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Changes in Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2021

Stockholders' Equity Note [Abstract]

Schedule of 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

Schedule of Comprehensive Income (Loss) Attributable to Noncontrolling Interests

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)

Summary of Accumulated Other Comprehensive (Loss) 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, 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 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, 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						10.8						2.7						8.1
Amortization of prior service cost						0.7						0.3						0.4
Plan amendment(1)						31.2						8.0						23.2
Accumulated other comprehensive loss as of September 30, 2021						$	(369.8)					$	(88.2)					$	(281.6)

(1) During the nine months ended September 30, 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. The after-tax impact of the aggregate of these items was approximately $23.2 million.

Reclassification Out of Accumulated Other Comprehensive Loss

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.

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