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Pension and Postretirement Benefit Plans (Tables) | 9 Months Ended
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Sep. 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 nine months ended September 30, 2020 and 2019 are set forth below (in millions):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Pension benefits |  | 2020 |  | 2019 |  | 2020 |  | 2019
Service cost |  | $ | 4.0 |  |  | $ | 3.9 |  |  | $ | 12.0 |  |  | $ | 11.7 |
Interest cost |  | 4.1 |  |  | 5.1 |  |  | 12.3 |  |  | 15.7 |
Expected return on plan assets |  | (7.1) |  |  | (6.8) |  |  | (21.2) |  |  | (21.1) |
Amortization of net actuarial losses |  | 3.4 |  |  | 2.9 |  |  | 10.0 |  |  | 9.0 |
Amortization of prior service cost |  | 0.5 |  |  | 0.4 |  |  | 1.6 |  |  | 1.2 |
Net periodic pension cost |  | $ | 4.9 |  |  | $ | 5.5 |  |  | $ | 14.7 |  |  | $ | 16.5 |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Postretirement benefits |  | 2020 |  | 2019 |  | 2020 |  | 2019
Service cost |  | $ | — |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 0.1 |
Interest cost |  | 0.3 |  |  | 0.3 |  |  | 0.9 |  |  | 1.0 |
Amortization of net actuarial losses |  | 0.1 |  |  | — |  |  | 0.2 |  |  | — |
Amortization of prior service cost |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
Net periodic postretirement benefit cost |  | $ | 0.4 |  |  | $ | 0.4 |  |  | $ | 1.2 |  |  | $ | 1.2 |
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 nine months ended September 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 | — |  |  | 8.1 |  |  | (270.0) |  |  | (261.9) |
Net losses (gains) reclassified from accumulated other comprehensive loss | 10.3 |  |  | (4.2) |  |  | — |  |  | 6.1 |
Other comprehensive income (loss), net of reclassification adjustments | 10.3 |  |  | 3.9 |  |  | (270.0) |  |  | (255.8) |
Accumulated other comprehensive loss, September 30, 2020 | $ | (286.1) |  |  | $ | 2.6 |  |  | $ | (1,567.5) |  |  | $ | (1,851.0) |
The following table summarizes the activity in accumulated other comprehensive loss related to the Company’s defined pension and postretirement benefit plans during the nine months ended September 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 |  | 10.2 |  |  | 1.5 |  |  | 8.7 |
Amortization of prior service cost |  | 1.7 |  |  | 0.1 |  |  | 1.6 |
Accumulated other comprehensive loss as of September 30, 2020 |  | $ | (381.3) |  |  | $ | (95.2) |  |  | $ | (286.1) |

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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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