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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2015
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, 2015 and 2014 (in millions):
 
 
Pension and ENPP
 Benefits
 
Postretirement
Benefits
Change in benefit obligation
 
2015
 
2014
 
2015
 
2014
Benefit obligation at beginning of year
 
$
926.8

 
$
888.2

 
$
29.6

 
$
30.3

Service cost
 
18.7

 
16.8

 
—

 
0.1

Interest cost
 
31.2

 
37.3

 
1.3

 
1.6

Plan participants’ contributions
 
1.2

 
1.3

 
—

 
—

Actuarial (gains) losses
 
(41.7
)
 
109.6

 
(1.7
)
 
(0.7
)
Amendments
 
8.3

 
—

 
—

 
—

Settlements
 
(0.5
)
 
(4.2
)
 
—

 
—

Curtailments
 
—

 
(7.3
)
 
—

 
—

Benefits paid
 
(50.8
)
 
(55.9
)
 
(1.2
)
 
(1.6
)
Special termination benefits and other
 
0.5

 
1.3

 
—

 
0.2

Foreign currency exchange rate changes
 
(49.3
)
 
(60.3
)
 
(0.7
)
 
(0.3
)
Benefit obligation at end of year
 
$
844.4

 
$
926.8

 
$
27.3

 
$
29.6

 
 
 
Pension and ENPP
 Benefits
 
Postretirement
Benefits
 
 
 
Change in plan assets
 
2015
 
2014
 
2015
 
2014
Fair value of plan assets at beginning of year
 
$
677.2

 
$
660.7

 
$
—

 
$
—

Actual return on plan assets
 
5.2

 
73.7

 
—

 
—

Employer contributions
 
34.0

 
43.4

 
1.2

 
1.6

Plan participants’ contributions
 
1.2

 
1.3

 
—

 
—

Benefits paid
 
(50.8
)
 
(55.9
)
 
(1.2
)
 
(1.6
)
Settlements
 
(0.5
)
 
(4.2
)
 
—

 
—

Foreign currency exchange rate changes
 
(35.6
)
 
(41.8
)
 
—

 
—

Fair value of plan assets at end of year
 
$
630.7

 
$
677.2

 
$
—

 
$
—

Funded status
 
$
(213.7
)
 
$
(249.6
)
 
$
(27.3
)
 
$
(29.6
)
Unrecognized net actuarial losses
 
319.0

 
329.7

 
1.4

 
3.3

Unrecognized prior service cost
 
11.2

 
3.2

 
3.6

 
3.7

Accumulated other comprehensive loss
 
(330.2
)
 
(332.9
)
 
(5.0
)
 
(7.0
)
Net amount recognized
 
$
(213.7
)
 
$
(249.6
)
 
$
(27.3
)
 
$
(29.6
)

Amounts recognized in Consolidated
Balance Sheets:
 
 

 
 

 
 

 
 

Other long-term asset
 
$
0.2

 
$
—

 
$
—

 
$
—

Other current liabilities
 
(3.5
)
 
(3.3
)
 
(1.5
)
 
(1.5
)
Accrued expenses
 
(2.3
)
 
(5.4
)
 
—

 
—

Pensions and postretirement health care benefits (noncurrent)
 
(208.1
)
 
(240.9
)
 
(25.8
)
 
(28.1
)
Net amount recognized
 
$
(213.7
)
 
$
(249.6
)
 
$
(27.3
)
 
$
(29.6
)
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 years ended December 31, 2015 and 2014 (in millions):
 
Defined Benefit Pension Plans
 
Cumulative Translation Adjustment
 
Deferred Net Gains (Losses) on Derivatives
 
Total
Accumulated other comprehensive loss, December 31, 2013
$
(206.4
)
 
$
(304.1
)
 
$
(0.2
)
 
$
(510.7
)
Other comprehensive loss before reclassifications
(54.8
)
 
(349.0
)
 
(1.4
)
 
(405.2
)
Net losses reclassified from accumulated other comprehensive loss
7.9

 
—

 
1.5

 
9.4

Other comprehensive (loss) income, net of reclassification adjustments
(46.9
)
 
(349.0
)
 
0.1

 
(395.8
)
Accumulated other comprehensive loss, December 31, 2014
(253.3
)
 
(653.1
)
 
(0.1
)
 
(906.5
)
Other comprehensive loss before reclassifications
(2.4
)
 
(556.1
)
 
(4.6
)
 
(563.1
)
Net losses reclassified from accumulated other comprehensive loss
6.7

 
—

 
2.7

 
9.4

Other comprehensive income (loss), net of reclassification adjustments
4.3

 
(556.1
)
 
(1.9
)
 
(553.7
)
Accumulated other comprehensive loss, December 31, 2015
$
(249.0
)
 
$
(1,209.2
)
 
$
(2.0
)
 
$
(1,460.2
)
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 had the following effect to service and interest cost for 2015 and the accumulated postretirement benefit obligation for both the U.S. and Brazilian postretirement plans at December 31, 2015 (in millions):
 
One Percentage
Point Increase
 
One Percentage
Point Decrease
Effect on service and interest cost
$
0.2

 
$
(0.2
)
Effect on accumulated benefit obligation
$
3.2

 
$
(2.7
)
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, 2015, 2014 and 2013 for the Company’s defined benefit pension plans and ENPP are set forth below (in millions):
Pension benefits
 
2015
 
2014(1)
 
2013
Service cost
 
$
18.7

 
$
16.8

 
$
18.0

Interest cost
 
31.2

 
37.3

 
35.4

Expected return on plan assets
 
(44.4
)
 
(44.5
)
 
(37.6
)
Amortization of net actuarial losses
 
8.0

 
9.5

 
14.0

Amortization of prior service cost
 
0.4

 
0.8

 
0.8

Net loss recognized due to settlement
 
0.2

 
0.4

 
0.1

Net gain recognized due to curtailment
 
—

 
(0.5
)
 
—

Special termination benefits
 
0.5

 
1.3

 
—

Net annual pension cost
 
$
14.6

 
$
21.0

 
$
30.7


____________________________________
(1)
Rounding may impact summation of amounts.
Assumptions Used
The weighted average assumptions used to determine the net annual pension costs for the Company’s defined benefit pension plans and ENPP for the years ended December 31, 2015, 2014 and 2013 are as follows:
 
2015
 
2014
 
2013
All plans:
 

 
 

 
 

Weighted average discount rate
3.5
%
 
4.4
%
 
4.3
%
Weighted average expected long-term rate of return on plan assets
6.8
%
 
6.9
%
 
6.8
%
Rate of increase in future compensation
2.25%-5.0%

 
2.5-5.0%

 
2.5-5.0%

U.S.-based plans:
 

 
 

 
 

Weighted average discount rate
4.15
%
 
4.75
%
 
3.85
%
Weighted average expected long-term rate of return on plan assets(1)
6.0
%
 
7.0
%
 
7.0
%
Rate of increase in future compensation(2)
5.0
%
 
5.0
%
 
5.0
%

___________________________________
(1)
Applicable for U.S. funded, qualified plans.
(2)
Applicable for U.S. unfunded, nonqualified plan.
The weighted average assumptions used to determine the benefit obligation for the Company’s defined benefit pension plans and ENPP as of December 31, 2015 and 2014 are as follows:
 
2015
 
2014
All plans:
 

 
 

Weighted average discount rate
3.6
%
 
3.5
%
Rate of increase in future compensation
2.0%-5.0%

 
2.5-5.0%

U.S.-based plans:
 

 
 

Weighted average discount rate
4.60
%
 
4.15
%
Rate of increase in future compensation(1)
5.0
%
 
5.0
%

____________________________________
(1)
Applicable for U.S. unfunded, nonqualified plan.
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table summarizes the activity in accumulated other comprehensive loss related to the Company’s ENPP and defined pension and postretirement benefit plans during the years ended December 31, 2015 and 2014 (in millions):
 
 
Before-Tax
Amount
 
Income
Tax
 
After-Tax
Amount
Accumulated other comprehensive loss as of December 31, 2013
 
$
(279.4
)
 
$
(73.0
)
 
$
(206.4
)
Net loss recognized due to settlement
 
0.6

 
0.2

 
0.4

Net gain recognized due to curtailment
 
(0.5
)
 
(0.1
)
 
(0.4
)
Net actuarial loss arising during the year
 
(72.8
)
 
(18.0
)
 
(54.8
)
Amortization of prior service cost
 
1.0

 
0.4

 
0.6

Amortization of net actuarial losses
 
9.6

 
2.3

 
7.3

Accumulated other comprehensive loss as of December 31, 2014
 
$
(341.5
)
 
$
(88.2
)
 
$
(253.3
)
Prior service cost arising during the year
 
(8.3
)
 
(3.6
)
 
(4.7
)
Net loss recognized due to settlement
 
0.3

 
0.1

 
0.2

Net actuarial gain arising during the year
 
4.2

 
2.1

 
2.1

Amortization of prior service cost
 
0.6

 
0.2

 
0.4

Amortization of net actuarial losses
 
8.1

 
1.8

 
6.3

Accumulated other comprehensive loss as of December 31, 2015
 
$
(336.6
)
 
$
(87.6
)
 
$
(249.0
)
Expected Benefit Payments
At December 31, 2015, the aggregate expected benefit payments for the Company’s defined benefit pension plans and ENPP are as follows (in millions):
2016
$
48.0

2017
49.5

2018
50.2

2019
50.4

2020
51.5

2021 through 2025
279.5

 
$
529.1
Allocation of Plan Assets
The fair value of the Company’s pension assets as of December 31, 2015 is as follows (in millions):
 
Total
 
Level 1
 
Level 2
 
Level 3
Equity securities:
 

 
 

 
 

 
 

Global equities
$
129.0

 
$
129.0

 
$
—

 
$
—

Non-U.S. equities
3.9

 
3.9

 
—

 
—

U.K. equities
124.8

 
124.8

 
—

 
—

U.S. large cap equities
7.1

 
7.1

 
—

 
—

U.S. small cap equities
3.6

 
3.6

 
—

 
—

Total equity securities
268.4

 
268.4

 
—

 
—

Fixed income:
 

 
 

 
 

 
 

Aggregate fixed income
16.8

 
16.8

 
—

 
—

International fixed income
204.8

 
204.8

 
—

 
—

Total fixed income share(1)
221.6

 
221.6

 
—

 
—

Cash and equivalents:
 

 
 

 
 

 
 

Cash
7.4

 
—

 
7.4

 
—

Total cash and equivalents
7.4

 
—

 
7.4

 
—

Alternative investments(2)
111.6

 
—

 
—

 
111.6

Miscellaneous funds(3)
21.7

 
—

 
—

 
21.7

Total assets
$
630.7

 
$
490.0

 
$
7.4

 
$
133.3

______________________________________
(1)
45% of “fixed income” securities are in investment-grade corporate bonds; 32% are in government treasuries; and 23% are in other various fixed income securities.
(2)
34% of “alternative investments” are in long-short equity funds; 26% are in event-driven funds; 13% are in relative value funds; 13% are in credit funds; 12% are distributed in hedged and non-hedged funds; and 2% are in multi-strategy funds.
(3)
“Miscellaneous funds” is comprised of insurance contracts in Finland, Norway and Switzerland.
The fair value of the Company’s pension assets as of December 31, 2014 is as follows (in millions):
 
Total
 
Level 1
 
Level 2
 
Level 3
Equity securities:
 

 
 

 
 

 
 

Global equities
$
135.9

 
$
135.9

 
$
—

 
$
—

Non-U.S. equities
4.3

 
4.3

 
—

 
—

U.K. equities
122.8

 
122.8

 
—

 
—

U.S. large cap equities
7.1

 
7.1

 
—

 
—

U.S. small cap equities
4.5

 
4.5

 
—

 
—

Total equity securities
274.6

 
274.6

 
—

 
—

Fixed income:
 

 
 

 
 

 
 

Aggregate fixed income
17.5

 
17.5

 
—

 
—

International fixed income
230.5

 
230.5

 
—

 
—

Total fixed income share(1)
248.0

 
248.0

 
—

 
—

Cash and equivalents:
 

 
 

 
 

 
 

Cash
7.5

 
—

 
7.5

 
—

Total cash and equivalents
7.5

 
—

 
7.5

 
—

Alternative investments(2)
124.3

 
—

 
—

 
124.3

Miscellaneous funds(3)
22.8

 
—

 
—

 
22.8

Total assets
$
677.2

 
$
522.6

 
$
7.5

 
$
147.1

_______________________________________
(1)
39% of “fixed income” securities are in government treasuries; 37% are in investment-grade corporate bonds; and 24% are in other various fixed income securities.
(2)
34% of “alternative investments” are in long-short equity funds; 31% are in event-driven funds; 12% are in relative value funds; 10% are in credit funds; 9% are distributed in hedged and non-hedged funds; and 4% are in multi-strategy funds.
(3)
“Miscellaneous funds” is comprised of insurance 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, 2015 (in millions):
 
Total
 
Alternative
Investments
 
Miscellaneous
Funds
Beginning balance as of December 31, 2014
$
147.1

 
$
124.3

 
$
22.8

Actual return on plan assets:
 

 
 

 
 

(a) Relating to assets still held at reporting date
(0.6
)
 
(2.2
)
 
1.6

(b) Relating to assets sold during period
—

 
—

 
—

Purchases, sales and /or settlements
(4.5
)
 
(4.3
)
 
(0.2
)
Foreign currency exchange rate changes
(8.7
)
 
(6.2
)
 
(2.5
)
Ending balance as of December 31, 2015
$
133.3

 
$
111.6

 
$
21.7

The following is a reconciliation of Level 3 assets as of December 31, 2014 (in millions):
 
Total
 
Alternative
Investments
 
Miscellaneous
Funds
Beginning balance as of December 31, 2013
$
171.8

 
$
146.0

 
$
25.8

Actual return on plan assets:
 

 
 

 
 

(a) Relating to assets still held at reporting date
6.3

 
5.1

 
1.2

(b) Relating to assets sold during period
2.3

 
2.3

 
—

Purchases, sales and /or settlements
(22.6
)
 
(21.7
)
 
(0.9
)
Foreign currency exchange rate changes
(10.7
)
 
(7.4
)
 
(3.3
)
Ending balance as of December 31, 2014
$
147.1

 
$
124.3

 
$
22.8
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, 2015 and 2014 are as follows:
Asset Category
 
2015
 
2014
Large and small cap domestic equity securities
 
28
%
 
28
%
International equity securities
 
10
%
 
10
%
Domestic fixed income securities
 
44
%
 
42
%
Other investments
 
18
%
 
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, 2015 and 2014 are as follows:
Asset Category
 
2015
 
2014
Equity securities
 
44
%
 
42
%
Fixed income securities
 
36
%
 
38
%
Other investments
 
20
%
 
20
%
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, 2015, 2014 and 2013 are set forth below (in millions, except percentages):
Postretirement benefits
 
2015
 
2014
 
2013
Service cost
 
$
—

 
$
0.1

 
$
0.1

Interest cost
 
1.3

 
1.6

 
1.7

Amortization of prior service cost
 
0.2

 
0.2

 
0.2

Amortization of net actuarial losses
 
0.1

 
0.1

 
0.5

Other
 
—

 
0.2

 
—

Net annual postretirement benefit cost
 
$
1.6

 
$
2.2

 
$
2.5

Weighted average discount rate
 
4.6
%
 
5.3
%
 
4.7
%
Expected Benefit Payments
At December 31, 2015, the aggregate expected benefit payments for the Company’s U.S. and Brazilian postretirement benefit plans are as follows (in millions):
2016
$
1.5

2017
1.6

2018
1.7

2019
1.7

2020
1.7

2021 through 2025
9.4

 
$
17.6