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Business Acquisitions
6 Months Ended
Jun. 25, 2022
Business Acquisitions [Abstract]  
Business Acquisitions
Note 5
 
Business Acquisitions
2022 Acquisitions
During the six months ended June 25, 2022, we made several acquisitions
 
within the technology and value-added
services segments.
 
The impact of these acquisitions
 
was not considered material to our condensed consolidated
financial statements.
2021 Acquisitions
We completed several acquisitions during the six months ended June 26, 2021 which were immaterial to our
financial statements.
 
Our acquired ownership interest ranged between approximately
51
% to
100
%.
 
Acquisitions
within our health care distribution segment included
 
companies that specialize in distribution of dental products, a
provider of home medical supplies, and product kitting and sterile packaging.
 
Within our technology and value-
added services segment, we acquired companies that focus on dental
 
marketing and website solutions, practice
transition services, and business analytics and intelligence software.
The following table aggregates the estimated fair value, as of the
 
date of acquisition, of consideration paid and net
assets acquired for acquisitions during the six months ended June 26, 2021.
 
While we use our best estimates and
assumptions to accurately value those assets acquired and liabilities
 
assumed at the acquisition date as well as
contingent consideration, where applicable, our estimates are inherently uncertain
 
and subject to refinement.
 
As a
result, during the measurement period we may record adjustments
 
to the assets acquired and liabilities assumed
with the corresponding offset to goodwill within our condensed consolidated balance sheets.
Acquisition consideration:
Cash
$
303
Deferred consideration
8
Redeemable noncontrolling interests
129
Total consideration
$
440
Identifiable assets acquired and liabilities assumed:
Current assets
107
Intangible assets
184
Other noncurrent assets
34
Current liabilities
(44)
Deferred income taxes
(17)
Other noncurrent liabilities
(37)
Total identifiable
 
net assets
227
Goodwill
213
Total net assets acquired
$
440
The following table summarizes the identifiable intangible assets acquired
 
during the six months ended June 26,
2021 and their estimated useful lives as of the date of the acquisition:
Estimated
Useful Lives
(in years)
Customer relationships and lists
$
124
5
-
12
Trademark / Tradename
33
5
-
7
Non-compete agreements
6
5
Product development
21
5
-
7
Total
$
184
The major classes of assets and liabilities that we generally allocate purchase
 
price to, excluding goodwill, include
identifiable intangible assets (i.e., customer relationships and lists, trademarks
 
and trade names, product
development and non-compete agreements), inventory and accounts
 
receivable, property, plant and equipment,
deferred taxes and other current and long-term assets and liabilities.
 
The estimated fair value of identifiable
intangible assets is based on critical estimates, judgments and assumptions
 
derived from analysis of market
conditions, discount rates, discounted cash flows, customer retention rates
 
and estimated useful lives.
Some prior owners of acquired subsidiaries are eligible to receive additional
 
purchase price cash consideration if
certain financial targets are met.
 
We have accrued liabilities for the estimated fair value of additional purchase
price consideration at the time of the acquisition.
 
Any adjustments to these accrual amounts are recorded in our
condensed consolidated statements of income.
 
For the six months ended June 25, 2022 and June 26, 2021, there
were no material adjustments recorded in our condensed consolidated statements
 
of income relating to changes in
estimated contingent purchase price liabilities.
During the six months ended June 25, 2022 and June 26, 2021 we
 
incurred $
3
 
million and $
4
 
million, respectively,
in acquisition costs.