Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

The following tables set forth changes in stockholders’ equity attributed to AGCO Corporation and its subsidiaries and to noncontrolling interests for the three months ended March 31, 2024 and 2023 (in millions):


	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Stockholders’ Equity
Balance, December 31, 2023	$	0.7	$	4.1	$	6,360.0	$	(1,708.1)	$	0.1	$	4,656.8
Stock compensation	—		8.4		—		—		—		8.4
Issuance of stock awards	—		(12.4)		(0.5)		—		—		(12.9)

SSARs exercised	—		(0.1)		—		—		—		(0.1)
Comprehensive income:
Net income	—		—		168.0		—		—		168.0
Other comprehensive (loss) income:
Foreign currency translation adjustments	—		—		—		(52.0)		—		(52.0)
Defined benefit pension plans, net of tax	—		—		—		1.7		—		1.7
Deferred gains and losses on derivatives, net of tax	—		—		—		6.9		—		6.9
Payment of dividends to stockholders	—		—		(21.6)		—		—		(21.6)




Balance, March 31, 2024	$	0.7	$	—	$	6,505.9	$	(1,751.5)	$	0.1	$	4,755.2


	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Stockholders’ Equity
Balance, December 31, 2022	$	0.7	$	30.2	$	5,654.6	$	(1,803.1)	$	0.2	$	3,882.6
Stock compensation	—		14.0		—		—		—		14.0
Issuance of stock awards	—		(18.4)		—		—		—		(18.4)
SSARs exercised	—		(1.1)		—		—		—		(1.1)
Comprehensive income:
Net income	—		—		232.6		—		—		232.6
Other comprehensive income:
Foreign currency translation adjustments	—		—		—		44.4		—		44.4
Defined benefit pension plans, net of tax	—		—		—		1.8		—		1.8
Deferred gains and losses on derivatives, net of tax	—		—		—		0.5		—		0.5
Payment of dividends to stockholders	—		—		(18.0)		—		—		(18.0)


Adoption of ASU 2016-13 by finance joint ventures	—		—		(5.5)		—		—		(5.5)


Balance, March 31, 2023	$	0.7	$	24.7	$	5,863.7	$	(1,756.4)	$	0.2	$	4,132.9

Summary of Accumulated Other Comprehensive (Loss) Income

The following table sets forth changes in accumulated other comprehensive loss by component, net of tax, attributed to AGCO Corporation and its subsidiaries for the three months ended March 31, 2024 (in millions):


	Defined Benefit Pension Plans		Deferred Net (Losses) Gains on Derivatives		Cumulative Translation Adjustment		Total
Accumulated other comprehensive loss, December 31, 2023	$	(238.6)	$	(0.8)	$	(1,468.7)	$	(1,708.1)
Other comprehensive income (loss) before reclassifications	—		4.6		(52.0)		(47.4)
Net losses reclassified from accumulated other comprehensive loss	1.7		2.3		—		4.0
Other comprehensive income (loss)	1.7		6.9		(52.0)		(43.4)
Accumulated other comprehensive loss, March 31, 2024	$	(236.9)	$	6.1	$	(1,520.7)	$	(1,751.5)

Reclassification Out of Accumulated Other Comprehensive Loss

The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the three months ended March 31, 2024 and 2023 (in millions):


	Amount Reclassified from Accumulated Other Comprehensive Loss				Affected Line Item within the Condensed Consolidated Statements of Operations
Details about Accumulated Other Comprehensive Loss Components	Three Months Ended March 31, 2024(1)		Three Months Ended March 31, 2023(1)
Derivatives:
Net losses on foreign currency contracts	$	2.6	$	2.2	Cost of goods sold
Net gains on commodity contracts	—		(0.4)		Cost of goods sold


Reclassification before tax	2.6		1.8
Income tax benefit	(0.3)		(0.3)		Income tax provision
Reclassification net of tax	$	2.3	$	1.5

Defined benefit pension plans:
Amortization of net actuarial losses	$	2.2	$	2.0	Other expense, net(2)
Amortization of prior service cost	0.4		0.4		Other expense, net(2)
Reclassification before tax	2.6		2.4
Income tax benefit	(0.9)		(0.6)		Income tax provision
Reclassification net of tax	$	1.7	$	1.8

Net losses reclassified from accumulated other comprehensive loss	$	4.0	$	3.3

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(1) Losses included within the Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023, respectively.

(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 14 for additional information.