Google values Motorola Mobility's entire hardware business at $670 million

FierceWireless reports that in an SEC filing, Google detailed how it valued the $12.4 billion that it paid to acquire Motorola Mobility. Here's the breakdown:

• $5.5 billion for the 17,000 patents that Google acquired
• $2.9 billion for cash in Motorola's treasury
• $2.6 billion for goodwill (trademarks and intangibles)
• $730 million for customer relationships (Motorola's relationships with telecom, cable and IPTV companies)
• $670 million for "other net assets"

Those "other net assets" include Motorola Mobility's entire phone, tablet and set-top box businesses. It's no wonder that we haven't heard much about Google's plans for Motorola's hardware businesses--Google thinks that they're fairly close to worthless. Google could write off the entire hardware business and take a modest one-quarter earnings hit.

If I worked for Motorola Mobility and I wasn't already looking for a new job, I'd be firing out resumes after Google's SEC filing. Is it possible that Google will invest big bucks to turn around Motorola's hardware business? Sure, it's possible--but not likely.