In 2026, the company completed several acquisitions to advance the capabilities of its existing technology offerings, including the February acquisition of Tenna LLC (Tenna) a U.S. construction technology company that provides mixed-fleet equipment operations and asset tracking solutions. Tenna was acquired for a purchase price of $439, net of $1 cash acquired, and the purchase price allocation to acquired assets and assumed liabilities is presented below. Tenna was assigned to the CF segment. We also acquired other small-scale businesses assigned to the PPA, SAT, and CF segments for a combined purchase price of $16. Most of the purchase price for these other acquisitions was allocated to other intangible assets.

The fair values assigned to Tenna assets and liabilities, which are based on information as of the acquisition date and available at August 2, 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 of Tenna were related to customer relationships, technology, and trade name with a weighted average amortization period of 10 years. The goodwill for Tenna is deductible for income tax purposes.

In 2025, we acquired businesses to advance the capabilities of our existing technology offerings, providing customers with a more comprehensive set of tools to generate and use data to make decisions that improve profitability, efficiency, and sustainability. The combined purchase price of these acquisitions was $89, net of cash acquired. The businesses were assigned to the PPA and CF segments. Most of the purchase price for these acquisitions was allocated to goodwill and other intangible assets.

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. At the time of deconsolidation in February 2025, the additional gain or loss was not significant.

The statements of consolidated cash flows noncash transactions as a result of the 2025 BJD deconsolidation include derecognition of total assets (excluding cash and cash equivalents of $110) 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.

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” (see Note 1). 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.