Acquisitions

On October 2, 2017, the Company acquired the hay and forage division of the Lely Group (“Lely”) for approximately €80.2 million (or approximately $94.6 million), net of cash acquired of approximately €10.1 million (or approximately $11.9 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 and loader wagons. 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	$	87.0
Property, plant and equipment	17.8
Intangible assets	7.6
Goodwill	25.8
Total assets acquired	138.2

Current liabilities	23.5
Long-term liabilities	8.2
Total liabilities assumed	31.7
Net assets acquired	$	106.5

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 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 DKK 83.4 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