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Acquisitions
 6 Months Ended
Jun. 30, 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. In the six months 2023 and 2022 cash paid for acquisitions, net of cash acquired was $390 and $2,563.
On May 2, 2023 we acquired Cerus for net cash consideration of $289 and up to $225 in future milestone payments that had a fair value of $192 at the acquisition date. Cerus designs, develops and manufactures neurovascular products used for the treatment of hemorrhagic stroke. Cerus is part of our Neurovascular business within MedSurg and Neurotechnology. Goodwill attributable to the acquisition is not deductible for tax purposes.
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 six 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
20232022
CerusVocera
Tangible assets acquired:
Accounts receivable$1 $33 
Inventory2 13 
Deferred income tax assets7 91 
Other assets1 92 
Debt— (425)
Deferred income tax liabilities(60)(193)
Other liabilities(22)(117)
Intangible assets:
Customer and distributor relationships— 603 
Developed technology240 175 
Trade name— 18 
Goodwill312 2,273 
Purchase price, net of cash acquired of $7 and $281
$481 $2,563 
Weighted average amortization period at acquisition (years):
Developed technologies156
Customer relationships— 15
Trademarks— 9
The purchase price allocation for Cerus is based on preliminary valuations, primarily related to developed technology and deferred income taxes. Our estimates and assumptions are subject to change within the measurement period. The purchase price allocation for Vocera was finalized in the first quarter 2023 without material adjustments.
Consolidated Estimated Amortization Expense
Remainder of 20232024202520262027
$319 $608 $591 $534 $511