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Segment Reporting
 12 Months Ended
Dec. 31, 2016
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 (loss) 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 (loss) from operations for one segment may not be comparable to another segment. Segment results for the years ended December 31, 2016, 2015 and 2014 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
2016
 
 

 
 

 
 

 
 

 
 

Net sales
 
$
1,807.7

 
$
917.5

 
$
4,206.0

 
$
479.3

 
$
7,410.5

Income from operations
 
39.1

 
19.9

 
417.7

 
11.4

 
488.1

Depreciation
 
62.5

 
22.9

 
121.0

 
17.0

 
223.4

Assets
 
958.1

 
735.0

 
1,691.4

 
340.5

 
3,725.0

Capital expenditures
 
45.3

 
56.0

 
91.5

 
8.2

 
201.0

2015
 
 

 
 

 
 

 
 

 
 

Net sales
 
$
1,965.0

 
$
949.0

 
$
4,151.3

 
$
402.0

 
$
7,467.3

Income (loss) from operations
 
123.4

 
34.4

 
416.7

 
(27.6
)
 
546.9

Depreciation
 
62.7

 
20.9

 
122.4

 
11.4

 
217.4

Assets
 
943.7

 
490.0

 
1,757.2

 
346.3

 
3,537.2

Capital expenditures
 
48.6

 
28.6

 
100.8

 
33.4

 
211.4

2014
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
2,414.2

 
$
1,663.4

 
$
5,158.5

 
$
487.6

 
$
9,723.7

Income (loss) from operations
 
219.2

 
134.0

 
500.2

 
(11.5
)
 
841.9

Depreciation
 
60.1

 
26.5

 
138.7

 
14.1

 
239.4

Assets
 
1,026.9

 
719.8

 
2,036.0

 
353.8

 
4,136.5

Capital expenditures
 
70.9

 
45.6

 
136.3

 
48.7

 
301.5


A reconciliation from the segment information to the consolidated balances for income from operations and total assets is set forth below (in millions):
 
2016
 
2015
 
2014
Segment income from operations
$
488.1

 
$
546.9

 
$
841.9

Corporate expenses
(119.7
)
 
(109.2
)
 
(117.7
)
Stock compensation (expense) credit
(16.9
)
 
(11.6
)
 
9.7

Restructuring expenses
(11.9
)
 
(22.3
)
 
(46.4
)
Amortization of intangibles
(51.2
)
 
(42.7
)
 
(41.0
)
Consolidated income from operations
$
288.4

 
$
361.1

 
$
646.5

 
 
 
 
 
 
Segment assets
$
3,725.0

 
$
3,537.2

 
$
4,136.5

Cash and cash equivalents
429.7

 
426.7

 
363.7

Receivables from affiliates
54.4

 
70.1

 
108.4

Investments in affiliates
414.9

 
392.9

 
424.1

Deferred tax assets, other current and noncurrent assets
560.7

 
448.6

 
585.3

Intangible assets, net
607.3

 
507.7

 
553.8

Goodwill
1,376.4

 
1,114.5

 
1,192.8

Consolidated total assets
$
7,168.4

 
$
6,497.7

 
$
7,364.6



Net sales by customer location for the years ended December 31, 2016, 2015 and 2014 were as follows (in millions):
 
2016
 
2015
 
2014
Net sales:
 

 
 

 
 

United States
$
1,404.6

 
$
1,624.0

 
$
1,985.4

Canada
286.7

 
233.6

 
333.9

Germany
891.2

 
913.2

 
1,240.0

France
746.9

 
762.6

 
828.4

United Kingdom and Ireland
440.7

 
414.5

 
490.8

Finland and Scandinavia
677.7

 
637.0

 
808.4

Other Europe
1,127.9

 
1,077.7

 
1,376.0

South America
898.2

 
932.3

 
1,646.2

Middle East and Africa
321.6

 
346.4

 
414.9

Asia
266.8

 
201.0

 
253.6

Australia and New Zealand
212.6

 
201.1

 
234.1

Mexico, Central America and Caribbean
135.6

 
123.9

 
112.0

 
$
7,410.5

 
$
7,467.3

 
$
9,723.7



Net sales by product for the years ended December 31, 2016, 2015 and 2014 were as follows (in millions):
 
2016
 
2015
 
2014
Net sales:
 

 
 

 
 

Tractors
$
4,225.1

 
$
4,244.1

 
$
5,566.8

Replacement parts
1,211.3

 
1,204.4

 
1,390.1

Grain storage and protein production systems
892.5

 
766.2

 
851.0

Other machinery
521.6

 
629.6

 
875.3

Combines
302.8

 
331.9

 
581.0

Application equipment
257.2

 
291.1

 
459.5

 
$
7,410.5

 
$
7,467.3

 
$
9,723.7


Property, plant and equipment and amortizable intangible assets by country as of December 31, 2016 and 2015 was as follows (in millions):
 
2016
 
2015
United States
$
594.6

 
$
619.0

Germany
344.8

 
369.2

Brazil
210.4

 
143.6

Finland
145.9

 
165.2

China
130.0

 
150.0

Denmark
119.6

 
—

Italy
106.7

 
88.3

France
59.9

 
68.3

Other
172.3

 
165.9

 
$
1,884.2

 
$
1,769.5



Effective January 1, 2017, the Company modified its system of reporting, resulting from changes to its internal management and organizational structure, which changed its reportable segments from North America; South America; Europe/Africa/Middle East; and Asia/Pacific to North America; South America; Europe/Middle East; and Asia/Pacific/Africa. The Asia/Pacific/Africa reportable segment includes the regions of Africa, Asia, Australia and New Zealand, and the Europe/Africa/ Middle East segment no longer includes certain markets in Africa. Effective January 1, 2017, these reportable segments are reflective of how the Company’s chief operating decision maker reviews operating results for the purposes of allocating resources and assessing performance.