Acquisitions and Dispositions

9 Months Ended

Sep. 30, 2013

Acquisitions

During the nine months ended September 30, 2013, the Company completed the acquisition of five businesses in the Risk Solutions segment and two businesses in the HR Solutions segment. During the nine months ended September 30, 2012, the Company completed the acquisition of two businesses in the HR Solutions segment and four businesses in the Risk Solutions segment.

The following table includes the aggregate consideration transferred and the preliminary value of intangible assets recorded as a result of the Company’s acquisitions:



	Nine months ended September 30,
(millions)	2013		2012
Consideration	$	26	$	110
Intangible assets:
Goodwill	$	26	$	60
Other intangible assets	8		56
Total	$	34	$	116

The results of operations of these acquisitions are included in the Condensed Consolidated Financial Statements as of the acquisition date. The results of operations of the Company would not have been materially different if these acquisitions had been reported from the beginning of the period.

Dispositions

During the nine months ended September 30, 2013, the Company completed the sale of five businesses in the Risk Solutions segment. A pretax gain of $0.2 million was recognized on these sales, which is included in Other income (expense) in the Condensed Consolidated Statements of Income. During the nine months ended September 30, 2012, the Company completed the sale of two businesses in the Risk Solutions segment and one business in the HR Solutions segment. A pretax gain of $1 million was recognized on these sales, which is included in Other income (expense) in the Condensed Consolidated Statements of Income.