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Acquisition | 9 Months Ended
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Sep. 30, 2017
Business Combinations [Abstract] |
Acquisition | ACQUISITION On September 1, 2017, the Company acquired Precision Planting LLC (“Precision Planting”) for approximately $188.4 million, net of cash acquired of approximately $1.6 million. Precision Planting, headquartered in Tremont, Illinois, is a leading manufacturer of high-tech planting equipment. The acquisition of Precision Planting provided the Company an opportunity to expand its precision farming technology offerings on a global basis. The acquisition was financed by the Company’s credit facility (Note 6). The preliminary fair values of the assets acquired and liabilities assumed as of the acquisition date are presented in the following table (in millions):
Current assets | $ | 52.8 |
Property, plant and equipment | 20.7 |
Intangible assets | 64.4 |
Goodwill | 64.3 |
Total assets acquired | 202.2 |
Current liabilities | 12.2 |
Total liabilities assumed | 12.2 |
Net assets acquired | $ | 190.0 |
The acquired identifiable intangible assets of Precision Planting as of the date of the acquisition are summarized in the following table (in millions):
Intangible Asset |  | Amount |  | Weighted-Average Useful Life
Customer relationships |  | $ | 21.4 |  |  | 14 | years
Technology |  | 25.1 |  |  | 10 | years
Trademarks |  | 17.9 |  |  | 20 | years
|  | $ | 64.4 |  |  |  |
The results of operations of Precision Planting have been included in the Company’s Condensed Consolidated Financial Statements as of and from the date of acquisition. The associated tax deductible goodwill has been included in the Company’s North America geographical reportable segment. Proforma results related to the acquisition were not material.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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