Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Sales Information By Reportable Segments

Segment results for the three and six months ended June 30, 2025 and 2024 and assets as of June 30, 2025 and December 31, 2024 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		Total Segments		Other(1)		Total
2025
Net sales	$	420.9	$	303.4	$	1,774.9	$	135.8	$	2,635.0	$	—	$	2,635.0
Cost of goods sold	327.3		243.8		1,299.3		106.0		1,976.4		—		1,976.4
Selling, general and administrative expenses	80.6		29.8		140.1		17.9		268.4		—		268.4
Engineering expenses	35.1		6.0		74.2		2.5		117.8		—		117.8
Income (loss) from operations	$	(22.1)	$	23.8	$	261.3	$	9.4	$	272.4	$	—	$	272.4

Depreciation	$	14.0	$	8.1	$	38.9	$	3.1	$	64.1	$	—	$	64.1
Capital expenditures	10.3		4.0		27.2		0.7		42.2		—		42.2

2024
Net sales(2)	$	627.2	$	315.9	$	1,869.5	$	143.5	$	2,956.1	$	290.5	$	3,246.6
Cost of goods sold	468.9		265.5		1,350.6		110.4		2,195.4		213.7		2,409.1
Selling, general and administrative expenses	84.6		31.4		145.4		19.5		280.9		28.6		309.5
Engineering expenses	37.5		12.6		77.9		3.2		131.2		6.6		137.8
Income from operations(3)	$	36.2	$	6.4	$	295.6	$	10.4	$	348.6	$	41.6	$	390.2

Depreciation	$	15.1	$	9.1	$	33.0	$	4.6	61.8		$	3.4	$	65.2
Capital expenditures	17.0		8.0		70.2		1.3		96.5		1.5		98.0

____________________________________

(1) “Other” represents the results for the three months ended June 30, 2024 for the majority of the Company’s Grain & Protein (“G&P”) business which was divested on November 1, 2024. The results of the G&P business through the date of the divestiture were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments.

(2) Of the $290.5 million of the net sales of the divested G&P business recast to “Other”, $210.6 million, $33.0 million, $33.4 million and $13.5 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.

(3) Of the $41.6 million of the income (loss) from operations of the divested G&P business recast to “Other”, $40.5 million, $6.2 million, $(7.1) million and $2.0 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.


Six Months Ended June 30,	North America		South America		Europe/Middle East		Asia/Pacific/Africa		Total Segments		Other(1)		Total
2025
Net sales	$	816.5	$	533.3	$	3,105.4	$	230.3	$	4,685.5	$	—	$	4,685.5
Cost of goods sold	622.9		429.0		2,270.1		184.3		3,506.3		—		3,506.3
Selling, general and administrative expenses	167.2		62.1		275.3		34.4		539.0		—		539.0
Engineering expenses	68.3		16.3		144.3		4.9		233.8		—		233.8
Income (loss) from operations	$	(41.9)	$	25.9	$	415.7	$	6.7	$	406.4	$	—	$	406.4

Depreciation	$	29.2	$	16.0	$	74.0	$	5.4	$	124.6	$	—	$	124.6
Capital expenditures	16.6		10.6		61.6		1.6		90.4		—		90.4

2024
Net sales(2)	$	1,228.3	$	588.9	$	3,576.4	$	291.1	$	5,684.7	$	490.6	$	6,175.3
Cost of goods sold	927.1		489.6		2,550.4		228.3		4,195.4		372.6		4,568.0
Selling, general and administrative expenses	166.1		53.8		283.1		37.7		540.7		58.2		598.9
Engineering expenses	70.5		27.1		152.2		5.6		255.4		13.3		268.7
Income from operations(3)	$	64.6	$	18.4	$	590.7	$	19.5	$	693.2	$	46.5	$	739.7

Depreciation	$	29.9	$	18.0	$	65.1	$	8.6	$	121.6	$	6.9	$	128.5
Capital expenditures	33.3		23.1		131.1		1.9		189.4		3.6		193.0

Assets
As of June 30, 2025	$	1,524.9	$	1,046.3	$	3,187.7	$	713.9	$	6,472.8	$	—	$	6,472.8
As of December 31, 2024	1,527.9		946.9		2,841.4		697.7		6,013.9		—		6,013.9

____________________________________

(1) “Other” represents the results for the six months ended June 30, 2024 for the majority of the Company’s G&P business which was divested on November 1, 2024. The results of the G&P business through the date of the divestiture were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments.

(2) Of the $490.6 million of the net sales of the divested G&P business recast to “Other”, $339.1 million, $63.4 million, $55.5 million and $32.6 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.

(3) Of the $46.5 million of the income (loss) from operations of the divested G&P business recast to “Other”, $54.5 million, $10.4 million, $(19.3) million and $0.9 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.

Schedule of Reconciliation of Income from Operations from Segment to Consolidated

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Segment income from operations	$	272.4	$	348.6	$	406.4	$	693.2
Other(1)	—		41.6		—		46.5
Impairment charges	(6.8)		(5.1)		(7.9)		(5.1)
Loss on sale of business	(12.3)		(494.6)		(12.3)		(494.6)
Corporate expenses	(47.7)		(62.9)		(95.8)		(115.9)
Amortization of intangibles	(15.7)		(31.7)		(31.0)		(45.6)
Stock compensation expense	(10.3)		(7.4)		(17.4)		(15.4)
Restructuring and business optimization expenses	(15.6)		(30.2)		(28.6)		(31.2)
Consolidated income (loss) from operations	$	164.0	$	(241.7)	$	213.4	$	31.9

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(1) “Other” represents the results for the three and six months ended June 30, 2024 for the majority of the Company’s G&P business which was divested on November 1, 2024. The results of the G&P business through the date of the divestiture were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments.