XML 44 R34.htm IDEA: XBRL DOCUMENT v3.20.2
Changes in Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2020
Stockholders' Equity Note [Abstract]  
Schedule of Stockholders Equity

The following tables set forth changes in stockholders’ equity attributed to AGCO Corporation and its subsidiaries and to noncontrolling interests for the three and six months ended June 30, 2020 (in millions):
 
Common
Stock
 
Additional
Paid-in Capital
 
Retained
Earnings
 
Accumulated Other
Comprehensive Loss
 
Noncontrolling
Interests
 
Total Stockholders’
Equity
Balance, March 31, 2020
$
0.8

 
$
—

 
$
4,432.7

 
$
(1,791.4
)
 
$
48.5

 
$
2,690.6

Stock compensation
—

 
10.2

 
(0.1
)
 
—

 
—

 
10.1

Issuance of stock awards
—

 
(0.1
)
 
—

 
—

 
—

 
(0.1
)
Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
—

 
—

 
69.7

 
—

 
(9.7
)
 
60.0

Other comprehensive loss, net of reclassification adjustments:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
—

 
—

 
—

 
(32.8
)
 
2.5

 
(30.3
)
Defined benefit pension plans, net of tax
—

 
—

 
—

 
3.4

 
—

 
3.4

Deferred gains and losses on derivatives, net of tax
—

 
—

 
—

 
(4.4
)
 
—

 
(4.4
)
Payment of dividends to stockholders
—

 
—

 
(11.9
)
 
—

 
—

 
(11.9
)
Change in noncontrolling interest
—

 
—

 
—

 
—

 
0.1

 
0.1

Balance, June 30, 2020
$
0.8

 
$
10.1

 
$
4,490.4

 
$
(1,825.2
)
 
$
41.4

 
$
2,717.5

 
Common
Stock
 
Additional
Paid-in Capital
 
Retained
Earnings
 
Accumulated Other
Comprehensive Loss
 
Noncontrolling
Interests
 
Total Stockholders’
Equity
Balance, December 31, 2019
$
0.8

 
$
4.7

 
$
4,443.5

 
$
(1,595.2
)
 
$
53.2

 
$
2,907.0

Stock compensation
—

 
16.1

 
(3.4
)
 
—

 
—

 
12.7

Issuance of stock awards
—

 
(7.3
)
 
(8.4
)
 
—

 
—

 
(15.7
)
SSARs exercised
—

 
—

 
(0.1
)
 
—

 
—

 
(0.1
)
Comprehensive loss:
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
—

 
—

 
134.4

 
—

 
(8.1
)
 
126.3

Other comprehensive loss, net of reclassification adjustments:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
—

 
—

 
—

 
(241.9
)
 
(3.2
)
 
(245.1
)
Defined benefit pension plans, net of tax
—

 
—

 
—

 
6.9

 
—

 
6.9

Deferred gains and losses on derivatives, net of tax
—

 
—

 
—

 
5.0

 
—

 
5.0

Payment of dividends to stockholders
—

 
—

 
(24.0
)
 
—

 
—

 
(24.0
)
Purchases and retirement of common stock
—

 
(3.4
)
 
(51.6
)
 
—

 
—

 
(55.0
)
Change in noncontrolling interest
—

 
—

 
—

 
—

 
(0.5
)
 
(0.5
)
Balance, June 30, 2020
$
0.8

 
$
10.1

 
$
4,490.4

 
$
(1,825.2
)
 
$
41.4

 
$
2,717.5



The following tables set forth changes in stockholders’ equity attributed to AGCO Corporation and its subsidiaries and to noncontrolling interests for the three and six months ended June 30, 2019 (in millions):
 
Common
Stock
 
Additional
Paid-in Capital
 
Retained
Earnings
 
Accumulated Other
Comprehensive Loss
 
Noncontrolling
Interests
 
Total Stockholders’
Equity
Balance, March 31, 2019
$
0.8

 
$
9.7

 
$
4,491.0

 
$
(1,545.8
)
 
$
63.3

 
$
3,019.0

Stock compensation
—

 
12.3

 
—

 
—

 
—

 
12.3

Issuance of stock awards
—

 
(0.2
)
 
(0.1
)
 
—

 
—

 
(0.3
)
SSARs exercised
—

 
(3.1
)
 
—

 
—

 
—

 
(3.1
)
Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
—

 
—

 
140.8

 
—

 
(0.4
)
 
140.4

Other comprehensive income, net of reclassification adjustments:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
—

 
—

 
—

 
3.7

 
0.7

 
4.4

Defined benefit pension plans, net of tax
—

 
—

 
—

 
3.0

 
—

 
3.0

Deferred gains and losses on derivatives, net of tax
—

 
—

 
—

 
4.8

 
—

 
4.8

Payment of dividends to stockholders
—

 
—

 
(12.2
)
 
—

 
—

 
(12.2
)
Purchases and retirement of common stock
—

 
(11.6
)
 
(28.4
)
 
—

 
—

 
(40.0
)
Investment by noncontrolling interests
—

 
—

 
—

 
—

 
0.4

 
0.4

Balance, June 30, 2019
$
0.8

 
$
7.1

 
$
4,591.1

 
$
(1,534.3
)
 
$
64.0

 
$
3,128.7

 
Common
Stock
 
Additional
Paid-in Capital
 
Retained
Earnings
 
Accumulated Other
Comprehensive Loss
 
Noncontrolling
Interests
 
Total Stockholders’
Equity
Balance, December 31, 2018
$
0.8

 
$
10.2

 
$
4,477.3

 
$
(1,555.4
)
 
$
60.6

 
$
2,993.5

Stock compensation
—

 
24.8

 
—

 
—

 
—

 
24.8

Issuance of stock awards
—

 
(13.2
)
 
(9.7
)
 
—

 
—

 
(22.9
)
SSARs exercised
—

 
(3.1
)
 
(0.3
)
 
—

 
—

 
(3.4
)
Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
Net income
—

 
—

 
205.9

 
—

 
0.2

 
206.1

Other comprehensive income, net of reclassification adjustments:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
—

 
—

 
—

 
14.4

 
2.2

 
16.6

Defined benefit pension plans, net of tax
—

 
—

 
—

 
6.0

 
—

 
6.0

Deferred gains and losses on derivatives, net of tax
—

 
—

 
—

 
0.7

 
—

 
0.7

Payment of dividends to stockholders
—

 
—

 
(23.7
)
 
—

 
—

 
(23.7
)
Purchases and retirement of common stock
—

 
(11.6
)
 
(58.4
)
 
—

 
—

 
(70.0
)
Investment by noncontrolling interests
—

 
—

 
—

 
—

 
1.0

 
1.0

Balance, June 30, 2019
$
0.8

 
$
7.1

 
$
4,591.1

 
$
(1,534.3
)
 
$
64.0

 
$
3,128.7
Schedule of Comprehensive Income (Loss)
Total comprehensive (loss) income attributable to noncontrolling interests for the three and six months ended June 30, 2020 and 2019 was as follows (in millions):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Net (loss) income
$
(9.7
)
 
$
(0.4
)
 
$
(8.1
)
 
$
0.2

Other comprehensive (loss) income:
 
 
 
 
 
 
 
Foreign currency translation adjustments
2.5

 
0.7

 
(3.2
)
 
2.2

Total comprehensive (loss) income
$
(7.2
)
 
$
0.3

 
$
(11.3
)
 
$
2.4
Summary of Accumulated Other Comprehensive (Loss) Income
The following table sets forth changes in accumulated other comprehensive loss by component, net of tax, attributed to AGCO Corporation and its subsidiaries for the six months ended June 30, 2020 (in millions):
 
Defined Benefit Pension Plans
 
Deferred Net Gains (Losses) on Derivatives
 
Cumulative Translation Adjustment
 
Total
Accumulated other comprehensive loss, December 31, 2019
$
(296.4
)
 
$
(1.3
)
 
$
(1,297.5
)
 
$
(1,595.2
)
Other comprehensive income (loss) before reclassifications
—

 
8.2

 
(241.9
)
 
(233.7
)
Net losses (gains) reclassified from accumulated other comprehensive loss
6.9

 
(3.2
)
 
—

 
3.7

Other comprehensive income (loss), net of reclassification adjustments
6.9

 
5.0

 
(241.9
)
 
(230.0
)
Accumulated other comprehensive loss, June 30, 2020
$
(289.5
)
 
$
3.7

 
$
(1,539.4
)
 
$
(1,825.2
)

The following table summarizes the activity in accumulated other comprehensive loss related to the Company’s defined pension and postretirement benefit plans during the six months ended June 30, 2020 (in millions):
 
 
Before-Tax Amount
 
Income Tax
 
After-Tax Amount
Accumulated other comprehensive loss as of December 31, 2019
 
$
(393.2
)
 
$
(96.8
)
 
$
(296.4
)
Amortization of net actuarial losses
 
6.7

 
0.9

 
5.8

Amortization of prior service cost
 
1.2

 
0.1

 
1.1

Accumulated other comprehensive loss as of June 30, 2020
 
$
(385.3
)
 
$
(95.8
)
 
$
(289.5
)
Reclassification Out of Accumulated Other Comprehensive Loss
The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the three months ended June 30, 2020 and 2019 (in millions):
 
 
Amount Reclassified from Accumulated Other Comprehensive Loss
 
Affected Line Item within the Condensed Consolidated
Statements of Operations
Details about Accumulated Other Comprehensive Loss Components
 
Three Months Ended June 30, 2020(1)
 
Three Months Ended June 30, 2019(1)
 
Derivatives:
 
 
 
 
 
 
Net (gains) losses on foreign currency contracts
 
$
(3.1
)
 
$
0.5

 
Cost of goods sold
Reclassification before tax
 
(3.1
)
 
0.5

 
 
 
 
—

 
—

 
Income tax provision
Reclassification net of tax
 
$
(3.1
)
 
$
0.5

 
 
 
 
 
 
 
 
 
Defined benefit pension plans:
 
 
 
 
 
 
Amortization of net actuarial losses
 
$
3.2

 
$
3.0

 
Other expense, net(2)
Amortization of prior service cost
 
0.7

 
0.5

 
Other expense, net(2)
Reclassification before tax
 
3.9

 
3.5

 
 
 
 
(0.5
)
 
(0.5
)
 
Income tax provision
Reclassification net of tax
 
$
3.4

 
$
3.0

 
 
 
 
 
 
 
 
 
Net losses reclassified from accumulated other comprehensive loss
 
$
0.3

 
$
3.5

 
 
(1) (Gains) losses included within the Condensed Consolidated Statements of Operations for the three months ended June 30, 2020 and 2019, respectively.
(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 14 for additional information on the Company’s defined benefit pension plans.

The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the six months ended June 30, 2020 and 2019 (in millions):
 
 
Amount Reclassified from Accumulated Other Comprehensive Loss
 
Affected Line Item within the Condensed Consolidated
Statements of Operations
Details about Accumulated Other Comprehensive Loss Components
 
Six Months Ended June 30, 2020(1)
 
Six Months Ended June 30, 2019(1)
 
Derivatives:
 
 
 
 
 
 
Net (gains) losses on foreign currency contracts
 
$
(3.2
)
 
$
1.1

 
Cost of goods sold
Reclassification before tax
 
(3.2
)
 
1.1

 
 
 
 
—

 
—

 
Income tax provision
Reclassification net of tax
 
$
(3.2
)
 
$
1.1

 
 
 
 
 
 
 
 
 
Defined benefit pension plans:
 
 
 
 
 
 
Amortization of net actuarial losses
 
$
6.7

 
$
6.1

 
Other expense, net(2)
Amortization of prior service cost
 
1.2

 
0.9

 
Other expense, net(2)
Reclassification before tax
 
7.9

 
7.0

 
 
 
 
(1.0
)
 
(1.0
)
 
Income tax provision
Reclassification net of tax
 
$
6.9

 
$
6.0

 
 
 
 
 
 
 
 
 
Net losses reclassified from accumulated other comprehensive loss
 
$
3.7

 
$
7.1

 
 
(1) (Gains) losses included within the Condensed Consolidated Statements of Operations for the six months ended June 30, 2020 and 2019, respectively.
(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 14 for additional information on the Company’s defined benefit pension plans.