ACQUISITIONS

9 Months Ended

Jul. 28, 2019

ACQUISITIONS

ACQUISITIONS

(19)  Acquisitions

In September 2018, the Company acquired PLA, a privately held manufacturer of sprayers, planters, and specialty products for agriculture. PLA is based in Argentina, with manufacturing facilities in Las Roses, Argentina and Canoas, Brazil. The total cash purchase price after the final adjustment, net of cash acquired of $1 million, was $69 million with $4 million retained by the Company as escrow to secure indemnity obligations. In addition to the cash purchase price, the Company assumed $29 million of liabilities. The asset and liability fair values at the acquisition date in millions of dollars follow:

	September 2018
Trade accounts and notes receivable	$	2
Other receivables		14
Inventories		14
Property and equipment		1
Goodwill		44
Other intangible assets		22
Other assets		1
Total assets	$	98
Short-term borrowings	$	8
Accounts payable and accrued expenses		17
Deferred income taxes		4
Total liabilities	$	29

The identifiable intangible assets were primarily related to technology, trademarks, and customer relationships, which have a weighted-average amortization period of five years.

The goodwill was the result of future cash flows and related fair values of the entity exceeding the fair value of the identified assets and liabilities, and is not expected to be deducted for tax purposes. The results of PLA were included in the Company’s consolidated financial statements in the agriculture and turf segment since the date of acquisition. The pro forma results of operations as if the acquisition had occurred at the beginning of the prior fiscal year would not differ significantly from the reported results.