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Acquisitions (Tables)
6 Months Ended
Jun. 30, 2016
Business Combinations [Abstract]  
Summary of Purchase Price Allocation

Following is the purchase price allocation detail (in millions):

 

 

 

As of June 30, 2016

 

Net purchase price

 

 

 

 

 

 

176

 

Fair value of net assets acquired:

 

 

 

 

 

 

 

 

Current assets other than cash

 

 

26

 

 

 

 

 

Property, plant and equipment

 

 

12

 

 

 

 

 

Trade names (estimated useful lives of 20 years)

 

 

21

 

 

 

 

 

Customer relationships (estimated useful lives of 10 years)

 

 

25

 

 

 

 

 

Current liabilities

 

 

(19

)

 

 

 

 

Deferred tax liabilities, net

 

 

(19

)

 

 

 

 

Total fair value of net assets acquired

 

 

 

 

 

 

46

 

Goodwill (1)

 

 

 

 

 

$

130

 

(1)

The amount of goodwill represents the excess of its purchase price over the fair value of net assets acquired. Goodwill includes the expected benefits that the Company believes will result from combining its operations with those of businesses acquired. An immaterial amount of the goodwill recognized is expected to be deductible for income tax purposes.