National Oilwell Varco 2010 Annual Report Download - page 81

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The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of acquisition of the 2009
acquisitions (in millions):
Current assets, net of cash acquired $ 404
Property, plant and equipment 149
Intangible assets 115
Goodwill 198
Other assets 5
Total assets acquired 871
Current liabilities 242
Long-term debt 48
Other liabilities 8
Total liabilities 298
Cash consideration, net of cash acquired $ 573
The Company allocated $115 million to intangible assets (11 year weighted-average life), comprised of: $60 million of customer relationships
(9 year weighted-average life), $46 million of trademarks (18 year weighted-average life), and $9 million of other intangible assets (7 year
weighted-average life).
In September 2009, the Company sold 45% of certain of its IntelliServ operations and created the IntelliServ Joint Venture (IntelliServ).
IntelliServ provides drilling technology that enables downhole drilling conditions to be measured, evaluated and monitored.
2008
In addition to the Grant Prideco Merger, the Company completed nine acquisitions for an aggregate purchase price of $171 million net of cash
acquired. These acquisitions included:
Welch Power Source, L.L.C., a Louisiana-based manufacturer of power generation equipment.
CKS, a France-based solids control company.
Mid-South Machine, Inc., a Louisiana-based machine shop.
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition of the 2008
acquisitions (in millions):
Current assets, net of cash acquired $ 33
Property, plant and equipment 61
Intangible assets 38
Goodwill 76
Total assets acquired 208
Current liabilities 11
Long-term debt 26
Total liabilities 37
Cash consideration, net of cash acquired $ 171
The Company allocated $38 million to intangible assets (9 year weighted-average life), comprised of: $30 million of customer relationships
(15 year weighted-average life), $1 million of trademarks (16 year weighted-average life), and $7 million of other intangible assets (4 year
weighted-average life). 78