XML 29 R14.htm IDEA: XBRL DOCUMENT v3.24.2
Acquisitions
 6 Months Ended
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
2023Cerus
Tangible assets acquired:
Accounts receivable$1 
Inventory2 
Deferred income tax assets4 
Other assets1 
Deferred income tax liabilities(60)
Other liabilities(22)
Intangible assets:
Developed technology240 
Goodwill315 
Purchase price, net of cash acquired of $7
$481 
Weighted average amortization period at acquisition (years):
Developed technologies13
The purchase price allocation for Cerus was finalized in the second quarter 2024 without material adjustments.
Consolidated Estimated Amortization Expense
Remainder of 20242025202620272028
$312 $597 $541 $518 $469