Acquisitions Fiscal 2020 Acquisitions Luxoft Acquisition On June 14, 2019, DXC completed the acquisition of Luxoft, a digital service provider whose offerings encompass strategic consulting, custom software development services, and digital solution engineering for total consideration of $2.0 billion . The acquisition will combine Luxofts digital engineering capabilities with DXCs expertise in IT modernization and integration. The purchase agreement (Merger Agreement) was entered into by DXC and Luxoft on January 6, 2019 and the transaction was closed on June 14, 2019. The transaction between DXC and Luxoft is an acquisition, with DXC as the acquirer and Luxoft as the acquiree, based on the fact that DXC acquired 100% of the equity interests and voting rights in Luxoft, and that DXC is the entity that transferred the cash consideration. The Company's preliminary estimates of fair values of the assets acquired and the liabilities assumed are based on the information that was available as of the acquisition date, and the Company is continuing to evaluate the underlying inputs and assumptions used in its valuations. Accordingly, these preliminary estimates are subject to change during the measurement period, which is up to one year from the acquisition date. The preliminary estimated purchase price is allocated as follows: (in millions) Estimated Fair Value Cash and cash equivalents $ 113 Accounts receivable 233 Other current assets 15 Total current assets 361 Property and equipment 31 Intangible assets 631 Other assets 91 Total assets acquired 1,114 Accounts payable, accrued payroll, accrued expenses, and other current liabilities (119 ) Deferred revenue (8 ) Long-term deferred tax liabilities and income tax payable (86 ) Other liabilities (63 ) Total liabilities assumed (276 ) Net identifiable assets acquired 838 Goodwill 1,185 Total estimated consideration transferred $ 2,023 Goodwill represents the excess of the purchase price over the fair value of identifiable assets acquired and liabilities assumed at the acquisition date. The goodwill recognized with the acquisition was attributable to the synergies expected to be achieved by combining the businesses of DXC and Luxoft, expected future contracts and the acquired workforce. The cost-saving opportunities are expected to include improved operating efficiencies and asset optimization. The total goodwill arising from the acquisition was allocated to Global Business Services ("GBS") and is not deductible for tax purposes. See Note 11 - " Goodwill ." As of September 30, 2019, DXC has not finalized the determination of fair values allocated to various assets and liabilities, including, but not limited to, receivables; other current assets; property and equipment; intangible assets; other assets; deferred income taxes, net and other income tax liabilities; deferred revenue and advanced contract payments; accounts payable and accrued liabilities; other liabilities; loss contracts; non-controlling interest; and goodwill. D uring the three months ended September 30, 2019, the Company made a number of refinements to the June 14, 2019 preliminary purchase price allocation. These refinements were primarily driven by the Company recording valuation adjustments that decreased customer related intangibles by $110 million and, increased trade names by $113 million and related deferred tax adjustments which resulted in an increase in net identifiable assets of $24 million . Current assets and liabilities The Company valued current assets and liabilities using existing carrying values as an estimate of the approximate fair value of those items at the acquisition date except for certain contract receivables for which the Company determined preliminary fair value based on a cost plus margin approach . Property and equipment The acquired property and equipment are summarized in the following table: (in millions) Amount Land, buildings, and leasehold improvements $ 8 Computers and related equipment 12 Furniture and other equipment 11 Total $ 31 During the three months ended September 30, 2019, DXC updated the fair value allocation to land, buildings and leasehold improvements using the direct capitalization method of the income approach and the cost approach. For all other categories of property and equipment, b ased on the nature of the assets, the Company determined that the net book value represents the preliminary fair value. Identified intangible assets The acquired identifiable intangible assets are summarized in the following table: (in millions) Amount Estimated Useful Lives (Years) Customer related intangibles $ 379 10 Trade names 166 10 Developed technology 75 7 Third-party purchased software 11 2 to 10 years Total $ 631 Developed technology and third-party purchased software are included in the software category and trade names are included in the other intangible assets category in Note 10 -" Intangible Assets ". The Company estimated the preliminary value of customer relationships using the multi-period excess earnings method under the income approach and the preliminary value of trade names using a relief from royalty method under the income approach. For developed technology, the Company calculated the preliminary fair value based on an industry benchmarking analysis based on recent and relevant transactions and identified the percentage of the total consideration that should be allocated to the identified intangible assets categories and calculated the preliminary estimated value. The Company determined that the net book value of the purchased software represents the preliminary fair value. Deferred tax liabilities The Company preliminarily valued deferred tax liabilities based on statutory tax rates in the jurisdictions of the legal entities where the acquired non-current assets and liabilities are taxed. Unaudited Results The Company's condensed consolidated statements of operations includes the following revenues and net income attributable to Luxoft since the acquisition date: (in millions) Three Months Ended September 30, 2019 Six Months Ended September 30, 2019 (1) Revenues $ 214 $ 259 Net loss $ 11 $ 7 (1) Results for the six months ended September 30, 2019, reflect operations subsequent to the acquisition date of June 14, 2019, not the full six-month period. Fiscal 2019 Acquisitions Molina Medicaid Solutions Acquisition On October 1, 2018, DXC completed its acquisition of Molina Medicaid Solutions ("MMS"), a Medicaid Management Information Systems business, from Molina Healthcare, Inc. for total consideration of $233 million . The combination of MMS with DXC expands DXCs ability to provide services to state agencies in the administration of Medicaid programs, including business processing, information technology development and administrative services. The purchase price allocation for the MMS acquisition was finalized during the second quarter of fiscal 2020. The purchase price allocation was based upon the current determination of fair values at the date of acquisition as follows: $87 million to current assets, $112 million to intangible assets other than goodwill, $11 million to other assets, $51 million to current liabilities, $18 million to other liabilities and $92 million to goodwill. The goodwill is associated with the Company's Global Business Services ("GBS") segment and is tax deductible. The intangible assets acquired include customer relationships and developed technology which have a 13 -year weighted average estimated useful life. Other Acquisitions In addition to the MMS acquisition, DXC completed seven acquisitions to complement the Company's Microsoft Dynamics and ServiceNow offerings and to provide opportunities for future growth. The acquired businesses are included in the results of the GBS segment. The purchase consideration of $232 million includes contingent consideration with an estimated fair value of $41 million . For acquisitions within the measurement period, the Company's purchase price allocation is preliminary and subject to revision as additional information related to the fair value of assets and liabilities becomes available. The purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the dates of acquisition as follows: $74 million to current assets, $71 million to intangible assets other than goodwill, $9 million to other non-current assets, $63 million to current liabilities and $141 million to goodwill. The goodwill is associated with the Company's GBS segment, some of which is tax deductible.