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SUBSEQUENT EVENT SUBSEQUENT EVENTS
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3 Months Ended |
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Mar. 30, 2014
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NOTE 15. SUBSEQUENT EVENT
Acquisition of Cummins Southern Plains LLC
On March 31, 2014, we acquired the remaining 50 percent interest in Cummins Southern Plains LLC (Southern Plains) from the former distributor principal for consideration of approximately $40 million in cash and an additional $48 million paid to creditors to eliminate all debt related to the entity, or total consideration of $88 million, subject to customary purchase price adjustments.
The acquisition will be accounted for as a business combination and the results of the acquired entity will be included in the Distribution operating segment beginning with the second quarter of 2014.
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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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