Acquisitions Assets acquired and liabilities assumed in business combinations were recorded on the Consolidated Balance Sheets as of the respective acquisition dates based upon their estimated fair values at such dates. The results of operations of businesses acquired by the Company have been included in the Consolidated Statements of Income since their respective dates of acquisition. The excess of the purchase price over the estimated fair values of the underlying assets acquired and liabilities assumed was allocated to goodwill. In certain circumstances, the allocations of the excess purchase price are based upon preliminary estimates and assumptions. Accordingly, the allocations may be subject to revision when the Company receives final information, including appraisals and other analyses. Any revisions to the fair values during the measurement period will be recorded by the Company as further adjustments to the purchase price allocations. Although, in certain circumstances, the Company has substantially integrated the operations of its acquired businesses, additional future costs relating to such integration may occur. These costs may result from integrating operating systems, relocating employees, closing facilities, reducing duplicative efforts, and exiting and consolidating other activities. These costs will be recorded on the Consolidated Statements of Income as expenses. 2019 ACQUISITIONS Alliance Reservations Network. On August 7, 2019 , the Company acquired all of the equity of ARN. ARN provides private-label travel booking technology solutions. This acquisition was made to accelerate growth at RCI by increasing the offerings available to its members and affiliates. ARN was acquired for $102 million ( $97 million net of cash acquired) , subject to customary post-closing adjustments based on final valuation information and additional analysis. The fair value of purchase consideration was comprised of: (i) $48 million delivered at closing; (ii) Wyndham Destinations stock valued at $10 million ( 253,350 shares at $39.29 per share) delivered at closing; (iii) $21 million to be paid over 24 months post-closing; (iv) $10 million of contingent consideration based on achieving certain financial and operational metrics; and (v) additional shares of Wyndham Destinations stock valued at $13 million to be paid on August 7, 2020. The Company has recognized the assets and liabilities of ARN based on estimates of their acquisition date fair values. The determination of the fair values of the acquired assets and assumed liabilities, including goodwill and other intangible assets, requires significant judgment. The preliminary purchase price allocation, including the impacts of certain post-closing adjustments, consists of: (i) $20 million of developed software with a weighted average life of 10 years included within Property and equipment, net; (ii) $45 million of Goodwill; (iii) $36 million of definite-lived intangible assets with a weighted average life of 12 years primarily consisting of customer relationships; and (iv) $4 million of Accounts payable. All of the goodwill and other intangible assets are expected to be deductible for income tax purposes. ARN is reported within the Vacation Exchange segment. Other . During the third quarter of 2019, the Company completed a business acquisition at its Vacation Ownership segment for $13 million ( $10 million net of cash acquired). The acquisition resulted in the recognition of (i) $4 million of Inventory, (ii) $7 million of definite-lived intangible assets, and (iii) $1 million of Accrued expenses and other liabilities. 2018 ACQUISITIONS La Quinta Holdings Inc. (La Quinta). In January 2018, the Company entered into an agreement with La Quinta to acquire its hotel franchising and management businesses for $1.95 billion . This acquisition closed on May 30, 2018, prior to the hotel business Spin-off on May 31, 2018. Upon completion of the Spin-off, La Quinta became a wholly-owned subsidiary of Wyndham Hotels. Other. During 2018, the Company completed one other acquisition at its Vacation Exchange segment for $5 million in cash, net of cash acquired. The preliminary purchase price allocations resulted in the recognition of (i) $1 million of Goodwill, none of which is expected to be deductible for tax purposes, (ii) $4 million of definite-lived intangible assets with a weighted average life of 21 years, (iii) less than $1 million in Other assets, and (iv) less than $1 million of liabilities. 2017 ACQUISITIONS Love Home Swap. During July 2017, the Company acquired a controlling interest in Love Home Swap, a United Kingdom home exchange company. The Company had convertible notes which, at the time of acquisition, were converted into a 47% equity ownership interest in Love Home Swap and purchased the remaining 53% of equity for $28 million , net of cash acquired. As a result, the Company recognized a non-cash gain of $ 13 million , net of transaction costs, resulting from the re-measurement of the carrying value of the Companys 47% ownership interest to its fair value. The purchase price allocations resulted in the recognition of (i) $48 million of Goodwill, none of which was deductible for tax purposes, (ii) $6 million of trademarks, (iii) $5 million of Other assets, and (iv) $6 million of liabilities, all of which were assigned to the Companys Vacation Exchange segment. DAE Global Pty Ltd. During October 2017, the Company completed the acquisition of DAE Global Pty, Ltd, an Australian vacation exchange company, and @Work International, a related software company, for $21 million , net of cash acquired. These acquisitions complement the Companys existing Vacation Exchange segment. The purchase price allocation resulted in the recognition of (i) $3 million of Property and equipment, net (ii) $8 million of Goodwill, none of which was deductible for tax purposes, (iii) $11 million of definite-lived intangible assets, with a weighted average life of 10 years, (iv) $5 million of Other assets, and (v) $6 million of liabilities, all of which were assigned to the Companys Vacation Exchange segment. Other. During 2017, the Company completed one other acquisition at its Vacation Exchange segment for $5 million in cash, net of cash acquired. The preliminary purchase price allocations resulted primarily in the recognition of (i) $3 million of Goodwill, all of which was deductible for tax purposes, (ii) $1 million of definite-lived intangible assets with a life of 12 years, (iii) $12 million in Other assets, and (iv) $11 million of liabilities. This business was included as part of the North American vacation rentals business which was sold during 2019. The Company completed four other acquisitions, which were included in discontinued operations, for $151 million in cash, net of cash acquired, and $1 million of contingent consideration.