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The following table presents the preliminary allocation of the purchase price by major class of assets and liabilities (in millions) as of the acquisition date, as well as adjustments made during the first six months of 2011 (referred to as "measurement period adjustments"):
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Amounts
Recognized as of
Acquisition Date |
1 |
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Measurement
Period
Adjustments |
2 |
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Amounts
Recognized as of
Acquisition Date
(as Adjusted) |
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Cash and cash equivalents
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$ 49 |
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$
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$ 49 |
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Marketable securities
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7 |
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7 |
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Trade accounts receivable
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1,194 |
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1,194 |
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Inventories
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696 |
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696 |
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Other current assets3
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744 |
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(1 |
) |
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743 |
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Property, plant and equipment3
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5,385 |
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(334 |
) |
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5,051 |
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Bottlers' franchise rights with indefinite lives
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5,100 |
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5,100 |
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Other intangible assets
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1,032 |
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1,032 |
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Other noncurrent assets
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261 |
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261 |
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Total identifiable assets acquired
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14,468 |
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(335 |
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14,133 |
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Accounts payable and accrued expenses3
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1,826 |
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5 |
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1,831 |
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Loans and notes payable
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266 |
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266 |
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Long-term debt
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9,345 |
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9,345 |
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Pension and other postretirement liabilities
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1,313 |
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1,313 |
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Other noncurrent liabilities3
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2,603 |
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(224 |
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2,379 |
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Total liabilities assumed
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15,353 |
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(219 |
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15,134 |
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Net liabilities assumed
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(885 |
) |
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(116 |
) |
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(1,001 |
) |
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Goodwill3
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7,746 |
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143 |
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7,889 |
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6,861 |
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27 |
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6,888 |
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Less: Noncontrolling interests
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13 |
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13 |
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Net assets acquired
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$ 6,848 |
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$ 27 |
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$ 6,875 |
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1 As previously reported in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2010.
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2 The measurement period adjustments did not have a significant impact on our condensed consolidated statements of income for the three and six months ended July 1, 2011. In addition, these adjustments did not have a significant impact on our condensed consolidated balance sheets as of July 1, 2011, and December 31, 2010. Therefore, we have not retrospectively adjusted the comparative 2010 financial information presented herein.
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3 The measurement period adjustments primarily related to additional information regarding the fair value estimates for certain fixed assets. The reduction in the estimated fair value of these assets resulted in a decrease to noncurrent deferred tax liabilities. The net impact of these adjustments and the payment made to New CCE related to the finalization of working capital adjustments resulted in a net increase in goodwill.
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