Acquisitions

2016 Acquisitions

In 2016 we added two equipment dealers to our Global Imaging Systems network for approximately $30 in cash. The acquisitions were in our Document Technology segment and are consistent with our strategy to expand distribution in under-penetrated markets.

2016 Summary

Our 2016 acquisitions resulted in 100% ownership of the acquired companies. The operating results of the acquisitions described above are not material to our financial statements and are included within our results from the respective acquisition dates. Our 2016 acquisitions contributed aggregate revenues of approximately $14 to our 2016 total revenues from their respective acquisition dates. The purchase prices for all acquisitions were primarily allocated to intangible assets and goodwill based on third-party valuations and management's estimates. The primary elements that generated the goodwill are the value of synergies and the acquired assembled workforce. Of the goodwill recorded in 2016, 100% is expected to be deductible for tax purposes. Refer to Note 10 - Goodwill and Intangible Assets, Net for additional information.

The following table summarizes the purchase price allocations for our 2016 acquisitions as of the acquisition dates:



	Weighted-Average Life (Years)	Total 2016 Acquisitions
Accounts/finance receivables		$	2
Intangible assets:
Customer relationships	10	7
Trademarks	20	2
Non-compete agreements	4	1
Goodwill		19
Other assets		3
Total Assets Acquired		34
Liabilities assumed		(4		)
Total Purchase Price		$	30

2015 and 2014 Acquisitions

In December 2014 we acquired a large document equipment dealer in the southern U.S. for approximately $22 in cash. This acquisition complements our existing footprint in the southern U.S. by offering Xerox's managed services along with office and printing technology.

Our Document Technology segment acquired two businesses in 2015 and one additional business in 2014 for approximately $13 and $12 in cash, respectively, which expanded our distribution capability of products and services in North America.

2015 and 2014 Summary

All of our 2015 and 2014 acquisitions resulted in 100% ownership of the acquired companies. The operating results of the 2015 and 2014 acquisitions described above are not material to our financial statements and were included within our results from the respective acquisition dates. The purchase prices for all acquisitions were primarily allocated to intangible assets and goodwill based on third-party valuations and management's estimates. Refer to Note 10 - Goodwill and Intangible Assets, Net for additional information. Our 2015 acquisitions contributed aggregate revenues from their respective acquisition dates of approximately $10 and $3 to our 2016 and 2015 total revenues, respectively. Our 2014 acquisitions contributed aggregate revenues from their respective acquisition dates of approximately $32, $30 and $2 to our 2016, 2015 and 2014 total revenues, respectively.