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Acquisitions And Disposition Of Strategic Investment
 9 Months Ended
Sep. 30, 2014
Acquisitions And Disposition Of Strategic Investment [Abstract]  
Acquisitions And Disposition of Strategic Investment

note 4. acquisitions and disposition of strategic investment

 

During the three months ended September 30, 2014, we paid an aggregate of $3.0 million in cash and recorded contingent consideration of $0.8 million upon the acquisition of substantially all of the assets of a business that offers a  cloud-based software solution that supports veterinary preventive care plans. As part of this business acquisition, we recorded $3.1 million in amortizable intangible assets and $0.7 million in goodwill. Amortizable intangible assets primarily consisted of software which was assigned a useful life of 7 years. All assets acquired in connection with this business acquisition were assigned to our Companion Animal Group segment. Pro forma information has not been presented for this business acquisition because such information is not material to the financial statements.

 

In July 2014, we paid an aggregate of $3.0 million in cash and recorded contingent consideration of $1.1 million upon the acquisition of certain assets of a veterinary reference laboratory testing business, including a customer list in the U.S. Amortizable intangible assets primarily consisted of the aforementioned customer list, which was assigned a useful life of 14 years and was assigned to our Companion Animal Group segment. Pro forma information has not been presented for this business acquisition because such information is not material to the financial statements.

 

In June 2014, we divested our investment in a company that owns and operates veterinary hospitals. Upon the closing date, we received proceeds of $5.4 million in exchange for two outstanding promissory notes of the company and its subsidiaries and our 11% equity interest in the company. This investment has been accounted for under the equity method of accounting since acquisition in the fourth quarter of 2010. Upon the disposition of this strategic investment, we realized a $0.7 million gain, which has been reflected as a reduction to general and administrative expense.