Acquisitions (Tables)

9 Months Ended

Sep. 30, 2019

2019 Acquisitions [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

(in millions)
Payments for acquisitions, net of cash acquired	$	763
Fair value of contingent consideration	127
Fair value of prior interests	102
	$	992

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

(in millions)
Goodwill	$	575
Amortizable intangible assets	220
Indefinite-lived intangible assets	240
Other assets acquired	24
Liabilities assumed	(12		)
Net deferred tax liabilities	(56		)
	$	992

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

	Amount Assigned (in millions)		Amortization Period (in years)	Risk-Adjusted Discount Rates used in Purchase Price Allocation
Amortizable intangible assets:
Technology-related	$	210	12	15%
Other intangible assets	10		12	15%
Indefinite-lived intangible assets:
In-process research and development (IPR&D)	240		N/A	19%
	$	461

2018 Acquisitions [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

The components of the aggregate purchase prices are as follows for our 2018 acquisitions as of September 30, 2019:

(in millions)
Payments for acquisitions, net of cash acquired	$	969
Fair value of contingent consideration	190
Fair value of prior interests	251
	$	1,410

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

(in millions)
Goodwill	$	618
Amortizable intangible assets	707
Indefinite-lived intangible assets	213
Other assets acquired	19
Liabilities assumed	(14		)
Net deferred tax liabilities	(134		)
	$	1,410

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

	Amount Assigned (in millions)		Amortization Period (in years)			Risk-Adjusted Discount Rates used in Purchase Price Allocation
Amortizable intangible assets:
Technology-related	$	697	10	-	14	17	%	-	23%
Other intangible assets	10		6	-	13	13	%	-	15%
Indefinite-lived intangible assets:
IPR&D	213		N/A			15%
	$	920

BTG Acquisition [Member]

Business Acquisition [Line Items]

Business Acquisition, Pro Forma Information [Table Text Block]

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2019		2018		2019		2018
Net sales	$	2,795	$	2,561	$	8,237	$	7,740
Net income (loss)	152		332		599		950
Net income (loss) per common share — basic	$	0.11	$	0.24	$	0.43	$	0.69
Net income (loss) per common share — assuming dilution	$	0.11	$	0.24	$	0.42	$	0.68

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

The preliminary BTG Acquisition purchase price was comprised of the amounts presented below, which represent the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed from the BTG Acquisition. The final determination of the fair value of certain assets and liabilities will be completed within the measurement period as required by FASB ASC Topic 805. As of September 30, 2019, the valuation studies necessary to determine the fair market value of the assets acquired and liabilities assumed are preliminary, including the projection of the underlying cash flows used to determine the fair value of the identified tangible, intangible and financial assets and liabilities. Given the size and breadth of the BTG Acquisition, we anticipate that the purchase price allocation will take longer than prior acquisitions and potentially up to the one year allowed under FASB ASC Topic 805 to adequately analyze all the factors used in establishing the fair value of assets acquired and liabilities assumed as of the acquisition date, including, but not limited to, intangible assets, inventories, financial assets, real and personal property, leases, certain assumed liabilities, including reserves and deferred revenues, tax-related items, and the related tax and foreign currency effects of any changes made.

Any potential adjustments made could be material in relation to the preliminary values presented below:

(in millions)
Payment for acquisition, net of cash acquired	$	3,619

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following summarizes the BTG Acquisition preliminary purchase price allocation as of September 30, 2019:

(in millions)
Goodwill	$	1,549
Trade accounts receivable, net	107
Inventories	205
Other current assets	259
Other intangible assets, net	1,869
Other long-term assets	604
Accrued expenses and other current liabilities	(305		)
Other long-term liabilities	(289		)
Deferred tax liability	(380		)
	$	3,619

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

We allocated a portion of the BTG Acquisition preliminary purchase price to specific intangible asset categories as follows:

	Amount Assigned (in millions)		Amortization Period (in years)			Risk-Adjusted Discount Rates used in Purchase Price Allocation
Amortizable intangible assets:
Technology-related	$	1,794	10	-	17	10	%	-	12%
Other intangible assets	75		2	-	11	11%
	$	1,869

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

The following assumptions were used to measure the fair value of the benefit obligation and associated plan assets:

	Discount Rate	Expected Return on Plan Assets	Rate of Compensation Increase
U.K. Plan	0.4%	0.4%	3.4%

Schedule of Net Funded Status [Table Text Block]

As of the measurement date of August 19, 2019, the funded status recognized in our unaudited condensed consolidated balance sheets was as follows:

(in millions)
Fair value of plan assets	$	213
Benefit obligation	(216		)
Funded status	$	(3	)