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v3.24.3

Revenue (Tables) | 9 Months Ended
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Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
Changes in Contract Liabilities | Significant changes in the balance of contract liabilities for the three and nine months ended September 30, 2024 and 2023 were as follows (in millions):
| Three Months Ended September 30,
| 2024 |  | 2023
Balance at beginning of period | $ | 331.7 |  |  | $ | 274.6 |
Advance consideration received | 50.4 |  |  | 47.7 |
Revenue recognized during the period for extended warranty contracts, maintenance services and technology services | (40.0) |  |  | (25.1) |
Revenue recognized during the period related to grain storage and protein production systems | (4.0) |  |  | (6.8) |
Reclassified to held for sale(1) | (0.4) |  |  | — |
Foreign currency translation | 8.9 |  |  | (5.8) |
Balance at September 30 | $ | 346.6 |  |  | $ | 284.6 |
| Nine Months Ended September 30,
| 2024 |  | 2023
Balance at beginning of period | $ | 310.7 |  |  | $ | 239.0 |
Acquisitions | 21.0 |  |  | — |
Advance consideration received | 156.4 |  |  | 164.2 |
Revenue recognized during the period for extended warranty contracts, maintenance services and technology services | (117.2) |  |  | (76.8) |
Revenue recognized during the period related to grain storage and protein production systems | (16.2) |  |  | (40.7) |
Reclassified to held for sale(1) | (10.9) |  |  | — |
Foreign currency translation | 2.8 |  |  | (1.1) |
Balance at September 30 | $ | 346.6 |  |  | $ | 284.6 |
____________________________________ (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 September 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 |  | $ | 580.7 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 580.7 |
Canada |  | 123.2 |  |  | — |  |  | — |  |  | — |  |  | 123.2 |
Brazil |  | — |  |  | 270.6 |  |  | — |  |  | — |  |  | 270.6 |
Other South America |  | — |  |  | 106.7 |  |  | — |  |  | — |  |  | 106.7 |
Germany |  | — |  |  | — |  |  | 294.5 |  |  | — |  |  | 294.5 |
France |  | — |  |  | — |  |  | 257.4 |  |  | — |  |  | 257.4 |
United Kingdom and Ireland |  | — |  |  | — |  |  | 126.5 |  |  | — |  |  | 126.5 |
Finland and Scandinavia |  | — |  |  | — |  |  | 168.1 |  |  | — |  |  | 168.1 |
Italy |  | — |  |  | — |  |  | 74.3 |  |  | — |  |  | 74.3 |
Other Europe |  | — |  |  | — |  |  | 315.4 |  |  | — |  |  | 315.4 |
Middle East and Algeria |  | — |  |  | — |  |  | 61.9 |  |  | — |  |  | 61.9 |
Africa |  | — |  |  | — |  |  | — |  |  | 28.9 |  |  | 28.9 |
Asia |  | — |  |  | — |  |  | — |  |  | 64.8 |  |  | 64.8 |
Australia and New Zealand |  | — |  |  | — |  |  | — |  |  | 89.7 |  |  | 89.7 |
Mexico, Central America and Caribbean |  | 32.3 |  |  | 4.3 |  |  | — |  |  | — |  |  | 36.6 |
|  | $ | 736.1 |  |  | $ | 381.6 |  |  | $ | 1,298.2 |  |  | $ | 183.4 |  |  | $ | 2,599.3 |
Major products: |  |  |  |  |  |  |  |  |  |
Tractors |  | $ | 238.4 |  |  | $ | 224.0 |  |  | $ | 842.8 |  |  | $ | 99.3 |  |  | $ | 1,404.5 |
Replacement parts |  | 109.6 |  |  | 40.6 |  |  | 311.1 |  |  | 27.0 |  |  | 488.3 |
Grain storage and protein production systems |  | 171.7 |  |  | 30.8 |  |  | 32.2 |  |  | 20.8 |  |  | 255.5 |
Combines, application equipment and other machinery |  | 216.4 |  |  | 86.2 |  |  | 112.0 |  |  | 36.4 |  |  | 451.0 |
|  | $ | 736.1 |  |  | $ | 381.6 |  |  | $ | 1,298.2 |  |  | $ | 183.4 |  |  | $ | 2,599.3 |
____________________________________ (1) Rounding may impact the summation of amounts. Net sales for the three months ended September 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 |  | $ | 744.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 744.6 |
Canada |  | 157.3 |  |  | — |  |  | — |  |  | — |  |  | 157.3 |
Brazil |  | — |  |  | 600.3 |  |  | — |  |  | — |  |  | 600.3 |
Other South America |  | — |  |  | 115.9 |  |  | — |  |  | — |  |  | 115.9 |
Germany |  | — |  |  | — |  |  | 342.3 |  |  | — |  |  | 342.3 |
France |  | — |  |  | — |  |  | 339.2 |  |  | — |  |  | 339.2 |
United Kingdom and Ireland |  | — |  |  | — |  |  | 134.3 |  |  | — |  |  | 134.3 |
Finland and Scandinavia |  | — |  |  | — |  |  | 181.5 |  |  | — |  |  | 181.5 |
Italy |  | — |  |  | — |  |  | 103.4 |  |  | — |  |  | 103.4 |
Other Europe |  | — |  |  | — |  |  | 398.2 |  |  | — |  |  | 398.2 |
Middle East and Algeria |  | — |  |  | — |  |  | 88.0 |  |  | — |  |  | 88.0 |
Africa |  | — |  |  | — |  |  | — |  |  | 40.9 |  |  | 40.9 |
Asia |  | — |  |  | — |  |  | — |  |  | 72.7 |  |  | 72.7 |
Australia and New Zealand |  | — |  |  | — |  |  | — |  |  | 94.1 |  |  | 94.1 |
Mexico, Central America and Caribbean |  | 39.2 |  |  | 3.6 |  |  | — |  |  | — |  |  | 42.8 |
|  | $ | 941.1 |  |  | $ | 719.8 |  |  | $ | 1,586.9 |  |  | $ | 207.7 |  |  | $ | 3,455.5 |
Major products: |  |  |  |  |  |  |  |  |  |
Tractors |  | $ | 347.5 |  |  | $ | 418.3 |  |  | $ | 1,126.4 |  |  | $ | 116.9 |  |  | $ | 2,009.1 |
Replacement parts |  | 107.1 |  |  | 41.8 |  |  | 292.6 |  |  | 26.0 |  |  | 467.5 |
Grain storage and protein production systems |  | 169.8 |  |  | 33.0 |  |  | 32.9 |  |  | 25.5 |  |  | 261.2 |
Combines, application equipment and other machinery |  | 316.7 |  |  | 226.7 |  |  | 135.0 |  |  | 39.3 |  |  | 717.7 |
|  | $ | 941.1 |  |  | $ | 719.8 |  |  | $ | 1,586.9 |  |  | $ | 207.7 |  |  | $ | 3,455.5 |
Net sales for the nine months ended September 30, 2024 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 |  | $ | 1,828.7 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,828.7 |
Canada |  | 375.0 |  |  | — |  |  | — |  |  | — |  |  | 375.0 |
Brazil |  | — |  |  | 756.4 |  |  | — |  |  | — |  |  | 756.4 |
Other South America |  | — |  |  | 266.5 |  |  | — |  |  | — |  |  | 266.5 |
Germany |  | — |  |  | — |  |  | 1,355.1 |  |  | — |  |  | 1,355.1 |
France |  | — |  |  | — |  |  | 975.6 |  |  | — |  |  | 975.6 |
United Kingdom and Ireland |  | — |  |  | — |  |  | 395.2 |  |  | — |  |  | 395.2 |
Finland and Scandinavia |  | — |  |  | — |  |  | 532.9 |  |  | — |  |  | 532.9 |
Italy |  | — |  |  | — |  |  | 246.4 |  |  | — |  |  | 246.4 |
Other Europe |  | — |  |  | — |  |  | 1,089.8 |  |  | — |  |  | 1,089.8 |
Middle East and Algeria |  | — |  |  | — |  |  | 335.1 |  |  | — |  |  | 335.1 |
Africa |  | — |  |  | — |  |  | — |  |  | 75.0 |  |  | 75.0 |
Asia |  | — |  |  | — |  |  | — |  |  | 201.7 |  |  | 201.7 |
Australia and New Zealand |  | — |  |  | — |  |  | — |  |  | 230.4 |  |  | 230.4 |
Mexico, Central America and Caribbean |  | 99.8 |  |  | 11.0 |  |  | — |  |  | — |  |  | 110.8 |
|  | $ | 2,303.5 |  |  | $ | 1,033.9 |  |  | $ | 4,930.1 |  |  | $ | 507.1 |  |  | $ | 8,774.6 |
Major products: |  |  |  |  |  |  |  |  |  |
Tractors |  | $ | 718.0 |  |  | $ | 604.1 |  |  | $ | 3,468.5 |  |  | $ | 274.0 |  |  | $ | 5,064.6 |
Replacement parts |  | 321.3 |  |  | 119.3 |  |  | 896.0 |  |  | 73.4 |  |  | 1,410.0 |
Grain storage and protein production systems |  | 510.8 |  |  | 94.2 |  |  | 87.7 |  |  | 64.1 |  |  | 756.8 |
Combines, application equipment and other machinery |  | 753.4 |  |  | 216.3 |  |  | 477.9 |  |  | 95.6 |  |  | 1,543.2 |
|  | $ | 2,303.5 |  |  | $ | 1,033.9 |  |  | $ | 4,930.1 |  |  | $ | 507.1 |  |  | $ | 8,774.6 |
Net sales for the nine months ended September 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 |  | $ | 2,276.4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,276.4 |
Canada |  | 469.9 |  |  | — |  |  | — |  |  | — |  |  | 469.9 |
Brazil |  | — |  |  | 1,537.8 |  |  | — |  |  | — |  |  | 1,537.8 |
Other South America |  | — |  |  | 273.0 |  |  | — |  |  | — |  |  | 273.0 |
Germany |  | — |  |  | — |  |  | 1,190.9 |  |  | — |  |  | 1,190.9 |
France |  | — |  |  | — |  |  | 1,014.3 |  |  | — |  |  | 1,014.3 |
United Kingdom and Ireland |  | — |  |  | — |  |  | 482.1 |  |  | — |  |  | 482.1 |
Finland and Scandinavia |  | — |  |  | — |  |  | 587.4 |  |  | — |  |  | 587.4 |
Italy |  | — |  |  | — |  |  | 337.2 |  |  | — |  |  | 337.2 |
Other Europe |  | — |  |  | — |  |  | 1,355.2 |  |  | — |  |  | 1,355.2 |
Middle East and Algeria |  | — |  |  | — |  |  | 314.4 |  |  | — |  |  | 314.4 |
Africa |  | — |  |  | — |  |  | — |  |  | 106.4 |  |  | 106.4 |
Asia |  | — |  |  | — |  |  | — |  |  | 261.5 |  |  | 261.5 |
Australia and New Zealand |  | — |  |  | — |  |  | — |  |  | 279.1 |  |  | 279.1 |
Mexico, Central America and Caribbean |  | 114.7 |  |  | 11.4 |  |  | — |  |  | — |  |  | 126.1 |
|  | $ | 2,861.0 |  |  | $ | 1,822.2 |  |  | $ | 5,281.5 |  |  | $ | 647.0 |  |  | $ | 10,611.7 |
Major products: |  |  |  |  |  |  |  |  |  |
Tractors |  | $ | 995.0 |  |  | $ | 1,072.9 |  |  | $ | 3,725.4 |  |  | $ | 356.0 |  |  | $ | 6,149.3 |
Replacement parts |  | 339.1 |  |  | 124.1 |  |  | 874.9 |  |  | 76.8 |  |  | 1,414.9 |
Grain storage and protein production systems |  | 506.1 |  |  | 112.6 |  |  | 116.7 |  |  | 94.7 |  |  | 830.1 |
Combines, application equipment and other machinery |  | 1,020.8 |  |  | 512.6 |  |  | 564.5 |  |  | 119.5 |  |  | 2,217.4 |
|  | $ | 2,861.0 |  |  | $ | 1,822.2 |  |  | $ | 5,281.5 |  |  | $ | 647.0 |  |  | $ | 10,611.7 |

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