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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2013
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Defined Benefit Plans
The following tables set forth reconciliations of the changes in benefit obligation, plan assets and funded status as of December 31, 2013 and 2012 (in millions):
 
 
Pension Benefits
 
Postretirement
Benefits
Change in benefit obligation
 
2013
 
2012
 
2013
 
2012
Benefit obligation at beginning of year
 
$
842.3

 
$
765.9

 
$
37.0

 
$
31.8

Service cost
 
14.9

 
14.4

 
0.1

 
0.1

Interest cost
 
33.9

 
38.2

 
1.7

 
1.5

Plan participants’ contributions
 
1.3

 
1.2

 
—

 
—

Actuarial loss (gain)
 
(4.1
)
 
36.1

 
(6.2
)
 
1.8

Amendments
 
—

 
—

 
—

 
3.9

Settlements
 
(0.6
)
 
(0.4
)
 
—

 
—

Benefits paid
 
(52.9
)
 
(44.6
)
 
(1.8
)
 
(1.8
)
Special termination benefits and other
 
—

 
—

 
—

 
0.1

Foreign currency exchange rate changes
 
16.4

 
31.5

 
(0.5
)
 
(0.4
)
Benefit obligation at end of year
 
$
851.2

 
$
842.3

 
$
30.3

 
$
37.0

 
 
 
 
 
Postretirement
Benefits
 
 
Pension Benefits
 
Change in plan assets
 
2013
 
2012
 
2013
 
2012
Fair value of plan assets at beginning of year
 
$
576.7

 
$
520.8

 
$
—

 
$
—

Actual return on plan assets
 
81.3

 
40.6

 
—

 
—

Employer contributions
 
41.0

 
36.1

 
1.8

 
1.7

Plan participants’ contributions
 
1.3

 
1.2

 
—

 
—

Benefits paid
 
(52.9
)
 
(44.6
)
 
(1.8
)
 
(1.8
)
Settlements
 
(0.6
)
 
(0.4
)
 
—

 
—

Other
 
—

 
—

 
—

 
0.1

Foreign currency exchange rate changes
 
13.9

 
23.0

 
—

 
—

Fair value of plan assets at end of year
 
$
660.7

 
$
576.7

 
$
—

 
$
—

Funded status
 
$
(190.5
)
 
$
(265.6
)
 
$
(30.3
)
 
$
(37.0
)
Unrecognized net actuarial loss
 
260.3

 
321.5

 
4.1

 
10.8

Unrecognized prior service (credit) cost
 
(0.1
)
 
(0.2
)
 
3.9

 
4.2

Accumulated other comprehensive loss
 
(260.2
)
 
(321.3
)
 
(8.0
)
 
(15.0
)
Net amount recognized
 
$
(190.5
)
 
$
(265.6
)
 
$
(30.3
)
 
$
(37.0
)

Amounts recognized in Consolidated Balance Sheets:
 

 
 

 
 

 
 

Other long-term asset
$
—

 
$
0.1

 
$
—

 
$
—

Other current liabilities
(3.0
)
 
(2.5
)
 
(1.8
)
 
(1.7
)
Accrued expenses
(5.4
)
 
(5.2
)
 
—

 
—

Pensions and postretirement health care benefits (noncurrent)
(182.1
)
 
(258.0
)
 
(28.5
)
 
(35.3
)
Net amount recognized
$
(190.5
)
 
$
(265.6
)
 
$
(30.3
)
 
$
(37.0
)
Schedule of Accumulated Other Comprehensive Income (Loss)
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
)
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
Changing the assumed health care cost trend rates by one percentage point each year and holding all other assumptions constant would have the following effect to service and interest cost for 2013 and the accumulated postretirement benefit obligation at December 31, 2013 (in millions):
 
One Percentage
Point Increase
 
One Percentage
Point Decrease
Effect on service and interest cost
$
0.4

 
$
(0.3
)
Effect on accumulated benefit obligation
$
3.8

 
$
(3.8
)
Pension Benefits
  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Net Pension And Postretirement Cost
Net annual pension costs for the years ended December 31, 2013, 2012 and 2011 are set forth below (in millions):
Pension benefits
 
2013
 
2012
 
2011
Service cost
 
$
14.9

 
$
14.4

 
$
14.4

Interest cost
 
33.9

 
38.2

 
40.1

Expected return on plan assets
 
(37.6
)
 
(36.3
)
 
(37.1
)
Amortization of net actuarial loss
 
13.3

 
9.5

 
6.4

Amortization of prior service credit
 
(0.1
)
 
(0.1
)
 
(0.2
)
Settlement loss
 
0.1

 
0.2

 
0.1

Special termination benefits and other
 
—

 
—

 
0.2

Net annual pension cost
 
$
24.5

 
$
25.9

 
$
23.9
Assumptions Used
The weighted average assumptions used to determine the benefit obligation for the Company’s pension plans as of December 31, 2013 and 2012 are as follows:
 
2013
 
2012
All plans:
 

 
 

Weighted average discount rate
4.3
%
 
4.3
%
Rate of increase in future compensation
2.5-4.5%

 
2.5-4.0%

U.S.-based plans:
 

 
 

Weighted average discount rate
4.8
%
 
3.9
%
Rate of increase in future compensation
N/A

 
N/A

The weighted average assumptions used to determine the net annual pension costs for the Company’s pension plans for the years ended December 31, 2013, 2012 and 2011 are as follows:
 
2013
 
2012
 
2011
All plans:
 

 
 

 
 

Weighted average discount rate
4.3
%
 
5.1
%
 
5.6
%
Weighted average expected long-term rate of return on plan assets
6.8
%
 
7.0
%
 
7.0
%
Rate of increase in future compensation
2.5-4.0%

 
2.5-4.5%

 
2.5-4.5%

U.S.-based plans:
 

 
 

 
 

Weighted average discount rate
3.9
%
 
4.6
%
 
5.4
%
Weighted average expected long-term rate of return on plan assets
7.0
%
 
7.75
%
 
8.0
%
Rate of increase in future compensation
N/A

 
N/A

 
N/A
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table summarizes the activity in accumulated other comprehensive loss related to the Company’s defined pension and postretirement benefit plans during the year ended December 31, 2013 (in millions):
 
 
Before-Tax
Amount
 
Income
Tax
 
After-Tax
Amount
Accumulated other comprehensive loss as of December 31, 2012
 
$
(355.2
)
 
$
(92.3
)
 
$
(262.9
)
Net loss recognized due to settlement
 
0.1

 
0.1

 
—

Net actuarial gain arising during the year
 
60.1

 
14.9

 
45.2

Amortization of prior service cost
 
1.1

 
0.5

 
0.6

Amortization of net actuarial loss
 
14.5

 
3.8

 
10.7

Accumulated other comprehensive loss as of December 31, 2013
 
$
(279.4
)
 
$
(73.0
)
 
$
(206.4
)
Allocation of Plan Assets
The fair value of the Company’s pension assets as of December 31, 2013 is as follows (in millions):
 
Total
 
Level 1
 
Level 2
 
Level 3
Equity securities:
 

 
 

 
 

 
 

Global equities
$
132.0

 
$
132.0

 
$
—

 
$
—

Non-U.S. equities
6.7

 
6.7

 
—

 
—

U.K. equities
132.0

 
132.0

 
—

 
—

U.S. large cap equities
13.9

 
13.9

 
—

 
—

U.S. small cap equities
6.2

 
6.2

 
—

 
—

Total equity securities
290.8

 
290.8

 
—

 
—

Fixed income:
 

 
 

 
 

 
 

Aggregate fixed income
6.5

 
6.5

 
—

 
—

International fixed income
180.8

 
180.8

 
—

 
—

Total fixed income share(1)
187.3

 
187.3

 
—

 
—

Cash and equivalents:
 

 
 

 
 

 
 

Cash
10.8

 
—

 
10.8

 
—

Total cash and equivalents
10.8

 
—

 
10.8

 
—

Alternative investments(2)
146.0

 
—

 
—

 
146.0

Miscellaneous funds(3)
25.8

 
—

 
—

 
25.8

Total assets
$
660.7

 
$
478.1

 
$
10.8

 
$
171.8

______________________________________
(1)
40% of “fixed income” securities are in government treasuries; 31% are in investment-grade corporate bonds; and 29% are in other various fixed income securities.
(2)
35% of “alternative investments” are in long-short equity funds; 29% are in event-driven funds; 12% are in relative value funds; 12% are in credit funds; 7% are distributed in hedged and non-hedged funds; and 5% are in multi-strategy funds.
(3)
“Miscellaneous funds” is comprised of pooled funds in Australia and insurance contracts in Finland, Norway and Switzerland.
The fair value of the Company’s pension assets as of December 31, 2012 is as follows (in millions):
 
Total
 
Level 1
 
Level 2
 
Level 3
Equity securities:
 

 
 

 
 

 
 

Global equities
$
103.7

 
$
103.7

 
$
—

 
$
—

Non-U.S. equities
5.2

 
5.2

 
—

 
—

U.K. equities
112.2

 
112.2

 
—

 
—

U.S. large cap equities
11.1

 
11.1

 
—

 
—

U.S. small cap equities
5.4

 
5.4

 
—

 
—

Total equity securities
237.6

 
237.6

 
—

 
—

Fixed income:
 

 
 

 
 

 
 

Aggregate fixed income
7.6

 
7.6

 
—

 
—

International fixed income
176.7

 
176.7

 
—

 
—

Total fixed income share(1)
184.3

 
184.3

 
—

 
—

Cash and equivalents:
 

 
 

 
 

 
 

Cash
2.2

 
—

 
2.2

 
—

Total cash and equivalents
2.2

 
—

 
2.2

 
—

Alternative investments(2)
127.1

 
—

 
—

 
127.1

Miscellaneous funds(3)
25.5

 
—

 
—

 
25.5

Total assets
$
576.7

 
$
421.9

 
$
2.2

 
$
152.6

_______________________________________
(1)
39% of “fixed income” securities are in investment-grade corporate bonds; 34% are in other various fixed income securities; and 27% are in government treasuries.
(2)
24% of “alternative investments” are in long-short equity funds; 19% are in multi-strategy funds; 17% are in event-driven funds; 16% are distributed in hedged and non-hedged funds; 12% are in relative value funds; and 12% are in credit funds.
(3)
“Miscellaneous funds” is comprised of pooled funds in Australia and various contracts in Finland, Norway and Switzerland
Reconciliation of Significant Unobservable Inputs, Changes in Plan Assets
The following is a reconciliation of Level 3 assets as of December 31, 2013 (in millions):
 
Total
 
Alternative
Investments
 
Miscellaneous
Funds
Beginning balance as of December 31, 2012
$
152.6

 
$
127.1

 
$
25.5

Actual return on plan assets:
 

 
 

 
 

(a) Relating to assets still held at reporting date
15.4

 
15.1

 
0.3

(b) Relating to assets sold during period
0.3

 
0.3

 
—

Purchases, sales and /or settlements
0.5

 
0.3

 
0.2

Foreign currency exchange rate changes
3.0

 
3.2

 
(0.2
)
Ending balance as of December 31, 2013
$
171.8

 
$
146.0

 
$
25.8

The following is a reconciliation of Level 3 assets as of December 31, 2012 (in millions):
 
Total
 
Alternative
Investments
 
Miscellaneous
Funds
Beginning balance as of December 31, 2011
$
140.9

 
$
119.8

 
$
21.1

Actual return on plan assets:
 

 
 

 
 

(a) Relating to assets still held at reporting date
4.3

 
4.1

 
0.2

(b) Relating to assets sold during period
0.5

 
0.5

 
—

Purchases, sales and /or settlements
1.2

 
(2.3
)
 
3.5

Transfers in and /or out of Level 3
(0.2
)
 
(0.2
)
 
—

Foreign currency exchange rate changes
5.9

 
5.2

 
0.7

Ending balance as of December 31, 2012
$
152.6

 
$
127.1

 
$
25.5
Expected Benefit Payments
At December 31, 2013, the aggregate expected benefit payments for all of the Company’s pension plans are as follows (in millions):
2014
$
53.2

2015
51.4

2016
50.6

2017
50.3

2018
51.2

2019 through 2023
276.6

 
$
533.3
U.S. Based Pension Benefit Plans
  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Allocation of Plan Assets
The weighted average asset allocation of the Company’s U.S. pension benefit plans as of December 31, 2013 and 2012 are as follows:
Asset Category
 
2013
 
2012
Large and small cap domestic equity securities
 
48
%
 
45
%
International equity securities
 
16
%
 
14
%
Domestic fixed income securities
 
16
%
 
21
%
Other investments
 
20
%
 
20
%
Total
 
100
%
 
100
%
Non-U.S. Pension Benefit Plans
  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Allocation of Plan Assets
The weighted average asset allocation of the Company’s non-U.S. pension benefit plans as of December 31, 2013 and 2012 are as follows:
Asset Category
 
2013
 
2012
Equity securities
 
45
%
 
42
%
Fixed income securities
 
30
%
 
34
%
Other investments
 
25
%
 
24
%
Total
 
100
%
 
100
%
Postretirement Benefits
  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Net Pension And Postretirement Cost
Net annual postretirement benefit costs for the years ended December 31, 2013, 2012 and 2011 are set forth below (in millions, except percentages):
Postretirement benefits
 
2013
 
2012
 
2011
Service cost
 
$
0.1

 
$
0.1

 
$
0.1

Interest cost
 
1.7

 
1.5

 
1.6

Amortization of prior service cost (credit)
 
0.2

 
(0.2
)
 
(0.3
)
Amortization of net actuarial loss
 
0.5

 
0.4

 
0.3

Net annual postretirement benefit cost
 
$
2.5

 
$
1.8

 
$
1.7

Weighted average discount rate
 
4.7
%
 
4.8
%
 
5.6
%
Expected Benefit Payments
At December 31, 2013, the aggregate expected benefit payments for the Company’s U.S. and Brazilian postretirement benefit plans are as follows (in millions):
2014
$
1.8

2015
1.8

2016
1.9

2017
1.9

2018
2.0

2019 through 2023
10.4

 
$
19.8
ENPP
  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Net Pension And Postretirement Cost
Net annual ENPP cost and the measurement assumptions for the plans for the years ended December 31, 2013, 2012 and 2011 are set forth below (in millions, except percentages):
 
2013
 
2012
 
2011
Service cost
$
3.1

 
$
2.8

 
$
1.8

Interest cost
1.5

 
1.4

 
1.0

Amortization of prior service cost
0.9

 
0.9

 
0.6

Amortization of net actuarial loss
0.7

 
0.3

 
0.1

Net annual ENPP costs
$
6.2

 
$
5.4

 
$
3.5

Discount rate
3.9
%
 
4.6
%
 
5.4
%
Rate of increase in future compensation
5.0
%
 
5.0
%
 
5.0
%
Schedule of Changes in Projected Benefit Obligations
The following tables set forth reconciliations of the changes in benefit obligation and funded status as of December 31, 2013 and 2012 (in millions):
Change in benefit obligation
 
2013
 
2012
Benefit obligation at beginning of year
 
$
39.6

 
$
31.0

Service cost
 
3.1

 
2.8

Interest cost
 
1.5

 
1.4

Actuarial (gain) loss
 
(6.0
)
 
5.3

Benefits paid
 
(1.2
)
 
(0.9
)
Benefit obligation at end of year
 
$
37.0

 
$
39.6

Funded status
 
$
(37.0
)
 
$
(39.6
)
Unrecognized net actuarial loss
 
5.2

 
11.9

Unrecognized prior service cost
 
4.7

 
5.6

Accumulated other comprehensive loss
 
(9.9
)
 
(17.5
)
Net amount recognized
 
$
(37.0
)
 
$
(39.6
)
Amounts recognized in Consolidated Balance Sheets:
 
 

 
 

Other current liabilities
 
$
(1.2
)
 
$
(1.3
)
Pensions and postretirement health care benefits (noncurrent)
 
(35.8
)
 
(38.3
)
Net amount recognized
 
$
(37.0
)
 
$
(39.6
)
Expected Benefit Payments
During 2013, approximately $1.2 million of benefit payments were made related to the ENPP. At December 31, 2013, the aggregate expected benefit payments for the ENPP are as follows (in millions):
2014
$
1.3

2015
0.9

2016
1.1

2017
2.7

2018
2.7

2019 through 2023
15.1

 
$
23.8