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BUSINESS COMBINATIONS | 3 Months Ended
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Dec. 29, 2023
Business Combinations [Abstract] |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS As of September 29, 2023, the Company, through two of its consolidated subsidiaries, Varex Imaging Deutschland AG and MeVis Medical Solutions AG ("MeVis Medical"), held a combined ownership interest in MeVis BreastCare GmbH and MeVis BreastCare Gmbh & Co KG (referred to in combination as "MeVis Breastcare") of 37.6%. Because the Company had the ability to exercise significant influence in, but not control, over MeVis Breastcare, it was historically accounted for as an equity method investment. In October 2023, the Company increased its ownership in MeVis Breastcare to 87.1% for a purchase price of $0.9 million, resulting in the Company now holding a controlling interest in MeVis Breastcare. The purchase of this additional ownership interest was accounted for as a business combination achieved in stages, or step acquisition. As a result, the previously held equity interest was remeasured to its acquisition-date fair value, with a gain of $0.9 million recognized in other income (expense), net in the Condensed Consolidated Statements of Operations. The assets and liabilities of MeVis Breastcare were then recorded on the Company's balance sheet at their fair values in accordance with ASC 805, and a gain on bargain purchase of $1.2 million was recorded in other income (expense), net in the Condensed Consolidated Statements of Operations. Because the purchase price did not give consideration to the other assets of the business, the fair value of the ownership interest acquired exceeded the price paid to the third party partial owner and this resulted in a gain on bargain purchase. The following table summarizes the consideration paid for MeVis Breastcare and the amounts of the assets acquired and liabilities assumed recognized at their estimated acquisition date fair values, as well as the estimated fair value at the acquisition date of the noncontrolling interest in MeVis Breastcare.
| USD (in millions)
Consideration paid |
Cash | $ | 0.9 |
Fair value of total consideration transferred | 0.9 |
Remeasurement of previous equity interest |
Carrying value of previous equity interest before acquisition | 1.1 |
Fair value of previous equity interest at acquisition date | 2.0 |
Remeasurement gain recorded on previous equity interest | 0.9 |
Total of consideration paid and fair value of previous equity interest | $ | 2.9 |
Recognized amounts of identifiable assets acquired and liabilities assumed |
Cash and cash equivalents | $ | 1.8 |
Accounts receivable, net | 1.2 |
Intangible assets, net | 2.6 |
Accounts payable | (0.1) |
Accrued liabilities and other current liabilities | (0.6) |
Other long-term liabilities | (0.1) |
Total identifiable net assets | 4.8 |
Noncontrolling interest in MeVis Breastcare | (0.7) |
Bargain purchase gain | (1.2) |
Total | $ | 2.9 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
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