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Operations and Summary of Significant Accounting Policies (Tables)

12 Months Ended

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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