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Dispositions | 6 Months Ended
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Apr. 01, 2017
Discontinued Operations and Disposal Groups [Abstract] |
Dispositions [Table Text Block] | On December 14, 2016, the Company entered into a definitive agreement to sell the assets of its blood screening business to its long-time commercial partner, Grifols for a sales price of $1.85 billion in cash, subject to adjustment based on an estimated closing amount of inventory. The divestiture was completed on January 31, 2017, and the Company received $1.865 billion. The sales price is subject to adjustment based on a finalization of inventory provided to Grifols. The sale resulted in a gain of $899.7 million recorded in the second quarter of fiscal 2017 within operations in the Consolidated Statements of Income. As a result of this disposition and proceeds received, the Company recorded a tax obligation of $649.5 million, the majority of which is anticipated to be paid in the third quarter of fiscal 2017. Upon the closing of the transaction, the Company's existing collaboration agreement with Grifols terminated, and a new collaboration agreement was executed as part of this transaction for the Company to provide certain research and development services to Grifols. In addition, the Company has agreed to provide transition services to Grifols over the next two to three years depending on the nature of the respective service, including the manufacture of inventory. The Company has also agreed to sell Panther instrumentation and certain supplies to Grifols as part of a long term supply agreement. In determining the accounting for the multiple elements of the overall arrangement, the Company has allocated $13.1 million of the proceeds to these elements based on their estimated fair values. The Company has determined this disposal does not qualify to be reported as a discontinued operation as the blood screening business was deemed not to be strategic to the Company and has not had and will not have a major effect on the Company's operations and financial results. Under the previous collaboration agreement, the Company performed research and development activities and manufacturing, while Grifols performed the commercial and distribution activities. The blood screening business was embedded within the Company's molecular diagnostics business, and the Company retains ownership and will continue to use the intellectual property for the underlying technology of its molecular diagnostics assays and instrumentation. Income from operations of the disposed business for the three and six month periods ended April 1, 2017 and March 26, 2016 was as follows:
| Three Months Ended | Six Months Ended
| April 1, 2017 | March 26, 2016 | April 1, 2017 | March 26, 2016
Income from operations | $ | 17.3 |  | $ | 27.3 |  | $ | 45.8 |  | $ | 54.3 |
The Company believes that the sale of its blood screening business to Grifols constitutes an asset sale under the Credit Agreement and the Indenture for its 2022 Notes that, subject to the terms and limitations set forth in the Credit Agreement and the Indenture, the Company is permitted to use the after tax net proceeds to reinvest in its business. The Company is then required to apply the balance of net available cash, unless otherwise consented to by its lenders, to Mandatory Prepayments as defined in the Credit Agreement. The Company has met the reinvestment requirement under both the Credit Agreement and Indenture as a result of the purchase of Cynosure.

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