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Segment Reporting | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Segment Reporting | SEGMENT REPORTING The Company has four operating segments that are also its reportable segments, which consist of the North America, South America, Europe/Middle East and Asia/Pacific/Africa regions. The Company’s reportable segments are geography based and distribute a full range of agricultural machinery and precision agriculture technology. 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 and six months ended June 30, 2024 and 2023 and assets as of June 30, 2024 and December 31, 2023 based on the Company’s reportable segments are as follows (in millions):
Three Months Ended June 30, |  | North America |  | South America |  | Europe/Middle East |  | Asia/Pacific/Africa |  | Total Segments
2024 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 837.8 |  |  | $ | 348.9 |  |  | $ | 1,902.9 |  |  | $ | 157.0 |  |  | $ | 3,246.6 |
Income from operations |  | 76.7 |  |  | 12.6 |  |  | 288.5 |  |  | 12.4 |  |  | 390.2 |
Depreciation |  | 17.4 |  |  | 9.6 |  |  | 33.5 |  |  | 4.7 |  |  | 65.2 |
Capital expenditures |  | 18.3 |  |  | 8.2 |  |  | 70.2 |  |  | 1.3 |  |  | 98.0 |
2023 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 996.8 |  |  | $ | 598.6 |  |  | $ | 1,990.8 |  |  | $ | 236.5 |  |  | $ | 3,822.7 |
Income from operations |  | 136.9 |  |  | 121.4 |  |  | 295.2 |  |  | 20.9 |  |  | 574.4 |
Depreciation |  | 15.2 |  |  | 8.9 |  |  | 27.7 |  |  | 4.7 |  |  | 56.5 |
Capital expenditures |  | 34.4 |  |  | 13.5 |  |  | 62.8 |  |  | 1.0 |  |  | 111.7 |
Six Months Ended June 30, |  | North America |  | South America |  | Europe/Middle East |  | Asia/Pacific/Africa |  | Total Segments
2024 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 1,567.4 |  |  | $ | 652.3 |  |  | $ | 3,631.9 |  |  | $ | 323.7 |  |  | $ | 6,175.3 |
Income from operations |  | 119.1 |  |  | 28.8 |  |  | 571.4 |  |  | 20.4 |  |  | 739.7 |
Depreciation |  | 34.6 |  |  | 19.0 |  |  | 66.1 |  |  | 8.8 |  |  | 128.5 |
Capital expenditures |  | 35.9 |  |  | 23.5 |  |  | 131.6 |  |  | 2.0 |  |  | 193.0 |
2023 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 1,919.9 |  |  | $ | 1,102.4 |  |  | $ | 3,694.6 |  |  | $ | 439.3 |  |  | $ | 7,156.2 |
Income from operations |  | 239.0 |  |  | 220.9 |  |  | 534.6 |  |  | 39.0 |  |  | 1,033.5 |
Depreciation |  | 30.1 |  |  | 16.7 |  |  | 54.5 |  |  | 8.8 |  |  | 110.1 |
Capital expenditures |  | 71.7 |  |  | 33.8 |  |  | 129.8 |  |  | 1.7 |  |  | 237.0 |
Assets |  |  |  |  |  |  |  |  |  |
As of June 30, 2024 |  | $ | 1,973.2 |  |  | $ | 1,266.9 |  |  | $ | 3,314.5 |  |  | $ | 903.5 |  |  | $ | 7,458.1 |
As of December 31, 2023 |  | 1,883.2 |  |  | 1,394.9 |  |  | 3,017.4 |  |  | 875.2 |  |  | 7,170.7 |
A reconciliation from the segment information to the consolidated balances for income (loss) from operations and total assets is set forth below (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Segment income from operations | $ | 390.2 |  |  | $ | 574.4 |  |  | $ | 739.7 |  |  | $ | 1,033.5 |
Impairment charges | (5.1) |  |  | — |  |  | (5.1) |  |  | — |
Loss on business held for sale | (494.6) |  |  | — |  |  | (494.6) |  |  | — |
Corporate expenses | (62.9) |  |  | (45.0) |  |  | (115.9) |  |  | (87.1) |
Amortization of intangibles | (31.7) |  |  | (14.1) |  |  | (45.6) |  |  | (28.9) |
Stock compensation expense | (7.4) |  |  | (12.8) |  |  | (15.4) |  |  | (26.3) |
Restructuring expenses | (30.2) |  |  | (6.1) |  |  | (31.2) |  |  | (7.5) |
Consolidated income (loss) from operations | $ | (241.7) |  |  | $ | 496.4 |  |  | $ | 31.9 |  |  | $ | 883.7 |
| June 30, 2024 |  | December 31, 2023
Segment assets | $ | 7,458.1 |  |  | $ | 7,170.7 |
Cash and cash equivalents | 657.3 |  |  | 595.5 |
Investments in affiliates | 518.3 |  |  | 512.7 |
Deferred tax assets, other current and noncurrent assets | 1,506.9 |  |  | 1,500.1 |
Assets held for sale(1) | 376.5 |  |  | — |
Intangible assets, net | 689.9 |  |  | 308.8 |
Goodwill | 2,407.8 |  |  | 1,333.4 |
Consolidated total assets | $ | 13,614.8 |  |  | $ | 11,421.2 |
____________________________________ (1) Represents non-segment assets related to the Company's G&P business, which the Company has classified as held for sale as of June 30, 2024. Segment assets include the G&P assets held for sale. Refer to Note 3 for additional information.

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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://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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