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Segment Reporting
 3 Months Ended
Mar. 31, 2017
Segment Reporting [Abstract]  
Segment Reporting
SEGMENT REPORTING

Effective January 1, 2017, 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 Asia/Pacific to North America; South America; Europe/Middle East; and Asia/Pacific/Africa. The Asia/Pacific/Africa reportable segment includes the regions of Africa, Asia, Australia and New Zealand, and the Europe/Middle East segment no longer includes certain markets in Africa. Effective January 1, 2017, 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 both the three months ended March 31, 2017 and 2016, as well as the year ended December 31, 2016, 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 (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 months ended March 31, 2017 and 2016 and assets as of March 31, 2017 and December 31, 2016 based on the Company’s reportable segments are as follows (in millions):
Three Months Ended March 31,
 
North
America
 
South
America
 
Europe/
Middle East
 
Asia/
Pacific/Africa
 
Consolidated
2017
 
 

 
 

 
 

 
 

 
 

Net sales
 
$
382.6

 
$
222.2

 
$
892.5

 
$
130.3

 
$
1,627.6

Income from operations
 
2.5

 
2.2

 
65.3

 
2.1

 
72.1

Depreciation
 
14.2

 
6.8

 
28.7

 
4.6

 
54.3

Capital expenditures
 
22.0

 
11.7

 
21.0

 
2.4

 
57.1

2016
 
 

 
 

 
 

 
 

 
 

Net sales
 
$
408.4

 
$
144.2

 
$
899.1

 
$
107.6

 
$
1,559.3

(Loss) income from operations
 
(0.7
)
 
0.4

 
68.1

 
(0.7
)
 
67.1

Depreciation
 
15.6

 
4.6

 
30.8

 
4.5

 
55.5

Capital expenditures
 
11.4

 
6.2

 
15.5

 
2.6

 
35.7

Assets
 
 
 
 
 
 
 
 
 
 
As of March 31, 2017
 
$
1,004.7

 
$
805.8

 
$
1,853.8

 
$
414.2

 
$
4,078.5

As of December 31, 2016
 
978.5

 
739.4

 
1,635.2

 
426.3

 
3,779.4

 
 
 
 
 
 
 
 
 
 
 

    
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,
 
2017
 
2016
Segment income from operations
$
72.1

 
$
67.1

Corporate expenses
(26.6
)
 
(29.7
)
Stock compensation expense
(11.4
)
 
(5.1
)
Restructuring expenses
(5.1
)
 
(1.9
)
Amortization of intangibles
(13.4
)
 
(11.0
)
Consolidated income from operations
$
15.6

 
$
19.4



 
March 31, 2017
 
December 31, 2016
Segment assets
$
4,078.5

 
$
3,779.4

Cash and cash equivalents
289.9

 
429.7

Investments in affiliates
429.7

 
414.9

Deferred tax assets, other current and noncurrent assets
611.7

 
560.7

Intangible assets, net
596.8

 
607.3

Goodwill
1,388.0

 
1,376.4

Consolidated total assets
$
7,394.6

 
$
7,168.4