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Segment Reporting | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Reporting | SEGMENT REPORTING The Company has four operating segments which 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’s Chief Operating Decision Maker (“CODM”), Eric P. Hansotia, Chairman of the Board, President and Chief Executive Officer, evaluates segment performance primarily based on income from operations. The CODM utilizes income from operations to evaluate each segment’s performance including the allocation of resources. 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 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 years ended December 31, 2024, 2023 and 2022 based on the Company’s reportable segments are as follows (in millions):
Years Ended December 31, |  | North America |  | South America |  | Europe/Middle East |  | Asia/Pacific/Africa |  | Total Segments
2024 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 2,850.3 |  |  | $ | 1,315.9 |  |  | $ | 6,812.9 |  |  | $ | 682.8 |  |  | $ | 11,661.9 |
Cost of goods sold |  | 2,150.3 |  |  | 1,052.6 |  |  | 5,021.7 |  |  | 538.2 |  |  | 8,762.8 |
Selling, general and administrative expenses |  | 378.7 |  |  | 111.5 |  |  | 578.4 |  |  | 98.9 |  |  | 1,167.5 |
Engineering expenses |  | 145.5 |  |  | 47.4 |  |  | 287.1 |  |  | 13.0 |  |  | 493.0 |
Income from operations |  | $ | 175.8 |  |  | $ | 104.4 |  |  | $ | 925.7 |  |  | $ | 32.7 |  |  | $ | 1,238.6 |
Depreciation |  | $ | 63.1 |  |  | $ | 35.1 |  |  | $ | 137.9 |  |  | $ | 15.1 |  |  | $ | 251.2 |
Assets |  | 1,527.9 |  |  | 946.9 |  |  | 2,841.4 |  |  | 697.7 |  |  | 6,013.9 |
Capital expenditures |  | 66.2 |  |  | 44.7 |  |  | 278.8 |  |  | 3.6 |  |  | 393.3 |
2023 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 3,752.7 |  |  | $ | 2,234.2 |  |  | $ | 7,540.5 |  |  | $ | 885.0 |  |  | $ | 14,412.4 |
Cost of goods sold |  | 2,788.6 |  |  | 1,629.9 |  |  | 5,514.0 |  |  | 702.5 |  |  | 10,635.0 |
Selling, general and administrative expenses |  | 353.5 |  |  | 162.6 |  |  | 598.0 |  |  | 90.9 |  |  | 1,205.0 |
Engineering expenses |  | 151.3 |  |  | 55.3 |  |  | 327.9 |  |  | 14.3 |  |  | 548.8 |
Income from operations |  | $ | 459.3 |  |  | $ | 386.4 |  |  | $ | 1,100.6 |  |  | $ | 77.3 |  |  | $ | 2,023.6 |
Depreciation |  | $ | 62.3 |  |  | $ | 35.5 |  |  | $ | 115.6 |  |  | $ | 17.0 |  |  | $ | 230.4 |
Assets |  | 1,883.2 |  |  | 1,394.9 |  |  | 3,017.4 |  |  | 875.2 |  |  | 7,170.7 |
Capital expenditures |  | 122.6 |  |  | 75.8 |  |  | 315.4 |  |  | 4.3 |  |  | 518.1 |
2022 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 3,175.1 |  |  | $ | 2,121.6 |  |  | $ | 6,447.3 |  |  | $ | 907.4 |  |  | $ | 12,651.4 |
Cost of goods sold |  | 2,462.8 |  |  | 1,590.1 |  |  | 4,904.8 |  |  | 692.4 |  |  | 9,650.1 |
Selling, general and administrative expenses |  | 305.3 |  |  | 121.9 |  |  | 492.4 |  |  | 83.8 |  |  | 1,003.4 |
Engineering expenses |  | 128.2 |  |  | 35.7 |  |  | 266.0 |  |  | 14.3 |  |  | 444.2 |
Income from operations |  | $ | 278.8 |  |  | $ | 373.9 |  |  | $ | 784.1 |  |  | $ | 116.9 |  |  | $ | 1,553.7 |
Depreciation |  | $ | 60.5 |  |  | $ | 29.4 |  |  | $ | 104.7 |  |  | $ | 14.9 |  |  | $ | 209.5 |
Assets |  | 1,790.3 |  |  | 1,259.8 |  |  | 2,475.6 |  |  | 650.5 |  |  | 6,176.2 |
Capital expenditures |  | 119.6 |  |  | 54.4 |  |  | 207.4 |  |  | 6.9 |  |  | 388.3 |
A reconciliation from the segment information to the consolidated balances for income (loss) from operations and total assets is set forth below (in millions):
| 2024 |  | 2023 |  | 2022
Segment income from operations | $ | 1,238.6 |  |  | $ | 2,023.6 |  |  | $ | 1,553.7 |
Corporate expenses | (212.3) |  |  | (204.9) |  |  | (153.4) |
Amortization of intangibles | (81.0) |  |  | (57.7) |  |  | (60.1) |
Stock compensation expense | (17.9) |  |  | (44.6) |  |  | (32.7) |
Impairment charges | (369.5) |  |  | (4.1) |  |  | (36.0) |
Restructuring and business optimization expenses | (172.7) |  |  | (11.9) |  |  | (6.1) |
Loss on sale of business | (507.3) |  |  | — |  |  | — |
Consolidated income (loss) from operations | $ | (122.1) |  |  | $ | 1,700.4 |  |  | $ | 1,265.4 |
Segment assets | $ | 6,013.9 |  |  | $ | 7,170.7 |  |  | $ | 6,176.2 |
Cash and cash equivalents | 612.7 |  |  | 595.5 |  |  | 789.5 |
Investments in affiliates | 519.6 |  |  | 512.7 |  |  | 436.9 |
Deferred tax assets, other current and noncurrent assets | 1,495.1 |  |  | 1,500.1 |  |  | 1,025.9 |
Intangible assets, net | 728.9 |  |  | 308.8 |  |  | 364.4 |
Goodwill | 1,820.4 |  |  | 1,333.4 |  |  | 1,310.8 |
Consolidated total assets | $ | 11,190.6 |  |  | $ | 11,421.2 |  |  | $ | 10,103.7 |
Property, plant and equipment, right-of-use lease assets and amortizable intangible assets by country as of December 31, 2024 and 2023 was as follows (in millions):
| 2024 |  | 2023
United States | $ | 945.8 |  |  | $ | 587.3 |
Germany | 658.4 |  |  | 587.7 |
Brazil | 200.6 |  |  | 271.2 |
Finland | 282.2 |  |  | 232.3 |
France | 163.8 |  |  | 143.2 |
Italy | 86.0 |  |  | 109.4 |
China | 59.1 |  |  | 68.8 |
Denmark | 5.2 |  |  | 66.2 |
Other | 231.5 |  |  | 253.9 |
| $ | 2,632.6 |  |  | $ | 2,320.0 |

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- Definition The entire disclosure for reporting segments including data and tables. 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