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Pension and Postretirement Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2021

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 months ended March 31, 2021 and 2020 are set forth below (in millions):

						Three Months Ended March 31,
Pension benefits						2021						2020
Service cost						$	4.1					$	4.0
Interest cost						3.2						4.1
Expected return on plan assets						(7.8)						(7.1)
Amortization of net actuarial losses						4.0						3.4
Amortization of prior service cost						0.5						0.5
Curtailment(1)						(1.2)						—
Net periodic pension cost						$	2.8					$	4.9

(1) During the three months ended March 31, 2021, the Company amended its Executive Nonqualified Pension Plan (“ENPP”) to freeze the plan as of December 31, 2024 to future salary benefit accruals, and to eliminate a life-time annuity feature for participants reaching age 65 subsequent to December 31, 2022. This amendment resulted in a curtailment gain related to the ENPP's net prior service credit.

						Three Months Ended March 31,
Postretirement benefits						2021						2020
Service cost						$	0.1					$	—
Interest cost						0.2						0.3
Amortization of net actuarial losses						—						0.1
Net periodic postretirement benefit cost						$	0.3					$	0.4

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 three months ended March 31, 2021 (in millions):

			Defined Benefit Pension Plans						Deferred Net Gains (Losses) on Derivatives						Cumulative Translation Adjustment						Total
Accumulated other comprehensive loss, December 31, 2020			$	(313.3)					$	(2.5)					$	(1,495.0)					$	(1,810.8)
Other comprehensive income (loss) before reclassifications			31.2						1.0						(46.9)						(14.7)
Net losses reclassified from accumulated other comprehensive loss			3.9						3.7						—						7.6
Other comprehensive income (loss), net of reclassification adjustments			35.1						4.7						(46.9)						(7.1)
Accumulated other comprehensive loss, March 31, 2021			$	(278.2)					$	2.2					$	(1,541.9)					$	(1,817.9)

The following table summarizes the activity in accumulated other comprehensive loss related to the Company’s defined pension and postretirement benefit plans during the three months ended March 31, 2021 (in millions):

						Before-Tax Amount						Income Tax						After-Tax Amount
Accumulated other comprehensive loss as of December 31, 2020						$	(412.5)					$	(99.2)					$	(313.3)
Amortization of net actuarial losses						4.0						0.6						3.4
Amortization of prior service cost						0.5						—						0.5
Plan amendment(1)						31.2						—						31.2
Accumulated other comprehensive loss as of March 31, 2021						$	(376.8)					$	(98.6)					$	(278.2)

(1) During the three months ended March 31, 2021, the Company amended its ENPP. The amendment resulted in a remeasurement gain of approximately $10.5 million as well as the impacts of approximately $12.2 million due to the elimination a life-time annuity feature and approximately $9.7 million due to the freezing of future salary benefits, partially offset by a curtailment gain of approximately $1.2 million.

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Tabular disclosure of the components of accumulated other comprehensive income (loss).

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-Name Accounting Standards Codification
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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.

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