Divestitures

12 Months Ended

Sep. 30, 2012

Divestitures

Note 10 — Divestitures

On April 10, 2012, the Company signed a definitive agreement to sell its BD Biosciences — Discovery Labware unit, excluding its Advanced Bioprocessing platform, to Corning Incorporated, the world leader in specialty glass and ceramics. This sale was completed on October 31, 2012 and gross cash proceeds from the sale were approximately $728,000, subject to post-closing adjustments. The Company expects to record a gain on the sale within discontinued operations in the first quarter of fiscal year 2013.

Assets held for sale associated with the Discovery Labware disposal group included the following at September 30, 2012:

Inventory	$	49,818
Other current assets		449
Property, plant and equipment, net		76,732
Other intangibles, net		8,858
Assets held for sale	$	135,857

In the fourth quarter of fiscal year 2010, the Company sold the Ophthalmic Systems unit and the surgical blades, critical care and extended dwell catheter product platforms for $270,000. The Company recognized a pre-tax gain on sale from all of these divestitures of $146,478.

The results of operations associated with the Discovery Labware disposal group, Ophthalmic Systems unit, surgical blade platform and critical care platform are reported as discontinued operations for all periods presented in the accompanying Consolidated Statements of Income and Cash Flows and related disclosures. The Company agreed to perform contract manufacturing for a defined period after the sale of the extended dwell catheter product platform. The conditions for reporting the results of this platform in discontinued operations were not met and as such, the associated results of operations were reported within continuing operations and $18,197 of the gain on sale from the 2010 divestitures was recognized in Other income (expense).

Results of discontinued operations, which were primarily associated with the Discovery Labware disposal group, for the years ended September 30 were as follows:

	2012		2011		2010
Revenues	$	238,376	$	248,016	$	415,668
Income from discontinued operations before income taxes		91,667		105,310		276,392
Less income tax provision		31,268		35,199		73,626
Income from discontinued operations, net	$	60,399	$	70,111	$	202,766