XML 30 R20.htm IDEA: XBRL DOCUMENT
v3.23.3

Changes in Stockholders' Equity | 9 Months Ended
--- | ---
Sep. 30, 2023
Stockholders' Equity Note [Abstract] |
Changes in Stockholders' Equity | CHANGES IN STOCKHOLDERS’ EQUITY The following tables set forth changes in stockholders’ equity attributed to AGCO Corporation and its subsidiaries and to noncontrolling interests for the three and nine months ended September 30, 2023 and 2022 (in millions):
| Common Stock |  | Additional Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Loss |  | Noncontrolling Interests |  | Total Stockholders’ Equity
Balance, June 30, 2023 | $ | 0.7 |  |  | $ | 36.1 |  |  | $ | 5,786.8 |  |  | $ | (1,684.8) |  |  | $ | 0.2 |  |  | $ | 4,139.0 |
Stock compensation | — |  |  | 10.2 |  |  | — |  |  | — |  |  | — |  |  | 10.2 |
Issuance of stock awards | — |  |  | (0.3) |  |  | — |  |  | — |  |  | — |  |  | (0.3) |
Comprehensive income: |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | — |  |  | — |  |  | 280.6 |  |  | — |  |  | (0.1) |  |  | 280.5 |
Other comprehensive income, net of reclassification adjustments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | — |  |  | — |  |  | — |  |  | (54.5) |  |  | — |  |  | (54.5) |
Defined benefit pension plans, net of tax | — |  |  | — |  |  | — |  |  | 1.9 |  |  | — |  |  | 1.9 |
Deferred gains and losses on derivatives, net of tax | — |  |  | — |  |  | — |  |  | 0.5 |  |  | — |  |  | 0.5 |
Payment of dividends to stockholders | — |  |  | — |  |  | (21.7) |  |  | — |  |  | — |  |  | (21.7) |
Balance, September 30, 2023 | $ | 0.7 |  |  | $ | 46.0 |  |  | $ | 6,045.7 |  |  | $ | (1,736.9) |  |  | $ | 0.1 |  |  | $ | 4,355.6 |
| Common Stock |  | Additional Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Loss |  | Noncontrolling Interests |  | Total Stockholders’ Equity
Balance, December 31, 2022 | $ | 0.7 |  |  | $ | 30.2 |  |  | $ | 5,654.6 |  |  | $ | (1,803.1) |  |  | $ | 0.2 |  |  | $ | 3,882.6 |
Stock compensation | — |  |  | 37.5 |  |  | — |  |  | — |  |  | — |  |  | 37.5 |
Issuance of stock awards | — |  |  | (20.5) |  |  | — |  |  | — |  |  | — |  |  | (20.5) |
SSARs exercised | — |  |  | (1.2) |  |  | — |  |  | — |  |  | — |  |  | (1.2) |
Comprehensive income: |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | — |  |  | — |  |  | 832.4 |  |  | — |  |  | (0.1) |  |  | 832.3 |
Other comprehensive income, net of reclassification adjustments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | — |  |  | — |  |  | — |  |  | 64.1 |  |  | — |  |  | 64.1 |
Defined benefit pension plans, net of tax | — |  |  | — |  |  | — |  |  | 5.6 |  |  | — |  |  | 5.6 |
Deferred gains and losses on derivatives, net of tax | — |  |  | — |  |  | — |  |  | (3.5) |  |  | — |  |  | (3.5) |
Payment of dividends to stockholders | — |  |  | — |  |  | (435.8) |  |  | — |  |  | — |  |  | (435.8) |
Adoption of ASU 2016-13 by finance joint ventures | — |  |  | — |  |  | (5.5) |  |  | — |  |  | — |  |  | (5.5) |
Balance, September 30, 2023 | $ | 0.7 |  |  | $ | 46.0 |  |  | $ | 6,045.7 |  |  | $ | (1,736.9) |  |  | $ | 0.1 |  |  | $ | 4,355.6 |
| Common Stock |  | Additional Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Loss |  | Noncontrolling Interests |  | Total Stockholders’ Equity
Balance, June 30, 2022 | $ | 0.7 |  |  | $ | 13.3 |  |  | $ | 5,130.3 |  |  | $ | (1,761.1) |  |  | $ | 0.1 |  |  | $ | 3,383.3 |
Stock compensation | — |  |  | 7.8 |  |  | — |  |  | — |  |  | — |  |  | 7.8 |
Issuance of stock awards | — |  |  | 0.7 |  |  | — |  |  | — |  |  | — |  |  | 0.7 |
Comprehensive income: |  |  |  |  |  |  |  |  |  |  |
Net income | — |  |  | — |  |  | 237.9 |  |  | — |  |  | — |  |  | 237.9 |
Other comprehensive loss, net of reclassification adjustments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | — |  |  | — |  |  | — |  |  | (75.7) |  |  | — |  |  | (75.7) |
Defined benefit pension plans, net of tax | — |  |  | — |  |  | — |  |  | (16.9) |  |  | — |  |  | (16.9) |
Deferred gains and losses on derivatives, net of tax | — |  |  | — |  |  | — |  |  | 1.3 |  |  | — |  |  | 1.3 |
Payment of dividends to stockholders | — |  |  | — |  |  | (17.9) |  |  | — |  |  | — |  |  | (17.9) |
Change in noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
Balance, September 30, 2022 | $ | 0.7 |  |  | $ | 21.8 |  |  | $ | 5,350.3 |  |  | $ | (1,852.4) |  |  | $ | 0.2 |  |  | $ | 3,520.6 |
| Common Stock |  | Additional Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Loss |  | Noncontrolling Interests |  | Total Stockholders’ Equity
Balance, December 31, 2021 | $ | 0.7 |  |  | $ | 3.9 |  |  | $ | 5,182.2 |  |  | $ | (1,770.9) |  |  | $ | 27.9 |  |  | $ | 3,443.8 |
Stock compensation | — |  |  | 25.4 |  |  | — |  |  | — |  |  | — |  |  | 25.4 |
Issuance of stock awards | — |  |  | (6.5) |  |  | (12.9) |  |  | — |  |  | — |  |  | (19.4) |
SSARs exercised | — |  |  | (1.0) |  |  | — |  |  | — |  |  | — |  |  | (1.0) |
Comprehensive income: |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | — |  |  | — |  |  | 567.4 |  |  | — |  |  | (14.9) |  |  | 552.5 |
Other comprehensive income, net of reclassification adjustments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | — |  |  | — |  |  | — |  |  | (62.8) |  |  | 0.9 |  |  | (61.9) |
Defined benefit pension plans, net of tax | — |  |  | — |  |  | — |  |  | (13.5) |  |  | — |  |  | (13.5) |
Deferred gains and losses on derivatives, net of tax | — |  |  | — |  |  | — |  |  | (5.2) |  |  | — |  |  | (5.2) |
Payment of dividends to stockholders | — |  |  | — |  |  | (386.4) |  |  | — |  |  | — |  |  | (386.4) |
Distributions to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | (13.8) |  |  | (13.8) |
Change in noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
Balance, September 30, 2022 | $ | 0.7 |  |  | $ | 21.8 |  |  | $ | 5,350.3 |  |  | $ | (1,852.4) |  |  | $ | 0.2 |  |  | $ | 3,520.6 |
Total comprehensive loss attributable to noncontrolling interests for the three and nine months ended September 30, 2023 and 2022 was as follows (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Net loss | $ | (0.1) |  |  | $ | — |  |  | $ | (0.1) |  |  | $ | (14.9) |
Other comprehensive income: |  |  |  |  |  |  |
Foreign currency translation adjustments | — |  |  | — |  |  | — |  |  | 0.9 |
Total comprehensive loss | $ | (0.1) |  |  | $ | — |  |  | $ | (0.1) |  |  | $ | (14.0) |
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, 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 (loss) income before reclassifications | — |  |  | (8.5) |  |  | 64.1 |  |  | 55.6 |
Net losses reclassified from accumulated other comprehensive loss | 5.6 |  |  | 5.0 |  |  | — |  |  | 10.6 |
Other comprehensive income (loss), net of reclassification adjustments | 5.6 |  |  | (3.5) |  |  | 64.1 |  |  | 66.2 |
Accumulated other comprehensive loss, September 30, 2023 | $ | (225.6) |  |  | $ | (4.4) |  |  | $ | (1,506.9) |  |  | $ | (1,736.9) |
The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the three and nine months ended September 30, 2023 and 2022 (in millions):
|  | Amount Reclassified from Accumulated Other Comprehensive Loss |  | Affected Line Item within the Condensed Consolidated Statements of Operations
Details about Accumulated Other Comprehensive Loss Components |  | Three Months Ended September 30, 2023(1) |  | Three Months Ended September 30, 2022(1) |
Derivatives: |  |  |  |  |  |
Net losses on foreign currency contracts |  | $ | 3.0 |  |  | $ | 5.5 |  |  | Cost of goods sold
Net (gains) losses on commodity contracts |  | (0.2) |  |  | 1.1 |  |  | Cost of goods sold
Reclassification before tax |  | 2.8 |  |  | 6.6 |  |  |
Income tax benefit |  | (0.5) |  |  | (1.5) |  |  | Income tax provision
Reclassification net of tax |  | $ | 2.3 |  |  | $ | 5.1 |  |  |
Defined benefit pension plans: |  |  |  |  |  |
Amortization of net actuarial losses |  | $ | 2.2 |  |  | $ | 2.0 |  |  | Other expense, net(2)
Amortization of prior service cost |  | 0.3 |  |  | — |  |  | Other expense, net(2)
Reclassification before tax |  | 2.5 |  |  | 2.0 |  |  |
Income tax benefit |  | (0.6) |  |  | (0.6) |  |  | Income tax provision
Reclassification net of tax |  | $ | 1.9 |  |  | $ | 1.4 |  |  |
Net losses reclassified from accumulated other comprehensive loss |  | $ | 4.2 |  |  | $ | 6.5 |  |  |
__________________________________ (1) Losses included within the Condensed Consolidated Statements of Operations for the three months ended September 30, 2023 and 2022, respectively. (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 16 for additional information on the Company’s defined benefit pension plans.
|  | Amount Reclassified from Accumulated Other Comprehensive Loss |  | Affected Line Item within the Condensed Consolidated Statements of Operations
Details about Accumulated Other Comprehensive Loss Components |  | Nine Months Ended September 30, 2023(1) |  | Nine Months Ended September 30, 2022(1) |
Derivatives: |  |  |  |  |  |
Net losses on foreign currency contracts |  | $ | 6.5 |  |  | $ | 8.2 |  |  | Cost of goods sold
Net (gains) losses on commodity contracts |  | (0.1) |  |  | 2.6 |  |  | Cost of goods sold
Reclassification before tax |  | 6.4 |  |  | 10.8 |  |  |
Income tax benefit |  | (1.4) |  |  | (2.6) |  |  | Income tax provision
Reclassification net of tax |  | $ | 5.0 |  |  | $ | 8.2 |  |  |
Defined benefit pension plans: |  |  |  |  |  |
Amortization of net actuarial losses |  | $ | 6.4 |  |  | $ | 6.4 |  |  | Other expense, net(2)
Amortization of prior service cost |  | 1.1 |  |  | 0.2 |  |  | Other expense, net(2)
Reclassification before tax |  | 7.5 |  |  | 6.6 |  |  |
Income tax benefit |  | (1.9) |  |  | (1.8) |  |  | Income tax provision
Reclassification net of tax |  | $ | 5.6 |  |  | $ | 4.8 |  |  |
Net losses reclassified from accumulated other comprehensive loss |  | $ | 10.6 |  |  | $ | 13.0 |  |  |
__________________________________ (1) Losses included within the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2023 and 2022, respectively. (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 16 for additional information on the Company’s defined benefit pension plans. Share Repurchase Program In November 2021, the Company entered into an accelerated share repurchase (“ASR”) agreement with a financial institution to repurchase an aggregate of $60.0 million of shares of its common stock. The Company received 393,733 shares in this transaction as of December 31, 2021. On January 19, 2022, the Company received an additional 113,824 shares upon final settlement of its November 2021 ASR agreement. All shares received under the ASR agreement were retired upon receipt, and the excess of the purchase price over par value per share was recorded to a combination of “Additional paid-in capital” and “Retained earnings” within the Company’s Condensed Consolidated Balance Sheets. During the three and nine months ended September 30, 2023, the Company did not purchase any shares directly or enter into any accelerated share repurchase agreements. As of September 30, 2023, the remaining amount authorized to be repurchased under board-approved share repurchase authorizations was approximately $110.0 million, which has no expiration date. Dividends On April 27, 2023, the Company's Board of Directors approved an increase to its quarterly dividend commencing in the second quarter of 2023 by 21% to $0.29 per common share and declared a special variable dividend of $5.00 per common share that was paid during the second quarter of 2023. During the three months ended September 30, 2023 and September 30, 2022, the Company declared and paid cash dividends of $0.29 and $0.24 per common share, respectively. During the nine months ended September 30, 2023 and September 30, 2022, the Company declared and paid cash dividends of $5.81 and $5.16 per common share, respectively. On October 26, 2023, the Company approved the quarterly dividend of $0.29 per common share to be paid on December 15, 2023, to all stockholders of record as of the close of business November 15, 2023.

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

X
- Definition The entire disclosure for equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-6 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-16 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration