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Acquisitions | 9 Months Ended
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Sep. 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 nine months 2025 and 2024 cash paid for acquisitions, net of cash acquired was $4,950 and $1,598. 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 nine 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 $306 and $845 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 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 Inari and the acquisitions completed in the full year 2024 are:
Purchase Price Allocation of Acquired Net Assets
| 2025 |  | 2024
| Inari |  | Total
Tangible assets acquired: |  |  |
Accounts receivable | $78 |  | $40
Inventory | 218 |  | 99
Deferred income tax assets | 59 |  | 45
Other assets | 84 |  | 26
Debt | — |  | (32)
Deferred income tax liabilities | (486) |  | (205)
Other liabilities | (191) |  | (107)
Intangible assets: |  |  |
Developed technology | 1,458 |  | 596
Customer relationships | 330 |  | 215
Patents | — |  | 6
Trademarks | — |  | 2
Other intangibles | 72 |  | —
Goodwill | 3,188 |  | 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
$190 | $697 | $710 | $630 | $616

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