XML 150 R37.htm IDEA: XBRL DOCUMENT
v3.22.1

Pension and Postretirement Benefit Plans (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2022
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, 2022 and 2021 are set forth below (in millions):
|  | Three Months Ended March 31, |  |
Pension benefits |  | 2022 |  | 2021 |  |  |  |
Service cost |  | $ | 3.3 |  |  | $ | 4.1 |  |  |  |  |
Interest cost |  | 4.0 |  |  | 3.2 |  |  |  |  |
Expected return on plan assets |  | (4.6) |  |  | (7.8) |  |  |  |  |
Amortization of net actuarial losses |  | 2.2 |  |  | 4.0 |  |  |  |  |
Amortization of prior service cost |  | 0.1 |  |  | 0.5 |  |  |  |  |
Curtailment(1) |  | — |  |  | (1.2) |  |  |  |  |
Net periodic pension cost |  | $ | 5.0 |  |  | $ | 2.8 |  |  |  |  |
(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 |  | 2022 |  | 2021 |  |  |  |
Service cost |  | $ | 0.1 |  |  | $ | 0.1 |  |  |  |  |
Interest cost |  | 0.2 |  |  | 0.2 |  |  |  |  |
Amortization of prior service cost |  | 0.1 |  |  | — |  |  |  |  |
Net periodic postretirement benefit cost |  | $ | 0.4 |  |  | $ | 0.3 |  |  |  |  |
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, 2022 (in millions):
| Defined Benefit Pension Plans |  | Deferred Net (Losses) Gains on Derivatives |  | Cumulative Translation Adjustment |  | Total
Accumulated other comprehensive loss, December 31, 2021 | $ | (230.4) |  |  | $ | (0.4) |  |  | $ | (1,540.1) |  |  | $ | (1,770.9) |
Other comprehensive income (loss) before reclassifications | — |  |  | (2.4) |  |  | 137.5 |  |  | 135.1 |
Net losses (gains) reclassified from accumulated other comprehensive loss | 1.7 |  |  | (0.9) |  |  | — |  |  | 0.8 |
Other comprehensive income (loss), net of reclassification adjustments | 1.7 |  |  | (3.3) |  |  | 137.5 |  |  | 135.9 |
Accumulated other comprehensive loss, March 31, 2022 | $ | (228.7) |  |  | $ | (3.7) |  |  | $ | (1,402.6) |  |  | $ | (1,635.0) |
The following table summarizes the activity in accumulated other comprehensive loss related to the Company's defined pension and postretirement benefit plans during the three months ended March 31, 2022 (in millions):
| Before-Tax Amount |  | Income Tax |  | After-Tax Amount
Accumulated other comprehensive loss, December 31, 2021 | $ | (302.4) |  |  | $ | (72.0) |  |  | $ | (230.4) |
Amortization of net actuarial losses | 2.2 |  |  | 0.6 |  |  | 1.6 |
Amortization of prior service cost | 0.2 |  |  | 0.1 |  |  | 0.1 |
Accumulated other comprehensive loss as of March 31, 2022 | $ | (300.0) |  |  | $ | (71.3) |  |  | $ | (228.7) |

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

X
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669686-108580 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 45 -Paragraph 20 -URI https://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900 + Details
Name: | us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration