v3.24.3
Business Combinations
9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Combinations Business Combinations
The Company completed several individually immaterial acquisitions during the nine months ended September 30, 2024. The Company’s assessment of fair value, including the valuation of certain identified intangibles, and the purchase price allocation related to these acquisitions is preliminary and subject to change upon completion. Further adjustments, largely related to acquired intangible assets and related deferred taxes, may be necessary as additional information related to the fair values of assets acquired and liabilities assumed is assessed during the measurement period (up to one year from the acquisition date). The Company recorded goodwill from these acquisitions, primarily attributable to assembled workforce, expected synergies and new customer relationships. The condensed consolidated financial statements include the results of the acquisitions subsequent to their respective closing dates. Pro forma information is not presented as pro forma results of operations would not be materially different to the actual results of operations of the Company.
The following table provides certain preliminary financial information for these acquisitions:
(in millions)September 30, 2024
Assets acquired:
Cash and cash equivalents$23 
Accounts receivable 49 
Other assets51 
Goodwill470 
Other identifiable intangibles266 
Liabilities assumed:
Other liabilities(88)
Deferred income taxes, long-term(37)
Net assets acquired (1)
$734 
(1) Net assets acquired includes contingent consideration and deferred purchase price of $62 million.
The portion of goodwill deductible for income tax purposes was preliminarily assessed as $297 million.
The following table provides a summary of the preliminary estimated fair value of certain intangible assets acquired:
(in millions)Amortization PeriodSeptember 30, 2024
Other identifiable intangibles:
Customer relationships10-16years$222 
Backlog1-4years27 
Trade names5years6 
Software and related assets3-5years6 
Non-compete agreements3-5years3 
Databases5years2 
Total Other identifiable intangibles$266