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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Stockholders' Equity | 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 six months ended June 30, 2024 and 2023 (in millions):
| Redeemable Noncontrolling Interests |  | Common Stock |  | Additional Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Loss |  | Noncontrolling Interests |  | Total Stockholders’ Equity
Balance, March 31, 2024 | $ | — |  |  | $ | 0.7 |  |  | $ | — |  |  | $ | 6,505.9 |  |  | $ | (1,751.5) |  |  | $ | 0.1 |  |  | $ | 4,755.2 |
Stock compensation | — |  |  | — |  |  | 6.4 |  |  | — |  |  | — |  |  | — |  |  | 6.4 |
Issuance of stock awards | — |  |  | — |  |  | (0.3) |  |  | 0.1 |  |  | — |  |  | — |  |  | (0.2) |
Comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss | (1.8) |  |  | — |  |  | — |  |  | (367.1) |  |  | — |  |  | — |  |  | (367.1) |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | (1.0) |  |  | — |  |  | — |  |  | — |  |  | (135.1) |  |  | — |  |  | (135.1) |
Defined benefit pension plans, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | 1.9 |  |  | — |  |  | 1.9 |
Deferred gains and losses on derivatives, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | (2.0) |  |  | — |  |  | (2.0) |
Payment of dividends to stockholders | — |  |  | — |  |  | — |  |  | (208.3) |  |  | — |  |  | — |  |  | (208.3) |
Equity transaction associated with JCA noncontrolling interest (Note 2) | — |  |  | — |  |  | 3.1 |  |  | — |  |  | — |  |  | — |  |  | 3.1 |
Initial fair value of redeemable noncontrolling interests (Note 2) | 499.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Investment by redeemable noncontrolling interest (Note 2) | 8.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance, June 30, 2024 | $ | 504.7 |  |  | $ | 0.7 |  |  | $ | 9.2 |  |  | $ | 5,930.6 |  |  | $ | (1,886.7) |  |  | $ | 0.1 |  |  | $ | 4,053.9 |
| Redeemable Noncontrolling Interests |  | Common Stock |  | Additional Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Loss |  | Noncontrolling Interests |  | Total Stockholders’ Equity
Balance, December 31, 2023 | $ | — |  |  | $ | 0.7 |  |  | $ | 4.1 |  |  | $ | 6,360.0 |  |  | $ | (1,708.1) |  |  | $ | 0.1 |  |  | $ | 4,656.8 |
Stock compensation | — |  |  | — |  |  | 14.8 |  |  | — |  |  | — |  |  | — |  |  | 14.8 |
Issuance of stock awards | — |  |  | — |  |  | (12.7) |  |  | (0.4) |  |  | — |  |  | — |  |  | (13.1) |
SSARs exercised | — |  |  | — |  |  | (0.1) |  |  | — |  |  | — |  |  | — |  |  | (0.1) |
Comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss | (1.8) |  |  | — |  |  | — |  |  | (199.1) |  |  | — |  |  | — |  |  | (199.1) |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | (1.0) |  |  | — |  |  | — |  |  | — |  |  | (187.1) |  |  | — |  |  | (187.1) |
Defined benefit pension plans, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | 3.6 |  |  | — |  |  | 3.6 |
Deferred gains and losses on derivatives, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | 4.9 |  |  | — |  |  | 4.9 |
Payment of dividends to stockholders | — |  |  | — |  |  | — |  |  | (229.9) |  |  | — |  |  | — |  |  | (229.9) |
Equity transaction associated with JCA noncontrolling interest (Note 2) | — |  |  | — |  |  | 3.1 |  |  | — |  |  | — |  |  | — |  |  | 3.1 |
Initial fair value of redeemable noncontrolling interests (Note 2) | 499.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Investment by redeemable noncontrolling interest (Note 2) | 8.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance, June 30, 2024 | $ | 504.7 |  |  | $ | 0.7 |  |  | $ | 9.2 |  |  | $ | 5,930.6 |  |  | $ | (1,886.7) |  |  | $ | 0.1 |  |  | $ | 4,053.9 |
| Common Stock |  | Additional Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Loss |  | Noncontrolling Interests |  | Total Stockholders’ Equity
Balance, March 31, 2023 | $ | 0.7 |  |  | $ | 24.7 |  |  | $ | 5,863.7 |  |  | $ | (1,756.4) |  |  | $ | 0.2 |  |  | $ | 4,132.9 |
Stock compensation | — |  |  | 13.3 |  |  | — |  |  | — |  |  | — |  |  | 13.3 |
Issuance of stock awards | — |  |  | (1.8) |  |  | — |  |  | — |  |  | — |  |  | (1.8) |
SSARs exercised | — |  |  | (0.1) |  |  | — |  |  | — |  |  | — |  |  | (0.1) |
Comprehensive income: |  |  |  |  |  |  |  |  |  |  |
Net income | — |  |  | — |  |  | 319.2 |  |  | — |  |  | — |  |  | 319.2 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | — |  |  | — |  |  | — |  |  | 74.2 |  |  | — |  |  | 74.2 |
Defined benefit pension plans, net of tax | — |  |  | — |  |  | — |  |  | 1.9 |  |  | — |  |  | 1.9 |
Deferred gains and losses on derivatives, net of tax | — |  |  | — |  |  | — |  |  | (4.5) |  |  | — |  |  | (4.5) |
Payment of dividends to stockholders | — |  |  | — |  |  | (396.1) |  |  | — |  |  | — |  |  | (396.1) |
Balance, June 30, 2023 | $ | 0.7 |  |  | $ | 36.1 |  |  | $ | 5,786.8 |  |  | $ | (1,684.8) |  |  | $ | 0.2 |  |  | $ | 4,139.0 |
| 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 | — |  |  | 27.3 |  |  | — |  |  | — |  |  | — |  |  | 27.3 |
Issuance of stock awards | — |  |  | (20.2) |  |  | — |  |  | — |  |  | — |  |  | (20.2) |
SSARs exercised | — |  |  | (1.2) |  |  | — |  |  | — |  |  | — |  |  | (1.2) |
Comprehensive income: |  |  |  |  |  |  |  |  |  |  |
Net income | — |  |  | — |  |  | 551.8 |  |  | — |  |  | — |  |  | 551.8 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | — |  |  | — |  |  | — |  |  | 118.6 |  |  | — |  |  | 118.6 |
Defined benefit pension plans, net of tax | — |  |  | — |  |  | — |  |  | 3.7 |  |  | — |  |  | 3.7 |
Deferred gains and losses on derivatives, net of tax | — |  |  | — |  |  | — |  |  | (4.0) |  |  | — |  |  | (4.0) |
Payment of dividends to stockholders | — |  |  | — |  |  | (414.1) |  |  | — |  |  | — |  |  | (414.1) |
Adoption of ASU 2016-13 by finance joint ventures | — |  |  | — |  |  | (5.5) |  |  | — |  |  | — |  |  | (5.5) |
Balance, June 30, 2023 | $ | 0.7 |  |  | $ | 36.1 |  |  | $ | 5,786.8 |  |  | $ | (1,684.8) |  |  | $ | 0.2 |  |  | $ | 4,139.0 |
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 six months ended June 30, 2024 (in millions):
| Defined Benefit Pension Plans |  | Deferred Net (Losses) Gains on Derivatives |  | Cumulative Translation Adjustment |  | Total
Accumulated other comprehensive loss, December 31, 2023 | $ | (238.6) |  |  | $ | (0.8) |  |  | $ | (1,468.7) |  |  | $ | (1,708.1) |
Other comprehensive income (loss) before reclassifications | — |  |  | 1.1 |  |  | (187.1) |  |  | (186.0) |
Net losses reclassified from accumulated other comprehensive loss | 3.6 |  |  | 3.8 |  |  | — |  |  | 7.4 |
Other comprehensive income (loss) | 3.6 |  |  | 4.9 |  |  | (187.1) |  |  | (178.6) |
Accumulated other comprehensive loss, June 30, 2024 | $ | (235.0) |  |  | $ | 4.1 |  |  | $ | (1,655.8) |  |  | $ | (1,886.7) |
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 six months ended June 30, 2024 and 2023 (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 June 30, 2024(1) |  | Three Months Ended June 30, 2023(1) |
Derivatives: |  |  |  |  |  |
Net losses on foreign currency contracts |  | $ | 1.6 |  |  | $ | 1.3 |  |  | Cost of goods sold
Net losses on commodity contracts |  | 0.2 |  |  | 0.5 |  |  | Cost of goods sold
Net gains on treasury rate locks |  | (0.3) |  |  | — |  |  | Interest expense, net
Reclassification before tax |  | 1.5 |  |  | 1.8 |  |  |
Income tax benefit |  | — |  |  | (0.6) |  |  | Income tax provision
Reclassification net of tax |  | $ | 1.5 |  |  | $ | 1.2 |  |  |
Defined benefit pension plans: |  |  |  |  |  |
Amortization of net actuarial losses |  | $ | 2.2 |  |  | $ | 2.2 |  |  | Other expense, net(2)
Amortization of prior service cost |  | 0.4 |  |  | 0.4 |  |  | Other expense, net(2)
Reclassification before tax |  | 2.6 |  |  | 2.6 |  |  |
Income tax benefit |  | (0.7) |  |  | (0.7) |  |  | Income tax provision
Reclassification net of tax |  | $ | 1.9 |  |  | $ | 1.9 |  |  |
Net losses reclassified from accumulated other comprehensive loss |  | $ | 3.4 |  |  | $ | 3.1 |  |  |
__________________________________ (1) Losses included within the Condensed Consolidated Statements of Operations for the three months ended June 30, 2024 and 2023, respectively. (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 15 for additional information.
|  | Amount Reclassified from Accumulated Other Comprehensive Loss |  | Affected Line Item within the Condensed Consolidated Statements of Operations
Details about Accumulated Other Comprehensive Loss Components |  | Six Months Ended June 30, 2024(1) |  | Six Months Ended June 30, 2023(1) |
Derivatives: |  |  |  |  |  |
Net losses on foreign currency contracts |  | $ | 4.2 |  |  | $ | 3.5 |  |  | Cost of goods sold
Net losses on commodity contracts |  | 0.2 |  |  | 0.1 |  |  | Cost of goods sold
Net gains on treasury rate locks |  | (0.3) |  |  | — |  |  | Interest expense, net
Reclassification before tax |  | 4.1 |  |  | 3.6 |  |  |
Income tax benefit |  | (0.3) |  |  | (0.9) |  |  | Income tax provision
Reclassification net of tax |  | $ | 3.8 |  |  | $ | 2.7 |  |  |
Defined benefit pension plans: |  |  |  |  |  |
Amortization of net actuarial losses |  | $ | 4.4 |  |  | $ | 4.2 |  |  | Other expense, net(2)
Amortization of prior service cost |  | 0.8 |  |  | 0.8 |  |  | Other expense, net(2)
Reclassification before tax |  | 5.2 |  |  | 5.0 |  |  |
Income tax benefit |  | (1.6) |  |  | (1.3) |  |  | Income tax provision
Reclassification net of tax |  | $ | 3.6 |  |  | $ | 3.7 |  |  |
Net losses reclassified from accumulated other comprehensive loss |  | $ | 7.4 |  |  | $ | 6.4 |  |  |
__________________________________ (1) Losses included within the Condensed Consolidated Statements of Operations for the six months ended June 30, 2024 and 2023, respectively. (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 15 for additional information. Share Repurchase Program In November 2023, the Company entered into an accelerated share repurchase (“ASR”) agreement with a financial institution to repurchase $53.0 million of shares of its common stock. The Company received approximately 371,669 shares associated with this transaction as of December 31, 2023. In January 2024, the Company received an additional 82,883 shares upon final settlement of its November 2023 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 six months ended June 30, 2024, the Company did not purchase any shares directly or enter into any accelerated share repurchase agreements. As of June 30, 2024, the remaining amount authorized to be repurchased under board-approved share repurchase authorizations was approximately $57.0 million, which has no expiration date. Dividends On April 25, 2024, the Company's Board of Directors declared a special variable dividend of $2.50 per common share that was paid during the second quarter of 2024. During the three months ended June 30, 2024 and June 30, 2023, the Company declared and paid cash dividends of $2.79 and $5.28 per common share, respectively. During the six months ended June 30, 2024 and June 30, 2023, the Company declared and paid cash dividends of $3.08 and $5.52 per common share, respectively. On July 11, 2024, the Company's Board of Directors declared a regular quarterly dividend of $0.29 per common share to be paid on September 16, 2024, to all stockholders of record as of the close of business on August 15, 2024.

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