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As Of Filer Filing For·On·As Docs:Size 8/09/19 Agco Corp/DE 10-Q 6/30/19 100:15M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.74M 2: EX-10.2 Material Contract HTML 114K 3: EX-10.3 Material Contract HTML 65K 4: EX-31.1 Certification -- §302 - SOA'02 HTML 34K 5: EX-31.2 Certification -- §302 - SOA'02 HTML 34K 6: EX-32.1 Certification -- §906 - SOA'02 HTML 29K 13: R1 Cover Page HTML 80K 14: R2 Condensed Consolidated Balance Sheets HTML 138K 15: R3 Condensed Consolidated Balance Sheets HTML 45K (Parenthetical) 16: R4 Condensed Consolidated Statements of Operations HTML 107K 17: R5 Condensed Consolidated Statements of Comprehensive HTML 58K Income 18: R6 Condensed Consolidated Statements of Cash Flows HTML 118K 19: R7 Basis of Presentation HTML 45K 20: R8 Restructuring Expenses HTML 57K 21: R9 Stock Compensation Plans HTML 70K 22: R10 Goodwill and Other Intangible Assets HTML 90K 23: R11 Indebtedness HTML 64K 24: R12 Recoverable Indirect Taxes (Notes) HTML 30K 25: R13 Inventories HTML 38K 26: R14 Product Warranty HTML 52K 27: R15 Net Income Per Common Share HTML 65K 28: R16 Income Taxes HTML 33K 29: R17 Derivative Instruments and Hedging Activities HTML 167K 30: R18 Changes in Stockholders' Equity HTML 377K 31: R19 Accounts Receivable Sales Agreements (Notes) HTML 36K 32: R20 Employee Benefit Plans HTML 94K 33: R21 Fair Value of Financial Instruments HTML 54K 34: R22 Segment Reporting HTML 150K 35: R23 Commitments and Contingencies HTML 37K 36: R24 Revenue (Notes) HTML 402K 37: R25 Leases HTML 222K 38: R26 Basis of Presentation (Policies) HTML 48K 39: R27 Restructuring Expenses (Tables) HTML 56K 40: R28 Stock Compensation Plans (Tables) HTML 65K 41: R29 Goodwill and Other Intangible Assets (Tables) HTML 94K 42: R30 Indebtedness (Tables) HTML 46K 43: R31 Inventories (Tables) HTML 39K 44: R32 Product Warranty (Tables) HTML 48K 45: R33 Net Income Per Common Share (Tables) HTML 63K 46: R34 Derivative Instruments and Hedging Activities HTML 175K (Tables) 47: R35 Changes in Stockholders' Equity (Tables) HTML 278K 48: R36 Employee Benefit Plans (Tables) HTML 113K 49: R37 Fair Value of Financial Instruments (Tables) HTML 84K 50: R38 Segment Reporting (Tables) HTML 156K 51: R39 Revenue (Tables) HTML 385K 52: R40 Leases (Tables) HTML 159K 53: R41 Basis of Presentation (Narrative) (Details) HTML 41K 54: R42 Restructuring Expenses (Details) HTML 59K 55: R43 Stock Compensation Plans (Narrative) (Details) HTML 84K 56: R44 Stock Compensation Plans (Schedule of Employee HTML 35K Service Share-based Compensation, Allocation of Recognized Costs) (Details) 57: R45 Stock Compensation Plans (Performance Award HTML 38K Transactions) (Details) 58: R46 Stock Compensation Plans (Restricted Stock Unit HTML 38K Award Transactions) (Details) 59: R47 Stock Compensation Plans (SSAR Activity) (Details) HTML 38K 60: R48 Goodwill and Other Intangible Assets (Schedule of HTML 61K Change in Carrying Amount) (Details) 61: R49 Goodwill and Other Intangible Assets HTML 32K (Indefinite-Lived Intangible Assets) (Details) 62: R50 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Activities HTML 62K (Fair Value Of Derivative Instruments) (Details) 75: R63 Changes in Stockholders' Equity (Schedule of HTML 97K Stockholders' Equity) (Details) 76: R64 Changes in Stockholders' Equity (Schedule of HTML 40K Comprehensive Income for Noncontrolling Interest) (Details) 77: R65 Changes in Stockholders' Equity (Changes in HTML 58K Accumulated Other Comprehensive Income) (Details) 78: R66 Changes in Stockholders' Equity (Reclassifications HTML 73K out of Accumulated Other Comprehensive Income) (Details) 79: R67 Changes in Stockholders' Equity (Narrative) HTML 38K (Details) 80: R68 Accounts Receivable Sales Agreements (Details) HTML 36K 81: R69 Employee Benefit Plans (Net Pension And HTML 51K Postretirement Cost) (Details) 82: R70 Employee Benefit Plans (Net Periodic Pension Costs HTML 61K Included in Accumulated Other Comprehensive Income (Loss)) (Details) 83: R71 Employee Benefit Plans (Narrative) (Details) HTML 36K 84: R72 Fair Value of Financial Instruments (Details) HTML 47K 85: R73 Segment Reporting (Sales Information By Reportable HTML 63K Segments) (Details) 86: R74 Segment Reporting (Income From Operations And HTML 69K Total Assets) (Details) 87: R75 Commitments and Contingencies (Details) HTML 39K 88: R76 Revenue (Significant Changes in Contract Assets HTML 39K and Liabilities) (Details) 89: R77 Revenue (Remaining Performance Obligation HTML 47K Narrative) (Details) 90: R78 Revenue (Disaggregation of Revenue) (Details) HTML 546K 91: R79 Leases (Narrative) (Details) HTML 33K 92: R80 Leases (Assets and Liabilities) (Details) HTML 49K 93: R81 Leases (Lease Cost) (Details) HTML 43K 94: R82 Leases (Future Minimum Lease Payments) (Details) HTML 117K 95: R83 Leases (Weighted-Average Remaining Lease Term and HTML 38K Weighted-Average Discount Rate) (Details) 96: R84 Leases (Supplemental Cash Flow Information) HTML 40K (Details) 98: XML IDEA XML File -- Filing Summary XML 188K 12: XML XBRL Instance -- a2019agcoq2-10xq_htm XML 5.21M 97: EXCEL IDEA 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Document |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _________ to _________ |
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 30096 | ||
i Duluth, | i Georgia | ||
(Address
of principal executive offices) | (Zip Code) |
☒ | i Large
accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | i ☐ | Smaller reporting company | i ☐ | Emerging
growth company |
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 | (NYSE) |
Page Numbers | |||
Item 1. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Item 1. | |||
Item
2. | |||
Item 6. | |||
PART I. | FINANCIAL INFORMATION |
ITEM 1. | FINANCIAL STATEMENTS |
ASSETS | |||||||
Current Assets: | |||||||
Cash
and cash equivalents | $ | i 279.9 | $ | i 326.1 | |||
Accounts
and notes receivable, net | i 1,010.7 | i 880.3 | |||||
Inventories,
net | i 2,424.8 | i 1,908.7 | |||||
Other
current assets | i 446.2 | i 422.3 | |||||
Total
current assets | i 4,161.6 | i 3,537.4 | |||||
Property,
plant and equipment, net | i 1,377.8 | i 1,373.1 | |||||
Right-of-use
lease assets | i 203.3 | i — | |||||
Investment
in affiliates | i 404.7 | i 400.0 | |||||
Deferred
tax assets | i 97.5 | i 104.9 | |||||
Other
assets | i 134.6 | i 142.4 | |||||
Intangible
assets, net | i 541.6 | i 573.1 | |||||
Goodwill | i 1,494.0 | i 1,495.5 | |||||
Total
assets | $ | i 8,415.1 | $ | i 7,626.4 | |||
LIABILITIES
AND STOCKHOLDERS’ EQUITY | |||||||
Current Liabilities: | |||||||
Current portion of long-term debt | $ | i 70.2 | $ | i 72.6 | |||
Short-term
borrowings | i 238.7 | i 138.0 | |||||
Senior
term loan | i 227.7 | i — | |||||
Accounts
payable | i 931.4 | i 865.9 | |||||
Accrued
expenses | i 1,557.2 | i 1,522.4 | |||||
Other
current liabilities | i 203.7 | i 167.8 | |||||
Total
current liabilities | i 3,228.9 | i 2,766.7 | |||||
Long-term
debt, less current portion and debt issuance costs | i 1,308.1 | i 1,275.3 | |||||
Operating
lease liabilities | i 163.3 | i — | |||||
Pensions
and postretirement health care benefits | i 212.0 | i 223.2 | |||||
Deferred
tax liabilities | i 107.8 | i 116.3 | |||||
Other
noncurrent liabilities | i 266.3 | i 251.4 | |||||
Total
liabilities | i 5,286.4 | 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, 76,313,655 and 76,536,755 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively | i 0.8 | i 0.8 | |||||
Additional
paid-in capital | i 7.1 | i 10.2 | |||||
Retained
earnings | i 4,591.1 | i 4,477.3 | |||||
Accumulated
other comprehensive loss | ( i 1,534.3 | ) | ( i 1,555.4 | ) | |||
Total
AGCO Corporation stockholders’ equity | i 3,064.7 | i 2,932.9 | |||||
Noncontrolling
interests | i 64.0 | i 60.6 | |||||
Total
stockholders’ equity | i 3,128.7 | i 2,993.5 | |||||
Total
liabilities and stockholders’ equity | $ | i 8,415.1 | $ | i 7,626.4 |
Three
Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Net sales | $ | i 2,422.6 | $ | i 2,537.6 | |||
Cost
of goods sold | i 1,858.7 | i 1,981.3 | |||||
Gross
profit | i 563.9 | i 556.3 | |||||
Selling,
general and administrative expenses | i 260.7 | i 271.8 | |||||
Operating
expenses: | |||||||
Engineering expenses | i 87.5 | i 93.0 | |||||
Restructuring
expenses | i — | i 2.7 | |||||
Amortization
of intangibles | i 15.4 | i 18.2 | |||||
Bad
debt expense | i 0.7 | i 2.5 | |||||
Income
from operations | i 199.6 | i 168.1 | |||||
Interest
expense, net | i 6.0 | i 21.2 | |||||
Other
expense, net | i 11.6 | i 27.2 | |||||
Income
before income taxes and equity in net earnings of affiliates | i 182.0 | i 119.7 | |||||
Income
tax provision | i 53.2 | i 38.5 | |||||
Income
before equity in net earnings of affiliates | i 128.8 | i 81.2 | |||||
Equity
in net earnings of affiliates | i 11.6 | i 9.2 | |||||
Net
income | i 140.4 | i 90.4 | |||||
Net
loss attributable to noncontrolling interests | i 0.4 | i 1.0 | |||||
Net
income attributable to AGCO Corporation and subsidiaries | $ | i 140.8 | $ | i 91.4 | |||
Net
income per common share attributable to AGCO Corporation and subsidiaries: | |||||||
Basic | $ | i 1.84 | $ | i 1.15 | |||
Diluted | $ | i 1.82 | $ | i 1.14 | |||
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 76.6 | i 79.3 | |||||
Diluted | i 77.2 | i 80.2 |
Six
Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Net sales | $ | i 4,418.4 | $ | i 4,545.1 | |||
Cost
of goods sold | i 3,397.8 | i 3,560.8 | |||||
Gross
profit | i 1,020.6 | i 984.3 | |||||
Selling,
general and administrative expenses | i 522.9 | i 536.4 | |||||
Operating
expenses: | |||||||
Engineering expenses | i 172.0 | i 183.9 | |||||
Restructuring
expenses | i 1.7 | i 8.6 | |||||
Amortization
of intangibles | i 30.7 | i 33.9 | |||||
Bad
debt expense | i 1.3 | i 2.9 | |||||
Income
from operations | i 292.0 | i 218.6 | |||||
Interest
expense, net | i 9.5 | i 31.5 | |||||
Other
expense, net | i 26.2 | i 38.7 | |||||
Income
before income taxes and equity in net earnings of affiliates | i 256.3 | i 148.4 | |||||
Income
tax provision | i 72.6 | i 49.9 | |||||
Income
before equity in net earnings of affiliates | i 183.7 | i 98.5 | |||||
Equity
in net earnings of affiliates | i 22.4 | i 16.9 | |||||
Net
income | i 206.1 | i 115.4 | |||||
Net
(income) loss attributable to noncontrolling interests | ( i 0.2 | ) | i 0.3 | ||||
Net
income attributable to AGCO Corporation and subsidiaries | $ | i 205.9 | $ | i 115.7 | |||
Net
income per common share attributable to AGCO Corporation and subsidiaries: | |||||||
Basic | $ | i 2.69 | $ | i 1.46 | |||
Diluted | $ | i 2.66 | $ | i 1.44 | |||
Cash
dividends declared and paid per common share | $ | i 0.31 | $ | i 0.30 | |||
Weighted
average number of common and common equivalent shares outstanding: | |||||||
Basic | i 76.6 | i 79.4 | |||||
Diluted | i 77.3 | i 80.3 |
Three
Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Net income | $ | i 140.4 | $ | i 90.4 | |||
Other
comprehensive income (loss), net of reclassification adjustments: | |||||||
Foreign currency translation adjustments | i 4.4 | ( i 190.4 | ) | ||||
Defined
benefit pension plans, net of tax | i 3.0 | i 3.0 | |||||
Deferred
gains and losses on derivatives, net of tax | i 4.8 | i 1.5 | |||||
Other
comprehensive income (loss), net of reclassification adjustments | i 12.2 | ( i 185.9 | ) | ||||
Comprehensive
income (loss) | i 152.6 | ( i 95.5 | ) | ||||
Comprehensive
(income) loss attributable to noncontrolling interests | ( i 0.3 | ) | i 3.2 | ||||
Comprehensive
income (loss) attributable to AGCO Corporation and subsidiaries | $ | i 152.3 | $ | ( i 92.3 | ) |
Six
Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Net income | $ | i 206.1 | $ | i 115.4 | |||
Other
comprehensive income (loss), net of reclassification adjustments: | |||||||
Foreign currency translation adjustments | i 16.6 | ( i 180.7 | ) | ||||
Defined
benefit pension plans, net of tax | i 6.0 | i 6.1 | |||||
Deferred
gains and losses on derivatives, net of tax | i 0.7 | i 0.6 | |||||
Other
comprehensive income (loss), net of reclassification adjustments | i 23.3 | ( i 174.0 | ) | ||||
Comprehensive
income (loss) | i 229.4 | ( i 58.6 | ) | ||||
Comprehensive
(income) loss attributable to noncontrolling interests | ( i 2.4 | ) | i 2.4 | ||||
Comprehensive
income (loss) attributable to AGCO Corporation and subsidiaries | $ | i 227.0 | $ | ( i 56.2 | ) |
Six
Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | i 206.1 | $ | i 115.4 | |||
Adjustments
to reconcile net income to net cash used in operating activities: | |||||||
Depreciation | i 107.1 | i 115.1 | |||||
Amortization
of intangibles | i 30.7 | i 33.9 | |||||
Stock
compensation expense | i 24.8 | i 22.5 | |||||
Equity
in net earnings of affiliates, net of cash received | ( i 16.8 | ) | ( i 13.4 | ) | |||
Deferred
income tax benefit | i 13.2 | ( i 14.3 | ) | ||||
Loss
on extinguishment of debt | i — | i 15.7 | |||||
Other | i 3.0 | i 1.3 | |||||
Changes
in operating assets and liabilities: | |||||||
Accounts and notes receivable, net | ( i 143.5 | ) | ( i 83.0 | ) | |||
Inventories,
net | ( i 513.7 | ) | ( i 396.3 | ) | |||
Other
current and noncurrent assets | ( i 18.2 | ) | ( i 47.3 | ) | |||
Accounts
payable | i 83.1 | i 7.9 | |||||
Accrued
expenses | i 1.6 | i 6.7 | |||||
Other
current and noncurrent liabilities | i 9.7 | i 47.2 | |||||
Total
adjustments | ( i 419.0 | ) | ( i 304.0 | ) | |||
Net
cash used in operating activities | ( i 212.9 | ) | ( i 188.6 | ) | |||
Cash
flows from investing activities: | |||||||
Purchases of property, plant and equipment | ( i 114.9 | ) | ( i 89.8 | ) | |||
Proceeds
from sale of property, plant and equipment | i 0.1 | i 2.3 | |||||
Investments
in unconsolidated affiliates | i — | ( i 5.8 | ) | ||||
Other | i — | i 0.4 | |||||
Net
cash used in investing activities | ( i 114.8 | ) | ( i 92.9 | ) | |||
Cash
flows from financing activities: | |||||||
Proceeds from indebtedness | i 1,621.5 | i 2,555.7 | |||||
Repayments
of indebtedness | ( i 1,219.0 | ) | ( i 2,289.3 | ) | |||
Purchases
and retirement of common stock | ( i 70.0 | ) | ( i 34.3 | ) | |||
Payment
of dividends to stockholders | ( i 23.7 | ) | ( i 23.8 | ) | |||
Payment
of minimum tax withholdings on stock compensation | ( i 26.7 | ) | ( i 3.5 | ) | |||
Payment
of debt issuance costs | ( i 0.5 | ) | i — | ||||
Investment
by noncontrolling interests | i 1.0 | i — | |||||
Net
cash provided by financing activities | i 282.6 | i 204.8 | |||||
Effects
of exchange rate changes on cash and cash equivalents | ( i 1.1 | ) | ( i 10.4 | ) | |||
Decrease
in cash and cash equivalents | ( i 46.2 | ) | ( i 87.1 | ) | |||
Cash
and cash equivalents, beginning of period | i 326.1 | i 367.7 | |||||
Cash
and cash equivalents, end of period | $ | i 279.9 | $ | i 280.6 |
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 |
Three Months Ended June 30, | Six Months Ended June
30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Cost of goods sold | $ | i 0.5 | $ | i 1.1 | $ | i 1.0 | $ | i 1.9 | ||||||||
Selling,
general and administrative expenses | i 12.2 | i 12.5 | i 24.2 | i 20.9 | ||||||||||||
Total
stock compensation expense | $ | i 12.7 | $ | i 13.6 | $ | i 25.2 | $ | i 22.8 |
Shares awarded but not earned at January 1 | i 938,862 | |
Shares
awarded | i 542,180 | |
Shares forfeited | ( i 43,076 | ) |
Shares
earned | ( i 11,200 | ) |
Shares awarded but not earned at June 30 | i 1,426,766 |
RSUs awarded but not vested at January 1 | i 352,975 | |
RSUs
awarded | i 165,160 | |
RSUs forfeited | ( i 7,338 | ) |
RSUs
vested | ( i 111,419 | ) |
RSUs awarded but not vested at June 30 | i 399,378 |
SSARs outstanding at January 1 | i 1,099,592 | |
SSARs
granted | i 243,600 | |
SSARs exercised | ( i 359,977 | ) |
SSARs
canceled or forfeited | ( i 21,077 | ) |
SSARs outstanding at June 30 | i 962,138 |
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 0.3 | ) | ( i 0.2 | ) | ( i 0.4 | ) | i — | ( i 0.9 | ) | ||||||||||
Balance
as of June 30, 2019 | $ | i 203.1 | $ | i 586.1 | $ | i 155.4 | $ | i 8.6 | $ | i 953.2 |
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 5.7 | i 20.0 | i 4.9 | i 0.1 | i 30.7 | ||||||||||||||
Foreign
currency translation | i — | i — | ( i 0.2 | ) | i — | ( i 0.2 | ) | ||||||||||||
Balance
as of June 30, 2019 | $ | i 79.1 | $ | i 330.8 | $ | i 85.4 | $ | i 3.1 | $ | i 498.4 |
Trademarks
and Tradenames | |||
Indefinite-lived intangible assets: | |||
Balance as of December 31, 2018 | $ | i 86.9 | |
Foreign
currency translation | ( i 0.1 | ) | |
Balance as of June 30, 2019 | $ | i 86.8 |
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 1.4 | ( i 2.7 | ) | ( i 0.2 | ) | ( i 1.5 | ) | |||||||||||
Balance
as of June 30, 2019 | $ | i 611.1 | $ | i 118.1 | $ | i 646.9 | $ | i 117.9 | $ | i 1,494.0 |
1.056%
Senior term loan due 2020 | $ | i 227.7 | $ | i 228.7 | |||
Senior
term loan due 2022 | i 170.7 | i 171.5 | |||||
Credit
facility, expires 2023 | i 96.8 | i 114.4 | |||||
1.002%
Senior term loan due 2025 | i 284.6 | i — | |||||
Senior
term loans due between 2019 and 2028 | i 811.6 | i 815.3 | |||||
Other
long-term debt | i 17.3 | i 20.6 | |||||
Debt
issuance costs | ( i 2.7 | ) | ( i 2.6 | ) | |||
i 1,606.0 | i 1,347.9 | ||||||
Less: 1.056%
Senior term loan due 2020 | ( i 227.7 | ) | i — | ||||
Senior
term loans due 2019 | ( i 63.7 | ) | ( i 63.8 | ) | |||
Current
portion of other long-term debt | ( i 6.5 | ) | ( i 8.8 | ) | |||
Total
long-term indebtedness, less current portion | $ | i 1,308.1 | $ | i 1,275.3 |
Finished
goods | $ | i 925.2 | $ | i 660.4 | |||
Repair
and replacement parts | i 640.9 | i 587.3 | |||||
Work
in process | i 311.4 | i 217.5 | |||||
Raw
materials | i 547.3 | i 443.5 | |||||
Inventories,
net | $ | i 2,424.8 | $ | i 1,908.7 |
Three Months Ended June
30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Balance at beginning of period | $ | i 361.3 | $ | i 325.8 | $ | i 360.9 | $ | i 316.0 | |||||||
Accruals
for warranties issued during the period | i 48.0 | i 50.2 | i 99.1 | i 108.7 | |||||||||||
Settlements
made (in cash or in kind) during the period | ( i 40.2 | ) | ( i 34.1 | ) | ( i 87.6 | ) | ( i 90.0 | ) | |||||||
Foreign
currency translation | i 2.8 | ( i 17.1 | ) | ( i 0.5 | ) | ( i 9.9 | ) | ||||||||
Balance
at June 30 | $ | i 371.9 | $ | i 324.8 | $ | i 371.9 | $ | i 324.8 |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Basic net income per share: | |||||||||||||||
Net
income attributable to AGCO Corporation and subsidiaries | $ | i 140.8 | $ | i 91.4 | $ | i 205.9 | $ | i 115.7 | |||||||
Weighted
average number of common shares outstanding | i 76.6 | i 79.3 | i 76.6 | i 79.4 | |||||||||||
Basic
net income per share attributable to AGCO Corporation and subsidiaries | $ | i 1.84 | $ | i 1.15 | $ | i 2.69 | $ | i 1.46 | |||||||
Diluted
net income per share: | |||||||||||||||
Net income attributable to AGCO Corporation and subsidiaries | $ | i 140.8 | $ | i 91.4 | $ | i 205.9 | $ | i 115.7 | |||||||
Weighted
average number of common shares outstanding | i 76.6 | i 79.3 | i 76.6 | i 79.4 | |||||||||||
Dilutive
SSARs, performance share awards and RSUs | i 0.6 | i 0.9 | 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 77.2 | i 80.2 | i 77.3 | i 80.3 | |||||||||||
Diluted
net income per share attributable to AGCO Corporation and subsidiaries | $ | i 1.82 | $ | i 1.14 | $ | i 2.66 | $ | i 1.44 |
Recognized
in Net Income | |||||||||||||
Three Months Ended June 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 4.3 | Cost
of goods sold | $ | ( i 0.5 | ) | $ | i 1,858.7 | |||||
2018 | |||||||||||||
Foreign
currency contracts | $ | i 0.2 | Cost
of goods sold | $ | ( i 0.8 | ) | $ | i 1,981.3 | |||||
Interest
rate swap contract | ( i 0.2 | ) | Interest
expense, net | ( i 0.7 | ) | i 21.2 | |||||||
Total | $ | i — | $ | ( i 1.5 | ) |
Recognized
in Net Income | |||||||||||||
Six Months Ended June 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 0.4 | ) | Cost
of goods sold | $ | ( i 1.1 | ) | $ | i 3,397.8 | ||||
2018 | |||||||||||||
Foreign
currency contracts | $ | ( i 1.2 | ) | Cost
of goods sold | $ | ( i 1.4 | ) | $ | i 3,560.8 | ||||
Interest
rate swap contract | ( i 0.9 | ) | Interest
expense, net | ( i 1.3 | ) | i 31.5 | |||||||
Total | $ | ( i 2.1 | ) | $ | ( i 2.7 | ) |
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 0.4 | ) | i — | ( i 0.4 | ) | |||||||
Net
losses reclassified from accumulated other comprehensive loss into income | i 1.1 | i — | i 1.1 | |||||||||
Accumulated
derivative net gains as of June 30, 2019 | $ | i 2.3 | $ | i 0.2 | $ | i 2.1 |
Notional Amount as of | |||||||
Cross
currency swap contract | $ | i 300.0 | $ | i 300.0 |
(Loss)
Gain Recognized in Accumulated Other Comprehensive Loss for the Three Months Ended | Gain Recognized in Accumulated Other Comprehensive Loss for the Six Months Ended | ||||||||||||||
Cross currency swap contract | $ | ( i 2.1 | ) | $ | i 16.2 | $ | i 4.8 | $ | i 11.6 | ||||||
Foreign
currency denominated debt | i 0.3 | i 21.2 | i 2.0 | i 10.9 |
Loss
Recognized in Net Income for the Three Months Ended | Gain Recognized in Net Income for the Six Months Ended | ||||||||||||||||
Classification of Gain | |||||||||||||||||
Foreign currency contracts | Other expense, net | $ | ( i 3.1 | ) | $ | ( i 3.8 | ) | $ | i 5.7 | $ | i 2.4 |
Asset Derivatives as of | Liability Derivatives as of | ||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||
Derivative instruments designated as hedging instruments: | |||||||||||
Foreign
currency contracts | Other current assets | $ | i 2.2 | Other
current liabilities | $ | i — | |||||
Cross
currency swap contract | Other noncurrent assets | i 22.5 | Other
noncurrent liabilities | i — | |||||||
Derivative instruments not designated
as hedging instruments: | |||||||||||
Foreign currency contracts | Other current assets | i 6.8 | Other
current liabilities | i 11.9 | |||||||
Total derivative instruments | $ | i 31.5 | $ | i 11.9 |
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 |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total
Stockholders’ Equity | ||||||||||||||||||
Balance, March 31, 2019 | $ | i 0.8 | $ | i 9.7 | $ | i 4,491.0 | $ | ( i 1,545.8 | ) | $ | i 63.3 | $ | i 3,019.0 | ||||||||||
Stock
compensation | — | i 12.3 | — | — | — | i 12.3 | |||||||||||||||||
Issuance
of stock awards | — | ( i 0.2 | ) | ( i 0.1 | ) | — | — | ( i 0.3 | ) | ||||||||||||||
SSARs
exercised | — | ( i 3.1 | ) | i — | — | — | ( i 3.1 | ) | |||||||||||||||
Comprehensive
income: | |||||||||||||||||||||||
Net income (loss) | — | — | i 140.8 | — | ( i 0.4 | ) | i 140.4 | ||||||||||||||||
Other
comprehensive income, net of reclassification adjustments: | |||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | i 3.7 | i 0.7 | i 4.4 | |||||||||||||||||
Defined
benefit pension plans, net of tax | — | — | — | i 3.0 | — | i 3.0 | |||||||||||||||||
Deferred
gains and losses on derivatives, net of tax | — | — | — | i 4.8 | — | i 4.8 | |||||||||||||||||
Payment
of dividends to stockholders | — | — | ( i 12.2 | ) | — | — | ( i 12.2 | ) | |||||||||||||||
Purchases
and retirement of common stock | — | ( i 11.6 | ) | ( i 28.4 | ) | — | — | ( i 40.0 | ) | ||||||||||||||
Investment
by noncontrolling interests | — | — | — | — | i 0.4 | i 0.4 | |||||||||||||||||
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 |
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 24.8 | — | — | — | i 24.8 | |||||||||||||||||
Issuance
of stock awards | — | ( i 13.2 | ) | ( i 9.7 | ) | — | — | ( i 22.9 | ) | ||||||||||||||
SSARs
exercised | — | ( i 3.1 | ) | ( i 0.3 | ) | — | — | ( i 3.4 | ) | ||||||||||||||
Comprehensive
income: | |||||||||||||||||||||||
Net income | — | — | i 205.9 | — | i 0.2 | i 206.1 | |||||||||||||||||
Other
comprehensive income, net of reclassification adjustments: | |||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | i 14.4 | i 2.2 | i 16.6 | |||||||||||||||||
Defined
benefit pension plans, net of tax | — | — | — | i 6.0 | — | i 6.0 | |||||||||||||||||
Deferred
gains and losses on derivatives, net of tax | — | — | — | i 0.7 | — | i 0.7 | |||||||||||||||||
Payment
of dividends to stockholders | — | — | ( i 23.7 | ) | — | — | ( i 23.7 | ) | |||||||||||||||
Purchases
and retirement of common stock | — | ( i 11.6 | ) | ( i 58.4 | ) | — | — | ( i 70.0 | ) | ||||||||||||||
Investment
by noncontrolling interests | — | — | — | — | i 1.0 | i 1.0 | |||||||||||||||||
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 |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total
Stockholders’ Equity | ||||||||||||||||||
Balance, March 31, 2018 | $ | i 0.8 | $ | i 135.3 | $ | i 4,266.6 | $ | ( i 1,349.8 | ) | $ | i 66.5 | $ | i 3,119.4 | ||||||||||
Stock
compensation | — | i 13.3 | — | — | — | i 13.3 | |||||||||||||||||
Issuance
of stock awards | — | — | — | — | — | — | |||||||||||||||||
SSARs
exercised | — | — | — | — | — | — | |||||||||||||||||
Comprehensive
income: | |||||||||||||||||||||||
Net income (loss) | — | — | i 91.4 | — | ( i 1.0 | ) | i 90.4 | ||||||||||||||||
Other
comprehensive income, net of reclassification adjustments: | |||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | ( i 188.2 | ) | ( i 2.2 | ) | ( i 190.4 | ) | ||||||||||||||
Defined
benefit pension plans, net of tax | — | — | — | i 3.0 | — | i 3.0 | |||||||||||||||||
Deferred
gains and losses on derivatives, net of tax | — | — | — | i 1.5 | — | i 1.5 | |||||||||||||||||
Payment
of dividends to stockholders | — | — | ( i 11.9 | ) | — | — | ( i 11.9 | ) | |||||||||||||||
Purchases
and retirement of common stock | — | ( i 27.2 | ) | i — | — | — | ( i 27.2 | ) | |||||||||||||||
Adjustment
related to the adoption of ASU 2014-09 | — | — | — | — | — | — | |||||||||||||||||
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 |
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 22.5 | — | — | — | i 22.5 | |||||||||||||||||
Issuance
of stock awards | — | ( i 3.0 | ) | i — | — | — | ( i 3.0 | ) | |||||||||||||||
SSARs
exercised | — | ( i 0.4 | ) | i — | — | — | ( i 0.4 | ) | |||||||||||||||
Comprehensive
income: | |||||||||||||||||||||||
Net income (loss) | — | — | i 115.7 | — | ( i 0.3 | ) | i 115.4 | ||||||||||||||||
Other
comprehensive income, net of reclassification adjustments: | |||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | ( i 178.6 | ) | ( i 2.1 | ) | ( i 180.7 | ) | ||||||||||||||
Defined
benefit pension plans, net of tax | — | — | — | i 6.1 | — | i 6.1 | |||||||||||||||||
Deferred
gains and losses on derivatives, net of tax | — | — | — | i 0.6 | — | i 0.6 | |||||||||||||||||
Payment
of dividends to stockholders | — | — | ( i 23.8 | ) | — | — | ( i 23.8 | ) | |||||||||||||||
Purchases
and retirement of common stock | — | ( i 34.3 | ) | i — | — | — | ( i 34.3 | ) | |||||||||||||||
Adjustment
related to the adoption of ASU 2014-09 | — | — | i 0.4 | — | — | i 0.4 | |||||||||||||||||
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 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net
(loss) income | $ | ( i 0.4 | ) | $ | ( i 1.0 | ) | $ | i 0.2 | $ | ( i 0.3 | ) | ||||
Other
comprehensive income (loss): | |||||||||||||||
Foreign currency translation adjustments | i 0.7 | ( i 2.2 | ) | i 2.2 | ( i 2.1 | ) | |||||||||
Total
comprehensive income (loss) | $ | i 0.3 | $ | ( i 3.2 | ) | $ | i 2.4 | $ | ( i 2.4 | ) |
Defined
Benefit Pension Plans | Deferred Net Gains (Losses) on Derivatives | Cumulative Translation Adjustment | Total | ||||||||||||
Accumulated other comprehensive loss, | $ | ( i 282.4 | ) | $ | i 1.4 | $ | ( i 1,274.4 | ) | $ | ( i 1,555.4 | ) | ||||
Other
comprehensive (loss) income before reclassifications | i — | ( i 0.4 | ) | i 14.4 | i 14.0 | ||||||||||
Net
losses reclassified from accumulated other comprehensive loss | i 6.0 | i 1.1 | i — | i 7.1 | |||||||||||
Other
comprehensive income, net of reclassification adjustments | i 6.0 | i 0.7 | i 14.4 | i 21.1 | |||||||||||
Accumulated
other comprehensive loss, | $ | ( i 276.4 | ) | $ | i 2.1 | $ | ( i 1,260.0 | ) | $ | ( i 1,534.3 | ) |
Amount
Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item within the Condensed Consolidated Statements of Operations | |||||||||
Details about Accumulated Other Comprehensive Loss Components | Three Months Ended June 30, 2019(1) | Three Months Ended June 30, 2018(1) | ||||||||
Derivatives:
| ||||||||||
Net losses on foreign currency contracts | $ | i 0.5 | $ | i 0.9 | Cost
of goods sold | |||||
Net losses on interest rate swap contract | i — | i 0.7 | Interest
expense, net | |||||||
Reclassification before tax | i 0.5 | i 1.6 | ||||||||
i — | ( i 0.1 | ) | Income
tax provision | |||||||
Reclassification net of tax | $ | i 0.5 | $ | i 1.5 | ||||||
Defined
benefit pension plans: | ||||||||||
Amortization of net actuarial losses | $ | i 3.0 | $ | i 3.2 | Other
expense, net(2) | |||||
Amortization of prior service cost | i 0.5 | i 0.3 | Other
expense, net(2) | |||||||
Reclassification before tax | i 3.5 | i 3.5 | ||||||||
( i 0.5 | ) | ( i 0.5 | ) | Income
tax provision | ||||||
Reclassification net of tax | $ | i 3.0 | $ | i 3.0 | ||||||
Net
losses reclassified from accumulated other comprehensive loss | $ | i 3.5 | $ | i 4.5 |
Amount
Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item within the Condensed Consolidated Statements of Operations | |||||||||
Details about Accumulated Other Comprehensive Loss Components | Six Months Ended June 30, 2019(1) | Six Months Ended June 30, 2018(1) | ||||||||
Derivatives: | ||||||||||
Net
losses on foreign currency contracts | $ | i 1.1 | $ | i 1.5 | Cost
of goods sold | |||||
Net losses on interest rate swap contract | i — | i 1.3 | Interest
expense, net | |||||||
Reclassification before tax | i 1.1 | i 2.8 | ||||||||
i — | ( i 0.1 | ) | Income
tax provision | |||||||
Reclassification net of tax | $ | i 1.1 | $ | i 2.7 | ||||||
Defined
benefit pension plans: | ||||||||||
Amortization of net actuarial losses | $ | i 6.1 | $ | i 6.3 | Other
expense, net(2) | |||||
Amortization of prior service cost | i 0.9 | i 0.7 | Other
expense, net(2) | |||||||
Reclassification before tax | i 7.0 | i 7.0 | ||||||||
( i 1.0 | ) | ( i 0.9 | ) | Income
tax provision | ||||||
Reclassification net of tax | $ | i 6.0 | $ | i 6.1 | ||||||
Net
losses reclassified from accumulated other comprehensive loss | $ | i 7.1 | $ | i 8.8 |
Three Months Ended June
30, | ||||||||
Pension benefits | 2019 | 2018 | ||||||
Service cost | $ | i 3.9 | $ | i 4.8 | ||||
Interest
cost | i 5.3 | i 5.1 | ||||||
Expected
return on plan assets | ( i 7.1 | ) | ( i 9.3 | ) | ||||
Amortization
of net actuarial losses | i 3.0 | i 3.1 | ||||||
Amortization
of prior service cost | i 0.4 | i 0.3 | ||||||
Net
periodic pension cost | $ | i 5.5 | $ | i 4.0 |
Three Months Ended June 30, | ||||||||
Postretirement benefits | 2019 | 2018 | ||||||
Service
cost | $ | i — | $ | i 0.1 | ||||
Interest
cost | i 0.3 | i 0.3 | ||||||
Amortization
of net actuarial losses | i — | i 0.1 | ||||||
Amortization
of prior service cost | i 0.1 | i — | ||||||
Net
periodic postretirement benefit cost | $ | i 0.4 | $ | i 0.5 |
Six
Months Ended June 30, | ||||||||
Pension benefits | 2019 | 2018 | ||||||
Service cost | $ | i 7.8 | $ | i 9.7 | ||||
Interest
cost | i 10.6 | i 10.2 | ||||||
Expected
return on plan assets | ( i 14.3 | ) | ( i 18.7 | ) | ||||
Amortization
of net actuarial losses | i 6.1 | i 6.2 | ||||||
Amortization
of prior service cost | i 0.8 | i 0.6 | ||||||
Net
periodic pension cost | $ | i 11.0 | $ | i 8.0 |
Six
Months Ended June 30, | ||||||||
Postretirement benefits | 2019 | 2018 | ||||||
Service cost | $ | i — | $ | i 0.1 | ||||
Interest
cost | i 0.7 | i 0.7 | ||||||
Amortization
of net actuarial losses | i — | i 0.1 | ||||||
Amortization
of prior service cost | i 0.1 | i 0.1 | ||||||
Net
periodic postretirement benefit cost | $ | i 0.8 | $ | i 1.0 |
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 6.1 | i 0.9 | i 5.2 | |||||||||
Amortization
of prior service cost | i 0.9 | i 0.1 | i 0.8 | |||||||||
Accumulated
other comprehensive loss as of June 30, 2019 | $ | ( i 372.8 | ) | $ | ( i 96.4 | ) | $ | ( i 276.4 | ) |
As
of June 30, 2019 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivative assets | $ | i — | $ | i 31.5 | $ | i — | $ | i 31.5 | |||||||
Derivative
liabilities | i — | i 11.9 | i — | i 11.9 |
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 |
Three
Months Ended June 30, | North America | South America | Europe/Middle East | Asia/Pacific/Africa | Consolidated | |||||||||||||||
2019 | ||||||||||||||||||||
Net
sales | $ | i 618.9 | $ | i 185.8 | $ | i 1,457.2 | $ | i 160.7 | $ | i 2,422.6 | ||||||||||
Income
(loss) from operations | i 51.4 | ( i 7.1 | ) | i 208.8 | i 7.0 | i 260.1 | ||||||||||||||
Depreciation | i 16.1 | i 8.2 | i 26.4 | i 3.4 | i 54.1 | |||||||||||||||
Capital
expenditures | i 11.6 | i 5.0 | i 35.4 | i 2.0 | i 54.0 | |||||||||||||||
2018 | ||||||||||||||||||||
Net
sales | $ | i 600.5 | $ | i 219.6 | $ | i 1,545.2 | $ | i 172.3 | $ | i 2,537.6 | ||||||||||
Income
(loss) from operations | i 37.6 | ( i 16.7 | ) | i 208.5 | i 4.6 | i 234.0 | ||||||||||||||
Depreciation | i 16.8 | i 7.3 | i 28.4 | i 3.4 | i 55.9 | |||||||||||||||
Capital
expenditures | i 10.1 | i 7.3 | i 24.3 | i 2.0 | i 43.7 |
Six
Months Ended June 30, | North America | South America | Europe/ Middle East | Asia/ Pacific/Africa | Consolidated | |||||||||||||||
2019 | ||||||||||||||||||||
Net
sales | $ | i 1,115.1 | $ | i 341.9 | $ | i 2,667.8 | $ | i 293.6 | $ | i 4,418.4 | ||||||||||
Income
(loss) from operations | i 82.0 | ( i 15.6 | ) | i 336.5 | i 10.4 | i 413.3 | ||||||||||||||
Depreciation | i 31.7 | i 16.7 | i 52.4 | i 6.3 | i 107.1 | |||||||||||||||
Capital
expenditures | i 29.9 | i 17.1 | i 64.9 | i 3.0 | i 114.9 | |||||||||||||||
2018 | ||||||||||||||||||||
Net
sales | $ | i 1,103.4 | $ | i 401.7 | $ | i 2,708.9 | $ | i 331.1 | $ | i 4,545.1 | ||||||||||
Income
(loss) from operations | i 64.4 | ( i 33.3 | ) | i 307.5 | i 9.3 | i 347.9 | ||||||||||||||
Depreciation | i 34.0 | i 15.3 | i 58.4 | i 7.4 | i 115.1 | |||||||||||||||
Capital
expenditures | i 22.2 | i 14.2 | i 49.4 | i 4.0 | i 89.8 | |||||||||||||||
Assets | ||||||||||||||||||||
As
of June 30, 2019 | $ | i 1,244.6 | $ | i 873.4 | $ | i 2,392.4 | $ | i 519.9 | $ | i 5,030.3 | ||||||||||
As
of December 31, 2018 | i 1,032.1 | i 736.1 | i 1,905.8 | i 501.1 | i 4,175.1 |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Segment income from operations | $ | i 260.1 | $ | i 234.0 | $ | i 413.3 | $ | i 347.9 | |||||||
Corporate
expenses | ( i 32.9 | ) | ( i 32.5 | ) | ( i 64.7 | ) | ( i 65.9 | ) | |||||||
Stock
compensation expense | ( i 12.2 | ) | ( i 12.5 | ) | ( i 24.2 | ) | ( i 20.9 | ) | |||||||
Restructuring
expenses | i — | ( i 2.7 | ) | ( i 1.7 | ) | ( i 8.6 | ) | ||||||||
Amortization
of intangibles | ( i 15.4 | ) | ( i 18.2 | ) | ( i 30.7 | ) | ( i 33.9 | ) | |||||||
Consolidated
income from operations | $ | i 199.6 | $ | i 168.1 | $ | i 292.0 | $ | i 218.6 |
Segment assets | $ | i 5,030.3 | $ | i 4,175.1 | |||
Cash
and cash equivalents | i 279.9 | i 326.1 | |||||
Investments
in affiliates | i 404.7 | i 400.0 | |||||
Deferred
tax assets, other current and noncurrent assets | i 664.6 | i 656.6 | |||||
Intangible
assets, net | i 541.6 | i 573.1 | |||||
Goodwill | i 1,494.0 | i 1,495.5 | |||||
Consolidated
total assets | $ | i 8,415.1 | $ | i 7,626.4 |
Three Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Balance
at beginning of period | $ | i 84.5 | $ | i 96.9 | |||
Advance
consideration received | i 38.3 | i 23.4 | |||||
Revenue
recognized during the period for extended warranty contracts, maintenance services and technology services | ( i 7.9 | ) | ( i 6.3 | ) | |||
Revenue
recognized during the period related to installation of grain storage and protein production systems | ( i 27.2 | ) | ( i 34.7 | ) | |||
Foreign
currency translation | i 0.3 | ( i 1.5 | ) | ||||
Balance
at June 30 | $ | i 88.0 | $ | i 77.8 |
Six
Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Balance at beginning of period | $ | i 76.8 | $ | i 82.6 | |||
Advance
consideration received | i 63.7 | i 57.9 | |||||
Revenue
recognized during the period for extended warranty contracts, maintenance services and technology services | ( i 14.0 | ) | ( i 12.7 | ) | |||
Revenue
recognized during the period related to installation of grain storage and protein production systems | ( i 38.6 | ) | ( i 49.6 | ) | |||
Foreign
currency translation | i 0.1 | ( i 0.4 | ) | ||||
Balance
at June 30 | $ | i 88.0 | $ | i 77.8 |
North
America(1) | South America(1) | Europe/Middle East | Asia/Pacific/Africa | Consolidated(1) | ||||||||||||||||
Primary geographical markets: | ||||||||||||||||||||
United
States | $ | i 500.2 | $ | — | $ | — | $ | — | $ | i 500.2 | ||||||||||
Canada | i 91.9 | — | — | — | i 91.9 | |||||||||||||||
South
America | — | i 182.1 | — | — | i 182.1 | |||||||||||||||
Germany | — | — | i 390.6 | — | i 390.6 | |||||||||||||||
France | — | — | i 267.5 | — | i 267.5 | |||||||||||||||
United
Kingdom and Ireland | — | — | i 135.9 | — | i 135.9 | |||||||||||||||
Finland
and Scandinavia | — | — | i 199.0 | — | i 199.0 | |||||||||||||||
Other
Europe | — | — | i 443.3 | — | i 443.3 | |||||||||||||||
Middle
East and Algeria | — | — | i 20.9 | — | i 20.9 | |||||||||||||||
Africa | — | — | — | i 29.7 | i 29.7 | |||||||||||||||
Asia | — | — | — | i 77.6 | i 77.6 | |||||||||||||||
Australia
and New Zealand | — | — | — | i 53.4 | i 53.4 | |||||||||||||||
Mexico,
Central America and Caribbean | i 26.9 | i 3.6 | — | — | i 30.5 | |||||||||||||||
$ | i 618.9 | $ | i 185.8 | $ | i 1,457.2 | $ | i 160.7 | $ | i 2,422.6 | |||||||||||
Major
products: | ||||||||||||||||||||
Tractors | $ | i 187.4 | $ | i 106.3 | $ | i 994.1 | $ | i 62.0 | $ | i 1,349.8 | ||||||||||
Replacement
parts | i 98.7 | i 21.4 | i 246.4 | i 17.2 | i 383.7 | |||||||||||||||
Grain
storage and protein production systems | i 166.4 | i 17.7 | i 61.6 | i 61.2 | i 306.9 | |||||||||||||||
Combines,
application equipment and other machinery | i 166.5 | i 40.4 | i 155.1 | i 20.3 | i 382.3 | |||||||||||||||
$ | i 618.9 | $ | i 185.8 | $ | i 1,457.2 | $ | i 160.7 | $ | i 2,422.6 | |||||||||||
North
America | South America | Europe/Middle East(1) | Asia/Pacific/Africa(1) | Consolidated | ||||||||||||||||
Primary geographical markets: | ||||||||||||||||||||
United
States | $ | i 468.4 | $ | i — | $ | i — | $ | i — | $ | i 468.4 | ||||||||||
Canada | i 101.3 | i — | i — | i — | i 101.3 | |||||||||||||||
South
America | i — | i 213.7 | i — | i — | i 213.7 | |||||||||||||||
Germany | i — | — | i 389.7 | i — | i 389.7 | |||||||||||||||
France | i — | i — | i 250.2 | i — | i 250.2 | |||||||||||||||
United
Kingdom and Ireland | i — | i — | i 172.8 | i — | i 172.8 | |||||||||||||||
Finland
and Scandinavia | i — | i — | i 231.7 | i — | i 231.7 | |||||||||||||||
Other
Europe | i — | i — | i 466.3 | i — | i 466.3 | |||||||||||||||
Middle
East and Algeria | i — | i — | i 34.5 | i — | i 34.5 | |||||||||||||||
Africa | i — | i — | i — | i 22.0 | i 22.0 | |||||||||||||||
Asia | i — | i — | i — | i 87.0 | i 87.0 | |||||||||||||||
Australia
and New Zealand | i — | i — | i — | i 63.3 | i 63.3 | |||||||||||||||
Mexico,
Central America and Caribbean | i 30.8 | i 5.9 | i — | i — | i 36.7 | |||||||||||||||
$ | i 600.5 | $ | i 219.6 | $ | i 1,545.2 | $ | i 172.3 | $ | i 2,537.6 | |||||||||||
Major
products: | ||||||||||||||||||||
Tractors | $ | i 173.7 | $ | i 148.2 | $ | i 1,049.5 | $ | i 75.9 | $ | i 1,447.3 | ||||||||||
Replacement
parts | i 97.7 | i 21.9 | i 252.7 | i 15.9 | i 388.2 | |||||||||||||||
Grain
storage and protein production systems | i 171.5 | i 12.2 | i 58.4 | i 59.9 | i 302.0 | |||||||||||||||
Combines,
application equipment and other machinery | i 157.6 | i 37.3 | i 184.5 | i 20.7 | i 400.1 | |||||||||||||||
$ | i 600.5 | $ | i 219.6 | $ | i 1,545.2 | $ | i 172.3 | $ | i 2,537.6 | |||||||||||
North America(1) | South America | Europe/Middle
East | Asia/Pacific/Africa(1) | Consolidated(1) | ||||||||||||||||
Primary geographical markets: | ||||||||||||||||||||
United
States | $ | i 912.8 | $ | i — | $ | i — | $ | i — | $ | i 912.8 | ||||||||||
Canada | i 153.1 | i — | i — | i — | i 153.1 | |||||||||||||||
South
America | i — | i 335.0 | i — | i — | i 335.0 | |||||||||||||||
Germany | i — | i — | i 660.9 | i — | i 660.9 | |||||||||||||||
France | i — | i — | i 505.6 | i — | i 505.6 | |||||||||||||||
United
Kingdom and Ireland | i — | i — | i 290.2 | i — | i 290.2 | |||||||||||||||
Finland
and Scandinavia | i — | i — | i 368.6 | i — | i 368.6 | |||||||||||||||
Other
Europe | i — | i — | i 807.5 | i — | i 807.5 | |||||||||||||||
Middle
East and Algeria | i — | i — | i 35.0 | i — | i 35.0 | |||||||||||||||
Africa | i — | i — | i — | i 50.0 | i 50.0 | |||||||||||||||
Asia | i — | i — | i — | i 136.8 | i 136.8 | |||||||||||||||
Australia
and New Zealand | i — | i — | i — | i 106.8 | i 106.8 | |||||||||||||||
Mexico,
Central America and Caribbean | i 49.3 | i 6.9 | i — | i — | i 56.2 | |||||||||||||||
$ | i 1,115.1 | $ | i 341.9 | $ | i 2,667.8 | $ | i 293.6 | $ | i 4,418.4 | |||||||||||
Major
products: | ||||||||||||||||||||
Tractors | $ | i 327.6 | $ | i 190.6 | $ | i 1,823.8 | $ | i 127.0 | $ | i 2,469.0 | ||||||||||
Replacement
parts | i 160.2 | i 43.3 | i 448.3 | i 33.9 | i 685.7 | |||||||||||||||
Grain
storage and protein production systems | i 270.2 | i 37.4 | i 104.1 | i 98.3 | i 510.0 | |||||||||||||||
Combines,
application equipment and other machinery | i 357.2 | i 70.6 | i 291.6 | i 34.3 | i 753.7 | |||||||||||||||
$ | i 1,115.1 | $ | i 341.9 | $ | i 2,667.8 | $ | i 293.6 | $ | i 4,418.4 | |||||||||||
North
America | South America | Europe/Middle East(1) | Asia/Pacific/Africa(1) | Consolidated | ||||||||||||||||
Primary geographical markets: | ||||||||||||||||||||
United
States | $ | i 867.5 | $ | i — | $ | i — | $ | i — | $ | i 867.5 | ||||||||||
Canada | i 174.9 | i — | i — | i — | i 174.9 | |||||||||||||||
South
America | i — | i 394.2 | i — | i — | i 394.2 | |||||||||||||||
Germany | i — | i — | i 677.6 | i — | i 677.6 | |||||||||||||||
France | i — | i — | i 446.8 | i — | i 446.8 | |||||||||||||||
United
Kingdom and Ireland | i — | i — | i 313.1 | i — | i 313.1 | |||||||||||||||
Finland
and Scandinavia | i — | i — | i 408.8 | i — | i 408.8 | |||||||||||||||
Other
Europe | i — | i — | i 801.1 | i — | i 801.1 | |||||||||||||||
Middle
East and Algeria | i — | i — | i 61.5 | i — | i 61.5 | |||||||||||||||
Africa | i — | i — | i — | i 44.2 | i 44.2 | |||||||||||||||
Asia | i — | i — | i — | i 161.6 | i 161.6 | |||||||||||||||
Australia
and New Zealand | i — | i — | i — | i 125.3 | i 125.3 | |||||||||||||||
Mexico,
Central America and Caribbean | i 61.0 | i 7.5 | i — | i — | i 68.5 | |||||||||||||||
$ | i 1,103.4 | $ | i 401.7 | $ | i 2,708.9 | $ | i 331.1 | $ | i 4,545.1 | |||||||||||
Major
products: | ||||||||||||||||||||
Tractors | $ | i 328.3 | $ | i 255.0 | $ | i 1,827.9 | $ | i 149.4 | $ | i 2,560.6 | ||||||||||
Replacement
parts | i 158.5 | i 43.6 | i 463.2 | i 35.6 | i 700.9 | |||||||||||||||
Grain
storage and protein production systems | i 281.9 | i 29.4 | i 92.8 | i 104.1 | i 508.2 | |||||||||||||||
Combines,
application equipment and other machinery | i 334.7 | i 73.7 | i 324.9 | i 42.1 | i 775.4 | |||||||||||||||
$ | i 1,103.4 | $ | i 401.7 | $ | i 2,708.9 | $ | i 331.1 | $ | i 4,545.1 | |||||||||||
Lease Assets | Classification | As
of June 30, 2019 | ||||
Operating ROU assets | Right-of-use lease assets | $ | i 203.3 | |||
Finance
lease assets | Property, plant and equipment, net(1) | i 16.1 | ||||
Total leased assets | $ | i 219.4 | ||||
Lease
Liabilities | Classification | As of June 30, 2019 | ||||
Current: | ||||||
Operating | Accrued expenses | $ | i 42.5 | |||
Finance | Other
current liabilities | i 3.9 | ||||
Noncurrent: | ||||||
Operating | Operating
lease liabilities | i 163.3 | ||||
Finance | Other noncurrent liabilities | i 9.6 | ||||
Total
leased liabilities | $ | i 219.3 |
Classification | Three
Months Ended | Six Months Ended | ||||||||
Operating lease cost | Selling, general and administrative expenses | $ | i 13.7 | $ | i 28.0 | |||||
Variable
lease cost | Selling, general and administrative expenses | i — | i 0.1 | |||||||
Short-term
lease cost | Selling, general and administrative expenses | i 2.2 | i 4.4 | |||||||
Finance
lease cost: | ||||||||||
Amortization of leased assets | Depreciation expense(1) | i 1.2 | i 2.5 | |||||||
Interest
on leased liabilities | Interest expense, net | i 0.3 | i 0.4 | |||||||
Total
lease cost | $ | i 17.4 | $ | i 35.4 |
Operating Leases(1)(2) | Finance Leases | Operating Leases(5) | Finance
Leases(5) | |||||||||||||
2019 | $ | i 25.1 | $ | i 2.8 | $ | i 46.7 | $ | i 4.9 | ||||||||
2020 | i 45.2 | i 3.5 | i 39.5 | i 3.5 | ||||||||||||
2021 | i 38.0 | i 2.1 | i 32.6 | i 2.8 | ||||||||||||
2022 | i 29.9 | i 1.0 | i 26.0 | i 0.9 | ||||||||||||
2023 | i 22.7 | i 0.7 | i 21.7 | i 0.7 | ||||||||||||
Thereafter | i 81.9 | i 4.3 | i 85.5 | i 3.7 | ||||||||||||
Total
lease payments | i 242.8 | i 14.4 | i 252.0 | i 16.5 | ||||||||||||
Less:
imputed interest(3)(4) | ( i 37.0 | ) | ( i 0.9 | ) | — | ( i 1.0 | ) | |||||||||
Present
value of leased liabilities | $ | i 205.8 | $ | i 13.5 | $ | i 252.0 | $ | i 15.5 |
As of June 30, 2019 | |||
Weighted-average remaining lease term: | |||
Operating leases | i 8.0
years | ||
Finance leases | i 9.0 years | ||
Weighted-average
discount rate: | |||
Operating leases | i 3.4 | % | |
Finance leases | i 2.7 | % |
Six Months Ended June 30, 2019 | ||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating
cash flows from operating leases | $ | i 28.0 | ||
Operating cash flows from finance leases | i 2.5 | |||
Financing
cash flows from finance leases | i 0.4 | |||
Leased assets obtained in exchange for lease obligations: | ||||
Operating
leases | $ | i 22.2 | ||
Finance leases | i 0.7 |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Three
Months Ended June 30, | Change | Change Due to Currency Translation | |||||||||||||||||||
2019 | 2018 | $ | % | $ | % | ||||||||||||||||
North
America | $ | 618.9 | $ | 600.5 | $ | 18.4 | 3.1 | % | $ | (3.4 | ) | (0.6 | )% | ||||||||
South
America | 185.8 | 219.6 | (33.8 | ) | (15.4 | )% | (12.6 | ) | (5.7 | )% | |||||||||||
Europe/Middle
East | 1,457.2 | 1,545.2 | (88.0 | ) | (5.7 | )% | (91.0 | ) | (5.9 | )% | |||||||||||
Asia/Pacific/Africa | 160.7 | 172.3 | (11.6 | ) | (6.7 | )% | (10.2 | ) | (5.9 | )% | |||||||||||
$ | 2,422.6 | $ | 2,537.6 | $ | (115.0 | ) | (4.5 | )% | $ | (117.2 | ) | (4.6 | )% |
Six
Months Ended June 30, | Change | Change Due to Currency Translation | |||||||||||||||||||
2019 | 2018 | $ | % | $ | % | ||||||||||||||||
North
America | $1,115.1 | $1,103.4 | $ | 11.7 | 1.1 | % | $ | (7.2 | ) | (0.7 | )% | ||||||||||
South
America | 341.9 | 401.7 | (59.8 | ) | (14.9 | )% | (33.8 | ) | (8.4 | )% | |||||||||||
Europe/Middle
East | 2,667.8 | 2,708.9 | (41.1 | ) | (1.5 | )% | (197.3 | ) | (7.3 | )% | |||||||||||
Asia/Pacific/Africa | 293.6 | 331.1 | (37.5 | ) | (11.3 | )% | (20.8 | ) | (6.3 | )% | |||||||||||
$ | 4,418.4 | $ | 4,545.1 | $ | (126.7 | ) | (2.8 | )% | $ | (259.1 | ) | (5.7 | )% |
Three
Months Ended June 30, | ||||||||||||||
2019 | 2018 | |||||||||||||
$ | % of Net Sales(1) | $ | %
of Net Sales | |||||||||||
Gross profit | $ | 563.9 | 23.3 | % | $ | 556.3 | 21.9 | % | ||||||
Selling,
general and administrative expenses | 260.7 | 10.8 | % | 271.8 | 10.7 | % | ||||||||
Engineering expenses | 87.5 | 3.6 | % | 93.0 | 3.7 | % | ||||||||
Restructuring
expenses | — | — | % | 2.7 | 0.1 | % | ||||||||
Amortization of intangibles | 15.4 | 0.6 | % | 18.2 | 0.7 | % | ||||||||
Bad
debt expense | 0.7 | — | % | 2.5 | 0.1 | % | ||||||||
Income from operations | $ | 199.6 | 8.2 | % | $ | 168.1 | 6.6 | % |
Six
Months Ended June 30, | ||||||||||||||
2019 | 2018 | |||||||||||||
$ | % of Net Sales(1) | $ | %
of Net Sales(1) | |||||||||||
Gross profit | $ | 1,020.6 | 23.1 | % | $ | 984.3 | 21.7 | % | ||||||
Selling,
general and administrative expenses | 522.9 | 11.8 | % | 536.4 | 11.8 | % | ||||||||
Engineering expenses | 172.0 | 3.9 | % | 183.9 | 4.0 | % | ||||||||
Restructuring
expenses | 1.7 | — | % | 8.6 | 0.2 | % | ||||||||
Amortization of intangibles | 30.7 | 0.7 | % | 33.9 | 0.7 | % | ||||||||
Bad
debt expense | 1.3 | — | % | 2.9 | 0.1 | % | ||||||||
Income from operations | $ | 292.0 | 6.6 | % | $ | 218.6 | 4.8 | % |
1.056% Senior term loan due 2020 | $ | 227.7 | |
Senior term loan due 2022 | 170.7 | ||
Credit facility, expires 2023 | 96.8 | ||
1.002% Senior term loan due 2025 | 284.6 | ||
Senior
term loans due between 2019 and 2028 | 811.6 | ||
Other long-term debt | 17.3 |
• | general economic and capital market conditions; |
• | availability of credit to our retail customers; |
• | the worldwide demand for agricultural products; |
• | grain
stock levels and the levels of new and used field inventories; |
• | government policies and subsidies; |
• | 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; |
• | weather conditions; |
• | interest and foreign currency exchange rates; |
• | pricing
and product actions taken by competitors; |
• | commodity prices, acreage planted and crop yields; |
• | farm income, land values, debt levels and access to credit; |
• | pervasive livestock diseases; |
• | production disruptions; |
• | production levels and capacity constraints at our facilities, including those resulting from plant expansions and systems upgrades; |
• | integration
of recent and future acquisitions; |
• | our expansion plans in emerging markets; |
• | supply constraints; |
• | our cost reduction and control initiatives; |
• | our
research and development efforts; |
• | dealer and distributor actions; |
• | regulations affecting privacy and data protection; |
• | technological difficulties; and |
• | political
and economic uncertainty in various areas of the world. |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. | CONTROLS AND PROCEDURES |
PART II. | OTHER INFORMATION |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
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) | ||||||||||
April 1, 2019 through | — | $ | — | — | $ | 117.1 | ||||||||
May
1, 2019 through May 31, 2019(2)(3) | 532,697 | $ | 67.69 | 532,697 | $ | 77.1 | ||||||||
June
1, 2019 through | — | $ | — | — | $ | 77.1 | ||||||||
Total | 532,697 | $ | 67.69 | 532,697 | $ | 77.1 |
ITEM 6. | EXHIBITS |
Exhibit Number | Description of Exhibit | The
filings referenced for incorporation by reference are AGCO Corporation | ||
April 26, 2019, Form 8-K, Exhibit 3.1 | ||||
March 31, 2019, Form 10-Q, Exhibit 10.1 | ||||
Furnished herewith | ||||
101 | The
following unaudited financial information from this Quarterly Report on Form 10-Q for the quarter ended June 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. | |||
104 | Cover
Page Interactive Data File - the cover page from this Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 is formatted in Inline XBRL |
Date: | AGCO
CORPORATION Registrant /s/ Andrew H. Beck | ||
Senior Vice President and Chief Financial Officer (Principal Financial Officer) | |||
/s/
Lara T. Long | |||
Vice President, Chief Accounting Officer (Principal Accounting Officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
1/24/25 | ||||
10/17/23 | ||||
10/28/22 | ||||
1/19/21 | ||||
12/15/20 | ||||
1/15/20 | ||||
1/1/20 | 3, 3/A | |||
12/15/19 | ||||
Filed on: | 8/9/19 | |||
8/5/19 | 4 | |||
For Period end: | 6/30/19 | |||
6/1/19 | ||||
5/31/19 | ||||
5/1/19 | ||||
4/30/19 | ||||
4/26/19 | 3, 4, 8-K, SC 13D/A | |||
4/25/19 | 3, 4, 8-K, DEF 14A | |||
4/1/19 | 4 | |||
3/31/19 | 10-Q | |||
1/25/19 | ||||
1/1/19 | ||||
12/31/18 | 10-K, 3, SD | |||
6/30/18 | 10-Q | |||
3/31/18 | 10-Q | |||
12/31/17 | 10-K, SD | |||
1/1/17 | ||||
1/15/15 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/25/22 AGCO Corp. 10-K 12/31/21 151:24M 3/01/21 AGCO Corp. 10-K 12/31/20 142:23M |