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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Net Pension And Postretirement Cost
As of December 31, 2019 and 2018, the net prior service cost related to the Company’s U.S. and Brazilian postretirement health care benefit plans was as follows (in millions):
 
2019
 
2018
Net prior service cost
$
3.0

 
$
3.1


  
Reconciliation of Changes in Benefit Obligations, Plan Assets and Funded Status
The following tables set forth reconciliations of the changes in benefit obligation, plan assets and funded status as of December 31, 2019 and 2018 (in millions):
 
 
Pension and ENPP Benefits
 
Postretirement Benefits
Change in benefit obligation
 
2019
 
2018
 
2019
 
2018
Benefit obligation at beginning of year
 
$
823.1

 
$
916.7

 
$
25.3

 
$
30.2

Service cost
 
15.5

 
16.6

 
0.1

 
0.1

Interest cost
 
20.7

 
19.9

 
1.3

 
1.4

Plan participants’ contributions
 
1.2

 
1.2

 
—

 
—

Actuarial losses (gains)
 
83.3

 
(55.2
)
 
4.5

 
(4.2
)
Amendments
 
4.7

 
8.5

 
—

 
—

Settlements
 
(0.8
)
 
(1.5
)
 
—

 
—

Benefits paid
 
(44.8
)
 
(45.9
)
 
(1.5
)
 
(1.4
)
Other
 
—

 
1.9

 
—

 
—

Foreign currency exchange rate changes
 
14.4

 
(39.1
)
 
(0.3
)
 
(0.8
)
Benefit obligation at end of year
 
$
917.3

 
$
823.1

 
$
29.4

 
$
25.3

 
 
 
Pension and ENPP Benefits
 
Postretirement Benefits
Change in plan assets
 
2019
 
2018
 
2019
 
2018
Fair value of plan assets at beginning of year
 
$
617.1

 
$
691.8

 
$
—

 
$
—

Actual return on plan assets
 
91.2

 
(32.4
)
 
—

 
—

Employer contributions
 
30.6

 
36.8

 
1.5

 
1.4

Plan participants’ contributions
 
1.2

 
1.2

 
—

 
—

Benefits paid
 
(44.8
)
 
(45.9
)
 
(1.5
)
 
(1.4
)
Settlements
 
(0.8
)
 
(1.5
)
 
—

 
—

Foreign currency exchange rate changes
 
16.5

 
(32.9
)
 
—

 
—

Fair value of plan assets at end of year
 
$
711.0

 
$
617.1

 
$
—

 
$
—

Funded status
 
$
(206.3
)
 
$
(206.0
)
 
$
(29.4
)
 
$
(25.3
)
Unrecognized net actuarial losses (gains)
 
362.2

 
356.7

 
3.9

 
(0.6
)
Unrecognized prior service cost
 
22.5

 
19.5

 
3.0

 
3.1

Accumulated other comprehensive loss
 
(384.7
)
 
(376.2
)
 
(6.9
)
 
(2.5
)
Net amount recognized
 
$
(206.3
)
 
$
(206.0
)
 
$
(29.4
)
 
$
(25.3
)
Amounts recognized in Consolidated
Balance Sheets:
 
 
 
 
 
 
 
 
Other long-term asset
 
$
6.2

 
$
0.1

 
$
—

 
$
—

Other current liabilities
 
(4.9
)
 
(3.8
)
 
(1.6
)
 
(1.5
)
Accrued expenses
 
(3.3
)
 
(2.9
)
 
—

 
—

Pensions and postretirement health care benefits (noncurrent)
 
(204.3
)
 
(199.4
)
 
(27.8
)
 
(23.8
)
Net amount recognized
 
$
(206.3
)
 
$
(206.0
)
 
$
(29.4
)
 
$
(25.3
)

  
Schedule of Accumulated Other Comprehensive Income (Loss)
The Company’s accumulated comprehensive loss as of December 31, 2019 and 2018 reflects a reduction in equity related to the following items (in millions):
 
2019
 
2018
All plans(1):
 
 
 
Reduction in equity, net of taxes of $96.3 and $97.0 at December 31, 2019 and 2018, respectively
$
391.6

 
$
378.7

GIMA joint venture(2):
 
 
 
Reduction in equity, net of taxes of $0.5 and $0.4 at December 31, 2019 and 2018, respectively
1.6

 
1.1

______________________________________
(1)
Primarily related to the Company’s U.K. pension plan.
(2)
These amounts represented 50% of GIMA’s unrecognized net actuarial losses and unrecognized prior service cost associated with its pension plan. In addition, GIMA recognized a net actuarial loss due to settlements of approximately $0.1 million during both 2019 and 2018.
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
)


  
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
The following table summarizes the unrecognized prior service cost related to the Company's defined benefit pension plans as of December 31, 2019 and 2018 (in millions):
 
2019
 
2018
Unrecognized prior service cost
$
22.5

 
$
19.5


The unrecognized net actuarial losses included in accumulated other comprehensive loss related to the Company’s defined benefit pension plans and ENPP as of December 31, 2019 and 2018 are set forth below (in millions):
 
2019
 
2018
Unrecognized net actuarial losses
$
362.2

 
$
356.7


  
Schedule of Defined Benefit Plan Amortizationn Losses As of December 31, 2019, the average amortization periods were as follows:
 
ENPP
 
U.S. Plans
 
U.K. Plan
Average amortization period of losses related to defined benefit pension plans
7 years
 
15 years
 
19 years

 		 
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
The following table summarizes the unrecognized net actuarial losses (gains) included in the Company's accumulated other comprehensive loss related to the Company’s U.S. and Brazilian postretirement health care benefit plans as of December 31, 2019 and 2018 (in millions):
 
2019
 
2018
Unrecognized net actuarial losses (gains)(1)
$
3.9

 
$
(0.6
)
___________________________________
(1) Includes a loss of approximately $1.6 million and $0.3 million, respectively, related to the Company’s U.S. postretirement benefit plans.
  
Defined Benefit Plan, Plan Assets, Category
The following table summarizes the fair value of plan assets, aggregate projected benefit obligation and accumulated benefit obligation as of December 31, 2019 and 2018 for defined benefit pension plans, ENPP and other postretirement plans with accumulated benefit obligations in excess of plan assets (in millions):
 
2019
 
2018
All plans:
 
 
 
Fair value of plan assets
$
67.8

 
$
616.0

Projected benefit obligation
309.3

 
847.3

Accumulated benefit obligation
275.2

 
798.5

U.S.-based plans and ENPP:
 
 
 
Fair value of plan assets
$
38.3

 
$
36.8

Projected benefit obligation
172.5

 
145.6

Accumulated benefit obligation
151.9

 
128.7


  
Allocation of Plan Assets The overall investment strategies and target
allocations of retirement fund investments for the Company’s U.S.-based pension plans and the non-U.S. based pension plans are as follow:
 
U.S. Pension Plans
 
Non-U.S. Pension Plans(1)
Overall investment strategies(2):
 
 
 
Assets for the near-term benefit payments
60.0
%
 
55.0
%
Assets for longer-term growth
40.0
%
 
45.0
%
Total
100.0
%
 
100.0
%
 
 
 
 
Target allocations:
 
 
 
Equity securities
30.0
%
 
40.0
%
Fixed income securities
55.0
%
 
55.0
%
Alternative investments
10.0
%
 
5.0
%
Cash and cash equivalents
5.0
%
 
—
%
Total
100.0
%
 
100.0
%
_______________________________________
(1)
The majority of the Company’s non-U.S. pension fund investments are related to the Company’s pension plan in the United Kingdom.
(2)
The overall U.S. and non-U.S. pension funds invest in a broad diversification of assets types.
  
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, 2019, 2018 and 2017 for the Company’s defined benefit pension plans and ENPP are set forth below (in millions):
Pension benefits
 
2019
 
2018
 
2017
Service cost
 
$
15.5

 
$
16.6

 
$
17.1

Interest cost
 
20.7

 
19.9

 
20.6

Expected return on plan assets
 
(28.1
)
 
(34.0
)
 
(35.9
)
Amortization of net actuarial losses
 
14.3

 
13.8

 
13.4

Amortization of prior service cost
 
1.6

 
1.2

 
1.2

Net loss recognized due to settlement
 
0.5

 
0.9

 
0.2

Net annual pension cost
 
$
24.5

 
$
18.4

 
$
16.6



  
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, 2019, 2018 and 2017 are as follows:
 
2019
 
2018
 
2017
All plans:
 
 
 
 
 
Weighted average discount rate
2.8
%
 
2.5
%
 
2.7
%
Weighted average expected long-term rate of return on plan assets
4.6
%
 
5.4
%
 
5.8
%
Rate of increase in future compensation
1.8%-5.0%

 
1.8%-5.0%

 
1.5%-5.0%

U.S.-based plans:
 
 
 
 
 
Weighted average discount rate
4.35
%
 
3.70
%
 
4.25
%
Weighted average expected long-term rate of return on plan assets(1)
5.5
%
 
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.
The weighted average assumptions used to determine the benefit obligation for the Company’s defined benefit pension plans and ENPP as of December 31, 2019 and 2018 are as follows:
 
2019
 
2018
All plans:
 
 
 
Weighted average discount rate
2.0
%
 
2.8
%
Rate of increase in future compensation
1.75%-5.0%

 
1.75%-5.0%

U.S.-based plans:
 
 
 
Weighted average discount rate
3.45
%
 
4.35
%
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, 2019 and 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
)
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
)
Prior service cost arising during the year
 
(4.7
)
 
—

 
(4.7
)
Net loss recognized due to settlement
 
0.6

 
—

 
0.6

Net actuarial loss arising during the year
 
(25.3
)
 
(2.0
)
 
(23.3
)
Amortization of prior service cost
 
1.7

 
0.1

 
1.6

Amortization of net actuarial losses
 
14.3

 
2.5

 
11.8

Accumulated other comprehensive loss as of December 31, 2019
 
$
(393.2
)
 
$
(96.8
)
 
$
(296.4
)

  
Expected Benefit Payments At December 31, 2019, the aggregate expected benefit payments for the Company’s defined benefit pension plans and ENPP are as follows (in millions):
2020
$
47.0

2021
49.7

2022
50.3

2023
50.3

2024
51.0

2025 through 2029
278.3

 
$
526.6


 		 
Allocation of Plan Assets
The fair value of the Company’s pension assets as of December 31, 2019 is as follows (in millions):
 
Total
 
Level 1
 
Level 2
 
Level 3
Equity securities:
 
 
 
 
 
 
 
Global equities
$
183.4

 
$
116.5

 
$
66.9

 
$
—

Non-U.S. equities
3.8

 
3.8

 
—

 
—

U.K. equities
65.2

 
65.2

 
—

 
—

U.S. large cap equities
5.9

 
5.9

 
—

 
—

U.S. small cap equities
3.4

 
3.4

 
—

 
—

Total equity securities
261.7

 
194.8

 
66.9

 
—

Fixed income:
 
 
 
 
 
 
 
Aggregate fixed income
150.1

 
150.1

 
—

 
—

International fixed income
220.0

 
220.0

 
—

 
—

Total fixed income share(1)
370.1

 
370.1

 
—

 
—

Alternative investments:
 
 
 
 
 
 
 
Private equity fund
2.3

 
—

 
—

 
2.3

Hedge funds measured at net asset value(4)
33.3

 
—

 
—

 
—

Total alternative investments(2)
35.6

 
—

 
—

 
2.3

Miscellaneous funds(3)
30.8

 
—

 
—

 
30.8

Cash and equivalents measured at net asset value(4)
12.8

 
—

 
—

 
—

Total assets
$
711.0

 
$
564.9

 
$
66.9

 
$
33.1

______________________________________
(1)
43% of “fixed income” securities are in investment-grade corporate bonds; 18% are in government treasuries; 14% are in high-yield securities; 10% are in foreign securities; 9% are in asset-backed and mortgage-backed securities; and 6% are in other various fixed income securities.
(2)
42% of “alternative investments” are in relative value funds; 24% are in long-short equity funds; 21% are in event-driven funds; 7% 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, 2019 (in millions):
 
Total
 
Alternative Investments
 
Miscellaneous Funds
Beginning balance as of December 31, 2018
$
30.5

 
$
2.3

 
$
28.2

Actual return on plan assets:
 
 
 
 
 
(a) Relating to assets still held at reporting date
1.9

 
(0.1
)
 
2.0

(b) Relating to assets sold during period
—

 
—

 
—

Purchases, sales and /or settlements
1.3

 
0.1

 
1.2

Foreign currency exchange rate changes
(0.6
)
 
—

 
(0.6
)
Ending balance as of December 31, 2019
$
33.1

 
$
2.3

 
$
30.8
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, 2019, 2018 and 2017 are set forth below (in millions, except percentages):
Postretirement benefits
 
2019
 
2018
 
2017
Service cost
 
$
0.1

 
$
0.1

 
$
0.1

Interest cost
 
1.3

 
1.4

 
1.4

Amortization of net actuarial losses
 
—

 
0.1

 
0.1

Amortization of prior service cost
 
0.1

 
0.2

 
0.2

Net annual postretirement benefit cost
 
$
1.5

 
$
1.8

 
$
1.8

Weighted average discount rate
 
5.2
%
 
4.9
%
 
5.3
%


  
Expected Benefit Payments At December 31, 2019, the aggregate expected benefit payments for the Company’s U.S. and Brazilian postretirement benefit plans are as follows (in millions):
2020
$
1.6

2021
1.7

2022
1.7

2023
1.7

2024
1.7

2025 through 2029
8.6

 
$
17.0


 		 
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, 2019 and 2018 are as follows:
Asset Category
 
2019
 
2018
Equity securities
 
39
%
 
39
%
Fixed income securities
 
54
%
 
54
%
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, 2019 and 2018 are as follows:
Asset Category
 
2019
 
2018
Equity securities
 
34
%
 
27
%
Fixed income securities
 
59
%
 
57
%
Other investments
 
7
%
 
16
%
Total
 
100
%
 
100
%