Pension and Postretirement Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2022

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 six months ended June 30, 2022 and 2021 are set forth below (in millions):

	Three Months Ended June 30,				Six Months Ended June 30,
Pension benefits	2022		2021		2022		2021
Service cost	$	3.3	$	3.7	$	6.6	$	7.8
Interest cost	3.8		3.2		7.8		6.4
Expected return on plan assets	(4.4)		(7.9)		(9.0)		(15.7)
Amortization of net actuarial losses	2.2		3.4		4.4		7.4
Amortization of prior service cost	—		0.1		0.1		0.6
Curtailment(1)	—		—		—		$	(1.2)
Net periodic pension cost	$	4.9	$	2.5	$	9.9	$	5.3

(1) During the six months ended June 30, 2021, the Company amended its Executive Nonqualified Pension Plan (“ENPP”) to freeze the plan as of December 31, 2024 to future salary benefit accruals, and to eliminate a life-time annuity feature for participants reaching age 65 subsequent to December 31, 2022. This amendment resulted in a curtailment gain related to the ENPP's net prior service credit.

	Three Months Ended June 30,				Six Months Ended June 30,
Postretirement benefits	2022		2021		2022		2021
Service cost	$	—	$	—	$	0.1	$	0.1
Interest cost	0.3		0.2		0.5		0.4
Amortization of prior service cost	—		—		0.1		—
Net periodic postretirement benefit cost	$	0.3	$	0.2	$	0.7	$	0.5

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 six months ended June 30, 2022 (in millions):

	Defined Benefit Pension Plans		Deferred Net (Losses) Gains on Derivatives		Cumulative Translation Adjustment		Total
Accumulated other comprehensive loss, December 31, 2021	$	(230.4)	$	(0.4)	$	(1,540.1)	$	(1,770.9)
Other comprehensive income (loss) before reclassifications	—		(9.6)		12.9		3.3
Net losses reclassified from accumulated other comprehensive loss	3.4		3.1		—		6.5
Other comprehensive income (loss), net of reclassification adjustments	3.4		(6.5)		12.9		9.8
Accumulated other comprehensive loss, June 30, 2022	$	(227.0)	$	(6.9)	$	(1,527.2)	$	(1,761.1)

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, 2022 (in millions):

	Before-Tax Amount		Income Tax		After-Tax Amount
Accumulated other comprehensive loss, December 31, 2021	$	(302.4)	$	(72.0)	$	(230.4)
Amortization of net actuarial losses	4.4		1.1		3.3
Amortization of prior service cost	0.2		0.1		0.1
Accumulated other comprehensive loss as of June 30, 2022	$	(297.8)	$	(70.8)	$	(227.0)