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Acquisitions
9 Months Ended
Jun. 24, 2016
Business Combinations [Abstract]  
Acquisitions
Acquisitions
During the quarter ended June 24, 2016, cash consideration for acquisitions included in continuing operations was $6 million related to an acquisition that is being integrated within the Company's Global Products segment.
During the nine months ended June 24, 2016, cash consideration for acquisitions included in continuing operations was $320 million. This included cash consideration of $176 million, which was comprised of $182 million of cash paid, net of cash acquired of $6 million and related to the acquisition of ShopperTrak, a leading global provider of retail consumer behavior insights and location-based analytics. ShopperTrak is being integrated into the NA Integrated Solutions & Services and ROW Integrated Solutions & Services segments. In addition, cash consideration for the nine month period also included $128 million, which was comprised of $166 million of cash paid, including $5 million to settle pre-existing matters and $6 million for prepaid agency commissions, net of cash acquired of $27 million, related to an additional investment in the Company's Tyco UAE joint venture with its local partner Suwaidi Engineering Group ("Suwaidi") in the United Arab Emirates ("UAE"). Tyco UAE is a leading provider of fire, security and integrated solutions and services in the UAE and also has operations in Qatar and Oman. Effective with the date of this transaction, the Company consolidated 100% of Tyco UAE, which is recorded in the Company's ROW Integrated Solutions & Services segment. The total enterprise fair value of the UAE joint venture was allocated as follows: $99 million of assets, $136 million of goodwill, $99 million of intangible assets and the assumption of $32 million of liabilities. The Company's proportionate share of the joint venture's net income was historically recorded in Selling, general and administrative expenses within the Consolidated Statements of Operations for periods prior to the acquisition date. As a result of this transaction, the Company recorded a net gain of $111 million which primarily relates to the Company's previously held 49% equity interest in the joint venture, which was previously accounted for under the equity method of accounting, inclusive of a charge for the settlement of pre-existing matters with the Company's former joint venture partner. The Company recorded the net gain in Selling, general and administrative expenses within the Consolidated Statements of Operations during the quarter ended December 25, 2015. The balance of the cash paid during the nine months ended June 24, 2016 of $16 million related to acquisitions within the Company's ROW Integrated Solutions & Services and Global Products segments which were not material.
The Company finalized the determination of fair value of certain assets and liabilities related to the ShopperTrak acquisition during the third quarter of fiscal 2016 with no material effect on the purchase price allocation. In addition, during the nine months ended June 24, 2016, the Company finalized the determination of fair value for certain assets and liabilities relating to the acquisitions closed during the first quarter of fiscal 2016 and fourth quarter of fiscal 2015, with no material adjustment to the preliminary purchase price allocations.
During the quarter ended June 26, 2015, the Company did not complete any acquisitions. During the nine months ended June 26, 2015, total consideration paid, net of $26 million of cash acquired and $8 million of holdback liability, for 11 acquisitions included in continuing operations was $525 million. The largest of these was the acquisition of Industrial Safety Technologies International ("IST"), a global leader in gas and flame detection with operations in Europe, the Middle East, China, and the U.S., for total consideration paid, net of $5 million of cash acquired, of $327 million. The purchase price for IST has been allocated as follows: $68 million of assets, $136 million of goodwill, $143 million of intangible assets and the assumption of $15 million of liabilities. IST has been integrated into the Global Products segment. The remaining 10 acquisitions during the nine months ended June 26, 2015 have been integrated into the ROW Integrated Solutions & Services and Global Products segments.
Acquisition and Integration Related Costs
Acquisition and integration related costs are expensed as incurred. During the quarters ended June 24, 2016 and June 26, 2015, the Company incurred acquisition and integration related costs of $5 million and $2 million, respectively. During the nine months ended June 24, 2016 and June 26, 2015, the Company incurred acquisition and integration related costs of $9 million and $4 million, respectively. Such costs are recorded in Selling, general and administrative expenses within the Company's Consolidated Statements of Operations.