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Business Combinations and Divestitures | 9 Months Ended
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Sep. 27, 2015
Business Combinations [Abstract] |
Business Combinations and Divestitures | BUSINESS COMBINATIONS AND DIVESTITURES Subsequent to the quarter, on October 2, 2015, the Company completed the divestiture of the Cordis business to Cardinal Health for an approximate value of $2.0 billion subject to customary adjustments. The Company will record the gain in the fiscal fourth quarter of 2015. As of September 27, 2015, the assets classified as held for sale relating to the Cordis business were $173 million of inventory classified as prepaid expenses and other on the Consolidated Balance Sheet. The non-current assets classified as held for sale relating to the Cordis business were $104 million of property, plant and equipment, net, $59 million of intangible assets and $98 million of goodwill classified as other assets on the Consolidated Balance Sheet. During the fiscal third quarter of 2015, the Company completed the divestiture of its SPLENDA® brand to Heartland Food Products Group. The pre-tax gain on the divestiture was $229 million and was recognized in Other (income) expense, net. During the fiscal second quarter of 2015, the Company completed the divestiture of its U.S. license rights to NUCYNTA® (tapentadol), NUCYNTA ® ER (tapentadol extended-release tablets), and NUCYNTA® (tapentadol) oral solution for approximately $1.05 billion. The pre-tax gain on the divestiture was $981 million and was recognized in Other (income) expense, net. During the fiscal first quarter of 2015, the Company acquired XO1 Limited, a privately-held biopharmaceutical company developing the anti-thrombin antibody, ichorcumab. During the fiscal third quarter of 2014, the Company divested its Ortho-Clinical Diagnostics business to The Carlyle Group, for approximately $4.0 billion. The Company recorded a pre-tax net gain of approximately $1.9 billion in the fiscal third quarter of 2014. As of September 27, 2015, the assets classified as held for sale relating to the Ortho-Clinical Diagnostics companies in countries that have not completely closed due to local regulatory requirements were $42 million of inventory, classified as prepaid expenses and other on the Consolidated Balance Sheet and $107 million of property, plant and equipment, classified as other assets on the Consolidated Balance Sheet. Additional countries are expected to close by the end of the year. During the fiscal third quarter of 2014, the Company completed the acquisition of Covagen AG, a privately-held, biopharmaceutical company specializing in the development of multispecific protein therapeutics through the FynomAb® technology platform. During the fiscal second quarter of 2014, McNEIL-PPC, Inc., a subsidiary of Johnson & Johnson, completed the divestiture of the K-Y® brand to Reckitt Benckiser Group PLC in the U.S. and certain other markets. The pre-tax gain on the divestiture in the countries that closed as of the fiscal third quarter of 2014 was $388 million and was recognized in Other (income) expense, net.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References No definition available. + Details
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