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Acquisitions | 12 Months Ended
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Dec. 31, 2020
Business Combinations [Abstract] |
Acquisitions | ACQUISITIONSWe acquire stock in companies and various assets that continue to support our capital deployment and product development strategies. The aggregate purchase price of our acquisitions, net of cash acquired was $4,304 and $1,096 in 2020 and 2019. In November 2020 we completed the acquisition of Wright Medical Group N.V. (Wright) for $30.75 per share, or an aggregate purchase price of $4.1 billion ($5.6 billion including convertible notes). Wright is a global medical device company focused on extremities and biologics. Wright is part of our Trauma and Extremities business within Orthopaedics. Goodwill attributable to the acquisition is not deductible for tax purposes. In November and December 2020 note holders elected to redeem the 1.625% and 2.25% convertible notes assumed in the Wright acquisition for $864 and $576. These repayments are classified as financing activities. In December 2020 we completed the acquisition of OrthoSensor, Inc. (OrthoSensor). OrthoSensor is a leader in the digital evolution of musculoskeletal care and sensor technology for total joint replacement. OrthoSensor is part of our Joint Replacement business within Orthopaedics. Goodwill attributable to the acquisition is not deductible for tax purposes. In October 2019 we completed the acquisition of Mobius Imaging and Cardan Robotics for net cash consideration of $360 and future regulatory and commercial milestone payments of up to $130. Mobius Imaging is a leader in point-of-care imaging technology focused on integrating advanced imaging technologies into medical workflow. Cardan Robotics is working to develop innovative robotics and navigation technology systems for surgical and interventional radiology procedures. Mobius Imaging and Cardan Robotics (Mobius) are part of our Spine business within Neurotechnology and Spine. For income tax purposes the acquisition is treated as an asset purchase. Goodwill attributable to the acquisition is deductible for tax purposes. In March 2019 we completed the acquisition of OrthoSpace, Ltd. (OrthoSpace) for net cash consideration of $110 and future regulatory milestone payments of up to $110. OrthoSpace is a medical device company specializing in orthopaedic biodegradable technology for the treatment of irreparable rotator cuff tears. OrthoSpace is part of our Endoscopy business within MedSurg. Goodwill attributable to the acquisition is not deductible for tax purposes. Had the above acquisitions taken place as of the beginning of the comparable prior year, our consolidated financial results of operations in the aggregate would not have been materially different. Accordingly, we have not disclosed pro forma financial information. Purchase price allocations for our significant acquisitions are:
Purchase Price Allocation of Acquired Net Assets
2020 |  | Wright |
Tangible assets acquired: |  |  |
Accounts receivable |  | $ | 127 |  |
Deferred income tax assets |  | 371 |  |
Inventory |  | 485 |  |
Other assets |  | 344 |  |
Debt |  | (1,447) |  |
Deferred income tax liabilities |  | (511) |  |
Product liabilities |  | (192) |  |
Other liabilities |  | (288) |  |
Intangible assets: |  |  |
Customer and distributor relationships |  | 181 |  |
Developed technology and patents |  | 1,523 |  |
Trade name |  | 60 |  |
Goodwill |  | 3,428 |  |
Purchase price, net of cash acquired |  | $ | 4,081 |  |
Weighted average life of intangible assets |  | 12 |
2019 |  | Mobius | OrthoSpace
Tangible assets acquired: |  |  |
Accounts receivable |  | $ | 3 |  | $ | 1 |
Inventory |  | 6 |  | 1 |
Other assets |  | 2 |  | 1 |
Contingent consideration |  | (4) |  | — |
Other liabilities |  | (10) |  | (29) |
Intangible assets: |  |  |
Customer relationship |  | 7 |  | — |
Developed technology and patents |  | 59 |  | 120 |
In-process research and development |  | 98 |  | — |
Non-compete agreements |  | 9 |  | — |
Goodwill |  | 303 |  | 114 |
Purchase price, net of cash acquired |  | $ | 473 |  | $ | 208 |
Weighted average life of intangible assets |  | 12 | 18
Purchase price allocations for Wright and other 2020 acquisitions were based on preliminary valuations, primarily related to intangible assets, product liabilities and deferred income taxes. Our estimates and assumptions are subject to change within the measurement period. The purchase price allocations for Mobius, OrthoSpace and other 2019 acquisitions were finalized in 2020 without material adjustments.

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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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