AGCO CORP /DE0000880266--12-312023Q3false1.5P4YP1Yhttp://fasb.org/us-gaap/2023#AccountingStandardsUpdate201613MemberP3M11100008802662023-01-012023-09-3000008802662023-11-03xbrli:shares00008802662023-09-30iso4217:USD00008802662022-12-31iso4217:USDxbrli:shares00008802662023-07-012023-09-3000008802662022-07-012022-09-3000008802662022-01-012022-09-3000008802662021-12-3100008802662022-09-300000880266srt:SubsidiariesMembercountry:TR2023-01-012023-09-300000880266srt:SubsidiariesMembercountry:TR2023-09-30iso4217:TRY0000880266currency:TRYsrt:SubsidiariesMembercountry:TR2023-09-300000880266country:ARsrt:SubsidiariesMember2023-01-012023-09-300000880266country:ARsrt:SubsidiariesMember2023-09-30iso4217:ARS0000880266country:ARcurrency:ARS2023-09-300000880266agco:AGCOCapitalArgentinaSAMembercountry:AR2023-09-300000880266srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2022-12-310000880266srt:ScenarioForecastMember2024-01-012024-06-300000880266agco:TrimbleSolutionsLLCMembersrt:ScenarioForecastMember2024-06-30xbrli:pure0000880266us-gaap:BridgeLoanMember2023-09-280000880266us-gaap:BridgeLoanMember2023-09-282023-09-280000880266us-gaap:BridgeLoanMember2023-07-012023-09-300000880266us-gaap:BridgeLoanMember2023-01-012023-09-300000880266agco:JCAMember2022-05-022022-05-02iso4217:CAD0000880266agco:JCAMember2022-05-020000880266agco:AppareoMember2022-01-012022-01-010000880266agco:AppareoMember2022-01-010000880266agco:AppareoMember2022-01-010000880266us-gaap:CustomerRelationshipsMemberagco:JCAAndAppareoMember2022-12-310000880266us-gaap:TechnologyBasedIntangibleAssetsMemberagco:JCAAndAppareoMember2022-12-310000880266us-gaap:TrademarksMemberagco:JCAAndAppareoMember2022-12-310000880266us-gaap:NoncompeteAgreementsMemberagco:JCAAndAppareoMember2022-12-310000880266agco:JCAAndAppareoMember2022-12-310000880266us-gaap:EmployeeSeveranceMember2022-12-310000880266agco:OtherRelatedClosureCostsMember2022-12-310000880266us-gaap:EmployeeSeveranceMember2023-01-012023-03-310000880266agco:OtherRelatedClosureCostsMember2023-01-012023-03-3100008802662023-01-012023-03-310000880266us-gaap:EmployeeSeveranceMember2023-03-310000880266agco:OtherRelatedClosureCostsMember2023-03-3100008802662023-03-310000880266us-gaap:EmployeeSeveranceMember2023-04-012023-06-300000880266agco:OtherRelatedClosureCostsMember2023-04-012023-06-3000008802662023-04-012023-06-300000880266us-gaap:EmployeeSeveranceMember2023-06-300000880266agco:OtherRelatedClosureCostsMember2023-06-3000008802662023-06-300000880266us-gaap:EmployeeSeveranceMember2023-07-012023-09-300000880266agco:OtherRelatedClosureCostsMember2023-07-012023-09-300000880266us-gaap:EmployeeSeveranceMember2023-09-300000880266agco:OtherRelatedClosureCostsMember2023-09-300000880266us-gaap:EmployeeSeveranceMember2021-12-310000880266agco:OtherRelatedClosureCostsMember2021-12-310000880266us-gaap:EmployeeSeveranceMember2022-01-012022-03-310000880266agco:OtherRelatedClosureCostsMember2022-01-012022-03-3100008802662022-01-012022-03-310000880266us-gaap:EmployeeSeveranceMember2022-03-310000880266agco:OtherRelatedClosureCostsMember2022-03-3100008802662022-03-310000880266us-gaap:EmployeeSeveranceMember2022-04-012022-06-300000880266agco:OtherRelatedClosureCostsMember2022-04-012022-06-3000008802662022-04-012022-06-300000880266us-gaap:EmployeeSeveranceMember2022-06-300000880266agco:OtherRelatedClosureCostsMember2022-06-3000008802662022-06-300000880266us-gaap:EmployeeSeveranceMember2022-07-012022-09-300000880266agco:OtherRelatedClosureCostsMember2022-07-012022-09-300000880266us-gaap:EmployeeSeveranceMember2022-09-300000880266agco:OtherRelatedClosureCostsMember2022-09-300000880266agco:EntityUnderTimeLimitedGeneralLicenseMemberagco:RussianFinanceJointVentureMember2022-01-012022-03-310000880266agco:RussianFinanceJointVentureMember2022-01-012022-03-310000880266us-gaap:CostOfSalesMember2023-07-012023-09-300000880266us-gaap:CostOfSalesMember2022-07-012022-09-300000880266us-gaap:CostOfSalesMember2023-01-012023-09-300000880266us-gaap:CostOfSalesMember2022-01-012022-09-300000880266us-gaap:SellingGeneralAndAdministrativeExpensesMember2023-07-012023-09-300000880266us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-07-012022-09-300000880266us-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-012023-09-300000880266us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-012022-09-300000880266agco:TwoThousandSixPlanMember2023-09-300000880266srt:MaximumMemberagco:LongTermIncentivePlanMember2023-01-012023-09-300000880266agco:LongTermIncentivePlanMember2023-01-012023-09-300000880266us-gaap:PerformanceSharesMember2023-09-300000880266us-gaap:PerformanceSharesMember2023-01-012023-09-300000880266us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-09-300000880266us-gaap:RestrictedStockUnitsRSUMember2023-09-300000880266us-gaap:StockAppreciationRightsSARSMember2023-09-300000880266us-gaap:RestrictedStockMember2023-04-272023-04-270000880266us-gaap:RestrictedStockMember2023-01-012023-09-300000880266srt:NorthAmericaMember2022-12-310000880266srt:SouthAmericaMember2022-12-310000880266agco:EMEMember2022-12-310000880266agco:APAMember2022-12-310000880266srt:NorthAmericaMember2023-01-012023-09-300000880266srt:SouthAmericaMember2023-01-012023-09-300000880266agco:EMEMember2023-01-012023-09-300000880266agco:APAMember2023-01-012023-09-300000880266srt:NorthAmericaMember2023-09-300000880266srt:SouthAmericaMember2023-09-300000880266agco:EMEMember2023-09-300000880266agco:APAMember2023-09-300000880266us-gaap:TrademarksAndTradeNamesMember2022-12-310000880266us-gaap:CustomerRelationshipsMember2022-12-310000880266agco:TechnologyAndPatentsMember2022-12-310000880266us-gaap:UseRightsMember2022-12-310000880266us-gaap:TrademarksAndTradeNamesMember2023-01-012023-09-300000880266us-gaap:CustomerRelationshipsMember2023-01-012023-09-300000880266agco:TechnologyAndPatentsMember2023-01-012023-09-300000880266us-gaap:UseRightsMember2023-01-012023-09-300000880266us-gaap:TrademarksAndTradeNamesMember2023-09-300000880266us-gaap:CustomerRelationshipsMember2023-09-300000880266agco:TechnologyAndPatentsMember2023-09-300000880266us-gaap:UseRightsMember2023-09-300000880266us-gaap:TrademarksAndTradeNamesMember2022-12-310000880266us-gaap:TrademarksAndTradeNamesMember2023-01-012023-09-300000880266us-gaap:TrademarksAndTradeNamesMember2023-09-300000880266srt:MinimumMember2023-09-300000880266srt:MaximumMember2023-09-300000880266agco:RevolvingCreditFacilityAndTermLoanExpires2027Member2023-09-300000880266agco:RevolvingCreditFacilityAndTermLoanExpires2027Member2022-12-310000880266agco:SeniorNotesDue20251.002Member2019-01-250000880266agco:SeniorNotesDue20251.002Member2023-09-300000880266agco:SeniorNotesDue20251.002Member2022-12-310000880266agco:SeniorTermLoansDueBetween2023And2028Member2023-09-300000880266agco:SeniorTermLoansDueBetween2023And2028Member2022-12-310000880266agco:A0800SeniorNotesDue2028Member2021-10-060000880266agco:A0800SeniorNotesDue2028Member2023-09-300000880266agco:A0800SeniorNotesDue2028Member2022-12-310000880266agco:SeniorTermLoansDue2023Member2023-09-300000880266agco:SeniorTermLoansDue2023Member2022-12-310000880266agco:OtherLongTermDebtMember2023-09-300000880266agco:OtherLongTermDebtMember2022-12-310000880266us-gaap:LineOfCreditMemberagco:A125BillionMultiCurrencyUnsecuredCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2022-12-310000880266us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2018-10-310000880266us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-12-012022-12-310000880266us-gaap:LineOfCreditMemberagco:BilateralRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2022-12-012022-12-310000880266us-gaap:LineOfCreditMemberagco:A125BillionMultiCurrencyUnsecuredCreditFacilityUSDollarTrancheMemberus-gaap:RevolvingCreditFacilityMember2022-12-310000880266agco:A125BillionMultiCurrencyUnsecuredCreditFacilityMultiCurrencyTrancheMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-12-310000880266us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:LineOfCreditMemberagco:MultiCurrencyRevolvingCreditFacilityMemberagco:InterestAccrualOptionOneMember2022-12-012022-12-310000880266us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:LineOfCreditMemberagco:MultiCurrencyRevolvingCreditFacilityMemberagco:InterestAccrualOptionOneMembersrt:MinimumMember2022-12-012022-12-310000880266us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembersrt:MaximumMemberus-gaap:LineOfCreditMemberagco:MultiCurrencyRevolvingCreditFacilityMemberagco:InterestAccrualOptionOneMember2022-12-012022-12-310000880266us-gaap:LineOfCreditMemberagco:MultiCurrencyRevolvingCreditFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMemberagco:InterestAccrualOptionTwoMember2022-12-012022-12-310000880266us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:LineOfCreditMemberagco:MultiCurrencyRevolvingCreditFacilityMemberagco:InterestAccrualOptionTwoMember2022-12-012022-12-310000880266us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:LineOfCreditMemberagco:MultiCurrencyRevolvingCreditFacilityMemberagco:InterestAccrualOptionTwoMembersrt:MinimumMember2022-12-012022-12-310000880266us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembersrt:MaximumMemberus-gaap:LineOfCreditMemberagco:MultiCurrencyRevolvingCreditFacilityMemberagco:InterestAccrualOptionTwoMember2022-12-012022-12-310000880266us-gaap:LineOfCreditMemberagco:MultiCurrencyRevolvingCreditFacilityMemberagco:EuroInterbankOfferedRateEURIBORMembersrt:MinimumMember2022-12-012022-12-310000880266srt:MaximumMemberus-gaap:LineOfCreditMemberagco:MultiCurrencyRevolvingCreditFacilityMemberagco:EuroInterbankOfferedRateEURIBORMember2022-12-012022-12-310000880266agco:TermLoanFacilityMember2023-09-300000880266us-gaap:LineOfCreditMemberagco:A125BillionMultiCurrencyUnsecuredCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2023-09-300000880266agco:UncommittedRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2022-06-30iso4217:EUR0000880266agco:UncommittedRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2023-09-300000880266agco:A0800SeniorNotesDue2028Member2021-10-062021-10-060000880266agco:SeniorTermLoansDueBetween2023And2028Member2016-10-31agco:loan_agreement0000880266agco:SeniorTermLoansDueBetween2023And2028Member2018-08-310000880266agco:SeniorTermLoansDueBetween2023And2028Member2019-10-012022-04-300000880266agco:SeniorTermLoansDueBetween2023And2028Member2021-08-012022-02-280000880266agco:SeniorTermLoansDueBetween2023And2028Member2023-08-012023-08-010000880266agco:SeniorTermLoansDueBetween2023And2028Memberagco:TermLoanFacilityMember2023-09-300000880266us-gaap:LineOfCreditMembersrt:MinimumMember2023-01-012023-09-300000880266srt:MaximumMemberus-gaap:LineOfCreditMember2023-01-012023-09-300000880266us-gaap:LineOfCreditMemberagco:EuroInterbankOfferedRateEURIBORMembersrt:MinimumMember2023-01-012023-09-300000880266us-gaap:SubsequentEventMemberagco:SeniorTermLoansDueBetween2023And2028Member2023-10-192023-10-190000880266agco:EuropeanInvestmentBankEIBSeniorTermLoanMember2023-09-290000880266agco:EuropeanInvestmentBankEIBSeniorTermLoanMember2023-09-300000880266agco:DebtTermAmortizingDrawMemberagco:EuropeanInvestmentBankEIBSeniorTermLoanMembersrt:MinimumMember2023-09-292023-09-290000880266srt:MaximumMemberagco:DebtTermAmortizingDrawMemberagco:EuropeanInvestmentBankEIBSeniorTermLoanMember2023-09-292023-09-290000880266agco:DebtTermNonAmortizingDrawMemberagco:EuropeanInvestmentBankEIBSeniorTermLoanMembersrt:MinimumMember2023-09-292023-09-290000880266srt:MaximumMemberagco:DebtTermNonAmortizingDrawMemberagco:EuropeanInvestmentBankEIBSeniorTermLoanMember2023-09-292023-09-290000880266us-gaap:SubsequentEventMemberagco:EuropeanInvestmentBankEIBSeniorTermLoanMember2023-10-260000880266us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:BridgeLoanMemberagco:InterestAccrualOptionOneMember2023-09-282023-09-280000880266us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:BridgeLoanMemberagco:InterestAccrualOptionOneMembersrt:MinimumMember2023-09-282023-09-280000880266us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembersrt:MaximumMemberus-gaap:BridgeLoanMemberagco:InterestAccrualOptionOneMember2023-09-282023-09-280000880266us-gaap:BridgeLoanMemberus-gaap:FederalFundsEffectiveSwapRateMemberagco:InterestAccrualOptionTwoMember2023-09-282023-09-280000880266us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:BridgeLoanMemberagco:InterestAccrualOptionTwoMember2023-09-282023-09-280000880266us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:BridgeLoanMemberagco:InterestAccrualOptionTwoMembersrt:MinimumMember2023-09-282023-09-280000880266us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembersrt:MaximumMemberus-gaap:BridgeLoanMemberagco:InterestAccrualOptionTwoMember2023-09-282023-09-280000880266us-gaap:BridgeLoanMember2023-09-300000880266us-gaap:StockAppreciationRightsSARSMember2023-01-012023-09-300000880266us-gaap:StockAppreciationRightsSARSMember2023-07-012023-09-300000880266us-gaap:StockAppreciationRightsSARSMember2022-07-012022-09-300000880266us-gaap:StockAppreciationRightsSARSMember2022-01-012022-09-300000880266us-gaap:ForeignCountryMember2023-09-300000880266us-gaap:ForeignCountryMember2023-01-012023-09-300000880266us-gaap:ForeignCountryMember2022-12-31iso4217:BRL0000880266us-gaap:SubsequentEventMember2023-10-012023-10-310000880266us-gaap:SubsequentEventMember2023-01-012023-10-310000880266us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-09-300000880266us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-12-310000880266us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2023-09-300000880266us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2022-12-310000880266us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-07-012023-09-300000880266us-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-07-012023-09-300000880266us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2023-07-012023-09-300000880266us-gaap:CostOfSalesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2023-07-012023-09-300000880266us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-07-012023-09-300000880266us-gaap:CostOfSalesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-07-012023-09-300000880266us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-07-012022-09-300000880266us-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-07-012022-09-300000880266us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2022-07-012022-09-300000880266us-gaap:CostOfSalesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2022-07-012022-09-300000880266us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-07-012022-09-300000880266us-gaap:CostOfSalesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-07-012022-09-300000880266us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-01-012023-09-300000880266us-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-01-012023-09-300000880266us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2023-01-012023-09-300000880266us-gaap:CostOfSalesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2023-01-012023-09-300000880266us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-01-012023-09-300000880266us-gaap:CostOfSalesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-01-012023-09-300000880266us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-01-012022-09-300000880266us-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-01-012022-09-300000880266us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2022-01-012022-09-300000880266us-gaap:CostOfSalesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2022-01-012022-09-300000880266us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-01-012022-09-300000880266us-gaap:CostOfSalesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-01-012022-09-300000880266us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-06-300000880266us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-012023-09-300000880266us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-09-300000880266us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310000880266us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-09-300000880266us-gaap:ForeignExchangeContractMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-09-300000880266us-gaap:CommodityContractMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-09-300000880266us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberagco:CrossCurrencyInterestRateContractPaymentMembersrt:ScenarioForecastMember2028-01-290000880266us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberagco:CrossCurrencyInterestRateContractPaymentMember2023-09-300000880266us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberagco:CrossCurrencyInterestRateContractReceiptMembersrt:ScenarioForecastMember2028-01-290000880266us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberagco:ForeignCurrencyDenominatedDebtMember2023-09-300000880266us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CrossCurrencyInterestRateContractMember2023-09-300000880266us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CrossCurrencyInterestRateContractMember2022-12-310000880266us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberagco:ForeignCurrencyDenominatedDebtMember2022-12-310000880266us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CrossCurrencyInterestRateContractMember2023-07-012023-09-300000880266us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CrossCurrencyInterestRateContractMember2023-01-012023-09-300000880266us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CrossCurrencyInterestRateContractMember2022-07-012022-09-300000880266us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CrossCurrencyInterestRateContractMember2022-01-012022-09-300000880266us-gaap:DesignatedAsHedgingInstrumentMemberagco:ForeignCurrencyDenominatedDebtMember2023-07-012023-09-300000880266us-gaap:DesignatedAsHedgingInstrumentMemberagco:ForeignCurrencyDenominatedDebtMember2023-01-012023-09-300000880266us-gaap:DesignatedAsHedgingInstrumentMemberagco:ForeignCurrencyDenominatedDebtMember2022-07-012022-09-300000880266us-gaap:DesignatedAsHedgingInstrumentMemberagco:ForeignCurrencyDenominatedDebtMember2022-01-012022-09-300000880266us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2023-09-300000880266us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2022-12-310000880266us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2023-07-012023-09-300000880266us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2022-07-012022-09-300000880266us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2023-01-012023-09-300000880266us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2022-01-012022-09-300000880266us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300000880266us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CommodityContractMember2023-09-300000880266us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CurrencySwapMember2023-09-300000880266us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000880266us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CommodityContractMember2022-12-310000880266us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CurrencySwapMember2022-12-310000880266us-gaap:CommonStockMember2023-06-300000880266us-gaap:AdditionalPaidInCapitalMember2023-06-300000880266us-gaap:RetainedEarningsMember2023-06-300000880266us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300000880266us-gaap:NoncontrollingInterestMember2023-06-300000880266us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300000880266us-gaap:RetainedEarningsMember2023-07-012023-09-300000880266us-gaap:NoncontrollingInterestMember2023-07-012023-09-300000880266us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000880266us-gaap:CommonStockMember2023-09-300000880266us-gaap:AdditionalPaidInCapitalMember2023-09-300000880266us-gaap:RetainedEarningsMember2023-09-300000880266us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000880266us-gaap:NoncontrollingInterestMember2023-09-300000880266us-gaap:CommonStockMember2022-12-310000880266us-gaap:AdditionalPaidInCapitalMember2022-12-310000880266us-gaap:RetainedEarningsMember2022-12-310000880266us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000880266us-gaap:NoncontrollingInterestMember2022-12-310000880266us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300000880266us-gaap:RetainedEarningsMember2023-01-012023-09-300000880266us-gaap:NoncontrollingInterestMember2023-01-012023-09-300000880266us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-3000008802662022-01-012022-12-310000880266srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310000880266us-gaap:CommonStockMember2022-06-300000880266us-gaap:AdditionalPaidInCapitalMember2022-06-300000880266us-gaap:RetainedEarningsMember2022-06-300000880266us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000880266us-gaap:NoncontrollingInterestMember2022-06-300000880266us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300000880266us-gaap:RetainedEarningsMember2022-07-012022-09-300000880266us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300000880266us-gaap:NoncontrollingInterestMember2022-07-012022-09-300000880266us-gaap:CommonStockMember2022-09-300000880266us-gaap:AdditionalPaidInCapitalMember2022-09-300000880266us-gaap:RetainedEarningsMember2022-09-300000880266us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300000880266us-gaap:NoncontrollingInterestMember2022-09-300000880266us-gaap:CommonStockMember2021-12-310000880266us-gaap:AdditionalPaidInCapitalMember2021-12-310000880266us-gaap:RetainedEarningsMember2021-12-310000880266us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000880266us-gaap:NoncontrollingInterestMember2021-12-310000880266us-gaap:AdditionalPaidInCapitalMember2022-01-012022-09-300000880266us-gaap:RetainedEarningsMember2022-01-012022-09-300000880266us-gaap:NoncontrollingInterestMember2022-01-012022-09-300000880266us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300000880266us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310000880266us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310000880266us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-09-300000880266us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-09-300000880266us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-09-300000880266us-gaap:AccumulatedTranslationAdjustmentMember2023-09-300000880266us-gaap:ForeignExchangeContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-012023-09-300000880266us-gaap:ForeignExchangeContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-012022-09-300000880266us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CommodityContractMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-012023-09-300000880266us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CommodityContractMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-012022-09-300000880266us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-012023-09-300000880266us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-012022-09-300000880266us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000880266us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300000880266us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000880266us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300000880266us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000880266us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300000880266us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000880266us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300000880266us-gaap:ForeignExchangeContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-09-300000880266us-gaap:ForeignExchangeContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-09-300000880266us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CommodityContractMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-09-300000880266us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CommodityContractMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-09-300000880266us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-09-300000880266us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-09-300000880266us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300000880266us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300000880266us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300000880266us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300000880266us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300000880266us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300000880266us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300000880266us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-3000008802662021-11-012021-11-3000008802662021-11-012021-12-310000880266agco:AcceleratedShareRepurchaseMember2022-01-192022-01-1900008802662023-04-272023-04-270000880266us-gaap:SubsequentEventMember2023-10-262023-10-260000880266agco:UnitedStatesCanadaEuropeandBrazilMember2023-09-300000880266agco:UnitedStatesCanadaEuropeandBrazilMember2022-09-300000880266us-gaap:TradeAccountsReceivableMember2023-09-300000880266us-gaap:TradeAccountsReceivableMember2022-09-300000880266us-gaap:OtherExpenseMember2023-07-012023-09-300000880266us-gaap:OtherExpenseMember2023-01-012023-09-300000880266us-gaap:OtherExpenseMember2022-07-012022-09-300000880266us-gaap:OtherExpenseMember2022-01-012022-09-300000880266us-gaap:PensionPlansDefinedBenefitMember2023-07-012023-09-300000880266us-gaap:PensionPlansDefinedBenefitMember2022-07-012022-09-300000880266us-gaap:PensionPlansDefinedBenefitMember2023-01-012023-09-300000880266us-gaap:PensionPlansDefinedBenefitMember2022-01-012022-09-300000880266us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-07-012023-09-300000880266us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-07-012022-09-300000880266us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-09-300000880266us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-09-300000880266us-gaap:PensionPlansDefinedBenefitMember2023-09-300000880266us-gaap:DefinedBenefitPostretirementHealthCoverageMember2023-01-012023-09-300000880266us-gaap:DefinedBenefitPostretirementHealthCoverageMember2023-09-300000880266us-gaap:FairValueInputsLevel1Member2023-09-300000880266us-gaap:FairValueInputsLevel3Member2023-09-300000880266us-gaap:FairValueInputsLevel1Member2022-12-310000880266us-gaap:FairValueInputsLevel2Member2022-12-310000880266us-gaap:FairValueInputsLevel3Member2022-12-31agco:reportable_segment0000880266agco:NorthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300000880266agco:SouthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300000880266agco:EMESegmentMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300000880266agco:APASegmentMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300000880266us-gaap:OperatingSegmentsMember2023-07-012023-09-300000880266agco:NorthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300000880266agco:SouthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300000880266agco:EMESegmentMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300000880266agco:APASegmentMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300000880266us-gaap:OperatingSegmentsMember2022-07-012022-09-300000880266agco:NorthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300000880266agco:SouthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300000880266agco:EMESegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300000880266agco:APASegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300000880266us-gaap:OperatingSegmentsMember2023-01-012023-09-300000880266agco:NorthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300000880266agco:SouthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300000880266agco:EMESegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300000880266agco:APASegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300000880266us-gaap:OperatingSegmentsMember2022-01-012022-09-300000880266agco:NorthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2023-09-300000880266agco:SouthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2023-09-300000880266agco:EMESegmentMemberus-gaap:OperatingSegmentsMember2023-09-300000880266agco:APASegmentMemberus-gaap:OperatingSegmentsMember2023-09-300000880266us-gaap:OperatingSegmentsMember2023-09-300000880266agco:NorthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2022-12-310000880266agco:SouthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2022-12-310000880266agco:EMESegmentMemberus-gaap:OperatingSegmentsMember2022-12-310000880266agco:APASegmentMemberus-gaap:OperatingSegmentsMember2022-12-310000880266us-gaap:OperatingSegmentsMember2022-12-310000880266us-gaap:MaterialReconcilingItemsMember2023-07-012023-09-300000880266us-gaap:MaterialReconcilingItemsMember2022-07-012022-09-300000880266us-gaap:MaterialReconcilingItemsMember2023-01-012023-09-300000880266us-gaap:MaterialReconcilingItemsMember2022-01-012022-09-300000880266us-gaap:MaterialReconcilingItemsMember2023-09-300000880266us-gaap:MaterialReconcilingItemsMember2022-12-310000880266agco:RetailFinanceJointVentureMember2023-01-012023-09-300000880266agco:AGCOCapitalArgentinaSAMember2023-09-300000880266agco:OtherJointVenturesMember2023-09-300000880266us-gaap:ForeignExchangeContractMember2023-09-300000880266agco:ExtendedWarrantContractsMaintenanceServicesTechnologyServicesMember2023-07-012023-09-300000880266agco:ExtendedWarrantContractsMaintenanceServicesTechnologyServicesMember2022-07-012022-09-300000880266agco:GrainStorageAndProteinProductionSystemsMember2023-07-012023-09-300000880266agco:GrainStorageAndProteinProductionSystemsMember2022-07-012022-09-300000880266agco:ExtendedWarrantContractsMaintenanceServicesTechnologyServicesMember2023-01-012023-09-300000880266agco:ExtendedWarrantContractsMaintenanceServicesTechnologyServicesMember2022-01-012022-09-300000880266agco:GrainStorageAndProteinProductionSystemsMember2023-01-012023-09-300000880266agco:GrainStorageAndProteinProductionSystemsMember2022-01-012022-09-3000008802662023-10-012023-09-3000008802662024-01-012023-09-3000008802662025-01-012023-09-3000008802662026-01-012023-09-3000008802662027-01-012023-09-300000880266agco:NorthAmericaSegmentMembercountry:US2023-07-012023-09-300000880266country:USagco:SouthAmericaSegmentMember2023-07-012023-09-300000880266country:USagco:EMESegmentMember2023-07-012023-09-300000880266agco:APASegmentMembercountry:US2023-07-012023-09-300000880266country:US2023-07-012023-09-300000880266agco:NorthAmericaSegmentMembercountry:CA2023-07-012023-09-300000880266country:CAagco:SouthAmericaSegmentMember2023-07-012023-09-300000880266country:CAagco:EMESegmentMember2023-07-012023-09-300000880266agco:APASegmentMembercountry:CA2023-07-012023-09-300000880266country:CA2023-07-012023-09-300000880266agco:NorthAmericaSegmentMembercountry:BR2023-07-012023-09-300000880266agco:SouthAmericaSegmentMembercountry:BR2023-07-012023-09-300000880266agco:EMESegmentMembercountry:BR2023-07-012023-09-300000880266agco:APASegmentMembercountry:BR2023-07-012023-09-300000880266country:BR2023-07-012023-09-300000880266agco:NorthAmericaSegmentMemberagco:OtherSouthAmericaMember2023-07-012023-09-300000880266agco:SouthAmericaSegmentMemberagco:OtherSouthAmericaMember2023-07-012023-09-300000880266agco:EMESegmentMemberagco:OtherSouthAmericaMember2023-07-012023-09-300000880266agco:APASegmentMemberagco:OtherSouthAmericaMember2023-07-012023-09-300000880266agco:OtherSouthAmericaMember2023-07-012023-09-300000880266country:DEagco:NorthAmericaSegmentMember2023-07-012023-09-300000880266country:DEagco:SouthAmericaSegmentMember2023-07-012023-09-300000880266country:DEagco:EMESegmentMember2023-07-012023-09-300000880266country:DEagco:APASegmentMember2023-07-012023-09-300000880266country:DE2023-07-012023-09-300000880266country:FRagco:NorthAmericaSegmentMember2023-07-012023-09-300000880266country:FRagco:SouthAmericaSegmentMember2023-07-012023-09-300000880266country:FRagco:EMESegmentMember2023-07-012023-09-300000880266country:FRagco:APASegmentMember2023-07-012023-09-300000880266country:FR2023-07-012023-09-300000880266agco:UnitedKingdomAndIrelandMemberagco:NorthAmericaSegmentMember2023-07-012023-09-300000880266agco:UnitedKingdomAndIrelandMemberagco:SouthAmericaSegmentMember2023-07-012023-09-300000880266agco:UnitedKingdomAndIrelandMemberagco:EMESegmentMember2023-07-012023-09-300000880266agco:APASegmentMemberagco:UnitedKingdomAndIrelandMember2023-07-012023-09-300000880266agco:UnitedKingdomAndIrelandMember2023-07-012023-09-300000880266agco:FinlandAndScandinaviaMemberagco:NorthAmericaSegmentMember2023-07-012023-09-300000880266agco:FinlandAndScandinaviaMemberagco:SouthAmericaSegmentMember2023-07-012023-09-300000880266agco:FinlandAndScandinaviaMemberagco:EMESegmentMember2023-07-012023-09-300000880266agco:APASegmentMemberagco:FinlandAndScandinaviaMember2023-07-012023-09-300000880266agco:FinlandAndScandinaviaMember2023-07-012023-09-300000880266agco:NorthAmericaSegmentMembercountry:IT2023-07-012023-09-300000880266country:ITagco:SouthAmericaSegmentMember2023-07-012023-09-300000880266country:ITagco:EMESegmentMember2023-07-012023-09-300000880266agco:APASegmentMembercountry:IT2023-07-012023-09-300000880266country:IT2023-07-012023-09-300000880266agco:OtherEuropeMemberagco:NorthAmericaSegmentMember2023-07-012023-09-300000880266agco:OtherEuropeMemberagco:SouthAmericaSegmentMember2023-07-012023-09-300000880266agco:OtherEuropeMemberagco:EMESegmentMember2023-07-012023-09-300000880266agco:APASegmentMemberagco:OtherEuropeMember2023-07-012023-09-300000880266agco:OtherEuropeMember2023-07-012023-09-300000880266agco:MiddleEastandAlgeriaMemberagco:NorthAmericaSegmentMember2023-07-012023-09-300000880266agco:MiddleEastandAlgeriaMemberagco:SouthAmericaSegmentMember2023-07-012023-09-300000880266agco:MiddleEastandAlgeriaMemberagco:EMESegmentMember2023-07-012023-09-300000880266agco:APASegmentMemberagco:MiddleEastandAlgeriaMember2023-07-012023-09-300000880266agco:MiddleEastandAlgeriaMember2023-07-012023-09-300000880266agco:NorthAmericaSegmentMembersrt:AfricaMember2023-07-012023-09-300000880266srt:AfricaMemberagco:SouthAmericaSegmentMember2023-07-012023-09-300000880266srt:AfricaMemberagco:EMESegmentMember2023-07-012023-09-300000880266agco:APASegmentMembersrt:AfricaMember2023-07-012023-09-300000880266srt:AfricaMember2023-07-012023-09-300000880266agco:NorthAmericaSegmentMembersrt:AsiaMember2023-07-012023-09-300000880266agco:SouthAmericaSegmentMembersrt:AsiaMember2023-07-012023-09-300000880266agco:EMESegmentMembersrt:AsiaMember2023-07-012023-09-300000880266agco:APASegmentMembersrt:AsiaMember2023-07-012023-09-300000880266srt:AsiaMember2023-07-012023-09-300000880266agco:AustraliaAndNewZealandMemberagco:NorthAmericaSegmentMember2023-07-012023-09-300000880266agco:AustraliaAndNewZealandMemberagco:SouthAmericaSegmentMember2023-07-012023-09-300000880266agco:AustraliaAndNewZealandMemberagco:EMESegmentMember2023-07-012023-09-300000880266agco:APASegmentMemberagco:AustraliaAndNewZealandMember2023-07-012023-09-300000880266agco:AustraliaAndNewZealandMember2023-07-012023-09-300000880266agco:MexicoCentralAmericaAndCaribbeanMemberagco:NorthAmericaSegmentMember2023-07-012023-09-300000880266agco:MexicoCentralAmericaAndCaribbeanMemberagco:SouthAmericaSegmentMember2023-07-012023-09-300000880266agco:MexicoCentralAmericaAndCaribbeanMemberagco:EMESegmentMember2023-07-012023-09-300000880266agco:MexicoCentralAmericaAndCaribbeanMemberagco:APASegmentMember2023-07-012023-09-300000880266agco:MexicoCentralAmericaAndCaribbeanMember2023-07-012023-09-300000880266agco:NorthAmericaSegmentMember2023-07-012023-09-300000880266agco:SouthAmericaSegmentMember2023-07-012023-09-300000880266agco:EMESegmentMember2023-07-012023-09-300000880266agco:APASegmentMember2023-07-012023-09-300000880266agco:NorthAmericaSegmentMemberagco:TractorsMember2023-07-012023-09-300000880266agco:TractorsMemberagco:SouthAmericaSegmentMember2023-07-012023-09-300000880266agco:TractorsMemberagco:EMESegmentMember2023-07-012023-09-300000880266agco:APASegmentMemberagco:TractorsMember2023-07-012023-09-300000880266agco:TractorsMember2023-07-012023-09-300000880266agco:NorthAmericaSegmentMemberagco:ReplacementPartSalesMember2023-07-012023-09-300000880266agco:SouthAmericaSegmentMemberagco:ReplacementPartSalesMember2023-07-012023-09-300000880266agco:EMESegmentMemberagco:ReplacementPartSalesMember2023-07-012023-09-300000880266agco:APASegmentMemberagco:ReplacementPartSalesMember2023-07-012023-09-300000880266agco:ReplacementPartSalesMember2023-07-012023-09-300000880266agco:GrainStorageAndProteinProductionSystemsMemberagco:NorthAmericaSegmentMember2023-07-012023-09-300000880266agco:GrainStorageAndProteinProductionSystemsMemberagco:SouthAmericaSegmentMember2023-07-012023-09-300000880266agco:GrainStorageAndProteinProductionSystemsMemberagco:EMESegmentMember2023-07-012023-09-300000880266agco:APASegmentMemberagco:GrainStorageAndProteinProductionSystemsMember2023-07-012023-09-300000880266agco:ApplicationEquipmentProductLineMemberagco:NorthAmericaSegmentMember2023-07-012023-09-300000880266agco:ApplicationEquipmentProductLineMemberagco:SouthAmericaSegmentMember2023-07-012023-09-300000880266agco:ApplicationEquipmentProductLineMemberagco:EMESegmentMember2023-07-012023-09-300000880266agco:APASegmentMemberagco:ApplicationEquipmentProductLineMember2023-07-012023-09-300000880266agco:ApplicationEquipmentProductLineMember2023-07-012023-09-300000880266agco:NorthAmericaSegmentMembercountry:US2022-07-012022-09-300000880266country:USagco:SouthAmericaSegmentMember2022-07-012022-09-300000880266country:USagco:EMESegmentMember2022-07-012022-09-300000880266agco:APASegmentMembercountry:US2022-07-012022-09-300000880266country:US2022-07-012022-09-300000880266agco:NorthAmericaSegmentMembercountry:CA2022-07-012022-09-300000880266country:CAagco:SouthAmericaSegmentMember2022-07-012022-09-300000880266country:CAagco:EMESegmentMember2022-07-012022-09-300000880266agco:APASegmentMembercountry:CA2022-07-012022-09-300000880266country:CA2022-07-012022-09-300000880266agco:NorthAmericaSegmentMembercountry:BR2022-07-012022-09-300000880266agco:SouthAmericaSegmentMembercountry:BR2022-07-012022-09-300000880266agco:EMESegmentMembercountry:BR2022-07-012022-09-300000880266agco:APASegmentMembercountry:BR2022-07-012022-09-300000880266country:BR2022-07-012022-09-300000880266agco:NorthAmericaSegmentMemberagco:OtherSouthAmericaMember2022-07-012022-09-300000880266agco:SouthAmericaSegmentMemberagco:OtherSouthAmericaMember2022-07-012022-09-300000880266agco:EMESegmentMemberagco:OtherSouthAmericaMember2022-07-012022-09-300000880266agco:APASegmentMemberagco:OtherSouthAmericaMember2022-07-012022-09-300000880266agco:OtherSouthAmericaMember2022-07-012022-09-300000880266country:DEagco:NorthAmericaSegmentMember2022-07-012022-09-300000880266country:DEagco:SouthAmericaSegmentMember2022-07-012022-09-300000880266country:DEagco:EMESegmentMember2022-07-012022-09-300000880266country:DEagco:APASegmentMember2022-07-012022-09-300000880266country:DE2022-07-012022-09-300000880266country:FRagco:NorthAmericaSegmentMember2022-07-012022-09-300000880266country:FRagco:SouthAmericaSegmentMember2022-07-012022-09-300000880266country:FRagco:EMESegmentMember2022-07-012022-09-300000880266country:FRagco:APASegmentMember2022-07-012022-09-300000880266country:FR2022-07-012022-09-300000880266agco:UnitedKingdomAndIrelandMemberagco:NorthAmericaSegmentMember2022-07-012022-09-300000880266agco:UnitedKingdomAndIrelandMemberagco:SouthAmericaSegmentMember2022-07-012022-09-300000880266agco:UnitedKingdomAndIrelandMemberagco:EMESegmentMember2022-07-012022-09-300000880266agco:APASegmentMemberagco:UnitedKingdomAndIrelandMember2022-07-012022-09-300000880266agco:UnitedKingdomAndIrelandMember2022-07-012022-09-300000880266agco:FinlandAndScandinaviaMemberagco:NorthAmericaSegmentMember2022-07-012022-09-300000880266agco:FinlandAndScandinaviaMemberagco:SouthAmericaSegmentMember2022-07-012022-09-300000880266agco:FinlandAndScandinaviaMemberagco:EMESegmentMember2022-07-012022-09-300000880266agco:APASegmentMemberagco:FinlandAndScandinaviaMember2022-07-012022-09-300000880266agco:FinlandAndScandinaviaMember2022-07-012022-09-300000880266agco:NorthAmericaSegmentMembercountry:IT2022-07-012022-09-300000880266country:ITagco:SouthAmericaSegmentMember2022-07-012022-09-300000880266country:ITagco:EMESegmentMember2022-07-012022-09-300000880266agco:APASegmentMembercountry:IT2022-07-012022-09-300000880266country:IT2022-07-012022-09-300000880266agco:OtherEuropeMemberagco:NorthAmericaSegmentMember2022-07-012022-09-300000880266agco:OtherEuropeMemberagco:SouthAmericaSegmentMember2022-07-012022-09-300000880266agco:OtherEuropeMemberagco:EMESegmentMember2022-07-012022-09-300000880266agco:APASegmentMemberagco:OtherEuropeMember2022-07-012022-09-300000880266agco:OtherEuropeMember2022-07-012022-09-300000880266agco:MiddleEastandAlgeriaMemberagco:NorthAmericaSegmentMember2022-07-012022-09-300000880266agco:MiddleEastandAlgeriaMemberagco:SouthAmericaSegmentMember2022-07-012022-09-300000880266agco:MiddleEastandAlgeriaMemberagco:EMESegmentMember2022-07-012022-09-300000880266agco:APASegmentMemberagco:MiddleEastandAlgeriaMember2022-07-012022-09-300000880266agco:MiddleEastandAlgeriaMember2022-07-012022-09-300000880266agco:NorthAmericaSegmentMembersrt:AfricaMember2022-07-012022-09-300000880266srt:AfricaMemberagco:SouthAmericaSegmentMember2022-07-012022-09-300000880266srt:AfricaMemberagco:EMESegmentMember2022-07-012022-09-300000880266agco:APASegmentMembersrt:AfricaMember2022-07-012022-09-300000880266srt:AfricaMember2022-07-012022-09-300000880266agco:NorthAmericaSegmentMembersrt:AsiaMember2022-07-012022-09-300000880266agco:SouthAmericaSegmentMembersrt:AsiaMember2022-07-012022-09-300000880266agco:EMESegmentMembersrt:AsiaMember2022-07-012022-09-300000880266agco:APASegmentMembersrt:AsiaMember2022-07-012022-09-300000880266srt:AsiaMember2022-07-012022-09-300000880266agco:AustraliaAndNewZealandMemberagco:NorthAmericaSegmentMember2022-07-012022-09-300000880266agco:AustraliaAndNewZealandMemberagco:SouthAmericaSegmentMember2022-07-012022-09-300000880266agco:AustraliaAndNewZealandMemberagco:EMESegmentMember2022-07-012022-09-300000880266agco:APASegmentMemberagco:AustraliaAndNewZealandMember2022-07-012022-09-300000880266agco:AustraliaAndNewZealandMember2022-07-012022-09-300000880266agco:MexicoCentralAmericaAndCaribbeanMemberagco:NorthAmericaSegmentMember2022-07-012022-09-300000880266agco:MexicoCentralAmericaAndCaribbeanMemberagco:SouthAmericaSegmentMember2022-07-012022-09-300000880266agco:MexicoCentralAmericaAndCaribbeanMemberagco:EMESegmentMember2022-07-012022-09-300000880266agco:MexicoCentralAmericaAndCaribbeanMemberagco:APASegmentMember2022-07-012022-09-300000880266agco:MexicoCentralAmericaAndCaribbeanMember2022-07-012022-09-300000880266agco:NorthAmericaSegmentMember2022-07-012022-09-300000880266agco:SouthAmericaSegmentMember2022-07-012022-09-300000880266agco:EMESegmentMember2022-07-012022-09-300000880266agco:APASegmentMember2022-07-012022-09-300000880266agco:NorthAmericaSegmentMemberagco:TractorsMember2022-07-012022-09-300000880266agco:TractorsMemberagco:SouthAmericaSegmentMember2022-07-012022-09-300000880266agco:TractorsMemberagco:EMESegmentMember2022-07-012022-09-300000880266agco:APASegmentMemberagco:TractorsMember2022-07-012022-09-300000880266agco:TractorsMember2022-07-012022-09-300000880266agco:NorthAmericaSegmentMemberagco:ReplacementPartSalesMember2022-07-012022-09-300000880266agco:SouthAmericaSegmentMemberagco:ReplacementPartSalesMember2022-07-012022-09-300000880266agco:EMESegmentMemberagco:ReplacementPartSalesMember2022-07-012022-09-300000880266agco:APASegmentMemberagco:ReplacementPartSalesMember2022-07-012022-09-300000880266agco:ReplacementPartSalesMember2022-07-012022-09-300000880266agco:GrainStorageAndProteinProductionSystemsMemberagco:NorthAmericaSegmentMember2022-07-012022-09-300000880266agco:GrainStorageAndProteinProductionSystemsMemberagco:SouthAmericaSegmentMember2022-07-012022-09-300000880266agco:GrainStorageAndProteinProductionSystemsMemberagco:EMESegmentMember2022-07-012022-09-300000880266agco:APASegmentMemberagco:GrainStorageAndProteinProductionSystemsMember2022-07-012022-09-300000880266agco:ApplicationEquipmentProductLineMemberagco:NorthAmericaSegmentMember2022-07-012022-09-300000880266agco:ApplicationEquipmentProductLineMemberagco:SouthAmericaSegmentMember2022-07-012022-09-300000880266agco:ApplicationEquipmentProductLineMemberagco:EMESegmentMember2022-07-012022-09-300000880266agco:APASegmentMemberagco:ApplicationEquipmentProductLineMember2022-07-012022-09-300000880266agco:ApplicationEquipmentProductLineMember2022-07-012022-09-300000880266agco:NorthAmericaSegmentMembercountry:US2023-01-012023-09-300000880266country:USagco:SouthAmericaSegmentMember2023-01-012023-09-300000880266country:USagco:EMESegmentMember2023-01-012023-09-300000880266agco:APASegmentMembercountry:US2023-01-012023-09-300000880266country:US2023-01-012023-09-300000880266agco:NorthAmericaSegmentMembercountry:CA2023-01-012023-09-300000880266country:CAagco:SouthAmericaSegmentMember2023-01-012023-09-300000880266country:CAagco:EMESegmentMember2023-01-012023-09-300000880266agco:APASegmentMembercountry:CA2023-01-012023-09-300000880266country:CA2023-01-012023-09-300000880266agco:NorthAmericaSegmentMembercountry:BR2023-01-012023-09-300000880266agco:SouthAmericaSegmentMembercountry:BR2023-01-012023-09-300000880266agco:EMESegmentMembercountry:BR2023-01-012023-09-300000880266agco:APASegmentMembercountry:BR2023-01-012023-09-300000880266country:BR2023-01-012023-09-300000880266agco:NorthAmericaSegmentMemberagco:OtherSouthAmericaMember2023-01-012023-09-300000880266agco:SouthAmericaSegmentMemberagco:OtherSouthAmericaMember2023-01-012023-09-300000880266agco:EMESegmentMemberagco:OtherSouthAmericaMember2023-01-012023-09-300000880266agco:APASegmentMemberagco:OtherSouthAmericaMember2023-01-012023-09-300000880266agco:OtherSouthAmericaMember2023-01-012023-09-300000880266country:DEagco:NorthAmericaSegmentMember2023-01-012023-09-300000880266country:DEagco:SouthAmericaSegmentMember2023-01-012023-09-300000880266country:DEagco:EMESegmentMember2023-01-012023-09-300000880266country:DEagco:APASegmentMember2023-01-012023-09-300000880266country:DE2023-01-012023-09-300000880266country:FRagco:NorthAmericaSegmentMember2023-01-012023-09-300000880266country:FRagco:SouthAmericaSegmentMember2023-01-012023-09-300000880266country:FRagco:EMESegmentMember2023-01-012023-09-300000880266country:FRagco:APASegmentMember2023-01-012023-09-300000880266country:FR2023-01-012023-09-300000880266agco:UnitedKingdomAndIrelandMemberagco:NorthAmericaSegmentMember2023-01-012023-09-300000880266agco:UnitedKingdomAndIrelandMemberagco:SouthAmericaSegmentMember2023-01-012023-09-300000880266agco:UnitedKingdomAndIrelandMemberagco:EMESegmentMember2023-01-012023-09-300000880266agco:APASegmentMemberagco:UnitedKingdomAndIrelandMember2023-01-012023-09-300000880266agco:UnitedKingdomAndIrelandMember2023-01-012023-09-300000880266agco:FinlandAndScandinaviaMemberagco:NorthAmericaSegmentMember2023-01-012023-09-300000880266agco:FinlandAndScandinaviaMemberagco:SouthAmericaSegmentMember2023-01-012023-09-300000880266agco:FinlandAndScandinaviaMemberagco:EMESegmentMember2023-01-012023-09-300000880266agco:APASegmentMemberagco:FinlandAndScandinaviaMember2023-01-012023-09-300000880266agco:FinlandAndScandinaviaMember2023-01-012023-09-300000880266agco:NorthAmericaSegmentMembercountry:IT2023-01-012023-09-300000880266country:ITagco:SouthAmericaSegmentMember2023-01-012023-09-300000880266country:ITagco:EMESegmentMember2023-01-012023-09-300000880266agco:APASegmentMembercountry:IT2023-01-012023-09-300000880266country:IT2023-01-012023-09-300000880266agco:OtherEuropeMemberagco:NorthAmericaSegmentMember2023-01-012023-09-300000880266agco:OtherEuropeMemberagco:SouthAmericaSegmentMember2023-01-012023-09-300000880266agco:OtherEuropeMemberagco:EMESegmentMember2023-01-012023-09-300000880266agco:APASegmentMemberagco:OtherEuropeMember2023-01-012023-09-300000880266agco:OtherEuropeMember2023-01-012023-09-300000880266agco:MiddleEastandAlgeriaMemberagco:NorthAmericaSegmentMember2023-01-012023-09-300000880266agco:MiddleEastandAlgeriaMemberagco:SouthAmericaSegmentMember2023-01-012023-09-300000880266agco:MiddleEastandAlgeriaMemberagco:EMESegmentMember2023-01-012023-09-300000880266agco:APASegmentMemberagco:MiddleEastandAlgeriaMember2023-01-012023-09-300000880266agco:MiddleEastandAlgeriaMember2023-01-012023-09-300000880266agco:NorthAmericaSegmentMembersrt:AfricaMember2023-01-012023-09-300000880266srt:AfricaMemberagco:SouthAmericaSegmentMember2023-01-012023-09-300000880266srt:AfricaMemberagco:EMESegmentMember2023-01-012023-09-300000880266agco:APASegmentMembersrt:AfricaMember2023-01-012023-09-300000880266srt:AfricaMember2023-01-012023-09-300000880266agco:NorthAmericaSegmentMembersrt:AsiaMember2023-01-012023-09-300000880266agco:SouthAmericaSegmentMembersrt:AsiaMember2023-01-012023-09-300000880266agco:EMESegmentMembersrt:AsiaMember2023-01-012023-09-300000880266agco:APASegmentMembersrt:AsiaMember2023-01-012023-09-300000880266srt:AsiaMember2023-01-012023-09-300000880266agco:AustraliaAndNewZealandMemberagco:NorthAmericaSegmentMember2023-01-012023-09-300000880266agco:AustraliaAndNewZealandMemberagco:SouthAmericaSegmentMember2023-01-012023-09-300000880266agco:AustraliaAndNewZealandMemberagco:EMESegmentMember2023-01-012023-09-300000880266agco:APASegmentMemberagco:AustraliaAndNewZealandMember2023-01-012023-09-300000880266agco:AustraliaAndNewZealandMember2023-01-012023-09-300000880266agco:MexicoCentralAmericaAndCaribbeanMemberagco:NorthAmericaSegmentMember2023-01-012023-09-300000880266agco:MexicoCentralAmericaAndCaribbeanMemberagco:SouthAmericaSegmentMember2023-01-012023-09-300000880266agco:MexicoCentralAmericaAndCaribbeanMemberagco:EMESegmentMember2023-01-012023-09-300000880266agco:MexicoCentralAmericaAndCaribbeanMemberagco:APASegmentMember2023-01-012023-09-300000880266agco:MexicoCentralAmericaAndCaribbeanMember2023-01-012023-09-300000880266agco:NorthAmericaSegmentMember2023-01-012023-09-300000880266agco:SouthAmericaSegmentMember2023-01-012023-09-300000880266agco:EMESegmentMember2023-01-012023-09-300000880266agco:APASegmentMember2023-01-012023-09-300000880266agco:NorthAmericaSegmentMemberagco:TractorsMember2023-01-012023-09-300000880266agco:TractorsMemberagco:SouthAmericaSegmentMember2023-01-012023-09-300000880266agco:TractorsMemberagco:EMESegmentMember2023-01-012023-09-300000880266agco:APASegmentMemberagco:TractorsMember2023-01-012023-09-300000880266agco:TractorsMember2023-01-012023-09-300000880266agco:NorthAmericaSegmentMemberagco:ReplacementPartSalesMember2023-01-012023-09-300000880266agco:SouthAmericaSegmentMemberagco:ReplacementPartSalesMember2023-01-012023-09-300000880266agco:EMESegmentMemberagco:ReplacementPartSalesMember2023-01-012023-09-300000880266agco:APASegmentMemberagco:ReplacementPartSalesMember2023-01-012023-09-300000880266agco:ReplacementPartSalesMember2023-01-012023-09-300000880266agco:GrainStorageAndProteinProductionSystemsMemberagco:NorthAmericaSegmentMember2023-01-012023-09-300000880266agco:GrainStorageAndProteinProductionSystemsMemberagco:SouthAmericaSegmentMember2023-01-012023-09-300000880266agco:GrainStorageAndProteinProductionSystemsMemberagco:EMESegmentMember2023-01-012023-09-300000880266agco:APASegmentMemberagco:GrainStorageAndProteinProductionSystemsMember2023-01-012023-09-300000880266agco:ApplicationEquipmentProductLineMemberagco:NorthAmericaSegmentMember2023-01-012023-09-300000880266agco:ApplicationEquipmentProductLineMemberagco:SouthAmericaSegmentMember2023-01-012023-09-300000880266agco:ApplicationEquipmentProductLineMemberagco:EMESegmentMember2023-01-012023-09-300000880266agco:APASegmentMemberagco:ApplicationEquipmentProductLineMember2023-01-012023-09-300000880266agco:ApplicationEquipmentProductLineMember2023-01-012023-09-300000880266agco:NorthAmericaSegmentMembercountry:US2022-01-012022-09-300000880266country:USagco:SouthAmericaSegmentMember2022-01-012022-09-300000880266country:USagco:EMESegmentMember2022-01-012022-09-300000880266agco:APASegmentMembercountry:US2022-01-012022-09-300000880266country:US2022-01-012022-09-300000880266agco:NorthAmericaSegmentMembercountry:CA2022-01-012022-09-300000880266country:CAagco:SouthAmericaSegmentMember2022-01-012022-09-300000880266country:CAagco:EMESegmentMember2022-01-012022-09-300000880266agco:APASegmentMembercountry:CA2022-01-012022-09-300000880266country:CA2022-01-012022-09-300000880266agco:NorthAmericaSegmentMembercountry:BR2022-01-012022-09-300000880266agco:SouthAmericaSegmentMembercountry:BR2022-01-012022-09-300000880266agco:EMESegmentMembercountry:BR2022-01-012022-09-300000880266agco:APASegmentMembercountry:BR2022-01-012022-09-300000880266country:BR2022-01-012022-09-300000880266agco:NorthAmericaSegmentMemberagco:OtherSouthAmericaMember2022-01-012022-09-300000880266agco:SouthAmericaSegmentMemberagco:OtherSouthAmericaMember2022-01-012022-09-300000880266agco:EMESegmentMemberagco:OtherSouthAmericaMember2022-01-012022-09-300000880266agco:APASegmentMemberagco:OtherSouthAmericaMember2022-01-012022-09-300000880266agco:OtherSouthAmericaMember2022-01-012022-09-300000880266country:DEagco:NorthAmericaSegmentMember2022-01-012022-09-300000880266country:DEagco:SouthAmericaSegmentMember2022-01-012022-09-300000880266country:DEagco:EMESegmentMember2022-01-012022-09-300000880266country:DEagco:APASegmentMember2022-01-012022-09-300000880266country:DE2022-01-012022-09-300000880266country:FRagco:NorthAmericaSegmentMember2022-01-012022-09-300000880266country:FRagco:SouthAmericaSegmentMember2022-01-012022-09-300000880266country:FRagco:EMESegmentMember2022-01-012022-09-300000880266country:FRagco:APASegmentMember2022-01-012022-09-300000880266country:FR2022-01-012022-09-300000880266agco:UnitedKingdomAndIrelandMemberagco:NorthAmericaSegmentMember2022-01-012022-09-300000880266agco:UnitedKingdomAndIrelandMemberagco:SouthAmericaSegmentMember2022-01-012022-09-300000880266agco:UnitedKingdomAndIrelandMemberagco:EMESegmentMember2022-01-012022-09-300000880266agco:APASegmentMemberagco:UnitedKingdomAndIrelandMember2022-01-012022-09-300000880266agco:UnitedKingdomAndIrelandMember2022-01-012022-09-300000880266agco:FinlandAndScandinaviaMemberagco:NorthAmericaSegmentMember2022-01-012022-09-300000880266agco:FinlandAndScandinaviaMemberagco:SouthAmericaSegmentMember2022-01-012022-09-300000880266agco:FinlandAndScandinaviaMemberagco:EMESegmentMember2022-01-012022-09-300000880266agco:APASegmentMemberagco:FinlandAndScandinaviaMember2022-01-012022-09-300000880266agco:FinlandAndScandinaviaMember2022-01-012022-09-300000880266agco:NorthAmericaSegmentMembercountry:IT2022-01-012022-09-300000880266country:ITagco:SouthAmericaSegmentMember2022-01-012022-09-300000880266country:ITagco:EMESegmentMember2022-01-012022-09-300000880266agco:APASegmentMembercountry:IT2022-01-012022-09-300000880266country:IT2022-01-012022-09-300000880266agco:OtherEuropeMemberagco:NorthAmericaSegmentMember2022-01-012022-09-300000880266agco:OtherEuropeMemberagco:SouthAmericaSegmentMember2022-01-012022-09-300000880266agco:OtherEuropeMemberagco:EMESegmentMember2022-01-012022-09-300000880266agco:APASegmentMemberagco:OtherEuropeMember2022-01-012022-09-300000880266agco:OtherEuropeMember2022-01-012022-09-300000880266agco:MiddleEastandAlgeriaMemberagco:NorthAmericaSegmentMember2022-01-012022-09-300000880266agco:MiddleEastandAlgeriaMemberagco:SouthAmericaSegmentMember2022-01-012022-09-300000880266agco:MiddleEastandAlgeriaMemberagco:EMESegmentMember2022-01-012022-09-300000880266agco:APASegmentMemberagco:MiddleEastandAlgeriaMember2022-01-012022-09-300000880266agco:MiddleEastandAlgeriaMember2022-01-012022-09-300000880266agco:NorthAmericaSegmentMembersrt:AfricaMember2022-01-012022-09-300000880266srt:AfricaMemberagco:SouthAmericaSegmentMember2022-01-012022-09-300000880266srt:AfricaMemberagco:EMESegmentMember2022-01-012022-09-300000880266agco:APASegmentMembersrt:AfricaMember2022-01-012022-09-300000880266srt:AfricaMember2022-01-012022-09-300000880266agco:NorthAmericaSegmentMembersrt:AsiaMember2022-01-012022-09-300000880266agco:SouthAmericaSegmentMembersrt:AsiaMember2022-01-012022-09-300000880266agco:EMESegmentMembersrt:AsiaMember2022-01-012022-09-300000880266agco:APASegmentMembersrt:AsiaMember2022-01-012022-09-300000880266srt:AsiaMember2022-01-012022-09-300000880266agco:AustraliaAndNewZealandMemberagco:NorthAmericaSegmentMember2022-01-012022-09-300000880266agco:AustraliaAndNewZealandMemberagco:SouthAmericaSegmentMember2022-01-012022-09-300000880266agco:AustraliaAndNewZealandMemberagco:EMESegmentMember2022-01-012022-09-300000880266agco:APASegmentMemberagco:AustraliaAndNewZealandMember2022-01-012022-09-300000880266agco:AustraliaAndNewZealandMember2022-01-012022-09-300000880266agco:MexicoCentralAmericaAndCaribbeanMemberagco:NorthAmericaSegmentMember2022-01-012022-09-300000880266agco:MexicoCentralAmericaAndCaribbeanMemberagco:SouthAmericaSegmentMember2022-01-012022-09-300000880266agco:MexicoCentralAmericaAndCaribbeanMemberagco:EMESegmentMember2022-01-012022-09-300000880266agco:MexicoCentralAmericaAndCaribbeanMemberagco:APASegmentMember2022-01-012022-09-300000880266agco:MexicoCentralAmericaAndCaribbeanMember2022-01-012022-09-300000880266agco:NorthAmericaSegmentMember2022-01-012022-09-300000880266agco:SouthAmericaSegmentMember2022-01-012022-09-300000880266agco:EMESegmentMember2022-01-012022-09-300000880266agco:APASegmentMember2022-01-012022-09-300000880266agco:NorthAmericaSegmentMemberagco:TractorsMember2022-01-012022-09-300000880266agco:TractorsMemberagco:SouthAmericaSegmentMember2022-01-012022-09-300000880266agco:TractorsMemberagco:EMESegmentMember2022-01-012022-09-300000880266agco:APASegmentMemberagco:TractorsMember2022-01-012022-09-300000880266agco:TractorsMember2022-01-012022-09-300000880266agco:NorthAmericaSegmentMemberagco:ReplacementPartSalesMember2022-01-012022-09-300000880266agco:SouthAmericaSegmentMemberagco:ReplacementPartSalesMember2022-01-012022-09-300000880266agco:EMESegmentMemberagco:ReplacementPartSalesMember2022-01-012022-09-300000880266agco:APASegmentMemberagco:ReplacementPartSalesMember2022-01-012022-09-300000880266agco:ReplacementPartSalesMember2022-01-012022-09-300000880266agco:GrainStorageAndProteinProductionSystemsMemberagco:NorthAmericaSegmentMember2022-01-012022-09-300000880266agco:GrainStorageAndProteinProductionSystemsMemberagco:SouthAmericaSegmentMember2022-01-012022-09-300000880266agco:GrainStorageAndProteinProductionSystemsMemberagco:EMESegmentMember2022-01-012022-09-300000880266agco:APASegmentMemberagco:GrainStorageAndProteinProductionSystemsMember2022-01-012022-09-300000880266agco:ApplicationEquipmentProductLineMemberagco:NorthAmericaSegmentMember2022-01-012022-09-300000880266agco:ApplicationEquipmentProductLineMemberagco:SouthAmericaSegmentMember2022-01-012022-09-300000880266agco:ApplicationEquipmentProductLineMemberagco:EMESegmentMember2022-01-012022-09-300000880266agco:APASegmentMemberagco:ApplicationEquipmentProductLineMember2022-01-012022-09-300000880266agco:ApplicationEquipmentProductLineMember2022-01-012022-09-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________

Commission File Number: 001-12930
AGCO CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware58-1960019
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
4205 River Green Parkway
Duluth,Georgia30096
(Address of principal executive offices)
(Zip Code)
(770) 813-9200
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act
Title of ClassTrading SymbolName of exchange on which registered
Common stockAGCONew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes o No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
As of November 3, 2023, there were 74,879,937 shares of the registrant’s common stock, par value of $0.01 per share, outstanding.



AGCO CORPORATION AND SUBSIDIARIES
INDEX
  Page
Numbers
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.


Table of Contents
PART I.        FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS

AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited and in millions, except share amounts)
September 30, 2023December 31, 2022
ASSETS
Current Assets:
Cash, cash equivalents and restricted cash$680.7 $789.5 
Accounts and notes receivable, net1,643.9 1,221.3 
Inventories, net3,726.0 3,189.7 
Other current assets624.5 538.8 
Total current assets6,675.1 5,739.3 
Property, plant and equipment, net1,750.4 1,591.2 
Right-of-use lease assets167.3 163.9 
Investments in affiliates512.2 436.9 
Deferred tax assets299.6 228.5 
Other assets315.2 268.7 
Intangible assets, net322.8 364.4 
Goodwill1,308.5 1,310.8 
Total assets$11,351.1 $10,103.7 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Current portion of long-term debt$79.9 $187.1 
Short-term borrowings25.9 8.9 
Accounts payable1,308.4 1,385.3 
Accrued expenses2,507.3 2,271.3 
Other current liabilities197.6 235.4 
Total current liabilities4,119.1 4,088.0 
Long-term debt, less current portion and debt issuance costs1,919.7 1,264.8 
Operating lease liabilities128.2 125.4 
Pension and postretirement health care benefits159.4 158.0 
Deferred tax liabilities112.5 112.0 
Other noncurrent liabilities556.6 472.9 
Total liabilities6,995.5 6,221.1 
Commitments and contingencies (Note 19)
Stockholders’ Equity:
AGCO Corporation stockholders’ equity:
Preferred stock; $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding in 2023 and 2022
  
Common stock; $0.01 par value, 150,000,000 shares authorized, 74,879,816 and 74,600,815 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
0.7 0.7 
Additional paid-in capital46.0 30.2 
Retained earnings6,045.7 5,654.6 
Accumulated other comprehensive loss(1,736.9)(1,803.1)
Total AGCO Corporation stockholders’ equity4,355.5 3,882.4 
Noncontrolling interests0.1 0.2 
Total stockholders’ equity4,355.6 3,882.6 
Total liabilities and stockholders’ equity$11,351.1 $10,103.7 
See accompanying notes to condensed consolidated financial statements.
3

Table of Contents
AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in millions, except per share data)
Three Months Ended September 30,
20232022
Net sales$3,455.5 $3,121.6 
Cost of goods sold2,521.5 2,382.7 
Gross profit934.0 738.9 
Operating expenses:
     Selling, general and administrative expenses353.6 287.5 
Engineering expenses
139.6 104.7 
Amortization of intangibles
14.4 14.7 
Restructuring expenses
0.8 1.0 
Bad debt expense2.0 (1.1)
Income from operations423.6 332.1 
Interest expense, net
5.5 2.3 
Other expense, net
84.2 33.1 
Income before income taxes and equity in net earnings of affiliates333.9 296.7 
Income tax provision
75.3 74.2 
Income before equity in net earnings of affiliates258.6 222.5 
Equity in net earnings of affiliates
21.9 15.4 
Net income280.5 237.9 
Net loss attributable to noncontrolling interests0.1  
Net income attributable to AGCO Corporation and subsidiaries$280.6 $237.9 
Net income per common share attributable to AGCO Corporation and subsidiaries:
Basic
$3.75 $3.19 
Diluted
$3.74 $3.18 
Cash dividends declared and paid per common share$0.29 $0.24 
Weighted average number of common and common equivalent shares outstanding:
Basic
74.9 74.6 
Diluted
75.0 74.9 
See accompanying notes to condensed consolidated financial statements.
4

Table of Contents
AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in millions, except per share data)
Nine Months Ended September 30,
20232022
Net sales$10,611.7 $8,752.5 
Cost of goods sold7,817.1 6,691.8 
Gross profit2,794.6 2,060.7 
Operating expenses:
     Selling, general and administrative expenses1,033.2 861.1 
Engineering expenses
398.0 312.1 
Amortization of intangibles
43.3 45.4 
Impairment charges 36.0 
Restructuring expenses
8.3 4.4 
Bad debt expense4.5 2.1 
Income from operations1,307.3 799.6 
Interest expense, net
11.8 8.6 
Other expense, net
212.6 72.3 
Income before income taxes and equity in net earnings of affiliates1,082.9 718.7 
Income tax provision
306.5 205.9 
Income before equity in net earnings of affiliates776.4 512.8 
Equity in net earnings of affiliates
55.9 39.7 
Net income832.3 552.5 
Net loss attributable to noncontrolling interests0.1 14.9 
Net income attributable to AGCO Corporation and subsidiaries$832.4 $567.4 
Net income per common share attributable to AGCO Corporation and subsidiaries:
Basic
$11.11 $7.60 
Diluted
$11.10 $7.58 
Cash dividends declared and paid per common share$5.81 $5.16 
Weighted average number of common and common equivalent shares outstanding:
Basic
74.9 74.6 
Diluted
75.0 74.9 
See accompanying notes to condensed consolidated financial statements.
5

Table of Contents

AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited and in millions)
Three Months Ended September 30,
20232022
Net income$280.5 $237.9 
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation adjustments(54.5)(75.7)
Defined benefit pension plans, net of tax1.9 (16.9)
Deferred gains and losses on derivatives, net of tax0.5 1.3 
Other comprehensive loss, net of reclassification adjustments
(52.1)(91.3)
Comprehensive income228.4 146.6 
Comprehensive loss attributable to noncontrolling interests
0.1  
Comprehensive income attributable to AGCO Corporation and subsidiaries$228.5 $146.6 

Nine Months Ended September 30,
20232022
Net income$832.3 $552.5 
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation adjustments64.1 (61.9)
Defined benefit pension plans, net of tax5.6 (13.5)
Deferred gains and losses on derivatives, net of tax(3.5)(5.2)
Other comprehensive income (loss), net of reclassification adjustments
66.2 (80.6)
Comprehensive income898.5 471.9 
Comprehensive loss attributable to noncontrolling interests0.1 14.0 
Comprehensive income attributable to AGCO Corporation and subsidiaries$898.6 $485.9 
See accompanying notes to condensed consolidated financial statements.
6

Table of Contents
AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in millions)
Nine Months Ended September 30,
20232022
Cash flows from operating activities:
Net income $832.3 $552.5 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation168.9 157.1 
Amortization of intangibles43.3 45.4 
Stock compensation expense37.5 25.4 
Impairment charges 36.0 
Equity in net earnings of affiliates, net of cash received(53.0)(39.1)
Deferred income tax (benefit) provision
(55.2)5.7 
Other17.1 2.3 
Changes in operating assets and liabilities:
Accounts and notes receivable, net(481.6)(302.2)
Inventories, net(542.9)(951.7)
Other current and noncurrent assets(140.6)(74.9)
Accounts payable(56.1)199.1 
Accrued expenses251.8 22.5 
Other current and noncurrent liabilities181.2 26.8 
Total adjustments(629.6)(847.6)
Net cash provided by (used in) operating activities
202.7 (295.1)
Cash flows from investing activities:
Purchases of property, plant and equipment(357.7)(270.5)
Proceeds from sale of property, plant and equipment5.2 2.5 
Investments in unconsolidated affiliates(21.3)(1.6)
Purchase of businesses, net of cash acquired
(0.9)(111.3)
Other(4.0) 
Net cash used in investing activities(378.7)(380.9)
Cash flows from financing activities:
Proceeds from indebtedness725.5 1,046.5 
Repayments of indebtedness(148.5)(158.8)
Payment of dividends to stockholders (435.8)(386.4)
Payment of minimum tax withholdings on stock compensation(20.5)(20.0)
Distributions to noncontrolling interest (11.5)
Payment of debt issuance costs(9.5)(0.2)
Net cash provided by financing activities111.2 469.6 
Effects of exchange rate changes on cash, cash equivalents and restricted cash(44.0)(75.7)
Decrease in cash, cash equivalents and restricted cash(108.8)(282.1)
Cash, cash equivalents and restricted cash, beginning of period789.5 889.1 
Cash, cash equivalents and restricted cash, end of period$680.7 $607.0 
See accompanying notes to condensed consolidated financial statements.
7

Table of Contents
AGCO CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

1.    BASIS OF PRESENTATION

    The condensed consolidated financial statements of AGCO Corporation and its subsidiaries (the “Company” or “AGCO”) included herein have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to present fairly the Company’s financial position, results of operations, comprehensive income and cash flows at the dates and for the periods presented. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Results for interim periods are not necessarily indicative of the results for the year.
    
    The Company has a wholly-owned subsidiary in Turkey that distributes agricultural equipment and replacement parts. On the basis of currently available data related to inflation indices and as a result of the devaluation of the Turkish lira relative to the United States dollar, the Turkish economy was determined to be highly inflationary. A highly inflationary economy is one where the cumulative inflation rate for the three years preceding the beginning of the reporting period, including interim reporting periods, is in excess of 100 percent. For the nine months ended and as of September 30, 2023, the Company's wholly-owned subsidiary in Turkey had net sales of approximately $292.9 million and total assets of approximately 3.5 billion Turkish lira (or approximately $126.5 million). The monetary assets and liabilities denominated in the Turkish lira were approximately 3.0 billion Turkish lira (or approximately $109.4 million) and approximately 2.3 billion Turkish lira (or approximately $85.4 million), respectively, as of September 30, 2023. The monetary assets and liabilities were remeasured into U.S. dollar based on exchange rates as of September 30, 2023.

    The Company is subject to the risk of the imposition of limitations by governments on international transfers of funds.
In recent years, the Argentine government has substantially limited the ability of companies to transfer funds out of Argentina. As a consequence of these limitations, the spread between the official government exchange rate and the exchange rates resulting implicitly from certain capital market operations, usually effected to obtain U.S. dollars, has broadened significantly. The Company has a wholly-owned subsidiary in Argentina that assembles and distributes agricultural equipment and replacement parts. The Company determined that the Argentina economy was highly inflationary during the third quarter of 2018. For the nine months ended and as of September 30, 2023, the Company's wholly-owned subsidiary in Argentina had net sales of approximately $164.6 million and total assets of approximately 82.8 billion pesos (or approximately $240.0 million). The monetary assets of the Company's operations in Argentina denominated in pesos at the official government rate were approximately 25.6 billion pesos (or approximately $74.4 million), inclusive of approximately 14.1 billion pesos (or approximately $41.0 million) in cash and cash equivalents, as of September 30, 2023. The monetary liabilities of the Company's operations in Argentina denominated in pesos at the official government rate were approximately 9.0 billion pesos (or approximately $26.2 million) as of September 30, 2023. The monetary assets and liabilities were remeasured into U.S. dollar based on exchange rates as of September 30, 2023. The Company's finance joint venture in Argentina, AGCO Capital Argentina S.A. ("AGCO Capital") has net monetary assets denominated in pesos at the official government rate of approximately 7.1 billion (or approximately $20.5 million) as of September 30, 2023, of which a majority is cash and cash equivalents. Future impairments and charges are possible in connection with these exposures.

Recent Accounting Pronouncements
    In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13 “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which requires measurement and recognition of expected versus incurred credit losses for financial assets. In November 2019, the FASB issued ASU 2019-10, “Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates,” which delays the effective date of ASU 2016-13 for smaller reporting companies and other non-SEC reporting entities. This delay applies to the Company’s equity method finance joint ventures, which were required to adopt ASU 2016-13 for annual periods beginning after December 15, 2022 and interim periods within those annual periods. The standard, and its subsequent modification, impacts the results of operations and financial condition of the Company’s finance joint ventures. For the adoption of the standard by the Company’s finance joint ventures on January 1, 2023 under the modified retrospective approach, the Company recognized the cumulative effect of ASU 2016-13 as an adjustment to the opening balance of
8

Table of Contents
Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)



stockholders’ equity as of January 1, 2023 within “Retained earnings.” The cumulative effect was a reduction of approximately $5.5 million.
    In September 2022, the FASB issued ASU 2022-04, “Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations.” The new standard requires that a buyer in a supplier finance program disclose sufficient information about the key terms of the program, the amount of outstanding confirmed obligations at period end, where the obligations are presented in the balance sheet, and a rollforward of the obligations during the annual period. This guidance was effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the rollforward, which is effective for fiscal years beginning after December 15, 2023. Early adoption was permitted. The adoption of ASU 2022-04 resulted in disclosure of the Company's supplier financing programs. Refer to Note 10 for further details.
    The Company has adopted ASU 2021-08, “Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” effective for fiscal years beginning after December 15, 2022, which did not have a material impact on the Company's results of operations, financial condition or cash flows but may impact future acquisitions.

2.     ACQUISITIONS

    On September 28, 2023, the Company entered into a Sale and Contribution Agreement (the "Agreement") with Trimble Inc. ("Trimble") and its currently 100%-owned subsidiary Trimble Solutions, LLC (the "Joint Venture"). Among other things, the Agreement provides for (i) the contribution by Trimble to the Joint Venture of Trimble’s agricultural business, excluding certain Global Navigation Satellite System and guidance technologies, (ii) the contribution by the Company to the Joint Venture of the Company’s interest in JCA Industries, LLC d/b/a JCA Technologies ("JCA") in exchange for membership interests in the Joint Venture, and (iii) the purchase by the Company from Trimble of membership interests in exchange for the payment by the Company to Trimble of $2.0 billion in cash, subject to customary working capital and other adjustments. Immediately following the closing and as a result of the transaction, the Company will own an 85% interest in the Joint Venture. The closing is expected in the first half of 2024 and is subject to customary conditions, including compliance with antitrust and similar laws.

    In connection with the planned Joint Venture, also on September 28, 2023, the Company entered into a bridge facility commitment letter with Morgan Stanley Senior Funding Inc. ("Morgan Stanley") pursuant to which Morgan Stanley has committed to provide, subject to the terms and conditions set forth therein, a $2.0 billion senior unsecured 364-day bridge facility (the "Bridge Facility").

    During the three and nine months ended September 30, 2023, the Company paid $9.5 million in fees related to the Bridge Facility commitment which were recorded as a deferred asset included within “Other current assets” in the Company’s Condensed Consolidated Balance Sheet as of September 30, 2023 and will be amortized to interest expense over the life of the commitment.

    On May 2, 2022, the Company acquired JCA for 63.0 million Canadian dollars (or approximately $49.2 million as of May 2, 2022). JCA is located in Winnipeg, Manitoba, Canada, and specializes in the design of electronic systems and software development to automate and control agricultural equipment. The Company allocated the purchase price to the assets acquired and liabilities assumed based on preliminary estimates of their fair values as of the acquisition date. The acquired net assets primarily consisted of accounts receivable, inventories, other current and noncurrent assets, accounts payable, accrued expenses, other current and noncurrent liabilities, property, plant and equipment, deferred tax liabilities as well as customer relationship, technology and trademark identifiable intangible assets. The Company recorded approximately 43.9 million Canadian dollars (or approximately $34.0 million) of goodwill associated with the acquisition. The results of operations of JCA have been included in the Company’s Condensed Consolidated Financial Statements as of and from the date of acquisition. The associated goodwill has been included in the Company’s North America geographical reportable segment. Proforma financial information related to the acquisition of JCA was not material to the Company’s results of operations.

    On January 1, 2022, the Company acquired Appareo Systems, LLC (“Appareo”) for approximately $62.1 million, net of approximately $0.5 million of cash. As a result of the acquisition of the remaining 50% interest in IAS, the Company's previous operating joint venture with Appareo, the Company recorded a gain of approximately $3.4 million on the remeasurement of the previously held equity interest within “Other expense, net” in the Company's Condensed Consolidated Statements of Operations. The fair value of the previously held 50% interest in the joint venture as of the acquisition date was approximately $11.2 million. Appareo is headquartered in Fargo, North Dakota and offers engineering, manufacturing and technology for end-to-end product development. The Company allocated the purchase price to the assets acquired and liabilities
9

Table of Contents
Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)



assumed based on preliminary estimates of their fair values as of the acquisition date. The acquired net assets primarily consisted of accounts receivable, inventories, other current and noncurrent assets, assets held for sale, lease right-of-use assets and liabilities, accounts payable, accrued expenses, other current and noncurrent liabilities, property, plant and equipment, as well as customer relationship, technology, non-competition agreements and trademark identifiable intangible assets. The Company recorded approximately $25.8 million of goodwill associated with the acquisition. The results of operations of Appareo have been included in the Company’s Condensed Consolidated Financial Statements as of and from the date of acquisition. The associated goodwill has been included in the Company’s North America geographical reportable segment. Proforma financial information related to the acquisition of Appareo was not material to the Company’s results of operations.

    The acquired identifiable intangible assets of JCA and Appareo as of the date of their respective acquisitions during 2022 are summarized in the following table (in millions):

Intangible Asset
AmountWeighted-Average Useful Life
Customer relationships$15.4 10 years
Technology15.4 8 years
Trademarks5.7 10 years
Non-competition agreements1.4 5 years
$37.9 

3.    RESTRUCTURING EXPENSES AND IMPAIRMENT CHARGES

Restructuring Expenses

    In recent years, the Company has announced and initiated several actions to rationalize employee headcount in various manufacturing facilities and administrative offices located in the U.S., Europe, South America, Africa and China, as well as the rationalization of its grain and protein business, in order to reduce costs in response to fluctuating global market demand. Restructuring expenses activity during the three and nine months ended September 30, 2023 is summarized as follows (in millions):
Employee SeveranceOther Related
Closure Costs
Total
Balance as of December 31, 2022$6.8 $ $6.8 
First quarter 2023 provision1.4  1.4 
First quarter 2023 cash activity(1.0) (1.0)
Balance as of March 31, 2023$7.2 $ $7.2 
Second quarter 2023 provision4.1 2.0 6.1 
Second quarter 2023 cash activity(1.7) (1.7)
Foreign currency translation(0.4) (0.4)
Balance as of June 30, 2023$9.2 $2.0 $11.2 
Third quarter 2023 provision0.8  0.8 
Third quarter 2023 cash activity(2.8)(2.0)(4.8)
Foreign currency translation(0.7) (0.7)
Balance as of September 30, 2023$6.5 $ $6.5 
    
Restructuring expenses activity during the three and nine months ended September 30, 2022 is summarized as follows (in millions):
10

Table of Contents
Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)



Employee SeveranceOther Related Closure CostsTotal
Balance as of December 31, 2021$14.5 $0.2 $14.7 
First quarter 2022 provision3.0  3.0 
First quarter 2022 cash activity(3.4) (3.4)
Foreign currency translation(0.3)0.1 (0.2)
Balance as of March 31, 2022$13.8 $0.3 $14.1 
Second quarter 2022 provision0.8  0.8 
Second quarter 2022 provision reversal(0.4) (0.4)
Second quarter 2022 cash activity(3.3) (3.3)
Foreign currency translation(0.6) (0.6)
Balance as of June 30, 2022$10.3 $0.3 $10.6 
Third quarter 2022 provision1.0  1.0 
Third quarter 2022 cash activity(3.4) (3.4)
Foreign currency translation(0.6) (0.6)
Balance as of September 30, 2022$7.3 $0.3 $7.6 

Impairment Charges

    As a consequence of the conflict between Russia and Ukraine, during the three months ended March 31, 2022, the Company assessed the fair value of its gross assets related to the joint ventures operating in Russia for potential impairment and recorded asset impairment charges of approximately $36.0 million, reflected as “Impairment charges” in its Condensed Consolidated Statements of Operations, with an offsetting benefit of approximately $12.2 million included within “Net income attributable to noncontrolling interests.” The Company sold its interest in its Russian distribution joint venture during the three months ended December 31, 2022. In addition, during the three months ended March 31, 2022, the Company recorded a write-down of its investment in its Russian finance joint venture of approximately $4.8 million, reflected within “Equity in net earnings of affiliates” in its Condensed Consolidated Statements of Operations. The Russian finance joint venture was sold during the three months ended December 31, 2022.

4.    STOCK COMPENSATION PLANS

    The Company recorded stock compensation expense as follows for the three and nine months ended September 30, 2023 and 2022 (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Cost of goods sold$0.4 $0.4 $1.4 $1.0 
Selling, general and administrative expenses9.8 7.4 36.1 24.4 
Total stock compensation expense$10.2 $7.8 $37.5 $25.4 

Stock Incentive Plan

    Under the Company’s Long-Term Incentive Plan (the “Plan”), up to 10,000,000 shares of AGCO common stock may be issued. As of September 30, 2023, of the 10,000,000 shares reserved for issuance under the Plan, 3,581,555 shares were available for grant, assuming the maximum performance level, or 200%, and target, or 100%, total shareholder return are achieved related to the performance award grants discussed below.
11

Table of Contents
Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)



Long-Term Incentive Plan and Related Performance Awards

    As of September 30, 2023, the Company had 808,032 performance shares outstanding with a weighted-average grant price of $128.89 per share, assuming the Company were to achieve its maximum level of performance, or 200%, and that the total shareholder return modifier related to the 2023, 2022 and 2021 performances awards are achieved at target, or 100%. The total compensation cost related to unearned performance awards not yet recognized, assuming the Company’s current projected assessment of the level of performance that will be achieved, was approximately $48.5 million, and the weighted average period over which it is expected to be recognized is approximately two years.

Restricted Stock Unit Awards ("RSUs")

    During the nine months ended September 30, 2023, 16,191 shares were issued related to RSUs previously granted in 2020 to certain executives, net of 11,277 shares withheld for taxes. In addition, the shares issued included an adjustment of 25% additional shares based on a total margin improvement metric relative to the Company’s defined peer group that was applicable to executive RSU grants made in 2020. At September 30, 2023, 215,671 restricted stock units were outstanding with weighted-average grant price of $122.52 per share. The total compensation cost related to unearned restricted stock units not yet recognized was approximately $18.8 million, and the weighted average period over which it is expected to be recognized is approximately one and one-half years.
Stock-Settled Appreciation Rights (“SSARs”)

    Certain executives and key managers were eligible to receive grants of SSARs through the year ended December 31, 2020. The Company has not granted any SSARs since the year ended December 31, 2020 and does not currently anticipate granting any SSARs in the future. There were 98,259 SSARs outstanding as of September 30, 2023. As of September 30, 2023, the total compensation cost related to the unvested SSARs not yet recognized was approximately $0.1 million.

Director Restricted Stock Grants

    The Plan provides for annual restricted stock grants of the Company’s common stock to all non-employee directors. The 2023 grant was made on April 27, 2023 and equated to 12,069 shares of common stock, of which 10,524 shares of common stock were issued after shares were withheld for taxes. The Company recorded stock compensation expense of approximately $1.5 million during the nine months ended September 30, 2023 associated with these grants.

5.    GOODWILL AND OTHER INTANGIBLE ASSETS

    Changes in the carrying amount of goodwill during the nine months ended September 30, 2023 are summarized as follows (in millions):
North AmericaSouth AmericaEurope/Middle EastAsia/Pacific/AfricaConsolidated
Balance as of December 31, 2022$667.3 $86.0 $444.3 $113.2 $1,310.8 
Foreign currency translation0.2 4.7 (3.7)(3.5)(2.3)
Balance as of September 30, 2023$667.5 $90.7 $440.6 $109.7 $1,308.5 

    Goodwill is tested for impairment on an annual basis and more often if indications of impairment exist. The Company conducts its annual impairment analyses as of October 1 each year.

12

Table of Contents
Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)



    Changes in the carrying amount of acquired intangible assets during the nine months ended September 30, 2023 are summarized as follows (in millions):
Gross carrying amounts:Trademarks and TradenamesCustomer RelationshipsPatents and TechnologyLand Use RightsTotal
Balance as of December 31, 2022$191.8 $574.5 $150.6 $6.5 $923.4 
Foreign currency translation(0.7)(0.9)(0.7)(0.4)(2.7)
Balance as of September 30, 2023$191.1 $573.6 $149.9 $6.1 $920.7 
Accumulated amortization:Trademarks and TradenamesCustomer RelationshipsPatents and TechnologyLand Use RightsTotal
Balance as of December 31, 2022$103.3 $440.8 $101.5 $1.6 $647.2 
Amortization expense7.5 27.6 8.1 0.1 43.3 
Foreign currency translation(0.3)(0.6)(0.9)(0.1)(1.9)
Balance as of September 30, 2023$110.5 $467.8 $108.7 $1.6 $688.6 
Indefinite-lived intangible assets:Trademarks and
Tradenames
Balance as of December 31, 2022$84.8 
Foreign currency translation(0.4)
Balance as of September 30, 2023$84.4 
    
    The Company amortizes certain acquired identifiable intangible assets primarily on a straight-line basis over their estimated useful lives, which range from four to 50 years. Amortization expense related to identifiable intangible assets was $14.4 million and $43.3 million for the three and nine months ended September 30, 2023, respectively, and $14.7 million and $45.4 million for the same periods ended September 30, 2022. External-use software, net, developed by the Company and marketed externally, was approximately $6.3 million as of September 30, 2023 and classified within “Intangible assets, net.” Amortization expense related to external-use software was approximately $0.3 million and $1.4 million for the three and nine months ended September 30, 2023, respectively, and was classified within “Cost of goods sold.”

6.    INDEBTEDNESS

    Long-term debt consisted of the following at September 30, 2023 and December 31, 2022 (in millions):
September 30, 2023December 31, 2022
Credit facility, expires 2027$866.6 $200.0 
1.002% Senior term loan due 2025
264.5 267.3 
Senior term loans due between 2023 and 2028232.8 341.6 
0.800% Senior notes due 2028
634.9 641.5 
Other long-term debt3.9 5.1 
Debt issuance costs(3.1)(3.6)
1,999.6 1,451.9 
Senior term loans due 2023, net of debt issuance costs(77.7)(184.9)
Current portion of other long-term debt(2.2)(2.2)
Total long-term indebtedness, less current portion$1,919.7 $1,264.8 

13

Table of Contents
Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)




Credit Facility

    In December 2022, the Company, certain of its subsidiaries and Rabobank, and other named lenders entered into an amendment to its credit facility providing for a $1.25 billion multi-currency unsecured revolving credit facility (“credit facility”), which replaced the Company’s former $800.0 million multi-currency unsecured revolving credit facility. The amendment provided an additional $450.0 million in borrowing capacity. An initial borrowing under the credit facility was used to repay and retire a $240.0 million short-term multi-currency revolving credit facility with Rabobank that matured on March 31, 2023. The credit facility consists of a $325.0 million U.S. dollar tranche and a $925.0 million multi-currency tranche for loans denominated in U.S. Dollars, Euros or other currencies to be agreed upon. The credit facility matures on December 19, 2027. Interest accrues on amounts outstanding for any borrowings denominated in U.S. dollars, at the Company’s option, at either (1) the Secured Overnight Financing Rate (“SOFR”) plus 0.1% plus a margin ranging from 0.875% to 1.875% based on the Company’s credit rating, or (2) the base rate, which is the highest of (i) the Prime Rate, (ii) the Federal Funds Effective Rate plus 0.5%, and (iii) Term SOFR for a one-month tenor plus 1.0%, plus a margin ranging from 0.000% to 0.875% based on the Company’s credit rating. Interest accrues on amounts outstanding for any borrowings denominated in Euros at the Euro Interbank Offered Rate (“EURIBOR”) plus a margin ranging from 0.875% to 1.875% based on the Company’s credit rating. As of September 30, 2023, the Company had $866.6 million outstanding borrowings under the revolving credit facility and had the ability to borrow $288.4 million.

Uncommitted Credit Facility

    In June 2022, the Company entered into an uncommitted revolving credit facility that allows the Company to borrow up to €100.0 million (or approximately $105.8 million as of September 30, 2023). The credit facility expires on December 31, 2026. Any loans will bear interest at the EURIBOR plus a credit spread. As of September 30, 2023, the Company had no outstanding borrowings under the revolving credit facility.

0.800% Senior Notes Due 2028

    On October 6, 2021, the Company issued €600.0 million (or approximately $634.9 million as of September 30, 2023) of senior notes at an issue price of 99.993%. The notes mature on October 6, 2028, and interest is payable annually, in arrears, at 0.800%. The notes contain covenants restricting, among other things, the incurrence of certain secured indebtedness. The senior notes are subject to both optional and mandatory redemption in certain events.

1.002% Senior Term Loan Due 2025

    On January 25, 2019, the Company borrowed €250.0 million (or approximately $264.5 million as of September 30, 2023) from the European Investment Bank ("EIB"). The loan matures on January 24, 2025. The Company is permitted to prepay the loan before its maturity date. Interest is payable on the loan at 1.002% per annum, payable semi-annually in arrears.

Senior Term Loans Due Between 2023 and 2028

    In October 2016, the Company borrowed an aggregate amount of €375.0 million through a group of seven related term loan agreements, and in August 2018, the Company borrowed an additional aggregate amount of €338.0 million through a group of another seven related term loan agreements. Of the 2016 term loans, the Company repaid an aggregate amount of €249.0 million in October 2019, October 2021 and April 2022. Of the 2018 senior term loans, the Company repaid an aggregate amount of €144.5 million in August 2021 and February 2022, and on August 1, 2023, the Company repaid its 2018 senior term loan due August 2023 in the amount of €99.5 million (or approximately $109.2 million).


14

Table of Contents
Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)



    In aggregate, as of September 30, 2023, the Company had indebtedness of €220.0 million (or approximately $232.8 million as of September 30, 2023) through a group of five remaining related term loan agreements. The provisions of the term loan agreements are substantially identical, with the exception of interest rate terms and maturities. As of September 30, 2023, for the term loans with a fixed interest rate, interest is payable in arrears on an annual basis, with interest rates ranging from 1.33% to 2.26% and maturity dates between October 2023 and August 2028. For the term loan with a floating interest rate, interest is payable in arrears on a semi-annual basis, with an interest rate based on the EURIBOR plus a margin of 1.10% and a maturity date of August 2025. On October 19, 2023, the Company repaid its €73.5 million (or approximately $77.7 million) 2016 senior term loan due October 2023.

European Investment Bank ("EIB") Senior Term Loan

    On September 29, 2023, the Company entered into a multi-currency Finance Contract with the EIB permitting the Company to borrow up to €250.0 million (or approximately $264.5 million as of September 30, 2023) to fund up to 50% of certain investments in research, development and innovation primarily in Germany, France and Finland during the period from 2023 through 2026. The loans will mature at a date established at the time of the relevant draw, which generally will be between four years and ten years for an amortizing draw and between three years and six years for a non-amortizing draw. Loans generally can be prepaid at any time upon the election of the Company and must be prepaid upon the occurrence of certain events. At the time of each draw, the Company will be entitled to elect whether the borrowing will bear a fixed rate of interest equal to the EIB’s then customary rate or a floating rate of interest equal to SOFR (in the case of Dollar denominated loans) or EURIBOR (in the case of non-Dollar denominated loans), in each case plus a margin based upon the Company’s credit rating. The Company also has to fulfill financial covenants with respect to a net leverage ratio and an interest coverage ratio. There were no amounts outstanding under the EIB Senior Term Loan as of September 30, 2023. Subsequent to the end of the quarter, on October 26, 2023, the Company borrowed €250.0 million (approximately $263.7 million) under the arrangement.

Bridge Facility

    As discussed in Note 2, in connection with the planned Joint Venture with Trimble Inc., on September 28, 2023, the Company entered into a bridge facility commitment letter with Morgan Stanley pursuant to which Morgan Stanley has committed to provide a $2.0 billion senior unsecured 364-day bridge facility (the "Bridge Facility"). Amounts outstanding under the Bridge Facility will accrue interest at a rate equal to, at the Company’s election, at either (1) the SOFR plus 0.1% plus a margin ranging from 0.875% to 2.625% based on the Company’s credit rating, or (2) the base rate, which is the highest of (i) the Prime Rate, (ii) the Federal Funds Effective Rate plus 0.5%, and (iii) Term SOFR for a one-month tenor plus 1.0%, plus a margin ranging from 0.000% to 1.625% based on the Company’s credit rating, together with a duration fee based on the closing date of the transaction. There are no amounts outstanding under the Bridge Facility as of September 30, 2023.

Other Short-Term Borrowings

    As of September 30, 2023 and December 31, 2022, the Company had short-term borrowings due within one year of approximately $25.9 million and $8.9 million, respectively.

Standby Letters of Credit and Similar Instruments

    The Company has arrangements with various banks to issue standby letters of credit or similar instruments, which guarantee the Company’s obligations for the purchase or sale of certain inventories and for potential claims exposure for insurance coverage. At September 30, 2023 and December 31, 2022, outstanding letters of credit totaled approximately $14.7 million and $14.4 million, respectively.











15

Table of Contents
Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)



7.    RECOVERABLE INDIRECT TAXES

    The Company’s Brazilian operations incur value added taxes (“VAT”) on certain purchases of raw materials, components and services. These taxes are accumulated as tax credits and create assets that are reduced by the VAT collected from the Company’s sales in the Brazilian market. The Company regularly assesses the recoverability of these tax credits and establishes reserves when necessary against them, through analyses that include, amongst others, the history of realization, the transfer of tax credits to third parties as authorized by the government, anticipated changes in the supply chain and the future expectation of tax debits from the Company’s ongoing operations. The Company believes that these tax credits, net of established reserves, are realizable. The Company had recorded approximately $97.3 million and $94.6 million, respectively, of VAT tax credits, net of reserves, as of September 30, 2023 and December 31, 2022.

8.    INVENTORIES

    Inventories at September 30, 2023 and December 31, 2022 were as follows (in millions):
September 30, 2023December 31, 2022
Finished goods$1,464.0 $994.9 
Repair and replacement parts807.9 750.1 
Work in process432.6 369.8 
Raw materials1,021.5 1,074.9 
Inventories, net$3,726.0 $3,189.7 

9.    PRODUCT WARRANTY

    The warranty reserve activity for the three and nine months ended September 30, 2023 and 2022, including deferred revenue associated with the Company's extended warranties that have been sold, was as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Balance at beginning of period$727.2 $589.5 $640.0 $592.5 
Accruals for warranties issued during the period123.9 86.1 321.4 231.3 
Settlements made (in cash or in kind) during the period(94.8)(81.8)(222.7)(189.5)
Foreign currency translation(21.1)(31.9)(3.5)(72.4)
Balance at September 30$735.2 $561.9 $735.2 $561.9 

    The Company’s agricultural equipment products generally are warranted against defects in material and workmanship for a period of one to four years. The Company accrues for future warranty costs at the time of sale based on historical warranty experience. Approximately $625.6 million, $546.0 million and $482.1 million of warranty reserves are included in “Accrued expenses” in the Company’s Condensed Consolidated Balance Sheets as of September 30, 2023, December 31, 2022 and September 30, 2022, respectively. Approximately $109.6 million, $94.0 million and $79.8 million of warranty reserves are included in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets as of September 30, 2023, December 31, 2022, and September 30, 2022, respectively.

    The Company recognizes potential recoveries of the costs associated with warranties it provides when the collection is probable. When specifics of the recovery have been agreed upon with the Company’s suppliers through the confirmation of liability for the recovery, the Company records the recovery within “Accounts and notes receivable, net.” Estimates of the amount of warranty claim recoveries to be received from the Company’s suppliers based upon contractual supplier arrangements are recorded within “Other current assets.”

16

Table of Contents
Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)



10.    SUPPLIER FINANCE PROGRAMS

    The Company has supplier financing arrangements with certain banks or other intermediaries whereby a bank or intermediary purchases receivables held by the Company’s suppliers. Under the program, suppliers have the option to be paid by the bank or intermediary earlier than the payment due date. When the supplier receives an early payment, they receive discounted amounts, and the Company pays the bank or intermediary the face amount of the invoice on the payment due date. The Company does not reimburse suppliers for any costs incurred for participation in the program. The Company and its suppliers agree on the contractual terms, including prices, quantities and payment terms, regardless of whether the supplier elects to participate in the supplier finance programs. The suppliers’ voluntary inclusion in the supplier financing programs has no bearing on the Company’s payment terms. The Company has no economic interest in a supplier’s decision to participate in the programs, and the Company has no direct financial relationship with the banks or other intermediaries as it relates to the supplier finance programs. As of September 30, 2023, payment terms with the majority of the Company’s suppliers are generally 30 to 180 days, which correspond to the contractual terms, with rates that are based on market rates (such as SOFR) plus a credit spread. There are no assets pledged as security under the programs. As of September 30, 2023, and December 31, 2022, the amounts outstanding that remain unpaid to the banks or other intermediaries totaled $90.7 million and $121.5 million, respectively, and are reflected in “Accounts payable” in the Company’s Condensed Consolidated Balance Sheets.

11.    NET INCOME PER COMMON SHARE

    Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted net income per common share assumes the exercise of outstanding SSARs and the vesting of performance share awards and RSUs, when applicable, using the treasury stock method when there is no other circumstance other than the passage of time under which they would not be issued, and the effects of such assumptions are dilutive.
    
    A reconciliation of net income attributable to AGCO Corporation and subsidiaries and weighted average common shares outstanding for purposes of calculating basic and diluted net income per share for the three and nine months ended September 30, 2023 and 2022 is as follows (in millions, except per share data):
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Basic net income per share:
Net income attributable to AGCO Corporation and subsidiaries$280.6 $237.9 $832.4 $567.4 
Weighted average number of common shares outstanding74.9 74.6 74.9 74.6 
Basic net income per share attributable to AGCO Corporation and subsidiaries$3.75 $3.19 $11.11 $7.60 
Diluted net income per share:  
Net income attributable to AGCO Corporation and subsidiaries$280.6 $237.9 $832.4 $567.4 
Weighted average number of common shares outstanding74.9 74.6 74.9 74.6 
Dilutive SSARs, performance share awards and RSUs0.1 0.3 0.1 0.3 
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share75.0 74.9 75.0 74.9 
Diluted net income per share attributable to AGCO Corporation and subsidiaries$3.74 $3.18 $11.10 $7.58 

    There were no SSARs outstanding for the three and nine months ended September 30, 2023 and 2022 that had an antidilutive impact.






17

Table of Contents
Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)



12.    INCOME TAXES

    At September 30, 2023 and December 31, 2022, the Company had approximately $312.9 million and $281.7 million, respectively, of gross unrecognized income tax benefits, all of which would affect the Company’s effective tax rate if recognized. Gross unrecognized income tax benefits as of September 30, 2023 and December 31, 2022 exclude certain indirect favorable effects that relate to other tax jurisdictions of approximately $91.8 million and $74.0 million, respectively. In addition, the gross unrecognized income tax benefits as of September 30, 2023 and December 31, 2022 exclude certain deposits made in a foreign jurisdiction of approximately $25.7 million, net of $19.0 million refunds received, and $45.1 million, respectively, associated with an ongoing audit. At September 30, 2023 and December 31, 2022, the Company had approximately $10.8 million and $10.4 million, respectively, of accrued or deferred taxes related to uncertain income tax positions connected with ongoing income tax audits in various jurisdictions that it expects to settle or pay in the next 12 months, reflected in “Other current liabilities” in the Company’s Condensed Consolidated Balance Sheets. At September 30, 2023 and December 31, 2022, the Company had approximately $304.7 million and $274.1 million, respectively, of accrued taxes reflected in “Other noncurrent liabilities”, and approximately $2.6 million and $2.8 million, respectively, of deferred tax assets related to uncertain tax positions that it expects to settle or pay beyond 12 months, reflected in “Deferred tax assets” in the Company’s Condensed Consolidated Balance Sheets. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes. At September 30, 2023 and December 31, 2022, the Company had accrued interest and penalties related to unrecognized tax benefits of approximately $25.5 million and $25.8 million, respectively. Generally, tax years 2019 through 2022 remain open to examination by taxing authorities in the United States and certain other foreign tax jurisdictions. The Company and its subsidiaries are routinely examined by tax authorities in the United States and in various state, local and foreign jurisdictions. As of September 30, 2023, a number of income tax examinations in foreign jurisdictions are ongoing.
    The Company maintains a valuation allowance to reserve against its net deferred tax assets in certain foreign jurisdictions. A valuation allowance is established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company regularly assesses the likelihood that its deferred tax assets will be recovered from estimated future taxable income and available tax planning strategies and has determined that all adjustments to the valuation allowances have been appropriate. In making this assessment, all available evidence was considered including the current economic climate, as well as reasonable tax planning strategies. The Company believes it is more likely than not that the Company will realize its remaining net deferred tax assets, net of the valuation allowance, in future years.
    In 2008 and 2012, as part of routine audits, the Brazilian taxing authorities disallowed deductions relating to the amortization of certain goodwill recognized in connection with a reorganization of the Company’s Brazilian operations and the related transfer of certain assets to the Company’s Brazilian subsidiaries. The amount of the tax disallowance through September 30, 2023, not including interest and penalties, would have been approximately 131.5 million Brazilian reais (or approximately $26.3 million). The amount ultimately in dispute would have been significantly greater because of interest and penalties. The Company historically had been advised by its legal and tax advisors that its position with respect to the deductions was allowable under the tax laws of Brazil. The Company contested the disallowance and maintained that it was not likely that the assessment, interest or penalties would require payment. The ultimate outcome of the case would not have been determined until the Brazilian tax appeal process was completed.
    On January 12, 2023, the Brazilian government issued a “Litigation Zero” tax amnesty program, whereby cases being disputed at the administrative court level of review for a period of more than ten years could be considered for amnesty. Enrollment in the amnesty program would not be considered an admission of guilt with respect to outstanding cases. The amnesty program allowed companies to settle outstanding contested cases at a significant monetary discount. After weighing various impacts involved with enrollment, including the avoidance of potential interest, penalties and legal costs, the Company enrolled in the program in the quarter ended March 31, 2023. The Company recorded its best estimate of the ultimate settlement under the amnesty program of approximately 182.6 million Brazilian reais (or approximately $34.8 million) within “Income tax provision” for the nine months ended September 30, 2023, net of associated U.S. income tax credits of approximately $8.4 million. The Company paid installment payments related to the program of 166.7 million Brazilian reais (or approximately $33.4 million) during the nine months ended September 30, 2023 and paid the final installment payment totaling approximately $4.4 million in October 2023. The payments were inclusive of $1.2 million of interest on payments and approximately $1.8 million of negative currency translation.






18

Table of Contents
Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)



13.    DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Derivative Transactions Designated as Hedging Instruments

Cash Flow Hedges

Foreign Currency Contracts

    The Company uses cash flow hedges to minimize the variability in cash flows of assets or liabilities or forecasted transactions caused by fluctuations in foreign currency exchange rates. The changes in the fair values of these cash flow hedges are recorded in accumulated other comprehensive loss and are subsequently reclassified into “Cost of goods sold” during the period the sales and purchases are recognized. These amounts offset the effect of the changes in foreign currency rates on the related sale and purchase transactions.

    The Company designates certain foreign currency contracts as cash flow hedges of expected future sales and purchases. The total notional value of derivatives that were designated as cash flow hedges was approximately $247.0 million and $364.8 million as of September 30, 2023 and December 31, 2022, respectively.

Steel Commodity Contracts

    The Company designates certain steel commodity contracts as cash flow hedges of expected future purchases of steel. The total notional value of derivatives that were designated as cash flow hedges was approximately $0.4 million and $0.9 million as of September 30, 2023 and December 31, 2022, respectively.

19

Table of Contents
Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)



    The following tables summarize the after-tax impact that changes in the fair value of derivatives designated as cash flow hedges had on accumulated other comprehensive loss and net income during the three and nine months ended September 30, 2023 and 2022 (in millions):
Recognized in Net Income
Three Months Ended September 30,Loss Recognized in Accumulated
Other Comprehensive Loss
Classification of Gain (Loss)
Gain (Loss) Reclassified from Accumulated
Other Comprehensive Loss into Income
Total Amount of the Line Item in the Condensed Consolidated Statements of Operations Containing Hedge Losses
2023
Foreign currency contracts(1)
$(1.7)Cost of goods sold$(2.5)$2,521.5 
Commodity contracts(2)
(0.1)Cost of goods sold0.2 $2,521.5 
Total $(1.8)$(2.3)
2022
Foreign currency contracts$(3.4)Cost of goods sold$(4.3)$2,382.7 
Commodity contracts(0.4)Cost of goods sold(0.8)$2,382.7 
Total$(3.8)$(5.1)


Recognized in Net Income
Nine Months Ended September 30,Gain (Loss) Recognized in Accumulated
Other Comprehensive Loss
Classification of Gain (Loss)
 Gain (Loss) Reclassified from Accumulated
Other Comprehensive Loss into Income
Total Amount of the Line Item in the Condensed Consolidated Statements of Operations Containing Hedge Losses
2023
Foreign currency contracts(1)
$(8.6)Cost of goods sold$(5.1)$7,817.1 
Commodity contracts(2)
0.1 Cost of goods sold0.1 $7,817.1 
Total$(8.5)$(5.0)
2022