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Segment Reporting | 9 Months Ended
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Sep. 30, 2025
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 generally charged to each segment based on the region and division where the expenses are incurred. As a result, the components of income (loss) from operations for one segment may not be comparable to another segment. Segment results for the three and nine months ended September 30, 2025 and 2024 and assets as of September 30, 2025 and December 31, 2024 based on the Company’s reportable segments are as follows (in millions):
Three Months Ended September 30, |  | North America |  | South America |  | Europe/Middle East |  | Asia/Pacific/Africa |  | Total Segments |  | Other(1) |  | Total
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 383.0 |  |  | $ | 322.4 |  |  | $ | 1,613.8 |  |  | $ | 157.1 |  |  | $ | 2,476.3 |  |  | $ | — |  |  | $ | 2,476.3 |
Cost of goods sold |  | 302.5 |  |  | 259.1 |  |  | 1,143.9 |  |  | 124.3 |  |  | 1,829.8 |  |  | — |  |  | 1,829.8 |
Selling, general and administrative expenses |  | 84.6 |  |  | 32.7 |  |  | 146.0 |  |  | 21.7 |  |  | 285.0 |  |  | — |  |  | 285.0 |
Engineering expenses |  | 36.0 |  |  | 12.1 |  |  | 71.5 |  |  | 3.4 |  |  | 123.0 |  |  | — |  |  | 123.0 |
Income (loss) from operations |  | $ | (40.1) |  |  | $ | 18.5 |  |  | $ | 252.4 |  |  | $ | 7.7 |  |  | $ | 238.5 |  |  | $ | — |  |  | $ | 238.5 |
Depreciation |  | $ | 14.8 |  |  | $ | 8.5 |  |  | $ | 36.4 |  |  | $ | 3.0 |  |  | $ | 62.7 |  |  | $ | — |  |  | $ | 62.7 |
Capital expenditures |  | 9.9 |  |  | 9.1 |  |  | 49.5 |  |  | 0.4 |  |  | 68.9 |  |  | — |  |  | 68.9 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales(2) |  | $ | 564.4 |  |  | $ | 350.8 |  |  | $ | 1,266.0 |  |  | $ | 166.9 |  |  | $ | 2,348.1 |  |  | $ | 251.2 |  |  | $ | 2,599.3 |
Cost of goods sold |  | 426.1 |  |  | 272.1 |  |  | 974.1 |  |  | 135.1 |  |  | 1,807.4 |  |  | 188.8 |  |  | 1,996.2 |
Selling, general and administrative expenses |  | 90.7 |  |  | 24.7 |  |  | 134.9 |  |  | 21.8 |  |  | 272.1 |  |  | 21.9 |  |  | 294.0 |
Engineering expenses |  | 31.3 |  |  | 12.9 |  |  | 67.7 |  |  | 3.2 |  |  | 115.1 |  |  | 6.2 |  |  | 121.3 |
Income from operations(3) |  | $ | 16.3 |  |  | $ | 41.1 |  |  | $ | 89.3 |  |  | $ | 6.8 |  |  | $ | 153.5 |  |  | $ | 34.3 |  |  | $ | 187.8 |
Depreciation |  | $ | 15.6 |  |  | $ | 8.5 |  |  | $ | 33.2 |  |  | $ | 3.6 |  |  | $ | 60.9 |  |  | $ | — |  |  | $ | 60.9 |
Capital expenditures |  | 9.0 |  |  | 9.1 |  |  | 64.7 |  |  | 0.9 |  |  | 83.7 |  |  | 2.6 |  |  | 86.3 |
____________________________________ (1) “Other” represents the results for the three months ended September 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 $251.2 million of the net sales of the divested G&P business recast to “Other”, $171.7 million, $30.8 million, $32.2 million and $16.5 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively. (3) Of the $34.3 million of the income (loss) from operations of the divested G&P business recast to “Other”, $36.4 million, $4.0 million, $(6.3) million and $0.2 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.
Nine Months Ended September 30, |  | North America |  | South America |  | Europe/Middle East |  | Asia/Pacific/Africa |  | Total Segments |  | Other(1) |  | Total
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 1,199.5 |  |  | $ | 855.7 |  |  | $ | 4,719.2 |  |  | $ | 387.4 |  |  | $ | 7,161.8 |  |  | $ | — |  |  | $ | 7,161.8 |
Cost of goods sold |  | 925.4 |  |  | 688.1 |  |  | 3,414.0 |  |  | 308.6 |  |  | 5,336.1 |  |  | — |  |  | 5,336.1 |
Selling, general and administrative expenses |  | 251.8 |  |  | 94.8 |  |  | 421.3 |  |  | 56.1 |  |  | 824.0 |  |  | — |  |  | 824.0 |
Engineering expenses |  | 104.3 |  |  | 28.4 |  |  | 215.8 |  |  | 8.3 |  |  | 356.8 |  |  | — |  |  | 356.8 |
Income (loss) from operations |  | $ | (82.0) |  |  | $ | 44.4 |  |  | $ | 668.1 |  |  | $ | 14.4 |  |  | $ | 644.9 |  |  | $ | — |  |  | $ | 644.9 |
Depreciation |  | $ | 44.0 |  |  | $ | 24.5 |  |  | $ | 110.4 |  |  | $ | 8.4 |  |  | $ | 187.3 |  |  | $ | — |  |  | $ | 187.3 |
Capital expenditures |  | 26.5 |  |  | 19.7 |  |  | 111.1 |  |  | 2.0 |  |  | 159.3 |  |  | — |  |  | 159.3 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales(2) |  | $ | 1,792.7 |  |  | $ | 939.7 |  |  | $ | 4,842.4 |  |  | $ | 458.0 |  |  | $ | 8,032.8 |  |  | $ | 741.8 |  |  | $ | 8,774.6 |
Cost of goods sold |  | 1,353.2 |  |  | 761.7 |  |  | 3,524.5 |  |  | 363.4 |  |  | 6,002.8 |  |  | 561.4 |  |  | 6,564.2 |
Selling, general and administrative expenses |  | 256.8 |  |  | 78.5 |  |  | 418.0 |  |  | 59.5 |  |  | 812.8 |  |  | 80.1 |  |  | 892.9 |
Engineering expenses |  | 101.8 |  |  | 40.0 |  |  | 219.9 |  |  | 8.8 |  |  | 370.5 |  |  | 19.5 |  |  | 390.0 |
Income from operations(3) |  | $ | 80.9 |  |  | $ | 59.5 |  |  | $ | 680.0 |  |  | $ | 26.3 |  |  | $ | 846.7 |  |  | $ | 80.8 |  |  | $ | 927.5 |
Depreciation |  | $ | 45.5 |  |  | $ | 26.5 |  |  | $ | 98.3 |  |  | $ | 12.2 |  |  | $ | 182.5 |  |  | $ | 6.9 |  |  | $ | 189.4 |
Capital expenditures |  | 42.3 |  |  | 32.2 |  |  | 195.8 |  |  | 2.8 |  |  | 273.1 |  |  | 6.2 |  |  | 279.3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of September 30, 2025 |  | $ | 1,546.7 |  |  | $ | 1,099.1 |  |  | $ | 3,126.9 |  |  | $ | 697.3 |  |  | $ | 6,470.0 |  |  | $ | — |  |  | $ | 6,470.0 |
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 nine months ended September 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 $741.8 million of the net sales of the divested G&P business recast to “Other”, $510.8 million, $94.2 million, $87.7 million and $49.1 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively. (3) Of the $80.8 million of the income (loss) from operations of the divested G&P business recast to “Other”, $90.9 million, $14.4 million, $(25.6) million and $1.1 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively. A reconciliation from the segment information to the consolidated balances for income from operations is set forth below (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Segment income from operations | $ | 238.5 |  |  | $ | 153.5 |  |  | $ | 644.9 |  |  | $ | 846.7 |
Other(1) | — |  |  | 34.3 |  |  | — |  |  | 80.8 |
Impairment charges | 0.6 |  |  | (0.2) |  |  | (7.3) |  |  | (5.3) |
Loss on sale of business | — |  |  | (3.2) |  |  | (12.3) |  |  | (497.8) |
Corporate expenses | (48.9) |  |  | (45.3) |  |  | (144.7) |  |  | (161.2) |
Amortization of intangibles | (23.0) |  |  | (8.8) |  |  | (54.0) |  |  | (54.4) |
Stock compensation expense | (6.9) |  |  | (5.0) |  |  | (24.3) |  |  | (20.4) |
Restructuring and business optimization expenses | (8.7) |  |  | (10.5) |  |  | (37.3) |  |  | (41.7) |
Consolidated income from operations | $ | 151.6 |  |  | $ | 114.8 |  |  | $ | 365.0 |  |  | $ | 146.7 |
____________________________________ (1) “Other” represents the results for the three and nine months ended September 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 for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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