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SPECIAL ITEMS (Tables) | 6 Months Ended
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May 02, 2021
SPECIAL ITEMS |
Schedule of Impairments and Other Benefits | During the first quarter of 2021, the fixed assets in an asphalt plant factory in Germany were impaired by $38 million, pretax and after-tax. The Company also continued to assess its manufacturing locations, resulting in additional long-lived asset impairments of $12 million pretax. The impairments were the result of a decline in forecasted financial performance that indicated it was probable future cash flows would not cover the carrying amount of the net assets. These impairments were offset by a favorable indirect tax ruling in Brazil of $58 million pretax. See Note 19 for fair value measurement information.
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​ | ​ | Six Months Ended | ​
​ | ​ | May 2, 2021 | ​
Expense (benefit): | ​ | Production & Precision Ag |  | Small Ag & Turf |  | Construction & Forestry |  | Total | ​
Long-lived asset impairments – Cost of sales | ​ | $ | 5 | ​ | $ | 3 | ​ | $ | 42 | ​ | $ | 50 | ​
Brazil indirect tax – Cost of sales | ​ | ​ | (53) | ​ | ​ | ​ | ​ | ​ | (5) | ​ | ​ | (58) | ​
Total expense (benefit) | ​ | $ | (48) | ​ | $ | 3 | ​ | $ | 37 | ​ | $ | (8) | ​
​ In the second quarter of 2020, the fixed assets in an asphalt plant factory in Germany were impaired by $62 million pretax and after-tax. The impairment is the result of a decline in forecasted financial performance that indicated it was probable future cash flows would not cover the carrying amount of the net assets. The equipment on operating leases and matured operating lease inventory were impaired by $22 million and $10 million pretax, respectively, with an income tax benefit of approximately $9 million. The impairments were the result of higher expected equipment return rates and lower estimated values of used construction equipment than originally estimated with the probable effect that the future cash flows will not cover the carrying amount of the net assets. A minority investment in a construction equipment company headquartered in South Africa was impaired by $20 million pretax and after-tax. The impairment was the result of an other than temporary decline in value. See Note 19 for fair value measurement information.
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​ | ​ | Six Months Ended | ​
​ | ​ | May 3, 2020 | ​
Expense: |  | Construction & Forestry |  | Financial Services |  | Total | ​
Long-lived asset impairments – Cost of sales | ​ | $ | 62 | ​ | ​ | ​ | ​ | $ | 62 | ​
Investments in unconsolidated affiliates impairment – Equity in loss of unconsolidated affiliate | ​ | ​ | 20 | ​ | ​ | ​ | ​ | ​ | 20 | ​
Equipment on operating leases & matured operating lease inventory impairments – Other operating expenses | ​ | ​ | ​ | ​ | $ | 32 | ​ | ​ | 32 | ​
Total expense | ​ | $ | 82 | ​ | $ | 32 | ​ | $ | 114 | ​
Schedule of Employee-Separation Programs Pretax Expenses | During the first quarter of 2020, the Company announced a broad voluntary employee-separation program for the U.S. salaried workforce that continues the efforts to create a more efficient organization structure and reduce operating costs. The program provided for cash payments based on years of service. The expense was recorded primarily in the period in which the employees irrevocably accepted the separation offer. The payments for the program were also substantially made in the first quarter of 2020. Included in the total pretax expense is a non-cash charge of $21 million resulting from a curtailment in certain OPEB plans (see Note 8), which was recorded outside of operating profit in “Other operating expense.”
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​ | ​ | Six Months Ended | ​
​ | ​ | May 3, 2020 | ​
​ |  | Production & Precision Ag |  | Small Ag & Turf |  | Construction & Forestry |  | Financial Services |  | Total | ​
Cost of sales | ​ | $ | 21 | ​ | $ | 11 | ​ | $ | 9 | ​ | ​ | ​ | ​ | $ | 41 | ​
Research and development expenses | ​ | ​ | 7 | ​ | ​ | 7 | ​ | ​ | 4 | ​ | ​ | ​ | ​ | ​ | 18 | ​
Selling, administrative and general expenses | ​ | ​ | 18 | ​ | ​ | 19 | ​ | ​ | 14 | ​ | $ | 3 | ​ | ​ | 54 | ​
Total operating profit impact | ​ | $ | 46 | ​ | $ | 37 | ​ | $ | 27 | ​ | $ | 3 | ​ | ​ | 113 | ​
Other operating expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 23 | ​
Total expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 136 | ​

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