XML 47 R38.htm IDEA: XBRL DOCUMENT v3.23.1

Pension and Postretirement Benefit Plans (Tables)

3 Months Ended

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)

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://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

+ 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
-Topic 715
-SubTopic 20
-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration