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Business Combinations | 6 Months Ended
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Jun. 30, 2016
Business Combinations |
Business Combinations | 15. Business Combinations On September 1, 2015, the Company completed the Vitro Acquisition in a cash transaction valued at approximately $2.297 billion in cash, subject to a working capital adjustment and certain other adjustments. The Vitro Business in Mexico is the largest supplier of glass containers in that country manufacturing glass containers across multiple end uses, including food, soft drinks, beer, wine and spirits. The Vitro Acquisition included five food and beverage glass container plants in Mexico, a plant in Bolivia and a North American distribution business, and provided the Company with a competitive position in the glass packaging market in Mexico. The results of the Vitro Business have been included in the Company’s consolidated financial statements since September 1, 2015 and contributed approximately $444 million of net sales and $86 million of segment operating profit in the first six months of 2016. Vitro’s food and beverage glass container operations in Mexico and Bolivia are included in the Latin American operating segment while its distribution business is included in the North American operating segment. The Company financed the Vitro Acquisition with the proceeds from a senior notes offering, cash on hand and the incremental term loan facilities (see Note 8). The total purchase price will be allocated to the tangible and identifiable intangible assets and liabilities based upon their respective fair values. The purchase agreement contains customary provisions for working capital adjustments, which the Company resolved with the seller in the first quarter of 2016. The purchase price allocation has not been finalized as of June 30, 2016, because the Company has not yet completed its review of the asset and liability values and related amortization and depreciation periods. The Company expects that the purchase price allocation process will be completed no later than the third quarter of 2016. The following table summarizes the preliminary estimates of fair value of the assets and liabilities assumed on September 1, 2015 and subsequent adjustments identified through the ongoing purchase price allocation process and recorded through the measurement period:
|  | September 1, 2015 |  | Measurement Period Adjustments |  | June 30, 2016
Cash |  | $ | 17 |  | $ | — |  | $ | 17
Other current assets |  |  | 344 |  |  | (10) |  |  | 334
Goodwill |  |  | 1,073 |  |  | (254) |  |  | 819
Customer list intangibles and other |  |  | 406 |  |  | 206 |  |  | 612
Net property, plant and equipment |  |  | 597 |  |  | 50 |  |  | 647
Total assets |  |  | 2,437 |  |  | (8) |  |  | 2,429
Current liabilities |  |  | 93 |  |  | (8) |  |  | 85
Long-term debt |  |  | 11 |  |  |  |  |  | 11
Long-term liabilities |  |  | 36 |  |  |  |  |  | 36
Net assets acquired |  | $ | 2,297 |  | $ | — |  | $ | 2,297
The fair value of the tangible assets was estimated utilizing income and market approaches, considering remaining useful life. The customer list intangible asset includes the Company’s established relationships with its customers and the ability of these customers to generate future economic profits for the Company. The value assigned to customer list intangibles is based on the present value of future earnings attributable to the asset group after recognition of required returns to other contributory assets. Recognized goodwill is attributable to the assembled workforce, expected synergies and other intangible assets that do not qualify for separate recognition. The Vitro Acquisition goodwill is not deductible for tax purposes. The provisional balance sheet adjustments identified above did not result in any significant adjustments to the previous period’s income statement.

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