SUBSEQUENT EVENT SUBSEQUENT EVENTS |
9 Months Ended |
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Oct. 02, 2016 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
NOTE 15. SUBSEQUENT EVENT
Acquisition of Cummins Pacific, LLC
In October 2016, we acquired the remaining 50 percent interest in Cummins Pacific, LLC from the former distributor principal. The purchase consideration was $97 million, which included $17 million in cash and an additional $66 million paid to eliminate outstanding debt. The remaining $14 million will be paid in future periods, subject to customary purchase price adjustments. We will recognize a gain of $13 million on the fair value adjustment in the fourth quarter of 2016, resulting from this acquisition.
This is the final acquisition of the plan we announced on September 17, 2013, to acquire the equity that we did not already own in most of our partially-owned U.S. and Canadian distributors.
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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