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Pension and Postretirement Benefit Plans (Tables) | 9 Months Ended
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Sep. 30, 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 and nine months ended September 30, 2022 and 2021 are set forth below (in millions):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Pension benefits |  | 2022 |  | 2021 |  | 2022 |  | 2021
Service cost |  | $ | 3.2 |  |  | $ | 3.7 |  |  | $ | 9.8 |  |  | $ | 11.5 |
Interest cost |  | 3.6 |  |  | 3.3 |  |  | 11.4 |  |  | 9.7 |
Expected return on plan assets |  | (4.1) |  |  | (8.0) |  |  | (13.1) |  |  | (23.7) |
Amortization of net actuarial losses |  | 2.0 |  |  | 3.3 |  |  | 6.4 |  |  | 10.7 |
Amortization of prior service cost |  | — |  |  | — |  |  | 0.1 |  |  | 0.6 |
Curtailment(1) |  | — |  |  | — |  |  | — |  |  | $ | (1.2) |
Net periodic pension cost |  | $ | 4.7 |  |  | $ | 2.3 |  |  | $ | 14.6 |  |  | $ | 7.6 |
(1) During the nine months ended September 30, 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 September 30, |  | Nine Months Ended September 30,
Postretirement benefits |  | 2022 |  | 2021 |  | 2022 |  | 2021
Service cost |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.1 |
Interest cost |  | 0.2 |  |  | 0.2 |  |  | 0.7 |  |  | 0.6 |
Amortization of net actuarial losses |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Amortization of prior service cost |  | — |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |
Net periodic postretirement benefit cost |  | $ | 0.2 |  |  | $ | 0.4 |  |  | $ | 0.9 |  |  | $ | 0.9 |
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, 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 loss before reclassifications | (18.3) |  |  | (13.4) |  |  | (62.8) |  |  | (94.5) |
Net losses reclassified from accumulated other comprehensive loss | 4.8 |  |  | 8.2 |  |  | — |  |  | 13.0 |
Other comprehensive loss, net of reclassification adjustments | (13.5) |  |  | (5.2) |  |  | (62.8) |  |  | (81.5) |
Accumulated other comprehensive loss, September 30, 2022 | $ | (243.9) |  |  | $ | (5.6) |  |  | $ | (1,602.9) |  |  | $ | (1,852.4) |
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, 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 | 6.4 |  |  | 1.7 |  |  | 4.7 |
Amortization of prior service cost | 0.2 |  |  | 0.1 |  |  | 0.1 |
Revision of prior service cost estimate | (24.4) |  |  | (6.1) |  |  | (18.3) |
Accumulated other comprehensive loss as of September 30, 2022 | $ | (320.2) |  |  | $ | (76.3) |  |  | $ | (243.9) |

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