Discontinued Operations

12 Months Ended

Sep. 25, 2015

Discontinued Operations.

Discontinued Operations

4. Discontinued Operations

        During fiscal 2015, we sold our BNS business for $3.0 billion in cash and recognized a pre-tax gain of $1,105 million on the transaction. In the U.S., income taxes associated with the gain on the sale of assets were largely offset by income tax benefits realized on the sale of several subsidiaries. In certain non-U.S. jurisdictions, the sale was exempt from income taxes.

        Pre-tax income from discontinued operations for fiscal 2015 included pre-tax charges of $127 million recorded in connection with the Com-Net case related to our former Wireless Systems business which was sold in fiscal 2009. See Note 13 for additional information regarding the Com-Net case.

        The following table presents information regarding certain components of income from discontinued operations, net of income taxes:

	Fiscal
	2015			2014			2013
	(in millions)
Net sales from discontinued operations	$	1,595		$	1,939		$	1,890
Pre-tax income from discontinued operations	$	118		$	224		$	167
Pre-tax gain (loss) on sale of discontinued operations		1,105			—			(4	)
Income tax expense		(41	)		(57	)		(41	)
Income from discontinued operations, net of income taxes	$	1,182		$	167		$	122

        The following table presents balance sheet information for assets and liabilities held for sale fiscal year end 2014; there were no such balances at fiscal year end 2015:

	Fiscal Year End 2014
	(in millions)
Accounts receivable, net	$	382
Inventories		236
Property, plant, and equipment, net		206
Goodwill		869
Intangible assets, net		242
Other assets		78
Total assets	$	2,013
Current maturities of long-term debt	$	90
Accounts payable		161
Other liabilities		165
Total liabilities	$	416

        The BNS and Wireless Systems businesses met the discontinued operations criteria and have been reported as such in all periods presented on the Consolidated Financial Statements. Prior to reclassification to discontinued operations, the BNS and Wireless Systems businesses were included in the former Network Solutions and Wireless Systems segments, respectively.