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Operations and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents Cash and cash equivalents reported in the Consolidated Balance Sheets as of December 31, 2022, 2021 and 2020 and cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020 are as follows (in millions):
December 31, 2022December 31, 2021December 31, 2020
Cash(1)
$656.7 $833.0 $1,022.0 
Cash equivalents(2)
130.8 49.2 89.7 
Restricted cash(3)
2.0 6.9 7.4 
Total$789.5 $889.1 $1,119.1 
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(1) Consisted primarily of cash on hand and bank deposits.
(2) Consisted primarily of money market deposits, certificates of deposits and overnight investments. The Company considers all investments with an original maturity of three months or less to be cash equivalents.
(3) Consisted primarily of cash in escrow or held as guarantee to support specific requirements.
Accounts Receivable Outstanding as a Percent of Net Sales The following summarizes by geographic region, as a percentage of the Company’s consolidated net sales, amounts with maximum interest-free periods as presented below (in millions):
Year Ended December 31, 2022North
America		South
America		Europe/
Middle East		Asia/
Pacific/Africa		Consolidated
0 to 6 months$2,519.6 $2,023.2 $6,444.6 $907.4 $11,894.8 94.0 %
7 to 12 months650.9 96.6 2.7 — 750.2 5.9 %
13 to 24 months4.6 1.8 — — 6.4 0.1 %
$3,175.1 $2,121.6 $6,447.3 $907.4 $12,651.4 100.0 %
Trade Allowances and Sales Incentive Discounts Accounts and notes receivable allowances at December 31, 2022 and 2021 were as follows (in millions):
20222021
Sales incentive discounts$7.6 $8.0 
Doubtful accounts31.3 32.6 
$38.9 $40.6 
Schedule of Inventory, Current Inventories, net at December 31, 2022 and 2021 were as follows (in millions):
20222021
Finished goods$994.9 $718.2 
Repair and replacement parts750.1 697.8 
Work in process369.8 282.8 
Raw materials1,074.9 894.9 
Inventories, net$3,189.7 $2,593.7 
Property, Plant and Equipment Property, plant and equipment, net at December 31, 2022 and 2021 consisted of the following (in millions):
20222021
Land$141.1 $141.0 
Buildings and improvements920.7 875.9 
Machinery and equipment2,789.8 2,702.3 
Furniture and fixtures182.8 171.1 
Gross property, plant and equipment4,034.4 3,890.3 
Accumulated depreciation and amortization(2,443.2)(2,425.5)
Property, plant and equipment, net$1,591.2 $1,464.8 
Schedule of Goodwill Changes in the carrying amount of goodwill during the years ended December 31, 2022, 2021 and 2020 are summarized as follows (in millions):
North
America		South
America		Europe/
Middle East		Asia/
Pacific/Africa		Consolidated
Balance as of December 31, 2019$606.0 $112.2 $463.3 $116.8 $1,298.3 
Acquisitions7.2 — — — 7.2 
Impairment charge(20.0)— — — (20.0)
Foreign currency translation0.2 (24.7)38.0 7.5 21.0 
Balance as of December 31, 2020593.4 87.5 501.3 124.3 1,306.5 
Acquisition16.2 — 0.6 — 16.8 
Foreign currency translation— (5.8)(32.4)(4.3)(42.5)
Balance as of December 31, 2021609.6 81.7 469.5 120.0 1,280.8 
Acquisitions59.8 — — — 59.8 
Foreign currency translation(2.1)4.3 (25.2)(6.8)(29.8)
Balance as of December 31, 2022$667.3 $86.0 $444.3 $113.2 $1,310.8 
Schedule of Acquired Finite-Lived Intangible Assets by Major Class The acquired intangible assets have a weighted average useful life as follows:
Intangible AssetsWeighted-Average Useful Life
Patents and technology11 years
Customer relationships13 years
Trademarks and trade names19 years
Land use rights46 years
Changes in the carrying amount of acquired intangible assets during 2022 and 2021 are summarized as follows (in millions):
Gross Carrying AmountsTrademarks and
Trade Names		Customer
Relationships		Patents and
Technology		Land Use
Rights		Total
Gross carrying amounts:
Balance as of December 31, 2020$195.1 $580.6 $157.2 $6.8 $939.7 
Acquisitions0.7 3.2 6.1 — 10.0 
Sale of business(1.3)(4.4)(17.1)— (22.8)
Foreign currency translation(5.5)(10.8)(6.3)0.2 (22.4)
Balance as of December 31, 2021189.0 568.6 139.9 7.0 904.5 
Acquisitions7.1 15.4 15.4 — 37.9 
Foreign currency translation(4.3)(9.5)(4.7)(0.5)(19.0)
Balance as of December 31, 2022$191.8 $574.5 $150.6 $6.5 $923.4 
Accumulated AmortizationTrademarks and
Trade Names		Customer
Relationships		Patents and
Technology		Land Use
Rights		Total
Accumulated amortization:
Balance as of December 31, 2020$85.3 $384.7 $102.4 $1.1 $573.5 
Amortization expense10.8 37.4 12.5 0.2 60.9 
Sale of business(1.3)(4.4)(15.2)— (20.9)
Foreign currency translation(1.7)(8.0)(5.0)0.2 (14.5)
Balance as of December 31, 202193.1 409.7 94.7 1.5 599.0 
Amortization expense11.7 37.9 10.4 0.1 60.1 
Foreign currency translation(1.5)(6.8)(3.6)— (11.9)
Balance as of December 31, 2022$103.3 $440.8 $101.5 $1.6 $647.2 
Schedule of Indefinite-lived Intangible Assets by Major Class
Indefinite-Lived Intangible AssetsTrademarks and
Trade Names
Balance as of December 31, 2020$89.4 
Foreign currency translation(2.7)
Balance as of December 31, 202186.7 
Foreign currency translation(1.9)
Balance as of December 31, 2022$84.8 
Schedule of Accrued Liabilities Accrued expenses at December 31, 2022 and 2021 consisted of the following (in millions):
20222021
Reserve for volume discounts and sales incentives$630.8 $602.3 
Warranty reserves546.0 492.7 
Accrued employee compensation and benefits390.2 322.3 
Accrued taxes344.8 282.5 
Other359.5 362.4 
Balance at the end of the year$2,271.3 $2,062.2 
Schedule of Product Warranty Liability The warranty reserve activity for the years ended December 31, 2022, 2021 and 2020 consisted of the following (in millions):
202220212020
Balance at beginning of the year$592.5 $521.8 $392.8 
Acquisitions— — 0.2 
Accruals for warranties issued during the year338.8 344.9 310.2 
Settlements made (in cash or in kind) during the year(261.7)(241.8)(204.3)
Foreign currency translation(29.6)(32.4)22.9 
Balance at the end of the year$640.0 $592.5 $521.8 
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs Stock compensation expense was recorded as follows (in millions). Refer to Note 10 for additional information regarding the Company’s stock incentive plans during 2022, 2021 and 2020:
Years Ended December 31,
202220212020
Cost of goods sold$1.3 $1.0 $1.1 
Selling, general and administrative expenses32.7 26.6 36.8 
Total stock compensation expense$34.0 $27.6 $37.9 
Schedule of Components of Interest Expense, Net Interest expense, net for the years ended December 31, 2022, 2021 and 2020 consisted of the following (in millions):
202220212020
Interest expense$46.0 $25.4 $24.9 
Interest income(33.0)(18.7)(9.9)
$13.0 $6.7 $15.0 
Schedule of Earnings Per Share, Basic and Diluted A reconciliation of net income attributable to AGCO Corporation and subsidiaries and weighted average common shares outstanding for purposes of calculating basic and diluted net income per share during the years ended December 31, 2022, 2021 and 2020 is as follows (in millions, except per share data):
202220212020
Basic net income per share:
Net income attributable to AGCO Corporation and subsidiaries$889.6 $897.0 $427.1 
Weighted average number of common shares outstanding74.6 75.2 75.0 
Basic net income per share attributable to AGCO Corporation and subsidiaries$11.92 $11.93 $5.69 
Diluted net income per share:
Net income attributable to AGCO Corporation and subsidiaries$889.6 $897.0 $427.1 
Weighted average number of common shares outstanding74.6 75.2 75.0 
Dilutive SSARs, performance share awards and restricted stock units
0.3 0.5 0.6 
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share
74.9 75.7 75.6 
Diluted net income per share attributable to AGCO Corporation and subsidiaries$11.87 $11.85 $5.65 
Schedule of Comprehensive Income (Loss) The components of other comprehensive income (loss) and the related tax effects for the years ended December 31, 2022, 2021 and 2020 are as follows (in millions):
AGCO Corporation and SubsidiariesNoncontrolling Interests
20222022
Before-tax
Amount 		Income
Taxes		After-tax
Amount		After-tax
Amount
Defined benefit pension plans$(2.0)$1.2 $(0.8)$— 
Net loss on derivatives (0.5)— (0.5)— 
Foreign currency translation adjustments(30.9)— (30.9)0.9 
Total components of other comprehensive income$(33.4)$1.2 $(32.2)$0.9 
AGCO Corporation and SubsidiariesNoncontrolling Interests
20212021
Before-tax
Amount		Income
Taxes		After-tax
Amount		After-tax
Amount
Defined benefit pension plans$110.1 $(27.2)$82.9 $— 
Net gain on derivatives 2.5 (0.4)2.1 — 
Foreign currency translation adjustments(45.1)— (45.1)(0.4)
Total components of other comprehensive income$67.5 $(27.6)$39.9 $(0.4)

AGCO Corporation and SubsidiariesNoncontrolling Interests
20202020
Before-tax
Amount		Income
Taxes		After-tax
Amount		After-tax
Amount
Defined benefit pension plans$(19.3)$2.4 $(16.9)$— 
Net loss on derivatives (1.5)0.3 (1.2)— 
Foreign currency translation adjustments(197.5)— (197.5)(4.3)
Total components of other comprehensive loss$(218.3)$2.7 $(215.6)$(4.3)