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Acquisitions | 3 Months Ended
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Mar. 31, 2023
Business Combinations [Abstract] |
Acquisitions | ACQUISITIONS We acquire stock in companies and various assets that continue to support our capital deployment and product development strategies. There were no acquisitions in the three months 2023. The aggregate purchase price of our acquisitions, net of cash acquired was $2,563 in the three months 2022. In February 2022 we completed the acquisition of Vocera Communications, Inc. (Vocera) for $79.25 per share, or an aggregate purchase price of $2.6 billion, net of cash acquired ($3.0 billion including convertible notes). Vocera is a leader in the digital care coordination and communication category. Vocera is part of our Medical business within MedSurg and Neurotechnology. Goodwill attributable to the acquisition reflects the strategic benefits of expanding our presence in adjacent markets, diversifying our product portfolio, advancing innovations, and accelerating our digital aspirations. This goodwill is not deductible for tax purposes. In the three months 2022 note holders elected to redeem the 1.50% and 0.50% convertible notes assumed in the Vocera acquisition for $101 and $324. These repayments are classified as financing activities in the Consolidated Statements of Cash Flows. Share-based awards for Vocera employees vested upon our acquisition and a charge of $132 was recorded in selling, general and administrative expenses in 2022. Purchase price allocations for our significant acquisitions are:
Purchase Price Allocation of Acquired Net Assets
2022 | Vocera
Tangible assets acquired: |
Accounts receivable | $ | 33 |
Inventory | 13 |
Deferred income tax assets | 91 |
Other assets | 92 |
Debt | (425) |
Deferred income tax liabilities | (193) |
Other liabilities | (117) |
Intangible assets: |
Customer and distributor relationships | 603 |
Developed technology | 175 |
Trade name | 18 |
Goodwill | 2,273 |
Purchase price, net of cash acquired of $281 | $ | 2,563 |
Weighted average amortization period at acquisition (years): |
Developed technologies | 6
Customer relationships | 15
Trademarks | 9
The purchase price allocation for Vocera was finalized in the three months 2023 without material adjustments. On May 2, 2023 we acquired Cerus Endovascular Limited (Cerus) for $300 in cash and up to $225 in future milestone payments. Cerus designs, develops and manufactures neurovascular products used for the treatment of hemorrhagic stroke. We plan to integrate Cerus into our Neurovascular business within MedSurg and Neurotechnology.
Consolidated Estimated Amortization Expense
Remainder of 2023 | 2024 | 2025 | 2026 | 2027
$ | 463 |  | $ | 590 |  | $ | 571 |  | $ | 514 |  | $ | 493 |

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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 https://asc.fasb.org/topic&trid=2303972 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4946-128472 + Details
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- References No definition available. + Details
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