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Changes in Stockholders' Equity
 6 Months Ended
Jun. 30, 2015
Stockholders' Equity Note [Abstract]  
Changes in Stockholders' Equity
CHANGES IN STOCKHOLDERS’ EQUITY

The following table sets forth changes in stockholders’ equity attributed to AGCO Corporation and its subsidiaries and to noncontrolling interests for the six months ended June 30, 2015 (in millions):
 
Common
Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Noncontrolling
Interests
 
Total Stockholders’
Equity
Balance, December 31, 2014
$
0.9

 
$
582.5

 
$
3,771.6

 
$
(906.5
)
 
$
48.4

 
$
3,496.9

Stock compensation
—

 
7.1

 
—

 
—

 
—

 
7.1

Issuance of performance award stock
—

 
(5.5
)
 
—

 
—

 
—

 
(5.5
)
SSARs exercised
—

 
(0.4
)
 
—

 
—

 
—

 
(0.4
)
Comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
—

 
—

 
137.2

 
—

 
(1.7
)
 
135.5

Other comprehensive loss, net of reclassification adjustments:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
—

 
—

 
—

 
(278.3
)
 
0.8

 
(277.5
)
Defined benefit pension plans, net of tax
—

 
—

 
—

 
4.4

 
—

 
4.4

Unrealized loss on derivatives, net of tax
—

 
—

 
—

 
(1.5
)
 
—

 
(1.5
)
Payment of dividends to stockholders
—

 
—

 
(21.3
)
 
—

 
—

 
(21.3
)
Purchases and retirement of common stock
—

 
(125.0
)
 
—

 
—

 
—

 
(125.0
)
Changes in noncontrolling interest
—

 
—

 
—

 
—

 
1.1

 
1.1

Balance, June 30, 2015
$
0.9

 
$
458.7

 
$
3,887.5

 
$
(1,181.9
)
 
$
48.6

 
$
3,213.8


    
Total comprehensive loss attributable to noncontrolling interests for the three and six months ended June 30, 2015 and to noncontrolling interests and redeemable noncontrolling interest for the three and six months ended June 30, 2014 was as follows (in millions):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Net loss
$
(1.5
)
 
$
(2.2
)
 
$
(1.7
)
 
$
(2.6
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
Foreign currency translation adjustments
0.7

 
—

 
0.8

 
(0.3
)
Total comprehensive loss
$
(0.8
)
 
$
(2.2
)
 
$
(0.9
)
 
$
(2.9
)


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 six months ended June 30, 2015 (in millions):
 
Defined Benefit Pension Plans
 
Deferred Net (Losses) Gains on Derivatives
 
Cumulative Translation Adjustment
 
Total
Accumulated other comprehensive loss, December 31, 2014
$
(253.3
)
 
$
(0.1
)
 
$
(653.1
)
 
$
(906.5
)
Other comprehensive loss before reclassifications
—

 
(2.6
)
 
(278.3
)
 
(280.9
)
Net losses reclassified from accumulated other comprehensive loss
4.4

 
1.1

 
—

 
5.5

Other comprehensive income (loss), net of reclassification adjustments
4.4

 
(1.5
)
 
(278.3
)
 
(275.4
)
Accumulated other comprehensive loss, June 30, 2015
$
(248.9
)
 
$
(1.6
)
 
$
(931.4
)
 
$
(1,181.9
)


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 June 30, 2015 and 2014 (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 June 30, 2015 (1)
 
Three months ended June 30, 2014 (1)
Net losses (gains) on cash flow hedges
 
$
0.9

 
$
(0.2
)
Cost of goods sold
 
 
(0.1
)
 
0.1

Income tax provision
Reclassification net of tax
 
$
0.8

 
$
(0.1
)
 
 
 
 
 
 
 
Defined benefit pension plans:
 
 
 
 
 
Amortization of net actuarial loss
 
$
2.8

 
$
2.2

(2) 
Amortization of prior service cost
 
0.2

 
0.3

(2) 
Reclassification before tax
 
3.0

 
2.5

 
 
 
(0.8
)
 
(0.6
)
Income tax provision
Reclassification net of tax
 
$
2.2

 
$
1.9

 
 
 
 
 
 
 
Net losses reclassified from accumulated other comprehensive loss
 
$
3.0

 
$
1.8

 
____________________________________
(1) Losses (gains) included within the Condensed Consolidated Statements of Operations for the three months ended June 30, 2015 and 2014.
(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 14 to the Company’s Condensed Consolidated Financial Statements.
The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the six months ended June 30, 2015 and 2014 (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
 
Six months ended June 30, 2015 (1)
 
Six months ended June 30, 2014 (1)
Net losses (gains) on cash flow hedges
 
$
1.2

 
$
(0.1
)
Cost of goods sold
 
 
(0.1
)
 
0.1

Income tax provision
Reclassification net of tax
 
$
1.1

 
$
—

 
 
 
 
 
 
 
Defined benefit pension plans:
 
 
 
 
 
Amortization of net actuarial loss
 
$
5.6

 
$
4.4

(2) 
Amortization of prior service cost
 
0.3

 
0.5

(2) 
Reclassification before tax
 
5.9

 
4.9

 
 
 
(1.5
)
 
(1.2
)
Income tax provision
Reclassification net of tax
 
$
4.4

 
$
3.7

 
 
 
 
 
 
 
Net losses reclassified from accumulated other comprehensive loss
 
$
5.5

 
$
3.7

 
____________________________________
(1) Losses (gains) included within the Condensed Consolidated Statements of Operations for the six months ended June 30, 2015 and 2014.
(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 14 to the Company’s Condensed Consolidated Financial Statements.


Share Repurchase Program

In June 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. In December 2014, the Company’s Board of Directors approved a third share repurchase program under which the Company can repurchase up to $500.0 million of shares of its common stock through December 2016.

During the six months ended June 30, 2015, the Company entered into accelerated share repurchase (“ASR”)agreements with a financial institution to repurchase an aggregate of $125.0 million of shares of the Company’s common stock.  The Company received approximately 2,202,166 shares during the six months ended June 30, 2015 related to the ASR agreements. All shares received under the ASR agreements 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 $1,050.0 million in approved share repurchase programs, the remaining amount authorized to be repurchased is approximately $406.7 million.