Acquisitions

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Acquisitions

Acquisitions

During the nine months ended September 30, 2020, we completed acquisitions and purchases of intangible assets for total consideration of approximately $387 million, net of cash acquired. In aggregate, $139 million was attributed to intangible assets, $204 million to goodwill, and $44 million to net assets acquired. These acquisitions generally enhance the breadth and depth of our offerings and expand our expertise in engineering and other functional areas.

Pro forma results of operations for these acquisitions have not been presented because they are not material to the consolidated results of operations, either individually or in the aggregate.

For all intangible assets acquired and purchased during the nine months ended September 30, 2020, patents and developed technology have a weighted-average useful life of 3.8 years, customer relationships have a weighted-average useful life of 4.8 years, and trade names and other have a weighted-average useful life of 5.0 years.

Pending Acquisition of Fitbit

In November 2019, we entered into an agreement to acquire Fitbit, a leading wearables brand, for $7.35 per share, representing a total purchase price of approximately $2.1 billion as of the date of the agreement.