Acquisitions and Divestitures

3 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Acquisition and Divestitures

Acquisitions and Divestitures

In the first quarter of fiscal 2019, the Company completed an acquisition for a purchase price of $13 million, all of which was paid as of December 31, 2018. The acquisition was not material to the Company's consolidated financial statements. In connection with the acquisition, the Company recorded goodwill of $9 million within the Global Products segment.

In the first quarter of fiscal 2019, the Company completed certain divestitures within the Global Products business. The combined selling price was $6 million, all of which was received as of December 31, 2018. The divestitures in the aggregate were not material to the Company's consolidated financial statements.

In the first quarter of fiscal 2018, the Company completed the sale of its Scott Safety business to 3M Company. The selling price, net of cash divested, was $2.0 billion, all of which was received as of December 31, 2017. In connection with the sale, the Company recorded a pre-tax gain of $114 million within selling, general and administrative expenses in the consolidated statements of income and reduced goodwill in the consolidated statements of financial position by $1.2 billion. The gain, net of tax, recorded was $84 million. Net cash proceeds from the transaction of approximately $1.9 billion were used to repay a significant portion of the Tyco International Holding S.a.r.L.'s ("TSarl") $4.0 billion of merger-related debt.