In February 2026, we acquired Tenna LLC (Tenna) to expand our technology solutions in the construction market. Tenna is a U.S. construction technology company that offers mixed-fleet equipment operations and asset tracking solutions. The purchase price, net of cash acquired of $1, was $439. The fair values assigned to the assets and liabilities of the acquired entity, which are based on information as of the acquisition date and available at May 3, 2026, follow:


	February
	2026
Trade accounts and notes receivable	$	23
Inventories		4
Goodwill		286
Other intangible assets		137
Other miscellaneous assets		3
Total assets	$	453

Accounts payable and accrued expenses	$	14
Total liabilities	$	14

The identifiable intangible assets were related to customer relationships, technology, and trade name with a weighted average amortization period of 10 years. The goodwill is deductible for income tax purposes. Tenna was assigned to the CF segment.

In February 2025, we completed a transaction with Banco Bradesco S.A. (Bradesco), for Bradesco to invest and become a 50% owner of our wholly-owned subsidiary in Brazil, BJD. Bradesco contributed capital directly to BJD. The transaction resulted in the deconsolidation of BJD in the second quarter of 2025. BJD finances retail and wholesale loans for agricultural, construction, and forestry equipment and was included in our Financial Services segment. BJD was a part of our Brazil operations which is considered an integrated single foreign entity.

We retained a 50% equity interest in BJD, which was valued at the deconsolidation date at $362 based on the completed transaction with Bradesco and its amount of contributed capital. We are accounting for our investment in BJD using the equity method of accounting and results of its operations are reported in “Equity in income of unconsolidated affiliates.” The related investment in unconsolidated affiliates and receivables from unconsolidated affiliates are reported in “Other assets” and “Other receivables,” respectively, on the condensed consolidated balance sheets.

The major classes of the total assets and liabilities of BJD at the time of deconsolidation were as follows:


	February
	2025
Cash and cash equivalents	$	110
Trade accounts and notes receivable – net		119
Financing receivables – net		2,787
Deferred income taxes		33
Other miscellaneous assets		23
Valuation allowance		(65)
Total assets	$	3,007

Short-term borrowings	$	495
Accounts payable and accrued expenses		124
Long-term borrowings		1,241
Retirement benefits and other liabilities		1
Total liabilities	$	1,861

Total intercompany payables	$	781

At the time of deconsolidation in February 2025, the additional gain or loss was not significant. BJD was reclassified as held for sale in the third quarter of 2024.

Statements of Consolidated Cash Flows – Our noncash transactions as a result of the BJD deconsolidation in February 2025 include the derecognition of total assets (excluding cash and cash equivalents) of $2,897 and total liabilities of $1,861, and the recognition of the investments in unconsolidated affiliates of $362 and receivables from unconsolidated affiliates (BJD intercompany payables) of $781. The decrease in cash and cash equivalents resulting from the deconsolidation of BJD was recorded in other investing activities in the statements of consolidated cash flows.