Acquisitions

Operating results of acquisitions are included in the Company’s financial statements from the date of acquisition and are not significant to the Company’s consolidated operating results.

Fiscal Year 2014 acquisitions

On October 1, 2014 and November 18, 2014, the Company completed the acquisitions of the WILD Flavors businesses (Wild Flavors) and Specialty Commodities Inc. (SCI), respectively. Both acquisitions are in line with the Company's strategy to increase returns and reduce earnings volatility through the growth of its specialty ingredient offerings. The 2014 post acquisition financial results of Wild Flavors and SCI are reported in the Other segment.

During the year ended December 31, 2014, the Company acquired six businesses, including Wild Flavors and SCI, for a total cost of $3.0 billion. The purchase price net of cash acquired of $280 million was preliminarily allocated as follows:



(In millions)	Wild Flavors			SCI			Others			Total
Trade receivables	$	176		$	48		$	8		$	232
Inventories	286			72			25			383
Other current assets	64			2			—			66
Goodwill	1,698			59			15			1,772
Other intangible assets	1,103			46			35			1,184
Property, plant, and equipment	423			10			30			463
Other assets	68			6			—			74
Short-term debt	(215		)	—			(1		)	(216		)
Trade payables	(128		)	(25		)	(1		)	(154		)
Accrued expenses and other payables	(214		)	(14		)	(10		)	(238		)
Long-term debt	(238		)	—			(3		)	(241		)
Deferred income taxes	(378		)	(16		)	—			(394		)
Other liabilities	(173		)	—			—			(173		)
Total purchase price, net of cash acquired	$	2,472		$	188		$	98		$	2,758

Goodwill recorded in connection with the acquisitions is primarily attributable to the synergies expected to arise after the Company’s acquisition of the businesses.

Of the $1.8 billion preliminarily allocated to goodwill, $15 million is expected to be deductible for tax purposes.

The following table sets forth the preliminary fair values and weighted average useful lives of the other intangible assets acquired.



	Weighted Average
	Useful Life	Wild Flavors		SCI		Others		Total
	(In years)	(In millions)
Intangible assets with indefinite lives:
Trademarks/brands		$	238	$	—	$	12	$	250
Intangible assets with finite lives:
Patents	15	—		3		—		3
Customer lists	15	552		36		21		609
Recipes and other	15	313		7		2		322
Total other intangible assets acquired		$	1,103	$	46	$	35	$	1,184

The Company's consolidated statement of earnings for the year ended December 31, 2014 includes the post acquisition results of Wild Flavors which were immaterial.

Fiscal Year 2013 acquisitions

During the year ended December 31, 2013, the Company acquired four businesses for a total cost of $44 million and recorded a preliminary allocation of the purchase price related to these acquisitions. The net cash purchase price for the acquisitions of $44 million was preliminarily allocated to working capital, property, plant, and equipment, goodwill, and other long-term assets for $6 million, $29 million, $2 million, and $7 million, respectively. The finalization of the purchase price allocations related to these acquisitions did not result in material adjustments.

Transition Period 2012 Acquisitions

During the six months ended December 31, 2012, the Company made eight acquisitions for a total cost of $26 million in cash and recorded a preliminary allocation of the purchase price related to these acquisitions. The net cash purchase price for these eight acquisitions of $26 million was preliminarily allocated to working capital, property, plant, and equipment, goodwill, and other long-term assets for $4 million, $24 million, $2 million, and $(4) million, respectively. The finalization of the purchase price allocations related to these acquisitions did not result in material adjustments.

Fiscal Year 2012 Acquisitions

During fiscal year 2012, the Company made nine acquisitions for a total cost of $241 million in cash and recorded a preliminary allocation of the purchase price related to these acquisitions. The net cash purchase price for these nine acquisitions of $241 million was allocated to working capital, property, plant, and equipment, goodwill, other long-term assets, and long-term liabilities for $(12) million, $199 million, $51 million, $6 million, and $3 million, respectively. The finalization of the purchase price allocations related to these acquisitions did not result in material adjustments. There was no single material acquisition during the year.