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Changes in Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Schedule of 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

Schedule of Comprehensive Income (Loss) Attributable to Noncontrolling Interests

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)

Summary of Accumulated Other Comprehensive (Loss) 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, 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)

Reclassification Out of Accumulated Other Comprehensive Loss

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.

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