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Changes in Stockholders' Equity and Temporary Equity
 3 Months Ended
Mar. 31, 2014
Stockholders' Equity Note [Abstract]  
Changes in Stockholders' Equity and Temporary Equity
CHANGES IN STOCKHOLDERS’ EQUITY AND TEMPORARY EQUITY
The following table sets forth changes in stockholders’ equity and temporary equity attributed to AGCO Corporation and its subsidiaries and to noncontrolling interests for the three months ended March 31, 2014 (in millions):
 
Common
Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Noncontrolling
Interests
 
Total Stockholders’
Equity
 
Temporary Equity
Balance, December 31, 2013
$
1.0

 
$
1,117.9

 
$
3,402.0

 
$
(510.7
)
 
$
34.6

 
$
4,044.8

 
$
—

Stock compensation
—

 
6.4

 
—

 
—

 
—

 
6.4

 
—

Issuance of performance award stock
—

 
(11.8
)
 
—

 
—

 
—

 
(11.8
)
 
—

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
—

 
—

 
99.6

 
—

 
1.7

 
101.3

 
(2.1
)
Other comprehensive income, net of reclassification adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
—

 
—

 
—

 
38.7

 
—

 
38.7

 
(0.3
)
Defined benefit pension plans, net of tax
—

 
—

 
—

 
1.8

 
—

 
1.8

 
—

Unrealized gain on derivatives, net of tax
—

 
—

 
—

 
1.1

 
—

 
1.1

 
—

Payment of dividends to stockholders
—

 
—

 
(10.3
)
 
—

 
—

 
(10.3
)
 
—

Purchases and retirement of common stock
(0.1
)
 
(289.9
)
 
—

 
—

 
—

 
(290.0
)
 
—

Changes in noncontrolling interest
—

 
(2.4
)
 
—

 
—

 
—

 
(2.4
)
 
2.4

Balance, March 31, 2014
$
0.9

 
$
820.2

 
$
3,491.3

 
$
(469.1
)
 
$
36.3

 
$
3,879.6

 
$
—



Total comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest for the three months ended March 31, 2014 and 2013 was as follows (in millions):
 
Three Months Ended March 31,
 
2014
 
2013
Net loss
$
(0.4
)
 
$
(0.9
)
Other comprehensive loss:
 
 
 
Foreign currency translation adjustments
(0.3
)
 
0.1

Total comprehensive loss
$
(0.7
)
 
$
(0.8
)

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, 2014 (in millions):
 
Defined Benefit Pension Plans
 
Deferred (Losses) Gains on Derivatives
 
Cumulative Translation Adjustment
 
Total
Accumulated other comprehensive loss, December 31, 2013
$
(206.4
)
 
$
(0.2
)
 
$
(304.1
)
 
$
(510.7
)
Other comprehensive gain before reclassifications
—

 
1.0

 
38.7

 
39.7

Net losses reclassified from accumulated other comprehensive loss
1.8

 
0.1

 
—

 
1.9

Other comprehensive income, net of reclassification adjustments
1.8

 
1.1

 
38.7

 
41.6

Accumulated other comprehensive (loss) income, March 31, 2014
$
(204.6
)
 
$
0.9

 
$
(265.4
)
 
$
(469.1
)


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, 2014 (in millions):
 
 
Amount Reclassified from Accumulated Other Comprehensive Loss(1)
 
 
Details about Accumulated Other Comprehensive Loss Components
 
 
Affected Line Item within the Condensed Consolidated Statements of Operations
Net losses on cash flow hedges
 
$
0.1

 
Cost of goods sold
 
 
—

 
Income tax provision
Reclassification net of tax
 
$
0.1

 
 
 
 
 
 
 
Defined benefit pension plans:
 
 
 
 
Amortization of net actuarial loss
 
$
2.2

 
(2) 
Amortization of prior service cost
 
0.2

 
(2) 
Reclassification before tax
 
2.4

 
 
 
 
(0.6
)
 
Income tax provision
Reclassification net of tax
 
$
1.8

 
 
 
 
 
 
 
Net losses reclassified from accumulated other comprehensive loss
 
$
1.9

 
 
____________________________________

(1) Losses included within the Condensed Consolidated Statements of Operations for the three months ended March 31, 2014.
(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 12 to the Company’s Condensed Consolidated Financial Statements.

Share Repurchase Program

In July 2012, the Company’s Board of Directors approved a share repurchase program under which the Company can repurchase up to $50.0 million of its common stock. This share repurchase program does not have an expiration date.  In December 2013, the Company’s Board of Directors approved an additional share repurchase program under which the Company can repurchase up to $500.0 million of its common stock through an expiration date of June 2015.

During the three months ended March 31, 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 has received approximately 4,178,915 shares during the three months ended March 31, 2014 related to these ASRs. 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 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 Condensed 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.