquired. Goodwill specifically includes the expected synergies and other benefits that the Company believes will result from combining its operations with those of businesses acquired and other intangible assets that do not qualify for separate recognition, such as assembled workforce in place at the date of acquisition. Goodwill resulting from the acquisitions is not deductible for tax purposes. Each of the acquisitions was accounted for using the purchase method of accounting and, accordingly, the results of operations of each business are included in the Consolidated Statements of Income (Loss) from the date of acquisition. A summary of the acquisitions follows (in millions):


	Years Ended December 31,
	2017			2016			2015
Fair value of assets acquired, net of cash acquired	$	154		$	357		$	116
Cash paid, net of cash acquired		(86	)		(230	)		(86	)

Liabilities assumed, debt issued and noncontrolling interest	$	68		$	127		$	30

Excess purchase price over fair value of net assets acquired	$	89		$	74		$	51