XML 50 R38.htm IDEA: XBRL DOCUMENT v3.24.3

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Stockholders Equity

The following tables set forth changes in redeemable noncontrolling interests and stockholders’ equity attributed to AGCO Corporation and its subsidiaries and to noncontrolling interests for the three and nine months ended September 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, June 30, 2024			$	504.7					$	0.7					$	9.2					$	5,930.6					$	(1,886.7)					$	0.1					$	4,053.9
Stock compensation			—						—						3.8						—						—						—						3.8
Issuance of stock awards			—						—						(0.6)						(0.1)						—						—						(0.7)
Sale of minority interest			—						—						—						—						—						(0.1)						(0.1)
Comprehensive income:
Net income (loss)			(1.1)						—						—						30.0						—						—						30.0
Other comprehensive income:
Foreign currency translation adjustments			1.1						—						—						—						79.9						—						79.9
Defined pension and postretirement benefit plans, net of tax			—						—						—						—						2.0						—						2.0
Deferred gains and losses on derivatives, net of tax			—						—						—						—						1.6						—						1.6
Payment of dividends to stockholders			—						—						—						(21.6)						—						—						(21.6)
Redeemable noncontrolling interests measurement period adjustment (Note 2)			(167.2)						—						—						—						—						—						—
Balance, September 30, 2024			$	337.5					$	0.7					$	12.4					$	5,938.9					$	(1,803.2)					$	—					$	4,148.8

			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			—						—						18.6						—						—						—						18.6
Issuance of stock awards			—						—						(13.3)						(0.5)						—						—						(13.8)
SSARs exercised			—						—						(0.1)						—						—						—						(0.1)
Sale of minority interest			—						—						—						—						—						(0.1)						(0.1)
Comprehensive income:
Net loss			(2.9)						—						—						(169.1)						—						—						(169.1)
Other comprehensive income (loss):
Foreign currency translation adjustments			0.1						—						—						—						(107.2)						—						(107.2)
Defined pension and postretirement benefit plans, net of tax			—						—						—						—						5.6						—						5.6
Deferred gains and losses on derivatives, net of tax			—						—						—						—						6.5						—						6.5
Payment of dividends to stockholders			—						—						—						(251.5)						—						—						(251.5)
Equity transaction associated with JCA noncontrolling interest (Note 2)			—						—						3.1						—						—						—						3.1
Initial fair value of redeemable noncontrolling interests (Note 2)			332.2						—						—						—						—						—						—
Investment by redeemable noncontrolling interest (Note 2)			8.1						—						—						—						—						—						—
Balance, September 30, 2024			$	337.5					$	0.7					$	12.4					$	5,938.9					$	(1,803.2)					$	—					$	4,148.8

			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)
SSARs exercised			—						—						—						—						—						—
Comprehensive income:
Net income			—						—						280.6						—						(0.1)						280.5
Other comprehensive income (loss):
Foreign currency translation adjustments			—						—						—						(54.5)						—						(54.5)
Defined pension and postretirement benefit 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			—						—						832.4						—						(0.1)						832.3
Other comprehensive income (loss):
Foreign currency translation adjustments			—						—						—						64.1						—						64.1
Defined pension and postretirement benefit 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

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 nine months ended September 30, 2024 (in millions):

			Defined Pension and Postretirement Benefit Plans						Deferred Gains and Losses 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			—						0.8						(107.2)						(106.4)
Net losses reclassified from accumulated other comprehensive loss			5.6						5.7						—						11.3
Other comprehensive income (loss)			5.6						6.5						(107.2)						(95.1)
Accumulated other comprehensive income (loss), September 30, 2024			$	(233.0)					$	5.7					$	(1,575.9)					$	(1,803.2)

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 nine months ended September 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 September 30, 2024(1)						Three Months Ended September 30, 2023(1)
Derivatives:
Net losses on foreign currency contracts						$	2.2					$	3.0					Cost of goods sold
Net losses (gains) on commodity contracts						0.1						(0.2)						Cost of goods sold
Net gains on treasury rate locks						(0.2)						—						Interest expense, net
Reclassification before tax						2.1						2.8
Income tax benefit						(0.2)						(0.5)						Income tax provision
Reclassification net of tax						$	1.9					$	2.3
Defined pension and postretirement benefit plans:
Amortization of net actuarial losses						$	2.3					$	2.2					Other expense, net(2)
Amortization of prior service cost						0.4						0.3						Other expense, net(2)
Reclassification before tax						2.7						2.5
Income tax benefit						(0.7)						(0.6)						Income tax provision
Reclassification net of tax						$	2.0					$	1.9
Net losses reclassified from accumulated other comprehensive loss						$	3.9					$	4.2

__________________________________

(1) Losses (Gains) included within the Condensed Consolidated Statements of Operations for the three months ended September 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						Nine Months Ended September 30, 2024(1)						Nine Months Ended September 30, 2023(1)
Derivatives:
Net losses on foreign currency contracts						$	6.4					$	6.5					Cost of goods sold
Net losses (gains) on commodity contracts						0.3						(0.1)						Cost of goods sold
Net gains on treasury rate locks						(0.5)						—						Interest expense, net
Reclassification before tax						6.2						6.4
Income tax benefit						(0.5)						(1.4)						Income tax provision
Reclassification net of tax						$	5.7					$	5.0
Defined pension and postretirement benefit plans:
Amortization of net actuarial losses						$	6.7					$	6.4					Other expense, net(2)
Amortization of prior service cost						1.2						1.1						Other expense, net(2)
Reclassification before tax						7.9						7.5
Income tax benefit						(2.3)						(1.9)						Income tax provision
Reclassification net of tax						$	5.6					$	5.6
Net losses reclassified from accumulated other comprehensive loss						$	11.3					$	10.6

__________________________________

(1) Losses (Gains) included within the Condensed Consolidated Statements of Operations for the nine months ended September 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.

X

- References

No definition available.

+ Details

Name:	us-gaap_EquityAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss).

+ References

No definition available.

+ Details

Name:	us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-14A

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

+ Details

Name:	us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

+ Details

Name:	us-gaap_ScheduleOfStockholdersEquityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration