Acquisitions (Tables)

12 Months Ended

Oct. 26, 2012

International Mining Machinery Holdings Ltd. [Member]

Preliminary Fair Value of Assets Acquired Liabilities Assumed

The following table summarizes the preliminary estimates of fair value of the assets acquired and the liabilities assumed as of the acquisition date:

(in thousands)
Assets Acquired:
Cash and cash equivalents	$	72,912
Accounts receivable		202,825
Inventories		91,176
Other current assets		15,622
Property, plant and equipment		125,600
Other intangible assets and goodwill		1,149,787
Other non-current assets		40,327
Total assets acquired		1,698,249
Liabilities Assumed:
Short-term notes payable		(14,666	)
Accounts payable		(87,305	)
Employee compensation and benefits		(6,458	)
Advance payments and progress billings		(6,122	)
Other accrued liabilities		(54,545	)
Other non-current liabilities		(105,715	)
Total liabilities assumed		(274,811	)
	$	1,423,438

Unaudited Pro forma Financial Information

The following unaudited pro forma financial information for the years ended October 26, 2012 and October 28, 2011 reflect the results of continuing operations of the Company as if the acquisition of IMM had been completed on October 29, 2011 and October 30, 2010, respectively. Pro forma adjustments have been made for changes in depreciation and amortization expenses related to the valuation of the acquired tangible and intangible assets at fair value, the elimination of non-recurring items and the addition of incremental costs related to debt used to finance the acquisition.

	Year Ended (in thousands, except per share data)
	October 26, 2012		October 28, 2011
Net sales	$	5,729,097	$	4,723,808
Income from continuing operations	$	770,937	$	632,186
Basic earnings per share from continuing operations	$	7.28	$	6.03
Diluted earnings per share from continuing operations	$	7.21	$	5.93

LeTourneau Technologies, Inc. [Member]

Preliminary Fair Value of Assets Acquired Liabilities Assumed

The following table summarizes the fair value of the assets acquired and the liabilities assumed as of the acquisition date:

(in thousands)
Assets Acquired:
Cash and cash equivalents	$	4,769
Accounts receivable		52,910
Inventories		200,050
Other current assets		187
Current assets of discontinued operations		331,412
Property, plant and equipment		106,394
Other intangible assets and goodwill		565,388
Other non-current assets		14,459
Non-current assets of discontinued operations		226,844
Total assets acquired		1,502,413
Liabilities Assumed:
Accounts payable		(37,217	)
Employee compensation and benefits		(10,576	)
Advance payments and progress billings		(97,228	)
Other accrued liabilities		(120,459	)
Current liabilities of discontinued operations		(183,256	)
Total liabilities assumed		(448,736	)
	$	1,053,677

Unaudited Pro forma Financial Information

The following unaudited pro forma financial information for the year ended October 28, 2011 reflects the results of continuing operations as if the acquisition had been completed on October 30, 2010. Pro forma adjustments have been made for changes in depreciation and amortization expenses related to the valuation of the acquired tangible and intangible assets at fair value, the elimination of non-recurring items, the addition of incremental costs related to debt used to finance the acquisition, and the tax benefits related to the increased costs.

	Year Ended
(in thousands, except per share data)	October 28, 2011
Net sales	$	4,620,059
Income from continuing operations	$	913,474
Basic earnings per share from continuing operations	$	6.12
Diluted earnings per share from continuing operations	$	6.02

Purchase Price for Acquisition

We purchased all of the outstanding shares of LeTourneau. The purchase price for the acquisition was as follows:

(in thousands)
Cash consideration	$	1,100,000
Working capital purchase price adjustments		(46,323	)
	$	1,053,677

Finite lived Intangible Assets Acquired As Part Business Combination

The fair value for acquired assets was primarily determined based upon discounted expected cash flows. Of the $565.4 million of intangible assets and goodwill related to continuing operations, $181.2 million has been assigned to intangible assets that are being amortized and $37.2 million has been assigned to trademarks which are not being amortized. The determination of the useful life was based upon historical experience, economic factors, and future cash flows of the assets acquired. The intangible assets have been assigned to the following categories and are being amortized over a weighted-average useful life of 18 years:

(In thousands)
Customer relationships	$	76,500
Patents		69,900
Unpatented technology		31,600
Backlog		3,200
	$	181,200