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| DE > SEC Filings for DE > Form 8-K on 29-Sep-2009 | All Recent SEC Filings |
29-Sep-2009
Material Impairments
On September 29, 2009, Deere & Company management concluded that a noncash charge of approximately $300 million after-tax for impairment of the value of goodwill will be recorded in the fourth quarter ending October 31, 2009 related to reduction of the value of the John Deere Landscapes reporting unit. This goodwill charge was not included in the Company's net income outlook of approximately $1.1 billion disclosed in the third quarter Quarterly Report on Form 10-Q filing with the U.S. Securities and Exchange Commission ("SEC"). Deere & Company does not expect to be required to make any current or future cash expenditures as a result of the impairment.
The conclusion was made in connection with Deere & Company's annual impairment testing of goodwill in accordance with Financial Accounting Standards Board Statement No. 142 (FASB ASC 350), Goodwill and Other Intangible Assets, in connection with the preparation of the financial statements to be included in Deere & Company's Annual Report on Form 10-K for the fiscal year ending October 31, 2009. The key factor contributing to the goodwill impairment was a decline in John Deere Landscapes' forecasted financial performance as a result of weak economic conditions.
Certain statements in this report are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to future events and financial performance. These forward-looking statements involve risks and uncertainties. Actual results may differ materially from those contemplated (expressed or implied) by such forward-looking statements, because of, among other things, the risks and uncertainties found in the Company's press releases and other SEC filings, including the risk factors identified under the heading "Risk Factors" in "Management's Discussion and Analysis of Results of Operations and Financial Condition" in the Company's most recent Annual Report on Form 10-K, as updated by the Company's Quarterly Reports on Form 10-Q.
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