v3.26.3
Segment Reporting
 9 Months Ended
Sep. 30, 2026
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, Latin America, Europe/Middle East and Asia/Pacific/Africa regions. 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. The Company’s reportable segments are geography based and distribute a full range of agricultural machinery and precision agriculture technology. The Company’s Chief Operating Decision Maker (“CODM”), Eric P. Hansotia, Chairman of the Board, President and Chief Executive Officer, evaluates segment performance primarily based on income from operations. The CODM utilizes income from operations to evaluate each segment’s performance including the allocation of resources. 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 (loss) from operations for one segment may not be comparable to another segment. Segment results for the three and nine months ended September 30, 2026 and 2025 and assets as of September 30, 2026 and December 31, 2025 based on the Company’s reportable segments are as follows (in millions):

Three Months Ended September 30,North AmericaLatin AmericaEurope/Middle EastAsia/Pacific/AfricaTotal Segments
2026
Net sales$485.3 $292.3 $1,306.1 $178.8 $2,262.5 
Cost of goods sold
360.8 239.4 960.8 136.1 1,697.1 
Selling, general and administrative expenses
77.5 31.7 136.1 14.8 260.1 
Engineering expenses
33.2 13.8 71.9 3.0 121.9 
Income from operations$13.8 $7.4 $137.3 $24.9 $183.4 
Depreciation$16.2 $9.7 $35.9 $3.3 $65.1 
Capital expenditures10.2 7.0 42.5 0.7 60.4 
2025
Net sales$359.9 $345.5 $1,613.8 $157.1 $2,476.3 
Cost of goods sold
283.5 278.1 1,143.9 124.3 1,829.8 
Selling, general and administrative expenses
82.4 34.9 146.0 21.7 285.0 
Engineering expenses
36.0 12.1 71.5 3.4 123.0 
Income (loss) from operations$(42.0)$20.4 $252.4 $7.7 $238.5 
Depreciation$14.7 $8.6 $36.4 $3.0 $62.7 
Capital expenditures7.1 11.9 49.5 0.4 68.9 
Nine Months Ended September 30,North America
Latin America
Europe/Middle EastAsia/Pacific/AfricaTotal Segments
2026
Net sales$1,363.2 $775.3 $4,639.3 $437.3 $7,215.1 
Cost of goods sold
1,077.8 679.3 3,322.7 342.6 5,422.4 
Selling, general and administrative expenses
236.8 109.8 424.7 47.0 818.3 
Engineering expenses
110.3 41.5 235.4 8.5 395.7 
Income (loss) from operations$(61.7)$(55.3)$656.5 $39.2 $578.7 
Depreciation$46.4 $28.5 $113.9 $10.1 $198.9 
Capital expenditures24.9 23.2 111.1 3.0 162.2 
2025
Net sales
$1,123.3 $931.9 $4,719.2 $387.4 $7,161.8 
Cost of goods sold
864.5 749.0 3,414.0 308.6 5,336.1 
Selling, general and administrative expenses
245.9 100.7 421.3 56.1 824.0 
Engineering expenses
104.3 28.4 215.8 8.3 356.8 
Income (loss) from operations
$(91.4)$53.8 $668.1 $14.4 $644.9 
Depreciation$43.7 $24.8 $110.4 $8.4 $187.3 
Capital expenditures16.2 30.0 111.1 2.0 159.3 
Assets
As of September 30, 2026
$1,415.0 $1,233.7 $3,138.2 $560.1 $6,347.0 
As of December 31, 2025
1,303.9 1,158.0 2,907.6 606.6 5,976.1 

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

Three Months Ended September 30,Nine Months Ended
September 30,
2026202520262025
Segment income from operations$183.4 $238.5 $578.7 $644.9 
Impairment charges— 0.6 (2.1)(7.3)
Loss on sale of business
— — — (12.3)
Corporate expenses(37.2)(48.9)(126.4)(144.7)
Amortization of intangibles(17.1)(23.0)(51.1)(54.0)
Stock compensation expense(6.5)(6.9)(33.9)(24.3)
Restructuring and business optimization expenses
(6.5)(8.7)(27.7)(37.3)
Consolidated income from operations
$116.1 $151.6 $337.5 $365.0