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Revenue
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue REVENUE
Contract Liabilities

    Contract liabilities relate to the following: (1) unrecognized revenues where 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 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 payment of consideration precedes the Company’s performance with respect to precision agriculture technology services and where the performance obligation is satisfied over time.
    Significant changes in the balance of contract liabilities for the three and six months ended June 30, 2024 and 2023 were as follows (in millions):
Three Months Ended June 30,
20242023
Balance at beginning of period$321.5 $259.6 
Acquisitions
21.0 — 
Advance consideration received53.5 58.0 
Revenue recognized during the period for extended warranty contracts, maintenance services and technology services(45.0)(26.8)
Revenue recognized during the period related to grain storage and protein production systems(7.5)(17.9)
Reclassified to held for sale(1)
(10.5)— 
Foreign currency translation(1.3)1.7 
Balance at June 30$331.7 $274.6 

Six Months Ended June 30,
20242023
Balance at beginning of period$310.7 $239.0 
Acquisitions
21.0 — 
Advance consideration received106.0 116.5 
Revenue recognized during the period for extended warranty contracts, maintenance services and technology services(77.2)(51.7)
Revenue recognized during the period related to grain storage and protein production systems(12.2)(33.9)
Reclassified to held for sale(1)
(10.5)— 
Foreign currency translation(6.1)4.7 
Balance at June 30$331.7 $274.6 
____________________________________
(1) Reclassification resulting from the Company's classification of the G&P business as held for sale. Refer to Note 3 for additional information.

    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 six months ended June 30, 2024, the Company recognized approximately $38.1 million and $71.3 million of revenue that was recorded as a contract liability at the beginning of 2024. During the three and six months ended June 30, 2023, the Company recognized approximately $34.3 million and $70.0 million of revenue that was recorded as a contract liability at the beginning of 2023.

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 June 30, 2024 are $65.5 million for the remainder of 2024, $116.2 million in 2025, $79.3 million in 2026, $41.1 million in 2027 and $19.9 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 June 30, 2024 disaggregated by primary geographical markets and major products consisted of the following (in millions):
North America(1)
South America
Europe/Middle East(1)
Asia/Pacific/Africa(1)
Consolidated
Primary geographical markets:
United States$649.2 $— $— $— $649.2 
Canada151.9 — — — 151.9 
Brazil— 256.2 — — 256.2 
Other South America— 88.6 — — 88.6 
Germany— — 549.3 — 549.3 
France— — 393.3 — 393.3 
United Kingdom and Ireland— — 130.3 — 130.3 
Finland and Scandinavia— — 201.7 — 201.7 
Italy— — 102.8 — 102.8 
Other Europe— — 413.8 — 413.8 
Middle East and Algeria— — 111.8 — 111.8 
Africa— — — 22.7 22.7 
Asia— — — 62.3 62.3 
Australia and New Zealand— — — 72.0 72.0 
Mexico, Central America and Caribbean36.6 4.1 — — 40.7 
$837.8 $348.9 $1,902.9 $157.0 $3,246.6 
Major products:
Tractors$226.9 $207.2 $1,365.0 $83.8 $1,882.9 
Replacement parts117.7 39.6 307.2 23.5 488.0 
Grain storage and protein production systems210.6 33.0 33.4 19.1 296.1 
Combines, application equipment and other machinery282.6 69.1 197.4 30.5 579.6 
$837.8 $348.9 $1,902.9 $157.0 $3,246.6 
____________________________________
(1) Rounding may impact the summation of amounts.
    Net sales for the three months ended June 30, 2023 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
Consolidated(1)
Primary geographical markets:
United States$771.7 $— $— $— $771.7 
Canada184.7 — — — 184.7 
Brazil— 512.0 — — 512.0 
Other South America— 83.4 — — 83.4 
Germany— — 453.2 — 453.2 
France— — 373.7 — 373.7 
United Kingdom and Ireland— — 172.9 — 172.9 
Finland and Scandinavia— — 225.9 — 225.9 
Italy— — 141.6 — 141.6 
Other Europe— — 512.7 — 512.7 
Middle East and Algeria— — 110.8 — 110.8 
Africa— — — 35.1 35.1 
Asia— — — 102.1 102.1 
Australia and New Zealand— — — 99.3 99.3 
Mexico, Central America and Caribbean40.4 3.1 — — 43.5 
$996.8 $598.6 $1,990.8 $236.5 $3,822.7 
Major products:
Tractors$335.4 $371.7 $1,393.3 $131.9 $2,232.3 
Replacement parts130.2 38.9 299.1 23.5 491.7 
Grain storage and protein production systems189.2 38.9 49.7 35.2 313.0 
Combines, application equipment and other machinery342.0 149.1 248.7 45.9 785.7 
$996.8 $598.6 $1,990.8 $236.5 $3,822.7 
____________________________________
(1) Rounding may impact the summation of amounts.
    Net sales for the six months ended June 30, 2024 disaggregated by primary geographical markets and major products consisted of the following (in millions):
North America(1)
South America
Europe/Middle East(1)
Asia/Pacific/Africa(1)
Consolidated
Primary geographical markets:
United States$1,248.0 $— $— $— $1,248.0 
Canada251.8 — — — 251.8 
Brazil— 485.8 — — 485.8 
Other South America— 159.8 — — 159.8 
Germany— — 1,060.6 — 1,060.6 
France— — 718.2 — 718.2 
United Kingdom and Ireland— — 268.7 — 268.7 
Finland and Scandinavia— — 364.8 — 364.8 
Italy— — 172.1 — 172.1 
Other Europe— — 774.4 — 774.4 
Middle East and Algeria— — 273.2 — 273.2 
Africa— — — 46.1 46.1 
Asia— — — 136.9 136.9 
Australia and New Zealand— — — 140.7 140.7 
Mexico, Central America and Caribbean67.5 6.7 — — 74.2 
$1,567.4 $652.3 $3,631.9 $323.7 $6,175.3 
Major products:
Tractors$479.6 $380.1 $2,625.7 $174.7 $3,660.1 
Replacement parts211.7 78.7 584.9 46.4 921.7 
Grain storage and protein production systems339.1 63.4 55.5 43.3 501.3 
Combines, application equipment and other machinery537.0 130.1 365.9 59.2 1,092.2 
$1,567.4 $652.3 $3,631.9 $323.7 $6,175.3 
____________________________________
(1) Rounding may impact the summation of amounts.
    Net sales for the six months ended June 30, 2023 disaggregated by primary geographical markets and major products consisted of the following (in millions):
North AmericaSouth AmericaEurope/Middle EastAsia/Pacific/AfricaConsolidated
Primary geographical markets:
United States$1,531.8 $— $— $— $1,531.8 
Canada312.6 — — — 312.6 
Brazil— 937.5 — — 937.5 
Other South America— 157.1 — — 157.1 
Germany— — 848.6 — 848.6 
France— — 675.1 — 675.1 
United Kingdom and Ireland— — 347.8 — 347.8 
Finland and Scandinavia— — 405.9 — 405.9 
Italy— — 233.8 — 233.8 
Other Europe— — 957.0 — 957.0 
Middle East and Algeria— — 226.4 — 226.4 
Africa— — — 65.5 65.5 
Asia— — — 188.8 188.8 
Australia and New Zealand— — — 185.0 185.0 
Mexico, Central America and Caribbean75.5 7.8 — — 83.3 
$1,919.9 $1,102.4 $3,694.6 $439.3 $7,156.2 
Major products:
Tractors$647.5 $654.6 $2,599.0 $239.1 $4,140.2 
Replacement parts232.0 82.3 582.3 50.8 947.4 
Grain storage and protein production systems336.3 79.6 83.8 69.2 568.9 
Combines, application equipment and other machinery704.1 285.9 429.5 80.2 1,499.7 
$1,919.9 $1,102.4 $3,694.6 $439.3 $7,156.2