XML 29 R19.htm IDEA: XBRL DOCUMENT
v3.21.2

Changes in Stockholders' Equity | 9 Months Ended
--- | ---
Sep. 30, 2021
Stockholders' Equity Note [Abstract] |
Changes in Stockholders' Equity | CHANGES IN STOCKHOLDERS’ EQUITY The following tables set forth changes in stockholders’ equity attributed to AGCO Corporation and its subsidiaries and to noncontrolling interests for the three and nine months ended September 30, 2021 (in millions):
| Common Stock |  | Additional Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Loss |  | Noncontrolling Interests |  | Total Stockholders’ Equity
Balance, June 30, 2021 | $ | 0.8 |  |  | $ | 11.7 |  |  | $ | 4,864.1 |  |  | $ | (1,738.3) |  |  | $ | 26.5 |  |  | $ | 3,164.8 |
Stock compensation | — |  |  | 5.9 |  |  | — |  |  | — |  |  | — |  |  | 5.9 |
SSARs exercised | — |  |  | (0.5) |  |  | — |  |  | — |  |  | — |  |  | (0.5) |
Comprehensive income: |  |  |  |  |  |  |  |  |  |  |
Net income | — |  |  | — |  |  | 181.3 |  |  | — |  |  | 1.1 |  |  | 182.4 |
Other comprehensive loss, net of reclassification adjustments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | — |  |  | — |  |  | — |  |  | (65.4) |  |  | — |  |  | (65.4) |
Defined benefit pension plans, net of tax | — |  |  | — |  |  | — |  |  | 2.6 |  |  | — |  |  | 2.6 |
Deferred gains and losses on derivatives, net of tax | — |  |  | — |  |  | — |  |  | (3.4) |  |  | — |  |  | (3.4) |
Payment of dividends to stockholders | — |  |  | — |  |  | (15.0) |  |  | — |  |  | — |  |  | (15.0) |
Purchases and retirement of common stock | (0.1) |  |  | (13.5) |  |  | (61.4) |  |  | — |  |  | — |  |  | (75.0) |
Balance, September 30, 2021 | $ | 0.7 |  |  | $ | 3.6 |  |  | $ | 4,969.0 |  |  | $ | (1,804.5) |  |  | $ | 27.6 |  |  | $ | 3,196.4 |
| Common Stock |  | Additional Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Loss |  | Noncontrolling Interests |  | Total Stockholders’ Equity
Balance, December 31, 2020 | $ | 0.8 |  |  | $ | 30.9 |  |  | $ | 4,759.1 |  |  | $ | (1,810.8) |  |  | $ | 38.0 |  |  | $ | 3,018.0 |
Stock compensation | — |  |  | 21.1 |  |  | — |  |  | — |  |  | — |  |  | 21.1 |
Issuance of stock awards | — |  |  | (29.5) |  |  | — |  |  | — |  |  | — |  |  | (29.5) |
SSARs exercised | — |  |  | (5.4) |  |  | — |  |  | — |  |  | — |  |  | (5.4) |
Comprehensive income: |  |  |  |  |  |  |  |  |  |  |
Net income | — |  |  | — |  |  | 614.9 |  |  | — |  |  | 3.3 |  |  | 618.2 |
Other comprehensive income, net of reclassification adjustments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | — |  |  | — |  |  | — |  |  | (32.3) |  |  | 0.4 |  |  | (31.9) |
Defined benefit pension plans, net of tax | — |  |  | — |  |  | — |  |  | 31.7 |  |  | — |  |  | 31.7 |
Deferred gains and losses on derivatives, net of tax | — |  |  | — |  |  | — |  |  | 6.9 |  |  | — |  |  | 6.9 |
Payment of dividends to stockholders | — |  |  | — |  |  | (343.6) |  |  | — |  |  | — |  |  | (343.6) |
Purchases and retirement of common stock | (0.1) |  |  | (13.5) |  |  | (61.4) |  |  | — |  |  | — |  |  | (75.0) |
Distributions to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | (3.5) |  |  | (3.5) |
Change in noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | (10.6) |  |  | (10.6) |
Balance, September 30, 2021 | $ | 0.7 |  |  | $ | 3.6 |  |  | $ | 4,969.0 |  |  | $ | (1,804.5) |  |  | $ | 27.6 |  |  | $ | 3,196.4 |
The following tables set forth changes in stockholders’ equity attributed to AGCO Corporation and its subsidiaries and to noncontrolling interests for the three and nine months ended September 30, 2020 (in millions):
| Common Stock |  | Additional Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Loss |  | Noncontrolling Interests |  | Total Stockholders’ Equity
Balance, June 30, 2020 | $ | 0.8 |  |  | $ | 10.1 |  |  | $ | 4,490.4 |  |  | $ | (1,825.2) |  |  | $ | 41.4 |  |  | $ | 2,717.5 |
Stock compensation | — |  |  | 14.1 |  |  | — |  |  | — |  |  | — |  |  | 14.1 |
Comprehensive income: |  |  |  |  |  |  |  |  |  |  |
Net income | — |  |  | — |  |  | 157.3 |  |  | — |  |  | 0.8 |  |  | 158.1 |
Other comprehensive loss, net of reclassification adjustments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | — |  |  | — |  |  | — |  |  | (28.1) |  |  | (2.2) |  |  | (30.3) |
Defined benefit pension plans, net of tax | — |  |  | — |  |  | — |  |  | 3.4 |  |  | — |  |  | 3.4 |
Deferred gains and losses on derivatives, net of tax | — |  |  | — |  |  | — |  |  | (1.1) |  |  | — |  |  | (1.1) |
Payment of dividends to stockholders | — |  |  | — |  |  | (12.0) |  |  | — |  |  | — |  |  | (12.0) |
Changes in noncontrolling interests | — |  |  | — |  |  | — |  |  | — |  |  | 0.2 |  |  | 0.2 |
Balance, September 30, 2020 | $ | 0.8 |  |  | $ | 24.2 |  |  | $ | 4,635.7 |  |  | $ | (1,851.0) |  |  | $ | 40.2 |  |  | $ | 2,849.9 |
| Common Stock |  | Additional Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Loss |  | Noncontrolling Interests |  | Total Stockholders’ Equity
Balance, December 31, 2019 | $ | 0.8 |  |  | $ | 4.7 |  |  | $ | 4,443.5 |  |  | $ | (1,595.2) |  |  | $ | 53.2 |  |  | $ | 2,907.0 |
Stock compensation | — |  |  | 30.2 |  |  | (3.4) |  |  | — |  |  | — |  |  | 26.8 |
Issuance of stock awards | — |  |  | (7.3) |  |  | (8.4) |  |  | — |  |  | — |  |  | (15.7) |
SSARs exercised | — |  |  | — |  |  | (0.1) |  |  | — |  |  | — |  |  | (0.1) |
Comprehensive loss: |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | — |  |  | — |  |  | 291.7 |  |  | — |  |  | (7.3) |  |  | 284.4 |
Other comprehensive loss, net of reclassification adjustments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | — |  |  | — |  |  | — |  |  | (270.0) |  |  | (5.4) |  |  | (275.4) |
Defined benefit pension plans, net of tax | — |  |  | — |  |  | — |  |  | 10.3 |  |  | — |  |  | 10.3 |
Deferred gains and losses on derivatives, net of tax | — |  |  | — |  |  | — |  |  | 3.9 |  |  | — |  |  | 3.9 |
Payment of dividends to stockholders | — |  |  | — |  |  | (36.0) |  |  | — |  |  | — |  |  | (36.0) |
Purchases and retirement of common stock | — |  |  | (3.4) |  |  | (51.6) |  |  | — |  |  | — |  |  | (55.0) |
Change in noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | (0.3) |  |  | (0.3) |
Balance, September 30, 2020 | $ | 0.8 |  |  | $ | 24.2 |  |  | $ | 4,635.7 |  |  | $ | (1,851.0) |  |  | $ | 40.2 |  |  | $ | 2,849.9 |
Total comprehensive income (loss) attributable to noncontrolling interests for the three and nine months ended September 30, 2021 and 2020 was as follows (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Net income (loss) | $ | 1.1 |  |  | $ | 0.8 |  |  | $ | 3.3 |  |  | $ | (7.3) |
Other comprehensive income (loss): |  |  |  |  |  |  |
Foreign currency translation adjustments | — |  |  | (2.2) |  |  | 0.4 |  |  | (5.4) |
Total comprehensive income (loss) | $ | 1.1 |  |  | $ | (1.4) |  |  | $ | 3.7 |  |  | $ | (12.7) |
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, 2021 (in millions):
| Defined Benefit Pension Plans |  | Deferred Net (Losses) Gains 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 | 23.2 |  |  | 7.7 |  |  | (32.3) |  |  | (1.4) |
Net losses (gains) reclassified from accumulated other comprehensive loss | 8.5 |  |  | (0.8) |  |  | — |  |  | 7.7 |
Other comprehensive income (loss), net of reclassification adjustments | 31.7 |  |  | 6.9 |  |  | (32.3) |  |  | 6.3 |
Accumulated other comprehensive loss, September 30, 2021 | $ | (281.6) |  |  | $ | 4.4 |  |  | $ | (1,527.3) |  |  | $ | (1,804.5) |
The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the three months ended September 30, 2021 and 2020 (in millions):
|  | Amount Reclassified from Accumulated Other Comprehensive Loss |  | Affected Line Item within the Condensed Consolidated Statements of Operations
Details about Accumulated Other Comprehensive Loss Components |  | Three Months Ended September 30, 2021(1) |  | Three Months Ended September 30, 2020(1) |
Derivatives: |  |  |  |  |  |
Net losses (gains) on foreign currency contracts |  | $ | 1.5 |  |  | $ | (1.2) |  |  | Cost of goods sold
Net gains on commodity contracts |  | $ | (8.5) |  |  | $ | — |  |  | Cost of goods sold
Reclassification before tax |  | (7.0) |  |  | (1.2) |  |  |
|  | 2.0 |  |  | 0.2 |  |  | Income tax benefit (provision)
Reclassification net of tax |  | $ | (5.0) |  |  | $ | (1.0) |  |  |
Defined benefit pension plans: |  |  |  |  |  |
Amortization of net actuarial losses |  | $ | 3.4 |  |  | $ | 3.5 |  |  | Other expense, net(2)
Amortization of prior service cost |  | 0.1 |  |  | 0.5 |  |  | Other expense, net(2)
Reclassification before tax |  | 3.5 |  |  | 4.0 |  |  |
|  | (0.9) |  |  | (0.6) |  |  | Income tax provision
Reclassification net of tax |  | $ | 2.6 |  |  | $ | 3.4 |  |  |
Net (gains) losses reclassified from accumulated other comprehensive loss |  | $ | (2.4) |  |  | $ | 2.4 |  |  |
(1) (Gains) losses included within the Condensed Consolidated Statements of Operations for the three months ended September 30, 2021 and 2020, respectively. (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 15 for additional information on the Company’s defined benefit pension plans. The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the nine months ended September 30, 2021 and 2020 (in millions):
|  | Amount Reclassified from Accumulated Other Comprehensive Loss |  | Affected Line Item within the Condensed Consolidated Statements of Operations
Details about Accumulated Other Comprehensive Loss Components |  | Nine Months Ended September 30, 2021(1) |  | Nine Months Ended September 30, 2020(1) |
Derivatives: |  |  |  |  |  |
Net losses (gains) on foreign currency contracts |  | $ | 8.4 |  |  | $ | (4.4) |  |  | Cost of goods sold
Net gains on commodity contracts |  | (10.4) |  |  | — |  |  | Cost of goods sold
Reclassification before tax |  | (2.0) |  |  | (4.4) |  |  |
|  | 1.2 |  |  | 0.2 |  |  | Income tax provision
Reclassification net of tax |  | $ | (0.8) |  |  | $ | (4.2) |  |  |
Defined benefit pension plans: |  |  |  |  |  |
Amortization of net actuarial losses |  | $ | 10.8 |  |  | $ | 10.2 |  |  | Other expense, net(2)
Amortization of prior service cost |  | 0.7 |  |  | 1.7 |  |  | Other expense, net(2)
Reclassification before tax |  | 11.5 |  |  | 11.9 |  |  |
|  | (3.0) |  |  | (1.6) |  |  | Income tax provision
Reclassification net of tax(3) |  | $ | 8.5 |  |  | $ | 10.3 |  |  |
Net losses reclassified from accumulated other comprehensive loss |  | $ | 7.7 |  |  | $ | 6.1 |  |  |
(1) Losses included within the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2021 and 2020, respectively. (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 15 for additional information on the Company’s defined benefit pension plans. (3) During the nine months ended September 30, 2021, the Company amended its ENPP. The amendment resulted in a net gain of approximately $23.2 million, after tax, recognized in "Accumulated other comprehensive loss" in the Company's Condensed Balance Sheets. See Note 15 for additional information regarding the Company's defined benefit pension plans. Share Repurchase Program In August 2021, the Company entered into an ASR agreement with a financial institution to repurchase an aggregate of $75.0 million of shares of its common stock. The Company received 558,471 shares to date in this transaction. All shares received under the ASR agreements 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 Condensed Consolidated Balance Sheets. As of September 30, 2021, the remaining amount authorized to be repurchased under board-approved share repurchase authorizations was approximately $170.0 million, which has no expiration date. In November 2021, the Company entered into an ASR agreement with a financial institution to repurchase an aggregate of $60.0 million shares of its common stock. The Company received 393,733 shares to date in this transaction. The specific number of shares the Company will ultimately repurchase will be determined at the completion of the term of the ASR based on the daily volume-weighted average share price of the Company’s common stock less an agreed upon discount. 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 additional shares will be received by the Company upon final settlement of its current ASR agreement, which expires during the first quarter of 2022. All shares received under the ASR agreement discussed above 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 Condensed Consolidated Balance Sheets.

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration