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Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
Schedule of Cash and Cash Equivalents | Cash and cash equivalents reported in the Consolidated Balance Sheets as of December 31, 2023, 2022 and 2021 and cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021 are as follows (in millions):
| December 31, 2023 |  | December 31, 2022 |  | December 31, 2021
Cash(1) | $ | 463.8 |  |  | $ | 656.7 |  |  | $ | 833.0 |
Cash equivalents(2) | 131.2 |  |  | 130.8 |  |  | 49.2 |
Restricted cash(3) | 0.5 |  |  | 2.0 |  |  | 6.9 |
Total | $ | 595.5 |  |  | $ | 789.5 |  |  | $ | 889.1 |
____________________________________ (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 a guarantee.
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, 2023 |  | North America |  | South America |  | Europe/ Middle East |  | Asia/ Pacific/Africa |  | Consolidated
0 to 6 months |  | $ | 3,059.9 |  |  | $ | 2,140.2 |  |  | $ | 7,528.1 |  |  | $ | 885.0 |  |  | $ | 13,613.2 |  |  | 94.5 | %
7 to 12 months |  | 689.3 |  |  | 93.2 |  |  | 12.4 |  |  | — |  |  | 794.9 |  |  | 5.5 | %
13 to 24 months |  | 3.5 |  |  | 0.8 |  |  | — |  |  | — |  |  | 4.3 |  |  | — | %
|  | $ | 3,752.7 |  |  | $ | 2,234.2 |  |  | $ | 7,540.5 |  |  | $ | 885.0 |  |  | $ | 14,412.4 |  |  | 100.0 | %
Trade Allowances and Sales Incentive Discounts | Accounts and notes receivable allowances at December 31, 2023 and 2022 were as follows (in millions):
| 2023 |  | 2022
Sales incentive discounts | $ | 54.7 |  |  | $ | 7.6 |
Allowance for credit losses | 31.9 |  |  | 31.3 |
| $ | 86.6 |  |  | $ | 38.9 |
Schedule of Accounts Receivable Allowance for Credit Losses |
|  |  |  | Additions |  |  |  |  |  |  |  |
Description |  | Balance at Beginning of Period |  | Acquired Businesses |  | Charged to Costs and Expenses |  |  |  | Write-offs |  | Foreign Currency Translation |  | Balance at End of Period
Year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowances for credit losses |  | $ | 31.3 |  |  | $ | — |  |  | $ | 4.2 |  |  |  |  | $ | (4.6) |  |  | $ | 1.0 |  |  | $ | 31.9 |
Year ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowances for credit losses |  | $ | 32.6 |  |  | $ | 0.1 |  |  | $ | 3.3 |  |  |  |  | $ | (3.2) |  |  | $ | (1.5) |  |  | $ | 31.3 |
Year ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowances for credit losses |  | $ | 36.4 |  |  | $ | 0.2 |  |  | $ | 0.5 |  |  |  |  | $ | (2.8) |  |  | $ | (1.7) |  |  | $ | 32.6 |
Schedule of Notes Receivable Allowance for Credit Losses |
|  |  |  | Additions |  |  |  |  |  |  |  |
Description |  | Balance at Beginning of Period |  | Acquired Businesses |  | Charged to Costs and Expenses |  |  |  | Write-offs |  | Foreign Currency Translation |  | Balance at End of Period
Year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowances for credit losses |  | $ | 31.3 |  |  | $ | — |  |  | $ | 4.2 |  |  |  |  | $ | (4.6) |  |  | $ | 1.0 |  |  | $ | 31.9 |
Year ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowances for credit losses |  | $ | 32.6 |  |  | $ | 0.1 |  |  | $ | 3.3 |  |  |  |  | $ | (3.2) |  |  | $ | (1.5) |  |  | $ | 31.3 |
Year ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowances for credit losses |  | $ | 36.4 |  |  | $ | 0.2 |  |  | $ | 0.5 |  |  |  |  | $ | (2.8) |  |  | $ | (1.7) |  |  | $ | 32.6 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | The acquired intangible assets have a weighted average useful life as follows:
Intangible Assets |  | Weighted-Average Useful Life
Patents and technology |  | 10 years
Customer relationships |  | 13 years
Trademarks and trade names |  | 19 years
Land use rights |  | 46 years
Changes in the carrying amount of acquired intangible assets during 2023 and 2022 are summarized as follows (in millions):
Gross Carrying Amounts | Trademarks and Trade Names |  | Customer Relationships |  | Patents and Technology |  | Land Use Rights |  | Total
Gross carrying amounts: |  |  |  |  |  |  |  |  |
Balance as of December 31, 2021 | $ | 189.0 |  |  | $ | 568.6 |  |  | $ | 139.9 |  |  | $ | 7.0 |  |  | $ | 904.5 |
Acquisitions | 7.1 |  |  | 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 |
Impairment charge | — |  |  | — |  |  | (5.1) |  |  | — |  |  | (5.1) |
Foreign currency translation | 2.5 |  |  | 6.2 |  |  | 2.7 |  |  | (0.2) |  |  | 11.2 |
Balance as of December 31, 2023 | $ | 194.3 |  |  | $ | 580.7 |  |  | $ | 148.2 |  |  | $ | 6.3 |  |  | $ | 929.5 |
Accumulated Amortization | Trademarks and Trade Names |  | Customer Relationships |  | Patents and Technology |  | Land Use Rights |  | Total
Accumulated amortization: |  |  |  |  |  |  |  |  |
Balance as of December 31, 2021 | $ | 93.1 |  |  | $ | 409.7 |  |  | $ | 94.7 |  |  | $ | 1.5 |  |  | $ | 599.0 |
Amortization expense | 11.7 |  |  | 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 |
Amortization expense | 10.0 |  |  | 36.8 |  |  | 10.8 |  |  | 0.1 |  |  | 57.7 |
Impairment charge | — |  |  | — |  |  | (1.0) |  |  | — |  |  | (1.0) |
Foreign currency translation | 1.2 |  |  | 5.8 |  |  | 2.0 |  |  | — |  |  | 9.0 |
Balance as of December 31, 2023 | $ | 114.5 |  |  | $ | 483.4 |  |  | $ | 113.3 |  |  | $ | 1.7 |  |  | $ | 712.9 |
Schedule of Components of Interest Expense, Net | Interest expense, net for the years ended December 31, 2023, 2022 and 2021 consisted of the following (in millions):
| 2023 |  | 2022 |  | 2021
Interest expense | $ | 68.8 |  |  | $ | 46.0 |  |  | $ | 25.4 |
Interest income | (64.2) |  |  | (33.0) |  |  | (18.7) |
| $ | 4.6 |  |  | $ | 13.0 |  |  | $ | 6.7 |
Schedule of Comprehensive Income (Loss) | The components of other comprehensive income (loss) and the related tax effects for the years ended December 31, 2023, 2022 and 2021 are as follows (in millions):
| AGCO Corporation and Subsidiaries |  | Noncontrolling Interests
| 2023 |  | 2023
| Before-tax Amount |  | Income Taxes |  | After-tax Amount |  | After-tax Amount
Defined benefit pension plans | $ | (10.0) |  |  | $ | 2.6 |  |  | $ | (7.4) |  |  | $ | — |
Deferred gains and losses on derivatives | (0.3) |  |  | 0.4 |  |  | 0.1 |  |  | — |
Foreign currency translation adjustments | 102.3 |  |  | — |  |  | 102.3 |  |  | — |
Total components of other comprehensive income | $ | 92.0 |  |  | $ | 3.0 |  |  | $ | 95.0 |  |  | $ | — |
| AGCO Corporation and Subsidiaries |  | Noncontrolling Interests
| 2022 |  | 2022
| Before-tax Amount |  | Income Taxes |  | After-tax Amount |  | After-tax Amount
Defined benefit pension plans | $ | (2.0) |  |  | $ | 1.2 |  |  | $ | (0.8) |  |  | $ | — |
Deferred gains and losses on derivatives | (0.5) |  |  | — |  |  | (0.5) |  |  | — |
Foreign currency translation adjustments | (30.9) |  |  | — |  |  | (30.9) |  |  | 0.9 |
Total components of other comprehensive loss | $ | (33.4) |  |  | $ | 1.2 |  |  | $ | (32.2) |  |  | $ | 0.9 |
| AGCO Corporation and Subsidiaries |  | Noncontrolling Interests
| 2021 |  | 2021
| Before-tax Amount |  | Income Taxes |  | After-tax Amount |  | After-tax Amount
Defined benefit pension plans | $ | 110.1 |  |  | $ | (27.2) |  |  | $ | 82.9 |  |  | $ | — |
Deferred gains and losses 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) |

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