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 three and nine months ended September 30, 2018 and 2017 and assets as of September 30, 2018 and December 31, 2017 based on the Company’s reportable segments are as follows (in millions):



Three Months Ended September 30,	North America		South America		Europe/ Middle East		Asia/ Pacific/Africa		Consolidated
2018
Net sales	$	545.5	$	281.1	$	1,164.5	$	223.6	$	2,214.7
Income from operations	32.5		12.6		108.6		17.6		171.3
Depreciation	17.4		7.2		26.4		4.0		55.0
Capital expenditures	8.6		7.0		30.3		2.8		48.7
2017
Net sales	$	483.5	$	273.5	$	1,017.7	$	211.6	$	1,986.3
Income from operations	27.8		9.3		96.9		15.4		149.4
Depreciation	15.5		8.0		26.7		6.1		56.3
Capital expenditures	12.1		10.9		22.8		1.3		47.1




Nine Months Ended September 30,	North America		South America			Europe/ Middle East		Asia/ Pacific/Africa		Consolidated
2018
Net sales	$	1,648.9	$	682.8		$	3,873.4	$	554.7	$	6,759.8
Income (loss) from operations	96.9		(20.7		)	416.1		26.9		519.2
Depreciation	51.4		22.5			84.8		11.4		170.1
Capital expenditures	30.8		21.2			79.7		6.8		138.5
2017
Net sales	$	1,344.9	$	747.6		$	3,179.7	$	506.9	$	5,779.1
Income from operations	54.4		14.5			330.7		23.2		422.8
Depreciation	45.4		22.7			83.4		13.7		165.2
Capital expenditures	43.2		31.0			59.3		5.9		139.4
Assets
As of September 30, 2018	$	1,124.7	$	730.9		$	2,111.8	$	508.8	$	4,476.2
As of December 31, 2017	$	1,064.1	$	752.1		$	2,074.4	$	499.4	$	4,390.0

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Segment income from operations	$	171.3		$	149.4		$	519.2		$	422.8
Corporate expenses	(33.5		)	(27.1		)	(99.4		)	(82.6		)
Stock compensation expense	(9.7		)	(7.9		)	(30.6		)	(29.1		)
Restructuring expenses	(1.5		)	(3.0		)	(10.1		)	(8.5		)
Amortization of intangibles	(15.3		)	(14.3		)	(49.2		)	(41.5		)
Consolidated income from operations	$	111.3		$	97.1		$	329.9		$	261.1



	September 30, 2018		December 31, 2017
Segment assets	$	4,476.2	$	4,390.0
Cash and cash equivalents	292.7		367.7
Investments in affiliates	419.2		409.0
Deferred tax assets, other current and noncurrent assets	643.8		614.6
Intangible assets, net	590.8		649.0
Goodwill	1,494.4		1,541.4
Consolidated total assets	$	7,917.1	$	7,971.7