Segment Reporting

6 Months Ended

Jun. 30, 2016

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 six months ended June 30, 2016 and 2015 and assets as of June 30, 2016 and December 31, 2015 based on the Company’s reportable segments are as follows (in millions):

Three Months Ended June 30,	North America		South America		Europe/Africa/ Middle East		Asia/ Pacific			Consolidated
2016
Net sales	$	498.9	$	203.4	$	1,185.3	$	108.0		$	1,995.6
Income from operations	23.6		—		143.3		2.2			169.1
Depreciation	16.5		5.3		31.0		3.6			56.4
Capital expenditures	8.4		8.2		18.6		1.1			36.3
2015
Net sales	$	563.1	$	280.3	$	1,137.0	$	88.9		$	2,069.3
Income (loss) from operations	58.0		15.2		134.6		(10.9		)	196.9
Depreciation	15.2		5.5		30.6		2.8			54.1
Capital expenditures	9.0		3.1		17.4		8.9			38.4

Six Months Ended June 30,	North America		South America		Europe/Africa/ Middle East		Asia/ Pacific			Consolidated
2016
Net sales	$	907.3	$	347.6	$	2,109.4	$	190.6		$	3,554.9
Income (loss) from operations	22.9		0.4		213.6		(0.7		)	236.2
Depreciation	32.1		9.9		62.7		7.2			111.9
Capital expenditures	19.8		14.4		34.3		3.5			72.0
2015
Net sales	$	1,035.6	$	529.3	$	2,045.1	$	161.9		$	3,771.9
Income (loss) from operations	75.5		28.3		215.1		(22.9		)	296.0
Depreciation	30.5		11.5		60.4		5.8			108.2
Capital expenditures	26.0		10.0		47.3		18.0			101.3
Assets
As of June 30, 2016	$	985.5	$	645.7	$	1,979.1	$	404.2		$	4,014.5
As of December 31, 2015	$	943.7	$	490.0	$	1,757.2	$	346.3		$	3,537.2

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 June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Segment income from operations	$	169.1		$	196.9		$	236.2		$	296.0
Corporate expenses	(31.3		)	(27.4		)	(61.0		)	(56.4		)
Stock compensation expense	(5.7		)	(4.7		)	(10.8		)	(6.9		)
Restructuring expenses	(2.1		)	(4.0		)	(4.0		)	(14.6		)
Amortization of intangibles	(11.4		)	(10.9		)	(22.4		)	(21.4		)
Consolidated income from operations	$	118.6		$	149.9		$	138.0		$	196.7

	June 30, 2016		December 31, 2015
Segment assets	$	4,014.5	$	3,537.2
Cash and cash equivalents	324.7		426.7
Receivables from affiliates	50.7		70.1
Investments in affiliates	424.7		392.9
Deferred tax assets, other current and noncurrent assets	504.4		448.6
Intangible assets, net	520.8		507.7
Goodwill	1,176.1		1,114.5
Consolidated total assets	$	7,015.9	$	6,497.7