Business Combinations

3 Months Ended

Mar. 31, 2019

During the three months ended March 31, 2019, we completed two business combinations for total consideration of approximately $244 million, inclusive of contingent consideration. These acquisitions were Meritsoft, a financial software company based in Ireland, and Mustache, a U.S. based creative content agency specializing in creating original and branded content for digital, broadcast and social mediums.

These acquisitions were not material, either individually or in the aggregate, to our operations or cash flow. Accordingly, pro forma results have not been presented. These acquisitions were included in our unaudited consolidated financial statements as of the date on which the businesses were acquired. We have allocated the purchase price related to these transactions to tangible and intangible assets and liabilities, including non-deductible goodwill, based on their estimated fair values. We will finalize the purchase price allocation as soon as practicable within the measurement period, but in no event later than one year following the date of acquisition. The allocations of preliminary purchase price to the fair value of the aggregate assets acquired and liabilities assumed were as follows:



	Fair Value			Weighted Average Useful Life
	(in millions)
Cash	$	14
Current assets	8
Non-deductible goodwill ⁽¹⁾	157
Customer relationship intangible assets	50			9.9 years
Other intangible assets	30			6.9 years
Current liabilities	(4		)
Noncurrent liabilities	(11		)
Purchase price	$	244

(1) The primary items that generated goodwill are the value of the acquired assembled workforces and synergies between the acquired companies and us, neither of which qualify as an amortizable intangible asset.

There were no business combinations during the three months ended March 31, 2018.