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Segment Reporting
 12 Months Ended
Dec. 31, 2013
Segment Reporting [Abstract]  
Segment Reporting
Segment Reporting

The Company’s four reportable segments distribute a full range of agricultural equipment and related replacement parts. The Company evaluates segment performance primarily based on income from operations. Sales for each segment are based on the location of the third-party customer. The Company’s selling, general and administrative expenses and engineering expenses are charged to each segment based on the region and division where the expenses are incurred. As a result, the components of income from operations for one segment may not be comparable to another segment. Segment results for the years ended December 31, 2013, 2012 and 2011 based on the Company’s current reportable segments are as follows (in millions):
Years Ended December 31,
 
North
America
 
South
America
 
Europe/Africa/
Middle East
 
Asia/Pacific
 
Consolidated
2013
 
 

 
 

 
 

 
 

 
 

Net sales
 

$2,757.8

 

$2,039.7

 

$5,481.5

 

$507.9

 

$10,786.9

Income from operations
 
325.9

 
212.7

 
558.2

 
0.5

 
1,097.3

Depreciation
 
51.4

 
24.6

 
126.6

 
9.0

 
211.6

Assets
 
1,002.8

 
773.5

 
2,368.9

 
289.5

 
4,434.7

Capital expenditures
 
73.4

 
66.4

 
204.5

 
47.5

 
391.8

2012
 
 

 
 

 
 

 
 

 
 

Net sales
 

$2,584.4

 

$1,855.7

 

$5,073.7

 

$448.4

 

$9,962.2

Income from operations
 
259.9

 
161.6

 
474.9

 
10.2

 
906.6

Depreciation
 
41.5

 
22.7

 
107.0

 
9.4

 
180.6

Assets
 
907.4

 
674.9

 
2,114.2

 
295.8

 
3,992.3

Capital expenditures
 
64.0

 
48.3

 
211.6

 
16.6

 
340.5

2011
 
 
 
 
 
 
 
 
 
 
Net sales
 

$1,770.6

 

$1,871.5

 

$4,847.2

 

$283.9

 

$8,773.2

Income from operations
 
90.9

 
143.1

 
486.9

 
23.9

 
744.8

Depreciation
 
28.5

 
20.0

 
99.6

 
3.8

 
151.9

Assets
 
861.4

 
585.5

 
1,967.2

 
215.7

 
3,629.8

Capital expenditures
 
59.3

 
40.4

 
189.7

 
11.0

 
300.4


A reconciliation from the segment information to the consolidated balances for income from operations and total assets is set forth below (in millions):
 
2013
 
2012
 
2011
Segment income from operations
$
1,097.3

 
$
906.6

 
$
744.8

Corporate expenses
(116.2
)
 
(107.1
)
 
(90.6
)
Stock compensation
(32.6
)
 
(34.6
)
 
(23.0
)
Restructuring and other infrequent income
—

 
—

 
0.7

Impairment charge
—

 
(22.4
)
 
—

Amortization of intangibles
(47.8
)
 
(49.3
)
 
(21.6
)
Consolidated income from operations
$
900.7

 
$
693.2

 
$
610.3

 
 
 
 
 
 
Segment assets
$
4,434.7

 
$
3,992.3

 
$
3,629.8

Cash and cash equivalents
1,047.2

 
781.3

 
724.4

Receivables from affiliates
124.3

 
41.5

 
122.9

Investments in affiliates
416.1

 
390.3

 
346.3

Deferred tax assets, other current and noncurrent assets
672.2

 
716.9

 
572.8

Intangible assets, net
565.6

 
607.1

 
666.5

Goodwill
1,178.7

 
1,192.4

 
1,194.5

Consolidated total assets
$
8,438.8

 
$
7,721.8

 
$
7,257.2



Net sales by customer location for the years ended December 31, 2013, 2012 and 2011 were as follows (in millions):
 
2013
 
2012
 
2011
Net sales:
 

 
 

 
 

United States
$
2,216.5

 
$
2,033.1

 
$
1,363.7

Canada
419.4

 
415.9

 
315.6

Germany
1,301.0

 
1,114.4

 
1,067.3

France
1,136.8

 
944.3

 
825.1

United Kingdom and Ireland
471.8

 
481.0

 
449.5

Finland and Scandinavia
828.5

 
790.2

 
835.4

Other Europe
1,422.6

 
1,421.0

 
1,403.2

South America
2,018.5

 
1,834.2

 
1,851.0

Middle East and Africa
320.7

 
322.9

 
266.7

Asia
293.1

 
232.4

 
96.6

Australia and New Zealand
214.8

 
216.0

 
187.3

Mexico, Central America and Caribbean
143.2

 
156.8

 
111.8

 
$
10,786.9

 
$
9,962.2

 
$
8,773.2



Net sales by product for the years ended December 31, 2013, 2012 and 2011 were as follows (in millions):
 
2013
 
2012
 
2011
Net sales:
 

 
 

 
 

Tractors
$
6,491.1

 
$
5,882.4

 
$
5,779.6

Replacement parts
1,349.1

 
1,286.7

 
1,275.1

Other machinery
1,001.0

 
963.2

 
723.8

Grain storage and protein production systems
771.9

 
728.5

 
38.7

Combines
652.8

 
638.9

 
610.8

Application equipment
521.0

 
462.5

 
345.2

 
$
10,786.9

 
$
9,962.2

 
$
8,773.2



Property, plant and equipment and amortizable intangible assets by country as of December 31, 2013 and 2012 was as follows (in millions):
 
2013
 
2012
United States
$
634.4

 
$
624.8

Finland
221.3

 
199.5

Germany
498.1

 
458.2

Brazil
218.4

 
234.0

Italy
117.6

 
97.4

China
112.3

 
65.5

France
87.3

 
70.4

Other
184.8

 
171.2

 
$
2,074.2

 
$
1,921.0