Business Acquisition On May2, 2016 , Halyard acquired all of the issued and outstanding capital stock of Medsystems Holdings, Inc. (Medsystems) a Delaware corporation, for a purchase price of $175 million , net of cash acquired (the Acquisition). The Acquisition was funded with a combination of cash on hand and our Revolving Credit Facility (see Note 5 , Debt). Medsystems owns and conducts its primary business through CORPAK Medsystems (Corpak). Corpaks innovative enteral access solutions and portfolio of nasogastric feeding tubes complements our existing enteral feeding products and creates a complete offering of enteral feeding solutions within our Medical Devices segment. In conjunction with the Acquisition, we identified intangible assets related to currently marketed products and in-process research and development (IPR&amp;D) that we expect will yield economic benefits in the future. The identified intangible assets include technology, trademarks and customer relationships that were combined into composite intangible assets by product line in consideration of the following:  Our intent was to acquire the product portfolio and the related technology.  The trademarks will only be used to market the products associated with the existing technologies. Accordingly, their remaining economic lives are similar.  The customer base was considered, but was not identified as a separate intangible asset because the related cash flows are not separable from the related technology.  Low historical customer turnover rates supports longer lives for customer relationships which is consistent with the estimated remaining useful lives for the acquired technologies and trademarks. The fair value amounts have been determined using preliminary estimates. A preliminary valuation was completed in July 2016 and we believe it will be finalized by the end of 2016 . The preliminary allocation of the purchase price was as follows (in millions): Purchase Price Allocation Current assets acquired net of liabilities assumed