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DISPOSITION - CROP INSURANCE OPERATIONS | 9 Months Ended
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Jul. 31, 2015
Crop Insurance Operations |
Dispositions |
DISPOSITION | (19) In March 2015, the Company closed the sale of all of the stock of its wholly-owned subsidiaries, John Deere Insurance Company and John Deere Risk Protection, Inc. (collectively the Crop Insurance operations) to Farmers Mutual Hail Insurance Company of Iowa. These operations were included in the Company’s financial services operating segment. At January 31, 2015, the total assets of $381 million and liabilities of $267 million were classified as held for sale in the consolidated financial statements, which consisted of the following:
|  | January 31 |
|  | 2015 |
Cash and cash equivalents |  | $ | 13 |
Marketable securities |  |  | 79 |
Other receivables |  |  | 265 |
Other intangible assets - net |  |  | 4 |
Other assets |  |  | 20 |
Total assets held for sale |  | $ | 381 |
Account payable and accrued expenses, and Total liabilities held for sale |  | $ | 267 |
The total amount of proceeds from the sale was approximately $154 million, including $5 million of cash and cash equivalents sold, with a gain recorded in other income of $42 million pretax and $40 million after-tax. The tax expense was partially offset by a change in a valuation allowance on a capital loss carryforward. The Company will provide certain business services for a fee during a transition period.

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