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Segment Reporting
 12 Months Ended
Dec. 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 generally 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, 2019, 2018 and 2017 based on the Company’s reportable segments are as follows (in millions):
Years Ended December 31,
 
North America
 
South America
 
Europe/Middle East
 
Asia/Pacific/Africa
 
Consolidated
2019
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
2,191.8

 
$
802.2

 
$
5,328.8

 
$
718.6

 
$
9,041.4

Income (loss) from operations
 
121.6

 
(39.4
)
 
638.2

 
43.4

 
763.8

Depreciation
 
61.6

 
32.4

 
102.7

 
14.2

 
210.9

Assets
 
1,125.6

 
758.0

 
2,187.7

 
430.2

 
4,501.5

Capital expenditures
 
52.1

 
32.9

 
173.5

 
14.9

 
273.4

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


A reconciliation from the segment information to the consolidated balances for income from operations and total assets is set forth below (in millions):
 
2019
 
2018
 
2017
Segment income from operations
$
763.8

 
$
743.7

 
$
624.4

Corporate expenses
(129.0
)
 
(133.7
)
 
(116.2
)
Impairment charges
(176.6
)
 
—

 
—

Amortization of intangibles
(61.1
)
 
(64.7
)
 
(57.0
)
Stock compensation expense
(40.0
)
 
(44.3
)
 
(35.6
)
Restructuring expenses
(9.0
)
 
(12.0
)
 
(11.2
)
Consolidated income from operations
$
348.1

 
$
489.0

 
$
404.4

 
 
 
 
 
 
Segment assets
$
4,501.5

 
$
4,175.1

 
$
4,390.0

Cash and cash equivalents
432.8

 
326.1

 
367.7

Investments in affiliates
380.2

 
400.0

 
409.0

Deferred tax assets, other current and noncurrent assets
645.2

 
656.6

 
614.6

Intangible assets, net
501.7

 
573.1

 
649.0

Goodwill
1,298.3

 
1,495.5

 
1,541.4

Consolidated total assets
$
7,759.7

 
$
7,626.4

 
$
7,971.7



Property, plant and equipment and amortizable intangible assets by country as of December 31, 2019 and 2018 was as follows (in millions):
 
2019
 
2018
United States
$
550.2

 
$
593.6

Germany
384.5

 
371.5

Brazil
184.3

 
187.7

Finland
142.5

 
130.0

China
98.1

 
109.4

Denmark
97.2

 
108.7

Italy
109.7

 
115.1

France
92.5

 
75.6

Other
172.8

 
167.7

 
$
1,831.8

 
$
1,859.3