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Segment Reporting

3 Months Ended

Mar. 31, 2019

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 three months ended March 31, 2019 and 2018 and assets as of March 31, 2019 and December 31, 2018 based on the Company’s reportable segments are as follows (in millions):

Three Months Ended March 31,		North America				South America				Europe/Middle East				Asia/Pacific/Africa				Consolidated
2019
Net sales		$	496.2			$	156.1			$	1,210.6			$	132.9			$	1,995.8
Income (loss) from operations		30.6				(8.5		)		127.7				3.4				153.2
Depreciation		15.6				8.5				26.0				2.9				53.0
Capital expenditures		18.3				12.1				29.5				1.0				60.9
2018
Net sales		$	502.9			$	182.1			$	1,163.7			$	158.8			$	2,007.5
Income (loss) from operations		26.8				(16.6		)		99.0				4.7				113.9
Depreciation		17.2				8.0				30.0				4.0				59.2
Capital expenditures		12.1				6.9				25.1				2.0				46.1
Assets
As of March 31, 2019		$	1,235.2			$	825.0			$	2,259.3			$	485.4			$	4,804.9
As of December 31, 2018		1,032.1				736.1				1,905.8				501.1				4,175.1

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 March 31,
	2019				2018
Segment income from operations	$	153.2			$	113.9
Corporate expenses	(31.8		)		(33.4		)
Stock compensation expense	(12.0		)		(8.4		)
Restructuring expenses	(1.7		)		(5.9		)
Amortization of intangibles	(15.3		)		(15.7		)
Consolidated income from operations	$	92.4			$	50.5

	March 31, 2019				December 31, 2018
Segment assets	$	4,804.9			$	4,175.1
Cash and cash equivalents	292.8				326.1
Investments in affiliates	393.2				400.0
Deferred tax assets, other current and noncurrent assets	672.5				656.6
Intangible assets, net	555.3				573.1
Goodwill	1,485.6				1,495.5
Consolidated total assets	$	8,204.3			$	7,626.4

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- References

No definition available.

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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