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Acquisitions | 12 Months Ended
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Dec. 31, 2017
Business Combinations [Abstract] |
Acquisitions | Acquisitions On October 2, 2017, the Company acquired the hay and forage division of the Lely Group (“Lely”) for approximately €80.5 million (or approximately $95.0 million), net of cash acquired of approximately €6.0 million (or approximately $7.1 million). The Lely acquisition, with manufacturing locations in northern Germany, will allow the Company to expand its product offering of hay and forage equipment, including balers, loader wagons and other harvesting tools. The acquisition was financed by the Company’s credit facility (Note 7). 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 | $ | 84.6 |
Property, plant and equipment | 24.3 |
Intangible assets | 7.6 |
Goodwill | 17.4 |
Total assets acquired | 133.9 |
Current liabilities | 23.6 |
Long-term liabilities | 8.2 |
Total liabilities assumed | 31.8 |
Net assets acquired | $ | 102.1 |
The acquired identifiable intangible assets of Lely as of the date of the acquisition are summarized in the following table (in millions):
Intangible Asset |  | Amount |  | Weighted-Average Useful Life
Customer relationships |  | $ | 3.0 |  |  | 5 | years
Technology |  | 3.0 |  |  | 12 | years
Trademarks |  | 1.6 |  |  | 10 | years
|  | $ | 7.6 |  |  |  |
The results of operations of Lely have been included in the Company’s Consolidated Financial Statements as of and from the date of acquisition. The associated goodwill has been included in the Company’s Europe/Middle East geographical reportable segment. Proforma results related to the acquisition were not material. On September 1, 2017, the Company acquired Precision Planting LLC (“Precision Planting”) for approximately $198.1 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 7). 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 | $ | 59.5 |
Property, plant and equipment | 20.8 |
Intangible assets | 64.4 |
Goodwill | 67.2 |
Total assets acquired | 211.9 |
Current liabilities | 12.2 |
Total liabilities assumed | 12.2 |
Net assets acquired | $ | 199.7 |
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 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. On September 12, 2016, the Company acquired Cimbria Holdings Limited (“Cimbria”) for DKK 2,234.9 million (or approximately $337.5 million), net of cash acquired of approximately DKK83.4 million (or approximately $12.6 million). Cimbria, headquartered in Thisted, Denmark, is a leading manufacturer of products and solutions for the processing, handling and storage of seed and grain. The acquisition was financed by the Company’s credit facility (Note 7). The fair values of the assets acquired and liabilities assumed as of the acquisition date are presented in the following table (in millions):
Current assets | $ | 74.2 |
Property, plant and equipment | 21.9 |
Intangible assets | 128.9 |
Goodwill | 237.9 |
Total assets acquired | 462.9 |
Current liabilities | 63.8 |
Deferred tax liabilities | 38.5 |
Long-term debt and other noncurrent liabilities | 10.5 |
Total liabilities assumed | 112.8 |
Net assets acquired | $ | 350.1 |
The acquired identifiable intangible assets of Cimbria as of the date of the acquisition are summarized in the following table (in millions):
Intangible Asset |  | Amount |  | Weighted-Average Useful Life
Customer relationships |  | $ | 50.4 |  |  | 9 | years
Technology |  | 22.5 |  |  | 10 | years
Trademarks |  | 56.0 |  |  | 20 | years
|  | $ | 128.9 |  |  |  |
The results of operations of Cimbria have been included in the Company’s Consolidated Financial Statements as of and from the date of acquisition. The associated goodwill has been included in the Company’s Europe/Middle East and Asia/Pacific/Africa geographical reportable segments. On February 2, 2016, the Company acquired Tecno Poultry Equipment S.p.A (“Tecno”) for approximately €58.7 million (or approximately $63.8 million). The Company acquired cash of approximately €17.6 million (or approximately $19.1 million) associated with the acquisition. Tecno, headquartered in Ronchi Di Villafranca, Italy, manufactures and supplies poultry housing and related products, including egg collection equipment and trolley feeding systems. The acquisition was financed through the Company’s credit facility (Note 7). The Company allocated the purchase price to the assets acquired and liabilities assumed based on their fair values as of the acquisition date. The acquired net assets primarily consisted of accounts receivable, inventories, accounts payable and accrued expenses, deferred revenue, property, plant and equipment, and customer relationship, technology and trademark identifiable intangible assets. The Company recorded approximately $27.5 million of customer relationship, technology and trademark identifiable intangible assets and approximately $20.4 million of goodwill associated with the acquisition. The results of operations of Tecno have been included in the Company’s Consolidated Financial Statements as of and from the date of acquisition. The associated goodwill has been included in the Company’s Europe/Middle East and North America geographical reportable segments. The acquired identifiable intangible assets of Tecno as of the date of the acquisition are summarized in the following table (in millions):
Intangible Asset |  | Amount |  | Weighted-Average Useful Life
Customer relationships |  | $ | 15.7 |  |  | 10 | years
Technology |  | 7.9 |  |  | 10 | years
Trademarks |  | 3.9 |  |  | 10 | years
|  | $ | 27.5 |  |  |  |
On April 17, 2015, the Company acquired Farmer Automatic GmbH & Co. KG (“Farmer Automatic”) for approximately $17.9 million, net of cash acquired of approximately $0.1 million. Farmer Automatic, headquartered in Laer, Germany, manufactures and supplies poultry housing and related products, including egg production cages and broiler production equipment. The acquisition was financed with available cash on hand. The Company allocated the purchase price to the assets acquired and liabilities assumed based on their fair values as of the acquisition date. The acquired net assets primarily consisted of accounts receivable, inventories, accounts payable and accrued expenses, property, plant and equipment, and customer relationship, technology and trademark identifiable intangible assets. The Company recorded approximately $9.6 million of identifiable intangible assets and approximately $10.0 million of goodwill associated with the acquisition. The results of operations of Farmer Automatic have been included in the Company’s Consolidated Financial Statements as of and from the date of the acquisition. The associated goodwill has been included in the Company’s Europe/Middle East, North America and Asia/Pacific/Africa geographical reportable segments. The acquired identifiable intangible assets of Farmer Automatic as of the date of the acquisition are summarized in the following table (in millions):
Intangible Asset |  | Amount |  | Weighted-Average Useful Life
Customer relationships |  | $ | 4.1 |  |  | 10 | years
Technology |  | 3.6 |  |  | 10 | years
Trademarks |  | 1.9 |  |  | 10 | years
|  | $ | 9.6 |  |  |  |

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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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