(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Securities registered pursuant to Section 12(b) of the Act | ||
Title of Class | Trading Symbol | Name of exchange on which registered |
Exhibit No. | Description | |
104 | Cover Page Interactive Data File - the cover page from this current report on Form 8-K is formatted in Inline XBRL. |
AGCO Corporation | |
By: | /s/ Andrew H. Beck |
Andrew H. Beck Senior Vice President and Chief Financial Officer |
For Immediate Release | CONTACT: | |
Thursday, February 6, 2020 | Greg Peterson | |
Vice President, Investor Relations | ||
770-232-8229 | ||
greg.peterson@agcocorp.com |
• | Reported fourth quarter regional sales results(1): Europe/Middle East (“EME”) 0.2%, North America 1.8%, South America (20.0)%, Asia/Pacific/Africa (“APA”) (13.3)% |
• | Constant currency fourth quarter regional sales results(1)(2)(3): EME 3.0%, North America 1.6%, South America (14.6)%, APA (10.8)% |
• | Fourth quarter adjusted earnings per share were negatively impacted by softer than anticipated market demand in EME, APA and South America; higher warranty expense; brand and product rationalization costs for grain and protein equipment and a higher effective tax rate |
• | Warranty expense increased approximately $23 million compared to the fourth quarter of 2018 due primarily to field product improvement campaign costs to support new harvesting products |
• | Grain and protein brand and product rationalization resulted in charges of approximately $7 million to reduce complexity and improve product offerings |
• | Generated approximately $696 million in cash flow from operations and approximately $423 million in free cash flow(3) in 2019 |
• | Share repurchase program reduced outstanding shares by approximately 1.8 million during 2019 |
• | Full-year earnings forecast for 2020 remains in a range from $5.00 to $5.20 per share |
Industry Unit Retail Sales | ||||
Tractors | Combines | |||
Year ended December 31, 2019 | Change from Prior Year Period | Change from Prior Year Period | ||
North America(1) | (1)% | (6)% | ||
South America | (16)% | (5)% | ||
Western Europe(2) | (2)% | (18)% |
Three Months Ended December 31, | 2019 | 2018 | % change from 2018 | % change from 2018 due to currency translation(1) | % change excluding currency translation | |||||||||
North America | $ | 540.5 | $ | 531.2 | 1.8% | 0.1% | 1.6% | |||||||
South America | 220.9 | 276.2 | (20.0)% | (5.4)% | (14.6)% | |||||||||
EME | 1,515.3 | 1,511.7 | 0.2% | (2.7)% | 3.0% | |||||||||
APA | 236.9 | 273.1 | (13.3)% | (2.5)% | (10.8)% | |||||||||
Total | $ | 2,513.6 | $ | 2,592.2 | (3.0)% | (2.4)% | (0.6)% | |||||||
Year Ended December 31, | 2019 | 2018 | % change from 2018 | % change from 2018 due to currency translation(1) | % change excluding currency translation | |||||||||
North America | $ | 2,191.8 | $ | 2,180.1 | 0.5% | (0.4)% | 0.9% | |||||||
South America | 802.2 | 959.0 | (16.4)% | (5.2)% | (11.1)% | |||||||||
EME | 5,328.8 | 5,385.1 | (1.0)% | (5.5)% | 4.4% | |||||||||
APA | 718.6 | 827.8 | (13.2)% | (4.3)% | (8.9)% | |||||||||
Total | $ | 9,041.4 | $ | 9,352.0 | (3.3)% | (4.2)% | 0.8% | |||||||
(1) See Footnotes for additional disclosures |
• | Our financial results depend entirely upon the agricultural industry, and factors that adversely affect the agricultural industry generally, including declines in the general economy, adverse weather, tariffs, increases in farm input costs, lower commodity prices, lower farm income and changes in the availability of credit for our retail customers, will adversely affect us. |
• | A majority of our sales and manufacturing take place outside the United States, and, many of our sales involve products that are manufactured in one country and sold in a different country, and as a result, we are exposed to risks related to foreign laws, taxes and tariffs, trade restrictions, economic conditions, labor supply and relations, political conditions and governmental policies. These risks may delay or reduce our realization of value from our international operations. Among these risks are the uncertain consequences of Brexit, Russian sanctions and tariffs imposed on exports to and imports from China. |
• | Most retail sales of the products that we manufacture are financed, either by our joint ventures with Rabobank or by a bank or other private lender. Our joint ventures with Rabobank, which are controlled by Rabobank and are dependent upon Rabobank for financing as well, finance over 50% of the retail sales of our tractors and combines in the markets where the joint ventures operate. Any difficulty by Rabobank to continue to provide that financing, or any business decision by Rabobank as the controlling member not to fund the business or particular aspects of it (for example, a particular country or region), would require the joint ventures to find other sources of financing (which may be difficult to obtain), or us to find another source of retail financing for our customers, or our customers would be required to utilize other retail financing providers. As a result of the recent economic downturn, financing for capital equipment purchases generally has become more difficult in certain regions and in some cases, can be expensive to obtain. To the extent that financing is not available or available only at unattractive prices, our sales would be negatively impacted. |
• | Both AGCO and our finance joint ventures have substantial accounts receivable from dealers and end customers, and we would be adversely impacted if the collectability of these receivables was not consistent with historical experience; this collectability is dependent upon the financial strength of the |
• | We have experienced substantial and sustained volatility with respect to currency exchange rate and interest rate changes, which can adversely affect our reported results of operations and the competitiveness of our products. |
• | Our success depends on the introduction of new products, particularly engines that comply with emission requirements, which requires substantial expenditures. |
• | Our production levels and capacity constraints at our facilities, including those resulting from plant expansions and systems upgrades at our manufacturing facilities, could adversely affect our results. |
• | Our expansion plans in emerging markets, including establishing a greater manufacturing and marketing presence and growing our use of component suppliers, could entail significant risks. |
• | Our business increasingly is subject to regulations relating to privacy and data protection, and if we violate any of those regulations or otherwise are the victim of a cyber attack, we could incur significant losses and liability. |
• | We depend on suppliers for components, parts and raw materials for our products, and any failure by our suppliers to provide products as needed, or by us to promptly address supplier issues, will adversely impact our ability to timely and efficiently manufacture and sell products. It remains unclear, how, if at all, the recent outbreak of the coronavirus will impact the agricultural industry, our suppliers, or our global operations. |
• | We are subject to raw material price fluctuations, which can adversely affect our manufacturing costs. |
• | We face significant competition, and if we are unable to compete successfully against other agricultural equipment manufacturers, we would lose customers and our net sales and profitability would decline. |
• | We have a substantial amount of indebtedness, and, as a result, we are subject to certain restrictive covenants and payment obligations that may adversely affect our ability to operate and expand our business. |
December 31, 2019 | December 31, 2018 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 432.8 | $ | 326.1 | |||
Accounts and notes receivable, net | 800.5 | 880.3 | |||||
Inventories, net | 2,078.7 | 1,908.7 | |||||
Other current assets | 417.1 | 422.3 | |||||
Total current assets | 3,729.1 | 3,537.4 | |||||
Property, plant and equipment, net | 1,416.3 | 1,373.1 | |||||
Right-of-use lease assets | 187.3 | — | |||||
Investment in affiliates | 380.2 | 400.0 | |||||
Deferred tax assets | 93.8 | 104.9 | |||||
Other assets | 153.0 | 142.4 | |||||
Intangible assets, net | 501.7 | 573.1 | |||||
Goodwill | 1,298.3 | 1,495.5 | |||||
Total assets | $ | 7,759.7 | $ | 7,626.4 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current Liabilities: | |||||||
Current portion of long-term debt | $ | 2.9 | $ | 72.6 | |||
Short-term borrowings | 150.5 | 138.0 | |||||
Accounts payable | 914.8 | 865.9 | |||||
Accrued expenses | 1,654.2 | 1,522.4 | |||||
Other current liabilities | 162.1 | 167.8 | |||||
Total current liabilities | 2,884.5 | 2,766.7 | |||||
Long-term debt, less current portion and debt issuance costs | 1,191.8 | 1,275.3 | |||||
Operating lease liabilities | 148.6 | — | |||||
Pension and postretirement health care benefits | 232.1 | 223.2 | |||||
Deferred tax liabilities | 107.0 | 116.3 | |||||
Other noncurrent liabilities | 288.7 | 251.4 | |||||
Total liabilities | 4,852.7 | 4,632.9 | |||||
Stockholders’ Equity: | |||||||
AGCO Corporation stockholders’ equity: | |||||||
Common stock | 0.8 | 0.8 | |||||
Additional paid-in capital | 4.7 | 10.2 | |||||
Retained earnings | 4,443.5 | 4,477.3 | |||||
Accumulated other comprehensive loss | (1,595.2 | ) | (1,555.4 | ) | |||
Total AGCO Corporation stockholders’ equity | 2,853.8 | 2,932.9 | |||||
Noncontrolling interests | 53.2 | 60.6 | |||||
Total stockholders’ equity | 2,907.0 | 2,993.5 | |||||
Total liabilities and stockholders’ equity | $ | 7,759.7 | $ | 7,626.4 |
Three Months Ended December 31, | |||||||
2019 | 2018 | ||||||
Net sales | $ | 2,513.6 | $ | 2,592.2 | |||
Cost of goods sold | 2,000.1 | 2,053.5 | |||||
Gross profit | 513.5 | 538.7 | |||||
Selling, general and administrative expenses | 272.4 | 272.5 | |||||
Engineering expenses | 89.1 | 88.0 | |||||
Impairment charges | 176.6 | — | |||||
Amortization of intangibles | 15.5 | 15.5 | |||||
Restructuring expenses | 6.0 | 1.9 | |||||
Bad debt expense | 3.7 | 1.7 | |||||
(Loss) income from operations | (49.8 | ) | 159.1 | ||||
Interest expense, net | 4.0 | 15.3 | |||||
Other expense, net | 20.1 | 17.1 | |||||
(Loss) income before income taxes and equity in net earnings of affiliates | (73.9 | ) | 126.7 | ||||
Income tax provision | 25.0 | 37.1 | |||||
(Loss) income before equity in net earnings of affiliates | (98.9 | ) | 89.6 | ||||
Equity in net earnings of affiliates | 9.3 | 8.0 | |||||
Net (loss) income | (89.6 | ) | 97.6 | ||||
Net loss attributable to noncontrolling interests | 1.3 | 1.1 | |||||
Net (loss) income attributable to AGCO Corporation and subsidiaries | $ | (88.3 | ) | $ | 98.7 | ||
Net (loss) income per common share attributable to AGCO Corporation and subsidiaries: | |||||||
Basic | $ | (1.17 | ) | $ | 1.28 | ||
Diluted | $ | (1.17 | ) | $ | 1.26 | ||
Cash dividends declared and paid per common share | $ | 0.16 | $ | 0.15 | |||
Weighted average number of common and common equivalent shares outstanding: | |||||||
Basic | 75.6 | 77.4 | |||||
Diluted | 75.6 | 78.6 |
Years Ended December 31, | |||||||
2019 | 2018 | ||||||
Net sales | $ | 9,041.4 | $ | 9,352.0 | |||
Cost of goods sold | 7,057.1 | 7,355.3 | |||||
Gross profit | 1,984.3 | 1,996.7 | |||||
Selling, general and administrative expenses | 1,040.3 | 1,069.4 | |||||
Engineering expenses | 343.4 | 355.2 | |||||
Impairment charges | 176.6 | — | |||||
Amortization of intangibles | 61.1 | 64.7 | |||||
Restructuring expenses | 9.0 | 12.0 | |||||
Bad debt expense | 5.8 | 6.4 | |||||
Income from operations | 348.1 | 489.0 | |||||
Interest expense, net | 19.9 | 53.8 | |||||
Other expense, net | 67.1 | 74.9 | |||||
Income before income taxes and equity in net earnings of affiliates | 261.1 | 360.3 | |||||
Income tax provision | 180.8 | 110.9 | |||||
Income before equity in net earnings of affiliates | 80.3 | 249.4 | |||||
Equity in net earnings of affiliates | 42.5 | 34.3 | |||||
Net income | 122.8 | 283.7 | |||||
Net loss attributable to noncontrolling interests | 2.4 | 1.8 | |||||
Net income attributable to AGCO Corporation and subsidiaries | $ | 125.2 | $ | 285.5 | |||
Net income per common share attributable to AGCO Corporation and subsidiaries: | |||||||
Basic | $ | 1.64 | $ | 3.62 | |||
Diluted | $ | 1.63 | $ | 3.58 | |||
Cash dividends declared and paid per common share | $ | 0.63 | $ | 0.60 | |||
Weighted average number of common and common equivalent shares outstanding: | |||||||
Basic | 76.2 | 78.8 | |||||
Diluted | 77.0 | 79.7 |
Years Ended December 31, | |||||||
2019 | 2018 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 122.8 | $ | 283.7 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | 210.9 | 225.2 | |||||
Impairment charges | 176.6 | — | |||||
Amortization of intangibles | 61.1 | 64.7 | |||||
Stock compensation expense | 41.3 | 46.3 | |||||
Equity in net earnings of affiliates, net of cash received | — | (3.2 | ) | ||||
Deferred income tax provision (benefit) | 15.1 | (14.7 | ) | ||||
Loss on extinguishment of debt | — | 24.5 | |||||
Other | 6.9 | 2.6 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts and notes receivable, net | 63.8 | 63.3 | |||||
Inventories, net | (216.3 | ) | (214.3 | ) | |||
Other current and noncurrent assets | (14.4 | ) | (85.6 | ) | |||
Accounts payable | 35.7 | (24.3 | ) | ||||
Accrued expenses | 114.5 | 161.3 | |||||
Other current and noncurrent liabilities | 77.9 | 66.4 | |||||
Total adjustments | 573.1 | 312.2 | |||||
Net cash provided by operating activities | 695.9 | 595.9 | |||||
Cash flows from investing activities: | |||||||
Purchases of property, plant and equipment | (273.4 | ) | (203.3 | ) | |||
Proceeds from sale of property, plant and equipment | 4.9 | 3.2 | |||||
Investment in unconsolidated affiliates | (3.1 | ) | (5.8 | ) | |||
Other | — | 0.4 | |||||
Net cash used in investing activities | (271.6 | ) | (205.5 | ) | |||
Cash flows from financing activities: | |||||||
Repayments of indebtedness, net | (108.4 | ) | (176.1 | ) | |||
Purchases and retirement of common stock | (130.0 | ) | (184.3 | ) | |||
Payment of dividends to stockholders | (48.0 | ) | (47.1 | ) | |||
Payment of minimum tax withholdings on stock compensation | (28.1 | ) | (4.0 | ) | |||
Payment of debt issuance costs | (0.5 | ) | (2.7 | ) | |||
Investments by noncontrolling interests, net | 1.6 | 0.9 | |||||
Net cash used in financing activities | (313.4 | ) | (413.3 | ) | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (4.2 | ) | (18.7 | ) | |||
Increase (decrease) in cash, cash equivalents and restricted cash | 106.7 | (41.6 | ) | ||||
Cash, cash equivalents and restricted cash, beginning of year | 326.1 | 367.7 | |||||
Cash, cash equivalents and restricted cash, end of year | $ | 432.8 | $ | 326.1 |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Cost of goods sold | $ | 0.4 | $ | (0.4 | ) | $ | 1.7 | $ | 2.3 | ||||||
Selling, general and administrative expenses | 8.0 | 13.7 | 40.0 | 44.3 | |||||||||||
Total stock compensation expense | $ | 8.4 | $ | 13.3 | $ | 41.7 | $ | 46.6 |
December 31, 2019 | December 31, 2018 | ||||||
Senior term loan due 2022 | $ | 168.1 | $ | 171.5 | |||
Credit facility, expires 2023 | — | 114.4 | |||||
1.002% Senior term loan due 2025 | 280.2 | — | |||||
Senior term loans due between 2021 and 2028(1) | 736.2 | 815.3 | |||||
1.056% Senior term loan due 2020 | — | 228.7 | |||||
Other long-term debt | 12.5 | 20.6 | |||||
Debt issuance costs | (2.3 | ) | (2.6 | ) | |||
1,194.7 | 1,347.9 | ||||||
Less: | |||||||
Current portion of other long-term debt | (2.9 | ) | (8.8 | ) | |||
Senior term loans due 2019 | — | (63.8 | ) | ||||
Total indebtedness, less current portion | $ | 1,191.8 | $ | 1,275.3 |
December 31, 2019 | December 31, 2018 | ||||||
Finished goods | $ | 780.1 | $ | 660.4 | |||
Repair and replacement parts | 611.5 | 587.3 | |||||
Work in process | 213.4 | 217.5 | |||||
Raw materials | 473.7 | 443.5 | |||||
Inventories, net | $ | 2,078.7 | $ | 1,908.7 |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Basic net (loss) income per share: | |||||||||||||||
Net (loss) income attributable to AGCO Corporation and subsidiaries | $ | (88.3 | ) | $ | 98.7 | $ | 125.2 | $ | 285.5 | ||||||
Weighted average number of common shares outstanding | 75.6 | 77.4 | 76.2 | 78.8 | |||||||||||
Basic net (loss) income per share attributable to AGCO Corporation and subsidiaries | $ | (1.17 | ) | $ | 1.28 | $ | 1.64 | $ | 3.62 | ||||||
Diluted net (loss) income per share: | |||||||||||||||
Net (loss) income attributable to AGCO Corporation and subsidiaries | $ | (88.3 | ) | $ | 98.7 | $ | 125.2 | $ | 285.5 | ||||||
Weighted average number of common shares outstanding | 75.6 | 77.4 | 76.2 | 78.8 | |||||||||||
Dilutive stock-settled appreciation rights, performance share awards and restricted stock units | — | 1.2 | 0.8 | 0.9 | |||||||||||
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net (loss) income per share | 75.6 | 78.6 | 77.0 | 79.7 | |||||||||||
Diluted net (loss) income per share attributable to AGCO Corporation and subsidiaries | $ | (1.17 | ) | $ | 1.26 | $ | 1.63 | $ | 3.58 |
Three Months Ended December 31, | North America | South America | Europe/ Middle East | Asia/ Pacific/Africa | Consolidated | |||||||||||||||
2019 | ||||||||||||||||||||
Net sales | $ | 540.5 | $ | 220.9 | $ | 1,515.3 | $ | 236.9 | $ | 2,513.6 | ||||||||||
Income (loss) from operations | 7.1 | (18.2 | ) | 179.7 | 21.5 | 190.1 | ||||||||||||||
2018 | ||||||||||||||||||||
Net sales | $ | 531.2 | $ | 276.2 | $ | 1,511.7 | $ | 273.1 | $ | 2,592.2 | ||||||||||
Income from operations | 6.2 | 10.6 | 185.0 | 22.7 | 224.5 |
Years Ended December 31, | North America | South America | Europe/ Middle East | Asia/ Pacific/Africa | Consolidated | |||||||||||||||
2019 | ||||||||||||||||||||
Net sales | $ | 2,191.8 | $ | 802.2 | $ | 5,328.8 | $ | 718.6 | $ | 9,041.4 | ||||||||||
Income (loss) from operations | 121.6 | (39.4 | ) | 638.2 | 43.4 | 763.8 | ||||||||||||||
2018 | ||||||||||||||||||||
Net sales | $ | 2,180.1 | $ | 959.0 | $ | 5,385.1 | $ | 827.8 | $ | 9,352.0 | ||||||||||
Income (loss) from operations | 103.1 | (10.1 | ) | 601.1 | 49.6 | 743.7 |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Segment income from operations | $ | 190.1 | $ | 224.5 | $ | 763.8 | $ | 743.7 | |||||||
Corporate expenses | (33.8 | ) | (34.3 | ) | (129.0 | ) | (133.7 | ) | |||||||
Impairment charges | (176.6 | ) | — | (176.6 | ) | — | |||||||||
Amortization of intangibles | (15.5 | ) | (15.5 | ) | (61.1 | ) | (64.7 | ) | |||||||
Stock compensation expense | (8.0 | ) | (13.7 | ) | (40.0 | ) | (44.3 | ) | |||||||
Restructuring expenses | (6.0 | ) | (1.9 | ) | (9.0 | ) | (12.0 | ) | |||||||
Consolidated (loss) income from operations | $ | (49.8 | ) | $ | 159.1 | $ | 348.1 | $ | 489.0 |
Three Months Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||
Income From Operations | Net Income(1)(2) | Net Income Per Share(1) | Income From Operations | Net Income(1) | Net Income Per Share(1)(2) | ||||||||||||||||||
As reported | $ | (49.8 | ) | $ | (88.3 | ) | $ | (1.17 | ) | $ | 159.1 | $ | 98.7 | $ | 1.26 | ||||||||
Impairment charges(3) | 176.6 | 176.6 | 2.33 | — | — | — | |||||||||||||||||
Restructuring expenses(4) | 6.0 | 5.8 | 0.08 | 1.9 | 1.4 | 0.02 | |||||||||||||||||
Swiss tax reform(5) | — | (21.8 | ) | (0.29 | ) | — | — | — | |||||||||||||||
Extinguishment of debt(6)(7) | — | — | — | — | 11.7 | 0.15 | |||||||||||||||||
U.S. tax reform(8) | — | — | — | — | (8.5 | ) | (0.11 | ) | |||||||||||||||
Weighted average share impact(9) | — | — | (0.01 | ) | — | — | — | ||||||||||||||||
As adjusted | $ | 132.8 | $ | 72.2 | $ | 0.94 | $ | 161.0 | $ | 103.3 | $ | 1.31 |
Years Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||
Income From Operations | Net Income(1)(2) | Net Income Per Share(1)(2) | Income From Operations | Net Income(1)(2) | Net Income Per Share(1) | ||||||||||||||||||
As reported | $ | 348.1 | $ | 125.2 | $ | 1.63 | $ | 489.0 | $ | 285.5 | $ | 3.58 | |||||||||||
Impairment charges(3) | 176.6 | 176.6 | 2.29 | — | — | — | |||||||||||||||||
Deferred income tax adjustment(4) | — | 53.7 | 0.70 | — | — | — | |||||||||||||||||
Restructuring expenses(5) | 9.0 | 8.3 | 0.11 | 12.0 | 8.7 | 0.11 | |||||||||||||||||
Swiss tax reform(6) | — | (21.8 | ) | (0.28 | ) | — | — | — | |||||||||||||||
Extinguishment of debt(7)(8) | — | — | — | — | 24.4 | 0.31 | |||||||||||||||||
U.S. tax reform(9) | — | — | — | — | (8.5 | ) | (0.11 | ) | |||||||||||||||
As adjusted | $ | 533.7 | $ | 341.9 | $ | 4.44 | $ | 501.0 | $ | 310.2 | $ | 3.89 |
Three Months Ended December 31, | Change due to currency translation | ||||||||||||||||
2019 | 2018 | % change from 2018 | $ | % | |||||||||||||
North America | $ | 540.5 | $ | 531.2 | 1.8 | % | $ | 0.6 | 0.1 | % | |||||||
South America | 220.9 | 276.2 | (20.0 | )% | (14.9 | ) | (5.4 | )% | |||||||||
Europe/Middle East | 1,515.3 | 1,511.7 | 0.2 | % | (41.1 | ) | (2.7 | )% | |||||||||
Asia/Pacific/Africa | 236.9 | 273.1 | (13.3 | )% | (6.8 | ) | (2.5 | )% | |||||||||
$ | 2,513.6 | $ | 2,592.2 | (3.0 | )% | $ | (62.2 | ) | (2.4 | )% |
Years Ended December 31, | Change due to currency translation | ||||||||||||||||
2019 | 2018 | % change from 2018 | $ | % | |||||||||||||
North America | $ | 2,191.8 | $ | 2,180.1 | 0.5 | % | $ | (8.5 | ) | (0.4 | )% | ||||||
South America | 802.2 | 959.0 | (16.4 | )% | (49.9 | ) | (5.2 | )% | |||||||||
Europe/Middle East | 5,328.8 | 5,385.1 | (1.0 | )% | (295.0 | ) | (5.5 | )% | |||||||||
Asia/Pacific/Africa | 718.6 | 827.8 | (13.2 | )% | (35.8 | ) | (4.3 | )% | |||||||||
$ | 9,041.4 | $ | 9,352.0 | (3.3 | )% | $ | (389.2 | ) | (4.2 | )% |
2019 | 2018 | |||||||
Net cash provided by operating activities | $ | 695.9 | $ | 595.9 | ||||
Less: capital expenditures | (273.4 | ) | (203.3 | ) | ||||
Free cash flow | $ | 422.5 | $ | 392.6 |
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Cover Page Statement |
Feb. 06, 2020 |
---|---|
Cover page. | |
Document Type | 8-K |
Document Period End Date | Feb. 06, 2020 |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-12930 |
Entity Tax Identification Number | 58-1960019 |
Entity Address, Address Line One | 4205 River Green Parkway |
Entity Address, City or Town | Duluth |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30096 |
City Area Code | 770 |
Local Phone Number | 813-9200 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common stock |
Trading Symbol | AGCO |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000880266 |
Amendment Flag | false |
Entity Registrant Name | AGCO CORP /DE |