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Acquisitions
 6 Months Ended
Jun. 30, 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 six months 2025 and 2024 cash paid for
acquisitions, net of cash acquired was $4,814 and $334.
In February 2025 we completed the acquisition of Inari for $80
per share, or an aggregate purchase price of $4,810, 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 six 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
$303 and $848 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 businesses within
Orthopaedics. The purchase price allocation for certain of 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 six 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
219
104
Deferred income tax assets
59
39
Other assets
84
26
Debt
—
(32)
Deferred income tax liabilities
(486)
(205)
Other liabilities
(191)
(107)
Intangible assets:
Developed technology
1,458
597
Customer relationships
330
214
Patents
—
6
Trademarks
—
2
Other intangibles
72
—
Goodwill
3,187
1,151
Purchase price, net of cash acquired of $64
and $56
$4,810
$1,836
Weighted average amortization period at
acquisition (years):
Developed technologies
13
12
Customer relationships
13
14
Patents
—
12
Trademarks
—
5
Other intangibles
9
—
Consolidated Estimated Amortization Expense
Remainder of
2025
2026
2027
2028
2029
$374
$693
$705
$625
$611