Segment Reporting

6 Months Ended

Jun. 30, 2020

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 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 generally 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 and six months ended June 30, 2020 and 2019 and assets as of June 30, 2020 and December 31, 2019 based on the Company’s reportable segments are as follows (in millions):

Three Months Ended June 30,	North America		South America			Europe/Middle East		Asia/Pacific/Africa		Consolidated
2020
Net sales	$	555.8	$	178.5		$	1,125.0	$	147.5	$	2,006.8
Income from operations	64.7		5.5			91.0		14.0		175.2
Depreciation	15.2		6.1			26.4		3.0		50.7
Capital expenditures	8.2		3.3			42.8		2.6		56.9
2019
Net sales	$	618.9	$	185.8		$	1,457.2	$	160.7	$	2,422.6
Income (loss) from operations	51.4		(7.1		)	208.8		7.0		260.1
Depreciation	16.1		8.2			26.4		3.4		54.1
Capital expenditures	11.6		5.0			35.4		2.0		54.0

Six Months Ended June 30,	North America		South America			Europe/Middle East		Asia/Pacific/Africa		Consolidated
2020
Net sales	$	1,107.7	$	332.4		$	2,238.3	$	256.7	$	3,935.1
Income (loss) from operations	125.6		(3.3		)	193.3		12.7		328.3
Depreciation	30.8		13.5			52.4		5.6		102.3
Capital expenditures	18.3		10.4			84.5		4.3		117.5
2019
Net sales	$	1,115.1	$	341.9		$	2,667.8	$	293.6	$	4,418.4
Income (loss) from operations	82.0		(15.6		)	336.5		10.4		413.3
Depreciation	31.7		16.7			52.4		6.3		107.1
Capital expenditures	29.9		17.1			64.9		3.0		114.9
Assets
As of June 30, 2020	$	1,189.8	$	640.5		$	2,306.5	$	487.8	$	4,624.6
As of December 31, 2019	1,125.6		758.0			2,187.7		430.2		4,501.5

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 June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Segment income from operations	$	175.2		$	260.1		$	328.3		$	413.3
Corporate expenses	(29.1		)	(32.9		)	(63.5		)	(64.7		)
Amortization of intangibles	(14.9		)	(15.4		)	(29.9		)	(30.7		)
Goodwill impairment charge	(20.0		)	—			(20.0		)	—
Stock compensation expense	(10.1		)	(12.2		)	(12.6		)	(24.2		)
Restructuring expenses	(3.8		)	—			(4.6		)	(1.7		)
Consolidated income from operations	$	97.3		$	199.6		$	197.7		$	292.0

	June 30, 2020		December 31, 2019
Segment assets	$	4,624.6	$	4,501.5
Cash and cash equivalents	404.4		432.8
Investments in affiliates	387.6		380.2
Deferred tax assets, other current and noncurrent assets	644.8		645.2
Intangible assets, net	470.0		501.7
Goodwill	1,246.6		1,298.3
Consolidated total assets	$	7,778.0	$	7,759.7