Pension and Postretirement Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

Net Pension and Postretirement Cost

Net periodic pension and postretirement benefit cost for the Company’s defined pension and postretirement benefit plans for the three and nine months ended September 30, 2020 and 2019 are set forth below (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
Pension benefits	2020		2019		2020		2019
Service cost	$	4.0	$	3.9	$	12.0	$	11.7
Interest cost	4.1		5.1		12.3		15.7
Expected return on plan assets	(7.1)		(6.8)		(21.2)		(21.1)
Amortization of net actuarial losses	3.4		2.9		10.0		9.0
Amortization of prior service cost	0.5		0.4		1.6		1.2
Net periodic pension cost	$	4.9	$	5.5	$	14.7	$	16.5

	Three Months Ended September 30,				Nine Months Ended September 30,
Postretirement benefits	2020		2019		2020		2019
Service cost	$	—	$	0.1	$	—	$	0.1
Interest cost	0.3		0.3		0.9		1.0
Amortization of net actuarial losses	0.1		—		0.2		—
Amortization of prior service cost	—		—		0.1		0.1
Net periodic postretirement benefit cost	$	0.4	$	0.4	$	1.2	$	1.2

Summary of Accumulated Other Comprehensive 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)