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DISPOSITION | 6 Months Ended
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Apr. 27, 2025
DISPOSITION |
DISPOSITION | (20) Disposition In February 2025, we completed a transaction with Banco Bradesco S.A. (Bradesco), for Bradesco to invest and become a 50% owner of our wholly-owned subsidiary in Brazil, BJD. Bradesco contributed capital directly to BJD. The transaction resulted in the deconsolidation of BJD in the second quarter of 2025. BJD finances retail and wholesale loans for agricultural, construction, and forestry equipment and was included in our financial services segment. BJD was a part of our Brazil operations which is considered an integrated single foreign entity. We retained a 50% equity interest in BJD, which was valued at the deconsolidation date at $362 based on the completed transaction with Bradesco and its amount of contributed capital. We are accounting for our investment in BJD using the equity method of accounting and results of its operations are reported in “Equity in income of unconsolidated affiliates.” The related investment in unconsolidated affiliates and receivables from unconsolidated affiliates are reported in “Other assets” and “Other receivables,” respectively, on the condensed consolidated balance sheets. The major classes of the total assets and liabilities of BJD at the time of deconsolidation were as follows:
​ | ​ | ​ | ​ | ​
​ | ​ | February | ​
​ | ​ | 2025 | ​
Cash and cash equivalents | ​ | $ | 110 | ​
Trade accounts and notes receivable – net | ​ | ​ | 119 | ​
Financing receivables – net | ​ | ​ | 2,787 | ​
Deferred income taxes | ​ | ​ | 33 | ​
Other miscellaneous assets | ​ | ​ | 23 | ​
Valuation allowance | ​ | ​ | (65) | ​
Total assets | ​ | $ | 3,007 | ​
​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | $ | 495 | ​
Accounts payable and accrued expenses | ​ | ​ | 124 | ​
Long-term borrowings | ​ | ​ | 1,241 | ​
Retirement benefits and other liabilities | ​ | ​ | 1 | ​
Total liabilities | ​ | $ | 1,861 | ​
​ | ​ | ​ | ​ | ​
Total intercompany payables | ​ | $ | 781 | ​
​ At the time of deconsolidation in February 2025, the additional gain or loss was not significant. BJD was reclassified as held for sale in the third quarter of 2024. Statements of Consolidated Cash Flows – Our noncash transactions as a result of BJD deconsolidation in February 2025 include the following items: derecognition of the above total assets (excluding cash and cash equivalents) and total liabilities, and the recognition of the investment in unconsolidated affiliates and receivables from unconsolidated affiliates (BJD intercompany payables above). The decrease in cash and cash equivalents resulting from deconsolidation of BJD was recorded in investing activities – “Other” in the statements of consolidated cash flows.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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