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Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [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 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

Summary of Accumulated Other Comprehensive Income (Loss)

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)

Reclassifications Out of Accumulated Other Comprehensive Income (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 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

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(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.

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Tabular disclosure of the components of accumulated other comprehensive income (loss).

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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