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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2018
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, 2018 and 2017 (in millions):
 
 
Pension and ENPP
 Benefits
 
Postretirement
Benefits
Change in benefit obligation
 
2018
 
2017
 
2018
 
2017
Benefit obligation at beginning of year
 
$
916.7

 
$
849.8

 
$
30.2

 
$
28.6

Service cost
 
16.6

 
17.1

 
0.1

 
0.1

Interest cost
 
19.9

 
20.6

 
1.4

 
1.4

Plan participants’ contributions
 
1.2

 
1.1

 
—

 
—

Actuarial (gains) losses
 
(55.2
)
 
0.5

 
(4.2
)
 
1.8

Amendments
 
8.5

 
—

 
—

 
—

Settlements
 
(1.5
)
 
(0.7
)
 
—

 
—

Benefits paid
 
(45.9
)
 
(42.6
)
 
(1.4
)
 
(1.6
)
Other
 
1.9

 
—

 
—

 
—

Foreign currency exchange rate changes
 
(39.1
)
 
70.9

 
(0.8
)
 
(0.1
)
Benefit obligation at end of year
 
$
823.1

 
$
916.7

 
$
25.3

 
$
30.2

 
 
 
Pension and ENPP
 Benefits
 
Postretirement
Benefits
 
 
 
Change in plan assets
 
2018
 
2017
 
2018
 
2017
Fair value of plan assets at beginning of year
 
$
691.8

 
$
601.7

 
$
—

 
$
—

Actual return on plan assets
 
(32.4
)
 
47.3

 
—

 
—

Employer contributions
 
36.8

 
30.3

 
1.4

 
1.6

Plan participants’ contributions
 
1.2

 
1.1

 
—

 
—

Benefits paid
 
(45.9
)
 
(42.6
)
 
(1.4
)
 
(1.6
)
Settlements
 
(1.5
)
 
(0.7
)
 
—

 
—

Foreign currency exchange rate changes
 
(32.9
)
 
54.7

 
—

 
—

Fair value of plan assets at end of year
 
$
617.1

 
$
691.8

 
$
—

 
$
—

Funded status
 
$
(206.0
)
 
$
(224.9
)
 
$
(25.3
)
 
$
(30.2
)
Unrecognized net actuarial losses (gains)
 
356.7

 
360.1

 
(0.6
)
 
3.8

Unrecognized prior service cost
 
19.5

 
12.2

 
3.1

 
3.2

Accumulated other comprehensive loss
 
(376.2
)
 
(372.3
)
 
(2.5
)
 
(7.0
)
Net amount recognized
 
$
(206.0
)
 
$
(224.9
)
 
$
(25.3
)
 
$
(30.2
)

Amounts recognized in Consolidated
Balance Sheets:
 
 

 
 

 
 

 
 

Other long-term asset
 
$
0.1

 
$
—

 
$
—

 
$
—

Other current liabilities
 
(3.8
)
 
(3.9
)
 
(1.5
)
 
(1.6
)
Accrued expenses
 
(2.9
)
 
(2.3
)
 
$
—

 
$
—

Pensions and postretirement health care benefits (noncurrent)
 
(199.4
)
 
(218.7
)
 
(23.8
)
 
(28.6
)
Net amount recognized
 
$
(206.0
)
 
$
(224.9
)
 
$
(25.3
)
 
$
(30.2
)
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, 2018 and 2017 (in millions):
 
Defined Benefit Pension Plans
 
Cumulative Translation Adjustment
 
Deferred Net Gains (Losses) on Derivatives
 
Total
Accumulated other comprehensive loss, December 31, 2016
$
(304.5
)
 
$
(1,128.4
)
 
$
(8.7
)
 
$
(1,441.6
)
Other comprehensive income before reclassifications
6.8

 
56.6

 
2.0

 
65.4

Net losses reclassified from accumulated other comprehensive loss
12.6

 
—

 
2.0

 
14.6

Other comprehensive income, net of reclassification adjustments
19.4

 
56.6

 
4.0

 
80.0

Accumulated other comprehensive loss, December 31, 2017
(285.1
)
 
(1,071.8
)
 
(4.7
)
 
(1,361.6
)
Other comprehensive loss before reclassifications
(10.3
)
 
(202.6
)
 
(1.1
)
 
(214.0
)
Net losses reclassified from accumulated other comprehensive loss
13.0

 
—

 
7.2

 
20.2

Other comprehensive income (loss), net of reclassification adjustments
2.7

 
(202.6
)
 
6.1

 
(193.8
)
Accumulated other comprehensive loss, December 31, 2018
$
(282.4
)
 
$
(1,274.4
)
 
$
1.4

 
$
(1,555.4
)
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, 2018, 2017 and 2016 for the Company’s defined benefit pension plans and ENPP are set forth below (in millions):
Pension benefits
 
2018
 
2017
 
2016
Service cost
 
$
16.6

 
$
17.1

 
$
16.2

Interest cost
 
19.9

 
20.6

 
24.6

Expected return on plan assets
 
(34.0
)
 
(35.9
)
 
(38.8
)
Amortization of net actuarial losses
 
13.8

 
13.4

 
10.0

Amortization of prior service cost
 
1.2

 
1.2

 
1.0

Net loss recognized due to settlement
 
0.9

 
0.2

 
0.4

Net gain recognized due to curtailment
 
—

 
—

 
(0.1
)
Net annual pension cost
 
$
18.4

 
$
16.6

 
$
13.3


    
Assumptions Used
The weighted average assumptions used to determine the benefit obligation for the Company’s defined benefit pension plans and ENPP as of December 31, 2018 and 2017 are as follows:
 
2018
 
2017
All plans:
 

 
 

Weighted average discount rate
2.8
%
 
2.5
%
Rate of increase in future compensation
1.75%-5.0%

 
1.75%-5.0%

U.S.-based plans:
 

 
 

Weighted average discount rate
4.35
%
 
3.7
%
Rate of increase in future compensation(1)
5.0
%
 
5.0
%

____________________________________
(1)
Applicable for U.S. unfunded, nonqualified plan.
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, 2018, 2017 and 2016 are as follows:
 
2018
 
2017
 
2016
All plans:
 

 
 

 
 

Weighted average discount rate
2.5
%
 
2.7
%
 
3.6
%
Weighted average expected long-term rate of return on plan assets
5.4
%
 
5.8
%
 
6.8
%
Rate of increase in future compensation
1.8%-5.0%

 
1.5%-5.0%

 
2.0%-5.0%

U.S.-based plans:
 

 
 

 
 

Weighted average discount rate
3.70
%
 
4.25
%
 
4.60
%
Weighted average expected long-term rate of return on plan assets(1)
6.0
%
 
6.0
%
 
6.0
%
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.
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, 2018 and 2017 (in millions):
 
 
Before-Tax
Amount
 
Income
Tax
 
After-Tax
Amount
Accumulated other comprehensive loss as of December 31, 2016
 
$
(404.8
)
 
$
(100.3
)
 
$
(304.5
)
Net loss recognized due to settlement
 
0.3

 
0.1

 
0.2

Net actuarial gain arising during the year
 
9.0

 
2.4

 
6.6

Amortization of prior service cost
 
1.4

 
0.1

 
1.3

Amortization of net actuarial losses
 
13.5

 
2.2

 
11.3

Accumulated other comprehensive loss as of December 31, 2017
 
$
(380.6
)
 
$
(95.5
)
 
$
(285.1
)
Prior service cost arising during the year
 
(8.5
)
 
(1.5
)
 
(7.0
)
Net loss recognized due to settlement
 
1.0

 
0.1

 
0.9

Net actuarial loss arising during the year
 
(7.0
)
 
(2.8
)
 
(4.2
)
Amortization of prior service cost
 
1.4

 
0.1

 
1.3

Amortization of net actuarial losses
 
13.9

 
2.2

 
11.7

Accumulated other comprehensive loss as of December 31, 2018
 
$
(379.8
)
 
$
(97.4
)
 
$
(282.4
)
Expected Benefit Payments
At December 31, 2018, the aggregate expected benefit payments for the Company’s defined benefit pension plans and ENPP are as follows (in millions):
2019
$
46.4

2020
47.9

2021
51.2

2022
50.7

2023
51.6

2024 through 2028
280.6

 
$
528.4
Allocation of Plan Assets
The fair value of the Company’s pension assets as of December 31, 2017 is as follows (in millions):
 
Total
 
Level 1
 
Level 2
 
Level 3
Equity securities:
 

 
 

 
 

 
 

Global equities
$
121.7

 
$
121.7

 
$
—

 
$
—

Non-U.S. equities
4.3

 
4.3

 
—

 
—

U.K. equities
129.9

 
129.9

 
—

 
—

U.S. large cap equities
6.9

 
6.9

 
—

 
—

U.S. small cap equities
4.4

 
4.4

 
—

 
—

Total equity securities
267.2

 
267.2

 
—

 
—

Fixed income:
 

 
 

 
 

 
 

Aggregate fixed income
136.0

 
136.0

 
—

 
—

International fixed income
214.4

 
214.4

 
—

 
—

Total fixed income share(1)
350.4

 
350.4

 
—

 
—

Alternative investments:
 
 
 
 
 
 
 
Private equity fund
2.4

 
—

 
—

 
2.4

Hedge funds measured at net asset value(4)
34.8

 
—

 
—

 
—

Total alternative investments(2)
37.2

 
—

 
—

 
2.4

Miscellaneous funds(3)
25.4

 
—

 
—

 
25.4

Cash and equivalents measured at net asset value(4)
11.6

 
—

 
—

 
—

Total assets
$
691.8

 
$
617.6

 
$
—

 
$
27.8

_______________________________________
(1)
30% of “fixed income” securities are in investment-grade corporate bonds; 29% are in government treasuries; 15% are in foreign securities; 13% are in high-yield securities; and 13% are in other various fixed income securities.
(2)
39% of “alternative investments” are in relative value funds; 26% are in long-short equity funds; 21% are in event-driven funds; 8% are distributed in hedged and non-hedged funds; and 6% are in credit funds.
(3)
“Miscellaneous funds” is comprised of insurance contracts in Finland, Norway and Switzerland.
(4)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.
The fair value of the Company’s pension assets as of December 31, 2018 is as follows (in millions):
 
Total
 
Level 1
 
Level 2
 
Level 3
Equity securities:
 

 
 

 
 

 
 

Global equities
$
104.4

 
$
104.4

 
$
—

 
$
—

Non-U.S. equities
3.0

 
3.0

 
—

 
—

U.K. equities
112.4

 
112.4

 
—

 
—

U.S. large cap equities
4.5

 
4.5

 
—

 
—

U.S. small cap equities
2.4

 
2.4

 
—

 
—

Preferred securities
0.2

 
0.2

 
 
 
 
Total equity securities
226.9

 
226.9

 
—

 
—

Fixed income:
 

 
 

 
 

 
 

Aggregate fixed income
131.5

 
131.5

 
—

 
—

International fixed income
189.3

 
189.3

 
—

 
—

Total fixed income share(1)
320.8

 
320.8

 
—

 
—

Alternative investments:
 
 
 
 
 
 
 
Private equity fund
2.3

 
—

 
—

 
2.3

Hedge funds measured at net asset value(4)
31.8

 
—

 
—

 
—

Total alternative investments(2)
34.1

 
—

 
—

 
2.3

Miscellaneous funds(3)
28.2

 
—

 
—

 
28.2

Cash and equivalents measured at net asset value(4)
7.1

 
—

 
—

 
—

Total assets
$
617.1

 
$
547.7

 
$
—

 
$
30.5

______________________________________
(1)
36% of “fixed income” securities are in investment-grade corporate bonds; 27% are in government treasuries; 17% are in foreign securities; 13% are in high-yield securities; and 7% are in other various fixed income securities.
(2)
44% of “alternative investments” are in relative value funds; 22% are in long-short equity funds; 22% are in event-driven funds; 7% are distributed in hedged and non-hedged funds; and 5% are in credit funds.
(3)
“Miscellaneous funds” is comprised of insurance contracts in Finland, Norway and Switzerland.
(4)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.
Reconciliation of Significant Unobservable Inputs, Changes in Plan Assets
The following is a reconciliation of Level 3 assets as of December 31, 2017 (in millions):
 
Total
 
Alternative
Investments
 
Miscellaneous
Funds
Beginning balance as of December 31, 2016
$
23.8

 
$
2.4

 
$
21.4

Actual return on plan assets:
 

 
 

 
 

(a) Relating to assets still held at reporting date
(2.3
)
 
(0.1
)
 
(2.2
)
(b) Relating to assets sold during period
—

 
—

 
—

Purchases, sales and /or settlements
3.4

 
0.1

 
3.3

Foreign currency exchange rate changes
2.9

 
—

 
2.9

Ending balance as of December 31, 2017
$
27.8

 
$
2.4

 
$
25.4

    
The following is a reconciliation of Level 3 assets as of December 31, 2018 (in millions):
 
Total
 
Alternative
Investments
 
Miscellaneous
Funds
Beginning balance as of December 31, 2017
$
27.8

 
$
2.4

 
$
25.4

Actual return on plan assets:
 

 
 

 
 

(a) Relating to assets still held at reporting date
0.8

 
(0.2
)
 
1.0

(b) Relating to assets sold during period
—

 
—

 
—

Purchases, sales and /or settlements
3.2

 
0.1

 
3.1

Foreign currency exchange rate changes
(1.3
)
 
—

 
(1.3
)
Ending balance as of December 31, 2018
$
30.5

 
$
2.3

 
$
28.2
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, and the weighted average discount rate used to determine them, for the years ended December 31, 2018, 2017 and 2016 are set forth below (in millions, except percentages):
Postretirement benefits
 
2018
 
2017
 
2016
Service cost
 
$
0.1

 
$
0.1

 
$
—

Interest cost
 
1.4

 
1.4

 
1.4

Amortization of net actuarial losses
 
0.1

 
0.1

 
—

Amortization of prior service cost
 
0.2

 
0.2

 
0.2

Net annual postretirement benefit cost
 
$
1.8

 
$
1.8

 
$
1.6

Weighted average discount rate
 
4.9
%
 
5.3
%
 
5.1
%
Expected Benefit Payments
At December 31, 2018, the aggregate expected benefit payments for the Company’s U.S. and Brazilian postretirement benefit plans are as follows (in millions):
2019
$
1.5

2020
1.6

2021
1.6

2022
1.6

2023
1.7

2024 through 2028
8.5

 
$
16.5
Foreign Plan [Member] | Pension Benefits  
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, 2018 and 2017 are as follows:
Asset Category
 
2018
 
2017
Equity securities
 
39
%
 
40
%
Fixed income securities
 
54
%
 
53
%
Other investments
 
7
%
 
7
%
Total
 
100
%
 
100
%
UNITED STATES | Pension Benefits  
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, 2018 and 2017 are as follows:
Asset Category
 
2018
 
2017
Large and small cap domestic equity securities
 
19
%
 
31
%
International equity securities
 
8
%
 
12
%
Domestic fixed income securities
 
57
%
 
43
%
Other investments
 
16
%
 
14
%
Total
 
100
%
 
100
%