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Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Sales Information By Reportable Segments | Segment results for the three and six months ended June 30, 2025 and 2024 and assets as of June 30, 2025 and December 31, 2024 based on the Company’s reportable segments are as follows (in millions):
Three Months Ended June 30, |  | North America |  | South America |  | Europe/Middle East |  | Asia/Pacific/Africa |  | Total Segments |  | Other(1) |  | Total
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 420.9 |  |  | $ | 303.4 |  |  | $ | 1,774.9 |  |  | $ | 135.8 |  |  | $ | 2,635.0 |  |  | $ | — |  |  | $ | 2,635.0 |
Cost of goods sold |  | 327.3 |  |  | 243.8 |  |  | 1,299.3 |  |  | 106.0 |  |  | 1,976.4 |  |  | — |  |  | 1,976.4 |
Selling, general and administrative expenses |  | 80.6 |  |  | 29.8 |  |  | 140.1 |  |  | 17.9 |  |  | 268.4 |  |  | — |  |  | 268.4 |
Engineering expenses |  | 35.1 |  |  | 6.0 |  |  | 74.2 |  |  | 2.5 |  |  | 117.8 |  |  | — |  |  | 117.8 |
Income (loss) from operations |  | $ | (22.1) |  |  | $ | 23.8 |  |  | $ | 261.3 |  |  | $ | 9.4 |  |  | $ | 272.4 |  |  | $ | — |  |  | $ | 272.4 |
Depreciation |  | $ | 14.0 |  |  | $ | 8.1 |  |  | $ | 38.9 |  |  | $ | 3.1 |  |  | $ | 64.1 |  |  | $ | — |  |  | $ | 64.1 |
Capital expenditures |  | 10.3 |  |  | 4.0 |  |  | 27.2 |  |  | 0.7 |  |  | 42.2 |  |  | — |  |  | 42.2 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales(2) |  | $ | 627.2 |  |  | $ | 315.9 |  |  | $ | 1,869.5 |  |  | $ | 143.5 |  |  | $ | 2,956.1 |  |  | $ | 290.5 |  |  | $ | 3,246.6 |
Cost of goods sold |  | 468.9 |  |  | 265.5 |  |  | 1,350.6 |  |  | 110.4 |  |  | 2,195.4 |  |  | 213.7 |  |  | 2,409.1 |
Selling, general and administrative expenses |  | 84.6 |  |  | 31.4 |  |  | 145.4 |  |  | 19.5 |  |  | 280.9 |  |  | 28.6 |  |  | 309.5 |
Engineering expenses |  | 37.5 |  |  | 12.6 |  |  | 77.9 |  |  | 3.2 |  |  | 131.2 |  |  | 6.6 |  |  | 137.8 |
Income from operations(3) |  | $ | 36.2 |  |  | $ | 6.4 |  |  | $ | 295.6 |  |  | $ | 10.4 |  |  | $ | 348.6 |  |  | $ | 41.6 |  |  | $ | 390.2 |
Depreciation |  | $ | 15.1 |  |  | $ | 9.1 |  |  | $ | 33.0 |  |  | $ | 4.6 |  |  | 61.8 |  |  | $ | 3.4 |  |  | $ | 65.2 |
Capital expenditures |  | 17.0 |  |  | 8.0 |  |  | 70.2 |  |  | 1.3 |  |  | 96.5 |  |  | 1.5 |  |  | 98.0 |
____________________________________ (1) “Other” represents the results for the three months ended June 30, 2024 for the majority of the Company’s Grain & Protein (“G&P”) business which was divested on November 1, 2024. The results of the G&P business through the date of the divestiture were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments. (2) Of the $290.5 million of the net sales of the divested G&P business recast to “Other”, $210.6 million, $33.0 million, $33.4 million and $13.5 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively. (3) Of the $41.6 million of the income (loss) from operations of the divested G&P business recast to “Other”, $40.5 million, $6.2 million, $(7.1) million and $2.0 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.
Six Months Ended June 30, |  | North America |  | South America |  | Europe/Middle East |  | Asia/Pacific/Africa |  | Total Segments |  | Other(1) |  | Total
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 816.5 |  |  | $ | 533.3 |  |  | $ | 3,105.4 |  |  | $ | 230.3 |  |  | $ | 4,685.5 |  |  | $ | — |  |  | $ | 4,685.5 |
Cost of goods sold |  | 622.9 |  |  | 429.0 |  |  | 2,270.1 |  |  | 184.3 |  |  | 3,506.3 |  |  | — |  |  | 3,506.3 |
Selling, general and administrative expenses |  | 167.2 |  |  | 62.1 |  |  | 275.3 |  |  | 34.4 |  |  | 539.0 |  |  | — |  |  | 539.0 |
Engineering expenses |  | 68.3 |  |  | 16.3 |  |  | 144.3 |  |  | 4.9 |  |  | 233.8 |  |  | — |  |  | 233.8 |
Income (loss) from operations |  | $ | (41.9) |  |  | $ | 25.9 |  |  | $ | 415.7 |  |  | $ | 6.7 |  |  | $ | 406.4 |  |  | $ | — |  |  | $ | 406.4 |
Depreciation |  | $ | 29.2 |  |  | $ | 16.0 |  |  | $ | 74.0 |  |  | $ | 5.4 |  |  | $ | 124.6 |  |  | $ | — |  |  | $ | 124.6 |
Capital expenditures |  | 16.6 |  |  | 10.6 |  |  | 61.6 |  |  | 1.6 |  |  | 90.4 |  |  | — |  |  | 90.4 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales(2) |  | $ | 1,228.3 |  |  | $ | 588.9 |  |  | $ | 3,576.4 |  |  | $ | 291.1 |  |  | $ | 5,684.7 |  |  | $ | 490.6 |  |  | $ | 6,175.3 |
Cost of goods sold |  | 927.1 |  |  | 489.6 |  |  | 2,550.4 |  |  | 228.3 |  |  | 4,195.4 |  |  | 372.6 |  |  | 4,568.0 |
Selling, general and administrative expenses |  | 166.1 |  |  | 53.8 |  |  | 283.1 |  |  | 37.7 |  |  | 540.7 |  |  | 58.2 |  |  | 598.9 |
Engineering expenses |  | 70.5 |  |  | 27.1 |  |  | 152.2 |  |  | 5.6 |  |  | 255.4 |  |  | 13.3 |  |  | 268.7 |
Income from operations(3) |  | $ | 64.6 |  |  | $ | 18.4 |  |  | $ | 590.7 |  |  | $ | 19.5 |  |  | $ | 693.2 |  |  | $ | 46.5 |  |  | $ | 739.7 |
Depreciation |  | $ | 29.9 |  |  | $ | 18.0 |  |  | $ | 65.1 |  |  | $ | 8.6 |  |  | $ | 121.6 |  |  | $ | 6.9 |  |  | $ | 128.5 |
Capital expenditures |  | 33.3 |  |  | 23.1 |  |  | 131.1 |  |  | 1.9 |  |  | 189.4 |  |  | 3.6 |  |  | 193.0 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of June 30, 2025 |  | $ | 1,524.9 |  |  | $ | 1,046.3 |  |  | $ | 3,187.7 |  |  | $ | 713.9 |  |  | $ | 6,472.8 |  |  | $ | — |  |  | $ | 6,472.8 |
As of December 31, 2024 |  | 1,527.9 |  |  | 946.9 |  |  | 2,841.4 |  |  | 697.7 |  |  | 6,013.9 |  |  | — |  |  | 6,013.9 |
____________________________________ (1) “Other” represents the results for the six months ended June 30, 2024 for the majority of the Company’s G&P business which was divested on November 1, 2024. The results of the G&P business through the date of the divestiture were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments. (2) Of the $490.6 million of the net sales of the divested G&P business recast to “Other”, $339.1 million, $63.4 million, $55.5 million and $32.6 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively. (3) Of the $46.5 million of the income (loss) from operations of the divested G&P business recast to “Other”, $54.5 million, $10.4 million, $(19.3) million and $0.9 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.
Schedule of Reconciliation of Income from Operations from Segment to Consolidated | A reconciliation from the segment information to the consolidated balances for income (loss) from operations is set forth below (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Segment income from operations | $ | 272.4 |  |  | $ | 348.6 |  |  | $ | 406.4 |  |  | $ | 693.2 |
Other(1) | — |  |  | 41.6 |  |  | — |  |  | 46.5 |
Impairment charges | (6.8) |  |  | (5.1) |  |  | (7.9) |  |  | (5.1) |
Loss on sale of business | (12.3) |  |  | (494.6) |  |  | (12.3) |  |  | (494.6) |
Corporate expenses | (47.7) |  |  | (62.9) |  |  | (95.8) |  |  | (115.9) |
Amortization of intangibles | (15.7) |  |  | (31.7) |  |  | (31.0) |  |  | (45.6) |
Stock compensation expense | (10.3) |  |  | (7.4) |  |  | (17.4) |  |  | (15.4) |
Restructuring and business optimization expenses | (15.6) |  |  | (30.2) |  |  | (28.6) |  |  | (31.2) |
Consolidated income (loss) from operations | $ | 164.0 |  |  | $ | (241.7) |  |  | $ | 213.4 |  |  | $ | 31.9 |
____________________________________ (1) “Other” represents the results for the three and six months ended June 30, 2024 for the majority of the Company’s G&P business which was divested on November 1, 2024. The results of the G&P business through the date of the divestiture were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments.

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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