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Investments in Affiliates
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Affiliates INVESTMENTS IN AFFILIATES
    Investments in affiliates as of December 31, 2024 and 2023 were as follows (in millions):

20242023
Finance joint ventures$471.4 $464.3 
Manufacturing joint ventures31.4 30.6 
Other affiliates16.8 17.8 
$519.6 $512.7 

    The Company’s finance joint ventures provide retail financing and wholesale financing to its dealers. The majority of the assets of the Company’s finance joint ventures represents finance receivables. The majority of the liabilities represents notes payable and accrued interest. Under the various joint venture agreements, Rabobank or its affiliates provide financing to the joint venture companies. AGCO has a 49% interest in the Company’s finance joint ventures. Refer to Note 18 for further discussion of the Company's relationship with Rabobank.

    The Company’s manufacturing joint ventures consist of Groupement International De Mecanique Agricole SAS (“GIMA”), a joint venture with a third-party manufacturer to purchase, design and manufacture components for agricultural equipment in France, and CP GSI Machinery Co Ltd, a joint venture with a third-party manufacturer to manufacture protein production equipment in China. The other affiliates represent investments in farm equipment manufacturers, an electronic and software system manufacturer, precision agriculture technology providers, distributors and licensees.

    The Company concluded it has significant influence over its finance and manufacturing joint ventures and accounted for these investments using the equity method of accounting.

    The Company’s equity in net earnings of affiliates for the years ended December 31, 2024, 2023 and 2022 were as follows (in millions):

202420232022
Finance joint ventures$45.2 $66.9 $63.0 
Manufacturing and other joint ventures1.2 1.3 1.1 
$46.4 $68.2 $64.1 

    Summarized combined financial information of the Company’s finance joint ventures as of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022 were as follows (in millions):

As of December 31,
20242023
Total assets$10,036.4 $10,035.8 
Total liabilities9,074.3 9,088.3 
Partners’ equity962.1 947.5 
For the Years Ended December 31,
202420232022
Revenues$791.7 $680.5 $454.6 
Costs672.7 468.6 274.9 
Income before income taxes$119.0 $211.9 $179.7 

    At December 31, 2024 and 2023, the Company’s receivables from affiliates were approximately $32.0 million and $146.9 million, respectively. The receivables from affiliates are reflected within “Accounts and notes receivable, net” within the Company’s Consolidated Balance Sheets.

    The portion of the Company’s retained earnings balance that represents undistributed retained earnings of equity method investees was approximately $461.2 million and $445.1 million as of December 31, 2024 and 2023, respectively. The Company received dividends from certain finance joint ventures of approximately $13.7 million and $28.9 million during 2024 and 2023, respectively. There were no returns on investment in excess of earnings in 2024 and 2023, respectively. During 2022, approximately $5.7 million of these dividends were a return of investment in excess of earnings related to a certain finance joint venture, and were included within “Sale of, distributions from (investments in) unconsolidated affiliates, net” within the Company’s Consolidated Statements of Cash Flows. In addition, during the year ended December 31, 2022, the Company recorded a write-down of the investment in its Russian finance joint venture of approximately $4.8 million, reflected within “Equity in net earnings of affiliates” in the Consolidated Statements of Operations. The Russian finance joint venture was sold during the three months ended December 31, 2022.