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Acquisitions
 3 Months Ended
Mar. 31, 2025
Business Combination [Abstract]  
Acquisitions ACQUISITIONS
We acquire stock in companies and various assets that continue
to support our capital deployment and product development
strategies. In the three months 2025 and 2024 cash paid for
acquisitions, net of cash acquired was $4,749 and $246.
In February 2025 we completed the acquisition of Inari for $80
per share, or an aggregate purchase price of $4,745, net of cash
acquired. Inari's product portfolio includes minimally invasive
products for the treatment of venous thromboembolism. Inari is
part of our Vascular business within MedSurg and
Neurotechnology. The purchase price allocation for Inari is based
on preliminary valuations, primarily related to developed
technology and customer relationships. Goodwill attributable to
the acquisition reflects the strategic benefits of expanding our
market presence, diversifying our product portfolio and advancing
innovations. This goodwill is not deductible for tax purposes.
Share-based awards for Inari employees vested upon our
acquisition and a charge of $139 was recorded in selling, general
and administrative expenses in the three months 2025.
In 2024 we completed various acquisitions for total consideration
that includes $1,628 in upfront payments, net of cash acquired,
and $400 contingent upon the achievement of certain commercial
or clinical milestones. The combined acquisition-date fair values
of the contingent milestone payments totaled $208. Goodwill of
$304 and $858 was recorded within our Orthopaedics and our
MedSurg and Neurotechnology segments respectively. The
acquired companies expand the product portfolios of our
Instruments, Endoscopy, Medical and Neuro Cranial businesses
within MedSurg and Neurotechnology and our Trauma and
Extremities and Joint Replacement within Orthopaedics. The
purchase price allocation for our acquisitions are based on
preliminary valuations, primarily related to developed technology
and customer relationships. Goodwill attributable to the
acquisitions reflects the strategic benefits of expanding our
market presence, diversifying our product portfolio and advancing
innovations. This goodwill is not deductible for tax purposes.
The purchase price allocations for the acquisitions completed in
the three months 2025 and full year 2024 are:
Purchase Price Allocation of Acquired Net Assets
2025
2024
Inari
Total
Tangible assets acquired:
Accounts receivable
$78
$41
Inventory
221
104
Deferred income tax assets
59
28
Other assets
84
26
Debt
—
(32)
Deferred income tax liabilities
(492)
(205)
Other liabilities
(254)
(107)
Intangible assets:
Developed technology
1,473
597
Customer relationships
332
214
Patents
—
6
Trademarks
—
2
Other intangibles
72
—
Goodwill
3,172
1,162
Purchase price, net of cash acquired of $64
and $56
$4,745
$1,836
Weighted average amortization period at
acquisition (years):
Developed technologies
13
12
Customer relationships
13
14
Patents
—
12
Trademarks
—
5
Other intangibles
9
—
The purchase price allocation for SERF SAS was finalized in the
first quarter 2025 without material adjustments.
Consolidated Estimated Amortization Expense
Remainder of
2025
2026
2027
2028
2029
$561
$695
$705
$624
$609