Segment Reporting

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

SEGMENT REPORTING

    The Company has four operating segments that 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 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 months ended March 31, 2024 and 2023 and assets as of March 31, 2024 and December 31, 2023 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		Total Segments
2024
Net sales	$	729.6	$	303.4	$	1,729.0	$	166.7	$	2,928.7
Income from operations	42.4		16.2		282.9		8.0		349.5
Depreciation	17.2		9.4		32.6		4.1		63.3
Capital expenditures	17.6		15.3		61.4		0.7		95.0
2023
Net sales	$	923.1	$	503.8	$	1,703.8	$	202.8	$	3,333.5
Income from operations	102.1		99.5		239.4		18.1		459.1
Depreciation	14.9		7.8		26.8		4.1		53.6
Capital expenditures	37.3		20.3		67.0		0.7		125.3

Assets
As of March 31, 2024	$	1,946.7	$	1,369.7	$	3,214.7	$	868.9	$	7,400.0
As of December 31, 2023	1,883.2		1,394.9		3,017.4		875.2		7,170.7

    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,
	2024		2023
Segment income from operations	$	349.5	$	459.1
Corporate expenses	(53.0)		(42.1)
Amortization of intangibles	(13.9)		(14.8)
Stock compensation expense	(8.0)		(13.5)
Restructuring expenses	(1.0)		(1.4)
Consolidated income from operations	$	273.6	$	387.3

	March 31, 2024		December 31, 2023
Segment assets	$	7,400.0	$	7,170.7
Cash and cash equivalents	2,455.8		595.5
Investments in affiliates	520.5		512.7
Deferred tax assets, other current and noncurrent assets	1,466.2		1,500.1
Intangible assets, net	291.6		308.8
Goodwill	1,325.8		1,333.4
Consolidated total assets	$	13,459.9	$	11,421.2