2. Merger with Conexant Holdings, Inc. The Merger is being accounted for as a business combination using the acquisition method of accounting, whereby the purchase price was preliminarily allocated to tangible and intangible assets acquired and liabilities assumed, based on their estimated fair market values. Fair-value measurements have been applied based on assumptions that market participants would use in the pricing of the asset or liability. The following table summarizes the fair value assigned to the assets acquired and liabilities assumed as of April 19, 2011, the acquisition date (in thousands): Total merger consideration: Cash paid to shareholders $ 197,335 Cash paid to holders of cancelled stock options and RSUs upon change of control 6,427 Bank line of credit assumed and repaid 102 Total merger consideration 203,864 Fair value of assets acquired and liabilities assumed: Cash and cash equivalents 60,794 Accounts receivable 25,530 Inventories 40,573 Other current assets 8,582 Property and equipment 11,866 Intangible assets 118,600 Other assets 28,366 Accounts payable (14,215 ) Deferred income tax liabilities, net (21,655 ) Other liabilities   current and long term (82,113 ) Long-term debt (195,125 ) Net liabilities assumed (18,797 ) Excess purchase price atttributed to goodwill acquired $ 222,661 The preliminary fair value of the acquired intangible assets was determined using the following income valuation approaches. In estimating the preliminary fair value of the acquired intangible assets, the Company utilized the valuation methodology determined to be most appropriate for the individual intangible asset being valued as described below. The acquired intangible assets include the following (in thousands): Remaining Estimated Useful Valuation Method Fair Value Life (yrs) (1) Customer relationships Multi-Period Excess Earnings (2) $ 50,300 7.0 In-process research and development ( IPR&amp;D ) Multi-Period Excess Earnings (2) 46,000   Trade name and trademarks Relief-from-Royalty (3) 15,100   Backlog Mu