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As Of Filer Filing For·On·As Docs:Size 8/09/22 AGCO Corp. 10-Q 6/30/22 102:21M |
Document/Exhibit Description Pages Size
1: 10-Q Quarterly Report HTML 2.74M
2: EX-10.1 Material Contract HTML 84K
3: EX-10.2 Material Contract HTML 43K
4: EX-31.1 Certification -- §302 - SOA'02 HTML 32K
5: EX-31.2 Certification -- §302 - SOA'02 HTML 32K
6: EX-32.1 Certification -- §906 - SOA'02 HTML 29K
12: R1 Cover Page HTML 80K
13: R2 Condensed Consolidated Balance Sheets HTML 158K
14: R3 Condensed Consolidated Balance Sheets HTML 45K
(Parenthetical)
15: R4 Condensed Consolidated Statements of Operations HTML 133K
16: R5 Condensed Consolidated Statements of Comprehensive HTML 66K
Income (Loss)
17: R6 Condensed Consolidated Statements of Cash Flows HTML 118K
18: R7 Basis of Presentation HTML 34K
19: R8 Acquisitions HTML 39K
20: R9 Restructuring Expenses HTML 53K
21: R10 Stock Compensation Plans HTML 59K
22: R11 Goodwill and Other Intangible Assets HTML 77K
23: R12 Indebtedness HTML 51K
24: R13 Recoverable Indirect Taxes HTML 29K
25: R14 Inventories HTML 36K
26: R15 Product Warranty HTML 45K
27: R16 Net Income Per Common Share HTML 54K
28: R17 Income Taxes HTML 35K
29: R18 Derivative Instruments and Hedging Activities HTML 137K
30: R19 Changes in Stockholders' Equity HTML 257K
31: R20 Accounts Receivable Sales Agreements HTML 34K
32: R21 Pension and Postretirement Benefit Plans HTML 75K
33: R22 Fair Value of Financial Instruments HTML 49K
34: R23 Segment Reporting HTML 114K
35: R24 Commitments and Contingencies HTML 59K
36: R25 Revenue HTML 259K
37: R26 Basis of Presentation (Policies) HTML 32K
38: R27 Acquisitions (Tables) HTML 35K
39: R28 Restructuring Expenses (Tables) HTML 51K
40: R29 Stock Compensation Plans (Tables) HTML 58K
41: R30 Goodwill and Other Intangible Assets (Tables) HTML 83K
42: R31 Indebtedness (Tables) HTML 39K
43: R32 Inventories (Tables) HTML 37K
44: R33 Product Warranty (Tables) HTML 43K
45: R34 Net Income Per Common Share (Tables) HTML 52K
46: R35 Derivative Instruments and Hedging Activities HTML 153K
(Tables)
47: R36 Changes in Stockholders' Equity (Tables) HTML 265K
48: R37 Pension and Postretirement Benefit Plans (Tables) HTML 86K
49: R38 Fair Value of Financial Instruments (Tables) HTML 70K
50: R39 Segment Reporting (Tables) HTML 115K
51: R40 Commitments and Contingencies (Tables) HTML 77K
52: R41 Revenue (Tables) HTML 255K
53: R42 Acquisitions (Narrative) (Details) HTML 54K
54: R43 Acquisitions (Finite-Live Intangible Assets HTML 42K
Acquired) (Details)
55: R44 Restructuring Expenses (Restructuring Expense HTML 46K
Activities) (Details)
56: R45 Restructuring Expenses (Narrative) (Details) HTML 44K
57: R46 Stock Compensation Plans (Schedule of Stock HTML 35K
Compensation Expense) (Details)
58: R47 Stock Compensation Plans (Narrative) (Details) HTML 86K
59: R48 Stock Compensation Plans (Performance Award HTML 39K
Activity) (Details)
60: R49 Stock Compensation Plans (Restricted Stock Unit HTML 41K
Award Transactions) (Details)
61: R50 Stock Compensation Plans (SSAR Activity) (Details) HTML 40K
62: R51 Goodwill and Other Intangible Assets (Schedule of HTML 46K
Goodwill) (Details)
63: R52 Goodwill and Other Intangible Assets (Narrative) HTML 32K
(Details)
64: R53 Goodwill and Other Intangible Assets (Schedule of HTML 60K
Change in Carrying Amount of Intangible Assets)
(Details)
65: R54 Goodwill and Other Intangible Assets HTML 33K
(Indefinite-Lived Intangible Assets) (Details)
66: R55 Indebtedness (Components of Indebtedness) HTML 63K
(Details)
67: R56 Indebtedness (Narrative) (Details) HTML 187K
68: R57 Recoverable Indirect Taxes (Details) HTML 28K
69: R58 Inventories (Details) HTML 39K
70: R59 Product Warranty (Warranty Reserve Activity) HTML 37K
(Details)
71: R60 Product Warranty (Narrative) (Details) HTML 35K
72: R61 Net Income Per Common Share (Details) HTML 64K
73: R62 Net Income Per Common Share (Narrative) (Details) HTML 31K
74: R63 Income Taxes (Details) HTML 51K
75: R64 Derivative Instruments and Hedging Activities HTML 66K
(Narrative) (Details)
76: R65 Derivative Instruments and Hedging Activities HTML 46K
(After-Tax Impact of Changes in Fair Value and
Derivatives Designated as Cash Flow Hedges)
(Details)
77: R66 Derivative Instruments and Hedging Activities HTML 70K
(Summary Of Accumulated Other Comprehensive Loss
Related To Derivatives) (Details)
78: R67 Derivative Instruments and Hedging Activities (Net HTML 36K
Investment Hedges) (Details)
79: R68 Derivative Instruments and Hedging Activities HTML 34K
(Derivatives not Designated as Hedging
Instruments) (Details)
80: R69 Derivative Instruments and Hedging Activities HTML 55K
(Fair Value Of Derivative Instruments) (Details)
81: R70 Changes in Stockholders' Equity (Schedule of HTML 99K
Stockholders' Equity) (Details)
82: R71 Changes in Stockholders' Equity (Schedule of HTML 40K
Comprehensive Income (Loss) attributable to
Noncontrolling Interests) (Details)
83: R72 Changes in Stockholders' Equity (Changes in HTML 68K
Accumulated Other Comprehensive Income) (Details)
84: R73 Changes in Stockholders' Equity (Reclassifications HTML 72K
out of Accumulated Other Comprehensive Income
(Loss)) (Details)
85: R74 Changes in Stockholders' Equity (Narrative) HTML 47K
(Details)
86: R75 Accounts Receivable Sales Agreements (Details) HTML 39K
87: R76 Pension and Postretirement Benefit Plans (Net HTML 59K
Pension And Postretirement Cost) (Details)
88: R77 Pension and Postretirement Benefit Plans (Net HTML 59K
Periodic Pension Costs Included in Accumulated
Other Comprehensive Income (Loss)) (Details)
89: R78 Pension and Postretirement Benefit Plans HTML 37K
(Narrative) (Details)
90: R79 Fair Value of Financial Instruments (Details) HTML 56K
91: R80 Segment Reporting (Segment Results By Reportable HTML 73K
Segments) (Details)
92: R81 Segment Reporting (Income From Operations and HTML 73K
Total Assets) (Details)
93: R82 Commitments and Contingencies (Narrative) HTML 50K
(Details)
94: R83 Commitments and Contingencies (Lease Payment HTML 67K
Amounts for Operating and Finance Leases)
(Details)
95: R84 Revenue (Significant Changes in Contract Assets HTML 41K
and Liabilities) (Details)
96: R85 Revenue (Remaining Performance Obligations) HTML 44K
(Details)
97: R86 Revenue (Disaggregated of Revenue) (Details) HTML 168K
100: XML IDEA XML File -- Filing Summary XML 194K
98: XML XBRL Instance -- agco-20220630_htm XML 4.70M
99: EXCEL IDEA Workbook of Financial Reports XLSX 198K
8: EX-101.CAL XBRL Calculations -- agco-20220630_cal XML 220K
9: EX-101.DEF XBRL Definitions -- agco-20220630_def XML 899K
10: EX-101.LAB XBRL Labels -- agco-20220630_lab XML 1.92M
11: EX-101.PRE XBRL Presentations -- agco-20220630_pre XML 1.29M
7: EX-101.SCH XBRL Schema -- agco-20220630 XSD 194K
101: JSON XBRL Instance as JSON Data -- MetaLinks 493± 749K
102: ZIP XBRL Zipped Folder -- 0000880266-22-000037-xbrl Zip 578K
| agco-20220630 |
| 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 Duluth, | i Georgia | i 30096 | |||||||||
(Address
of principal executive offices) | (Zip Code) | ||||||||||
| 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 | ||||||
| ☒ | i Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | i ☐ | Smaller reporting company | i ☐ | Emerging growth company | ||||||||||||||||||||
| Page Numbers | |||||||||||
| Item 1. | |||||||||||
| Item 2. | |||||||||||
| Item 3. | |||||||||||
| Item 4. | |||||||||||
| Item 1. | |||||||||||
| Item 1A. | |||||||||||
| Item 2. | |||||||||||
| Item 6. | |||||||||||
| June 30, 2022 | December 31, 2021 | ||||||||||
| ASSETS | |||||||||||
| Current Assets: | |||||||||||
| Cash, cash equivalents and restricted cash | $ | i 580.6 | $ | i 889.1 | |||||||
| Accounts and notes receivable, net | i 1,149.3 | i 991.5 | |||||||||
| Inventories, net | i 3,382.3 | i 2,593.7 | |||||||||
| Other current assets | i 592.1 | i 539.8 | |||||||||
| Total current assets | i 5,704.3 | i 5,014.1 | |||||||||
| Property, plant and equipment, net | i 1,405.6 | i 1,464.8 | |||||||||
| Right-of-use lease assets | i 153.4 | i 154.1 | |||||||||
| Investments in affiliates | i 417.0 | i 413.5 | |||||||||
| Deferred tax assets | i 203.8 | i 169.3 | |||||||||
| Other assets | i 317.8 | i 293.3 | |||||||||
| Intangible assets, net | i 388.8 | i 392.2 | |||||||||
| Goodwill | i 1,298.2 | i 1,280.8 | |||||||||
| Total assets | $ | i 9,888.9 | $ | i 9,182.1 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current Liabilities: | |||||||||||
| Current portion of long-term debt | $ | i 2.0 | $ | i 2.1 | |||||||
| Short-term borrowings | i 320.8 | i 90.8 | |||||||||
| Accounts payable | i 1,204.1 | i 1,078.3 | |||||||||
| Accrued expenses | i 1,915.0 | i 2,062.2 | |||||||||
| Other current liabilities | i 188.6 | i 221.2 | |||||||||
| Total current liabilities | i 3,630.5 | i 3,454.6 | |||||||||
| Long-term debt, less current portion and debt issuance costs | i 2,018.0 | i 1,411.2 | |||||||||
| Operating lease liabilities | i 119.8 | i 115.5 | |||||||||
| Pension and postretirement health care benefits | i 203.6 | i 209.0 | |||||||||
| Deferred tax liabilities | i 114.2 | i 116.9 | |||||||||
| Other noncurrent liabilities | i 419.5 | i 431.1 | |||||||||
| Total liabilities | i 6,505.6 | i 5,738.3 | |||||||||
Commitments
and contingencies (Note 18) | i | i | |||||||||
| Stockholders’ Equity: | |||||||||||
| AGCO Corporation stockholders’ equity: | |||||||||||
Preferred stock; $ i i 0.01 / par
value, i i 1,000,000 / shares authorized,
i i i i no / / /
shares issued or outstanding in 2022 and 2021 | i — | i — | |||||||||
Common
stock; $ i i 0.01 / par value, i i 150,000,000 / shares
authorized, i i 74,597,462 / and i i 74,441,312 / shares
issued and outstanding at June 30, 2022 and December 31, 2021, respectively | i 0.7 | i 0.7 | |||||||||
| Additional paid-in capital | i 13.3 | i 3.9 | |||||||||
| Retained earnings | i 5,130.3 | i 5,182.2 | |||||||||
| Accumulated other comprehensive loss | ( i 1,761.1) | ( i 1,770.9) | |||||||||
| Total AGCO Corporation stockholders’ equity | i 3,383.2 | i 3,415.9 | |||||||||
| Noncontrolling interests | i 0.1 | i 27.9 | |||||||||
| Total stockholders’ equity | i 3,383.3 | i 3,443.8 | |||||||||
| Total liabilities and stockholders’ equity | $ | i 9,888.9 | $ | i 9,182.1 | |||||||
| Three Months Ended June 30, | |||||||||||
| 2022 | 2021 | ||||||||||
| Net sales | $ | i 2,945.2 | $ | i 2,879.3 | |||||||
| Cost of goods sold | i 2,254.7 | i 2,186.9 | |||||||||
| Gross profit | i 690.5 | i 692.4 | |||||||||
| Operating expenses: | |||||||||||
| Selling, general and administrative expenses | i 302.5 | i 276.3 | |||||||||
Engineering
expenses | i 107.1 | i 107.2 | |||||||||
Amortization
of intangibles | i 15.4 | i 14.2 | |||||||||
Restructuring
expenses | i 0.4 | i 4.7 | |||||||||
| Bad debt expense (credit) | i 1.6 | ( i 0.3) | |||||||||
| Income from operations | i 263.5 | i 290.3 | |||||||||
Interest
expense, net | i 5.9 | i 2.2 | |||||||||
Other
expense, net | i 21.7 | i 14.6 | |||||||||
| Income before income taxes and equity in net earnings of affiliates | i 235.9 | i 273.5 | |||||||||
Income
tax provision | i 71.5 | i 7.7 | |||||||||
| Income before equity in net earnings of affiliates | i 164.4 | i 265.8 | |||||||||
Equity
in net earnings of affiliates | i 13.2 | i 18.6 | |||||||||
| Net income | i 177.6 | i 284.4 | |||||||||
| Net loss (income) attributable to noncontrolling interests | i 0.1 | ( i 1.6) | |||||||||
| Net income attributable to AGCO Corporation and subsidiaries | $ | i 177.7 | $ | i 282.8 | |||||||
| Net income per common share attributable to AGCO Corporation and subsidiaries: | |||||||||||
Basic | $ | i 2.38 | $ | i 3.74 | |||||||
Diluted | $ | i 2.37 | $ | i 3.73 | |||||||
| Cash dividends declared and paid per common share | $ | i 4.72 | $ | i 4.17 | |||||||
| Weighted average number of common and common equivalent shares outstanding: | |||||||||||
Basic | i 74.6 | i 75.5 | |||||||||
Diluted | i 74.9 | i 75.9 | |||||||||
| Six Months Ended June 30, | |||||||||||
| 2022 | 2021 | ||||||||||
| Net sales | $ | i 5,630.9 | $ | i 5,258.0 | |||||||
| Cost of goods sold | i 4,309.1 | i 3,995.1 | |||||||||
| Gross profit | i 1,321.8 | i 1,262.9 | |||||||||
| Operating expenses: | |||||||||||
| Selling, general and administrative expenses | i 573.6 | i 536.9 | |||||||||
Engineering
expenses | i 207.4 | i 203.5 | |||||||||
Amortization
of intangibles | i 30.7 | i 31.7 | |||||||||
| Impairment charge | i 36.0 | i — | |||||||||
Restructuring
expenses | i 3.4 | i 6.0 | |||||||||
| Bad debt expense (credit) | i 3.2 | ( i 0.7) | |||||||||
| Income from operations | i 467.5 | i 485.5 | |||||||||
Interest
expense, net | i 6.3 | i 5.6 | |||||||||
Other
expense, net | i 39.2 | i 26.1 | |||||||||
| Income before income taxes and equity in net earnings of affiliates | i 422.0 | i 453.8 | |||||||||
Income
tax provision | i 131.7 | i 51.3 | |||||||||
| Income before equity in net earnings of affiliates | i 290.3 | i 402.5 | |||||||||
Equity
in net earnings of affiliates | i 24.3 | i 33.3 | |||||||||
| Net income | i 314.6 | i 435.8 | |||||||||
| Net loss (income) attributable to noncontrolling interests | i 14.9 | ( i 2.2) | |||||||||
| Net income attributable to AGCO Corporation and subsidiaries | $ | i 329.5 | $ | i 433.6 | |||||||
| Net income per common share attributable to AGCO Corporation and subsidiaries: | |||||||||||
Basic | $ | i 4.41 | $ | i 5.75 | |||||||
Diluted | $ | i 4.40 | $ | i 5.71 | |||||||
| Cash dividends declared and paid per common share | $ | i 4.92 | $ | i 4.33 | |||||||
| Weighted average number of common and common equivalent shares outstanding: | |||||||||||
Basic | i 74.6 | i 75.4 | |||||||||
Diluted | i 74.9 | i 75.9 | |||||||||
| Three Months Ended June 30, | |||||||||||
| 2022 | 2021 | ||||||||||
| Net income | $ | i 177.6 | $ | i 284.4 | |||||||
| Other comprehensive income (loss), net of reclassification adjustments: | |||||||||||
| Foreign currency translation adjustments | ( i 124.5) | i 80.8 | |||||||||
| Defined benefit pension plans, net of tax | i 1.7 | ( i 6.0) | |||||||||
| Deferred gains and losses on derivatives, net of tax | ( i 3.2) | i 5.6 | |||||||||
| Other comprehensive (loss) income, net of reclassification adjustments | ( i 126.0) | i 80.4 | |||||||||
| Comprehensive income | i 51.6 | i 364.8 | |||||||||
| Comprehensive income attributable to noncontrolling interests | i — | ( i 2.4) | |||||||||
| Comprehensive income attributable to AGCO Corporation and subsidiaries | $ | i 51.6 | $ | i 362.4 | |||||||
| Six Months Ended June 30, | |||||||||||
| 2022 | 2021 | ||||||||||
| Net income | $ | i 314.6 | $ | i 435.8 | |||||||
| Other comprehensive income, net of reclassification adjustments: | |||||||||||
| Foreign currency translation adjustments | i 13.8 | i 33.5 | |||||||||
| Defined benefit pension plans, net of tax | i 3.4 | i 29.1 | |||||||||
| Deferred gains and losses on derivatives, net of tax | ( i 6.5) | i 10.3 | |||||||||
| Other comprehensive income, net of reclassification adjustments | i 10.7 | i 72.9 | |||||||||
| Comprehensive income | i 325.3 | i 508.7 | |||||||||
| Comprehensive loss (income) attributable to noncontrolling interests | i 14.0 | ( i 2.6) | |||||||||
| Comprehensive income attributable to AGCO Corporation and subsidiaries | $ | i 339.3 | $ | i 506.1 | |||||||
| Six Months Ended June 30, | |||||||||||
| 2022 | 2021 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | i 314.6 | $ | i 435.8 | |||||||
| Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||
| Depreciation | i 106.5 | i 109.9 | |||||||||
| Amortization of intangibles | i 30.7 | i 31.7 | |||||||||
| Stock compensation expense | i 17.6 | i 15.2 | |||||||||
| Impairment charges | i 36.0 | i — | |||||||||
| Equity in net earnings of affiliates, net of cash received | ( i 23.7) | ( i 32.6) | |||||||||
| Deferred income tax benefit | ( i 0.6) | ( i 65.5) | |||||||||
| Other | i 2.7 | i 9.2 | |||||||||
Changes
in operating assets and liabilities: | |||||||||||
| Accounts and notes receivable, net | ( i 219.5) | ( i 265.5) | |||||||||
| Inventories, net | ( i 888.1) | ( i 721.5) | |||||||||
| Other current and noncurrent assets | ( i 91.9) | ( i 73.3) | |||||||||
| Accounts payable | i 191.1 | i 320.5 | |||||||||
| Accrued expenses | ( i 46.2) | ( i 0.8) | |||||||||
| Other current and noncurrent liabilities | i 4.6 | i 112.0 | |||||||||
| Total adjustments | ( i 880.8) | ( i 560.7) | |||||||||
| Net cash used in operating activities | ( i 566.2) | ( i 124.9) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Purchases of property, plant and equipment | ( i 139.2) | ( i 120.6) | |||||||||
| Proceeds from sale of property, plant and equipment | i 2.1 | i 2.4 | |||||||||
| Investments in unconsolidated affiliates | ( i 1.5) | ( i 1.0) | |||||||||
| (Purchase) sale of businesses, net, and net of cash acquired | ( i 111.3) | i 5.4 | |||||||||
| Other | i — | ( i 2.4) | |||||||||
| Net cash used in investing activities | ( i 249.9) | ( i 116.2) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from indebtedness | i 1,067.0 | i 909.4 | |||||||||
| Repayments of indebtedness | ( i 119.8) | ( i 905.4) | |||||||||
| Payment of dividends to stockholders | ( i 368.5) | ( i 328.6) | |||||||||
| Payment of minimum tax withholdings on stock compensation | ( i 20.8) | ( i 33.6) | |||||||||
| Payment of debt issuance costs | ( i 0.2) | i — | |||||||||
| Distributions to noncontrolling interest | ( i 11.6) | ( i 3.5) | |||||||||
| Net cash provided by (used in) financing activities | i 546.1 | ( i 361.7) | |||||||||
| Effects of exchange rate changes on cash, cash equivalents and restricted cash | ( i 38.5) | ( i 16.1) | |||||||||
| Decrease in cash, cash equivalents and restricted cash | ( i 308.5) | ( i 618.9) | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | i 889.1 | i 1,119.1 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | i 580.6 | $ | i 500.2 | |||||||
Intangible Asset | Amount | Weighted-Average Useful Life | ||||||||||||
| Customer relationships | $ | i 15.4 | i 10 years | |||||||||||
| Technology | i 15.4 | i 8 years | ||||||||||||
| Trademarks | i 5.7 | i 10 years | ||||||||||||
| Non-competition agreements | i 1.4 | i 5 years | ||||||||||||
| $ | i 37.9 | |||||||||||||
| Employee Severance | Other Related Closure Costs | Total | |||||||||||||||||||||||||||
| Balance as of December 31, 2021 | $ | i 14.5 | $ | i 0.2 | $ | i 14.7 | |||||||||||||||||||||||
| First quarter 2022 provision | i 3.0 | i — | i 3.0 | ||||||||||||||||||||||||||
| First quarter 2022 cash activity | ( i 3.4) | i — | ( i 3.4) | ||||||||||||||||||||||||||
| Foreign currency translation | ( i 0.3) | i 0.1 | ( i 0.2) | ||||||||||||||||||||||||||
| Balance as of March 31, 2022 | $ | i 13.8 | $ | i 0.3 | $ | i 14.1 | |||||||||||||||||||||||
| Second quarter 2022 provision | i 0.8 | i — | i 0.8 | ||||||||||||||||||||||||||
| Second quarter 2022 provision reversal | ( i 0.4) | i — | ( i 0.4) | ||||||||||||||||||||||||||
| Second quarter 2022 cash activity | ( i 3.3) | i — | ( i 3.3) | ||||||||||||||||||||||||||
| Foreign currency translation | ( i 0.6) | i — | ( i 0.6) | ||||||||||||||||||||||||||
| Balance as of June 30, 2022 | $ | i 10.3 | $ | i 0.3 | $ | i 10.6 | |||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
| Cost of goods sold | $ | i 0.3 | $ | i 0.3 | $ | i 0.6 | $ | i 0.6 | ||||||||||||||||||
| Selling, general and administrative expenses | i 10.3 | i 8.2 | i 17.0 | i 14.7 | ||||||||||||||||||||||
| Total stock compensation expense | $ | i 10.6 | $ | i 8.5 | $ | i 17.6 | $ | i 15.3 | ||||||||||||||||||
| Shares awarded but not earned at January 1 | i 514,714 | ||||
| Shares awarded | i 274,566 | ||||
| Shares forfeited | ( i 12,860) | ||||
| Shares vested | ( i 2,534) | ||||
| Shares awarded but not earned at June 30 | i 773,886 | ||||
| RSUs awarded but not vested at January 1 | i 159,228 | ||||
| RSUs awarded | i 91,583 | ||||
| RSUs forfeited | ( i 3,304) | ||||
| RSUs vested | ( i 65,025) | ||||
| RSUs awarded but not vested at June 30 | i 182,482 | ||||
| SSARs outstanding at January 1 | i 194,611 | ||||
| SSARs granted | i — | ||||
| SSARs exercised | ( i 38,051) | ||||
| SSARs canceled or forfeited | i — | ||||
| SSARs outstanding at June 30 | i 156,560 | ||||
| North America | South America | Europe/Middle East | Asia/Pacific/Africa | Consolidated | |||||||||||||||||||||||||
| Balance as of December 31, 2021 | $ | i 609.6 | $ | i 81.7 | $ | i 469.5 | $ | i 120.0 | $ | i 1,280.8 | |||||||||||||||||||
| Acquisitions | i 54.8 | i — | i — | i — | i 54.8 | ||||||||||||||||||||||||
| Foreign currency translation | ( i 0.1) | i 4.9 | ( i 34.9) | ( i 7.3) | ( i 37.4) | ||||||||||||||||||||||||
| Balance as of June 30, 2022 | $ | i 664.3 | $ | i 86.6 | $ | i 434.6 | $ | i 112.7 | $ | i 1,298.2 | |||||||||||||||||||
| Gross carrying amounts: | Trademarks and Tradenames | Customer Relationships | Patents and Technology | Land Use Rights | Total | ||||||||||||||||||||||||
| Balance as of December 31, 2021 | $ | i 189.0 | $ | i 568.6 | $ | i 139.9 | $ | i 7.0 | $ | i 904.5 | |||||||||||||||||||
| Acquisitions | i 7.1 | i 15.4 | i 15.4 | i — | i 37.9 | ||||||||||||||||||||||||
| Foreign currency translation | ( i 5.9) | ( i 11.4) | ( i 6.2) | ( i 0.3) | ( i 23.8) | ||||||||||||||||||||||||
| Balance as of June 30, 2022 | $ | i 190.2 | $ | i 572.6 | $ | i 149.1 | $ | i 6.7 | $ | i 918.6 | |||||||||||||||||||
| Accumulated amortization: | Trademarks and Tradenames | Customer Relationships | Patents and Technology | Land Use Rights | Total | ||||||||||||||||||||||||
| Balance as of December 31, 2021 | $ | i 93.1 | $ | i 409.7 | $ | i 94.7 | $ | i 1.5 | $ | i 599.0 | |||||||||||||||||||
| Amortization expense | i 6.7 | i 18.9 | i 5.0 | i 0.1 | i 30.7 | ||||||||||||||||||||||||
| Foreign currency translation | ( i 2.2) | ( i 8.6) | ( i 5.0) | ( i 0.1) | ( i 15.9) | ||||||||||||||||||||||||
| Balance as of June 30, 2022 | $ | i 97.6 | $ | i 420.0 | $ | i 94.7 | $ | i 1.5 | $ | i 613.8 | |||||||||||||||||||
| Indefinite-lived intangible assets: | Trademarks and Tradenames | ||||
| Balance as of December 31, 2021 | $ | i 86.7 | |||
| Foreign currency translation | ( i 2.7) | ||||
| Balance as of June 30, 2022 | $ | i 84.0 | |||
| June 30, 2022 | December 31, 2021 | ||||||||||
| Credit facility, expires 2023 | i 800.0 | i — | |||||||||
i 1.002%
Senior term loan due 2025 | i 260.4 | i 283.7 | |||||||||
| Senior term loans due between 2023 and 2028 | i 332.7 | i 445.9 | |||||||||
i 0.800%
Senior notes due 2028 | i 624.8 | i 680.8 | |||||||||
| Other long-term debt | i 6.1 | i 7.7 | |||||||||
| Debt issuance costs | ( i 4.0) | ( i 4.8) | |||||||||
| i 2,020.0 | i 1,413.3 | ||||||||||
| Current portion of other long-term debt | ( i 2.0) | ( i 2.1) | |||||||||
| Total long-term indebtedness, less current portion | $ | i 2,018.0 | $ | i 1,411.2 | |||||||
| June 30, 2022 | December 31, 2021 | ||||||||||
| Finished goods | $ | i 951.9 | $ | i 718.2 | |||||||
| Repair and replacement parts | i 737.6 | i 697.8 | |||||||||
| Work in process | i 625.6 | i 282.8 | |||||||||
| Raw materials | i 1,067.2 | i 894.9 | |||||||||
| Inventories, net | $ | i 3,382.3 | $ | i 2,593.7 | |||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Balance at beginning of period | $ | i 614.5 | $ | i 542.0 | $ | i 592.5 | $ | i 521.8 | |||||||||||||||
| Accruals for warranties issued during the period | i 61.9 | i 76.8 | i 145.2 | i 170.1 | |||||||||||||||||||
| Settlements made (in cash or in kind) during the period | ( i 50.0) | ( i 47.4) | ( i 107.7) | ( i 102.7) | |||||||||||||||||||
| Foreign currency translation | ( i 36.9) | i 7.9 | ( i 40.5) | ( i 9.9) | |||||||||||||||||||
| Balance at June 30 | $ | i 589.5 | $ | i 579.3 | $ | i 589.5 | $ | i 579.3 | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Basic net income per share: | |||||||||||||||||||||||
| Net income attributable to AGCO Corporation and subsidiaries | $ | i 177.7 | $ | i 282.8 | $ | i 329.5 | $ | i 433.6 | |||||||||||||||
| Weighted average number of common shares outstanding | i 74.6 | i 75.5 | i 74.6 | i 75.4 | |||||||||||||||||||
| Basic net income per share attributable to AGCO Corporation and subsidiaries | $ | i 2.38 | $ | i 3.74 | $ | i 4.41 | $ | i 5.75 | |||||||||||||||
| Diluted net income per share: | |||||||||||||||||||||||
| Net income attributable to AGCO Corporation and subsidiaries | $ | i 177.7 | $ | i 282.8 | $ | i 329.5 | $ | i 433.6 | |||||||||||||||
| Weighted average number of common shares outstanding | i 74.6 | i 75.5 | i 74.6 | i 75.4 | |||||||||||||||||||
| Dilutive SSARs, performance share awards and RSUs | i 0.3 | i 0.4 | i 0.3 | i 0.5 | |||||||||||||||||||
| Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share | i 74.9 | i 75.9 | i 74.9 | i 75.9 | |||||||||||||||||||
| Diluted net income per share attributable to AGCO Corporation and subsidiaries | $ | i 2.37 | $ | i 3.73 | $ | i 4.40 | $ | i 5.71 | |||||||||||||||
| 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) | |||||||||||||||||||
| 2022 | |||||||||||||||||||||||
Foreign
currency contracts(1) | $ | ( i 2.7) | Cost of goods sold | $ | ( i 1.9) | $ | i 2,254.7 | ||||||||||||||||
Commodity
contracts(2) | ( i 4.5) | Cost of goods sold | ( i 2.1) | $ | i 2,254.7 | ||||||||||||||||||
| Total | $ | ( i 7.2) | $ | ( i 4.0) | |||||||||||||||||||
| 2021 | |||||||||||||||||||||||
| Foreign currency contracts | $ | ( i 0.8) | Cost of goods sold | $ | ( i 2.4) | $ | i 2,186.9 | ||||||||||||||||
| Commodity contracts | i 5.9 | Cost of goods sold | i 1.9 | i 2,186.9 | |||||||||||||||||||
| Total | $ | i 5.1 | $ | ( i 0.5) | |||||||||||||||||||
| 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) | |||||||||||||||||||
| 2022 | |||||||||||||||||||||||
Foreign
currency contracts(1) | $ | ( i 6.5) | Cost of goods sold | $ | ( i 2.0) | $ | i 4,309.1 | ||||||||||||||||
Commodity
contracts(2) | $ | ( i 3.1) | Cost of goods sold | ( i 1.1) | $ | i 4,309.1 | |||||||||||||||||
| Total | $ | ( i 9.6) | $ | ( i 3.1) | |||||||||||||||||||
| 2021 | |||||||||||||||||||||||
| Foreign currency contracts | $ | ( i 7.6) | Cost of goods sold | $ | ( i 6.1) | $ | i 3,995.1 | ||||||||||||||||
| Commodity contracts | i 13.7 | Cost of goods sold | i 1.9 | i 3,995.1 | |||||||||||||||||||
| Total | $ | i 6.1 | $ | ( i 4.2) | |||||||||||||||||||
| Before-Tax Amount | Income Tax | After-Tax Amount | ||||||||||||||||||
| Accumulated derivative net losses as of March 31, 2022 | $ | ( i 4.8) | $ | ( i 1.1) | $ | ( i 3.7) | ||||||||||||||
| Net changes in fair value of derivatives | ( i 10.2) | ( i 3.0) | ( i 7.2) | |||||||||||||||||
| Net losses reclassified from accumulated other comprehensive loss into income | i 5.4 | i 1.4 | i 4.0 | |||||||||||||||||
| Accumulated derivative net losses as of June 30, 2022 | $ | ( i 9.6) | $ | ( i 2.7) | $ | ( i 6.9) | ||||||||||||||
| Before-Tax Amount | Income Tax | After-Tax Amount | ||||||||||||||||||
| Accumulated derivative net losses as of December 31, 2021 | $ | ( i 0.5) | $ | ( i 0.1) | $ | ( i 0.4) | ||||||||||||||
| Net changes in fair value of derivatives | ( i 13.3) | ( i 3.7) | ( i 9.6) | |||||||||||||||||
| Net losses reclassified from accumulated other comprehensive loss into income | i 4.2 | i 1.1 | i 3.1 | |||||||||||||||||
| Accumulated derivative net losses as of June 30, 2022 | $ | ( i 9.6) | $ | ( i 2.7) | $ | ( i 6.9) | ||||||||||||||
| Notional Amount as of | |||||||||||
| June 30, 2022 | December 31, 2021 | ||||||||||
| Cross currency swap contract | $ | i 300.0 | $ | i 300.0 | |||||||
| Gain
(Loss) Recognized in Accumulated Other Comprehensive Loss for the Three Months Ended | Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Six Months Ended | ||||||||||||||||||||||||||||||||||
| Before-Tax Amount | Income Tax | After-Tax Amount | Before-Tax Amount | Income Tax | After-Tax Amount | ||||||||||||||||||||||||||||||
| June 30, 2022 | $ | i 16.6 | $ | i 4.3 | $ | i 12.3 | $ | i 20.8 | $ | i 5.4 | $ | i 15.4 | |||||||||||||||||||||||
| June 30, 2021 | i 3.8 | i — | i 3.8 | ( i 0.3) | i — | ( i 0.3) | |||||||||||||||||||||||||||||
| Gain (Loss) Recognized in Net Income for the Three Months Ended | Gain (Loss) Recognized in Net Income for the Six Months Ended | ||||||||||||||||||||||||||||
Classification of Gain (Loss) | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||||
| Foreign currency contracts | Other expense, net | $ | i 0.4 | $ | ( i 5.1) | $ | ( i 13.4) | $ | i 29.3 | ||||||||||||||||||||
| Asset Derivatives as of June 30, 2022 | Liability Derivatives as of June 30, 2022 | ||||||||||||||||||||||
| Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||||||
| Derivative instruments designated as hedging instruments: | |||||||||||||||||||||||
| Foreign currency contracts | Other current assets | $ | i 3.0 | Other current liabilities | $ | i 8.7 | |||||||||||||||||
| Commodity contracts | Other current assets | i 0.1 | Other current liabilities | i 3.9 | |||||||||||||||||||
| Cross currency swap contract | Other noncurrent assets | i 33.3 | Other noncurrent liabilities | i — | |||||||||||||||||||
| Derivative instruments not designated as hedging instruments: | |||||||||||||||||||||||
Foreign currency contracts(1) | Other current assets | i 21.3 | Other current liabilities | i 10.0 | |||||||||||||||||||
| Total derivative instruments | $ | i 57.7 | $ | i 22.6 | |||||||||||||||||||
| Asset
Derivatives as of December 31, 2021 | Liability Derivatives as of December 31, 2021 | ||||||||||||||||||||||
| Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||||||
| Derivative instruments designated as hedging instruments: | |||||||||||||||||||||||
| Foreign currency contracts | Other current assets | $ | i — | Other current liabilities | $ | i — | |||||||||||||||||
| Commodity contracts | Other current assets | i 0.2 | Other current liabilities | i 2.0 | |||||||||||||||||||
| Cross currency swap contract | Other noncurrent assets | i 12.5 | Other noncurrent liabilities | i — | |||||||||||||||||||
| Derivative instruments not designated as hedging instruments: | |||||||||||||||||||||||
Foreign currency contracts(1) | Other current assets | i 15.1 | Other current liabilities | i 5.1 | |||||||||||||||||||
| Total derivative instruments | $ | i 27.8 | $ | i 7.1 | |||||||||||||||||||
| Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||
| Balance, March 31, 2022 | $ | i 0.7 | $ | i 2.9 | $ | i 5,306.2 | $ | ( i 1,635.0) | $ | i 0.1 | $ | i 3,674.9 | |||||||||||||||||||||||
| Stock compensation | — | i 10.6 | — | — | — | i 10.6 | |||||||||||||||||||||||||||||
Issuance
of stock awards | — | ( i 0.2) | — | — | — | ( i 0.2) | |||||||||||||||||||||||||||||
| SSARs exercised | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Comprehensive income: | |||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | i 177.7 | — | ( i 0.1) | i 177.6 | |||||||||||||||||||||||||||||
| Other comprehensive loss, net of reclassification adjustments: | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | ( i 124.6) | i 0.1 | ( i 124.5) | |||||||||||||||||||||||||||||
| Defined benefit pension plans, net of tax | — | — | — | i 1.7 | — | i 1.7 | |||||||||||||||||||||||||||||
Deferred
gains and losses on derivatives, net of tax | — | — | — | ( i 3.2) | — | ( i 3.2) | |||||||||||||||||||||||||||||
| Payment of dividends to stockholders | — | — | ( i 353.6) | — | — | ( i 353.6) | |||||||||||||||||||||||||||||
| Distributions to noncontrolling interest | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Balance, June 30, 2022 | $ | i 0.7 | $ | i 13.3 | $ | i 5,130.3 | $ | ( i 1,761.1) | $ | i 0.1 | $ | i 3,383.3 | |||||||||||||||||||||||
| Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||
| Balance, December 31, 2021 | $ | i 0.7 | $ | i 3.9 | $ | i 5,182.2 | $ | ( i 1,770.9) | $ | i 27.9 | $ | i 3,443.8 | |||||||||||||||||||||||
| Stock compensation | — | i 17.6 | — | — | — | i 17.6 | |||||||||||||||||||||||||||||
| Issuance of stock awards | — | ( i 7.2) | ( i 12.9) | — | — | ( i 20.1) | |||||||||||||||||||||||||||||
| SSARs exercised | — | ( i 1.0) | — | — | — | ( i 1.0) | |||||||||||||||||||||||||||||
| Comprehensive income: | |||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | i 329.5 | — | ( i 14.9) | i 314.6 | |||||||||||||||||||||||||||||
| Other comprehensive income, net of reclassification adjustments: | |||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustments | — | — | — | i 12.9 | i 0.9 | i 13.8 | |||||||||||||||||||||||||||||
| Defined benefit pension plans, net of tax | — | — | — | i 3.4 | — | i 3.4 | |||||||||||||||||||||||||||||
| Deferred gains and losses on derivatives, net of tax | — | — | — | ( i 6.5) | — | ( i 6.5) | |||||||||||||||||||||||||||||
| Payment of dividends to stockholders | — | — | ( i 368.5) | — | — | ( i 368.5) | |||||||||||||||||||||||||||||
| Distributions to noncontrolling interest | — | — | — | — | ( i 13.8) | ( i 13.8) | |||||||||||||||||||||||||||||
| Balance, June 30, 2022 | $ | i 0.7 | $ | i 13.3 | $ | i 5,130.3 | $ | ( i 1,761.1) | $ | i 0.1 | $ | i 3,383.3 | |||||||||||||||||||||||
| Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||
| Balance, March 31, 2021 | $ | i 0.8 | $ | i 5.7 | $ | i 4,897.9 | $ | ( i 1,817.9) | $ | i 38.2 | $ | i 3,124.7 | |||||||||||||||||||||||
| Stock compensation | — | i 8.4 | — | — | — | i 8.4 | |||||||||||||||||||||||||||||
| SSARs exercised | — | ( i 2.4) | — | — | — | ( i 2.4) | |||||||||||||||||||||||||||||
| Comprehensive income: | |||||||||||||||||||||||||||||||||||
| Net income | — | — | i 282.8 | — | i 1.6 | i 284.4 | |||||||||||||||||||||||||||||
| Other comprehensive income, net of reclassification adjustments: | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | i 80.0 | i 0.8 | i 80.8 | |||||||||||||||||||||||||||||
Defined
benefit pension plans, net of tax | — | — | — | ( i 6.0) | — | ( i 6.0) | |||||||||||||||||||||||||||||
Deferred
gains and losses on derivatives, net of tax | — | — | — | i 5.6 | — | i 5.6 | |||||||||||||||||||||||||||||
Payment
of dividends to stockholders | — | — | ( i 316.6) | — | — | ( i 316.6) | |||||||||||||||||||||||||||||
| Distributions to noncontrolling interest | — | — | — | — | ( i 3.5) | ( i 3.5) | |||||||||||||||||||||||||||||
| Change in noncontrolling interest | — | — | — | — | ( i 10.6) | ( i 10.6) | |||||||||||||||||||||||||||||
| Balance, June 30, 2021 | $ | i 0.8 | $ | i 11.7 | $ | i 4,864.1 | $ | ( i 1,738.3) | $ | i 26.5 | $ | i 3,164.8 | |||||||||||||||||||||||
| Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||
| Balance, December 31, 2020 | $ | i 0.8 | $ | i 30.9 | $ | i 4,759.1 | $ | ( i 1,810.8) | $ | i 38.0 | $ | i 3,018.0 | |||||||||||||||||||||||
| Stock compensation | — | i 15.2 | — | — | — | i 15.2 | |||||||||||||||||||||||||||||
Issuance
of stock awards | — | ( i 29.5) | — | — | — | ( i 29.5) | |||||||||||||||||||||||||||||
| SSARs exercised | — | ( i 4.9) | — | — | — | ( i 4.9) | |||||||||||||||||||||||||||||
| Comprehensive income: | |||||||||||||||||||||||||||||||||||
| Net income | — | — | i 433.6 | — | i 2.2 | i 435.8 | |||||||||||||||||||||||||||||
| Other comprehensive income, net of reclassification adjustments: | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | i 33.1 | i 0.4 | i 33.5 | |||||||||||||||||||||||||||||
Defined
benefit pension plans, net of tax | — | — | — | i 29.1 | — | i 29.1 | |||||||||||||||||||||||||||||
Deferred
gains and losses on derivatives, net of tax | — | — | — | i 10.3 | — | i 10.3 | |||||||||||||||||||||||||||||
Payment
of dividends to stockholders | — | — | ( i 328.6) | — | — | ( i 328.6) | |||||||||||||||||||||||||||||
| Distributions to noncontrolling interest | — | — | — | — | ( i 3.5) | ( i 3.5) | |||||||||||||||||||||||||||||
| Change in noncontrolling interest | — | — | — | — | ( i 10.6) | ( i 10.6) | |||||||||||||||||||||||||||||
| Balance, June 30, 2021 | $ | i 0.8 | $ | i 11.7 | $ | i 4,864.1 | $ | ( i 1,738.3) | $ | i 26.5 | $ | i 3,164.8 | |||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Net (loss) income | $ | ( i 0.1) | $ | i 1.6 | $ | ( i 14.9) | $ | i 2.2 | |||||||||||||||
| Other comprehensive income: | |||||||||||||||||||||||
| Foreign currency translation adjustments | i 0.1 | i 0.8 | i 0.9 | i 0.4 | |||||||||||||||||||
| Total comprehensive income (loss) | $ | i — | $ | i 2.4 | $ | ( i 14.0) | $ | i 2.6 | |||||||||||||||
| Defined Benefit Pension Plans | Deferred Net (Losses) Gains on Derivatives | Cumulative Translation Adjustment | Total | ||||||||||||||||||||
| Accumulated other comprehensive loss, | $ | ( i 230.4) | $ | ( i 0.4) | $ | ( i 1,540.1) | $ | ( i 1,770.9) | |||||||||||||||
| Other comprehensive income (loss) before reclassifications | i — | ( i 9.6) | i 12.9 | i 3.3 | |||||||||||||||||||
| Net losses reclassified from accumulated other comprehensive loss | i 3.4 | i 3.1 | i — | i 6.5 | |||||||||||||||||||
| Other comprehensive income (loss), net of reclassification adjustments | i 3.4 | ( i 6.5) | i 12.9 | i 9.8 | |||||||||||||||||||
| Accumulated other comprehensive loss, | $ | ( i 227.0) | $ | ( i 6.9) | $ | ( i 1,527.2) | $ | ( i 1,761.1) | |||||||||||||||
| 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, 2022(1) | Three Months Ended June 30, 2021(1) | ||||||||||||||||||
| Derivatives: | ||||||||||||||||||||
| Net losses on foreign currency contracts | $ | i 2.6 | $ | i 3.5 | Cost of goods sold | |||||||||||||||
| Net losses (gains) on commodity contracts | $ | i 2.8 | $ | ( i 1.9) | Cost of goods sold | |||||||||||||||
| Reclassification before tax | i 5.4 | i 1.6 | ||||||||||||||||||
| ( i 1.4) | ( i 1.1) | Income tax provision | ||||||||||||||||||
| Reclassification net of tax | $ | i 4.0 | $ | i 0.5 | ||||||||||||||||
| Defined benefit pension plans: | ||||||||||||||||||||
| Amortization of net actuarial losses | $ | i 2.2 | $ | i 3.4 | Other
expense, net(2) | |||||||||||||||
| Amortization of prior service cost | i — | i 0.1 | Other
expense, net(2) | |||||||||||||||||
| Reclassification before tax | i 2.2 | i 3.5 | ||||||||||||||||||
| ( i 0.5) | ( i 1.5) | Income tax provision | ||||||||||||||||||
| Reclassification net of tax | $ | i 1.7 | $ | i 2.0 | ||||||||||||||||
| Net losses reclassified from accumulated other comprehensive loss | $ | i 5.7 | $ | i 2.5 | ||||||||||||||||
| 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, 2022(1) | Six Months Ended June 30, 2021(1) | ||||||||||||||||||
| Derivatives: | ||||||||||||||||||||
| Net losses on foreign currency contracts | $ | i 2.7 | $ | i 6.9 | Cost of goods sold | |||||||||||||||
| Net losses (gains) on commodity contracts | i 1.5 | ( i 1.9) | Cost of goods sold | |||||||||||||||||
| Reclassification before tax | i 4.2 | i 5.0 | ||||||||||||||||||
| ( i 1.1) | ( i 0.8) | Income tax provision | ||||||||||||||||||
| Reclassification net of tax | $ | i 3.1 | $ | i 4.2 | ||||||||||||||||
| Defined benefit pension plans: | ||||||||||||||||||||
| Amortization of net actuarial losses | $ | i 4.4 | $ | i 7.4 | Other
expense, net(2) | |||||||||||||||
| Amortization of prior service cost | i 0.2 | i 0.6 | Other
expense, net(2) | |||||||||||||||||
| Reclassification before tax | i 4.6 | i 8.0 | ||||||||||||||||||
| ( i 1.2) | ( i 2.1) | Income tax provision | ||||||||||||||||||
Reclassification net of tax(3) | $ | i 3.4 | $ | i 5.9 | ||||||||||||||||
| Net losses reclassified from accumulated other comprehensive loss | $ | i 6.5 | $ | i 10.1 | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| Pension benefits | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
| Service cost | $ | i 3.3 | $ | i 3.7 | $ | i 6.6 | $ | i 7.8 | ||||||||||||||||||
| Interest cost | i 3.8 | i 3.2 | i 7.8 | i 6.4 | ||||||||||||||||||||||
| Expected return on plan assets | ( i 4.4) | ( i 7.9) | ( i 9.0) | ( i 15.7) | ||||||||||||||||||||||
| Amortization of net actuarial losses | i 2.2 | i 3.4 | i 4.4 | i 7.4 | ||||||||||||||||||||||
| Amortization of prior service cost | i — | i 0.1 | i 0.1 | i 0.6 | ||||||||||||||||||||||
Curtailment(1) | i — | i — | i — | $ | ( i 1.2) | |||||||||||||||||||||
| Net periodic pension cost | $ | i 4.9 | $ | i 2.5 | $ | i 9.9 | $ | i 5.3 | ||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| Postretirement benefits | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
| Service cost | $ | i — | $ | i — | $ | i 0.1 | $ | i 0.1 | ||||||||||||||||||
| Interest cost | i 0.3 | i 0.2 | i 0.5 | i 0.4 | ||||||||||||||||||||||
| Amortization of prior service cost | i — | i — | i 0.1 | i — | ||||||||||||||||||||||
| Net periodic postretirement benefit cost | $ | i 0.3 | $ | i 0.2 | $ | i 0.7 | $ | i 0.5 | ||||||||||||||||||
| Before-Tax Amount | Income Tax | After-Tax Amount | |||||||||||||||
| Accumulated other comprehensive loss, December 31, 2021 | $ | ( i 302.4) | $ | ( i 72.0) | $ | ( i 230.4) | |||||||||||
| Amortization of net actuarial losses | i 4.4 | i 1.1 | i 3.3 | ||||||||||||||
| Amortization of prior service cost | i 0.2 | i 0.1 | i 0.1 | ||||||||||||||
| Accumulated other comprehensive loss as of June 30, 2022 | $ | ( i 297.8) | $ | ( i 70.8) | $ | ( i 227.0) | |||||||||||
| As of June 30, 2022 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Derivative assets | $ | i — | $ | i 57.7 | $ | i — | $ | i 57.7 | |||||||||||||||
| Derivative liabilities | i — | i 22.6 | i — | i 22.6 | |||||||||||||||||||
| As of December 31, 2021 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Derivative assets | $ | i — | $ | i 27.8 | $ | i — | $ | i 27.8 | |||||||||||||||
| Derivative liabilities | i — | i 7.1 | i — | i 7.1 | |||||||||||||||||||
| Three Months Ended June 30, | North America | South America | Europe/Middle East | Asia/Pacific/Africa | Consolidated | |||||||||||||||||||||||||||
| 2022 | ||||||||||||||||||||||||||||||||
| Net sales | $ | i 739.9 | $ | i 519.2 | $ | i 1,467.6 | $ | i 218.5 | $ | i 2,945.2 | ||||||||||||||||||||||
| Income from operations | i 50.7 | i 85.5 | i 161.2 | i 30.7 | i 328.1 | |||||||||||||||||||||||||||
| Depreciation | i 15.0 | i 7.6 | i 25.3 | i 3.9 | i 51.8 | |||||||||||||||||||||||||||
| Capital expenditures | i 15.2 | i 11.2 | i 42.5 | i 4.0 | i 72.9 | |||||||||||||||||||||||||||
| 2021 | ||||||||||||||||||||||||||||||||
| Net sales | $ | i 734.7 | $ | i 278.3 | $ | i 1,635.2 | $ | i 231.1 | $ | i 2,879.3 | ||||||||||||||||||||||
| Income from operations | i 103.7 | i 23.1 | i 201.5 | i 26.6 | i 354.9 | |||||||||||||||||||||||||||
| Depreciation | i 15.2 | i 6.7 | i 29.6 | i 3.6 | i 55.1 | |||||||||||||||||||||||||||
| Capital expenditures | i 8.8 | i 5.0 | i 40.3 | i 3.0 | i 57.1 | |||||||||||||||||||||||||||
| Six Months Ended June 30, | North America | South America | Europe/Middle East | Asia/Pacific/Africa | Consolidated | |||||||||||||||||||||||||||
| 2022 | ||||||||||||||||||||||||||||||||
| Net sales | $ | i 1,440.9 | $ | i 875.6 | $ | i 2,870.7 | $ | i 443.7 | $ | i 5,630.9 | ||||||||||||||||||||||
| Income from operations | i 105.5 | i 131.6 | i 323.5 | i 64.7 | i 625.3 | |||||||||||||||||||||||||||
| Depreciation | i 30.2 | i 14.6 | i 53.5 | i 8.2 | i 106.5 | |||||||||||||||||||||||||||
| Capital expenditures | i 30.9 | i 21.2 | i 81.7 | i 5.4 | i 139.2 | |||||||||||||||||||||||||||
| 2021 | ||||||||||||||||||||||||||||||||
| Net sales | $ | i 1,345.8 | $ | i 518.8 | $ | i 2,962.4 | $ | i 431.0 | $ | i 5,258.0 | ||||||||||||||||||||||
| Income from operations | i 178.6 | i 39.3 | i 345.8 | i 47.6 | i 611.3 | |||||||||||||||||||||||||||
| Depreciation | i 30.8 | i 13.3 | i 58.0 | i 7.8 | i 109.9 | |||||||||||||||||||||||||||
| Capital expenditures | i 21.1 | i 11.6 | i 83.8 | i 4.1 | i 120.6 | |||||||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||||||
| As of June 30, 2022 | $ | i 1,683.1 | $ | i 1,124.4 | $ | i 2,635.2 | $ | i 652.3 | $ | i 6,095.0 | ||||||||||||||||||||||
| As of December 31, 2021 | i 1,328.1 | i 922.7 | i 2,348.7 | i 610.6 | i 5,210.1 | |||||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Segment income from operations | $ | i 328.1 | $ | i 354.9 | $ | i 625.3 | $ | i 611.3 | |||||||||||||||
| Impairment charges | i — | i — | ( i 36.0) | i — | |||||||||||||||||||
| Corporate expenses | ( i 38.5) | ( i 37.5) | ( i 70.7) | ( i 73.4) | |||||||||||||||||||
| Amortization of intangibles | ( i 15.4) | ( i 14.2) | ( i 30.7) | ( i 31.7) | |||||||||||||||||||
| Stock compensation expense | ( i 10.3) | ( i 8.2) | ( i 17.0) | ( i 14.7) | |||||||||||||||||||
| Restructuring expenses | ( i 0.4) | ( i 4.7) | ( i 3.4) | ( i 6.0) | |||||||||||||||||||
| Consolidated income from operations | $ | i 263.5 | $ | i 290.3 | $ | i 467.5 | $ | i 485.5 | |||||||||||||||
| June 30, 2022 | December 31, 2021 | ||||||||||
| Segment assets | $ | i 6,095.0 | $ | i 5,210.1 | |||||||
| Cash, cash equivalents and restricted cash | i 580.6 | i 889.1 | |||||||||
| Investments in affiliates | i 417.0 | i 413.5 | |||||||||
| Deferred tax assets, other current and noncurrent assets | i 1,109.3 | i 996.4 | |||||||||
| Intangible assets, net | i 388.8 | i 392.2 | |||||||||
| Goodwill | i 1,298.2 | i 1,280.8 | |||||||||
| Consolidated total assets | $ | i 9,888.9 | $ | i 9,182.1 | |||||||
| June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Operating Leases(1) | Finance Leases | Operating Leases(1) | Finance Leases | |||||||||||||||||||||||
| 2022 | $ | i 23.2 | $ | i 3.0 | $ | i 45.7 | $ | i 4.0 | ||||||||||||||||||
| 2023 | i 40.5 | i 0.8 | i 36.2 | i 0.9 | ||||||||||||||||||||||
| 2024 | i 29.6 | i 0.5 | i 24.5 | i 0.6 | ||||||||||||||||||||||
| 2025 | i 20.8 | i 0.4 | i 17.3 | i 0.4 | ||||||||||||||||||||||
| 2026 | i 15.2 | i 0.2 | i 12.3 | i 0.2 | ||||||||||||||||||||||
| Thereafter | i 50.3 | i 5.8 | i 39.1 | i 6.3 | ||||||||||||||||||||||
| Total lease payments | i 179.6 | i 10.7 | i 175.1 | i 12.4 | ||||||||||||||||||||||
Less:
imputed interest(2) | ( i 19.4) | ( i 2.2) | ( i 17.3) | ( i 2.5) | ||||||||||||||||||||||
| Present value of leased liabilities | $ | i 160.2 | $ | i 8.5 | $ | i 157.8 | $ | i 9.9 | ||||||||||||||||||
| Three Months Ended June 30, | |||||||||||
| 2022 | 2021 | ||||||||||
| Balance at beginning of period | $ | i 232.4 | $ | i 186.3 | |||||||
| Advance consideration received | i 31.5 | i 59.0 | |||||||||
| Revenue recognized during the period for extended warranty contracts, maintenance services and technology services | ( i 20.4) | ( i 13.3) | |||||||||
| Revenue recognized during the period related to grain storage and protein production systems | ( i 13.9) | ( i 32.6) | |||||||||
| Foreign currency translation | ( i 11.9) | i 1.8 | |||||||||
| Balance at June 30 | $ | i 217.7 | $ | i 201.2 | |||||||
| Six Months Ended June 30, | |||||||||||
| 2022 | 2021 | ||||||||||
| Balance at beginning of period | $ | i 226.2 | $ | i 172.0 | |||||||
| Advance consideration received | i 74.5 | i 116.1 | |||||||||
| Revenue recognized during the period for extended warranty contracts, maintenance services and technology services | ( i 39.0) | ( i 26.3) | |||||||||
| Revenue recognized during the period related to grain storage and protein production systems | ( i 28.5) | ( i 59.8) | |||||||||
| Foreign currency translation | ( i 15.5) | ( i 0.8) | |||||||||
| Balance at June 30 | $ | i 217.7 | $ | i 201.2 | |||||||
| North America | South America | Europe/Middle East(1) | Asia/Pacific/Africa | Consolidated(1) | ||||||||||||||||||||||||||||
| Primary geographical markets: | ||||||||||||||||||||||||||||||||
| United States | $ | i 583.4 | $ | i — | $ | i — | $ | i — | $ | i 583.4 | ||||||||||||||||||||||
| Canada | i 125.8 | i — | i — | i — | i 125.8 | |||||||||||||||||||||||||||
| South America | i — | i 515.5 | i — | i — | i 515.5 | |||||||||||||||||||||||||||
| Germany | i — | i — | i 288.1 | i — | i 288.1 | |||||||||||||||||||||||||||
| France | i — | i — | i 257.6 | i — | i 257.6 | |||||||||||||||||||||||||||
| United Kingdom and Ireland | i — | i — | i 157.8 | i — | i 157.8 | |||||||||||||||||||||||||||
| Finland and Scandinavia | i — | i — | i 196.1 | i — | i 196.1 | |||||||||||||||||||||||||||
| Other Europe | i — | i — | i 521.3 | i — | i 521.3 | |||||||||||||||||||||||||||
| Middle East and Algeria | i — | i — | i 46.6 | i — | i 46.6 | |||||||||||||||||||||||||||
| Africa | i — | i — | i — | i 34.5 | i 34.5 | |||||||||||||||||||||||||||
| Asia | i — | i — | i — | i 97.3 | i 97.3 | |||||||||||||||||||||||||||
| Australia and New Zealand | i — | i — | i — | i 86.7 | i 86.7 | |||||||||||||||||||||||||||
| Mexico, Central America and Caribbean | i 30.7 | i 3.7 | i — | i — | i 34.4 | |||||||||||||||||||||||||||
| $ | i 739.9 | $ | i 519.2 | $ | i 1,467.6 | $ | i 218.5 | $ | i 2,945.2 | |||||||||||||||||||||||
| Major products: | ||||||||||||||||||||||||||||||||
| Tractors | $ | i 263.4 | $ | i 291.3 | $ | i 976.5 | $ | i 112.4 | $ | i 1,643.6 | ||||||||||||||||||||||
| Replacement parts | i 119.5 | i 36.6 | i 270.8 | i 23.1 | i 450.0 | |||||||||||||||||||||||||||
| Grain storage and protein production systems | i 155.5 | i 41.6 | i 45.7 | i 43.6 | i 286.4 | |||||||||||||||||||||||||||
| Combines, application equipment and other machinery | i 201.5 | i 149.7 | i 174.5 | i 39.4 | i 565.1 | |||||||||||||||||||||||||||
| $ | i 739.9 | $ | i 519.2 | $ | i 1,467.6 | $ | i 218.5 | $ | i 2,945.2 | |||||||||||||||||||||||
North
America(1) | South America(1) | Europe/Middle East(1) | Asia/Pacific/Africa | Consolidated(1) | ||||||||||||||||||||||||||||
| Primary geographical markets: | ||||||||||||||||||||||||||||||||
| United States | $ | i 570.9 | $ | i — | $ | i — | $ | i — | $ | i 570.9 | ||||||||||||||||||||||
| Canada | i 138.9 | i — | i — | i — | i 138.9 | |||||||||||||||||||||||||||
| South America | i — | i 276.0 | i — | i — | i 276.0 | |||||||||||||||||||||||||||
| Germany | i — | i — | i 348.4 | i — | i 348.4 | |||||||||||||||||||||||||||
| France | i — | i — | i 294.8 | i — | i 294.8 | |||||||||||||||||||||||||||
| United Kingdom and Ireland | i — | i — | i 167.0 | i — | i 167.0 | |||||||||||||||||||||||||||
| Finland and Scandinavia | i — | i — | i 221.2 | i — | i 221.2 | |||||||||||||||||||||||||||
| Other Europe | i — | i — | i 558.8 | i — | i 558.8 | |||||||||||||||||||||||||||
| Middle East and Algeria | i — | i — | i 45.0 | i — | i 45.0 | |||||||||||||||||||||||||||
| Africa | i — | i — | i — | i 36.1 | i 36.1 | |||||||||||||||||||||||||||
| Asia | i — | i — | i — | i 116.6 | i 116.6 | |||||||||||||||||||||||||||
| Australia and New Zealand | i — | i — | i — | i 78.4 | i 78.4 | |||||||||||||||||||||||||||
| Mexico, Central America and Caribbean | i 25.0 | i 2.3 | i — | i — | i 27.3 | |||||||||||||||||||||||||||
| $ | i 734.7 | $ | i 278.3 | $ | i 1,635.2 | $ | i 231.1 | $ | i 2,879.3 | |||||||||||||||||||||||
| Major products: | ||||||||||||||||||||||||||||||||
| Tractors | $ | i 243.2 | $ | i 126.3 | $ | i 1,069.1 | $ | i 96.1 | $ | i 1,534.7 | ||||||||||||||||||||||
| Replacement parts | i 122.4 | i 33.5 | i 298.2 | i 25.4 | i 479.5 | |||||||||||||||||||||||||||
| Grain storage and protein production systems | i 158.0 | i 32.1 | i 56.9 | i 68.8 | i 315.8 | |||||||||||||||||||||||||||
| Combines, application equipment and other machinery | i 211.1 | i 86.5 | i 210.9 | i 40.8 | i 549.3 | |||||||||||||||||||||||||||
| $ | i 734.7 | $ | i 278.3 | $ | i 1,635.2 | $ | i 231.1 | $ | i 2,879.3 | |||||||||||||||||||||||
North
America(1) | South America | Europe/Middle East(1) | Asia/Pacific/Africa | Consolidated | ||||||||||||||||||||||||||||
| Primary geographical markets: | ||||||||||||||||||||||||||||||||
| United States | $ | i 1,153.7 | $ | i — | $ | i — | $ | i — | $ | i 1,153.7 | ||||||||||||||||||||||
| Canada | i 226.9 | i — | i — | i — | i 226.9 | |||||||||||||||||||||||||||
| South America | i — | i 868.4 | i — | i — | i 868.4 | |||||||||||||||||||||||||||
| Germany | i — | i — | i 605.3 | i — | i 605.3 | |||||||||||||||||||||||||||
| France | i — | i — | i 529.2 | i — | i 529.2 | |||||||||||||||||||||||||||
| United Kingdom and Ireland | i — | i — | i 303.2 | i — | i 303.2 | |||||||||||||||||||||||||||
| Finland and Scandinavia | i — | i — | i 393.1 | i — | i 393.1 | |||||||||||||||||||||||||||
| Other Europe | i — | i — | i 959.9 | i — | i 959.9 | |||||||||||||||||||||||||||
| Middle East and Algeria | i — | i — | i 80.0 | i — | i 80.0 | |||||||||||||||||||||||||||
| Africa | i — | i — | i — | i 70.5 | i 70.5 | |||||||||||||||||||||||||||
| Asia | i — | i — | i — | i 201.9 | i 201.9 | |||||||||||||||||||||||||||
| Australia and New Zealand | i — | i — | i — | i 171.3 | i 171.3 | |||||||||||||||||||||||||||
| Mexico, Central America and Caribbean | i 60.3 | i 7.2 | i — | i — | i 67.5 | |||||||||||||||||||||||||||
| $ | i 1,440.9 | $ | i 875.6 | $ | i 2,870.7 | $ | i 443.7 | $ | i 5,630.9 | |||||||||||||||||||||||
| Major products: | ||||||||||||||||||||||||||||||||
| Tractors | $ | i 515.3 | $ | i 497.9 | $ | i 1,891.6 | $ | i 237.8 | $ | i 3,142.6 | ||||||||||||||||||||||
| Replacement parts | i 214.1 | i 74.8 | i 556.8 | i 49.8 | i 895.5 | |||||||||||||||||||||||||||
| Grain storage and protein production systems | i 286.7 | i 81.6 | i 77.0 | i 81.1 | i 526.4 | |||||||||||||||||||||||||||
| Combines, application equipment and other machinery | i 424.9 | i 221.3 | i 345.2 | i 75.0 | i 1,066.4 | |||||||||||||||||||||||||||
| $ | i 1,440.9 | $ | i 875.6 | $ | i 2,870.7 | $ | i 443.7 | $ | i 5,630.9 | |||||||||||||||||||||||
North
America(1) | South America | Europe/Middle East(1) | Asia/Pacific/Africa | Consolidated(1) | ||||||||||||||||||||||||||||
| Primary geographical markets: | ||||||||||||||||||||||||||||||||
| United States | $ | i 1,069.6 | $ | i — | $ | i — | $ | i — | $ | i 1,069.6 | ||||||||||||||||||||||
| Canada | i 230.5 | i — | i — | i — | i 230.5 | |||||||||||||||||||||||||||
| South America | i — | i 514.6 | i — | i — | i 514.6 | |||||||||||||||||||||||||||
| Germany | i — | i — | i 693.9 | i — | i 693.9 | |||||||||||||||||||||||||||
| France | i — | i — | i 510.3 | i — | i 510.3 | |||||||||||||||||||||||||||
| United Kingdom and Ireland | i — | i — | i 295.4 | i — | i 295.4 | |||||||||||||||||||||||||||
| Finland and Scandinavia | i — | i — | i 378.6 | i — | i 378.6 | |||||||||||||||||||||||||||
| Other Europe | i — | i — | i 982.3 | i — | i 982.3 | |||||||||||||||||||||||||||
| Middle East and Algeria | i — | i — | i 101.9 | i — | i 101.9 | |||||||||||||||||||||||||||
| Africa | i — | i — | i — | i 61.9 | i 61.9 | |||||||||||||||||||||||||||
| Asia | i — | i — | i — | i 218.9 | i 218.9 | |||||||||||||||||||||||||||
| Australia and New Zealand | i — | i — | i — | i 150.2 | i 150.2 | |||||||||||||||||||||||||||
| Mexico, Central America and Caribbean | i 45.8 | i 4.2 | i — | i — | i 50.0 | |||||||||||||||||||||||||||
| $ | i 1,345.8 | $ | i 518.8 | $ | i 2,962.4 | $ | i 431.0 | $ | i 5,258.0 | |||||||||||||||||||||||
| Major products: | ||||||||||||||||||||||||||||||||
| Tractors | $ | i 433.5 | $ | i 237.4 | $ | i 1,950.5 | $ | i 190.1 | $ | i 2,811.5 | ||||||||||||||||||||||
| Replacement parts | i 207.5 | i 62.5 | i 559.2 | i 48.9 | i 878.2 | |||||||||||||||||||||||||||
| Grain storage and protein production systems | i 264.4 | i 53.7 | i 85.9 | i 125.7 | i 529.7 | |||||||||||||||||||||||||||
| Combines, application equipment and other machinery | i 440.4 | i 165.2 | i 366.7 | i 66.3 | i 1,038.6 | |||||||||||||||||||||||||||
| $ | i 1,345.8 | $ | i 518.8 | $ | i 2,962.4 | $ | i 431.0 | $ | i 5,258.0 | |||||||||||||||||||||||
| Three Months Ended June 30, | Change | Change Due to Currency Translation | |||||||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||||||||
| Europe/Middle East | $ | 1,467.6 | $ | 1,635.2 | $ | (167.6) | (10.3) | % | $ | (220.7) | (13.5) | % | |||||||||||||||||||||||||||||||||||
| North America | 739.9 | 734.7 | 5.2 | 0.7 | % | (5.3) | (0.7) | % | |||||||||||||||||||||||||||||||||||||||
| South America | 519.2 | 278.3 | 240.9 | 86.6 | % | 26.0 | 9.3 | % | |||||||||||||||||||||||||||||||||||||||
| Asia/Pacific/Africa | 218.5 | 231.1 | (12.6) | (5.5) | % | (16.5) | (7.1) | % | |||||||||||||||||||||||||||||||||||||||
| $ | 2,945.2 | $ | 2,879.3 | $ | 65.9 | 2.3 | % | $ | (216.5) | (7.5) | % | ||||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, | Change | Change Due to Currency Translation | |||||||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||||||||
| Europe/Middle East | $ | 2,870.7 | $ | 2,962.4 | $ | (91.7) | (3.1) | % | $ | (344.5) | (11.6) | % | |||||||||||||||||||||||||||||||||||
| North America | 1,440.9 | 1,345.8 | 95.1 | 7.1 | % | (6.9) | (0.5) | % | |||||||||||||||||||||||||||||||||||||||
| South America | 875.6 | 518.8 | 356.8 | 68.8 | % | 41.4 | 8.0 | % | |||||||||||||||||||||||||||||||||||||||
| Asia/Pacific/Africa | 443.7 | 431.0 | 12.7 | 2.9 | % | (26.0) | (6.0) | % | |||||||||||||||||||||||||||||||||||||||
| $ | 5,630.9 | $ | 5,258.0 | $ | 372.9 | 7.1 | % | $ | (336.0) | (6.4) | % | ||||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, | ||||||||||||||||||||||||||
| 2022 | 2021 | |||||||||||||||||||||||||
| $ | %
of Net Sales | $ | % of Net Sales(1) | |||||||||||||||||||||||
| Gross profit | $ | 690.5 | 23.4 | % | $ | 692.4 | 24.0 | % | ||||||||||||||||||
| Selling, general and administrative expenses | 302.5 | 10.3 | % | 276.3 | 9.6 | % | ||||||||||||||||||||
| Engineering expenses | 107.1 | 3.6 | % | 107.2 | 3.7 | % | ||||||||||||||||||||
| Amortization of intangibles | 15.4 | 0.5 | % | 14.2 | 0.5 | % | ||||||||||||||||||||
| Restructuring expenses | 0.4 | — | % | 4.7 | 0.2 | % | ||||||||||||||||||||
| Bad debt expense | 1.6 | 0.1 | % | (0.3) | — | % | ||||||||||||||||||||
| Income from operations | $ | 263.5 | 8.9 | % | $ | 290.3 | 10.1 | % | ||||||||||||||||||
| Six Months Ended June 30, | ||||||||||||||||||||||||||
| 2022 | 2021 | |||||||||||||||||||||||||
| $ | % of Net Sales | $ | % of Net Sales(1) | |||||||||||||||||||||||
| Gross profit | $ | 1,321.8 | 23.5 | % | $ | 1,262.9 | 24.0 | % | ||||||||||||||||||
| Selling, general and administrative expenses | 573.6 | 10.2 | % | 536.9 | 10.2 | % | ||||||||||||||||||||
| Engineering expenses | 207.4 | 3.7 | % | 203.5 | 3.9 | % | ||||||||||||||||||||
| Amortization of intangibles | 30.7 | 0.5 | % | 31.7 | 0.6 | % | ||||||||||||||||||||
| Impairment charges | 36.0 | 0.6 | % | — | — | % | ||||||||||||||||||||
| Restructuring expenses | 3.4 | 0.1 | % | 6.0 | 0.1 | % | ||||||||||||||||||||
| Bad debt (credit) expense | 3.2 | 0.1 | % | (0.7) | — | % | ||||||||||||||||||||
| Income from operations | $ | 467.5 | 8.3 | % | $ | 485.5 | 9.2 | % | ||||||||||||||||||
| Credit facility, expires 2023 | 800.0 | ||||
| 1.002% Senior term loan due 2025 | 260.4 | ||||
| Senior term loans due between 2023 and 2028 | 332.7 | ||||
| 0.800% Senior notes due 2028 | 624.8 | ||||
| Other long-term debt | 6.1 | ||||
| Exhibit Number | Description of Exhibit | The filings referenced for incorporation by reference are AGCO Corporation | ||||||||||||
| Filed herewith | ||||||||||||||
| Filed herewith | ||||||||||||||
| June 15, 2022, Form 8-K, Exhibit 10.1 | ||||||||||||||
| Filed herewith | ||||||||||||||
| Filed herewith | ||||||||||||||
| Furnished herewith | ||||||||||||||
| 101 | The
following unaudited financial information from this Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, are formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Operations; (iii) Condensed Consolidated Statements of Comprehensive Income; (iv) Condensed Consolidated Statements of Cash Flows; and (v) Notes to Condensed Consolidated Financial Statements | Filed herewith | ||||||||||||
| 104 | Cover
Page Interactive Data File - the cover page from this Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 is formatted in Inline XBRL | Filed herewith | ||||||||||||
| Date: | August 9, 2022 | AGCO CORPORATION Registrant /s/ Damon
J. Audia | |||||||||
| Damon J. Audia Senior Vice President and Chief Financial Officer (Principal Financial Officer) | |||||||||||
| /s/ Lara T. Long | |||||||||||
| Lara T.
Long Vice President, Chief Accounting Officer (Principal Accounting Officer) | |||||||||||
| This ‘10-Q’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 10/6/28 | ||||
| 1/29/28 | ||||
| 12/31/26 | ||||
| 1/24/25 | ||||
| 12/31/24 | ||||
| 10/17/23 | ||||
| 3/31/23 | ||||
| 12/31/22 | ||||
| 12/15/22 | ||||
| Filed on: | 8/9/22 | |||
| 8/3/22 | 4 | |||
| 7/13/22 | 4 | |||
| 7/8/22 | ||||
| For Period end: | 6/30/22 | |||
| 6/15/22 | 8-K | |||
| 5/25/22 | ||||
| 5/5/22 | ||||
| 5/2/22 | 4 | |||
| 4/28/22 | 4, 8-K, DEF 14A | |||
| 4/26/22 | ||||
| 4/19/22 | ||||
| 4/8/22 | ||||
| 3/31/22 | 10-Q | |||
| 2/1/22 | SC 13G/A | |||
| 1/19/22 | ||||
| 1/1/22 | ||||
| 12/31/21 | 10-K, SD | |||
| 12/15/21 | ||||
| 10/19/21 | ||||
| 10/6/21 | 8-K | |||
| 8/1/21 | ||||
| 6/30/21 | 10-Q | |||
| 3/31/21 | 10-Q | |||
| 2/16/21 | 4 | |||
| 1/29/21 | SC 13G/A | |||
| 1/19/21 | ||||
| 12/31/20 | 10-K, SD | |||
| 4/15/20 | ||||
| 4/9/20 | 8-K | |||
| 1/25/19 | ||||
| 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 |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 6/15/22 AGCO Corp. 8-K:5,9 6/15/22 13:392K |