Acquisitions

The Company made the following acquisitions during 2015 (the "2015 acquisitions"), which, with the exception of Ace Medical, were accounted for as business combinations:


•	On January 20, 2015, the Company acquired all of the common stock of, and voting equity interest in, Human Medics Co., Ltd., (“Human Medics”), a distributor of medical devices and supplies primarily in the Korean market.


•	On March 30, 2015, the Company acquired all of the common stock of, and voting equity interest in, Trintris Medical, Inc. ("Trintris"), an original equipment manufacturer (OEM) of balloons and catheters that complement the Company's OEM product portfolio.


•	On April 8, 2015, the Company acquired all of the common stock of, and voting equity interest in, Truphatek Holdings (1993) Limited ("Truphatek"), a manufacturer of a broad range of disposable and reusable laryngoscope devices that complement the Company's anesthesia product portfolio. Previously, the Company held a noncontrolling, 6% interest in Truphatek.


•	On June 26, 2015, the Company acquired certain assets of N. Stenning & Co. Pty. Ltd. ("Stenning"), a

distributor of medical devices and supplies primarily in the Australian market.


•	On June 29, 2015, the Company acquired certain assets, primarily distribution rights, of Ace Medical US,

LLC ("Ace Medical"), a distributor of medical devices and supplies in the United States of America.


•	On August 26, 2015, the Company acquired certain assets of Atsina Surgical, LLC ("Atsina"), a developer of surgical clips that complement the Company's surgical ligation portfolio.


•	On December 22, 2015, the Company acquired all of the membership interests of, and voting equity interest in, Nostix, LLC, a developer of catheter tip confirmation systems that complement the Company's vascular product portfolio.

The aggregate total fair value of the 2015 acquisitions was $96.5 million, which included initial payments of $93.8 million in cash, deferred consideration of $1.8 million and the fair value of the Company's previously held noncontrolling equity interest in Truphatek of $1.2 million, partially offset by $0.3 million in favorable working capital adjustments. Transaction expenses associated with the acquisitions, which are included in selling, general and administrative expenses in the consolidated statements of income were $1.3 million for the year ended December 31, 2015. The results of operations and assets of the acquired businesses are included in the consolidated statements of income from their respective acquisition dates. For the year ended December 31, 2015, the Company recorded post-acquisition revenue and operating income of $20.9 million and $6.9 million, respectively, related to the businesses acquired in 2015. Pro forma information with respect to the acquired businesses is not presented as the operations of the acquired businesses are not significant to the overall operations of the Company.

The following table presents the preliminary fair value determination of the assets acquired and liabilities assumed in the acquisitions that occurred during 2015:



	(Dollars in thousands)
Assets
Current assets	$	10,515
Property, plant and equipment	2,877
Intangible assets:
Intellectual property	33,017
In-process research and development	17,908
Customer relationships	8,387
Distribution rights	7,738
Noncompete agreements	1,894
Goodwill	19,725
Other noncurrent assets	45
Total assets acquired	102,106
Less:
Current liabilities	3,018
Deferred tax liabilities	2,477
Other noncurrent liabilities	138
Liabilities assumed	5,633
Net assets acquired	$	96,473

The Company is continuing to evaluate the 2015 acquisitions throughout their respective measurement periods. Further adjustments may be necessary as a result of the Company's assessment of additional information related to the fair values of certain of the assets acquired and liabilities assumed, primarily deferred tax liabilities and goodwill. Among the acquired assets, intellectual property has useful lives ranging from 15 to 20 years, customer lists have useful lives ranging from 10 to 18 years, distribution rights have useful lives of 10 years and non-compete arrangements have useful lives of 5 years. The goodwill resulting from the acquisitions primarily reflects synergies currently expected to be realized from the integration of the acquired businesses. Goodwill and the step-up in basis of the intangible assets in connection with stock acquisitions are not deductible for tax purposes.

The Company made the following acquisitions during 2014, which were accounted for as business combinations:


•	On February 3, 2014, the Company acquired Mayo Healthcare Pty Limited, ("Mayo Healthcare"), a distributor of medical devices and supplies, primarily in the Australian market, that complement the Company's anesthesia product portfolio.


•	On December 2, 2014, the Company acquired the assets of Mini-Lap Technologies, Inc. ("Mini-Lap"), a developer of micro-laparoscopic instrumentation that complements the Company's surgical product portfolio.

The total fair value of consideration for the 2014 acquisitions was $66.3 million. The results of operations of the acquired businesses and assets are included in the consolidated statements of income from their respective acquisition dates. Pro forma information is not presented as the operations of the acquired businesses are not significant to the overall operations of the Company.