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Changes in Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2020

Stockholders' Equity Note [Abstract]

The following tables set forth changes in stockholders’ equity attributed to AGCO Corporation and its subsidiaries and to noncontrolling interests for the three and nine months ended September 30, 2020 (in millions):


	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Stockholders’ Equity
Balance, June 30, 2020	$	0.8	$	10.1	$	4,490.4	$	(1,825.2)	$	41.4	$	2,717.5
Stock compensation	—		14.1		—		—		—		14.1


Comprehensive income:
Net income (loss)	—		—		157.3		—		0.8		158.1
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments	—		—		—		(28.1)		(2.2)		(30.3)
Defined benefit pension plans, net of tax	—		—		—		3.4		—		3.4
Deferred gains and losses on derivatives, net of tax	—		—		—		(1.1)		—		(1.1)
Payment of dividends to stockholders	—		—		(12.0)		—		—		(12.0)

Change in noncontrolling interest	—		—		—		—		0.2		0.2
Balance, September 30, 2020	$	0.8	$	24.2	$	4,635.7	$	(1,851.0)	$	40.2	$	2,849.9


	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	—		30.2		(3.4)		—		—		26.8
Issuance of stock awards	—		(7.3)		(8.4)		—		—		(15.7)
SSARs exercised	—		—		(0.1)		—		—		(0.1)
Comprehensive loss:
Net income (loss)	—		—		291.7		—		(7.3)		284.4
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments	—		—		—		(270.0)		(5.4)		(275.4)
Defined benefit pension plans, net of tax	—		—		—		10.3		—		10.3
Deferred gains and losses on derivatives, net of tax	—		—		—		3.9		—		3.9
Payment of dividends to stockholders	—		—		(36.0)		—		—		(36.0)
Purchases and retirement of common stock	—		(3.4)		(51.6)		—		—		(55.0)

Change in noncontrolling interest	—		—		—		—		(0.3)		(0.3)
Balance, September 30, 2020	$	0.8	$	24.2	$	4,635.7	$	(1,851.0)	$	40.2	$	2,849.9


	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Stockholders’ Equity
Balance, June 30, 2019	$	0.8	$	7.1	$	4,591.1	$	(1,534.3)	$	64.0	$	3,128.7
Stock compensation	—		8.1		—		—		—		8.1
Issuance of stock awards	—		—		(0.1)		—		—		(0.1)
SSARs exercised	—		—		(0.7)		—		—		(0.7)
Comprehensive income:
Net income (loss)	—		—		7.6		—		(1.3)		6.3
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments	—		—		—		(62.0)		(0.7)		(62.7)
Defined benefit pension plans, net of tax	—		—		—		2.8		—		2.8
Deferred gains and losses on derivatives, net of tax	—		—		—		(1.6)		—		(1.6)
Payment of dividends to stockholders	—		—		(12.2)		—		—		(12.2)
Purchases and retirement of common stock	—		(11.3)		(18.7)		—		—		(30.0)
Investment by noncontrolling interests	—		—		—		—		0.2		0.2

Balance, September 30, 2019	$	0.8	$	3.9	$	4,567.0	$	(1,595.1)	$	62.2	$	3,038.8


	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	—		32.9		—		—		—		32.9
Issuance of stock awards	—		(13.2)		(9.8)		—		—		(23.0)
SSARs exercised	—		(3.1)		(1.0)		—		—		(4.1)
Comprehensive income:
Net income (loss)	—		—		213.5		—		(1.1)		212.4
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments	—		—		—		(47.6)		1.5		(46.1)
Defined benefit pension plans, net of tax	—		—		—		8.8		—		8.8
Deferred gains and losses on derivatives, net of tax	—		—		—		(0.9)		—		(0.9)
Payment of dividends to stockholders	—		—		(35.9)		—		—		(35.9)
Purchases and retirement of common stock	—		(22.9)		(77.1)		—		—		(100.0)
Investment by noncontrolling interests	—		—		—		—		1.2		1.2

Balance, September 30, 2019	$	0.8	$	3.9	$	4,567.0	$	(1,595.1)	$	62.2	$	3,038.8

Schedule of Comprehensive Income (Loss)

Total comprehensive (loss) income attributable to noncontrolling interests for the three and nine months ended September 30, 2020 and 2019 was as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net income (loss)	$	0.8	$	(1.3)	$	(7.3)	$	(1.1)
Other comprehensive (loss) income:
Foreign currency translation adjustments	(2.2)		(0.7)		(5.4)		1.5
Total comprehensive (loss) income	$	(1.4)	$	(2.0)	$	(12.7)	$	0.4

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 nine months ended September 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	—		8.1		(270.0)		(261.9)
Net losses (gains) reclassified from accumulated other comprehensive loss	10.3		(4.2)		—		6.1
Other comprehensive income (loss), net of reclassification adjustments	10.3		3.9		(270.0)		(255.8)
Accumulated other comprehensive loss, September 30, 2020	$	(286.1)	$	2.6	$	(1,567.5)	$	(1,851.0)

The following table summarizes the activity in accumulated other comprehensive loss related to the Company’s defined pension and postretirement benefit plans during the nine months ended September 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	10.2		1.5		8.7
Amortization of prior service cost	1.7		0.1		1.6
Accumulated other comprehensive loss as of September 30, 2020	$	(381.3)	$	(95.2)	$	(286.1)

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 September 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 September 30, 2020(1)		Three Months Ended September 30, 2019(1)
Derivatives:
Net gains on foreign currency contracts	$	(1.2)	$	(1.6)	Cost of goods sold

Reclassification before tax	(1.2)		(1.6)
	0.2		(0.1)		Income tax benefit (provision)
Reclassification net of tax	$	(1.0)	$	(1.7)

Defined benefit pension plans:
Amortization of net actuarial losses	$	3.5	$	2.9	Other expense, net(2)
Amortization of prior service cost	0.5		0.4		Other expense, net(2)
Reclassification before tax	4.0		3.3
	(0.6)		(0.5)		Income tax provision
Reclassification net of tax	$	3.4	$	2.8

Net losses reclassified from accumulated other comprehensive loss	$	2.4	$	1.1

(1) (Gains) losses included within the Condensed Consolidated Statements of Operations for the three months ended September 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 nine months ended September 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	Nine Months Ended September 30, 2020(1)		Nine Months Ended September 30, 2019(1)
Derivatives:
Net gains on foreign currency contracts	$	(4.4)	$	(0.5)	Cost of goods sold

Reclassification before tax	(4.4)		(0.5)
	0.2		(0.1)		Income tax provision
Reclassification net of tax	$	(4.2)	$	(0.6)

Defined benefit pension plans:
Amortization of net actuarial losses	$	10.2	$	9.0	Other expense, net(2)
Amortization of prior service cost	1.7		1.3		Other expense, net(2)
Reclassification before tax	11.9		10.3
	(1.6)		(1.5)		Income tax provision
Reclassification net of tax	$	10.3	$	8.8

Net losses reclassified from accumulated other comprehensive loss	$	6.1	$	8.2

(1) (Gains) losses included within the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2020 and 2019, respectively.