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Acquisitions | 6 Months Ended
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Jun. 30, 2024
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 2024 and 2023 cash paid for acquisitions, net of cash acquired was $334 and $390. On March 20, 2024 we acquired SERF SAS (SERF) for net cash consideration of $244. SERF's implants strengthen the global portfolio of our Joint Replacement business within Orthopaedics and Spine. The purchase price allocation for SERF is based on preliminary valuations, primarily related to developed technology and customer relationships. Goodwill attributable to the acquisition is not deductible for tax purposes. In May 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. The purchase price allocation for Cerus is:
Purchase Price Allocation of Acquired Net Assets
2023 | Cerus |
Tangible assets acquired: |  |
Accounts receivable | $ | 1 |  |
Inventory | 2 |  |
Deferred income tax assets | 4 |  |
Other assets | 1 |  |
Deferred income tax liabilities | (60) |  |
Other liabilities | (22) |  |
Intangible assets: |  |
Developed technology | 240 |  |
Goodwill | 315 |  |
Purchase price, net of cash acquired of $7 | $ | 481 |  |
Weighted average amortization period at acquisition (years): |  |
Developed technologies | 13 |
The purchase price allocation for Cerus was finalized in the second quarter 2024 without material adjustments.
Consolidated Estimated Amortization Expense
Remainder of 2024 | 2025 | 2026 | 2027 | 2028
$ | 312 |  | $ | 597 |  | $ | 541 |  | $ | 518 |  | $ | 469 |

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