Acquisitions and Dispositions of Businesses (Tables)

12 Months Ended

Dec. 31, 2017

Business Combinations and Discontinued Operations and Disposal Groups [Abstract]

Consideration transferred and preliminary value of intangible assets

The following table includes the preliminary fair values of consideration transferred, assets acquired, and liabilities assumed as a result of the Company’s acquisitions (in millions):

	For the year ended December 31, 2017
Cash	$	1,136
Deferred and contingent consideration	63
Aggregate consideration transferred	$	1,199
Assets acquired:
Cash and cash equivalents	$	108
Receivables, net	47
Goodwill	619
Intangible assets, net	567
Fixed assets, net	18
Other assets	200
Total assets acquired	1,559
Liabilities assumed:
Current liabilities	230
Other liabilities	130
Total liabilities assumed	360
Net assets acquired	$	1,199

Intangible assets are primarily customer-related and contract-based assets. Those intangible assets acquired as part of a business acquisition in 2017 had a weighted average useful economic life of 16 years. Acquisition related costs incurred and recognized within Other general expenses for the year ended December 31, 2017 were $13 million. Total revenue for these acquisitions included in the Company’s Consolidated Statement of Income for the year ended December 31, 2017 was approximately $50 million.

The results of operations of these acquisitions are included in the Consolidated Financial Statements as of the respective acquisition dates. 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.