ACQUISITIONS For a description of the Companys acquisition activity for the year ended December 31, 2019 , reference is made to the financial statements as of and for the year ended December 31, 2019 and Note 3 thereto included in the Companys 2019 Annual Report. The Company continually evaluates potential acquisitions that either strategically fit with the Companys existing portfolio or expand the Companys portfolio into a new and attractive business area. The Company has completed a number of acquisitions that have been accounted for as purchases and have resulted in the recognition of goodwill in the Companys financial statements. This goodwill arises because the purchase prices for these businesses reflect a number of factors including the future earnings and cash flow potential of these businesses, the multiple to earnings, cash flow and other factors at which similar businesses have been purchased by other acquirers, the competitive nature of the processes by which the Company acquired the businesses, avoidance of the time and costs which would be required (and the associated risks that would be encountered) to enhance the Companys existing product offerings to key target markets and enter into new and profitable businesses and the complementary strategic fit and resulting synergies these businesses bring to existing operations. The Company makes an initial allocation of the purchase price at the date of acquisition based upon its understanding of the fair value of the acquired assets and assumed liabilities. The Company obtains this information during due diligence and through other sources. In the months after closing, as the Company obtains additional information about these assets and liabilities, including through tangible and intangible asset appraisals, and learns more about the newly acquired business, it is able to refine the estimates of fair value and more accurately allocate the purchase price. Only facts and circumstances that existed as of the acquisition date are considered for subsequent adjustment. The Company is continuing to evaluate certain pre-acquisition contingencies associated with its 2020 acquisition of Cytiva (described below) and is also in the process of obtaining valuations of certain acquisition-related assets and liabilities in connection with this acquisition. The Company will make appropriate adjustments to the purchase price allocation prior to completion of the measurement period, as required. On March 31, 2020, the Company acquired the Biopharma business of General Electric Companys (GE) Life Sciences division, now known as Cytiva, for a cash purchase price of approximately $20.7 billion (net of approximately $0.1 billion of acquired cash), subject to certain adjustments, and the assumption of approximately $0.4 billion of pension liabilities (the Cytiva Acquisition) . Cytiva is a leading provider of instruments, consumables and software that support the research, discovery, process development and manufacturing workflows of biopharmaceutical drugs. Cytiva had revenues of approximately $3.3 billion in 2019 and is included in the Companys Life Sciences segment results beginning in the second quarter of 2020. The acquisition is expected to provide additional sales and earnings growth opportunities for the Companys Life Sciences segment by expanding the business geographic and product line diversity, including new product and service offerings that complement the Companys current biologics workflow solutions. As a condition to obtaining certain regulatory approvals for the closing of the transaction, the Company was required to divest certain of its existing product lines in the Life Sciences segment that in the aggregate generated revenues of approximately $170 million in 2019. On April 30, 2020, the Company completed the sale of the majority of these product lines for a cash purchase price, net of cash transferred and transaction costs, of $810 million and recognized a pretax gain on sale of $455 million ( $305 million after-tax or $0.42 per diluted common share) in the second quarter of 2020. The divestiture of these product lines did not represent a strategic shift with a major effect on the Companys operations and financial results and therefore will not be reported as a discontinued operation. The Company financed the Cytiva Acquisition with approximately $3.0 billion of proceeds from the March 1, 2019 underwritten public offerings of its Common Stock and Series A Mandatory Convertible Preferred Stock (MCPS Series A), approximately $10.8 billion of proceeds from the issuance of euro-denominated and U.S. dollar-denominated long-term debt in the second half of 2019, and approximately $6.9 billion from the aggregate of proceeds from commercial paper borrowings, borrowings under the Companys Five-Year Facility (as defined below) and cash on hand. The Company preliminarily recorded approximately $10.2 billion of goodwill related to the Cytiva Acquisition. The following summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for the Cytiva Acquisition ($ in millions): Trade accounts receivable $ 483.0 Inventories 939.2 Property, plant and equipment 695.7 Goodwill 10,179.5 Other intangible assets, primarily technology and customer relationships 10,645.5 Trade accounts payable (249.9 ) Pension liabilities (422.8 ) Deferred tax liabilities (1,200.6 ) Other assets and liabilities, net (334.0 ) Net cash consideration $ 20,735.6 Pro Forma Financial Information The unaudited pro forma information for the periods set forth below gives effect to the 2020 and 2019 acquisitions as if they had occurred as of January 1, 2019 . The pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have been achieved had the acquisitions been consummated as of that time ($ in millions, except per share amounts): Three-Month Period Ended Six-Month Period Ended July 3, 2020 June 28, 2019 July 3, 2020 June 28, 2019 Sales $ 5,323.7 $ 5,214.3 $ 10,442.9 $ 10,132.0 Net earnings from continuing operations 796.6 644.5 1,512.7 866.4 Diluted net earnings per common share from continuing operations (a) 1.06 0.85 2.05 1.14 (a) Diluted net earnings per common share from continuing operations is calculated by adding the interest on the Companys LYONs to net earnings from continuing operations and deducting the MCPS dividends from net earnings from continuing operations. The 2019 unaudited pro forma sales and net earnings set forth above were adjusted to include the pretax impact of $167 million and $391 million for the three and six-month periods ended June 28, 2019 , respectively, of non-recurring acquisition date fair value adjustments to inventory and deferred revenue related to the Cytiva Acquisition. The 2020 unaudited pro forma sales and net earnings were adjusted to exclude the impact of these items. In addition, acquisition-related transaction costs of $18 million for the three-month period ended June 28, 2019 and $59 million and $33 million for the six -month periods ended July 3, 2020 and June 28, 2019 , respectively, associated with the Cytiva Acquisition were excluded from pro forma net earnings. The pretax gain of $455 million ( $305 million after-tax or $0.42 per diluted common share) for the three-month and six-month periods ended July 3, 2020 related to the divestiture of certain product lines that was required as a condition to obtaining certain regulatory approvals for the closing of the Cytiva Acquisition was excluded from the 2020 pro forma net earnings.