Segment Reporting

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

SEGMENT REPORTING

    The Company has four operating segments which are also its reportable segments which consist of the North America, South America, Europe/Middle East and Asia/Pacific/Africa regions. The Company’s reportable segments are geography based and distribute a full range of agricultural machinery and precision agriculture technology. 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 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 years ended December 31, 2023, 2022 and 2021 based on the Company’s reportable segments are as follows (in millions):

Years Ended December 31,	North America		South America		Europe/Middle East		Asia/Pacific/Africa		Total Segments
2023
Net sales	$	3,752.7	$	2,234.2	$	7,540.5	$	885.0	$	14,412.4
Income from operations	459.3		386.4		1,100.6		77.3		2,023.6
Depreciation	62.3		35.5		115.6		17.0		230.4
Assets	1,883.2		1,394.9		3,017.4		875.2		7,170.7
Capital expenditures	122.6		75.8		315.4		4.3		518.1
2022
Net sales	$	3,175.1	$	2,121.6	$	6,447.3	$	907.4	$	12,651.4
Income from operations	278.8		373.9		784.1		116.9		1,553.7
Depreciation	60.5		29.4		104.7		14.9		209.5
Assets	1,790.3		1,259.8		2,475.6		650.5		6,176.2
Capital expenditures	119.6		54.4		207.4		6.9		388.3
2021
Net sales	$	2,659.2	$	1,307.7	$	6,221.7	$	949.7	$	11,138.3
Income from operations	238.1		132.2		755.4		113.9		1,239.6
Depreciation	60.8		26.5		116.5		16.9		220.7
Assets	1,328.1		922.7		2,348.7		610.6		5,210.1
Capital expenditures	41.2		32.5		184.6		11.5		269.8

    A reconciliation from the segment information to the consolidated balances for income from operations and total assets is set forth below (in millions):

	2023		2022		2021
Segment income from operations	$	2,023.6	$	1,553.7	$	1,239.6
Corporate expenses	(204.9)		(153.4)		(135.2)
Amortization of intangibles	(57.7)		(60.1)		(61.1)
Stock compensation expense	(44.6)		(32.7)		(26.6)
Impairment charges	(4.1)		(36.0)		—
Restructuring expenses	(11.9)		(6.1)		(15.3)
Consolidated income from operations	$	1,700.4	$	1,265.4	$	1,001.4
Segment assets	$	7,170.7	$	6,176.2	$	5,210.1
Cash and cash equivalents	595.5		789.5		889.1
Investments in affiliates	512.7		436.9		413.5
Deferred tax assets, other current and noncurrent assets	1,500.1		1,025.9		996.4
Intangible assets, net	308.8		364.4		392.2
Goodwill	1,333.4		1,310.8		1,280.8
Consolidated total assets	$	11,421.2	$	10,103.7	$	9,182.1

    Property, plant and equipment, right-of-use lease assets and amortizable intangible assets by country as of December 31, 2023 and 2022 was as follows (in millions):

	2023		2022
United States	$	587.3	$	571.0
Germany	587.7		475.8
Brazil	271.2		206.0
Finland	232.3		192.6
France	143.2		125.8
Italy	109.4		102.7
China	68.8		77.5
Denmark	66.2		71.4
Other	253.9		211.9
	$	2,320.0	$	2,034.7