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Revenue | 6 Months Ended
--- | ---
Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue | REVENUE Contract Liabilities Contract liabilities relate to the following: (1) unrecognized revenues where payment of consideration precedes the Company’s performance with respect to extended warranty and maintenance contracts and where the performance obligation is satisfied over time, (2) unrecognized revenues where payment of consideration precedes the Company’s performance with respect to precision agriculture technology services and where the performance obligation is satisfied over time and (3) unrecognized revenues where payment of consideration precedes the Company’s performance with respect to certain grain storage and protein production systems and where the performance obligation is satisfied over time. The Company divested the majority of its Grain & Protein (“G&P”) business on November 1, 2024. Significant changes in the balance of contract liabilities for the three and six months ended June 30, 2025 and 2024 were as follows (in millions):
| Three Months Ended June 30,
| 2025 |  | 2024
Balance at beginning of period | $ | 359.8 |  |  | $ | 321.5 |
Acquisitions | — |  |  | 21.0 |
Advance consideration received | 57.9 |  |  | 53.5 |
Revenue recognized during the period for extended warranty contracts, maintenance services and technology services | (57.1) |  |  | (45.0) |
Revenue recognized during the period related to grain storage and protein production systems | (0.5) |  |  | (7.5) |
Reclassified to held for sale(1) | — |  |  | (10.5) |
Foreign currency translation | 17.6 |  |  | (1.3) |
Balance at June 30 | $ | 377.7 |  |  | $ | 331.7 |
| Six Months Ended June 30,
| 2025 |  | 2024
Balance at beginning of period | $ | 341.5 |  |  | $ | 310.7 |
Acquisitions | — |  |  | 21.0 |
Advance consideration received | 105.5 |  |  | 106.0 |
Revenue recognized during the period for extended warranty contracts, maintenance services and technology services | (94.8) |  |  | (77.2) |
Revenue recognized during the period related to grain storage and protein production systems | (0.9) |  |  | (12.2) |
Reclassified to held for sale(1) | — |  |  | (10.5) |
Foreign currency translation | 26.4 |  |  | (6.1) |
Balance at June 30 | $ | 377.7 |  |  | $ | 331.7 |
__________________________________ (1) Reclassification resulting from the Company's classification of the majority of the G&P business as held for sale as of June 30, 2024. The Company divested the majority of its G&P business on November 1, 2024. Refer to Note 3 for additional information. The contract liabilities are classified as either “Accrued expenses” or “Other current liabilities” and “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets. During the three and six months ended June 30, 2025, the Company recognized approximately $51.0 million and $86.5 million of revenue that was recorded as a contract liability at the beg inning of 2025. During the three and six months ended June 30, 2024, the Company recognized approximately $38.1 million and $71.3 million of revenue that was recorded as a contract liability at the beginning of 2024. Remaining Performance Obligations The estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of June 30, 2025 are $81.7 million for the remainder of 2025, $134.1 million in 2026, $88.3 million in 2027, $43.2 million in 2028 and $21.8 million ther eafter, and relate primarily to extended warranty contracts. The Company applied the practical expedient in ASU 2014-09 and has not disclosed information about remaining performance obligations that have original expected durations of 12 months or less. Disaggregated Revenue Net sales for the three months ended June 30, 2025 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 |  | $ | 302.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 302.5 |  |  |
Canada |  | 91.4 |  |  | — |  |  | — |  |  | — |  |  | 91.4 |  |  |
Brazil |  | — |  |  | 222.8 |  |  | — |  |  | — |  |  | 222.8 |  |  |
Other South America |  | — |  |  | 78.8 |  |  | — |  |  | — |  |  | 78.8 |  |  |
Germany |  | — |  |  | — |  |  | 465.6 |  |  | — |  |  | 465.6 |  |  |
France |  | — |  |  | — |  |  | 316.5 |  |  | — |  |  | 316.5 |  |  |
United Kingdom and Ireland |  | — |  |  | — |  |  | 144.2 |  |  | — |  |  | 144.2 |  |  |
Finland and Scandinavia |  | — |  |  | — |  |  | 211.2 |  |  | — |  |  | 211.2 |  |  |
Italy |  | — |  |  | — |  |  | 108.3 |  |  | — |  |  | 108.3 |  |  |
Other Europe |  | — |  |  | — |  |  | 441.1 |  |  | — |  |  | 441.1 |  |  |
Middle East and Algeria |  | — |  |  | — |  |  | 88.0 |  |  | — |  |  | 88.0 |  |  |
Africa |  | — |  |  | — |  |  | — |  |  | 29.4 |  |  | 29.4 |  |  |
Asia |  | — |  |  | — |  |  | — |  |  | 50.6 |  |  | 50.6 |  |  |
Australia and New Zealand |  | — |  |  | — |  |  | — |  |  | 55.8 |  |  | 55.8 |  |  |
Mexico, Central America and Caribbean |  | 27.0 |  |  | 1.8 |  |  | — |  |  | — |  |  | 28.8 |  |  |
|  | $ | 420.9 |  |  | $ | 303.4 |  |  | $ | 1,774.9 |  |  | $ | 135.8 |  |  | $ | 2,635.0 |  |  |
Major products: |  |  |  |  |  |  |  |  |  |  |  |
Tractors |  | $ | 153.7 |  |  | $ | 195.4 |  |  | $ | 1,259.2 |  |  | $ | 89.9 |  |  | $ | 1,698.2 |  |  |
Replacement parts |  | 111.1 |  |  | 39.2 |  |  | 327.9 |  |  | 24.2 |  |  | 502.4 |  |  |
Grain storage and protein production systems |  | — |  |  | — |  |  | — |  |  | 0.2 |  |  | 0.2 |  |  |
Combines, application equipment and other machinery |  | 156.1 |  |  | 68.8 |  |  | 187.8 |  |  | 21.5 |  |  | 434.2 |  |  |
|  | $ | 420.9 |  |  | $ | 303.4 |  |  | $ | 1,774.9 |  |  | $ | 135.8 |  |  | $ | 2,635.0 |  |  |
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) |  | Total Segments |  | Other(2) |  | Consolidated
Primary geographical markets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 471.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 471.0 |  |  | $ | 178.2 |  |  | $ | 649.2 |
Canada |  | 124.2 |  |  | — |  |  | — |  |  | — |  |  | 124.2 |  |  | 27.7 |  |  | 151.9 |
Brazil |  | — |  |  | 228.9 |  |  | — |  |  | — |  |  | 228.9 |  |  | 27.3 |  |  | 256.2 |
Other South America |  | — |  |  | 84.1 |  |  | — |  |  | — |  |  | 84.1 |  |  | 4.5 |  |  | 88.6 |
Germany |  | — |  |  | — |  |  | 546.9 |  |  | — |  |  | 546.9 |  |  | 2.4 |  |  | 549.3 |
France |  | — |  |  | — |  |  | 390.5 |  |  | — |  |  | 390.5 |  |  | 2.8 |  |  | 393.3 |
United Kingdom and Ireland |  | — |  |  | — |  |  | 128.6 |  |  | — |  |  | 128.6 |  |  | 1.7 |  |  | 130.3 |
Finland and Scandinavia |  | — |  |  | — |  |  | 198.3 |  |  | — |  |  | 198.3 |  |  | 3.4 |  |  | 201.7 |
Italy |  | — |  |  | — |  |  | 95.0 |  |  | — |  |  | 95.0 |  |  | 7.8 |  |  | 102.8 |
Other Europe |  | — |  |  | — |  |  | 399.5 |  |  | — |  |  | 399.5 |  |  | 14.3 |  |  | 413.8 |
Middle East and Algeria |  | — |  |  | — |  |  | 110.8 |  |  | — |  |  | 110.8 |  |  | 1.0 |  |  | 111.8 |
Africa |  | — |  |  | — |  |  | — |  |  | 20.7 |  |  | 20.7 |  |  | 2.0 |  |  | 22.7 |
Asia |  | — |  |  | — |  |  | — |  |  | 52.9 |  |  | 52.9 |  |  | 9.4 |  |  | 62.3 |
Australia and New Zealand |  | — |  |  | — |  |  | — |  |  | 69.9 |  |  | 69.9 |  |  | 2.1 |  |  | 72.0 |
Mexico, Central America and Caribbean |  | 31.9 |  |  | 2.9 |  |  | — |  |  | — |  |  | 34.8 |  |  | 5.9 |  |  | 40.7 |
|  | $ | 627.2 |  |  | $ | 315.9 |  |  | $ | 1,869.5 |  |  | $ | 143.5 |  |  | $ | 2,956.1 |  |  | $ | 290.5 |  |  | $ | 3,246.6 |
Major products: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tractors |  | $ | 226.9 |  |  | $ | 207.2 |  |  | $ | 1,365.0 |  |  | $ | 83.8 |  |  | $ | 1,882.9 |  |  | $ | — |  |  | $ | 1,882.9 |
Replacement parts |  | 117.7 |  |  | 39.6 |  |  | 307.2 |  |  | 23.5 |  |  | 488.0 |  |  | — |  |  | 488.0 |
Grain storage and protein production systems |  | — |  |  | — |  |  | — |  |  | 5.6 |  |  | 5.6 |  |  | 290.5 |  |  | 296.1 |
Combines, application equipment and other machinery |  | 282.6 |  |  | 69.1 |  |  | 197.4 |  |  | 30.5 |  |  | 579.6 |  |  | — |  |  | 579.6 |
|  | $ | 627.2 |  |  | $ | 315.9 |  |  | $ | 1,869.5 |  |  | $ | 143.5 |  |  | $ | 2,956.1 |  |  | $ | 290.5 |  |  | $ | 3,246.6 |
____________________________________ (1) Rounding may impact summation of amounts. (2) “Other” represents the results for the three 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. Net sales for the six months ended June 30, 2025 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 |  | $ | 595.3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 595.3 |
Canada |  | 168.1 |  |  | — |  |  | — |  |  | — |  |  | 168.1 |
Brazil |  | — |  |  | 392.1 |  |  | — |  |  | — |  |  | 392.1 |
Other South America |  | — |  |  | 136.5 |  |  | — |  |  | — |  |  | 136.5 |
Germany |  | — |  |  | — |  |  | 759.5 |  |  | — |  |  | 759.5 |
France |  | — |  |  | — |  |  | 587.2 |  |  | — |  |  | 587.2 |
United Kingdom and Ireland |  | — |  |  | — |  |  | 252.2 |  |  | — |  |  | 252.2 |
Finland and Scandinavia |  | — |  |  | — |  |  | 383.1 |  |  | — |  |  | 383.1 |
Italy |  | — |  |  | — |  |  | 174.2 |  |  | — |  |  | 174.2 |
Other Europe |  | — |  |  | — |  |  | 787.9 |  |  | — |  |  | 787.9 |
Middle East and Algeria |  | — |  |  | — |  |  | 161.3 |  |  | — |  |  | 161.3 |
Africa |  | — |  |  | — |  |  | — |  |  | 44.7 |  |  | 44.7 |
Asia |  | — |  |  | — |  |  | — |  |  | 83.7 |  |  | 83.7 |
Australia and New Zealand |  | — |  |  | — |  |  | — |  |  | 101.9 |  |  | 101.9 |
Mexico, Central America and Caribbean |  | 53.1 |  |  | 4.7 |  |  | — |  |  | — |  |  | 57.8 |
|  | $ | 816.5 |  |  | $ | 533.3 |  |  | $ | 3,105.4 |  |  | $ | 230.3 |  |  | $ | 4,685.5 |
Major products: |  |  |  |  |  |  |  |  |  |
Tractors |  | $ | 294.7 |  |  | $ | 344.2 |  |  | $ | 2,169.5 |  |  | $ | 143.9 |  |  | $ | 2,952.3 |
Replacement parts |  | 199.5 |  |  | 76.4 |  |  | 612.2 |  |  | 46.9 |  |  | 935.0 |
Grain storage and protein production systems |  | — |  |  | — |  |  | — |  |  | 1.1 |  |  | 1.1 |
Combines, application equipment and other machinery |  | 322.3 |  |  | 112.7 |  |  | 323.7 |  |  | 38.4 |  |  | 797.1 |
|  | $ | 816.5 |  |  | $ | 533.3 |  |  | $ | 3,105.4 |  |  | $ | 230.3 |  |  | $ | 4,685.5 |
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) |  | Total Segments |  | Other(2) |  | Consolidated
Primary geographical markets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 953.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 953.5 |  |  | $ | 294.5 |  |  | $ | 1,248.0 |
Canada |  | 215.4 |  |  | — |  |  | — |  |  | — |  |  | 215.4 |  |  | 36.4 |  |  | 251.8 |
Brazil |  | — |  |  | 433.6 |  |  | — |  |  | — |  |  | 433.6 |  |  | 52.2 |  |  | 485.8 |
Other South America |  | — |  |  | 150.5 |  |  | — |  |  | — |  |  | 150.5 |  |  | 9.3 |  |  | 159.8 |
Germany |  | — |  |  | — |  |  | 1,052.3 |  |  | — |  |  | 1,052.3 |  |  | 8.3 |  |  | 1,060.6 |
France |  | — |  |  | — |  |  | 714.4 |  |  | — |  |  | 714.4 |  |  | 3.8 |  |  | 718.2 |
United Kingdom and Ireland |  | — |  |  | — |  |  | 266.3 |  |  | — |  |  | 266.3 |  |  | 2.4 |  |  | 268.7 |
Finland and Scandinavia |  | — |  |  | — |  |  | 360.3 |  |  | — |  |  | 360.3 |  |  | 4.5 |  |  | 364.8 |
Italy |  | — |  |  | — |  |  | 159.6 |  |  | — |  |  | 159.6 |  |  | 12.5 |  |  | 172.1 |
Other Europe |  | — |  |  | — |  |  | 752.2 |  |  | — |  |  | 752.2 |  |  | 22.2 |  |  | 774.4 |
Middle East and Algeria |  | — |  |  | — |  |  | 271.4 |  |  | — |  |  | 271.4 |  |  | 1.8 |  |  | 273.2 |
Africa |  | — |  |  | — |  |  | — |  |  | 39.5 |  |  | 39.5 |  |  | 6.6 |  |  | 46.1 |
Asia |  | — |  |  | — |  |  | — |  |  | 113.3 |  |  | 113.3 |  |  | 23.6 |  |  | 136.9 |
Australia and New Zealand |  | — |  |  | — |  |  | — |  |  | 138.3 |  |  | 138.3 |  |  | 2.4 |  |  | 140.7 |
Mexico, Central America and Caribbean |  | 59.3 |  |  | 4.8 |  |  | — |  |  | — |  |  | 64.1 |  |  | 10.1 |  |  | 74.2 |
|  | $ | 1,228.3 |  |  | $ | 588.9 |  |  | $ | 3,576.4 |  |  | $ | 291.1 |  |  | $ | 5,684.7 |  |  | $ | 490.6 |  |  | $ | 6,175.3 |
Major products: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tractors |  | $ | 479.6 |  |  | $ | 380.1 |  |  | $ | 2,625.7 |  |  | $ | 174.7 |  |  | $ | 3,660.1 |  |  | $ | — |  |  | $ | 3,660.1 |
Replacement parts |  | 211.7 |  |  | 78.7 |  |  | 584.9 |  |  | 46.4 |  |  | 921.7 |  |  | — |  |  | 921.7 |
Grain storage and protein production systems |  | — |  |  | — |  |  | — |  |  | 10.7 |  |  | 10.7 |  |  | 490.6 |  |  | 501.3 |
Combines, application equipment and other machinery |  | 537.0 |  |  | 130.1 |  |  | 365.9 |  |  | 59.2 |  |  | 1,092.2 |  |  | — |  |  | 1,092.2 |
|  | $ | 1,228.3 |  |  | $ | 588.9 |  |  | $ | 3,576.4 |  |  | $ | 291.1 |  |  | $ | 5,684.7 |  |  | $ | 490.6 |  |  | $ | 6,175.3 |
____________________________________ (1) Rounding may impact summation of amounts. (2) “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.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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