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86
the noncontrolling interest, which had been included in Other liabilities on the Company’s Consolidated Statements of Financial
Position.
Because the current levels of revenue and net earnings for ReadSoft are not material to the Company’s Consolidated Statements of
Earnings, supplemental pro forma and actual revenue and net earnings disclosures have been omitted.
Other Acquisitions
On October 14, 2014 the Company acquired the assets of GNAX Healthcare LLC (“GNAX Health”) a subsidiary of GNAX Holdings,
LLC. GNAX Health is a provider of image exchange software technology for exchanging medical content between medical facilities.
2013
During the year ended December 31, 2013, the Company completed the following acquisitions:
Total purchase price,
net of cash acquired
Saperion AG
$
65.7
PACSGEAR, Inc.
52.3
AccessVia, Inc. and Twistage, Inc.
28.1
Total
$
146.1
Acquisition-related costs of $1.7 million were charged directly to operations and were included in Selling, general and administrative
on the Consolidated Statements of Earnings for the year ended December 31, 2013. Acquisition-related costs include finder’s fees,
legal, advisory, valuation, accounting and other fees incurred to effect the business combination. Acquisition-related costs above do
not include travel and integration expenses.
The purchases of companies acquired in 2013 are included in Purchase of businesses, net of cash acquired on the Consolidated
Statements of Cash Flows for the year ended December 31, 2013 in the amount of $146.1 million.
Divestiture
In 2013, the Company and Funai Electric Co., Ltd. (“Funai”) entered into a Master Inkjet Sale Agreement of the Company’s inkjet-
related technology and assets to Funai. Included in the sale were one of the Company’s subsidiaries, certain intellectual property and
other assets of the Company. The Company must also provide certain transition services to Funai and will continue to sell supplies for
its current inkjet installed base. The sale closed in the second quarter of 2013.
The Company recognized a gain of $73.5 million upon the sale recorded in Gain on sale of inkjet-related technology and assets on the
Consolidated Statements of Earnings for the year ended December 31, 2013. The gain consisted of total cash consideration of $100.9
million, offset partially by the carrying value of the disposal group of $19.3 million and $8.1 million of expenses incurred during 2013
to effect the sale. Of the $100.9 million of cash proceeds received, or $98.6 million net of the $2.3 million cash balance held by the
subsidiary included in the sale, $97.6 million was presented in investing activities for the sale of the business and $1.0 million was
included in operating activities for transition services on the Consolidated Statements of Cash Flows for the year ended December 31,
2013.
5. RESTRUCTURING CHARGES
2016 Restructuring Actions
General
On February 23, 2016, the Company announced restructuring actions (the “2016 Restructuring Actions”) designed to increase
profitability and operational efficiency primarily in its ISS segment. These restructuring actions are expected to focus on optimizing
the Company’s ISS structure, primarily as a result of the continued strong U.S. dollar, and are also aligned with the previously
announced strategic alternatives process.
The 2016 Restructuring Actions are expected to impact about 550 positions worldwide over the next 12-month period with a portion
of the positions being shifted to low-cost countries. The 2016 Restructuring Actions will result in total pre-tax charges of
approximately $47 million, with approximately $40 million accrued as of December 31, 2015, with the remainder to be incurred in