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Pension and Postretirement Benefit Plans (Tables) | 6 Months Ended
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Jun. 30, 2020
Retirement Benefits [Abstract] |
Net Pension and Postretirement Cost | Net periodic pension and postretirement benefit cost for the Company’s defined pension and postretirement benefit plans for the three and six months ended June 30, 2020 and 2019 are set forth below (in millions):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Pension benefits |  | 2020 |  | 2019 |  | 2020 |  | 2019
Service cost |  | $ | 4.0 |  |  | $ | 3.9 |  |  | $ | 8.0 |  |  | $ | 7.8 |
Interest cost |  | 4.1 |  |  | 5.3 |  |  | 8.2 |  |  | 10.6 |
Expected return on plan assets |  | (7.0 | ) |  | (7.1 | ) |  | (14.1 | ) |  | (14.3 | )
Amortization of net actuarial losses |  | 3.2 |  |  | 3.0 |  |  | 6.6 |  |  | 6.1 |
Amortization of prior service cost |  | 0.6 |  |  | 0.4 |  |  | 1.1 |  |  | 0.8 |
Net periodic pension cost |  | $ | 4.9 |  |  | $ | 5.5 |  |  | $ | 9.8 |  |  | $ | 11.0 |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Postretirement benefits |  | 2020 |  | 2019 |  | 2020 |  | 2019
Interest cost |  | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | 0.6 |  |  | $ | 0.7 |
Amortization of net actuarial losses |  | — |  |  | — |  |  | 0.1 |  |  | — |
Amortization of prior service cost |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |
Net periodic postretirement benefit cost |  | $ | 0.4 |  |  | $ | 0.4 |  |  | $ | 0.8 |  |  | $ | 0.8 |
Summary of Accumulated Other Comprehensive 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, 2020 (in millions):
| Defined Benefit Pension Plans |  | Deferred Net Gains (Losses) on Derivatives |  | Cumulative Translation Adjustment |  | Total
Accumulated other comprehensive loss, December 31, 2019 | $ | (296.4 | ) |  | $ | (1.3 | ) |  | $ | (1,297.5 | ) |  | $ | (1,595.2 | )
Other comprehensive income (loss) before reclassifications | — |  |  | 8.2 |  |  | (241.9 | ) |  | (233.7 | )
Net losses (gains) reclassified from accumulated other comprehensive loss | 6.9 |  |  | (3.2 | ) |  | — |  |  | 3.7 |
Other comprehensive income (loss), net of reclassification adjustments | 6.9 |  |  | 5.0 |  |  | (241.9 | ) |  | (230.0 | )
Accumulated other comprehensive loss, June 30, 2020 | $ | (289.5 | ) |  | $ | 3.7 |  |  | $ | (1,539.4 | ) |  | $ | (1,825.2 | )
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, 2020 (in millions):
|  | Before-Tax Amount |  | Income Tax |  | After-Tax Amount
Accumulated other comprehensive loss as of December 31, 2019 |  | $ | (393.2 | ) |  | $ | (96.8 | ) |  | $ | (296.4 | )
Amortization of net actuarial losses |  | 6.7 |  |  | 0.9 |  |  | 5.8 |
Amortization of prior service cost |  | 1.2 |  |  | 0.1 |  |  | 1.1 |
Accumulated other comprehensive loss as of June 30, 2020 |  | $ | (385.3 | ) |  | $ | (95.8 | ) |  | $ | (289.5 | )

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