XML 45 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Changes in Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2018
Stockholders' Equity Note [Abstract]  
Schedule of 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, 2018 (in millions):
 
Common
Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Noncontrolling
Interests
 
Total Stockholders’
Equity
Balance, December 31, 2017
$
0.8

 
$
136.6

 
$
4,253.8

 
$
(1,361.6
)
 
$
65.7

 
$
3,095.3

Stock compensation
—

 
22.5

 
—

 
—

 
—

 
22.5

Issuance of stock awards
—

 
(3.0
)
 
—

 
—

 
—

 
(3.0
)
SSARs exercised
—

 
(0.4
)
 
—

 
—

 
—

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

 
—

 
115.7

 
—

 
(0.3
)
 
115.4

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

 
—

 
—

 
(178.6
)
 
(2.1
)
 
(180.7
)
Defined benefit pension plans, net of tax
—

 
—

 
—

 
6.1

 
—

 
6.1

Unrealized loss on derivatives, net of tax
—

 
—

 
—

 
0.6

 
—

 
0.6

Payment of dividends to stockholders
—

 
—

 
(23.8
)
 
—

 
—

 
(23.8
)
Purchases and retirement of common stock
—

 
(34.3
)
 
—

 
—

 
—

 
(34.3
)
Adjustment related to the adoption of ASU 2014-09
—

 
—

 
0.4

 
—

 
—

 
0.4

Balance, June 30, 2018
$
0.8

 
$
121.4

 
$
4,346.1

 
$
(1,533.5
)
 
$
63.3

 
$
2,998.1
Schedule of Comprehensive Income (Loss)
Total comprehensive (loss) income attributable to noncontrolling interests for the three and six months ended June 30, 2018 and 2017 was as follows (in millions):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2018
 
2017
 
2018
 
2017
Net (loss) income
$
(1.0
)
 
$
0.1

 
$
(0.3
)
 
$
2.0

Other comprehensive (loss) income:
 
 
 
 
 
 
 
Foreign currency translation adjustments
(2.2
)
 
(1.0
)
 
(2.1
)
 
0.6

Total comprehensive (loss) income
$
(3.2
)
 
$
(0.9
)
 
$
(2.4
)
 
$
2.6
Summary of Accumulated Other Comprehensive (Loss) Income
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, 2018 (in millions):
 
Defined Benefit Pension Plans
 
Deferred Net (Losses) Gains on Derivatives
 
Cumulative Translation Adjustment
 
Total
Accumulated other comprehensive loss, December 31, 2017
$
(285.1
)
 
$
(4.7
)
 
$
(1,071.8
)
 
$
(1,361.6
)
Other comprehensive loss before reclassifications
—

 
(2.1
)
 
(178.6
)
 
(180.7
)
Net losses reclassified from accumulated other comprehensive loss
6.1

 
2.7

 
—

 
8.8

Other comprehensive income (loss), net of reclassification adjustments
6.1

 
0.6

 
(178.6
)
 
(171.9
)
Accumulated other comprehensive loss, June 30, 2018
$
(279.0
)
 
$
(4.1
)
 
$
(1,250.4
)
 
$
(1,533.5
)
The following table summarizes the activity in accumulated other comprehensive loss related to the Company’s defined pension and postretirement benefit plans during the six months ended June 30, 2018 (in millions):
 
 
Before-Tax Amount
 
Income Tax
 
After-Tax Amount
Accumulated other comprehensive loss as of December 31, 2017
 
$
(380.6
)
 
$
(95.5
)
 
$
(285.1
)
Amortization of net actuarial losses
 
6.3

 
0.9

 
5.4

Amortization of prior service cost
 
0.7

 
—

 
0.7

Accumulated other comprehensive loss as of June 30, 2018
 
$
(373.6
)
 
$
(94.6
)
 
$
(279.0
)
Reclassification Out of Accumulated Other Comprehensive Loss
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, 2018 and 2017 (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, 2018(1)
 
Three Months Ended June 30, 2017(1)
Derivatives:
 
 
 
 
 
    Net losses on foreign currency contracts
 
$
0.9

 
$
0.8

Cost of goods sold
    Net losses on interest rate swap contract
 
0.7

 
0.5

Interest expense, net
Reclassification before tax
 
1.6

 
1.3

 
 
 
(0.1
)
 
(0.1
)
Income tax provision
Reclassification net of tax
 
$
1.5

 
$
1.2

 
 
 
 
 
 
 
Defined benefit pension plans:
 
 
 
 
 
Amortization of net actuarial losses
 
$
3.2

 
$
3.1

(2) 
Amortization of prior service cost
 
0.3

 
0.3

(2) 
Reclassification before tax
 
3.5

 
3.4

 
 
 
(0.5
)
 
(0.5
)
Income tax provision
Reclassification net of tax
 
$
3.0

 
$
2.9

 
 
 
 
 
 
 
Net losses reclassified from accumulated other comprehensive loss
 
$
4.5

 
$
4.1

 
____________________________________
(1) Losses included within the Condensed Consolidated Statements of Operations for the three months ended June 30, 2018 and 2017.
(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 13 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, 2018 and 2017 (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, 2018(1)
 
Six months ended June 30, 2017(1)
Derivatives:
 
 
 
 
 
    Net losses on foreign currency contracts
 
$
1.5

 
$
1.5

Cost of goods sold
    Net losses on interest rate swap contract
 
1.3

 
1.1

Interest expense, net
Reclassification before tax
 
2.8

 
2.6

 
 
 
(0.1
)
 
(0.1
)
Income tax provision
Reclassification net of tax
 
$
2.7

 
$
2.5

 
 
 
 
 
 
 
Defined benefit pension plans:
 
 
 
 
 
Amortization of net actuarial losses
 
$
6.3

 
$
6.1

(2) 
Amortization of prior service cost
 
0.7

 
0.7

(2) 
Reclassification before tax
 
7.0

 
6.8

 
 
 
(0.9
)
 
(1.0
)
Income tax provision
Reclassification net of tax
 
$
6.1

 
$
5.8

 
 
 
 
 
 
 
Net losses reclassified from accumulated other comprehensive loss
 
$
8.8

 
$
8.3