(in millions)

December 31, 2016

$

13,118

Acquisition ⁽¹⁾

91

Goodwill adjustments related to Quellos ⁽²⁾

(10

)

June 30, 2017

$

13,199

⁽¹⁾

Amount represents goodwill in connection with the First Reserve Transaction, which expanded the Company’s energy and power infrastructure platform.  Total consideration included $120 million of contingent consideration at fair value at time of close.

⁽²⁾

The decrease in goodwill during the six months ended June 30, 2017 primarily resulted from a decline related to tax benefits realized from tax-deductible goodwill in excess of book goodwill from the acquisition of the fund-of-funds business of Quellos Group, LLC in October 2007 (the “Quellos Transaction”). Goodwill related to the Quellos Transaction will continue to be reduced in future periods by the amount of tax benefits realized from tax-deductible goodwill in excess of book goodwill from the Quellos Transaction. The balance of the Quellos tax-deductible goodwill in excess of book goodwill was approximately $184 million and $200 million at June 30, 2017 and December 31, 2016, respectively