Medtronic 2016 Annual Report Download - page 84
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Table of Contents
Medtronic plc
Notes to Consolidated Financial Statements (Continued)
81
Fiscal Year 2015
The fair values of the assets acquired and liabilities assumed from acquisitions during fiscal year 2015, other than the Covidien
acquisition, are as follows:
(in millions) NGC Medical S.p.A. Sapiens Steering
Brain Stimulation All Other Total
Other current assets $ 55 $ 3 $ 12 $ 70
Property, plant, and equipment 15 1 2 18
IPR&D — 30 39 69
Other intangible assets 159 — 157 316
Goodwill 197 170 108 475
Other assets 3 3 49 55
Total assets acquired 429 207 367 1,003
Current liabilities 34 4 6 44
Long-term deferred tax liabilities, net 51 — 66 117
Other liabilities 4 — — 4
Total liabilities assumed 89 4 72 165
Net assets acquired $ 340 $ 203 $ 295 $ 838
NGC Medical S.p.A
On August 26, 2014, the Company acquired NGC Medical S.p.A. (NGC), a privately-held Italian company that offers a broad
suite of hospital managed services. Total consideration for this transaction was approximately $340 million. Medtronic had
previously invested in NGC and held a 30 percent ownership position in that company. Net of this ownership position, the transaction
value was approximately $238 million. Based upon the acquisition valuation, the Company acquired $159 million of customer-
related intangible assets and tradenames with an estimated useful life of 20 years at the time of acquisition and $197 million of
goodwill. The acquired goodwill is not deductible for tax purposes. During fiscal year 2015, the Company recorded adjustments
to goodwill, other intangible assets, net, and long-term deferred tax liabilities.
Sapiens Steering Brain Stimulation
On August 25, 2014, the Company acquired Sapiens Steering Brain Stimulation (Sapiens), a privately-held developer of deep
brain stimulation technologies. Total consideration for the transaction was approximately $203 million. Based upon the acquisition
valuation, the Company acquired $30 million of IPR&D and $170 million of goodwill. The acquired goodwill is not deductible
for tax purposes.
The Company accounted for the acquisitions of NGC and Sapiens as business combinations using the acquisition method of
accounting.