Revenue (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Contract with Customer, Asset and Liability

Significant changes in the balance of contract liabilities for the three months ended March 31, 2024 and 2023 were as follows (in millions):

	Three Months Ended March 31,
	2024		2023
Balance at beginning of period	$	310.7	$	239.0
Advance consideration received	52.5		58.5
Revenue recognized during the period for extended warranty contracts, maintenance services and technology services	(32.2)		(24.9)
Revenue recognized during the period related to grain storage and protein production systems	(4.7)		(16.0)
Foreign currency translation	(4.8)		3.0
Balance at March 31	$	321.5	$	259.6

Disaggregation of Revenue

Net sales for the three months ended March 31, 2024 disaggregated by primary geographical markets and major products consisted of the following (in millions):

	North America		South America		Europe/Middle East		Asia/Pacific/Africa		Consolidated
Primary geographical markets:
United States	$	598.8	$	—	$	—	$	—	$	598.8
Canada	99.9		—		—		—		99.9
Brazil	—		229.6		—		—		229.6
Other South America	—		71.2		—		—		71.2
Germany	—		—		511.3		—		511.3
France	—		—		324.9		—		324.9
United Kingdom and Ireland	—		—		138.4		—		138.4
Finland and Scandinavia	—		—		163.1		—		163.1
Italy	—		—		69.3		—		69.3
Other Europe	—		—		360.6		—		360.6
Middle East and Algeria	—		—		161.4		—		161.4
Africa	—		—		—		23.4		23.4
Asia	—		—		—		74.6		74.6
Australia and New Zealand	—		—		—		68.7		68.7
Mexico, Central America and Caribbean	30.9		2.6		—		—		33.5
	$	729.6	$	303.4	$	1,729.0	$	166.7	$	2,928.7
Major products:
Tractors	$	252.7	$	172.9	$	1,260.7	$	90.9	$	1,777.2
Replacement parts	94.0		39.1		277.7		22.9		433.7
Grain storage and protein production systems	128.5		30.4		22.1		24.2		205.2
Combines, application equipment and other machinery	254.4		61.0		168.5		28.7		512.6
	$	729.6	$	303.4	$	1,729.0	$	166.7	$	2,928.7

    Net sales for the three months ended March 31, 2023 disaggregated by primary geographical markets and major products consisted of the following (in millions):

	North America		South America(1)		Europe/Middle East(1)		Asia/Pacific/Africa		Consolidated
Primary geographical markets:
United States	$	760.1	$	—	$	—	$	—	$	760.1
Canada	127.9		—		—		—		127.9
Brazil	—		425.4		—		—		425.4
Other South America	—		73.7		—		—		73.7
Germany	—		—		395.4		—		395.4
France	—		—		301.4		—		301.4
United Kingdom and Ireland	—		—		174.9		—		174.9
Finland and Scandinavia	—		—		180.0		—		180.0
Italy	—		—		92.2		—		92.2
Other Europe	—		—		444.3		—		444.3
Middle East and Algeria	—		—		115.6		—		115.6
Africa	—		—		—		30.4		30.4
Asia	—		—		—		86.7		86.7
Australia and New Zealand	—		—		—		85.7		85.7
Mexico, Central America and Caribbean	35.1		4.7		—		—		39.8
	$	923.1	$	503.8	$	1,703.8	$	202.8	$	3,333.5
Major products:
Tractors	$	312.1	$	283.0	$	1,205.7	$	107.2	$	1,908.0
Replacement parts	101.8		43.4		283.2		27.3		455.7
Grain storage and protein production systems	147.1		40.7		34.1		34.0		255.9
Combines, application equipment and other machinery	362.1		136.8		180.7		34.3		713.9
	$	923.1	$	503.8	$	1,703.8	$	202.8	$	3,333.5

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(1) Rounding may impact the summation of amounts.