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As Of Filer Filing For·On·As Docs:Size 5/09/19 Agco Corp/DE 10-Q 3/31/19 99:11M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.20M 2: EX-10.1 Material Contract HTML 50K 3: EX-31.1 Certification -- §302 - SOA'02 HTML 34K 4: EX-31.2 Certification -- §302 - SOA'02 HTML 34K 5: EX-32.1 Certification -- §906 - SOA'02 HTML 29K 12: R1 Document and Entity Information HTML 51K 13: R2 Condensed Consolidated Balance Sheets HTML 137K 14: R3 Condensed Consolidated Balance Sheets HTML 45K (Parenthetical) 15: R4 Condensed Consolidated Statements of Operations HTML 106K 16: R5 Condensed Consolidated Statements of Comprehensive HTML 57K Income 17: R6 Condensed Consolidated Statements of Cash Flows HTML 113K 18: R7 Basis of Presentation HTML 42K 19: R8 Restructuring Expenses HTML 47K 20: R9 Stock Compensation Plans HTML 64K 21: R10 Goodwill and Other Intangible Assets HTML 90K 22: R11 Indebtedness HTML 63K 23: R12 Recoverable Indirect Taxes (Notes) HTML 29K 24: R13 Inventories HTML 37K 25: R14 Product Warranty HTML 42K 26: R15 Net Income Per Common Share HTML 47K 27: R16 Income Taxes HTML 33K 28: R17 Derivative Instruments and Hedging Activities HTML 143K 29: R18 Changes in Stockholders' Equity HTML 211K 30: R19 Employee Benefit Plans HTML 69K 31: R20 Fair Value of Financial Instruments HTML 51K 32: R21 Segment Reporting HTML 103K 33: R22 Commitments and Contingencies HTML 37K 34: R23 Accounts Receivable Sales Agreements (Notes) HTML 34K 35: R24 Revenue (Notes) HTML 226K 36: R25 Leases HTML 216K 37: R26 Basis of Presentation (Policies) HTML 46K 38: R27 Restructuring Expenses (Tables) HTML 47K 39: R28 Stock Compensation Plans (Tables) HTML 58K 40: R29 Goodwill and Other Intangible Assets (Tables) HTML 94K 41: R30 Indebtedness (Tables) HTML 46K 42: R31 Inventories (Tables) HTML 39K 43: R32 Product Warranty (Tables) HTML 38K 44: R33 Net Income Per Common Share (Tables) HTML 46K 45: R34 Derivative Instruments and Hedging Activities HTML 147K (Tables) 46: R35 Changes in Stockholders' Equity (Tables) HTML 168K 47: R36 Employee Benefit Plans (Tables) HTML 92K 48: R37 Fair Value of Financial Instruments (Tables) HTML 80K 49: R38 Segment Reporting (Tables) HTML 110K 50: R39 Revenue (Tables) HTML 208K 51: R40 Leases (Tables) HTML 156K 52: R41 Basis of Presentation (Narrative) (Details) HTML 33K 53: R42 Restructuring Expenses (Details) HTML 56K 54: R43 Stock Compensation Plans (Narrative) (Details) HTML 86K 55: R44 Stock Compensation Plans (Schedule of Employee HTML 34K Service Share-based Compensation, Allocation of Recognized Costs) (Details) 56: R45 Stock Compensation Plans (Performance Award HTML 38K Transactions) (Details) 57: R46 Stock Compensation Plans (Restricted Stock Unit HTML 38K Award Transactions) (Details) 58: R47 Stock Compensation Plans (SSAR Activity) (Details) HTML 38K 59: R48 Goodwill and Other Intangible Assets (Schedule of HTML 61K Change in Carrying Amount) (Details) 60: R49 Goodwill and Other Intangible Assets HTML 32K (Indefinite-Lived Intangible Assets) (Details) 61: R50 Goodwill and Other Intangible Assets (Schedule of HTML 41K Goodwill) (Details) 62: R51 Indebtedness (Components Of Indebtedness) HTML 61K (Details) 63: R52 Indebtedness (Narrative) (Details) HTML 131K 64: R53 Recoverable Indirect Taxes (Details) HTML 27K 65: R54 Inventories (Details) HTML 41K 66: R55 Product Warranty (Details) HTML 48K 67: R56 Net Income Per Common Share (Details) HTML 56K 68: R57 Income Taxes (Details) HTML 33K 69: R58 Derivative Instruments and Hedging Activities HTML 47K (Narrative) (Details) 70: R59 Derivative Instruments and Hedging Activities HTML 49K (After-Tax Impact of Changes in Fair Value and Derivatives Designated as Cash) (Details) 71: R60 Derivative Instruments and Hedging Activities HTML 60K (Summary Of Accumulated Other Comprehensive Loss Related To Derivatives) (Details) 72: R61 Derivative Instruments and Hedging Activities HTML 43K (Notional Values and After-Tax Impact of Changes in Fair Value) (Details) 73: R62 Derivative Instruments and Hedging Activities HTML 59K (Fair Value Of Derivative Instruments) (Details) 74: R63 Changes in Stockholders' Equity (Schedule of HTML 86K Stockholders' Equity) (Details) 75: R64 Changes in Stockholders' Equity (Schedule of HTML 39K Comprehensive Income for Noncontrolling Interest) (Details) 76: R65 Changes in Stockholders' Equity (Changes in HTML 55K Accumulated Other Comprehensive Income) (Details) 77: R66 Changes in Stockholders' Equity (Reclassifications HTML 70K out of Accumulated Other Comprehensive Income) (Details) 78: R67 Changes in Stockholders' Equity (Narrative) HTML 43K (Details) 79: R68 Employee Benefit Plans (Net Pension And HTML 49K Postretirement Cost) (Details) 80: R69 Employee Benefit Plans (Net Periodic Pension Costs HTML 59K Included in Accumulated Other Comprehensive Income (Loss)) (Details) 81: R70 Employee Benefit Plans (Narrative) (Details) HTML 36K 82: R71 Fair Value of Financial Instruments (Details) HTML 47K 83: R72 Segment Reporting (Sales Information By Reportable HTML 60K Segments) (Details) 84: R73 Segment Reporting (Income From Operations And HTML 67K Total Assets) (Details) 85: R74 Commitments and Contingencies (Details) HTML 39K 86: R75 Accounts Receivable Sales Agreements (Details) HTML 36K 87: R76 Revenue (Significant Changes in Contract Assets HTML 38K and Liabilities) (Details) 88: R77 Revenue (Remaining Performance Obligation HTML 46K Narrative) (Details) 89: R78 Revenue (Disaggregation of Revenue) (Details) HTML 311K 90: R79 Leases (Narrative) (Details) HTML 27K 91: R80 Leases (Assets and Liabilities) (Details) HTML 49K 92: R81 Leases (Lease Cost) (Details) HTML 42K 93: R82 Leases (Future Minimum Lease Payments) (Details) HTML 116K 94: R83 Leases (Weighted-Average Remaining Lease Term and HTML 38K Weighted-Average Discount Rate) (Details) 95: R84 Leases (Supplemental Cash Flow Information) HTML 40K (Details) 97: XML IDEA XML File -- Filing Summary XML 188K 11: XML XBRL Instance -- a2019agcoq1-10xq_htm XML 3.30M 96: EXCEL IDEA Workbook of Financial Reports XLSX 103K 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Document |
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _________ to _________ |
Delaware | 58-1960019 |
(State
or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
4205 River Green Parkway | |
(Address of principal executive offices) | (Zip Code) |
(770) 813-9200 |
x | Large
accelerated filer | o | Accelerated filer | o | Non-accelerated filer | o | Smaller reporting company | o | Emerging growth company |
Securities registered pursuant to Section 12(b) of the Act | ||
Title of Class | Trading Symbol | Name of exchange
on which registered |
Common stock | i AGCO | 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 292.8 | $ | i 326.1 | |||
Accounts
and notes receivable, net | i 928.5 | i 880.3 | |||||
Inventories,
net | i 2,307.6 | i 1,908.7 | |||||
Other
current assets | i 432.4 | i 422.3 | |||||
Total
current assets | i 3,961.3 | i 3,537.4 | |||||
Property,
plant and equipment, net | i 1,363.3 | i 1,373.1 | |||||
Right-of-use
lease assets | i 193.8 | i — | |||||
Investment
in affiliates | i 393.2 | i 400.0 | |||||
Deferred
tax assets | i 119.7 | i 104.9 | |||||
Other
assets | i 132.1 | i 142.4 | |||||
Intangible
assets, net | i 555.3 | i 573.1 | |||||
Goodwill | i 1,485.6 | i 1,495.5 | |||||
Total
assets | $ | i 8,204.3 | $ | i 7,626.4 | |||
LIABILITIES
AND STOCKHOLDERS’ EQUITY | |||||||
Current Liabilities: | |||||||
Current portion of long-term debt | $ | i 68.4 | $ | i 72.6 | |||
Short-term
borrowings | i 181.5 | i 138.0 | |||||
Senior
term loan | i 224.7 | i — | |||||
Accounts
payable | i 964.3 | i 865.9 | |||||
Accrued
expenses | i 1,441.0 | i 1,522.4 | |||||
Other
current liabilities | i 174.8 | i 167.8 | |||||
Total
current liabilities | i 3,054.7 | i 2,766.7 | |||||
Long-term
debt, less current portion and debt issuance costs | i 1,404.3 | i 1,275.3 | |||||
Operating
lease liabilities | i 150.8 | i — | |||||
Pensions
and postretirement health care benefits | i 216.8 | i 223.2 | |||||
Deferred
tax liabilities | i 106.8 | i 116.3 | |||||
Other
noncurrent liabilities | i 251.9 | i 251.4 | |||||
Total
liabilities | i 5,185.3 | 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, 76,742,850 and 76,536,755 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively | i 0.8 | i 0.8 | |||||
Additional
paid-in capital | i 9.7 | i 10.2 | |||||
Retained
earnings | i 4,491.0 | i 4,477.3 | |||||
Accumulated
other comprehensive loss | ( i 1,545.8 | ) | ( i 1,555.4 | ) | |||
Total
AGCO Corporation stockholders’ equity | i 2,955.7 | i 2,932.9 | |||||
Noncontrolling
interests | i 63.3 | i 60.6 | |||||
Total
stockholders’ equity | i 3,019.0 | i 2,993.5 | |||||
Total
liabilities and stockholders’ equity | $ | i 8,204.3 | $ | i 7,626.4 |
Three
Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Net sales | $ | i 1,995.8 | $ | i 2,007.5 | |||
Cost
of goods sold | i 1,539.1 | i 1,579.5 | |||||
Gross
profit | i 456.7 | i 428.0 | |||||
Selling,
general and administrative expenses | i 262.2 | i 264.6 | |||||
Operating
expenses: | |||||||
Engineering expenses | i 84.5 | i 90.9 | |||||
Restructuring
expenses | i 1.7 | i 5.9 | |||||
Amortization
of intangibles | i 15.3 | i 15.7 | |||||
Bad
debt expense | i 0.6 | i 0.4 | |||||
Income
from operations | i 92.4 | i 50.5 | |||||
Interest
expense, net | i 3.5 | i 10.3 | |||||
Other
expense, net | i 14.6 | i 11.5 | |||||
Income
before income taxes and equity in net earnings of affiliates | i 74.3 | i 28.7 | |||||
Income
tax provision | i 19.4 | i 11.4 | |||||
Income
before equity in net earnings of affiliates | i 54.9 | i 17.3 | |||||
Equity
in net earnings of affiliates | i 10.8 | i 7.7 | |||||
Net
income | i 65.7 | i 25.0 | |||||
Net
income attributable to noncontrolling interests | ( i 0.6 | ) | ( i 0.7 | ) | |||
Net
income attributable to AGCO Corporation and subsidiaries | $ | i 65.1 | $ | i 24.3 | |||
Net
income per common share attributable to AGCO Corporation and subsidiaries: | |||||||
Basic | $ | i 0.85 | $ | i 0.31 | |||
Diluted | $ | i 0.84 | $ | i 0.30 | |||
Cash
dividends declared and paid per common share | $ | i 0.15 | $ | i 0.15 | |||
Weighted
average number of common and common equivalent shares outstanding: | |||||||
Basic | i 76.6 | i 79.6 | |||||
Diluted | i 77.5 | i 80.5 |
Three
Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Net income | $ | i 65.7 | $ | i 25.0 | |||
Other
comprehensive income, net of reclassification adjustments: | |||||||
Foreign currency translation adjustments | i 12.2 | i 9.7 | |||||
Defined
benefit pension plans, net of tax | i 3.0 | i 3.1 | |||||
Unrealized
loss on derivatives, net of tax | ( i 4.1 | ) | ( i 0.9 | ) | |||
Other
comprehensive income, net of reclassification adjustments | i 11.1 | i 11.9 | |||||
Comprehensive
income | i 76.8 | i 36.9 | |||||
Comprehensive
income attributable to noncontrolling interests | ( i 2.1 | ) | ( i 0.8 | ) | |||
Comprehensive
income attributable to AGCO Corporation and subsidiaries | $ | i 74.7 | $ | i 36.1 |
Three
Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | i 65.7 | $ | i 25.0 | |||
Adjustments
to reconcile net income to net cash used in operating activities: | |||||||
Depreciation | i 53.0 | i 59.2 | |||||
Amortization
of intangibles | i 15.3 | i 15.7 | |||||
Stock
compensation expense | i 12.5 | i 9.2 | |||||
Equity
in net earnings of affiliates, net of cash received | ( i 10.1 | ) | ( i 4.3 | ) | |||
Deferred
income tax benefit | ( i 8.6 | ) | ( i 7.0 | ) | |||
Other | i 0.8 | i 0.1 | |||||
Changes
in operating assets and liabilities: | |||||||
Accounts and notes receivable, net | ( i 65.7 | ) | i 6.2 | ||||
Inventories,
net | ( i 418.6 | ) | ( i 398.2 | ) | |||
Other
current and noncurrent assets | ( i 4.9 | ) | ( i 36.2 | ) | |||
Accounts
payable | i 127.5 | i 66.4 | |||||
Accrued
expenses | ( i 107.7 | ) | ( i 108.4 | ) | |||
Other
current and noncurrent liabilities | i 10.9 | i 11.0 | |||||
Total
adjustments | ( i 395.6 | ) | ( i 386.3 | ) | |||
Net
cash used in operating activities | ( i 329.9 | ) | ( i 361.3 | ) | |||
Cash
flows from investing activities: | |||||||
Purchases of property, plant and equipment | ( i 60.9 | ) | ( i 46.1 | ) | |||
Proceeds
from sale of property, plant and equipment | i — | i 1.5 | |||||
Other | i — | i 0.4 | |||||
Net
cash used in investing activities | ( i 60.9 | ) | ( i 44.2 | ) | |||
Cash
flows from financing activities: | |||||||
Proceeds from indebtedness | i 1,139.8 | i 1,329.6 | |||||
Repayments
of indebtedness | ( i 716.7 | ) | ( i 928.1 | ) | |||
Purchases
and retirement of common stock | ( i 30.0 | ) | ( i 7.1 | ) | |||
Payment
of dividends to stockholders | ( i 11.5 | ) | ( i 11.9 | ) | |||
Payment
of minimum tax withholdings on stock compensation | ( i 23.0 | ) | ( i 3.2 | ) | |||
Payment
of debt issuance costs | ( i 0.5 | ) | i — | ||||
Investment
by noncontrolling interests | i 0.6 | i — | |||||
Net
cash provided by financing activities | i 358.7 | i 379.3 | |||||
Effects
of exchange rate changes on cash and cash equivalents | ( i 1.2 | ) | i 6.7 | ||||
Decrease
in cash and cash equivalents | ( i 33.3 | ) | ( i 19.5 | ) | |||
Cash
and cash equivalents, beginning of period | i 326.1 | i 367.7 | |||||
Cash
and cash equivalents, end of period | $ | i 292.8 | $ | i 348.2 |
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 |
Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Cost
of goods sold | $ | i 0.5 | $ | i 0.8 | ||||
Selling,
general and administrative expenses | i 12.0 | i 8.4 | ||||||
Total
stock compensation expense | $ | i 12.5 | $ | i 9.2 |
Shares awarded but not earned at January 1 | i 938,862 | |
Shares
awarded | i 542,180 | |
Shares forfeited | ( i 3,620 | ) |
Shares
earned | ( i 11,200 | ) |
Shares awarded but not earned at March 31 | i 1,466,222 |
RSUs awarded but not vested at January 1 | i 352,975 | |
RSUs
awarded | i 165,160 | |
RSUs forfeited | ( i 1,192 | ) |
RSUs
vested | ( i 111,419 | ) |
RSUs awarded but not vested at March 31 | i 405,524 |
SSARs outstanding at January 1 | i 1,099,592 | |
SSARs
granted | i 243,600 | |
SSARs exercised | ( i 56,738 | ) |
SSARs
canceled or forfeited | ( i 1,862 | ) |
SSARs outstanding at March 31 | i 1,284,592 |
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 0.9 | ) | ( i 1.2 | ) | ( i 1.4 | ) | i 0.2 | ( i 3.3 | ) | ||||||||||
Balance
as of March 31, 2019 | $ | i 202.5 | $ | i 585.1 | $ | i 154.4 | $ | i 8.8 | $ | i 950.8 |
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 2.8 | i 10.0 | i 2.5 | i — | i 15.3 | ||||||||||||||
Foreign
currency translation | i — | ( i 0.5 | ) | ( i 0.9 | ) | i 0.1 | ( i 1.3 | ) | |||||||||||
Balance
as of March 31, 2019 | $ | i 76.2 | $ | i 320.3 | $ | i 82.3 | $ | i 3.1 | $ | i 481.9 |
Trademarks
and Tradenames | |||
Indefinite-lived intangible assets: | |||
Balance as of December 31, 2018 | $ | i 86.9 | |
Foreign
currency translation | ( i 0.5 | ) | |
Balance as of March 31, 2019 | $ | i 86.4 |
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 0.5 | ) | ( i 9.5 | ) | i 0.1 | ( i 9.9 | ) | |||||||||||
Balance
as of March 31, 2019 | $ | i 611.1 | $ | i 116.2 | $ | i 640.1 | $ | i 118.2 | $ | i 1,485.6 |
1.056%
Senior term loan due 2020 | $ | i 224.7 | $ | i 228.7 | |||
Senior
term loan due 2022 | i 168.5 | i 171.5 | |||||
Credit
facility, expires 2023 | i 207.9 | i 114.4 | |||||
1.002%
Senior term loan due 2025 | i 280.9 | i — | |||||
Senior
term loans due between 2019 and 2028 | i 801.1 | i 815.3 | |||||
Other
long-term debt | i 17.1 | i 20.6 | |||||
Debt
issuance costs | ( i 2.8 | ) | ( i 2.6 | ) | |||
i 1,697.4 | i 1,347.9 | ||||||
Less: 1.056%
Senior term loan due 2020 | ( i 224.7 | ) | i — | ||||
Senior
term loans due 2019 | ( i 62.9 | ) | ( i 63.8 | ) | |||
Current
portion of other long-term debt | ( i 5.5 | ) | ( i 8.8 | ) | |||
Total
long-term indebtedness, less current portion | $ | i 1,404.3 | $ | i 1,275.3 |
Finished
goods | $ | i 841.3 | $ | i 660.4 | |||
Repair
and replacement parts | i 629.8 | i 587.3 | |||||
Work
in process | i 289.6 | i 217.5 | |||||
Raw
materials | i 546.9 | i 443.5 | |||||
Inventories,
net | $ | i 2,307.6 | $ | i 1,908.7 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Balance
at beginning of period | $ | i 360.9 | $ | i 316.0 | |||
Accruals
for warranties issued during the period | i 51.1 | i 58.5 | |||||
Settlements
made (in cash or in kind) during the period | ( i 47.4 | ) | ( i 55.9 | ) | |||
Foreign
currency translation | ( i 3.3 | ) | i 7.2 | ||||
Balance
at March 31 | $ | i 361.3 | $ | i 325.8 |
Three
Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Basic net income per share: | |||||||
Net income attributable to AGCO Corporation and subsidiaries | $ | i 65.1 | $ | i 24.3 | |||
Weighted
average number of common shares outstanding | i 76.6 | i 79.6 | |||||
Basic
net income per share attributable to AGCO Corporation and subsidiaries | $ | i 0.85 | $ | i 0.31 | |||
Diluted
net income per share: | |||||||
Net income attributable to AGCO Corporation and subsidiaries | $ | i 65.1 | $ | i 24.3 | |||
Weighted
average number of common shares outstanding | i 76.6 | i 79.6 | |||||
Dilutive
SSARs, performance share awards and RSUs | i 0.9 | i 0.9 | |||||
Weighted
average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share | i 77.5 | i 80.5 | |||||
Diluted
net income per share attributable to AGCO Corporation and subsidiaries | $ | i 0.84 | $ | i 0.30 |
Recognized
in Net Income | |||||||||||||
Three Months Ended March 31, | 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 4.7 | ) | Cost
of goods sold | $ | ( i 0.6 | ) | $ | i 1,539.1 | ||||
2018 | |||||||||||||
Foreign
currency contracts | $ | ( i 1.4 | ) | Cost
of goods sold | $ | ( i 0.6 | ) | $ | i 1,579.5 | ||||
Interest
rate swap contract | ( i 0.7 | ) | Interest
expense, net | ( i 0.6 | ) | i 10.3 | |||||||
Total | $ | ( i 2.1 | ) | $ | ( i 1.2 | ) |
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 5.1 | ) | ( i 0.4 | ) | ( i 4.7 | ) | ||||||
Net
losses reclassified from accumulated other comprehensive loss into income | i 0.6 | i — | i 0.6 | |||||||||
Accumulated
derivative net losses as of March 31, 2019 | $ | ( i 2.9 | ) | $ | ( i 0.2 | ) | $ | ( i 2.7 | ) |
Notional Amount as of | |||||||
Cross
currency swap contract | $ | i 300.0 | $ | i 300.0 | |||
Foreign
currency denominated debt | i 179.8 | i — |
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Three Months Ended | |||||||
Cross currency swap contract | $ | i 6.9 | $ | ( i 4.6 | ) | ||
Foreign
currency denominated debt | i 1.7 | ( i 10.4 | ) |
Gain Recognized in Earnings For the Three Months Ended | |||||||||
Classification of Gain | |||||||||
Foreign currency contracts | Other expense, net | $ | i 8.8 | $ | i 6.1 |
Asset
Derivatives as of March 31, 2019 | Liability Derivatives as of March 31, 2019 | ||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||
Derivative
instruments designated as hedging instruments: | |||||||||||
Foreign currency contracts | Other current assets | $ | i 0.8 | Other
current liabilities | $ | i 3.8 | |||||
Cross
currency swap contract | Other noncurrent assets | i 24.6 | Other
noncurrent liabilities | i — | |||||||
Derivative instruments not designated
as hedging instruments: | |||||||||||
Foreign currency contracts | Other current assets | i 9.4 | Other
current liabilities | i 3.9 | |||||||
Total derivative instruments | $ | i 34.8 | $ | i 7.7 |
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, 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 12.5 | — | — | — | i 12.5 | |||||||||||||||||
Issuance
of stock awards | — | ( i 13.0 | ) | ( i 9.6 | ) | — | — | ( i 22.6 | ) | ||||||||||||||
SSARs
exercised | — | i — | ( i 0.3 | ) | — | — | ( i 0.3 | ) | |||||||||||||||
Comprehensive
income: | |||||||||||||||||||||||
Net income | — | — | i 65.1 | — | i 0.6 | i 65.7 | |||||||||||||||||
Other
comprehensive income, net of reclassification adjustments: | |||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | i 10.7 | i 1.5 | i 12.2 | |||||||||||||||||
Defined
benefit pension plans, net of tax | — | — | — | i 3.0 | — | i 3.0 | |||||||||||||||||
Unrealized
loss on derivatives, net of tax | — | — | — | ( i 4.1 | ) | — | ( i 4.1 | ) | |||||||||||||||
Payment
of dividends to stockholders | — | — | ( i 11.5 | ) | — | — | ( i 11.5 | ) | |||||||||||||||
Purchases
and retirement of common stock | — | i — | ( i 30.0 | ) | — | — | ( i 30.0 | ) | |||||||||||||||
Investment
by noncontrolling interests | — | — | — | — | i 0.6 | i 0.6 | |||||||||||||||||
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 |
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 9.2 | — | — | — | i 9.2 | |||||||||||||||||
Issuance
of stock awards | — | ( i 3.0 | ) | i — | — | — | ( i 3.0 | ) | |||||||||||||||
SSARs
exercised | — | ( i 0.4 | ) | i — | — | — | ( i 0.4 | ) | |||||||||||||||
Comprehensive
income: | |||||||||||||||||||||||
Net income | — | — | i 24.3 | — | i 0.7 | i 25.0 | |||||||||||||||||
Other
comprehensive income, net of reclassification adjustments: | |||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | i 9.6 | i 0.1 | i 9.7 | |||||||||||||||||
Defined
benefit pension plans, net of tax | — | — | — | i 3.1 | — | i 3.1 | |||||||||||||||||
Unrealized
loss on derivatives, net of tax | — | — | — | ( i 0.9 | ) | — | ( i 0.9 | ) | |||||||||||||||
Payment
of dividends to stockholders | — | — | ( i 11.9 | ) | — | — | ( i 11.9 | ) | |||||||||||||||
Purchases
and retirement of common stock | — | ( i 7.1 | ) | i — | — | — | ( i 7.1 | ) | |||||||||||||||
Adjustment
related to the adoption of ASU 2014-09 | — | — | i 0.4 | — | — | i 0.4 | |||||||||||||||||
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 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Net income | $ | i 0.6 | $ | i 0.7 | |||
Other
comprehensive income: | |||||||
Foreign currency translation adjustments | i 1.5 | i 0.1 | |||||
Total
comprehensive income | $ | i 2.1 | $ | i 0.8 |
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) income before reclassifications | i — | ( i 4.7 | ) | i 10.7 | i 6.0 | ||||||||||
Net
losses reclassified from accumulated other comprehensive loss | i 3.0 | i 0.6 | i — | i 3.6 | |||||||||||
Other
comprehensive income (loss), net of reclassification adjustments | i 3.0 | ( i 4.1 | ) | i 10.7 | i 9.6 | ||||||||||
Accumulated
other comprehensive loss, March 31, 2019 | $ | ( i 279.4 | ) | $ | ( i 2.7 | ) | $ | ( i 1,263.7 | ) | $ | ( i 1,545.8 | ) |
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 March 31, 2019(1) | Three Months Ended March 31, 2018(1) | |||||||
Derivatives: | |||||||||
Net
losses on foreign currency contracts | $ | i 0.6 | $ | i 0.6 | Cost
of goods sold | ||||
Net losses on interest rate swap contract | i — | i 0.6 | Interest
expense, net | ||||||
Reclassification before tax | i 0.6 | i 1.2 | |||||||
i — | i — | Income
tax provision | |||||||
Reclassification net of tax | $ | i 0.6 | $ | i 1.2 | |||||
Defined
benefit pension plans: | |||||||||
Amortization of net actuarial losses | $ | i 3.1 | $ | i 3.1 | Other
expense, net(2) | ||||
Amortization of prior service cost | i 0.4 | i 0.4 | Other
expense, net(2) | ||||||
Reclassification before tax | i 3.5 | i 3.5 | |||||||
( i 0.5 | ) | ( i 0.4 | ) | Income
tax provision | |||||
Reclassification net of tax | $ | i 3.0 | $ | i 3.1 | |||||
Net
losses reclassified from accumulated other comprehensive loss | $ | i 3.6 | $ | i 4.3 |
Three
Months Ended March 31, | ||||||||
Pension benefits | 2019 | 2018 | ||||||
Service cost | $ | i 3.9 | $ | i 4.9 | ||||
Interest
cost | i 5.3 | i 5.1 | ||||||
Expected
return on plan assets | ( i 7.2 | ) | ( i 9.4 | ) | ||||
Amortization
of net actuarial losses | i 3.1 | 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 March 31, | ||||||||
Postretirement benefits | 2019 | 2018 | ||||||
Interest cost | $ | i 0.4 | $ | i 0.4 | ||||
Amortization
of prior service cost | i — | i 0.1 | ||||||
Net
periodic postretirement benefit cost | $ | i 0.4 | $ | i 0.5 |
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 3.1 | i 0.5 | i 2.6 | |||||||||
Amortization
of prior service cost | i 0.4 | i — | i 0.4 | |||||||||
Accumulated
other comprehensive loss as of March 31, 2019 | $ | ( i 376.3 | ) | $ | ( i 96.9 | ) | $ | ( i 279.4 | ) |
As
of March 31, 2019 | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Derivative assets | $ | i — | $ | i 34.8 | $ | i — | $ | i 34.8 | ||||
Derivative
liabilities | $ | i — | $ | i 7.7 | $ | i — | $ | i 7.7 |
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 March 31, | North America | South America | Europe/Middle East | Asia/Pacific/Africa | Consolidated | |||||||||||||||
2019 | ||||||||||||||||||||
Net
sales | $ | i 496.2 | $ | i 156.1 | $ | i 1,210.6 | $ | i 132.9 | $ | i 1,995.8 | ||||||||||
Income
(loss) from operations | i 30.6 | ( i 8.5 | ) | i 127.7 | i 3.4 | i 153.2 | ||||||||||||||
Depreciation | i 15.6 | i 8.5 | i 26.0 | i 2.9 | i 53.0 | |||||||||||||||
Capital
expenditures | i 18.3 | i 12.1 | i 29.5 | i 1.0 | i 60.9 | |||||||||||||||
2018 | ||||||||||||||||||||
Net
sales | $ | i 502.9 | $ | i 182.1 | $ | i 1,163.7 | $ | i 158.8 | $ | i 2,007.5 | ||||||||||
Income
(loss) from operations | i 26.8 | ( i 16.6 | ) | i 99.0 | i 4.7 | i 113.9 | ||||||||||||||
Depreciation | i 17.2 | i 8.0 | i 30.0 | i 4.0 | i 59.2 | |||||||||||||||
Capital
expenditures | i 12.1 | i 6.9 | i 25.1 | i 2.0 | i 46.1 | |||||||||||||||
Assets | ||||||||||||||||||||
As
of March 31, 2019 | $ | i 1,235.2 | $ | i 825.0 | $ | i 2,259.3 | $ | i 485.4 | $ | i 4,804.9 | ||||||||||
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 March 31, | |||||||
2019 | 2018 | ||||||
Segment income from operations | $ | i 153.2 | $ | i 113.9 | |||
Corporate
expenses | ( i 31.8 | ) | ( i 33.4 | ) | |||
Stock
compensation expense | ( i 12.0 | ) | ( i 8.4 | ) | |||
Restructuring
expenses | ( i 1.7 | ) | ( i 5.9 | ) | |||
Amortization
of intangibles | ( i 15.3 | ) | ( i 15.7 | ) | |||
Consolidated
income from operations | $ | i 92.4 | $ | i 50.5 |
Segment assets | $ | i 4,804.9 | $ | i 4,175.1 | |||
Cash
and cash equivalents | i 292.8 | i 326.1 | |||||
Investments
in affiliates | i 393.2 | i 400.0 | |||||
Deferred
tax assets, other current and noncurrent assets | i 672.5 | i 656.6 | |||||
Intangible
assets, net | i 555.3 | i 573.1 | |||||
Goodwill | i 1,485.6 | i 1,495.5 | |||||
Consolidated
total assets | $ | i 8,204.3 | $ | i 7,626.4 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Balance
at beginning of period | $ | i 76.8 | $ | i 82.6 | |||
Advance
consideration received | i 25.4 | i 34.5 | |||||
Revenue
recognized during the period for extended warranty contracts, maintenance services and technology services | ( i 6.1 | ) | ( i 6.4 | ) | |||
Revenue
recognized during the period related to installation of grain storage and protein production systems | ( i 11.4 | ) | ( i 14.9 | ) | |||
Foreign
currency translation | ( i 0.2 | ) | i 1.1 | ||||
Balance
at March 31 | $ | i 84.5 | $ | i 96.9 |
North
America(1) | South America(1) | Europe/Middle East(1) | Asia/Pacific/Africa(1) | Consolidated(1) | ||||||||||||||||
Primary geographical markets: | ||||||||||||||||||||
United
States | $ | i 412.6 | $ | — | $ | — | $ | — | $ | i 412.6 | ||||||||||
Canada | i 61.2 | — | — | — | i 61.2 | |||||||||||||||
South
America | — | i 152.9 | — | — | i 152.9 | |||||||||||||||
Germany | — | — | i 270.3 | — | i 270.3 | |||||||||||||||
France | — | — | i 238.1 | — | i 238.1 | |||||||||||||||
United
Kingdom and Ireland | — | — | i 154.3 | — | i 154.3 | |||||||||||||||
Finland
and Scandinavia | — | — | i 169.6 | — | i 169.6 | |||||||||||||||
Other
Europe | — | i 364.2 | — | i 364.2 | ||||||||||||||||
Middle
East and Algeria | — | — | i 14.1 | — | i 14.1 | |||||||||||||||
Africa | — | — | — | i 20.3 | i 20.3 | |||||||||||||||
Asia | — | — | — | i 59.2 | i 59.2 | |||||||||||||||
Australia
and New Zealand | — | — | — | i 53.4 | i 53.4 | |||||||||||||||
Mexico,
Central America and Caribbean | i 22.4 | i 3.3 | — | — | i 25.7 | |||||||||||||||
$ | i 496.2 | $ | i 156.1 | $ | i 1,210.6 | $ | i 132.9 | $ | i 1,995.8 | |||||||||||
Major
products: | ||||||||||||||||||||
Tractors | $ | i 140.2 | $ | i 84.3 | $ | i 829.7 | $ | i 65.0 | $ | i 1,119.2 | ||||||||||
Replacement
parts | i 61.5 | i 21.9 | i 201.9 | i 16.7 | i 302.0 | |||||||||||||||
Grain
storage and protein production systems | i 103.8 | i 19.7 | i 42.5 | i 37.1 | i 203.1 | |||||||||||||||
Combines,
application equipment and other machinery | i 190.8 | i 30.2 | i 136.4 | i 14.0 | i 371.4 | |||||||||||||||
$ | i 496.2 | $ | i 156.1 | $ | i 1,210.6 | $ | i 132.9 | $ | i 1,995.8 | |||||||||||
North
America | South America | Europe/Middle East | Asia/Pacific/Africa | Consolidated | ||||||||||||||||
Primary geographical markets: | ||||||||||||||||||||
United
States | $ | i 399.1 | $ | — | $ | — | $ | — | $ | i 399.1 | ||||||||||
Canada | i 73.6 | — | — | — | i 73.6 | |||||||||||||||
South
America | — | i 179.2 | — | — | i 179.2 | |||||||||||||||
Germany | — | — | i 287.9 | — | i 287.9 | |||||||||||||||
France | — | — | i 196.6 | — | i 196.6 | |||||||||||||||
United
Kingdom and Ireland | — | — | i 140.3 | — | i 140.3 | |||||||||||||||
Finland
and Scandinavia | — | — | i 177.1 | — | i 177.1 | |||||||||||||||
Other
Europe | — | — | i 334.8 | — | i 334.8 | |||||||||||||||
Middle
East and Algeria | — | — | i 27.0 | — | i 27.0 | |||||||||||||||
Africa | — | — | — | i 22.2 | i 22.2 | |||||||||||||||
Asia | — | — | — | i 74.6 | i 74.6 | |||||||||||||||
Australia
and New Zealand | — | — | — | i 62.0 | i 62.0 | |||||||||||||||
Mexico,
Central America and Caribbean | i 30.2 | i 2.9 | — | — | i 33.1 | |||||||||||||||
$ | i 502.9 | $ | i 182.1 | $ | i 1,163.7 | $ | i 158.8 | $ | i 2,007.5 | |||||||||||
Major
products: | ||||||||||||||||||||
Tractors | $ | i 154.6 | $ | i 106.8 | $ | i 778.4 | $ | i 73.5 | $ | i 1,113.3 | ||||||||||
Replacement
parts | i 60.8 | i 21.7 | i 210.5 | i 19.7 | i 312.7 | |||||||||||||||
Grain
storage and protein production systems | i 110.4 | i 17.2 | i 34.4 | i 44.2 | i 206.2 | |||||||||||||||
Combines,
application equipment and other machinery | i 177.1 | i 36.4 | i 140.4 | i 21.4 | i 375.3 | |||||||||||||||
$ | i 502.9 | $ | i 182.1 | $ | i 1,163.7 | $ | i 158.8 | $ | i 2,007.5 | |||||||||||
Lease Assets | Classification | As
of March 31, 2019 | ||||
Operating ROU assets | Right-of-use lease assets | $ | i 193.8 | |||
Finance
lease assets | Property, plant and equipment, net(1) | i 15.9 | ||||
Total leased assets | $ | i 209.7 | ||||
Lease
Liabilities | Classification | As of March 31, 2019 | ||||
Current: | ||||||
Operating | Accrued expenses | $ | i 45.4 | |||
Finance | Other
current liabilities | i 4.1 | ||||
Noncurrent: | ||||||
Operating | Operating
lease liabilities | i 150.8 | ||||
Finance | Other noncurrent liabilities | i 10.0 | ||||
Total
leased liabilities | $ | i 210.3 |
Classification | Three
Months Ended March 31, 2019 | |||||
Operating lease cost | Selling, general and administrative expenses | $ | i 14.3 | |||
Variable
lease cost | Selling, general and administrative expenses | i 0.1 | ||||
Short-term lease cost | Selling,
general and administrative expenses | i 2.2 | ||||
Finance lease cost: | ||||||
Amortization
of leased assets | Depreciation expense(1) | i 1.3 | ||||
Interest on leased liabilities | Interest
expense, net | i 0.1 | ||||
Total lease cost | $ | i 18.0 |
Operating Leases(1)(2) | Finance Leases | Operating Leases(5) | Finance
Leases(5) | |||||||||||||
2019 | $ | i 36.0 | $ | i 3.6 | $ | i 46.7 | $ | i 4.9 | ||||||||
2020 | i 41.5 | i 3.4 | i 39.5 | i 3.5 | ||||||||||||
2021 | i 34.2 | i 2.8 | i 32.6 | i 2.8 | ||||||||||||
2022 | i 26.1 | i 0.9 | i 26.0 | i 0.9 | ||||||||||||
2023 | i 20.6 | i 0.7 | i 21.7 | i 0.7 | ||||||||||||
Thereafter | i 80.2 | i 6.1 | i 85.5 | i 6.3 | ||||||||||||
Total
lease payments | i 238.6 | i 17.5 | i 252.0 | i 19.1 | ||||||||||||
Less:
imputed interest(3)(4) | ( i 42.4 | ) | ( i 3.4 | ) | — | ( i 3.6 | ) | |||||||||
Present
value of leased liabilities | $ | i 196.2 | $ | i 14.1 | $ | i 252.0 | $ | i 15.5 |
As of March 31, 2019 | |||
Weighted-average remaining lease term: | |||
Operating leases | i 8.0
years | ||
Finance leases | i 2.0 years | ||
Weighted-average
discount rate: | |||
Operating leases | i 4.1 | % | |
Finance leases | i 4.2 | % |
Three
months ended March 31, 2019 | ||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | $ | i 14.3 | ||
Operating
cash flows from finance leases | i 0.1 | |||
Financing cash flows from finance leases | i 1.3 | |||
Leased
assets obtained in exchange for lease obligations: | ||||
Operating leases | $ | i 14.0 | ||
Finance
leases | i 0.2 |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Three Months Ended March 31, | Change | Change
Due to Currency Translation | |||||||||||||||||||
2019 | 2018 | $ | % | $ | % | ||||||||||||||||
North America | $ | 496.2 | $ | 502.9 | $ | (6.7 | ) | (1.3 | )% | $ | (3.8 | ) | (0.8 | )% | |||||||
South
America | 156.1 | 182.1 | (26.0 | ) | (14.3 | )% | (21.2 | ) | (11.6 | )% | |||||||||||
Europe/Middle
East | 1,210.6 | 1,163.7 | 46.9 | 4.0 | % | (106.3 | ) | (9.1 | )% | ||||||||||||
Asia/Pacific/Africa | 132.9 | 158.8 | (25.9 | ) | (16.3 | )% | (10.6 | ) | (6.7 | )% | |||||||||||
$ | 1,995.8 | $ | 2,007.5 | $ | (11.7 | ) | (0.6 | )% | $ | (141.9 | ) | (7.1 | )% |
Three Months Ended March 31, | ||||||||||||||
2019 | 2018 | |||||||||||||
$ | %
of Net Sales(1) | $ | % of Net Sales | |||||||||||
Gross profit | $ | 456.7 | 22.9 | % | $ | 428.0 | 21.3 | % | ||||||
Selling,
general and administrative expenses | 262.2 | 13.1 | % | 264.6 | 13.2 | % | ||||||||
Engineering expenses | 84.5 | 4.2 | % | 90.9 | 4.5 | % | ||||||||
Restructuring
expenses | 1.7 | 0.1 | % | 5.9 | 0.3 | % | ||||||||
Amortization of intangibles | 15.3 | 0.8 | % | 15.7 | 0.8 | % | ||||||||
Bad
debt expense | 0.6 | — | % | 0.4 | — | % | ||||||||
Income from operations | $ | 92.4 | 4.6 | % | $ | 50.5 | 2.5 | % |
(1) | Rounding
may impact summation of amounts. |
1.056% Senior term loan due 2020 | $ | 224.7 | |
Senior term loan due 2022 | 168.5 | ||
Credit
facility, expires 2023 | 207.9 | ||
1.002% Senior term loan due 2025 | 280.9 | ||
Senior term loans due between 2019 and 2028 | 801.1 | ||
Other long-term debt | 17.1 | ||
Debt
issuance costs | (2.8 | ) | |
$ | 1,697.4 |
• | 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; |
• | 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) | ||||||||||
January 1, 2019 through | — | $ | — | — | $ | 147.1 | ||||||||
February
1, 2019 through | 379,927 | $ | 63.17 | 379,927 | $ | 117.1 | ||||||||
March
1, 2019 through | — | $ | — | — | $ | 117.1 | ||||||||
Total | 379,927 | $ | 63.17 | 379,927 | $ | 117.1 |
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 | ||||
Furnished herewith | ||||
XBRL
Instance Document - the Instance Document does not appear in the Interactive Data File because its XBRL Tags are embedded within the Inline XBRL Document | ||||
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 | ||||
6/30/19 | 10-Q | |||
Filed on: | 5/9/19 | 4 | ||
5/3/19 | ||||
4/26/19 | 3, 4, 8-K, SC 13D/A | |||
4/25/19 | 3, 4, 8-K, DEF 14A | |||
For Period end: | 3/31/19 | |||
3/1/19 | 10-K | |||
2/28/19 | ||||
2/1/19 | ||||
1/31/19 | ||||
1/25/19 | ||||
1/1/19 | ||||
12/31/18 | 10-K, 3, SD | |||
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 2/27/24 AGCO Corp. 10-K 12/31/23 169:34M 3/01/23 AGCO Corp. 10-K 12/31/22 145:24M 2/25/22 AGCO Corp. 10-K 12/31/21 151:24M 3/01/21 AGCO Corp. 10-K 12/31/20 142:23M |