Segment Reporting

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/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. Disclosures for the years ended December 31, 2018, 2017 and 2016 have been adjusted to reflect the change in reportable segments.

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, 2018, 2017 and 2016 based on the Company’s current reportable segments are as follows (in millions):



Years Ended December 31,	North America		South America			Europe/Middle East		Asia/Pacific/Africa		Consolidated
2018
Net sales	$	2,180.1	$	959.0		$	5,385.1	$	827.8	$	9,352.0
Income (loss) from operations	103.1		(10.1		)	601.1		49.6		743.7
Depreciation	67.6		30.5			111.3		15.8		225.2
Assets	1,032.1		736.1			1,905.8		501.1		4,175.1
Capital expenditures	43.3		30.4			120.3		9.3		203.3
2017
Net sales	$	1,876.7	$	1,063.5		$	4,614.3	$	752.0	$	8,306.5
Income from operations	66.9		15.4			493.3		48.8		624.4
Depreciation	61.5		30.5			113.0		17.8		222.8
Assets	1,064.1		752.1			2,074.4		499.4		4,390.0
Capital expenditures	59.1		43.0			92.9		8.9		203.9
2016
Net sales	$	1,807.7	$	917.5		$	4,089.7	$	595.6	$	7,410.5
Income from operations	41.6		20.4			400.2		19.7		481.9
Depreciation	62.5		22.9			116.6		21.4		223.4
Assets	978.5		739.4			1,635.2		426.3		3,779.4
Capital expenditures	45.3		56.0			90.1		9.6		201.0

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



	2018			2017			2016
Segment income from operations	$	743.7		$	624.4		$	481.9
Corporate expenses	(133.7		)	(116.2		)	(114.9		)
Stock compensation expense	(44.3		)	(35.6		)	(16.9		)
Restructuring expenses	(12.0		)	(11.2		)	(11.9		)
Amortization of intangibles	(64.7		)	(57.0		)	(51.2		)
Consolidated income from operations	$	489.0		$	404.4		$	287.0

Segment assets	$	4,175.1		$	4,390.0		$	3,779.4
Cash and cash equivalents	326.1			367.7			429.7
Investments in affiliates	400.0			409.0			414.9
Deferred tax assets, other current and noncurrent assets	656.6			614.6			560.7
Intangible assets, net	573.1			649.0			607.3
Goodwill	1,495.5			1,541.4			1,376.4
Consolidated total assets	$	7,626.4		$	7,971.7		$	7,168.4

Property, plant and equipment and amortizable intangible assets by country as of December 31, 2018 and 2017 was as follows (in millions):



	2018		2017
United States	$	593.6	$	647.9
Germany	371.5		405.5
Brazil	187.7		217.9
Finland	130.0		149.9
China	109.4		127.7
Denmark	108.7		125.7
Italy	115.1		123.0
France	75.6		66.0
Other	167.7		182.1
	$	1,859.3	$	2,045.7