XML 36 R26.htm IDEA: XBRL DOCUMENT
v3.21.2

Revenue | 9 Months Ended
--- | ---
Sep. 30, 2021
Revenue from Contract with Customer [Abstract] |
Revenue | REVENUE Contract Liabilities Contract liabilities relate to the following: (1) unrecognized revenues where advance payment of consideration precedes the Company’s performance with respect to extended warranty and maintenance contracts and where the performance obligation is satisfied over time, (2) unrecognized revenues where advance payment of consideration precedes the Company’s performance with respect to certain grain storage and protein production systems and where the performance obligation is satisfied over time and (3) unrecognized revenues where advance payment of consideration precedes the Company’s performance with respect to technology services and where the performance obligation is satisfied over time. Significant changes in the balance of contract liabilities for the three and nine months ended September 30, 2021 and 2020 were as follows (in millions):
| Three Months Ended September 30,
| 2021 |  | 2020
Balance at beginning of period | $ | 201.2 |  |  | $ | 118.7 |
Advance consideration received | 54.7 |  |  | 57.6 |
Revenue recognized during the period for extended warranty contracts, maintenance services and technology services | (18.8) |  |  | (11.5) |
Revenue recognized during the period related to grain storage and protein production systems | (24.2) |  |  | (24.6) |
Foreign currency translation | (3.5) |  |  | 4.7 |
Balance at September 30 | $ | 209.4 |  |  | $ | 144.9 |
| Nine Months Ended September 30,
| 2021 |  | 2020
Balance at beginning of period | $ | 172.0 |  |  | $ | 104.0 |
Advance consideration received | 170.8 |  |  | 127.2 |
Revenue recognized during the period for extended warranty contracts, maintenance services and technology services | (45.1) |  |  | (33.6) |
Revenue recognized during the period related to grain storage and protein production systems | (84.0) |  |  | (53.6) |
Foreign currency translation | (4.3) |  |  | 0.9 |
Balance at September 30 | $ | 209.4 |  |  | $ | 144.9 |
The contract liabilities are classified as either “Accrued expenses” or “Other current liabilities” and “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets. During the three and nine months ended September 30, 2021, we recognized approximately $18.7 million and $61.9 million, respectively, of revenue that was recorded as a contract liability at the beginning of 2021. During the three and nine months ended September 30, 2020, we recognized approximately $10.5 million and $36.3 million, respectively, of revenue that was recorded as a contract liability at the beginning of 2020. Remaining Performance Obligations The estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of September 30, 2021 are $17.1 million for the remainder of 2021, $66.7 million in 2022, $51.9 million in 2023, $27.1 million in 2024 and $18.0 million thereafter, and relate primarily to extended warranty contracts. The Company applied the practical expedient in ASU 2014-09 and has not disclosed information about remaining performance obligations that have original expected durations of 12 months or less. Disaggregated Revenue Net sales for the three months ended September 30, 2021 disaggregated by primary geographical markets and major products consisted of the following (in millions):
|  | North America |  | South America (1) |  | Europe/Middle East |  | Asia/Pacific/Africa(1) |  | Consolidated
Primary geographical markets: |  |  |  |  |  |  |  |  |  |
United States |  | $ | 506.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 506.6 |
Canada |  | 101.6 |  |  | — |  |  | — |  |  | — |  |  | 101.6 |
South America |  | — |  |  | 379.8 |  |  | — |  |  | — |  |  | 379.8 |
Germany |  | — |  |  | — |  |  | 294.3 |  |  | — |  |  | 294.3 |
France |  | — |  |  | — |  |  | 258.1 |  |  | — |  |  | 258.1 |
United Kingdom and Ireland |  | — |  |  | — |  |  | 155.5 |  |  | — |  |  | 155.5 |
Finland and Scandinavia |  | — |  |  | — |  |  | 196.3 |  |  | — |  |  | 196.3 |
Other Europe |  | — |  |  | — |  |  | 508.2 |  |  | — |  |  | 508.2 |
Middle East and Algeria |  | — |  |  | — |  |  | 50.0 |  |  | — |  |  | 50.0 |
Africa |  | — |  |  | — |  |  | — |  |  | 37.6 |  |  | 37.6 |
Asia |  | — |  |  | — |  |  | — |  |  | 99.9 |  |  | 99.9 |
Australia and New Zealand |  | — |  |  | — |  |  | — |  |  | 103.2 |  |  | 103.2 |
Mexico, Central America and Caribbean |  | 30.5 |  |  | 3.5 |  |  | — |  |  | — |  |  | 34.0 |
|  | $ | 638.7 |  |  | $ | 383.3 |  |  | $ | 1,462.4 |  |  | $ | 240.7 |  |  | $ | 2,725.1 |
Major products: |  |  |  |  |  |  |  |  |  |
Tractors |  | $ | 227.5 |  |  | $ | 202.8 |  |  | $ | 1,016.8 |  |  | $ | 105.7 |  |  | $ | 1,552.8 |
Replacement parts |  | 98.0 |  |  | 37.2 |  |  | 279.9 |  |  | 28.1 |  |  | 443.2 |
Grain storage and protein production systems |  | 154.0 |  |  | 42.3 |  |  | 45.7 |  |  | 48.0 |  |  | 290.0 |
Combines, application equipment and other machinery |  | 159.2 |  |  | 100.9 |  |  | 120.0 |  |  | 59.0 |  |  | 439.1 |
|  | $ | 638.7 |  |  | $ | 383.3 |  |  | $ | 1,462.4 |  |  | $ | 240.7 |  |  | $ | 2,725.1 |
(1) Rounding may impact the summation of amounts. Net sales for the three months ended September 30, 2020 disaggregated by primary geographical markets and major products consisted of the following (in millions):
|  | North America |  | South America |  | Europe/Middle East |  | Asia/Pacific/Africa |  | Consolidated
Primary geographical markets: |  |  |  |  |  |  |  |  |  |
United States |  | $ | 463.9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 463.9 |
Canada |  | 98.2 |  |  | — |  |  | — |  |  | — |  |  | 98.2 |
South America |  | — |  |  | 271.6 |  |  | — |  |  | — |  |  | 271.6 |
Germany |  | — |  |  | — |  |  | 387.0 |  |  | — |  |  | 387.0 |
France |  | — |  |  | — |  |  | 261.8 |  |  | — |  |  | 261.8 |
United Kingdom and Ireland |  | — |  |  | — |  |  | 131.3 |  |  | — |  |  | 131.3 |
Finland and Scandinavia |  | — |  |  | — |  |  | 189.3 |  |  | — |  |  | 189.3 |
Other Europe |  | — |  |  | — |  |  | 397.5 |  |  | — |  |  | 397.5 |
Middle East and Algeria |  | — |  |  | — |  |  | 39.0 |  |  | — |  |  | 39.0 |
Africa |  | — |  |  | — |  |  | — |  |  | 15.8 |  |  | 15.8 |
Asia |  | — |  |  | — |  |  | — |  |  | 109.9 |  |  | 109.9 |
Australia and New Zealand |  | — |  |  | — |  |  | — |  |  | 109.8 |  |  | 109.8 |
Mexico, Central America and Caribbean |  | 20.1 |  |  | 2.3 |  |  | — |  |  | — |  |  | 22.4 |
|  | $ | 582.2 |  |  | $ | 273.9 |  |  | $ | 1,405.9 |  |  | $ | 235.5 |  |  | $ | 2,497.5 |
Major products: |  |  |  |  |  |  |  |  |  |
Tractors |  | $ | 198.4 |  |  | $ | 154.3 |  |  | $ | 1,033.5 |  |  | $ | 82.5 |  |  | $ | 1,468.7 |
Replacement parts |  | 94.8 |  |  | 22.8 |  |  | 249.6 |  |  | 23.6 |  |  | 390.8 |
Grain storage and protein production systems |  | 152.0 |  |  | 16.7 |  |  | 29.3 |  |  | 67.3 |  |  | 265.3 |
Combines, application equipment and other machinery |  | 137.0 |  |  | 80.1 |  |  | 93.5 |  |  | 62.1 |  |  | 372.7 |
|  | $ | 582.2 |  |  | $ | 273.9 |  |  | $ | 1,405.9 |  |  | $ | 235.5 |  |  | $ | 2,497.5 |
Net sales for the nine months ended September 30, 2021 disaggregated by primary geographical markets and major products consisted of the following (in millions):
|  | North America |  | South America(1) |  | Europe/Middle East |  | Asia/Pacific/Africa(1) |  | Consolidated
Primary geographical markets: |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,576.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,576.2 |
Canada |  | 332.0 |  |  | — |  |  | — |  |  | — |  |  | 332.0 |
South America |  | — |  |  | 894.4 |  |  | — |  |  | — |  |  | 894.4 |
Germany |  | — |  |  | — |  |  | 988.2 |  |  | — |  |  | 988.2 |
France |  | — |  |  | — |  |  | 768.4 |  |  | — |  |  | 768.4 |
United Kingdom and Ireland |  | — |  |  | — |  |  | 450.9 |  |  | — |  |  | 450.9 |
Finland and Scandinavia |  | — |  |  | — |  |  | 574.9 |  |  | — |  |  | 574.9 |
Other Europe |  | — |  |  | — |  |  | 1,490.5 |  |  | — |  |  | 1,490.5 |
Middle East and Algeria |  | — |  |  | — |  |  | 151.9 |  |  | — |  |  | 151.9 |
Africa |  | — |  |  | — |  |  | — |  |  | 99.5 |  |  | 99.5 |
Asia |  | — |  |  | — |  |  | — |  |  | 318.8 |  |  | 318.8 |
Australia and New Zealand |  | — |  |  | — |  |  | — |  |  | 253.4 |  |  | 253.4 |
Mexico, Central America and Caribbean |  | 76.3 |  |  | 7.7 |  |  | — |  |  | — |  |  | 84.0 |
|  | $ | 1,984.5 |  |  | $ | 902.1 |  |  | $ | 4,424.8 |  |  | $ | 671.7 |  |  | $ | 7,983.1 |
Major products: |  |  |  |  |  |  |  |  |  |
Tractors |  | $ | 661.0 |  |  | $ | 440.2 |  |  | $ | 2,967.3 |  |  | $ | 295.8 |  |  | $ | 4,364.3 |
Replacement parts |  | 305.5 |  |  | 99.7 |  |  | 839.2 |  |  | 77.0 |  |  | 1,321.4 |
Grain storage and protein production systems |  | 418.4 |  |  | 96.0 |  |  | 131.6 |  |  | 173.7 |  |  | 819.7 |
Combines, application equipment and other machinery |  | 599.6 |  |  | 266.1 |  |  | 486.7 |  |  | 125.3 |  |  | 1,477.7 |
|  | $ | 1,984.5 |  |  | $ | 902.1 |  |  | $ | 4,424.8 |  |  | $ | 671.7 |  |  | $ | 7,983.1 |
(1) Rounding may impact the summation of amounts. Net sales for the nine months ended September 30, 2020 disaggregated by primary geographical markets and major products consisted of the following (in millions):
|  | North America |  | South America |  | Europe/Middle East(1) |  | Asia/Pacific/Africa(1) |  | Consolidated
Primary geographical markets: |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,373.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,373.6 |
Canada |  | 252.4 |  |  | — |  |  | — |  |  | — |  |  | 252.4 |
South America |  | — |  |  | 600.8 |  |  | — |  |  | — |  |  | 600.8 |
Germany |  | — |  |  | — |  |  | 981.4 |  |  | — |  |  | 981.4 |
France |  | — |  |  | — |  |  | 697.5 |  |  | — |  |  | 697.5 |
United Kingdom and Ireland |  | — |  |  | — |  |  | 354.9 |  |  | — |  |  | 354.9 |
Finland and Scandinavia |  | — |  |  | — |  |  | 466.2 |  |  | — |  |  | 466.2 |
Other Europe |  | — |  |  | — |  |  | 1,047.1 |  |  | — |  |  | 1,047.1 |
Middle East and Algeria |  | — |  |  | — |  |  | 97.1 |  |  | — |  |  | 97.1 |
Africa |  | — |  |  | — |  |  | — |  |  | 31.8 |  |  | 31.8 |
Asia |  | — |  |  | — |  |  | — |  |  | 243.8 |  |  | 243.8 |
Australia and New Zealand |  | — |  |  | — |  |  | — |  |  | 216.6 |  |  | 216.6 |
Mexico, Central America and Caribbean |  | 63.9 |  |  | 5.5 |  |  | — |  |  | — |  |  | 69.4 |
|  | $ | 1,689.9 |  |  | $ | 606.3 |  |  | $ | 3,644.2 |  |  | $ | 492.2 |  |  | $ | 6,432.6 |
Major products: |  |  |  |  |  |  |  |  |  |
Tractors |  | $ | 515.4 |  |  | $ | 331.2 |  |  | $ | 2,486.0 |  |  | $ | 189.9 |  |  | $ | 3,522.5 |
Replacement parts |  | 272.8 |  |  | 59.6 |  |  | 707.6 |  |  | 60.2 |  |  | 1,100.2 |
Grain storage and protein production systems |  | 391.6 |  |  | 55.5 |  |  | 90.1 |  |  | 144.7 |  |  | 681.9 |
Combines, application equipment and other machinery |  | 510.1 |  |  | 160.0 |  |  | 360.4 |  |  | 97.5 |  |  | 1,128.0 |
|  | $ | 1,689.9 |  |  | $ | 606.3 |  |  | $ | 3,644.2 |  |  | $ | 492.2 |  |  | $ | 6,432.6 |

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration