Acquisitions (Tables)

6 Months Ended

Jun. 30, 2026

The following summarizes the consideration transferred at closing for the Pearce acquisition (dollars in millions):


Cash consideration	$763
Settlement of long-term debt	280
Deferred and contingent consideration	132
Other	11
Total consideration	$1,186

The following summarizes the consideration transferred at closing for the Industrious acquisition (dollars in millions):


Cash consideration	$369
Fair value of existing equity method investment in Industrious	373
Forgiveness of note receivable	50
Other	49
Total consideration	$841

The following represents the summary of the excess purchase price over the fair value of net assets acquired (dollars in

millions):


Purchase price	$1,186
Less: Estimated fair value of net assets acquired	573
Excess purchase price over estimated fair value of net assets acquired	$613

The following represents the summary of the excess purchase price over the fair value of net assets acquired (dollars in

millions):


Purchase price	$841
Less: Estimated fair value of net assets acquired	249
Excess purchase price over estimated fair value of net assets acquired	$592

The following table summarizes the fair values assigned to the identified assets acquired and liabilities assumed at the

acquisition date on November 4, 2025 (dollars in millions):


Assets Acquired:
Current assets		$194
Property, plant & equipment		15
Intangible assets		600
Goodwill		613
Right-of-use and other assets		46
Total assets acquired		1,468
Liabilities Assumed:
Current liabilities		135
Deferred tax and other liabilities		147
Total liabilities assumed		282
Estimated Fair Value of Net Assets Acquired		$1,186

The following table summarizes the fair values assigned to the identified assets acquired and liabilities assumed at the

acquisition date on January 16, 2025 (dollars in millions):


Assets Acquired:
Current assets		$98
Property, plant & equipment		42
Intangible assets		235
Goodwill		592
Right-of-use and other assets		694
Total assets acquired		1,661
Liabilities Assumed:
Current liabilities		128
Operating lease and other liabilities		692
Total liabilities assumed		820
Estimated Fair Value of Net Assets Acquired		$841

In connection with the Pearce acquisition, below is a summary of the value allocated to the intangible assets acquired

(dollars in millions):


Asset Class	Amortization Period	Amount Assigned at Acquisition Date
Customer relationships	8-13 years	$551
Tradenames	11 years	48
Non-Compete agreements	9-13 years	1
Total identified intangible assets		$600

In connection with the Industrious acquisition, below is a summary of the value allocated to the intangible assets

acquired (dollars in millions):


Asset Class	Amortization Period	Amount Assigned at Acquisition Date
Customer relationships	8 years	$78
Tradenames	11-13 years	137
Management agreements	10 years	20
Total identified intangible assets		$235

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.