Segment Reporting

6 Months Ended

Jun. 30, 2022

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, 2022 and 2021 and assets as of June 30, 2022 and December 31, 2021 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
2022
Net sales	$	739.9	$	519.2	$	1,467.6	$	218.5	$	2,945.2
Income from operations	50.7		85.5		161.2		30.7		328.1
Depreciation	15.0		7.6		25.3		3.9		51.8
Capital expenditures	15.2		11.2		42.5		4.0		72.9
2021
Net sales	$	734.7	$	278.3	$	1,635.2	$	231.1	$	2,879.3
Income from operations	103.7		23.1		201.5		26.6		354.9
Depreciation	15.2		6.7		29.6		3.6		55.1
Capital expenditures	8.8		5.0		40.3		3.0		57.1

Six Months Ended June 30,	North America		South America		Europe/Middle East		Asia/Pacific/Africa		Consolidated
2022
Net sales	$	1,440.9	$	875.6	$	2,870.7	$	443.7	$	5,630.9
Income from operations	105.5		131.6		323.5		64.7		625.3
Depreciation	30.2		14.6		53.5		8.2		106.5
Capital expenditures	30.9		21.2		81.7		5.4		139.2
2021
Net sales	$	1,345.8	$	518.8	$	2,962.4	$	431.0	$	5,258.0
Income from operations	178.6		39.3		345.8		47.6		611.3
Depreciation	30.8		13.3		58.0		7.8		109.9
Capital expenditures	21.1		11.6		83.8		4.1		120.6
Assets
As of June 30, 2022	$	1,683.1	$	1,124.4	$	2,635.2	$	652.3	$	6,095.0
As of December 31, 2021	1,328.1		922.7		2,348.7		610.6		5,210.1

    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,
	2022		2021		2022		2021
Segment income from operations	$	328.1	$	354.9	$	625.3	$	611.3
Impairment charges	—		—		(36.0)		—
Corporate expenses	(38.5)		(37.5)		(70.7)		(73.4)
Amortization of intangibles	(15.4)		(14.2)		(30.7)		(31.7)
Stock compensation expense	(10.3)		(8.2)		(17.0)		(14.7)
Restructuring expenses	(0.4)		(4.7)		(3.4)		(6.0)
Consolidated income from operations	$	263.5	$	290.3	$	467.5	$	485.5

	June 30, 2022		December 31, 2021
Segment assets	$	6,095.0	$	5,210.1
Cash, cash equivalents and restricted cash	580.6		889.1
Investments in affiliates	417.0		413.5
Deferred tax assets, other current and noncurrent assets	1,109.3		996.4
Intangible assets, net	388.8		392.2
Goodwill	1,298.2		1,280.8
Consolidated total assets	$	9,888.9	$	9,182.1