Acquisitions and Dispositions

6 Months Ended

Jun. 30, 2012

Acquisitions and Dispositions

Acquisitions and Dispositions

5.  Acquisitions and Dispositions

Acquisitions

During the six months ended June 30, 2012, the Company completed the acquisition of two businesses in the HR Solutions segment and three businesses in the Risk Solutions segment.  During the six months ended June 30, 2011, the Company completed the acquisition of two 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.

	Six months ended June 30,
(millions)	2012		2011
Consideration	$	96	$	92
Intangible assets:
Goodwill	$	57	$	59
Other intangible assets	42		28
	$	99	$	87

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 — Continuing Operations

During the six months ended June 30, 2012, the Company completed the sale of one business in the Risk Solutions segment and one business in the HR Solutions segment.  A pretax gain of $2 million was recognized on these sales, which is included in Other income (expense) in the Condensed Consolidated Statements of Income. During the six months ended June 30, 2011, the Company completed the sale of one business in the HR Solutions segment.  A pretax loss of $1 million was recognized on this sale, which is included in Other income (expense) in the Condensed Consolidated Statements of Income.