Acquisitions and Dispositions

Acquisitions

During the three months ended September 30, 2015, the Company completed the acquisition of one business in the HR Solutions segment. During the nine months ended September 30, 2015, the Company completed the acquisition of two businesses in the Risk Solutions segment and three businesses in the HR Solutions segment. During the three months ended September 30, 2014, the Company completed the acquisition of four businesses in the Risk Solutions segment and one business in the HR Solutions segment. During the nine months ended September 30, 2014, the Company completed the acquisition of seven businesses in the Risk Solutions segment and two business in the HR 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 (in millions):



	Nine months ended September 30,
	2015		2014
Consideration	$	26	$	446
Intangible assets:
Goodwill	$	18	$	261
Other intangible assets	1		310
Total	$	19	$	571

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 in which they were acquired.

Dispositions

During the three months ended September 30, 2015, the Company completed the disposition of one business in the Risk Solutions segment. The pretax loss recognized on this disposition was insignificant to the quarter ended September 30, 2015. During the nine months ended September 30, 2015, the Company completed the disposition of two business in the Risk Solutions segment and one business in the HR Solutions segment. A pretax gain of $20 million was recognized on these dispositions in the nine months ended September 30, 2015. During the three months ended September 30, 2014, the Company completed the disposition of one business in the Risk Solutions segment. During the nine months ended September 30, 2014, the Company completed the disposition of two businesses in the Risk Solutions segment. A pretax gain of $25 million was recognized on these sales in both the three and nine months ended September 30, 2014. Gains and losses recognized as a result of a disposition are included in Other income in the Condensed Consolidated Statements of Income.