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Acquisitions, Divestitures and Strategic Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combination [Abstract]  
Business Combination The preliminary purchase prices were comprised of the amounts presented below:
(in millions)Bolt MedicalSoniVieAll Other
Payment for acquisition, net of cash acquired$475 $362 $411 
Fair value of contingent consideration100 98 38 
Fair value of prior interest207 55 — 
$782 $516 $449 
Business Combination, Recognized Asset Acquired and Liability Assumed 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)Bolt MedicalSoniVieAll Other
Goodwill$304 $248 $300 
Amortizable intangible assets142 — 142 
Indefinite-lived intangible assets376 344 — 
Other assets acquired28 12 33 
Net deferred tax assets— — 11 
Liabilities assumed(22)(23)(15)
Net deferred tax liabilities(46)(65)(23)
$782 $516 $449 
Business Combination, Intangible Asset, Acquired, Finite-Lived and Indefinite-Lived
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
Bolt Medical:
Amortizable intangible assets:
Technology-related$142 1215%
Indefinite-lived intangible assets:
In-process research and development (IPR&D)$376 N/A15%
$518 
SoniVie:
Indefinite-lived intangible assets:
IPR&D$344 N/A20%
$344 
All Other:
Amortizable intangible assets:
Technology-related$130 1318%
Customer relationships12 1216%
$142 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Changes in the fair value of our contingent consideration liability during the first six months of 2025 associated with current and prior period acquisitions were as follows:

(in millions)
Balance as of December 31, 2024$171 
Amount recorded related to current year acquisitions258 
Contingent consideration net expense (benefit)0 
Contingent consideration payments(62)
Balance as of June 30, 2025$367 
Fair Value Measurement Inputs and Valuation Techniques
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 LiabilityFair Value as of June 30, 2025Valuation TechniqueUnobservable InputRange
Weighted Average(1)
Revenue-based Payments and Commercialization Milestones$129 millionDiscounted Cash FlowDiscount Rate6%-15%9%
Probability of Payment30%-100%95%
Projected Year of Payment2026-20312028
Clinical-based, Regulatory and Other Milestones$238 millionDiscounted Cash FlowDiscount Rate4%-5%5%
Probability of Payment74%-86%80%
Projected Year of Payment2026-20292028
(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
The aggregate carrying amount of our strategic investments was comprised of the following:

As of
(in millions)June 30, 2025December 31, 2024
Equity method investments$334 $278 
Measurement alternative investments(1, 2)
292 277 
$626 $555 
(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 equity securities measured at fair value with changes in fair value recognized in Other, net within our accompanying unaudited consolidated statements of operations.