Segment Reporting

3 Months Ended

Mar. 31, 2012

Segment Reporting [Abstract]

Segment Reporting

SEGMENT REPORTING

Effective January 1, 2012, the Company modified its system of reporting, resulting from changes to its internal management and organizational structure, which changed its reportable segments from North America; South America; Europe/Africa/Middle East; and Rest of World, to North America; South America; Europe/Africa/Middle East; and Asia/Pacific.  The Asia/Pacific reportable segment includes the regions of Asia, Australia and New Zealand, and the Europe/Africa/Middle East segment will now include certain markets in Eastern Europe. Effective January 1, 2012, these reportable segments are reflective of how the Company’s chief operating decision maker reviews operating results for the purposes of allocating resources and assessing performance. Disclosures for the three months ended March 31, 2011 have been adjusted to reflect the change in reportable segments.

The Company’s four reportable segments distribute a full range of agricultural equipment and related replacement parts. The Company evaluates segment performance primarily based on income from operations. 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 three months ended March 31, 2012 and 2011 and assets as of March 31, 2012 and December 31, 2011 based on the Company’s reportable segments are as follows (in millions):

Three Months Ended March 31,	North America		South America		Europe/Africa/ Middle East		Asia/ Pacific		Consolidated
2012
Net sales	$	566.5	$	415.4	$	1,199.8	$	92.0	$	2,273.7
Income from operations	50.2		23.9		135.8		0.9		210.8
Depreciation	9.9		5.8		25.8		1.9		43.4
Capital expenditures	10.9		11.1		64.3		0.8		87.1
2011
Net sales	$	359.4	$	410.5	$	973.0	$	54.8	$	1,797.7
Income from operations	12.7		33.4		83.9		5.1		135.1
Depreciation	6.3		5.1		24.3		0.7		36.4
Capital expenditures	5.4		2.6		28.4		0.4		36.8
Assets
As of March 31, 2012	$	1,011.6	$	727.3	$	2,293.2	$	249.1	$	4,281.2
As of December 31, 2011	861.4		585.5		1,990.9		215.7		3,653.5

A reconciliation from the segment information to the consolidated balances for income from operations and total assets is set forth below (in millions):

	Three Months Ended March 31,
	2012			2011
Segment income from operations	$	210.8		$	135.1
Corporate expenses	(21.0		)	(17.4		)
Stock compensation	(7.8		)	(4.4		)
Restructuring and other infrequent expenses	—			(0.2		)
Amortization of intangibles	(12.2		)	(4.4		)
Consolidated income from operations	$	169.8		$	108.7

	As of March 31, 2012		As of December 31, 2011
Segment assets	$	4,281.2	$	3,653.5
Cash and cash equivalents	426.7		724.4
Receivables from affiliates	129.3		122.9
Investments in affiliates	366.3		346.3
Deferred tax assets, other current and noncurrent assets	596.9		549.1
Intangible assets, net	662.6		666.5
Goodwill	1,238.8		1,194.5
Consolidated total assets	$	7,701.8	$	7,257.2