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Stockholders' Equity
 12 Months Ended
Dec. 31, 2013
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
Stockholders’ Equity

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 year ended December 31, 2013 (in millions):
 
Defined Benefit Pension Plans
 
Cumulative Translation Adjustment
 
Deferred Net Gains (Losses) on Derivatives
 
Total
Accumulated other comprehensive (loss) income, December 31, 2012
$
(262.9
)
 
$
(217.2
)
 
$
0.7

 
$
(479.4
)
Other comprehensive gain (loss) before reclassifications
45.2

 
(86.9
)
 
(1.4
)
 
(43.1
)
Net losses reclassified from accumulated other comprehensive loss
11.3

 
—

 
0.5

 
11.8

Other comprehensive income (loss), net of reclassification adjustments
56.5

 
(86.9
)
 
(0.9
)
 
(31.3
)
Accumulated other comprehensive loss, December 31, 2013
$
(206.4
)
 
$
(304.1
)
 
$
(0.2
)
 
$
(510.7
)


The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the year ended December 31, 2013 (in millions):
Details about Accumulated Other Comprehensive Loss Components
 
Amount Reclassified from Accumulated Other Comprehensive Loss Year ended December 31, 2013 (1)
 
Affected Line Item within the Consolidated Statements of Operations
Net losses on cash flow hedges
 
$
0.7

 
Cost of goods sold
Tax
 
(0.2
)
 
Income tax provision
Reclassification net of tax
 
$
0.5

 
 
 
 
 
 
 
Defined benefit pension plans:
 
 
 
 
Amortization of net actuarial loss
 
$
14.5

 
(2) 
Amortization of prior service cost
 
1.1

 
(2) 
Reclassification before tax
 
15.6

 
 
Tax
 
(4.3
)
 
Income tax provision
Reclassification net of tax
 
$
11.3

 
 
 
 
 
 
 
Net losses reclassified from accumulated other comprehensive loss
 
$
11.8

 
 


(1) Losses included within the Consolidated Statements of Operations for the year ended December 31, 2013.
(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 7 to the Company’s Consolidated Financial Statements.

Common Stock

At December 31, 2013, the Company had 150.0 million authorized shares of common stock with a par value of $0.01 per share, with approximately 97.4 million shares of common stock outstanding and approximately 3.6 million shares reserved for issuance under the Company’s 2006 Long-Term Incentive Plan (the “2006 Plan”) (Note 9).

The Company has a stockholder rights plan, which was adopted in April 1994 following stockholder approval. The plan provides that each share of common stock outstanding will have attached to it the right to purchase a one-hundredth of a share of Junior Cumulative Preferred Stock, with a par value $0.01 per share. The purchase price per each one-hundredth of a share is $110.00, subject to adjustment. The rights will be exercisable only if a person or group (“acquirer”) acquires 20% or more of the Company’s common stock or announces a tender offer or exchange offer that would result in the acquisition of 20% or more of the Company’s common stock or, in some circumstances, if additional conditions are met. Once they are exercisable, the plan allows stockholders, other than the acquirer, to purchase the Company’s common stock or securities of the acquirer with a then current market value of two times the exercise price of the right. The rights are redeemable for $0.01 per right, subject to adjustment, at the option of the Company’s Board of Directors. The rights will expire on April 26, 2014, unless they are extended, redeemed or exchanged by the Company before that date.

Share Repurchase Program

In July 2012, the Board of Directors approved a share repurchase program under which the Company is permitted to repurchase up to $50.0 million of shares of its common stock. During 2013, through open market transactions, the Company repurchased 19,510 shares of its common stock for approximately $1.0 million at an average price paid of $49.34 per share. During 2012, the Company repurchased 409,007 shares of its common stock for approximately $17.6 million at an average price paid of $43.14 per share under the program through open market transactions. Repurchased shares were retired on the date of purchase, and the excess of the purchase price over par value per share was recorded to “Additional paid-in capital” within the Company’s Consolidated Balance Sheets. In December 2013, the Board of Directors approved an additional share repurchase program under which the Company is permitted to repurchase up to $500.0 million of shares of its common stock.

During 2014, the Company entered into accelerated repurchase agreements (“ASRs”) with a financial institution to repurchase an aggregate of $290.0 million of shares of the Company’s common stock. The Company received approximately 4.2 million shares to date in these transactions. The specific number of shares the Company will ultimately repurchase will be determined at the completion of the terms of the ASRs based on the daily volume-weighted average share price of the Company’s common stock less an agreed upon discount. Upon settlement of the ASRs, the Company may be entitled to receive additional shares of common stock, or under certain circumstances, be required to remit a settlement amount. The Company expects that additional shares will be received by the Company upon final settlement of its current ASR, which expires during the third quarter of 2014. All shares received under the ASRs discussed above were retired upon receipt and the excess of the purchase price over par value per share was recorded to “Additional paid-in capital” within the Company’s Consolidated Balance Sheets. Of the $550.0 million in approved share repurchase programs, the remaining amount authorized to be repurchased is approximately $241.4 million.