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Revenue (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Changes in Contract Liabilities

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,
			2024						2023
Balance at beginning of period			$	321.5					$	259.6
Acquisitions			21.0						—
Advance consideration received			53.5						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,
			2024						2023
Balance at beginning of period			$	310.7					$	239.0
Acquisitions			21.0						—
Advance consideration received			106.0						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.

Disaggregation of 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
Canada						151.9						—						—						—						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 Caribbean						36.6						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 parts						117.7						39.6						307.2						23.5						488.0
Grain storage and protein production systems						210.6						33.0						33.4						19.1						296.1
Combines, application equipment and other machinery						282.6						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
Canada						184.7						—						—						—						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 Caribbean						40.4						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 parts						130.2						38.9						299.1						23.5						491.7
Grain storage and protein production systems						189.2						38.9						49.7						35.2						313.0
Combines, application equipment and other machinery						342.0						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
Canada						251.8						—						—						—						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 Caribbean						67.5						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 parts						211.7						78.7						584.9						46.4						921.7
Grain storage and protein production systems						339.1						63.4						55.5						43.3						501.3
Combines, application equipment and other machinery						537.0						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 America						South America						Europe/Middle East						Asia/Pacific/Africa						Consolidated
Primary geographical markets:
United States						$	1,531.8					$	—					$	—					$	—					$	1,531.8
Canada						312.6						—						—						—						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 Caribbean						75.5						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 parts						232.0						82.3						582.3						50.8						947.4
Grain storage and protein production systems						336.3						79.6						83.8						69.2						568.9
Combines, application equipment and other machinery						704.1						285.9						429.5						80.2						1,499.7
						$	1,919.9					$	1,102.4					$	3,694.6					$	439.3					$	7,156.2

X

- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

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X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

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- References

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