Segment Reporting

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Segment Reporting

SEGMENT REPORTING

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 (loss) 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 (loss) from operations for one segment may not be comparable to another segment. Segment results for the three and nine months ended September 30, 2015 and 2014 and assets as of September 30, 2015 and December 31, 2014 based on the Company’s reportable segments are as follows (in millions):

Three Months Ended September 30,	North America		South America		Europe/Africa/ Middle East		Asia/ Pacific			Consolidated
2015
Net sales	$	494.9	$	231.4	$	894.3	$	115.8		$	1,736.4
Income (loss) from operations	40.9		10.5		68.9		(2.5		)	117.8
Depreciation	16.0		4.9		29.5		3.4			53.8
Capital expenditures	10.3		7.4		18.4		9.7			45.8
2014
Net sales	$	531.3	$	455.0	$	1,026.0	$	142.5		$	2,154.8
Income (loss) from operations	37.3		36.4		57.0		(1.0		)	129.7
Depreciation	15.1		7.1		34.1		4.8			61.1
Capital expenditures	14.0		14.1		35.7		10.0			73.8

Nine Months Ended September 30,	North America		South America		Europe/Africa/ Middle East		Asia/ Pacific			Consolidated
2015
Net sales	$	1,530.5	$	760.7	$	2,939.4	$	277.7		$	5,508.3
Income (loss) from operations	116.4		38.8		284.0		(25.4		)	413.8
Depreciation	46.5		16.4		89.9		9.2			162.0
Capital expenditures	36.3		17.4		65.7		27.7			147.1
2014
Net sales	$	1,865.0	$	1,248.8	$	3,783.8	$	340.9		$	7,238.5
Income (loss) from operations	188.3		94.2		366.0		(5.6		)	642.9
Depreciation	44.5		19.9		104.3		11.7			180.4
Capital expenditures	50.7		30.6		117.8		30.2			229.3
Assets
As of September 30, 2015	$	1,021.5	$	567.8	$	1,904.3	$	394.6		$	3,888.2
As of December 31, 2014	$	1,026.9	$	719.8	$	2,036.0	$	353.8		$	4,136.5

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 September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Segment income from operations	$	117.8		$	129.7		$	413.8		$	642.9
Corporate expenses	(24.7		)	(28.7		)	(81.1		)	(88.3		)
Stock compensation (expense) credit	(3.2		)	21.0			(10.1		)	9.8
Restructuring and other infrequent expenses	—			(2.9		)	(14.6		)	(2.9		)
Amortization of intangibles	(10.8		)	(10.4		)	(32.2		)	(30.4		)
Consolidated income from operations	$	79.1		$	108.7		$	275.8		$	531.1

	September 30, 2015		December 31, 2014
Segment assets	$	3,888.2	$	4,136.5
Cash and cash equivalents	425.4		363.7
Receivables from affiliates	119.3		108.4
Investments in affiliates	403.3		424.1
Deferred tax assets, other current and noncurrent assets	591.0		616.6
Intangible assets, net	520.7		553.8
Goodwill	1,123.7		1,192.8
Consolidated total assets	$	7,071.6	$	7,395.9