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Revenue (Tables)

9 Months Ended

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

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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