SEC Info - Agco Corp/DE - ‘10-Q’ for 9/30/19

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		Alternative Formats (Word, et al.) Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2018 Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2019 and 2018 Condensed Consolidated Statements of Operations for the Nine Months Ended September 30, 2019 and 2018 Condensed Consolidated Statements of Operations for the Three Months Ended September 30, 2019 and 2018 Controls and Procedures Exhibits Financial Statements (unaudited) Legal Proceedings Management's Discussion and Analysis of Financial Condition and Results of Operations Notes to Condensed Consolidated Financial Statements Part I. Financial Information Part Ii. Other Information Quantitative and Qualitative Disclosures about Market Risk Signatures Table of Contents Unregistered Sales of Equity Securities and Use of Proceeds
1	1st Page – Filing Submission
"	Table of Contents
"	Part I. Financial Information
"	Financial Statements (unaudited)
"	Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018
"	Condensed Consolidated Statements of Operations for the Three Months Ended September 30, 2019 and 2018
"	Condensed Consolidated Statements of Operations for the Nine Months Ended September 30, 2019 and 2018
"	Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2019 and 2018
"	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2018
"	Notes to Condensed Consolidated Financial Statements
"	Management's Discussion and Analysis of Financial Condition and Results of Operations
"	Quantitative and Qualitative Disclosures about Market Risk
"	Controls and Procedures
"	Part Ii. Other Information
"	Legal Proceedings
"	Unregistered Sales of Equity Securities and Use of Proceeds
"	Exhibits
"	Signatures

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agco:employee iso4217:USD iso4217:USD xbrli:shares agco:country xbrli:shares iso4217:EUR agco:loan_agreement xbrli:pure agco:reportable_segment iso4217:BRL




i ☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended i September 30, 2019



i ☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from _________ to _________

Commission File Number: i 001-12930



i Delaware		i 58-1960019
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
i 4205 River Green Parkway
i Duluth,	i Georgia	i 30096
(Address of principal executive offices)		(Zip Code)

(Registrants telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



☒	i Large accelerated filer	☐	Accelerated filer	☐	Non-accelerated filer	i ☐	Smaller reporting company	i ☐	Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). i ☐ Yes ☒ No



Securities registered pursuant to Section 12(b) of the Act
Title of Class	Trading Symbol	Name of exchange on which registered
i Common stock	i AGCO	i New York Stock Exchange

As of November 4, 2019, there were i 75,522,341 shares of the registrant’s common stock, par value of $0.01 per share, outstanding.

AGCO CORPORATION AND SUBSIDIARIES

FINANCIAL INFORMATION

FINANCIAL STATEMENTS

AGCO CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited and in millions, except share amounts)



	September 30, 2019			December 31, 2018
ASSETS
Current Assets:
Cash and cash equivalents	$	i 282.0		$	i 326.1
Accounts and notes receivable, net	i 918.1			i 880.3
Inventories, net	i 2,311.3			i 1,908.7
Other current assets	i 445.2			i 422.3
Total current assets	i 3,956.6			i 3,537.4
Property, plant and equipment, net	i 1,349.8			i 1,373.1
Right-of-use lease assets	i 193.5			i —
Investment in affiliates	i 399.2			i 400.0
Deferred tax assets	i 71.3			i 104.9
Other assets	i 134.1			i 142.4
Intangible assets, net	i 518.7			i 573.1
Goodwill	i 1,456.0			i 1,495.5
Total assets	$	i 8,079.2		$	i 7,626.4

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Current portion of long-term debt	$	i 63.6		$	i 72.6
Short-term borrowings	i 229.7			i 138.0
Senior term loan	i 218.0			i —
Accounts payable	i 817.3			i 865.9
Accrued expenses	i 1,530.8			i 1,522.4
Other current liabilities	i 168.3			i 167.8
Total current liabilities	i 3,027.7			i 2,766.7
Long-term debt, less current portion and debt issuance costs	i 1,269.2			i 1,275.3
Operating lease liabilities	i 154.8			i —
Pension and postretirement health care benefits	i 202.9			i 223.2
Deferred tax liabilities	i 113.6			i 116.3
Other noncurrent liabilities	i 272.2			i 251.4
Total liabilities	i 5,040.4			i 4,632.9
Commitments and contingencies (Note 17)	i			i
Stockholders’ Equity:
AGCO Corporation stockholders’ equity:
Preferred stock; $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding in 2019 and 2018	i —			i —
Common stock; $0.01 par value, 150,000,000 shares authorized, 75,915,726 and 76,536,755 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	i 0.8			i 0.8
Additional paid-in capital	i 3.9			i 10.2
Retained earnings	i 4,567.0			i 4,477.3
Accumulated other comprehensive loss	( i 1,595.1		)	( i 1,555.4		)
Total AGCO Corporation stockholders’ equity	i 2,976.6			i 2,932.9
Noncontrolling interests	i 62.2			i 60.6
Total stockholders’ equity	i 3,038.8			i 2,993.5
Total liabilities and stockholders’ equity	$	i 8,079.2		$	i 7,626.4

See accompanying notes to condensed consolidated financial statements.

AGCO CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in millions, except per share data)



	Three Months Ended September 30,
	2019			2018
Net sales	$	i 2,109.4		$	i 2,214.7
Cost of goods sold	i 1,659.2			i 1,741.0
Gross profit	i 450.2			i 473.7
Selling, general and administrative expenses	i 245.0			i 260.5
Operating expenses:
Engineering expenses	i 82.3			i 83.3
Restructuring expenses	i 1.3			i 1.5
Amortization of intangibles	i 14.9			i 15.3
Bad debt expense	i 0.8			i 1.8
Income from operations	i 105.9			i 111.3
Interest expense, net	i 6.4			i 7.0
Other expense, net	i 20.8			i 19.1
Income before income taxes and equity in net earnings of affiliates	i 78.7			i 85.2
Income tax provision	i 83.2			i 23.9
(Loss) income before equity in net earnings of affiliates	( i 4.5		)	i 61.3
Equity in net earnings of affiliates	i 10.8			i 9.4
Net income	i 6.3			i 70.7
Net loss attributable to noncontrolling interests	i 1.3			i 0.4
Net income attributable to AGCO Corporation and subsidiaries	$	i 7.6		$	i 71.1
Net income per common share attributable to AGCO Corporation and subsidiaries:
Basic	$	i 0.10		$	i 0.90
Diluted	$	i 0.10		$	i 0.89
Cash dividends declared and paid per common share	$	i 0.16		$	i 0.15
Weighted average number of common and common equivalent shares outstanding:
Basic	i 76.1			i 78.7
Diluted	i 76.7			i 79.7

See accompanying notes to condensed consolidated financial statements.

AGCO CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in millions, except per share data)



	Nine Months Ended September 30,
	2019		2018
Net sales	$	i 6,527.8	$	i 6,759.8
Cost of goods sold	i 5,057.0		i 5,301.8
Gross profit	i 1,470.8		i 1,458.0
Selling, general and administrative expenses	i 767.9		i 796.9
Operating expenses:
Engineering expenses	i 254.3		i 267.2
Restructuring expenses	i 3.0		i 10.1
Amortization of intangibles	i 45.6		i 49.2
Bad debt expense	i 2.1		i 4.7
Income from operations	i 397.9		i 329.9
Interest expense, net	i 15.9		i 38.5
Other expense, net	i 47.0		i 57.8
Income before income taxes and equity in net earnings of affiliates	i 335.0		i 233.6
Income tax provision	i 155.8		i 73.8
Income before equity in net earnings of affiliates	i 179.2		i 159.8
Equity in net earnings of affiliates	i 33.2		i 26.3
Net income	i 212.4		i 186.1
Net loss attributable to noncontrolling interests	i 1.1		i 0.7
Net income attributable to AGCO Corporation and subsidiaries	$	i 213.5	$	i 186.8
Net income per common share attributable to AGCO Corporation and subsidiaries:
Basic	$	i 2.79	$	i 2.36
Diluted	$	i 2.77	$	i 2.33
Cash dividends declared and paid per common share	$	i 0.47	$	i 0.45
Weighted average number of common and common equivalent shares outstanding:
Basic	i 76.4		i 79.2
Diluted	i 77.1		i 80.1

See accompanying notes to condensed consolidated financial statements.

AGCO CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited and in millions)



	Three Months Ended September 30,
	2019			2018
Net income	$	i 6.3		$	i 70.7
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments	( i 62.7		)	( i 53.1		)
Defined benefit pension plans, net of tax	i 2.8			i 2.9
Deferred gains and losses on derivatives, net of tax	( i 1.6		)	i 0.9
Other comprehensive loss, net of reclassification adjustments	( i 61.5		)	( i 49.3		)
Comprehensive (loss) income	( i 55.2		)	i 21.4
Comprehensive loss attributable to noncontrolling interests	i 2.0			i 1.3
Comprehensive (loss) income attributable to AGCO Corporation and subsidiaries	$	( i 53.2	)	$	i 22.7



	Nine Months Ended September 30,
	2019			2018
Net income	$	i 212.4		$	i 186.1
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments	( i 46.1		)	( i 233.8		)
Defined benefit pension plans, net of tax	i 8.8			i 9.0
Deferred gains and losses on derivatives, net of tax	( i 0.9		)	i 1.5
Other comprehensive loss, net of reclassification adjustments	( i 38.2		)	( i 223.3		)
Comprehensive income (loss)	i 174.2			( i 37.2		)
Comprehensive (income) loss attributable to noncontrolling interests	( i 0.4		)	i 3.7
Comprehensive income (loss) attributable to AGCO Corporation and subsidiaries	$	i 173.8		$	( i 33.5	)

See accompanying notes to condensed consolidated financial statements.

AGCO CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in millions)



	Nine Months Ended September 30,
	2019			2018
Cash flows from operating activities:
Net income	$	i 212.4		$	i 186.1
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	i 159.2			i 170.1
Amortization of intangibles	i 45.6			i 49.2
Stock compensation expense	i 32.9			i 33.0
Equity in net earnings of affiliates, net of cash received	( i 26.3		)	( i 21.8		)
Deferred income tax provision (benefit)	i 43.1			( i 17.7		)
Loss on extinguishment of debt	i —			i 15.7
Other	i 1.9			( i 2.2		)
Changes in operating assets and liabilities:
Accounts and notes receivable, net	( i 85.1		)	( i 59.8		)
Inventories, net	( i 503.4		)	( i 398.0		)
Other current and noncurrent assets	( i 47.0		)	( i 67.3		)
Accounts payable	( i 4.1		)	( i 18.4		)
Accrued expenses	i 23.7			i 55.9
Other current and noncurrent liabilities	i 66.9			i 71.2
Total adjustments	( i 292.6		)	( i 190.1		)
Net cash used in operating activities	( i 80.2		)	( i 4.0		)
Cash flows from investing activities:
Purchases of property, plant and equipment	( i 188.1		)	( i 138.5		)
Proceeds from sale of property, plant and equipment	i 0.9			i 2.6
Investments in unconsolidated affiliates	i —			( i 5.8		)
Other	i —			i 0.4
Net cash used in investing activities	( i 187.2		)	( i 141.3		)
Cash flows from financing activities:
Proceeds from indebtedness	i 1,998.3			i 3,262.5
Repayments of indebtedness	( i 1,600.5		)	( i 3,046.1		)
Purchases and retirement of common stock	( i 100.0		)	( i 84.3		)
Payment of dividends to stockholders	( i 35.9		)	( i 35.6		)
Payment of minimum tax withholdings on stock compensation	( i 27.5		)	( i 3.7		)
Payment of debt issuance costs	( i 0.5		)	( i 1.6		)
Investment by noncontrolling interests	i 1.2			i 0.8
Net cash provided by financing activities	i 235.1			i 92.0
Effects of exchange rate changes on cash and cash equivalents	( i 11.8		)	( i 21.7		)
Decrease in cash and cash equivalents	( i 44.1		)	( i 75.0		)
Cash and cash equivalents, beginning of period	i 326.1			i 367.7
Cash and cash equivalents, end of period	$	i 282.0		$	i 292.7

See accompanying notes to condensed consolidated financial statements.

AGCO CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. i BASIS OF PRESENTATION

The condensed consolidated financial statements of AGCO Corporation and its subsidiaries (the “Company” or “AGCO”) included herein have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to present fairly the Company’s financial position, results of operations, comprehensive income (loss) and cash flows at the dates and for the periods presented. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Results for interim periods are not necessarily indicative of the results for the year. Certain prior period amounts have been reclassified to conform to the current period presentation.

Recent Accounting Pronouncements

In February 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”), which allows for the election to reclassify the disproportionate income tax effects of the Tax Cuts and Jobs Act (the “2017 Tax Act”) on items within accumulated other comprehensive income (loss) to retained earnings. These disproportionate income tax effect items are referred to as “stranded tax effects.” The amendments within ASU 2018-02 only relate to the reclassification of the income tax effects of the 2017 Tax Act. Certain disclosures are required in the period of adoption as to whether an entity has elected to reclassify the stranded tax effects. The Company adopted the standard effective January 1, 2019, and the adoption did not have a material impact on the Company’s results of operations, financial condition and cash flows.

In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”), which eliminates Step 2 from the goodwill impairment test. Under the standard, an entity should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, resulting in an impairment charge that is the amount by which the carrying amount exceeds the reporting unit’s fair value. The impairment charge, however, should not exceed the total amount of goodwill allocated to a reporting unit. The impairment assessment under ASU 2017-04 applies to all reporting units, including those with a zero or negative carrying amount. ASU 2017-04 is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods using a prospective approach. Early adoption is permitted for any interim or annual goodwill impairment test performed on testing dates after January 1, 2017. The Company expects to adopt ASU 2017-04 effective January 1, 2020 and will apply the standard to all impairment tests performed thereafter.

In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which requires measurement and recognition of expected versus incurred credit losses for financial assets held. ASU 2016-13 is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods as the adoption of the standard relates to the Company. In October 2019, the FASB voted to delay the effective date of ASU 2016-13 for smaller reporting companies and other non-SEC reporting entities. The approval applies to the Company’s equity method finance joint ventures who will now be required to adopt ASU 2016-13 for annual periods beginning after December 15, 2022 and interim periods within those annual periods. In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments” (“ASU 2019-04”), which provides, among other things, targeted improvements to certain aspects of accounting for credit losses addressed by ASU 2016-13. The effective dates for ASU 2019-04 are the same as the effective dates for ASU 2016-03. The standard, and its subsequent modification, is not expected to have a material impact on the Company’s results of operations, financial condition and cash flows as it relates to the Company’s financial assets; however, it will likely impact the results of operations and financial condition of the Company’s finance joint ventures. Therefore, adoption of the standard by the Company’s finance joint ventures will likely impact the Company’s “Investment in affiliates” and “Equity in net earnings of affiliates.” The Company’s finance joint ventures are currently evaluating the standard’s impact to their results of operations and financial condition.

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Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

In February 2016, the FASB issued ASU 2016-02, “Leases” (“ASU 2016-02”), which superseded the existing lease guidance under current U.S. GAAP. ASU 2016-02 is based on the principle that entities should recognize assets and liabilities arising from leases. The new standard does not significantly change the lessees’ recognition, measurement and presentation of expenses and cash flows from the previous accounting standard and leases continue to be classified as finance or operating. The primary change under ASU 2016-02 is the requirement for entities to recognize a lease liability for payments and a right-of-use (“ROU”) asset representing the right to use the leased asset during the term of an operating lease arrangement. Lessees were permitted to make an accounting policy election to not recognize the asset and liability for leases with a term of 12 months or less. Lessors’ accounting under the new standard was largely unchanged from the previous accounting standard. In addition, ASU 2016-02 expanded the disclosure requirements of lease arrangements. Upon adoption, lessees and lessors were required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. In July 2018, the FASB issued ASU 2018-11, “Targeted Improvements,” which allowed for a new, optional transition method that provided the option to use the effective date as the date of initial application on transition. Under this option, the comparative periods would continue to apply the legacy guidance in ASC 840, including the disclosure requirements, and a cumulative effect adjustment would be recognized in the period of adoption rather than the earliest period presented. Under this transition option, comparative reporting would not be required and the provisions of the standard would be applied prospectively to leases in effect at the date of adoption.

The Company adopted the new guidance effective January 1, 2019 using a modified retrospective approach and no cumulative effect adjustment was recorded upon adoption. Based on the Company’s current lease portfolio, the adoption of the standard as of January 1, 2019 resulted in the recognition on that date of ROU assets and operating lease liabilities in the amount of approximately $ i 194.2 million and $ i 196.4 million, respectively, in the Company’s Condensed Consolidated Balance Sheets. The adoption of the new standard did not materially impact the Company’s Condensed Consolidated Statements of Operations or Condensed Consolidated Statements of Cash Flows.

ASU 2016-02 provided a number of optional practical expedients in transition. The Company elected the “package of practical expedients” which permitted the Company not to reassess its prior conclusions about lease identification, lease classification and initial direct costs. The Company has elected the short-term lease exemption for all leases with a term of 12 months or less for both existing and ongoing operating leases. The Company elected the practical expedient to separate lease and non-lease components for a majority of its operating leases, other than real estate and office equipment leases.

In connection with the adoption of ASU 2016-02 on January 1, 2019, the Company completed the design of new processes and internal controls, which included the implementation of a software solution and the cataloging of the Company’s existing and ongoing population of leased assets. See Note 19 for additional information and related disclosures.

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Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

2. i RESTRUCTURING EXPENSES

From 2014 through 2019, the Company announced and initiated several actions to rationalize employee headcount at various manufacturing facilities and various administrative offices located in Europe, South America, Africa, China and the United States in order to reduce costs in response to softening global market demand and lower production volumes. The aggregate headcount reduction was approximately i 3,890 employees between 2014 and 2018. During the nine months ended September 30, 2019, the Company recorded severance and related costs associated with further rationalizations in connection with the termination of approximately i 140 employees. i Restructuring expenses activity during the nine months ended September 30, 2019 is summarized as follows (in millions):



	Write-down of Property, Plant and Equipment			Employee Severance			Total
Balance as of December 31, 2018	$	i —		$	i 7.1		$	i 7.1
First quarter 2019 provision	i 0.3			i 1.4			i 1.7
Less: Non-cash expense	( i 0.3		)	i —			( i 0.3		)
Cash expense	i —			i 1.4			i 1.4
First quarter 2019 cash activity	i —			( i 2.6		)	( i 2.6		)
Foreign currency translation	i —			( i 0.1		)	( i 0.1		)
Balance as of March 31, 2019	$	i —		$	i 5.8		$	i 5.8
Second quarter 2019 provision	i —			i —			i —
Second quarter 2019 cash activity	i —			( i 0.8		)	( i 0.8		)
Foreign currency translation	i —			i —			i —
Balance as of June 30, 2019	$	i —		$	i 5.0		$	i 5.0
Third quarter 2019 provision	i —			i 1.3			i 1.3
Third quarter 2019 cash activity	i —			( i 1.1		)	( i 1.1		)
Foreign currency translation	i —			( i 0.4		)	( i 0.4		)
Balance as of September 30, 2019	$	i —		$	i 4.8		$	i 4.8

3. i STOCK COMPENSATION PLANS

The Company recorded stock compensation expense as follows for the three and nine months ended September 30, 2019 and 2018 (in millions):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Cost of goods sold	$	i 0.3	$	i 0.8	$	i 1.3	$	i 2.7
Selling, general and administrative expenses	i 7.8		i 9.7		i 32.0		i 30.6
Total stock compensation expense	$	i 8.1	$	i 10.5	$	i 33.3	$	i 33.3

Stock Incentive Plan

Under the Company’s Long-Term Incentive Plan (the “Plan”), up to i 10,000,000 shares of AGCO common stock may be issued. As of September 30, 2019, of the i 10,000,000 shares reserved for issuance under the Plan, approximately i 3,500,240 shares were available for grant, assuming the maximum number of shares are earned related to the performance award grants discussed below. The Plan allows the Company, under the direction of the Board of Directors’ Compensation Committee, to make grants of performance shares, stock appreciation rights, restricted stock units and restricted stock awards to employees, officers and non-employee directors of the Company.

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Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

Long-Term Incentive Plan and Related Performance Awards

The weighted average grant-date fair value of performance awards granted under the Plan during the nine months ended September 30, 2019 and 2018 was $ i 61.01 and $ i 71.40, respectively.

During the nine months ended September 30, 2019, the Company granted i 542,180 performance awards related to varying performance periods. The awards granted assume the maximum target levels of performance are achieved. The compensation expense associated with all awards granted under the Plan is amortized ratably over the vesting or performance period based on the Company’s projected assessment of the level of performance that will be achieved. i Performance award transactions during the nine months ended September 30, 2019 were as follows and are presented as if the Company were to achieve its maximum levels of performance under the plan awards:



Shares awarded but not earned at January 1	i 938,862
Shares awarded	i 542,180
Shares forfeited	( i 43,856	)
Shares earned	( i 11,200	)
Shares awarded but not earned at September 30	i 1,425,986

As of September 30, 2019, the total compensation cost related to unearned performance awards not yet recognized, assuming the Company’s current projected assessment of the level of performance that will be achieved, was approximately $ i 37.0 million, and the weighted average period over which it is expected to be recognized was approximately i two years. The compensation cost not yet recognized could be higher or lower based on actual achieved levels of performance.

Restricted Stock Unit Awards

During the nine months ended September 30, 2019, the Company granted i 165,160 restricted stock unit (“RSU”) awards. These awards entitle the participant to receive i one share of the Company’s common stock for each RSU granted and vest one-third per year over a three-year requisite service period. The compensation expense associated with these awards is being amortized ratably over the requisite service period for the awards that are expected to vest. The weighted average grant-date fair value of the RSUs granted under the Plan during the nine months ended September 30, 2019 and 2018 was $ i 61.01 and $ i 63.99, respectively. i RSU transactions during the nine months ended September 30, 2019 were as follows:



RSUs awarded but not vested at January 1	i 352,975
RSUs awarded	i 165,160
RSUs forfeited	( i 7,604	)
RSUs vested	( i 111,419	)
RSUs awarded but not vested at September 30	i 399,112

As of September 30, 2019, the total compensation cost related to the unvested RSUs not yet recognized was approximately $ i 15.4 million, and the weighted average period over which it is expected to be recognized was approximately one and one-half years.

Stock-Settled Appreciation Rights

Compensation expense associated with the stock-settled appreciation rights (“SSARs”) is amortized ratably over the requisite service period for the awards that are expected to vest. The Company estimates the fair value of the grants using the Black-Scholes option pricing model. i SSAR transactions during the nine months ended September 30, 2019 were as follows:



SSARs outstanding at January 1	i 1,099,592
SSARs granted	i 243,600
SSARs exercised	( i 452,552	)
SSARs canceled or forfeited	( i 21,077	)
SSARs outstanding at September 30	i 869,563

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Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

As of September 30, 2019, the total compensation cost related to the unvested SSARs not yet recognized was approximately $ i 4.5 million, and the weighted average period over which it is expected to be recognized was approximately two and one-half years.

Director Restricted Stock Grants

The Plan provides for annual restricted stock grants of the Company’s common stock to all non-employee directors. The 2019 grant was made on April 25, 2019 and equated to i 19,386 shares of common stock, of which i 14,105 shares of common stock were issued after shares were withheld for taxes. The Company recorded stock compensation expense of approximately $ i 1.4 million during the nine months ended September 30, 2019 associated with these grants.

4. i GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of acquired intangible assets during the nine months ended September 30, 2019 are summarized as follows (in millions):

Trademarks and Tradenames

Customer Relationships

Patents and Technology

Land Use Rights

Total

Gross carrying amounts:

Balance as of December 31, 2018

i 203.4

i 586.3

i 155.8

i 8.6

i 954.1

Foreign currency translation

( i 4.1

)

( i 9.4

)

( i 3.8

)

( i 0.3

)

( i 17.6

)

Balance as of September 30, 2019

i 199.3

i 576.9

i 152.0

i 8.3

i 936.5

Trademarks and Tradenames

Customer Relationships

Patents and Technology

Land Use Rights

Total

Accumulated amortization:

Balance as of December 31, 2018

i 73.4

i 310.8

i 80.7

i 3.0

i 467.9

Amortization expense

i 8.3

i 29.8

i 7.4

i 0.1

i 45.6

Foreign currency translation

( i 1.4

)

( i 6.3

)

( i 2.5

)

( i 0.1

)

( i 10.3

)

Balance as of September 30, 2019

i 80.3

i 334.3

i 85.6

i 3.0

i 503.2



	Trademarks and Tradenames
Indefinite-lived intangible assets:
Balance as of December 31, 2018	$	i 86.9
Foreign currency translation	( i 1.5		)
Balance as of September 30, 2019	$	i 85.4

The Company currently amortizes certain acquired intangible assets, primarily on a straight-line basis, over their estimated useful lives, which range from three to i 50 years.

Changes in the carrying amount of goodwill during the nine months ended September 30, 2019 are summarized as follows (in millions):

North America

South America

Europe/Middle East

Asia/Pacific/Africa

Consolidated

Balance as of December 31, 2018

i 611.1

i 116.7

i 649.6

i 118.1

i 1,495.5

Foreign currency translation

i —

( i 7.9

)

( i 27.7

)

( i 3.9

)

( i 39.5

)

Balance as of September 30, 2019

i 611.1

i 108.8

i 621.9

i 114.2

i 1,456.0

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Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

Goodwill is tested for impairment on an annual basis and more often if indications of impairment exist. The Company conducts its annual impairment analyses as of October 1 each fiscal year. There were no indicators of impairment during the nine months ended September 30, 2019.

Long-term debt consisted of the following at September 30, 2019 and December 31, 2018 (in millions):



	September 30, 2019			December 31, 2018
1.056% Senior term loan due 2020	$	i 218.0		$	i 228.7
Senior term loan due 2022	i 163.5			i 171.5
Credit facility, expires 2023	i 109.0			i 114.4
1.002% Senior term loan due 2025	i 272.6			i —
Senior term loans due between 2019 and 2028	i 777.3			i 815.3
Other long-term debt	i 12.7			i 20.6
Debt issuance costs	( i 2.3		)	( i 2.6		)
	i 1,550.8			i 1,347.9
Less: 1.056% Senior term loan due 2020	( i 218.0		)	i —
Senior term loans due 2019	( i 61.1		)	( i 63.8		)
Current portion of other long-term debt	( i 2.5		)	( i 8.8		)
Total long-term indebtedness, less current portion	$	i 1,269.2		$	i 1,275.3

1.056% Senior Term Loan

In December 2014, the Company entered into a term loan with the European Investment Bank (“EIB”), which provided the Company with the ability to borrow up to € i 200.0 million. The € i 200.0 million (or approximately $ i 218.0 million as of September 30, 2019) of funding was received on January 15, 2015 with a maturity date of January 15, 2020. The Company is permitted to prepay the term loan before its maturity date. Interest is payable on the term loan at i 1.056% per annum, payable quarterly in arrears.

Senior Term Loan Due 2022

In October 2018, the Company entered into a term loan agreement with Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (“Rabobank”), in the amount of € i 150.0 million (or approximately $ i 163.5 million as of September 30, 2019). The Company has the ability to prepay the term loan before its maturity date of October 28, 2022. Interest is payable on the term loan quarterly in arrears at an annual rate equal to the Euro Interbank Offered Rate (“EURIBOR”) plus a margin ranging from i 0.875% to i 1.875% based on the Company’s credit rating.

In October 2018, the Company entered into an $ i 800.0 million multi-currency revolving credit facility. The credit facility matures on October 17, 2023. Interest accrues on amounts outstanding under the credit facility, at the Company’s option, at either (1) London Interbank Offered Rate (“LIBOR”) plus a margin ranging from i 0.875% to i 1.875% based on the Company’s credit rating, or (2) the base rate, which is equal to the higher of (i) the administrative agent’s base lending rate for the applicable currency, (ii) the federal funds rate plus i 0.5%, and (iii) one-month LIBOR for loans denominated in U.S. dollars plus i 1.0%, plus a margin ranging from i 0.0% to i 0.875% based on the Company’s credit rating. As of September 30, 2019, the Company had approximately $ i 109.0 million of outstanding borrowings under the credit facility and the ability to borrow approximately $ i 691.0 million under the facility. As of December 31, 2018, the Company had approximately $ i 114.4 million of outstanding borrowings under the credit facility and the ability to borrow approximately $ i 685.6 million under the facility.

1.002% Senior Term Loan

In December 2018, the Company entered into a term loan with the EIB, which provided the Company with the ability to borrow up to € i 250.0 million. The € i 250.0 million (or approximately $ i 272.6 million as of September 30, 2019) of funding was

Table of Contents

Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

received on January 25, 2019 with a maturity date of January 24, 2025. The Company is permitted to prepay the term loan before its maturity date. Interest is payable on the term loan at i 1.002% per annum, payable semi-annually in arrears.

Senior Term Loans Due Between 2019 and 2028

In October 2016, the Company borrowed an aggregate amount of € i 375.0 million through a group of seven related term loan agreements, and in August 2018, the Company borrowed an additional aggregate amount of € i 338.0 million through a group of another i seven related term loan agreements.

In aggregate, the Company has indebtedness of € i 713.0 million (or approximately $ i 777.3 million as of September 30, 2019) through this group of i fourteen related term loan agreements. The provisions of the term loan agreements are substantially identical, with the exception of interest rate terms and maturities. The Company is permitted to prepay the term loans before their maturity dates. For the term loans with a fixed interest rate, interest is payable in arrears on an annual basis, with interest rates ranging from i 0.70% to i 2.26% and a maturity date between October 2019 and August 2028. For the term loans with a floating interest rate, interest is payable in arrears on a semi-annual basis, with interest rates based on the EURIBOR plus a margin ranging from i 0.70% to i 1.25% and a maturity date between October 2019 and August 2025.

Of the 2016 term loans, an aggregate amount of € i 56.0 million (or approximately $ i 61.1 million as of September 30, 2019) was repaid upon maturity in October 2019.

Short-Term Borrowings

As of September 30, 2019 and December 31, 2018, the Company had short-term borrowings due within one year of approximately $ i 229.7 million and $ i 138.0 million, respectively.

Standby Letters of Credit and Similar Instruments

The Company has arrangements with various banks to issue standby letters of credit or similar instruments, which guarantee the Company’s obligations for the purchase or sale of certain inventories and for potential claims exposure for insurance coverage. At September 30, 2019 and December 31, 2018, outstanding letters of credit totaled approximately $ i 13.9 million and $ i 14.1 million, respectively.

6. i RECOVERABLE INDIRECT TAXES

The Company’s Brazilian operations incur value added taxes (“VAT”) on certain purchases of raw materials, components and services. These taxes are accumulated as tax credits and create assets that are reduced by the VAT collected from the Company’s sales in the Brazilian market. The Company regularly assesses the recoverability of these tax credits, and establishes reserves when necessary against them, through analyses that include, amongst others, the history of realization, the transfer of tax credits to third parties as authorized by the government, anticipated changes in the supply chain and the future expectation of tax debits from the Company’s ongoing operations. The Company believes that these tax credits, net of established reserves, are realizable. The Company had recorded approximately $ i 157.3 million and $ i 156.0 million, respectively, of VAT tax credits, net of reserves, as of September 30, 2019 and December 31, 2018.

Inventories at September 30, 2019 and December 31, 2018 were as follows (in millions):



	September 30, 2019		December 31, 2018
Finished goods	$	i 887.1	$	i 660.4
Repair and replacement parts	i 612.9		i 587.3
Work in process	i 285.2		i 217.5
Raw materials	i 526.1		i 443.5
Inventories, net	$	i 2,311.3	$	i 1,908.7

Table of Contents

Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

8. i PRODUCT WARRANTY

The warranty reserve activity for the three and nine months ended September 30, 2019 and 2018 consisted of the following (in millions):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Balance at beginning of period	$	i 371.9		$	i 324.8		$	i 360.9		$	i 316.0
Accruals for warranties issued during the period	i 46.8			i 55.6			i 145.9			i 164.3
Settlements made (in cash or in kind) during the period	( i 46.0		)	( i 49.7		)	( i 133.6		)	( i 139.7		)
Foreign currency translation	( i 13.3		)	( i 0.7		)	( i 13.8		)	( i 10.6		)
Balance at September 30	$	i 359.4		$	i 330.0		$	i 359.4		$	i 330.0

The Company’s agricultural equipment products generally are warranted against defects in material and workmanship for a period of one to i four years. The Company accrues for future warranty costs at the time of sale based on historical warranty experience. Approximately $ i 301.8 million and $ i 308.6 million of warranty reserves are included in “Accrued expenses” in the Company’s Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018, respectively. Approximately $ i 57.6 million and $ i 52.3 million of warranty reserves are included in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018, respectively.

The Company recognizes recoveries from its suppliers of the costs associated with warranties it provides when the collection is probable. When specifics of the recovery have been agreed upon with the Company’s suppliers through confirmation of liability for the recovery, the Company records the recovery within “Accounts and notes receivable, net.” Estimates of the amount of warranty claim recoveries to be received from the Company’s suppliers based upon contractual supplier arrangements are recorded within “Other current assets.”

9. i NET INCOME PER COMMON SHARE

Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted net income per common share assumes the exercise of outstanding SSARs and the vesting of performance share awards and RSUs using the treasury stock method when the effects of such assumptions are dilutive. i A reconciliation of net income attributable to AGCO Corporation and subsidiaries and weighted average common shares outstanding for purposes of calculating basic and diluted net income per share for the three and nine months ended September 30, 2019 and 2018 is as follows (in millions, except per share data):

Three Months Ended September 30,

Nine Months Ended September 30,

2019

2018

2019

2018

Basic net income per share:

Net income attributable to AGCO Corporation and subsidiaries

i 7.6

i 71.1

i 213.5

i 186.8

Weighted average number of common shares outstanding

i 76.1

i 78.7

i 76.4

i 79.2

Basic net income per share attributable to AGCO Corporation and subsidiaries

i 0.10

i 0.90

i 2.79

i 2.36

Diluted net income per share:

Net income attributable to AGCO Corporation and subsidiaries

i 7.6

i 71.1

i 213.5

i 186.8

Weighted average number of common shares outstanding

i 76.1

i 78.7

i 76.4

i 79.2

Dilutive SSARs, performance share awards and RSUs

i 0.6

i 1.0

i 0.7

i 0.9

Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share

i 76.7

i 79.7

i 77.1

i 80.1

Diluted net income per share attributable to AGCO Corporation and subsidiaries

i 0.10

i 0.89

i 2.77

i 2.33

Table of Contents

Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

SSARs to purchase approximately i 0.2 million and i 0.4 million shares of the Company’s common stock for the three and nine months ended September 30, 2019, respectively, and approximately i 0.5 million and i 0.4 million shares of the Company’s common stock for the three and nine months ended September 30, 2018, respectively, were outstanding but not included in the calculation of weighted average common and common equivalent shares outstanding because they had an antidilutive impact.

At September 30, 2019 and December 31, 2018, the Company had approximately $ i 179.4 million and $ i 166.1 million, respectively, of unrecognized tax benefits, all of which would affect the Company’s effective tax rate if recognized. At September 30, 2019 and December 31, 2018, the Company had approximately $ i 56.2 million and $ i 58.5 million, respectively, of accrued or deferred taxes related to uncertain income tax positions connected with ongoing income tax audits in various jurisdictions that it expects to settle or pay in the next 12 months. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes. At September 30, 2019 and December 31, 2018, the Company had accrued interest and penalties related to unrecognized tax benefits of approximately $ i 31.0 million and $ i 27.2 million, respectively. Generally, tax years 2013 through 2018 remain open to examination by taxing authorities in the United States and certain other foreign tax jurisdictions. The Company and its subsidiaries are routinely examined by tax authorities in the United States and in various state, local and foreign jurisdictions. As of September 30, 2019, a number of income tax examinations in foreign jurisdictions are ongoing.

During the third quarter of 2019, the Company recorded a non-cash deferred income tax charge of approximately $ i 53.7 million to establish a valuation allowance against its Brazilian net deferred income tax assets. In addition, the Company maintains a valuation allowance to fully reserve against its net deferred tax assets in the United States and certain other foreign jurisdictions. A valuation allowance is established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company assessed the likelihood that its deferred tax assets would be recovered from estimated future taxable income and available tax planning strategies and determined that all adjustments to the valuation allowances were appropriate. In making this assessment, all available evidence was considered including the current economic climate, as well as reasonable tax planning strategies. The Company believes it is more likely than not that the Company will realize its remaining net deferred tax assets, net of the valuation allowance, in future years.

11. i DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Company has significant manufacturing operations in the United States, France, Germany, Finland and Brazil, and it purchases a portion of its tractors, combines and components from third-party foreign suppliers, primarily in various European countries as well as in Japan and India. The Company also sells products in approximately i 140 countries throughout the world. The Company’s most significant transactional foreign currency exposures are the Euro, Brazilian real and the Canadian dollar in relation to the United States dollar, and the British pound in relation to the Euro. The Company attempts to manage its transactional foreign exchange exposure by hedging foreign currency cash flow forecasts and commitments arising from the anticipated settlement of receivables and payables and from future purchases and sales. Where naturally offsetting currency positions do not occur, the Company hedges certain, but not all, of its exposures through the use of foreign currency contracts. The Company’s translation exposure resulting from translating the financial statements of foreign subsidiaries into United States dollars may be partially hedged from time to time. The Company’s most significant translation exposures are the Euro, the British pound and the Brazilian real in relation to the United States dollar. When practical, the translation impact is reduced by financing local operations with local borrowings.

The Company uses floating rate and fixed rate debt to finance its operations. The floating rate debt obligations expose the Company to variability in interest payments due to changes in the EURIBOR and LIBOR benchmark interest rates. The Company believes it is prudent to limit the variability of a portion of its interest payments, and to meet that objective, the Company periodically enters into interest rate swaps to manage the interest rate risk associated with the Company’s borrowings. The Company designates interest rate contracts used to convert the interest rate exposure on a portion of the Company’s debt portfolio from a floating rate to a fixed rate as cash flow hedges, while those contracts converting the Company’s interest rate exposure from a fixed rate to a floating rate are designated as fair value hedges.

To protect the value of the Company’s investment in foreign operations against adverse changes in foreign currency exchange rates, the Company from time to time, may hedge a portion of the Company’s net investment in the foreign subsidiaries by using a cross currency swap. The component of the gains and losses on the Company’s net investment in the

Table of Contents

Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

designated foreign operations driven by changes in foreign exchange rates are economically offset by movements in the fair value of the cross currency swap contracts.

The Company’s senior management establishes the Company’s foreign currency and interest rate risk management policies. These policies are reviewed periodically by the Finance Committee of the Company’s Board of Directors. The policies allow for the use of derivative instruments to hedge exposures to movements in foreign currency and interest rates. The Company’s policies prohibit the use of derivative instruments for speculative purposes.

All derivatives are recognized on the Company’s Condensed Consolidated Balance Sheets at fair value. On the date the derivative contract is entered into, the Company designates the derivative as either (1) a cash flow hedge of a forecasted transaction, (2) a fair value hedge of a recognized liability, (3) a hedge of a net investment in a foreign operation or (4) a non-designated derivative instrument.

The Company formally documents all relationships between hedging instruments and hedged items, as well as the risk management objectives and strategy for undertaking various hedge transactions. The Company formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flow of hedged items or the net investment hedges in foreign operations. When it is determined that a derivative is no longer highly effective as a hedge, hedge accounting is discontinued on a prospective basis.

The Company categorizes its derivative assets and liabilities into one of three levels based on the assumptions used in valuing the asset or liability. See Note 15 for a discussion of the fair value hierarchy as per the guidance in ASC 820. The Company’s valuation techniques are designed to maximize the use of observable inputs and minimize the use of unobservable inputs.

The Company regularly monitors the counterparty risk and credit ratings of all the counterparties to the derivative instruments. The Company believes that its exposures are appropriately diversified across counterparties and that these counterparties are creditworthy financial institutions. If the Company perceives any risk with a counterparty, then the Company will cease to do business with that counterparty. There have been no negative impacts to the Company from any non-performance of any counterparties.

Derivative Transactions Designated as Hedging Instruments

Foreign Currency Contracts

The Company uses cash flow hedges to minimize the variability in cash flows of assets or liabilities or forecasted transactions caused by fluctuations in foreign currency exchange rates. The changes in the fair values of these cash flow hedges are recorded in accumulated other comprehensive loss and are subsequently reclassified into “Cost of goods sold” during the period the sales and purchases are recognized. These amounts offset the effect of the changes in foreign currency rates on the related sale and purchase transactions.

During 2019 and 2018, the Company designated certain foreign currency contracts as cash flow hedges of expected future sales and purchases. The total notional value of derivatives that were designated as cash flow hedges was $ i 78.4 million and $ i 127.0 million as of September 30, 2019 and December 31, 2018, respectively.

Table of Contents

Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

The following tables summarize the after-tax impact that changes in the fair value of derivatives designated as cash flow hedges had on accumulated other comprehensive loss and net income during the three and nine months ended September 30, 2019 and 2018 (in millions):

Recognized in Net Income

Three Months Ended September 30,

Gain (Loss) Recognized in Accumulated
Other Comprehensive Loss

Classification of Gain (Loss)

Gain (Loss) Reclassified from Accumulated

Other Comprehensive Loss into Income

Total Amount of the Line Item in the Condensed Consolidated Statements of Operations Containing Hedge Gains (Losses)

2019

Foreign currency contracts

i 0.1

Cost of goods sold

i 1.7

i 1,659.2

2018

Foreign currency contracts

( i 0.1

)

Cost of goods sold

( i 0.3

)

i 1,741.0

Interest rate swap contract

i 0.2

Interest expense, net

( i 0.5

)

i 7.0

Total

i 0.1

( i 0.8

)



				Recognized in Net Income
Nine Months Ended September 30,	Gain (Loss) Recognized in Accumulated Other Comprehensive Loss			Classification of Gain (Loss)	Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income			Total Amount of the Line Item in the Condensed Consolidated Statements of Operations Containing Hedge Gains (Losses)
2019
Foreign currency contracts⁽¹⁾	$	( i 0.3	)	Cost of goods sold	$	i 0.6		$	i 5,057.0
2018
Foreign currency contracts	$	( i 1.3	)	Cost of goods sold	$	( i 1.7	)	$	i 5,301.8
Interest rate swap contract	( i 0.7		)	Interest expense, net	( i 1.8		)	i 38.5
Total	$	( i 2.0	)		$	( i 3.5	)

(1) The outstanding contracts as of September 30, 2019 range in maturity through December 2019.

The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the nine months ended September 30, 2019 (in millions):

Before-Tax Amount

Income Tax

After-Tax Amount

Accumulated derivative net gains as of December 31, 2018

i 1.6

i 0.2

i 1.4

Net changes in fair value of derivatives

( i 0.5

)

( i 0.2

)

( i 0.3

)

Net gains reclassified from accumulated other comprehensive loss into income

( i 0.5

)

i 0.1

( i 0.6

)

Accumulated derivative net gains as of September 30, 2019

i 0.6

i 0.1

i 0.5

Table of Contents

Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

Net Investment Hedges

The Company uses non-derivative and derivative instruments to hedge a portion of its net investment in foreign operations against adverse movements in exchange rates. For instruments that are designated as hedges of net investments in foreign operations, changes in the fair value of the derivative instruments are recorded in foreign currency translation adjustments, a component of accumulated other comprehensive loss, to offset changes in the value of the net investments being hedged. When the net investment in foreign operations is sold or substantially liquidates, the amounts recorded in accumulated other comprehensive loss are reclassified to earnings. To the extent foreign currency denominated debt is de-designated from a net investment hedge relationship, changes in the value of the foreign currency denominated debt are recorded in earnings through the maturity date.

In January 2018, the Company entered into a cross currency swap contract as a hedge of its net investment in foreign operations to offset foreign currency translation gains or losses on the net investment. The cross currency swap has an expiration date of January 19, 2021. At maturity of the cross currency swap contract, the Company will deliver the notional amount of approximately € i 245.7 million (or approximately $ i 267.9 million as of September 30, 2019) and will receive $ i 300.0 million from the counterparties. The Company will receive quarterly interest payments from the counterparties based on a fixed interest rate until maturity of the cross currency swap.

In January 2019 and September 2019, the Company designated € i 160.0 million and € i 30.0 million, respectively, of its multi-currency revolving credit facility with a maturity date of October 17, 2023 as a hedge of its net investment in foreign operations to offset foreign currency translation gains or losses on the net investment. During the nine months ended September 30, 2019, the Company repaid the designated amount outstanding under its multi-currency revolving credit facility and the foreign currency denominated debt was de-designated as a net investment hedge.

The following table summarizes the notional values of the instrument designated as a net investment hedge (in millions):



	Notional Amount as of
	September 30, 2019		December 31, 2018
Cross currency swap contract	$	i 300.0	$	i 300.0

The following table summarizes the after-tax impact of changes in the fair value of the instrument designated as a net investment hedge during the three and nine months ended September 30, 2019 and 2018 (in millions):

Gain Recognized in Accumulated

Other Comprehensive Loss for the Three Months Ended

Gain Recognized in Accumulated

Other Comprehensive Loss for the Nine Months Ended

Cross currency swap contract

i 12.0

i 0.1

i 16.8

i 11.7

Foreign currency denominated debt

i 0.5

i 1.9

i 2.5

i 12.8

Derivative Transactions Not Designated as Hedging Instruments

During 2019 and 2018, the Company entered into foreign currency contracts to economically hedge receivables and payables on the Company and its subsidiaries’ balance sheets that are denominated in foreign currencies other than the functional currency. These contracts were classified as non-designated derivative instruments. Gains and losses on such contracts are substantially offset by losses and gains on the remeasurement of the underlying asset or liability being hedged and are immediately recognized into earnings. As of September 30, 2019 and December 31, 2018, the Company had outstanding foreign currency contracts with a notional amount of approximately $ i 2,425.5 million and $ i 1,335.8 million, respectively.

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Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

The following table summarizes the impact that changes in the fair value of derivatives not designated as hedging instruments had on net income (in millions):

Gain (Loss) Recognized in Net Income for the Three Months Ended

Gain Recognized in Net Income for the Nine Months Ended

Classification of Gain (Loss)

Foreign currency contracts

Other expense, net

i 25.6

( i 0.8

)

i 31.3

i 1.6

The table below sets forth the fair value of derivative instruments as of September 30, 2019 (in millions):



	Asset Derivatives as of September 30, 2019			Liability Derivatives as of September 30, 2019
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	i 0.9	Other current liabilities	$	i 0.3
Cross currency swap contract	Other noncurrent assets	i 34.5		Other noncurrent liabilities	i —
Derivative instruments not designated as hedging instruments:
Foreign currency contracts	Other current assets	i 15.5		Other current liabilities	i 4.9
Total derivative instruments		$	i 50.9		$	i 5.2

The table below sets forth the fair value of derivative instruments as of December 31, 2018 (in millions):



	Asset Derivatives as of December 31, 2018			Liability Derivatives as of December 31, 2018
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	i 1.9	Other current liabilities	$	i 0.4
Cross currency swap contract	Other noncurrent assets	i 17.7		Other noncurrent liabilities	i —
Derivative instruments not designated as hedging instruments:
Foreign currency contracts	Other current assets	i 5.1		Other current liabilities	i 6.2
Total derivative instruments		$	i 24.7		$	i 6.6

Table of Contents

Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

12. i CHANGES IN 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 nine months ended September 30, 2019 (in millions):

Common

Stock

Additional

Paid-in Capital

Retained

Earnings

Accumulated Other

Comprehensive Loss

Noncontrolling

Interests

Total Stockholders’

Equity

Balance, June 30, 2019

i 0.8

i 7.1

i 4,591.1

( i 1,534.3

)

i 64.0

i 3,128.7

Stock compensation

—

i 8.1

—

i 8.1

Issuance of stock awards

—

( i 0.1

)

—

( i 0.1

)

SSARs exercised

—

( i 0.7

)

—

( i 0.7

)

Comprehensive income:

Net income (loss)

—

i 7.6

—

( i 1.3

)

i 6.3

Other comprehensive loss, net of reclassification adjustments:

Foreign currency translation adjustments

—

( i 62.0

)

( i 0.7

)

( i 62.7

)

Defined benefit pension plans, net of tax

—

i 2.8

—

i 2.8

Deferred gains and losses on derivatives, net of tax

—

( i 1.6

)

—

( i 1.6

)

Payment of dividends to stockholders

—

( i 12.2

)

—

( i 12.2

)

Purchases and retirement of common stock

—

( i 11.3

)

( i 18.7

)

—

( i 30.0

)

Investment by noncontrolling interests

—

i 0.2

Balance, September 30, 2019

i 0.8

i 3.9

i 4,567.0

( i 1,595.1

)

i 62.2

i 3,038.8

Common
Stock

Additional
Paid-in Capital

Retained
Earnings

Accumulated Other
Comprehensive Loss

Noncontrolling
Interests

Total Stockholders’
Equity

Balance, December 31, 2018

i 0.8

i 10.2

i 4,477.3

( i 1,555.4

)

i 60.6

i 2,993.5

Stock compensation

—

i 32.9

—

i 32.9

Issuance of stock awards

—

( i 13.2

)

( i 9.8

)

—

( i 23.0

)

SSARs exercised

—

( i 3.1

)

( i 1.0

)

—

( i 4.1

)

Comprehensive income:

Net income (loss)

—

i 213.5

—

( i 1.1

)

i 212.4

Other comprehensive loss, net of reclassification adjustments:

Foreign currency translation adjustments

—

( i 47.6

)

i 1.5

( i 46.1

)

Defined benefit pension plans, net of tax

—

i 8.8

—

i 8.8

Deferred gains and losses on derivatives, net of tax

—

( i 0.9

)

—

( i 0.9

)

Payment of dividends to stockholders

—

( i 35.9

)

—

( i 35.9

)

Purchases and retirement of common stock

—

( i 22.9

)

( i 77.1

)

—

( i 100.0

)

Investment by noncontrolling interests

—

i 1.2

Balance, September 30, 2019

i 0.8

i 3.9

i 4,567.0

( i 1,595.1

)

i 62.2

i 3,038.8

Table of Contents

Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

Common
Stock

Additional
Paid-in Capital

Retained
Earnings

Accumulated Other
Comprehensive Loss

Noncontrolling
Interests

Total Stockholders’
Equity

Balance, June 30, 2018

i 0.8

i 121.4

i 4,346.1

( i 1,533.5

)

i 63.3

i 2,998.1

Stock compensation

—

i 10.5

—

i 10.5

Issuance of stock awards

—

( i 0.1

)

—

( i 0.1

)

SSARs exercised

—

Comprehensive income:

Net income (loss)

—

i 71.1

—

( i 0.4

)

i 70.7

Other comprehensive loss, net of reclassification adjustments:

Foreign currency translation adjustments

—

( i 52.2

)

( i 0.9

)

( i 53.1

)

Defined benefit pension plans, net of tax

—

i 2.9

—

i 2.9

Deferred gains and losses on derivatives, net of tax

—

i 0.9

—

i 0.9

Payment of dividends to stockholders

—

( i 11.8

)

—

( i 11.8

)

Purchases and retirement of common stock

—

( i 50.0

)

i —

—

( i 50.0

)

Investment by noncontrolling interests

—

i 0.8

Balance, September 30, 2018

i 0.8

i 81.8

i 4,405.4

( i 1,581.9

)

i 62.8

i 2,968.9

Common
Stock

Additional
Paid-in Capital

Retained
Earnings

Accumulated Other
Comprehensive Loss

Noncontrolling
Interests

Total Stockholders’
Equity

Balance, December 31, 2017

i 0.8

i 136.6

i 4,253.8

( i 1,361.6

)

i 65.7

i 3,095.3

Stock compensation

—

i 33.0

—

i 33.0

Issuance of stock awards

—

( i 3.1

)

—

( i 3.1

)

SSARs exercised

—

( i 0.4

)

—

( i 0.4

)

Comprehensive income:

Net income (loss)

—

i 186.8

—

( i 0.7

)

i 186.1

Other comprehensive loss, net of reclassification adjustments:

Foreign currency translation adjustments

—

( i 230.8

)

( i 3.0

)

( i 233.8

)

Defined benefit pension plans, net of tax

—

i 9.0

—

i 9.0

Deferred gains and losses on derivatives, net of tax

—

i 1.5

—

i 1.5

Payment of dividends to stockholders

—

( i 35.6

)

—

( i 35.6

)

Purchases and retirement of common stock

—

( i 84.3

)

i —

—

( i 84.3

)

Investment by noncontrolling interests

—

i 0.8

Adjustment related to the adoption of ASU 2014-09

—

i 0.4

—

i 0.4

Balance, September 30, 2018

i 0.8

i 81.8

i 4,405.4

( i 1,581.9

)

i 62.8

i 2,968.9

Table of Contents

Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

Total comprehensive (loss) income attributable to noncontrolling interests for the three and nine months ended September 30, 2019 and 2018 was as follows (in millions):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Net loss	$	( i 1.3	)	$	( i 0.4	)	$	( i 1.1	)	$	( i 0.7	)
Other comprehensive (loss) income:
Foreign currency translation adjustments	( i 0.7		)	( i 0.9		)	i 1.5			( i 3.0		)
Total comprehensive (loss) income	$	( i 2.0	)	$	( i 1.3	)	$	i 0.4		$	( i 3.7	)

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, 2019 (in millions):

Defined Benefit Pension Plans

Deferred Net Gains (Losses) on Derivatives

Cumulative Translation Adjustment

Total

Accumulated other comprehensive loss, December 31, 2018

( i 282.4

)

i 1.4

( i 1,274.4

)

( i 1,555.4

)

Other comprehensive loss before reclassifications

i —

( i 0.3

)

( i 47.6

)

( i 47.9

)

Net losses (gains) reclassified from accumulated other comprehensive loss

i 8.8

( i 0.6

)

i —

i 8.2

Other comprehensive income (loss), net of reclassification adjustments

i 8.8

( i 0.9

)

( i 47.6

)

( i 39.7

)

Accumulated other comprehensive loss, September 30, 2019

( i 273.6

)

i 0.5

( i 1,322.0

)

( i 1,595.1

)

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 months ended September 30, 2019 and 2018 (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, 2019⁽¹⁾			Three Months Ended September 30, 2018⁽¹⁾
Derivatives:
Net (gains) losses on foreign currency contracts	$	( i 1.6	)	$	i 0.4		Cost of goods sold
Net losses on interest rate swap contract	i —			i 0.5			Interest expense, net
Reclassification before tax	( i 1.6		)	i 0.9
	( i 0.1		)	( i 0.1		)	Income tax provision
Reclassification net of tax	$	( i 1.7	)	$	i 0.8

Defined benefit pension plans:
Amortization of net actuarial losses	$	i 2.9		$	i 3.0		Other expense, net⁽²⁾
Amortization of prior service cost	i 0.4			i 0.3			Other expense, net⁽²⁾
Reclassification before tax	i 3.3			i 3.3
	( i 0.5		)	( i 0.4		)	Income tax provision
Reclassification net of tax	$	i 2.8		$	i 2.9

Net losses reclassified from accumulated other comprehensive loss	$	i 1.1		$	i 3.7

(1) (Gains) losses included within the Condensed Consolidated Statements of Operations for the three months ended September 30, 2019 and 2018.

(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 14 for additional information on the Company’s defined benefit pension plans.

Table of Contents

Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the nine months ended September 30, 2019 and 2018 (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	Nine Months Ended September 30, 2019⁽¹⁾			Nine Months Ended September 30, 2018⁽¹⁾
Derivatives:
Net (gains) losses on foreign currency contracts	$	( i 0.5	)	$	i 1.9		Cost of goods sold
Net losses on interest rate swap contract	i —			i 1.8			Interest expense, net
Reclassification before tax	( i 0.5		)	i 3.7
	( i 0.1		)	( i 0.2		)	Income tax provision
Reclassification net of tax	$	( i 0.6	)	$	i 3.5

Defined benefit pension plans:
Amortization of net actuarial losses	$	i 9.0		$	i 9.3		Other expense, net⁽²⁾
Amortization of prior service cost	i 1.3			i 1.0			Other expense, net⁽²⁾
Reclassification before tax	i 10.3			i 10.3
	( i 1.5		)	( i 1.3		)	Income tax provision
Reclassification net of tax	$	i 8.8		$	i 9.0

Net losses reclassified from accumulated other comprehensive loss	$	i 8.2		$	i 12.5

(1) (Gains) losses included within the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2019 and 2018.

Share Repurchase Program

During the nine months ended September 30, 2019, the Company entered into accelerated share repurchase (“ASR”) agreements with a financial institution to repurchase an aggregate of $ i 100.0 million of shares of its common stock. The Company received approximately i 1,328,515 shares during the nine months ended September 30, 2019 related to the ASR agreements. The specific number of shares the Company ultimately repurchased was determined at the completion of the term of the ASR agreements based on the daily volume-weighted average share price of the Company’s common stock less an agreed upon discount. Upon settlement of the ASR agreements, the Company was entitled to receive additional shares of common stock or, under certain circumstances, was required to remit a settlement amount. In October 2019, the Company received an additional i 84,570 shares of common stock upon final settlement of an ASR agreement. All shares received under the ASR agreements 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.

In November 2019, the Company entered into an ASR agreement with a financial institution to repurchase an aggregate of $ i 30.0 million shares of its common stock. The Company received approximately i 308,880 shares to date in this transaction. The specific number of shares the Company will ultimately repurchase will be determined at the completion of the term of the ASR based on the daily volume-weighted average share price of the Company’s common stock less an agreed upon discount. Upon settlement of the ASR, the Company may be entitled to receive additional shares of common stock or, under certain circumstances, be required to remit a settlement amount. The Company expects that additional shares will be received by the Company upon final settlement of its current ASR agreement, which expires during the first quarter of 2020. All shares received under the ASR agreement discussed above 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.

Table of Contents

Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

As of September 30, 2019, the remaining amount authorized to be repurchased was approximately $ i 47.1 million, which expires in December 2019.

13. i ACCOUNTS RECEIVABLE SALES AGREEMENTS

The Company has accounts receivable sales agreements that permit the sale, on an ongoing basis, of a majority of its wholesale receivables in North America, Europe and Brazil to its U.S., Canadian, European and Brazilian finance joint ventures. As of both September 30, 2019 and December 31, 2018, the cash received from receivables sold under the U.S., Canadian, European and Brazilian accounts receivable sales agreements was approximately $ i 1.4 billion.

Under the terms of the accounts receivable sales agreements in North America, Europe and Brazil, the Company pays an annual fee related to the servicing of the receivables sold. The Company also pays the respective AGCO Finance entities a subsidized interest payment with respect to the accounts receivable sales agreements, calculated based upon LIBOR plus a margin on any non-interest bearing accounts receivable outstanding and sold under the accounts receivable sales agreements. These fees are reflected within losses on the sales of receivables included within “Other expense, net” in the Company’s Condensed Consolidated Statements of Operations. The Company does not service the receivables after the sales occur and does not maintain any direct retained interest in the receivables. The Company reviewed its accounting for the accounts receivable sales agreements and determined that these facilities should be accounted for as off-balance sheet transactions.

Losses on sales of receivables associated with the accounts receivable sales agreements discussed above, reflected within “Other expense, net” in the Company’s Condensed Consolidated Statements of Operations, were approximately $ i 10.6 million and $ i 30.3 million, respectively, during the three and nine months ended September 30, 2019. Losses on sales of receivables associated with the accounts receivable sales agreements discussed above, reflected within “Other expense, net” in the Company’s Condensed Consolidated Statements of Operations, were approximately $ i 6.7 million and $ i 24.2 million, respectively, during the three and nine months ended September 30, 2018.

The Company’s finance joint ventures in Europe, Brazil and Australia also provide wholesale financing directly to the Company’s dealers. The receivables associated with these arrangements are without recourse to the Company. The Company does not service the receivables after the sale occurs and does not maintain any direct retained interest in the receivables. As of September 30, 2019 and December 31, 2018, these finance joint ventures had approximately $ i 76.2 million and $ i 82.5 million, respectively, of outstanding accounts receivable associated with these arrangements. The Company reviewed its accounting for these arrangements and determined that these arrangements should be accounted for as off-balance sheet transactions.

In addition, the Company sells certain trade receivables under factoring arrangements to other financial institutions around the world. The Company reviewed the sale of such receivables and determined that these arrangements should be accounted for as off-balance sheet transactions.

Table of Contents

Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

14. i PENSION AND POSTRETIREMENT BENEFIT PLANS

Net periodic pension and postretirement benefit cost for the Company’s defined pension and postretirement benefit plans for the three and nine months ended September 30, 2019 and 2018 are set forth below (in millions):

Three Months Ended September 30,

Nine Months Ended September 30,

Pension benefits

2019

2018

2019

2018

Service cost

i 3.9

i 4.7

i 11.7

i 14.4

Interest cost

i 5.1

i 4.9

i 15.7

i 15.1

Expected return on plan assets

( i 6.8

)

( i 9.0

)

( i 21.1

)

( i 27.7

)

Amortization of net actuarial losses

i 2.9

i 3.0

i 9.0

i 9.2

Amortization of prior service cost

i 0.4

i 0.3

i 1.2

i 0.9

Net periodic pension cost

i 5.5

i 3.9

i 16.5

i 11.9

Three Months Ended September 30,

Nine Months Ended September 30,

Postretirement benefits

2019

2018

2019

2018

Service cost

i 0.1

i —

i 0.1

Interest cost

i 0.3

i 0.4

i 1.0

i 1.1

Amortization of net actuarial losses

i —

i 0.1

Amortization of prior service cost

i —

i 0.1

Net periodic postretirement benefit cost

i 0.4

i 1.2

i 1.4

The components of net periodic pension and postretirement benefits cost, other than the service cost component, are included in “Other expense, net” in the Company’s Condensed Consolidated Statements of Operations.

The following table summarizes the activity in accumulated other comprehensive loss related to the Company’s defined pension and postretirement benefit plans during the nine months ended September 30, 2019 (in millions):

Before-Tax Amount

Income Tax

After-Tax Amount

Accumulated other comprehensive loss as of December 31, 2018

( i 379.8

)

( i 97.4

)

( i 282.4

)

Amortization of net actuarial losses

i 9.0

i 1.4

i 7.6

Amortization of prior service cost

i 1.3

i 0.1

i 1.2

Accumulated other comprehensive loss as of September 30, 2019

( i 369.5

)

( i 95.9

)

( i 273.6

)

During the nine months ended September 30, 2019, approximately $ i 23.1 million of contributions had been made to the Company’s defined pension benefit plans. The Company currently estimates its minimum contributions for 2019 to its defined pension benefit plans will aggregate approximately $ i 30.1 million.

During the nine months ended September 30, 2019, the Company made approximately $ i 1.2 million of contributions to its postretirement health care and life insurance benefit plans. The Company currently estimates that it will make approximately $ i 1.5 million of contributions to its postretirement health care and life insurance benefit plans during 2019.

Table of Contents

Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

15. i FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company categorizes its assets and liabilities into one of three levels based on the assumptions used in valuing the asset or liability. Estimates of fair value for financial assets and liabilities are based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. In accordance with this guidance, fair value measurements are classified under the following hierarchy:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Model-derived valuations in which one or more significant inputs are unobservable.

The Company categorizes its pension plan assets into one of the three levels of the fair value hierarchy.

The Company enters into foreign currency, interest rate swap and cross currency swap contracts. The fair values of the Company’s derivative instruments are determined using discounted cash flow valuation models. The significant inputs used in these models are readily available in public markets, or can be derived from observable market transactions, and therefore have been classified as Level 2. Inputs used in these discounted cash flow valuation models for derivative instruments include the applicable exchange rates, forward rates or interest rates. Such models used for option contracts also use implied volatility. See Note 11 for additional information on the Company’s derivative instruments and hedging activities.

Assets and liabilities measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018 are summarized below (in millions):

As of September 30, 2019

Level 1

Level 2

Level 3

Total

Derivative assets

i —

i 50.9

i —

i 50.9

Derivative liabilities

i —

i 5.2

i —

i 5.2

As of December 31, 2018

Level 1

Level 2

Level 3

Total

Derivative assets

i —

i 24.7

i —

i 24.7

Derivative liabilities

i —

i 6.6

i —

i 6.6

The carrying amounts of long-term debt under the Company’s i 1.056% senior term loan due 2020, senior term loan due 2022, i 1.002% senior term loan due 2025 and senior term loans due between 2019 and 2028 approximate fair value based on the borrowing rates currently available to the Company for loans with similar terms and average maturities. See Note 5 for additional information on the Company’s long-term debt.

Table of Contents

Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

16. i SEGMENT REPORTING



	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Segment income from operations	$	i 160.4		$	i 171.3		$	i 573.7		$	i 519.2
Corporate expenses	( i 30.5		)	( i 33.5		)	( i 95.2		)	( i 99.4		)
Stock compensation expense	( i 7.8		)	( i 9.7		)	( i 32.0		)	( i 30.6		)
Restructuring expenses	( i 1.3		)	( i 1.5		)	( i 3.0		)	( i 10.1		)
Amortization of intangibles	( i 14.9		)	( i 15.3		)	( i 45.6		)	( i 49.2		)
Consolidated income from operations	$	i 105.9		$	i 111.3		$	i 397.9		$	i 329.9



	Three Months Ended September 30,
	2019			2018
Balance at beginning of period	$	i 88.0		$	i 77.8
Advance consideration received	i 45.2			i 43.0
Revenue recognized during the period for extended warranty contracts, maintenance services and technology services	( i 8.7		)	( i 7.2		)
Revenue recognized during the period related to installation of grain storage and protein production systems	( i 32.0		)	( i 33.3		)
Foreign currency translation	( i 2.2		)	i 0.6
Balance at September 30	$	i 90.3		$	i 80.9



	Nine Months Ended September 30,
	2019			2018
Balance at beginning of period	$	i 76.8		$	i 82.6
Advance consideration received	i 108.9			i 100.9
Revenue recognized during the period for extended warranty contracts, maintenance services and technology services	( i 22.7		)	( i 19.9		)
Revenue recognized during the period related to installation of grain storage and protein production systems	( i 70.6		)	( i 82.9		)
Foreign currency translation	( i 2.1		)	i 0.2
Balance at September 30	$	i 90.3		$	i 80.9



	Classification	Three months ended September 30, 2019		Nine Months Ended September 30, 2019
Operating lease cost	Selling, general and administrative expenses	$	i 13.8	$	i 41.8
Variable lease cost	Selling, general and administrative expenses	i 0.3		i 0.4
Short-term lease cost	Selling, general and administrative expenses	i 2.0		i 5.7
Finance lease cost:
Amortization of leased assets	Depreciation expense⁽¹⁾	i 1.1		i 3.6
Interest on leased liabilities	Interest expense, net	i 0.2		i 0.6
Total lease cost		$	i 17.4	$	i 52.1



	As of September 30, 2019
Weighted-average remaining lease term:
Operating leases	i 8 years
Finance leases	i 9 years

Weighted-average discount rate:
Operating leases	i 4.0	%
Finance leases	i 2.8	%

Agco Corp/DE – ‘10-Q’ for 9/30/19

On: Friday, 11/8/19, at 12:07pm ET · For: 9/30/19 · Accession #: 880266-19-40 · File #: 1-12930

Previous ‘10-Q’: ‘10-Q’ on 8/9/19 for 6/30/19 · Next: ‘10-Q’ on 5/8/20 for 3/31/20 · Latest: ‘10-Q’ on 11/8/23 for 9/30/23

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

‘10-Q’ — Quarterly Report
Document Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference



			Page Numbers

PART I. FINANCIAL INFORMATION:

Item 1.	Financial Statements (unaudited)

		Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018	3

		Condensed Consolidated Statements of Operations for the Three Months Ended September 30, 2019 and 2018	4

		Condensed Consolidated Statements of Operations for the Nine Months Ended September 30, 2019 and 2018	5

		Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2019 and 2018	6

		Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2018	7

	Notes to Condensed Consolidated Financial Statements		8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		40

Item 3.	Quantitative and Qualitative Disclosures about Market Risk		49

Item 4.	Controls and Procedures		49

PART II. OTHER INFORMATION:

Item 1.	Legal Proceedings		50

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		50

Item 6.	Exhibits		51

SIGNATURES			52



	September 30, 2019		December 31, 2018
Segment assets	$	i 4,787.8	$	i 4,175.1
Cash and cash equivalents	i 282.0		i 326.1
Investments in affiliates	i 399.2		i 400.0
Deferred tax assets, other current and noncurrent assets	i 635.5		i 656.6
Intangible assets, net	i 518.7		i 573.1
Goodwill	i 1,456.0		i 1,495.5
Consolidated total assets	$	i 8,079.2	$	i 7,626.4



Lease Assets	Classification	As of September 30, 2019
Operating ROU assets	Right-of-use lease assets	$	i 193.5
Finance lease assets	Property, plant and equipment, net⁽¹⁾	i 14.6
Total leased assets		$	i 208.1

Lease Liabilities	Classification	As of September 30, 2019
Current:
Operating	Accrued expenses	$	i 42.2
Finance	Other current liabilities	i 4.2

Noncurrent:
Operating	Operating lease liabilities	i 154.8
Finance	Other noncurrent liabilities	i 7.9
Total leased liabilities		$	i 209.1



	Nine Months Ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	i 41.8
Operating cash flows from finance leases	i 3.6
Financing cash flows from finance leases	i 0.6

Leased assets obtained in exchange for lease obligations:
Operating leases	$	i 27.2
Finance leases	i 0.6



	Three Months Ended September 30,				Change					Change Due to Currency Translation
	2019		2018		$			%		$			%
North America	$	536.2	$	545.5	$	(9.3	)	(1.7	)%	$	(1.9	)	(0.3	)%
South America	239.4		281.1		(41.7		)	(14.8	)%	(1.2		)	(0.4	)%
Europe/Middle East	1,145.7		1,164.5		(18.8		)	(1.6	)%	(56.6		)	(4.9	)%
Asia/Pacific/Africa	188.1		223.6		(35.5		)	(15.9	)%	(8.2		)	(3.7	)%
	$	2,109.4	$	2,214.7	$	(105.3	)	(4.8	)%	$	(67.9	)	(3.1	)%



	September 30, 2019
1.056% Senior term loan due 2020	$	218.0
Senior term loan due 2022	163.5
Credit facility, expires 2023	109.0
1.002% Senior term loan due 2025	272.6
Senior term loans due between 2019 and 2028	777.3
Other long-term debt	12.7


•	grain stock levels and the levels of new and used field inventories;


•	performance and collectability of the accounts receivable originated or owned by AGCO or AGCO Finance;


•	uncertainty regarding changes in the international tariff regimes and their impact on the cost of the products that we sell;


•	recent suspension of agricultural products into China and the impact to global agricultural equipment demand, if any;


•	farm income, land values, debt levels and access to credit;


•	production levels and capacity constraints at our facilities, including those resulting from plant expansions and systems upgrades;


•	political and economic uncertainty in various areas of the world.



Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs⁽¹⁾	Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions)⁽¹⁾⁽⁴⁾
July 1, 2019 through July 31, 2019⁽²⁾	80,227	$	72.26	80,227	$	77.1
August 1, 2019 through August 31, 2019⁽³⁾	335,664	$	71.50	335,664	$	47.1
September 1, 2019 through September 30, 2019	—	$	—	—	$	47.1
Total	415,891	$	71.93	415,891	$	47.1



Exhibit Number	Description of Exhibit	The filings referenced for incorporation by reference are AGCO Corporation

31.1	Certification of Martin Richenhagen	Filed herewith

31.2	Certification of Andrew H. Beck	Filed herewith

32.1	Certification of Martin Richenhagen and Andrew H. Beck	Furnished herewith

101	The following unaudited financial information from this Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, are formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations, (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Cash Flows and (v) Notes to Condensed Consolidated Financial Statements.	Filed herewith

104	Cover Page Interactive Data File - the cover page from this Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 is formatted in Inline XBRL	Filed herewith




Date:	November 8, 2019	AGCO CORPORATION Registrant /s/ *Andrew H. Beck*
		Andrew H. Beck Senior Vice President and Chief Financial Officer (Principal Financial Officer)

		/s/ *Lara T. Long*
		Lara T. Long Vice President, Chief Accounting Officer (Principal Accounting Officer)

This ‘10-Q’ Filing	Date	Other Filings

	1/24/25
	10/17/23
	12/15/22
	10/28/22
	1/19/21
	1/15/20
	1/1/20	3, 3/A
	12/15/19
Filed on:	11/8/19	4, 4/A
	11/4/19	4, 4/A
For Period end:	9/30/19
	9/1/19
	8/31/19
	8/1/19
	7/31/19
	7/1/19
	6/30/19	10-Q
	4/25/19	3, 4, 8-K, DEF 14A
	3/31/19	10-Q
	1/25/19
	1/1/19
	12/31/18	10-K, 3, SD
	9/30/18	10-Q
	6/30/18	10-Q
	12/31/17	10-K, SD
	1/1/17
	1/15/15
		List all Filings

Agco Corp/DE – ‘10-Q’ for 9/30/19

On: Friday, 11/8/19, at 12:07pm ET · For: 9/30/19 · Accession #: 880266-19-40 · File #: 1-12930

Previous ‘10-Q’: ‘10-Q’ on 8/9/19 for 6/30/19 · Next: ‘10-Q’ on 5/8/20 for 3/31/20 · Latest: ‘10-Q’ on 11/8/23 for 9/30/23

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34Filing Table of Contents

‘10-Q’ — Quarterly ReportDocument Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

‘10-Q’ — Quarterly Report
Document Table of Contents