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Acquisitions | 6 Months Ended
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Jun. 30, 2019
Business Combinations [Abstract] |
Acquisitions | ACQUISITIONS We acquire stock in companies and various assets that continue to support our capital deployment and product development strategies. Cash paid for acquisitions, net of cash acquired, was $260 and $767 in the six months 2019 and 2018. Acquisition and integration related charges, including the amortization of inventory stepped up to fair value, was $53 and $24 in the three months and $191 and $41 in the six months 2019 and 2018. In March 2019 we completed the acquisition of OrthoSpace, Ltd. for total cash consideration of $110 with future milestone payments of up to an additional $110. OrthoSpace is a medical device company specializing in orthopaedic biodegradable technology for the treatment of irreparable rotator cuff tears. Goodwill attributable to the acquisition was $114 and is not deductible for tax purposes. In November 2018 we completed the acquisition of K2M Group Holdings, Inc. (K2M) for $27.50 per share, or an aggregate purchase price of approximately $1,380. K2M is a global leader of complex spine and minimally invasive solutions focused on achieving three-dimensional Total Body Balance. K2M is part of our Spine business within Neurotechnology and Spine. Goodwill attributable to the acquisition is not deductible for tax purposes. In February 2018 we completed the acquisition of Entellus Medical, Inc. (Entellus) for $24.00 per share, or an aggregate purchase price of $697, net of cash acquired. Entellus is focused on delivering superior patient and physician experiences through products designed for the minimally invasive treatment of various ear, nose and throat (ENT) disease states. Entellus is part of our Neurotechnology business within Neurotechnology and Spine. Goodwill attributable to the acquisition is not deductible for tax purposes. The purchase price allocations for K2M and OrthoSpace are preliminary and are based on estimates and assumptions that are subject to change within the measurement period. The purchase price allocation for the acquisition of Entellus was completed in 2019.
Purchase Price Allocation of Acquired Net Assets
| 2018
| K2M |  | Entellus
Tangible assets: |  |  |
Accounts receivable | $ | 60 |  |  | $ | 17 |
Inventory | 131 |  |  | 14 |
Other assets | 122 |  |  | 62 |
Contingent consideration | — |  |  | (79 | )
Other liabilities | (243 | ) |  | (76 | )
Intangible assets: |  |  |
Customer relationship | 34 |  |  | 33 |
Distributor relationship | 1 |  |  | — |
Trade name | 10 |  |  | — |
Developed technology and patents | 475 |  |  | 261 |
Internally developed software | 2 |  |  | — |
Goodwill | 788 |  |  | 465 |
Purchase price, net of cash acquired | $ | 1,380 |  |  | $ | 697 |
Weighted-average life of intangible assets | 14 |  |  | 16 |
Estimated Amortization Expense
Remainder of 2019 | 2020 | 2021 | 2022 | 2023
$ | 230 |  | $ | 439 |  | $ | 426 |  | $ | 415 |  | $ | 396 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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