DISPOSITION AND HELD FOR SALE

3 Months Ended

Mar. 31, 2016

Disposal Group, Including Discontinued Operation, Assets [Abstract]

DISPOSITION AND HELD FOR SALE

DISPOSITION AND HELD FOR SALE

Planned Disposition of Focus Diagnostics Products    

On March 29, 2016, the Company entered into a definitive agreement to sell the assets of its non-core Focus Diagnostics Products business ("Focus Diagnostics") to DiaSorin S.p.A for $300 million in cash, subject to working capital adjustments. The transaction is expected to close in the second quarter of 2016, subject to customary regulatory and other closing conditions, and is expected to result in a pre-tax gain. The pre-tax gain is expected to be material to the Company's results of operations and cash flows and will be recorded in the period in which the transaction closes. As of March 31, 2016, the assets to be disposed of consist of $113 million of goodwill, $30 million of intangible assets, with the remaining $41 million consisting of accounts receivable, inventories and property, plant and equipment. The assets to be disposed of as part of the transaction are classified as current assets held for sale in the consolidated balance sheets as of both March 31, 2016 and December 31, 2015.

The Focus Diagnostics products business is included in all other operating segments and has not been classified as a discontinued operation. For further details regarding business segment information, see Note 14.

For details regarding the Company's 2015 dispositions and assets held for sale, see Note 6 to the consolidated financial statements in the Company's 2015 Annual Report on Form 10-K.