Acquisitions, Divestitures and Strategic Investments (Tables)

3 Months Ended

Mar. 31, 2023

Business Acquisition [Line Items]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

Changes in the fair value of our contingent consideration liability during the first quarter of 2023 associated with prior period acquisitions were as follows:

(in millions)
Balance as of December 31, 2022	$	149
Contingent consideration net expense (benefit)	12
Contingent consideration payments	(68)
Balance as of March 31, 2023	$	93

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

The recurring Level 3 fair value measurements of our contingent consideration liability that we expect to be required to settle include the following significant unobservable inputs:

Contingent Consideration Liability	Fair Value as of March 31, 2023	Valuation Technique	Unobservable Input	Range			Weighted Average(1)
R&D, Regulatory and Commercialization-based Milestones	$13 million	Discounted Cash Flow	Discount Rate	1%	-	2%	2%
			Probability of Payment	10%	-	25%	22%
			Projected Year of Payment	2023	-	2025	2024
Revenue-based Payments	$80 million	Discounted Cash Flow	Discount Rate	6%	-	14%	7%
			Probability of Payment	100%			100%
			Projected Year of Payment	2023	-	2024	2023

(1)    Unobservable inputs were weighted by the relative fair value of the contingent consideration liability. For projected year of payment, the amount represents the median of the inputs and is not a weighted average.

Investment [Table Text Block]

The aggregate carrying amount of our strategic investments was comprised of the following:

	As of
(in millions)	March 31, 2023		December 31, 2022
Equity method investments	$	166	$	188
Measurement alternative investments(1, 2)	219		219
	$	385	$	407

(1)    Measurement alternative investments are privately-held equity securities without readily determinable fair values that are measured at cost less impairment, if any, adjusted to fair value for any observable price changes in orderly transactions for the identical or a similar investment of the same issuer, recognized in Other, net within our accompanying unaudited consolidated statements of operations.

(2)    Includes publicly-held securities measured at fair value with changes in fair value recognized in Other, net within our accompanying unaudited consolidated statements of operations.

Acotec

Business Acquisition [Line Items]

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

(in millions)
Payment for majority interest acquisition, net of cash acquired (1)	$	375
	$	375

(1) Excludes approximately $140 million of cash on hand at the closing of the transaction.

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

The preliminary purchase price allocation was comprised of the following components and the final determination of the fair value of certain assets and liabilities will be completed within the measurement period in accordance with FASB ASC Topic 805:

(in millions)
Goodwill	$	336
Amortizable intangible assets	334
Other assets acquired	61
Liabilities assumed	(23)
Net deferred tax liabilities	(74)
Fair value of noncontrolling interest	$	(259)
	$	375

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

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

	Amount Assigned (in millions)		Weighted Average Amortization Period (in years)	Risk-Adjusted Discount Rates used in Purchase Price Allocation
Amortizable intangible assets:
Technology-related	$	308	11	14%
Customer relationships	15		11	14%
Other intangible assets	11		13	14%
	$	334

Baylis Medical

Business Acquisition [Line Items]

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

(in millions)
Payment for acquisition, net of cash acquired	$	1,463
	$	1,463

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

The final purchase price allocation was comprised of the following components:

(in millions)
Goodwill	$	988
Amortizable intangible assets	657
Other assets acquired	112
Liabilities assumed	(287)
Net deferred tax liabilities	(7)
	$	1,463

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

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

	Amount Assigned (in millions)		Weighted Average Amortization Period (in years)	Risk-Adjusted Discount Rates used in Purchase Price Allocation
Amortizable intangible assets:
Technology-related	$	622	11	11%
Other intangible assets	36		11	11%
	$	657