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ACQUISITIONS AND DISPOSITIONS (Tables) | 12 Months Ended
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Nov. 01, 2020
Unimil |
Asset and Liability Fair Values at the Acquisition Date | In September 2020, the company acquired Unimil, a leading Brazilian company in the after-sales service parts business for sugarcane harvesters, which is based in Piracicaba, Brazil. The total cash purchase price before final adjustments, net of cash acquired of $5 million, was $66 million, with $6 million funded to an escrow to secure certain indemnity obligations. In addition to the cash purchase price, $14 million of liabilities were assumed. The preliminary asset and liability fair values at the acquisition date in millions of dollars follow: ​
​ | ​ | ​ | ​ | ​
​ | ​ | September 2020 | ​
Trade accounts and notes receivable | ​ | $ | 5 | ​
Other receivables | ​ | ​ | 2 | ​
Inventories | ​ | ​ | 10 | ​
Property and equipment | ​ | ​ | 22 | ​
Goodwill | ​ | ​ | 28 | ​
Other intangible assets | ​ | ​ | 13 | ​
Total assets | ​ | $ | 80 | ​
​ | ​ | ​ | ​ | ​
Accounts payable and accrued expenses | ​ | $ | 5 | ​
Deferred income taxes | ​ | ​ | 9 | ​
Total liabilities | ​ | $ | 14 | ​
​
PLA |
Asset and Liability Fair Values at the Acquisition Date | On September 26, 2018, the company acquired PLA, a privately-held manufacturer of sprayers, planters, and specialty products for agriculture. PLA is based in Argentina, with manufacturing facilities in Las Rosas, Argentina and Canoas, Brazil. The total cash purchase price, net of cash acquired of $1 million, was $69 million with $4 million retained by the company as escrow to secure indemnity obligations. In addition to the cash purchase price, the company assumed $30 million of liabilities. The asset and liability fair values at the acquisition date in millions of dollars follow: ​
​ | ​ | ​ | ​ | ​
​ | ​ | September 2018 | ​
Trade accounts and notes receivable | ​ | $ | 3 | ​
Other receivables | ​ | ​ | 14 | ​
Inventories | ​ |  | 15 | ​
Property and equipment | ​ | ​ | 6 | ​
Goodwill | ​ |  | 38 | ​
Other intangible assets | ​ |  | 22 | ​
Other assets | ​ | ​ | 1 | ​
Total assets | ​ | $ | 99 | ​
​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | $ | 8 | ​
Accounts payable and accrued expenses | ​ | ​ | 17 | ​
Deferred income taxes | ​ | ​ | 5 | ​
Total liabilities | ​ | $ | 30 | ​
​
King Agro |
Asset and Liability Fair Values at the Acquisition Date | In March 2018, the company acquired King Agro, a privately held manufacturer of carbon fiber technology products with headquarters in Valencia, Spain and a production facility in Campana, Argentina. The total cash purchase price, net of cash acquired of $3 million, was $40 million, excluding a loan to King Agro of $4 million that was forgiven on the acquisition date. In addition to the cash purchase price, the company assumed $11 million of liabilities. The asset and liability fair values at the acquisition date in millions of dollars follow: ​
​ | ​ | ​ | ​ | ​
​ | ​ | March 2018 | ​
Trade accounts and notes receivable | ​ | $ | 2 | ​
Other receivables | ​ | ​ | 2 | ​
Inventories | ​ |  | 5 | ​
Property and equipment | ​ | ​ | 5 | ​
Goodwill | ​ |  | 28 | ​
Other intangible assets | ​ |  | 13 | ​
Total assets | ​ | $ | 55 | ​
​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | $ | 2 | ​
Accounts payable and accrued expenses | ​ | ​ | 4 | ​
Deferred income taxes | ​ | ​ | 4 | ​
Long-term borrowings | ​ | ​ | 1 | ​
Total liabilities | ​ | $ | 11 | ​
​
Wirtgen Group Holding GmbH (Wirtgen) |
Asset and Liability Fair Values at the Acquisition Date | The total cash purchase price, net of cash acquired of $191 million, was $5,136 million, a portion of which is held in escrow to secure certain indemnity obligations of Wirtgen. In addition to the cash purchase price, the company assumed $1,641 million in liabilities, which represented substantially all of Wirtgen’s liabilities. The company financed the acquisition and associated transaction expenses from a combination of cash and new debt financing, which consisted of medium-term notes, including €850 million issued in September 2017. The asset and liability fair values at the acquisition date in millions of dollars follow: ​
​ | ​ | ​ | ​ | ​
​ | ​ | December 2017 | ​
Receivables from unconsolidated affiliates | ​ | $ | 5 | ​
Trade accounts and notes receivable | ​ | ​ | 449 | ​
Financing receivables | ​ | ​ | 43 | ​
Financing receivables securitized | ​ | ​ | 125 | ​
Other receivables | ​ | ​ | 98 | ​
Inventories | ​ |  | 1,536 | ​
Property and equipment | ​ | ​ | 752 | ​
Investments in unconsolidated affiliates | ​ | ​ | 19 | ​
Goodwill | ​ |  | 2,068 | ​
Other intangible assets | ​ |  | 1,442 | ​
Deferred income taxes | ​ | ​ | 26 | ​
Other assets | ​ |  | 215 | ​
Total assets | ​ | $ | 6,778 | ​
​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | $ | 285 | ​
Short-term securitization borrowings | ​ | ​ | 127 | ​
Accounts payable and accrued expenses | ​ | ​ | 719 | ​
Deferred income taxes | ​ | ​ | 430 | ​
Long-term borrowings | ​ | ​ | 50 | ​
Retirement benefits and other liabilities | ​ | ​ | 30 | ​
Total liabilities | ​ | $ | 1,641 | ​
Noncontrolling interests | ​ | $ | 1 | ​
​
Identifiable Intangible Assets' Fair Values and Weighted-Average Useful Lives | The identifiable intangible assets’ fair values in millions of dollars and weighted-average useful lives in years follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Weighted-Average Useful Lives | ​ | Fair Values | ​
Customer lists and relationships | ​ | 16 | ​ | $ | 519 | ​
Technology, patents, trademarks, and other | ​ | 19 | ​ | $ | 923 | ​
​
Unaudited Pro Forma Consolidated Net Sales and Revenues and Net Income | The unaudited pro forma consolidated net sales and revenues and net income for 2018 were prepared as if the acquisition closed at the beginning of fiscal year 2017 and follow in millions of dollars: ​
​ | ​ | ​ | ​ | ​
​ | ​ | 2018 | ​
Net sales and revenues | ​ | $ | 37,822 | ​
Net income attributable to Deere & Company | ​ | $ | 2,637 | ​
​

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