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SPECIAL ITEMS | 3 Months Ended
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Jan. 26, 2025
SPECIAL ITEMS |
SPECIAL ITEMS | (20) Special Items Discrete Tax Items In the first quarter of 2025, we recorded favorable net discrete tax items primarily due to tax benefits of $110 related to the realization of foreign net operating losses from the consolidation of certain subsidiaries and $53 from an adjustment to an uncertain tax position of a foreign subsidiary. Banco John Deere S.A. In 2024, we entered into a joint venture agreement with a Brazilian bank, Banco Bradesco S.A. (Bradesco), for Bradesco to invest and become 50% owner of our wholly-owned subsidiary in Brazil, Banco John Deere S.A. (BJD). BJD is included in our financial services segment and finances retail and wholesale loans for agricultural, construction, and forestry equipment. The transaction is intended to reduce our incremental risk as we continue to grow in the Brazilian market. In February 2025, Bradesco contributed capital equal to our equity investment in BJD. We retained a 50% equity interest in BJD and will report the results of the joint venture as an equity investment in unconsolidated affiliates. The BJD business was reclassified as held for sale in 2024. At January 26, 2025, the valuation allowance on “Assets held for sale” decreased to $65, resulting in a pretax and after-tax gain (reversal of previous losses) of $32 recorded in “Selling, administrative and general expenses” in the three months ended January 26, 2025 and presented in “Impairments and other adjustments” in the statements of consolidated cash flows. The major classes of the total consolidated assets and liabilities of BJD that were classified as held for sale and liabilities of BJD to other intercompany parties were as follows:
​ | ​ | ​ | ​ | ​
​ | ​ | January 26, 2025 | ​
Cash and cash equivalents | ​ | $ | 115 | ​
Trade accounts and notes receivable – net | ​ | ​ | 105 | ​
Financing receivables – net | ​ | ​ | 2,719 | ​
Deferred income taxes | ​ | ​ | 34 | ​
Other miscellaneous assets* | ​ | ​ | 21 | ​
Valuation allowance | ​ | ​ | (65) | ​
Assets held for sale | ​ | $ | 2,929 | ​
​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | $ | 487 | ​
Accounts payable and accrued expenses | ​ | ​ | 124 | ​
Long-term borrowings | ​ | ​ | 1,218 | ​
Retirement benefits and other liabilities | ​ | ​ | 1 | ​
Liabilities held for sale | ​ | $ | 1,830 | ​
​ | ​ | ​ | ​ | ​
Total intercompany payables | ​ | $ | 627 | ​
* Includes $1 restricted cash balance.

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