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Stockholders' Equity
 12 Months Ended
Dec. 31, 2019
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity

Common Stock

At December 31, 2019, the Company had 150,000,000 authorized shares of common stock with a par value of $0.01 per share, with approximately 75,471,562 shares of common stock outstanding and approximately 3,581,614 shares reserved for issuance under the Company’s 2006 Long-Term Incentive Plan (the “Plan”) (See Note 10).

Share Repurchase Program

During 2019 and 2018, the Company repurchased 1,794,256 and 3,120,184 shares of its common stock, respectively, for approximately $130.0 million and $184.3 million, respectively, either through Accelerated Share Repurchase (“ASR”) agreements with financial institutions or through open market transactions. All shares received were retired upon receipt, and the excess of the purchase price over par value per share was recorded to a combination of “Additional paid-in capital” and “Retained earnings” within the Company’s Consolidated Balance Sheets.

As of December 31, 2019, the remaining amount authorized to be repurchased under board-approved share repurchase authorizations was approximately $300.0 million, which has no expiration date.

In February 2020, the Company entered into an ASR agreement with a financial institution to repurchase an aggregate of $25.0 million of shares of its common stock. The Company received approximately 297,000 shares to date in this transaction. Upon settlement of the ASR, 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 the additional shares will be received by the Company upon final settlement of its current ASR agreement, which expires during the second quarter of 2020.

Dividends

The Company’s Board of Directors has declared and the Company has paid quarterly cash dividends per common share generally beginning in the first quarter of the following years:
 
2019(1)
 
2018
 
2017
Dividends declared and paid per common share
$
0.15

 
$
0.15

 
$
0.14

____________________________________
(1)
The Company's Board of Directors has declared and the Company has paid quarterly cash dividends of $0.16 per common share beginning in the second quarter of 2019, from $0.15 per common share in the first quarter of 2019.

On January 23, 2020, the Company’s Board of Directors approved a quarterly dividend of $0.16 per common share beginning in the first quarter of 2020.

Accumulated Other Comprehensive 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, 2019 and 2018 (in millions):
 
Defined Benefit Pension Plans
 
Cumulative Translation Adjustment
 
Deferred Net Gains (Losses) on Derivatives
 
Total
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
)
Other comprehensive loss before reclassifications
(27.4
)
 
(23.1
)
 
(2.6
)
 
(53.1
)
Net losses (gains) reclassified from accumulated other comprehensive loss
13.4

 
—

 
(0.1
)
 
13.3

Other comprehensive loss, net of reclassification adjustments
(14.0
)
 
(23.1
)
 
(2.7
)
 
(39.8
)
Accumulated other comprehensive loss, December 31, 2019
$
(296.4
)
 
$
(1,297.5
)
 
$
(1.3
)
 
$
(1,595.2
)


The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the years ended December 31, 2019 and 2018 (in millions):
Details about Accumulated Other Comprehensive Loss Components
 
Amount Reclassified from Accumulated Other Comprehensive Loss
 
Affected Line Item within the Consolidated
Statements of Operations
 
Year ended December 31, 2019(1)
 
Year ended December 31, 2018(1)
 
Derivatives:
 
 
 
 
 
 
    Net (gains) losses on foreign currency contracts
 
$
(0.1
)
 
$
2.3

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

 
6.3

 
Interest expense, net
Reclassification before tax
 
(0.1
)
 
8.6

 
 
 
 
—

 
(1.4
)
 
Income tax provision
Reclassification net of tax
 
$
(0.1
)
 
$
7.2

 
 
 
 
 
 
 
 
 
Defined benefit pension plans:
 
 
 
 
 
 
Amortization of net actuarial losses
 
$
14.3

 
$
13.9

 
Other expense, net(2)
Amortization of prior service cost
 
1.7

 
1.4

 
Other expense, net(2)
Reclassification before tax
 
16.0

 
15.3

 
 
 
 
(2.6
)
 
(2.3
)
 
Income tax provision
Reclassification net of tax
 
$
13.4

 
$
13.0

 
 
 
 
 
 
 
 
 
Net losses reclassified from accumulated other comprehensive loss
 
$
13.3

 
$
20.2

 
 

____________________________________
(1)
(Gains) losses included within the Consolidated Statements of Operations for the years ended December 31, 2019 and 2018, respectively.
(2)
These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 8 to the Company’s Consolidated Financial Statements.