XML 32 R15.htm IDEA: XBRL DOCUMENT v3.3.1.900
Goodwill
3 Months Ended
Dec. 31, 2015
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill

9. Goodwill

Goodwill represents the excess of the cost of an acquired entity over the fair value assigned to the assets purchased and liabilities assumed in connection with a business acquisition. Goodwill is not amortized but is subject, at a minimum, to annual tests for impairment in accordance with accounting guidance for goodwill. The carrying amount of goodwill is evaluated annually, and between annual evaluations if events occur or circumstances change indicating that the carrying amount of goodwill may be impaired.

Goodwill at December 31, 2015 and September 30, 2015 totaled $21.8 million and $8.0 million, respectively. The $8.0 million of goodwill at September 30, 2015 is related to the In Vitro Diagnostics reporting unit and represents the gross value from the acquisition of BioFX Laboratories, Inc. (“BioFX”) in 2007.  The goodwill was not impaired based on the outcome of the fiscal 2015 annual impairment test, and there have been no events or circumstances that have occurred in the first quarter of fiscal 2016 associated with the In Vitro Diagnostics reporting unit to indicate that the goodwill has been impaired.

In the first quarter of fiscal 2016, the Company purchased Creagh Medical for €30 million or approximately $32.1 million based on acquisition date exchange rates. The purchase price of Creagh Medical exceeded the net acquisition-date amounts of the identifiable assets acquired and the liabilities assumed by $13.6 million.  The final valuation of assets acquired and liabilities assumed is expected to be completed as soon as possible, but no later than one year from the acquisition date.

 

 

The change in the carrying amount of goodwill by segment for the three months ended December 31, 2015 was as follows:

 

(Dollars in thousands)

 

In Vitro Diagnostics

 

 

Medical Device

 

 

Total

 

Balance as of September 30, 2015

 

$

8,010

 

 

$

 

 

$

8,010

 

Additions (See Note 3)

 

 

 

 

 

13,609

 

 

 

13,609

 

Translation adjustment

 

 

 

 

 

203

 

 

 

203

 

Balance as of December 31, 2015

 

$

8,010

 

 

$

13,812

 

 

$

21,822