XML 136 R23.htm IDEA: XBRL DOCUMENT
v3.22.1

Segment Reporting | 3 Months Ended
--- | ---
Mar. 31, 2022
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 three months ended March 31, 2022 and 2021 and assets as of March 31, 2022 and December 31, 2021 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
2022 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 701.0 |  |  | $ | 356.4 |  |  | $ | 1,403.1 |  |  | $ | 225.2 |  |  | $ | 2,685.7 |
Income from operations |  | 54.8 |  |  | 46.1 |  |  | 162.3 |  |  | 34.0 |  |  | 297.2 |
Depreciation |  | 15.2 |  |  | 7.0 |  |  | 28.2 |  |  | 4.3 |  |  | 54.7 |
Capital expenditures |  | 15.7 |  |  | 10.0 |  |  | 39.2 |  |  | 1.4 |  |  | 66.3 |
2021 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 611.1 |  |  | $ | 240.5 |  |  | $ | 1,327.2 |  |  | $ | 199.9 |  |  | $ | 2,378.7 |
Income from operations |  | 74.9 |  |  | 16.2 |  |  | 144.3 |  |  | 21.0 |  |  | 256.4 |
Depreciation |  | 15.6 |  |  | 6.6 |  |  | 28.4 |  |  | 4.2 |  |  | 54.8 |
Capital expenditures |  | 12.3 |  |  | 6.6 |  |  | 43.5 |  |  | 1.1 |  |  | 63.5 |
Assets |  |  |  |  |  |  |  |  |  |
As of March 31, 2022 |  | $ | 1,594.6 |  |  | $ | 1,151.3 |  |  | $ | 2,598.1 |  |  | $ | 656.1 |  |  | $ | 6,000.1 |
As of December 31, 2021 |  | 1,328.1 |  |  | 922.7 |  |  | 2,348.7 |  |  | 610.6 |  |  | 5,210.1 |
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, |  |
| 2022 |  | 2021 |  |  |  |
Segment income from operations | $ | 297.2 |  |  | $ | 256.4 |  |  |  |  |
Impairment charges | (36.0) |  |  | — |  |  |  |  |
Corporate expenses | (32.2) |  |  | (35.9) |  |  |  |  |
Amortization of intangibles | (15.3) |  |  | (17.5) |  |  |  |  |
Stock compensation expense | (6.7) |  |  | (6.5) |  |  |  |  |
Restructuring expenses | (3.0) |  |  | (1.3) |  |  |  |  |
Consolidated income from operations | $ | 204.0 |  |  | $ | 195.2 |  |  |  |  |
| March 31, 2022 |  | December 31, 2021
Segment assets | $ | 6,000.1 |  |  | $ | 5,210.1 |
Cash, cash equivalents and restricted cash | 655.7 |  |  | 889.1 |
Investments in affiliates | 423.2 |  |  | 413.5 |
Deferred tax assets, other current and noncurrent assets | 1,096.0 |  |  | 996.4 |
Intangible assets, net | 396.8 |  |  | 392.2 |
Goodwill | 1,304.7 |  |  | 1,280.8 |
Consolidated total assets | $ | 9,876.5 |  |  | $ | 9,182.1 |

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

X
- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration