Note 5 Acquisitions 2015 Acquisitions On May 24, 2015, we paid $106.0 million in cash to acquire the remaining 49% equity interest in Nabors Arabia, our joint venture in Saudi Arabia, making it a wholly owned subsidiary. Previously, we held a 51% equity interest with a carrying value of $44.7 million and we had accounted for the joint venture as an equity method investment. The acquisition of the remaining interest allows us to strategically align our future growth in this market by providing additional flexibility to invest capital and pursue future investment opportunities. As a result, we consolidated the assets and liabilities of Nabors Arabia on May 24, 2015 based on their respective fair values. We have also consolidated the operating results of Nabors Arabia since the acquisition date and reported those results in our International drilling segment. The excess of the estimated fair value of the assets and liabilities over the net carrying value of our previously held equity interest resulted in a gain of $2.3 million and was reflected in other expense (income), net in the consolidated statement of income (loss) for the year ended December 31, 2015. The following table provides the allocation of the purchase price as of the acquisition date. The purchase price was allocated to the net tangible and intangible assets acquired and liabilities assumed based on fair value. The excess of the purchase price over such fair values was recorded as goodwill. Estimated Fair (In thousands) Value Assets: Cash $ 48,058 Accounts receivable 153,819 Other current assets 58,021 Property, plant and equipment, net 89,643 Intangible assets 28,784 Goodwill 75,634 Other long-term assets 7,709 Total assets 461,668 Liabilities: Accounts payable $ 206,599 Accrued liabilities 74,393 Intangible liability 13,472 Deferred tax liability 4,823 Other long-term liabilities 9,400 Total liabilities 308,687 Net assets acquired $ 152,981 The goodwill recognized as a result of the acquisition of $75.6 million is primarily attributable to the work