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Pension and Postretirement Benefit Plans (Tables) | 3 Months Ended
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Mar. 31, 2023
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, 2023 and 2022 are set forth below (in millions):
|  | Three Months Ended March 31, |  |
Pension benefits |  | 2023 |  | 2022 |  |  |  |
Service cost |  | $ | 2.4 |  |  | $ | 3.3 |  |  |  |  |
Interest cost |  | 7.2 |  |  | 4.0 |  |  |  |  |
Expected return on plan assets |  | (7.2) |  |  | (4.6) |  |  |  |  |
Amortization of net actuarial losses |  | 2.0 |  |  | 2.2 |  |  |  |  |
Amortization of prior service cost |  | 0.3 |  |  | 0.1 |  |  |  |  |
Net periodic pension cost |  | $ | 4.7 |  |  | $ | 5.0 |  |  |  |  |
|  | Three Months Ended March 31, |  |
Postretirement benefits |  | 2023 |  | 2022 |  |  |  |
Service cost |  | $ | — |  |  | $ | 0.1 |  |  |  |  |
Interest cost |  | 0.3 |  |  | 0.2 |  |  |  |  |
Amortization of prior service cost |  | 0.1 |  |  | 0.1 |  |  |  |  |
Net periodic postretirement benefit cost |  | $ | 0.4 |  |  | $ | 0.4 |  |  |  |  |
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, 2023 (in millions):
| Defined Benefit Pension Plans |  | Deferred Net (Losses) Gains on Derivatives |  | Cumulative Translation Adjustment |  | Total
Accumulated other comprehensive loss, December 31, 2022 | $ | (231.2) |  |  | $ | (0.9) |  |  | $ | (1,571.0) |  |  | $ | (1,803.1) |
Other comprehensive income (loss) before reclassifications | — |  |  | (1.0) |  |  | 44.4 |  |  | 43.4 |
Net losses reclassified from accumulated other comprehensive loss | 1.8 |  |  | 1.5 |  |  | — |  |  | 3.3 |
Other comprehensive income, net of reclassification adjustments | 1.8 |  |  | 0.5 |  |  | 44.4 |  |  | 46.7 |
Accumulated other comprehensive loss, March 31, 2023 | $ | (229.4) |  |  | $ | (0.4) |  |  | $ | (1,526.6) |  |  | $ | (1,756.4) |
The following table summarizes the activity in accumulated other comprehensive loss related to the Company's defined pension and postretirement benefit plans during the three months ended March 31, 2023 (in millions):
| Before-Tax Amount |  | Income Tax |  | After-Tax Amount
Accumulated other comprehensive loss, December 31, 2022 | $ | (304.4) |  |  | $ | (73.2) |  |  | $ | (231.2) |
Amortization of prior service cost | 0.4 |  |  | 0.1 |  |  | 0.3 |
Amortization of net actuarial losses | 2.0 |  |  | 0.5 |  |  | 1.5 |
Accumulated other comprehensive loss as of March 31, 2023 | $ | (302.0) |  |  | $ | (72.6) |  |  | $ | (229.4) |

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