v3.4.0.3
Acquisitions and Divestitures (Tables)
 3 Months Ended
Mar. 31, 2016
Major Classes of Assets and Liabilities of Local Exchange and Related Landline Activities in California, Florida and Texas

The following table summarizes the major classes of assets and liabilities of our local exchange and related landline activities in California, Florida and Texas which are classified as held for sale on our condensed consolidated balance sheet as of March 31, 2016:

 

      (dollars in millions)  

Assets held for sale:

  

Accounts receivable

    $ 341   

Prepaid expense and other

      62   
  

 

 

  

Total current assets held for sale

      403   

Plant, property and equipment, net

      9,033   

Goodwill

      1,328   

Other assets

      71   
  

 

 

  

Total non-current assets held for sale

      10,432   
  

 

 

  

Total assets held for sale

    $   10,835   
  

 

 

  

Liabilities related to assets held for sale:

   

Accounts payable and accrued liabilities

    $ 262   

Other current liabilities

      190   
  

 

 

  

Total current liabilities related to assets held for sale

      452   

Long-term debt

      597   

Employee benefit obligations

      258   

Other liabilities

      119   
  

 

 

  

Total non-current liabilities related to assets held for sale

      974   
  

 

 

  

Total liabilities related to assets held for sale

    $ 1,426   
  

 

 

  
AOL Inc  
Purchase Price Identified Based on Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the consideration to AOL’s shareholders and the identification of the assets acquired, including cash acquired of $0.5 billion, and liabilities assumed as of the close of the acquisition, as well as the fair value at the acquisition date of AOL’s noncontrolling interests:

 

(dollars in millions)    As of June 23, 2015  

Cash payment to AOL’s equity holders

    $ 3,764   

Estimated liabilities to be paid(1)

      377   
  

 

 

  

Total consideration

    $ 4,141   
  

 

 

  

Assets acquired:

   

Goodwill

    $ 1,903   

Intangible assets subject to amortization

      2,504   

Other

      1,551   
  

 

 

  

Total assets acquired

      5,958   

Liabilities assumed:

   

Total liabilities assumed

      1,816   

Net assets acquired:

      4,142   

Noncontrolling interest

      (1 ) 
  

 

 

  

Total consideration

    $ 4,141   
  

 

 

  

 

(1) 

During the three months ended March 31, 2016, we made cash payments of $126 million in respect of acquisition-date estimated liabilities to be paid. As of March 31, 2016, the remaining balance of estimated liabilities to be paid was $251 million.