v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue REVENUE
Contract Liabilities

    Contract liabilities primarily relate to the following: (1) unrecognized revenues where payment of consideration precedes the Company’s performance with respect to extended warranty and maintenance contracts and where the performance obligation is satisfied over time and (2) unrecognized revenues where payment of consideration precedes the Company’s performance with respect to precision agriculture technology services and where the performance obligation is satisfied over time.

    The following table summarizes the balance of contract liabilities as of June 30, 2026 and December 31, 2025 (in millions):

June 30, 2026
December 31, 2025
Contract liabilities
$376.9 $386.1 

    The contract liabilities are classified as either “Accrued expenses” or “Other current liabilities” and “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets. During the three and six months ended June 30, 2026, the Company recognized approximately $47.2 million and $94.4 million of revenue that was recorded as a contract liability at the beginning of 2026. During the three and six months ended June 30, 2025, the Company recognized approximately $51.0 million and $86.5 million of revenue that was recorded as a contract liability at the beginning of 2025.

Remaining Performance Obligations

    The estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of June 30, 2026 are $84.0 million for the remainder of 2026, $135.8 million in 2027, $84.8 million in 2028, $42.1 million in 2029 and $19.8 million thereafter, and relate primarily to extended warranty contracts. The Company applied the practical expedient in ASC 606 and has not disclosed information about remaining performance obligations that have original expected durations of 12 months or less.
Disaggregated Revenue:

    Net sales for the three months ended June 30, 2026 disaggregated by primary geographical markets and major products consisted of the following (in millions):

North America
Latin America
Europe/Middle East
Asia/Pacific/Africa
Consolidated
Primary geographical markets:
United States$373.8 $— $— $— $373.8 
Canada97.7 — — — 97.7 
Brazil— 167.2 — — 167.2 
Other South America— 78.9 — — 78.9 
Germany— — 494.6 — 494.6 
France— — 293.6 — 293.6 
United Kingdom and Ireland— — 164.4 — 164.4 
Finland and Scandinavia— — 212.5 — 212.5 
Italy— — 114.5 — 114.5 
Other Europe— — 404.5 — 404.5 
Middle East and Algeria— — 48.3 — 48.3 
Africa— — — 20.6 20.6 
Asia— — — 36.0 36.0 
Australia and New Zealand— — — 77.9 77.9 
Mexico, Central America and Caribbean— 25.2 — — 25.2 
$471.5 $271.3 $1,732.4 $134.5 $2,609.7 
Major products:
Tractors$191.0 $187.2 $1,211.2 $79.5 $1,668.9 
Replacement parts112.6 38.7 338.3 26.6 516.2 
Grain storage and protein production systems— — — 0.1 0.1 
Combines, application equipment and other machinery167.9 45.4 182.9 28.3 424.5 
$471.5 $271.3 $1,732.4 $134.5 $2,609.7 
    Net sales for the three months ended June 30, 2025 disaggregated by primary geographical markets and major products consisted of the following (in millions):

North America
Latin America(1)
Europe/Middle EastAsia/Pacific/AfricaConsolidated
Primary geographical markets:
United States$302.5 $— $— $— $302.5 
Canada91.4 — — — 91.4 
Brazil— 222.8 — — 222.8 
Other South America— 78.8 — — 78.8 
Germany— — 465.6 — 465.6 
France— — 316.5 — 316.5 
United Kingdom and Ireland— — 144.2 — 144.2 
Finland and Scandinavia— — 211.2 — 211.2 
Italy— — 108.3 — 108.3 
Other Europe— — 441.1 — 441.1 
Middle East and Algeria— — 88.0 — 88.0 
Africa— — — 29.4 29.4 
Asia— — — 50.6 50.6 
Australia and New Zealand— — — 55.8 55.8 
Mexico, Central America and Caribbean— 28.8 — — 28.8 
$393.9 $330.4 $1,774.9 $135.8 $2,635.0 
Major products:
Tractors$135.1 $214.0 $1,259.2 $89.9 $1,698.2 
Replacement parts105.8 44.5 327.9 24.2 502.4 
Grain storage and protein production systems— — — 0.2 0.2 
Combines, application equipment and other machinery153.0 71.9 187.8 21.5 434.2 
$393.9 $330.4 $1,774.9 $135.8 $2,635.0 
_________________________________
(1)    Effective January 1, 2026, the Company realigned its organizational structure to support its Farmer‑First transformation initiatives in North America. As a result, the Company’s Mexico operations were transferred from the North America segment to the South America segment, which was renamed Latin America. Segment information for all prior periods presented has been retrospectively adjusted to reflect this change.
    Net sales for the six months ended June 30, 2026 disaggregated by primary geographical markets and major products consisted of the following (in millions):

North America
Latin America
Europe/Middle EastAsia/Pacific/AfricaConsolidated
Primary geographical markets:
United States$691.5 $— $— $— $691.5 
Canada186.4 — — — 186.4 
Brazil— 308.7 — — 308.7 
Other South America— 128.7 — — 128.7 
Germany— — 980.9 — 980.9 
France— — 561.8 — 561.8 
United Kingdom and Ireland— — 310.7 — 310.7 
Finland and Scandinavia— — 390.4 — 390.4 
Italy— — 191.6 — 191.6 
Other Europe— — 820.1 — 820.1 
Middle East and Algeria— — 77.7 — 77.7 
Africa— — — 41.9 41.9 
Asia— — — 65.2 65.2 
Australia and New Zealand— — — 151.4 151.4 
Mexico, Central America and Caribbean— 45.6 — — 45.6 
$877.9 $483.0 $3,333.2 $258.5 $4,952.6 
Major products:
Tractors$336.2 $332.6 $2,374.8 $155.8 $3,199.4 
Replacement parts190.8 78.1 642.2 52.4 963.5 
Grain storage and protein production systems— — — 0.1 0.1 
Combines, application equipment and other machinery350.9 72.3 316.2 50.2 789.6 
$877.9 $483.0 $3,333.2 $258.5 $4,952.6 
    Net sales for the six months ended June 30, 2025 disaggregated by primary geographical markets and major products consisted of the following (in millions):

North America
Latin America(1)
Europe/Middle East
Asia/Pacific/Africa
Consolidated
Primary geographical markets:
United States$595.3 $— $— $— $595.3 
Canada168.1 — — — 168.1 
Brazil— 392.1 — — 392.1 
Other South America— 136.5 — — 136.5 
Germany— — 759.5 — 759.5 
France— — 587.2 — 587.2 
United Kingdom and Ireland— — 252.2 — 252.2 
Finland and Scandinavia— — 383.1 — 383.1 
Italy— — 174.2 — 174.2 
Other Europe— — 787.9 — 787.9 
Middle East and Algeria— — 161.3 — 161.3 
Africa— — — 44.7 44.7 
Asia— — — 83.7 83.7 
Australia and New Zealand— — — 101.9 101.9 
Mexico, Central America and Caribbean— 57.8 — — 57.8 
$763.4 $586.4 $3,105.4 $230.3 $4,685.5 
Major products:
Tractors$259.2 $379.7 $2,169.5 $143.9 $2,952.3 
Replacement parts189.2 86.7 612.2 46.9 935.0 
Grain storage and protein production systems— — — 1.1 1.1 
Combines, application equipment and other machinery315.0 120.0 323.7 38.4 797.1 
$763.4 $586.4 $3,105.4 $230.3 $4,685.5 
_________________________________
(1)    Effective January 1, 2026, the Company realigned its organizational structure to support its Farmer‑First transformation initiatives in North America. As a result, the Company’s Mexico operations were transferred from the North America segment to the South America segment, which was renamed Latin America. Segment information for all prior periods presented has been retrospectively adjusted to reflect this change.