Divestitures

12 Months Ended

Dec. 31, 2015

Divestitures and Assets Held for Sale [Abstract]

DIVESTITURES

DIVESTITURES

In January 2011, we closed the sale of our Neurovascular business to Stryker Corporation for a purchase price of $1.500 billion in cash. We received $1.450 billion during 2011, an additional $10 million during 2012, $30 million during 2013 and we received the final amount due to us in 2014. At the time of divestiture, due to our continuing involvement in the operations of the Neurovascular business following the transaction, the divestiture did not meet the criteria for presentation as a discontinued operation. Our sales related to our divested Neurovascular business have declined as the various transition services and supply agreements have terminated.

We recorded a gain of $12 million during 2014 and a gain of $38 million during 2013 associated with the transaction. We recorded revenue related to the Neurovascular business following its divestiture of $4 million in 2014 and $58 million in 2013.