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As Of Filer Filing For·On·As Docs:Size 5/07/21 Agco Corp./DE 10-Q 3/31/21 90:10M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 957K 2: EX-31.1 Certification -- §302 - SOA'02 HTML 28K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 28K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 26K 11: R1 Cover Page HTML 76K 12: R2 Condensed Consolidated Balance Sheets HTML 156K 13: R3 Condensed Consolidated Balance Sheets HTML 41K (Parenthetical) 14: R4 Condensed Consolidated Statements of Operations HTML 123K 15: R5 Condensed Consolidated Statements of Comprehensive HTML 61K (Loss) Income 16: R6 Condensed Consolidated Statements of Cash Flows HTML 110K 17: R7 Basis of Presentation HTML 30K 18: R8 Restructuring Expenses HTML 46K 19: R9 Stock Compensation Plans HTML 49K 20: R10 Goodwill and Other Intangible Assets HTML 69K 21: R11 Indebtedness HTML 46K 22: R12 Recoverable Indirect Taxes HTML 26K 23: R13 Inventories HTML 32K 24: R14 Product Warranty HTML 36K 25: R15 Net Income Per Common Share HTML 42K 26: R16 Income Taxes HTML 30K 27: R17 Derivative Instruments and Hedging Activities HTML 99K 28: R18 Changes in Stockholders' Equity HTML 154K 29: R19 Accounts Receivable Sales Agreements Accounts HTML 29K Receivable Sales Agreements 30: R20 Pension and Postretirement Benefit Plans HTML 62K 31: R21 Fair Value of Financial Instruments HTML 46K 32: R22 Segment Reporting HTML 85K 33: R23 Commitments and Contingencies HTML 55K 34: R24 Revenue (Notes) HTML 144K 35: R25 Basis of Presentation (Policies) HTML 28K 36: R26 Restructuring Expenses (Tables) HTML 44K 37: R27 Stock Compensation Plans (Tables) HTML 51K 38: R28 Goodwill and Other Intangible Assets (Tables) HTML 73K 39: R29 Indebtedness (Tables) HTML 37K 40: R30 Inventories (Tables) HTML 33K 41: R31 Product Warranty (Tables) HTML 34K 42: R32 Net Income Per Common Share (Tables) HTML 40K 43: R33 Derivative Instruments and Hedging Activities HTML 115K (Tables) 44: R34 Changes in Stockholders' Equity (Tables) HTML 167K 45: R35 Pension and Postretirement Benefit Plans (Tables) HTML 74K 46: R36 Fair Value of Financial Instruments (Tables) HTML 66K 47: R37 Segment Reporting (Tables) HTML 80K 48: R38 Commitments and Contingencies (Tables) HTML 74K 49: R39 Revenue (Tables) HTML 139K 50: R40 Restructuring Expenses (Details) HTML 42K 51: R41 Stock Compensation Plans (Schedule of Employee HTML 31K Service Share-based Compensation, Allocation of Recognized Costs) (Details) 52: R42 Stock Compensation Plans (Narrative) (Details) HTML 76K 53: R43 Stock Compensation Plans (Performance Award HTML 35K Transactions) (Details) 54: R44 Stock Compensation Plans (Restricted Stock Unit HTML 35K Award Transactions) (Details) 55: R45 Stock Compensation Plans (SSAR Activity) (Details) HTML 35K 56: R46 Goodwill and Other Intangible Assets (Schedule of HTML 59K Change in Carrying Amount) (Details) 57: R47 Goodwill and Other Intangible Assets HTML 29K (Indefinite-Lived Intangible Assets) (Details) 58: R48 Goodwill and Other Intangible Assets (Schedule of HTML 39K Goodwill) (Details) 59: R49 Indebtedness (Components of Indebtedness) HTML 55K (Details) 60: R50 Indebtedness (Narrative) (Details) HTML 195K 61: R51 Recoverable Indirect Taxes (Details) HTML 25K 62: R52 Inventories (Details) HTML 36K 63: R53 Product Warranty (Details) HTML 43K 64: R54 Net Income Per Common Share (Details) HTML 64K 65: R55 Income Taxes (Details) HTML 32K 66: R56 Derivative Instruments and Hedging Activities HTML 46K (Narrative) (Details) 67: R57 Derivative Instruments and Hedging Activities HTML 42K (After-Tax Impact of Changes in Fair Value and Derivatives Designated as Cash) (Details) 68: R58 Derivative Instruments and Hedging Activities HTML 68K (Summary Of Accumulated Other Comprehensive Loss Related To Derivatives) (Details) 69: R59 Derivative Instruments and Hedging Activities HTML 54K (Notional Values and After-Tax Impact of Changes in Fair Value) (Details) 70: R60 Derivative Instruments and Hedging Activities HTML 57K (Fair Value Of Derivative Instruments) (Details) 71: R61 Changes in Stockholders' Equity (Schedule of HTML 90K Stockholders' Equity) (Details) 72: R62 Changes in Stockholders' Equity (Schedule of HTML 37K Comprehensive Income for Noncontrolling Interest) (Details) 73: R63 Changes in Stockholders' Equity (Changes in HTML 62K Accumulated Other Comprehensive Income) (Details) 74: R64 Changes in Stockholders' Equity (Reclassifications HTML 76K out of Accumulated Other Comprehensive Income) (Details) 75: R65 Changes in Stockholders' Equity (Narrative) HTML 26K (Details) 76: R66 Accounts Receivable Sales Agreements (Details) HTML 32K 77: R67 Pension and Postretirement Benefit Plans (Net HTML 50K Pension And Postretirement Cost) (Details) 78: R68 Pension and Postretirement Benefit Plans (Net HTML 80K Periodic Pension Costs Included in Accumulated Other Comprehensive Income (Loss)) (Details) 79: R69 Pension and Postretirement Benefit Plans HTML 34K (Narrative) (Details) 80: R70 Fair Value of Financial Instruments (Details) HTML 43K 81: R71 Segment Reporting (Sales Information By Reportable HTML 66K Segments) (Details) 82: R72 Segment Reporting (Income From Operations and HTML 67K Total Assets) (Details) 83: R73 Commitments and Contingencies (Details) HTML 90K 84: R74 Revenue (Significant Changes in Contract Assets HTML 37K and Liabilities) (Details) 85: R75 Revenue (Remaining Performance Obligation HTML 40K Narrative) (Details) 86: R76 Revenue (Disaggregation of Revenue) (Details) HTML 145K 88: XML IDEA XML File -- Filing Summary XML 171K 10: XML XBRL Instance -- agco-20210331_htm XML 3.01M 87: EXCEL IDEA Workbook of Financial Reports XLSX 110K 6: EX-101.CAL XBRL Calculations -- agco-20210331_cal XML 261K 7: EX-101.DEF XBRL Definitions -- agco-20210331_def XML 847K 8: EX-101.LAB XBRL Labels -- agco-20210331_lab XML 1.79M 9: EX-101.PRE XBRL Presentations -- agco-20210331_pre XML 1.17M 5: EX-101.SCH XBRL Schema -- agco-20210331 XSD 176K 89: JSON XBRL Instance as JSON Data -- MetaLinks 452± 650K 90: ZIP XBRL Zipped Folder -- 0000880266-21-000026-xbrl Zip 323K
agco-20210331 |
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. | |||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | i 453.7 | $ | i 1,119.1 | |||||||
Accounts and notes receivable, net | i 1,048.2 | i 856.0 | |||||||||
Inventories, net | i 2,360.3 | i 1,974.4 | |||||||||
Other current assets | i 436.1 | i 418.9 | |||||||||
Total current assets | i 4,298.3 | i 4,368.4 | |||||||||
Property, plant and equipment, net | i 1,448.3 | i 1,508.5 | |||||||||
Right-of-use lease assets | i 158.5 | i 165.1 | |||||||||
Investment in affiliates | i 444.1 | i 442.7 | |||||||||
Deferred tax assets | i 70.8 | i 77.6 | |||||||||
Other assets | i 184.0 | i 179.8 | |||||||||
Intangible assets, net | i 431.5 | i 455.6 | |||||||||
Goodwill | i 1,276.8 | i 1,306.5 | |||||||||
Total assets | $ | i 8,312.3 | $ | i 8,504.2 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Current portion of long-term debt | $ | i 311.9 | $ | i 325.9 | |||||||
Short-term borrowings | i 51.8 | i 33.8 | |||||||||
Accounts payable | i 1,097.5 | i 855.1 | |||||||||
Accrued expenses | i 1,685.1 | i 1,916.7 | |||||||||
Other current liabilities | i 268.3 | i 231.3 | |||||||||
Total current liabilities | i 3,414.6 | i 3,362.8 | |||||||||
Long-term debt, less current portion and debt issuance costs | i 936.6 | i 1,256.7 | |||||||||
Operating lease liabilities | i 119.6 | i 125.9 | |||||||||
Pension and postretirement health care benefits | i 216.2 | i 253.4 | |||||||||
Deferred tax liabilities | i 109.1 | i 112.4 | |||||||||
Other noncurrent liabilities | i 391.5 | i 375.0 | |||||||||
Total liabilities | i 5,187.6 | i 5,486.2 | |||||||||
Commitments
and contingencies (Note 17) | 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 2021 and 2020 | i — | i — | |||||||||
Common
stock; $ i i 0.01 / par value, i i 150,000,000 / shares
authorized, i i 75,330,392 / and i i 74,962,231 / shares
issued and outstanding at March 31, 2021 and December 31, 2020, respectively | i 0.8 | i 0.8 | |||||||||
Additional paid-in capital | i 5.7 | i 30.9 | |||||||||
Retained earnings | i 4,897.9 | i 4,759.1 | |||||||||
Accumulated other comprehensive loss | ( i 1,817.9) | ( i 1,810.8) | |||||||||
Total AGCO Corporation stockholders’ equity | i 3,086.5 | i 2,980.0 | |||||||||
Noncontrolling interests | i 38.2 | i 38.0 | |||||||||
Total stockholders’ equity | i 3,124.7 | i 3,018.0 | |||||||||
Total liabilities and stockholders’ equity | $ | i 8,312.3 | $ | i 8,504.2 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net sales | $ | i 2,378.7 | $ | i 1,928.3 | |||||||
Cost of goods sold | i 1,808.2 | i 1,477.8 | |||||||||
Gross profit | i 570.5 | i 450.5 | |||||||||
Selling, general and administrative expenses | i 260.6 | i 247.6 | |||||||||
Operating expenses: | |||||||||||
Engineering expenses | i 96.3 | i 84.9 | |||||||||
Amortization
of intangibles | i 17.5 | i 15.0 | |||||||||
Restructuring
expenses | i 1.3 | i 0.8 | |||||||||
Bad debt (credit) expense | ( i 0.4) | i 1.8 | |||||||||
Income from operations | i 195.2 | i 100.4 | |||||||||
Interest
expense, net | i 3.4 | i 3.4 | |||||||||
Other
expense, net | i 11.5 | i 12.5 | |||||||||
Income before income taxes and equity in net earnings of affiliates | i 180.3 | i 84.5 | |||||||||
Income
tax provision | i 43.6 | i 29.4 | |||||||||
Income before equity in net earnings of affiliates | i 136.7 | i 55.1 | |||||||||
Equity
in net earnings of affiliates | i 14.7 | i 11.2 | |||||||||
Net income | i 151.4 | i 66.3 | |||||||||
Net income attributable to noncontrolling interests | ( i 0.6) | ( i 1.6) | |||||||||
Net income attributable to AGCO Corporation and subsidiaries | $ | i 150.8 | $ | i 64.7 | |||||||
Net income per common share attributable to AGCO Corporation and subsidiaries: | |||||||||||
Basic | $ | i 2.00 | $ | i 0.86 | |||||||
Diluted | $ | i 1.99 | $ | i 0.85 | |||||||
Cash dividends declared and paid per common share | $ | i 0.16 | $ | i 0.16 | |||||||
Weighted average number of common and common equivalent shares outstanding: | |||||||||||
Basic | i 75.3 | i 75.3 | |||||||||
Diluted | i 75.9 | i 75.9 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net income | $ | i 151.4 | $ | i 66.3 | |||||||
Other comprehensive loss, net of reclassification adjustments: | |||||||||||
Foreign currency translation adjustments | ( i 47.3) | ( i 214.8) | |||||||||
Defined benefit pension plans, net of tax | i 35.1 | i 3.5 | |||||||||
Deferred gains and losses on derivatives, net of tax | i 4.7 | i 9.4 | |||||||||
Other comprehensive loss, net of reclassification adjustments | ( i 7.5) | ( i 201.9) | |||||||||
Comprehensive income (loss) | i 143.9 | ( i 135.6) | |||||||||
Comprehensive (income) loss attributable to noncontrolling interests | ( i 0.2) | i 4.1 | |||||||||
Comprehensive income (loss) attributable to AGCO Corporation and subsidiaries | $ | i 143.7 | $ | ( i 131.5) |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | i 151.4 | $ | i 66.3 | |||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Depreciation | i 54.8 | i 51.6 | |||||||||
Amortization of intangibles | i 17.5 | i 15.0 | |||||||||
Stock compensation expense | i 6.8 | i 2.6 | |||||||||
Equity in net earnings of affiliates, net of cash received | ( i 14.7) | ( i 11.2) | |||||||||
Deferred income tax provision | i 4.1 | i 3.8 | |||||||||
Other | i 1.9 | i 4.1 | |||||||||
Changes
in operating assets and liabilities: | |||||||||||
Accounts and notes receivable, net | ( i 232.3) | ( i 109.6) | |||||||||
Inventories, net | ( i 466.1) | ( i 252.1) | |||||||||
Other current and noncurrent assets | ( i 45.8) | ( i 65.4) | |||||||||
Accounts payable | i 296.7 | ( i 32.7) | |||||||||
Accrued expenses | ( i 175.7) | ( i 206.7) | |||||||||
Other current and noncurrent liabilities | i 86.1 | i 99.0 | |||||||||
Total adjustments | ( i 466.7) | ( i 501.6) | |||||||||
Net cash used in operating activities | ( i 315.3) | ( i 435.3) | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property, plant and equipment | ( i 63.5) | ( i 60.6) | |||||||||
Proceeds from sale of property, plant and equipment | i 0.1 | i 0.4 | |||||||||
Investments in unconsolidated affiliates | ( i 0.1) | ( i 2.5) | |||||||||
Purchase of businesses, net of cash acquired | ( i 0.8) | i — | |||||||||
Other | ( i 2.5) | i — | |||||||||
Net cash used in investing activities | ( i 66.8) | ( i 62.7) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from indebtedness | i 195.3 | i 710.1 | |||||||||
Repayments of indebtedness | ( i 416.8) | ( i 150.3) | |||||||||
Purchases and retirement of common stock | i — | ( i 55.0) | |||||||||
Payment of dividends to stockholders | ( i 12.0) | ( i 12.1) | |||||||||
Payment of minimum tax withholdings on stock compensation | ( i 26.5) | ( i 16.0) | |||||||||
Net cash (used in) provided by financing activities | ( i 260.0) | i 476.7 | |||||||||
Effects of exchange rate changes on cash, cash equivalents and restricted cash | ( i 23.3) | ( i 24.8) | |||||||||
Decrease in cash, cash equivalents and restricted cash | ( i 665.4) | ( i 46.1) | |||||||||
Cash, cash equivalents and restricted cash, beginning of period | i 1,119.1 | i 432.8 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $ | i 453.7 | $ | i 386.7 |
Employee Severance | Facility Closure Costs | Other Related Closure Costs | Total | ||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | i 11.1 | $ | i 3.9 | $ | i 1.8 | $ | i 16.8 | |||||||||||||||||||||
First quarter 2021 provision | i 1.3 | i — | i — | i 1.3 | |||||||||||||||||||||||||
First quarter 2021 cash activity | ( i 2.3) | ( i 3.9) | i — | ( i 6.2) | |||||||||||||||||||||||||
Foreign currency translation | ( i 0.1) | i — | ( i 0.2) | ( i 0.3) | |||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | i 10.0 | $ | i — | $ | i 1.6 | $ | i 11.6 | |||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Cost of goods sold | $ | i 0.3 | $ | i 0.1 | ||||||||||||||||||||||
Selling, general and administrative expenses | i 6.5 | i 2.5 | ||||||||||||||||||||||||
Total stock compensation expense | $ | i 6.8 | $ | i 2.6 |
Shares awarded but not earned at January 1 | i 582,952 | ||||
Shares awarded | i 269,508 | ||||
Shares forfeited | ( i 1,660) | ||||
Shares earned | ( i 142) | ||||
Shares awarded but not earned at March 31 | i 850,658 |
RSUs awarded but not vested at January 1 | i 143,287 | ||||
RSUs awarded | i 89,775 | ||||
RSUs forfeited | ( i 349) | ||||
RSUs vested | ( i 63,280) | ||||
RSUs awarded but not vested at March 31 | i 169,433 |
SSARs outstanding at January 1 | i 403,150 | ||||
SSARs granted | i — | ||||
SSARs exercised | ( i 103,776) | ||||
SSARs canceled or forfeited | ( i 754) | ||||
SSARs outstanding at March 31 | i 298,620 | ||||
North America | South America | Europe/Middle East | Asia/Pacific/Africa | Consolidated | |||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | i 593.4 | $ | i 87.5 | $ | i 501.3 | $ | i 124.3 | $ | i 1,306.5 | |||||||||||||||||||
Foreign currency translation | i 0.1 | ( i 8.1) | ( i 18.4) | ( i 3.3) | ( i 29.7) | ||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | i 593.5 | $ | i 79.4 | $ | i 482.9 | $ | i 121.0 | $ | i 1,276.8 |
Gross carrying amounts: | Trademarks and Tradenames | Customer Relationships | Patents and Technology | Land Use Rights | Total | ||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | i 206.0 | $ | i 585.4 | $ | i 158.0 | $ | i 9.1 | $ | i 958.5 | |||||||||||||||||||
Foreign currency translation | ( i 3.4) | ( i 7.8) | ( i 3.6) | i — | ( i 14.8) | ||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | i 202.6 | $ | i 577.6 | $ | i 154.4 | $ | i 9.1 | $ | i 943.7 |
Accumulated amortization: | Trademarks and Tradenames | Customer Relationships | Patents and Technology | Land Use Rights | Total | ||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | i 95.4 | $ | i 390.3 | $ | i 103.2 | $ | i 3.4 | $ | i 592.3 | |||||||||||||||||||
Amortization expense | i 2.5 | i 9.3 | i 5.7 | i — | i 17.5 | ||||||||||||||||||||||||
Foreign currency translation | ( i 1.2) | ( i 5.9) | ( i 2.7) | i — | ( i 9.8) | ||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | i 96.7 | $ | i 393.7 | $ | i 106.2 | $ | i 3.4 | $ | i 600.0 |
Indefinite-lived intangible assets: | Trademarks and Tradenames | ||||
Balance as of December 31, 2020 | $ | i 89.4 | |||
Foreign currency translation | ( i 1.6) | ||||
Balance as of March 31, 2021 | $ | i 87.8 |
March 31, 2021 | December 31, 2020 | ||||||||||
Senior term loan due 2022 | $ | i 176.1 | $ | i 184.0 | |||||||
Credit facility, expires 2023 | i — | i 277.9 | |||||||||
i 1.002%
Senior term loan due 2025 | i 293.4 | i 306.7 | |||||||||
Senior term loans due between 2021 and 2028 | i 771.1 | i 806.0 | |||||||||
Other long-term debt | i 10.0 | i 10.5 | |||||||||
Debt issuance costs | ( i 2.1) | ( i 2.5) | |||||||||
i 1,248.5 | i 1,582.6 | ||||||||||
Senior term loans due 2021, net of debt issuance costs | ( i 309.7) | ( i 323.6) | |||||||||
Current portion of other long-term debt | ( i 2.2) | ( i 2.3) | |||||||||
Total long-term indebtedness, less current portion | $ | i 936.6 | $ | i 1,256.7 |
March 31, 2021 | December 31, 2020 | ||||||||||
Finished goods | $ | i 768.9 | $ | i 641.3 | |||||||
Repair and replacement parts | i 684.8 | i 652.3 | |||||||||
Work in process | i 317.0 | i 175.1 | |||||||||
Raw materials | i 589.6 | i 505.7 | |||||||||
Inventories, net | $ | i 2,360.3 | $ | i 1,974.4 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Balance at beginning of period | $ | i 521.8 | $ | i 392.8 | |||||||||||||||||||
Accruals for warranties issued during the period | i 93.3 | i 56.3 | |||||||||||||||||||||
Settlements made (in cash or in kind) during the period | ( i 55.3) | ( i 49.4) | |||||||||||||||||||||
Foreign currency translation | ( i 17.8) | ( i 15.1) | |||||||||||||||||||||
Balance at March 31 | $ | i 542.0 | $ | i 384.6 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Basic net income per share: | |||||||||||||||||||||||
Net income attributable to AGCO Corporation and subsidiaries | $ | i 150.8 | $ | i 64.7 | |||||||||||||||||||
Weighted average number of common shares outstanding | i 75.3 | i 75.3 | |||||||||||||||||||||
Basic net income per share attributable to AGCO Corporation and subsidiaries | $ | i 2.00 | $ | i 0.86 | |||||||||||||||||||
Diluted net income per share: | |||||||||||||||||||||||
Net income attributable to AGCO Corporation and subsidiaries | $ | i 150.8 | $ | i 64.7 | |||||||||||||||||||
Weighted average number of common shares outstanding | i 75.3 | i 75.3 | |||||||||||||||||||||
Dilutive SSARs, performance share awards and RSUs | i 0.6 | i 0.6 | |||||||||||||||||||||
Weighted
average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share | i 75.9 | i 75.9 | |||||||||||||||||||||
Diluted net income per share attributable to AGCO Corporation and subsidiaries | $ | i 1.99 | $ | i 0.85 |
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) | |||||||||||||||||||
2021 | |||||||||||||||||||||||
Foreign currency contracts(1) | $ | ( i 6.8) | Cost of goods sold | $ | ( i 3.7) | $ | i 1,808.2 | ||||||||||||||||
Commodity
contracts(2) | i 7.8 | Cost of goods sold | i — | $ | i 1,808.2 | ||||||||||||||||||
Total | $ | i 1.0 | $ | ( i 3.7) | |||||||||||||||||||
2020 | |||||||||||||||||||||||
Foreign currency contracts | $ | i 9.5 | Cost of goods sold | $ | i 0.1 | $ | i 1,477.8 | ||||||||||||||||
Before-Tax Amount | Income Tax | After-Tax Amount | ||||||||||||||||||
Accumulated derivative net losses as of December 31, 2020 | $ | ( i 3.0) | $ | ( i 0.5) | $ | ( i 2.5) | ||||||||||||||
Net changes in fair value of derivatives | i 1.3 | i 0.3 | i 1.0 | |||||||||||||||||
Net losses reclassified from accumulated other comprehensive loss into income | i 3.4 | ( i 0.3) | i 3.7 | |||||||||||||||||
Accumulated derivative net gains as of March 31, 2021 | $ | i 1.7 | $ | ( i 0.5) | $ | i 2.2 |
Notional Amount as of | |||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Cross currency swap contract | $ | i 300.0 | $ | i 300.0 | |||||||
Gain
(Loss) Recognized in Accumulated Other Comprehensive Loss for the Three Months Ended | |||||||||||||||||||||||
March 31, 2021 | March 31, 2020 | ||||||||||||||||||||||
Cross currency swap contract | $ | ( i 4.1) | $ | i 7.3 | |||||||||||||||||||
Foreign currency denominated debt | i — | i 0.6 |
Gain (Loss) Recognized in Net Income for the Three Months Ended | |||||||||||||||||||||||||||||
Classification
of Gain (Loss) | March 31, 2021 | March 31, 2020 | |||||||||||||||||||||||||||
Foreign currency contracts | Other expense, net | $ | i 34.4 | $ | i 32.1 |
Asset Derivatives as of March 31, 2021 | Liability Derivatives as of March 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 1.2 | Other current liabilities | $ | i 7.8 | |||||||||||||||||
Commodity contracts | Other current assets | $ | i 8.3 | Other current liabilities | $ | i — | |||||||||||||||||
Cross currency swap contract | Other noncurrent assets | i — | Other noncurrent liabilities | i 2.6 | |||||||||||||||||||
Derivative instruments not designated as hedging instruments: | |||||||||||||||||||||||
Foreign currency contracts | Other current assets | i 23.2 | Other current liabilities | i 5.8 | |||||||||||||||||||
Total derivative instruments | $ | i 32.7 | $ | i 16.2 |
Asset
Derivatives as of December 31, 2020 | Liability Derivatives as of December 31, 2020 | ||||||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||||||
Derivative instruments designated as hedging instruments: | |||||||||||||||||||||||
Foreign currency contracts | Other current assets | $ | i 1.0 | Other current liabilities | $ | i 4.5 | |||||||||||||||||
Commodity contracts | Other current assets | i 0.5 | Other current assets | i — | |||||||||||||||||||
Cross currency swap contract | Other noncurrent assets | i 1.5 | Other noncurrent liabilities | i — | |||||||||||||||||||
Derivative instruments not designated as hedging instruments: | |||||||||||||||||||||||
Foreign currency contracts | Other current assets | i 12.3 | Other current liabilities | i 22.2 | |||||||||||||||||||
Total derivative instruments | $ | i 15.3 | $ | i 26.7 |
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 6.8 | — | — | — | i 6.8 | |||||||||||||||||||||||||||||
Issuance
of stock awards | — | ( i 29.5) | — | — | — | ( i 29.5) | |||||||||||||||||||||||||||||
SSARs exercised | — | ( i 2.5) | — | — | — | ( i 2.5) | |||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||
Net income | — | — | i 150.8 | — | i 0.6 | i 151.4 | |||||||||||||||||||||||||||||
Other
comprehensive loss, net of reclassification adjustments: | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | ( i 46.9) | ( i 0.4) | ( i 47.3) | |||||||||||||||||||||||||||||
Defined
benefit pension plans, net of tax | — | — | — | i 35.1 | — | i 35.1 | |||||||||||||||||||||||||||||
Deferred
gains and losses on derivatives, net of tax | — | — | — | i 4.7 | — | i 4.7 | |||||||||||||||||||||||||||||
Payment
of dividends to stockholders | — | — | ( i 12.0) | — | — | ( i 12.0) | |||||||||||||||||||||||||||||
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 |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | i 0.8 | $ | i 4.7 | $ | i 4,443.5 | $ | ( i 1,595.2) | $ | i 53.2 | $ | i 2,907.0 | |||||||||||||||||||||||
Stock compensation | — | i 5.9 | ( i 3.3) | — | — | i 2.6 | |||||||||||||||||||||||||||||
Issuance
of stock awards | — | ( i 7.2) | ( i 8.4) | — | — | ( i 15.6) | |||||||||||||||||||||||||||||
SSARs exercised | — | — | ( i 0.1) | — | — | ( i 0.1) | |||||||||||||||||||||||||||||
Comprehensive loss: | |||||||||||||||||||||||||||||||||||
Net income | — | — | i 64.7 | — | i 1.6 | i 66.3 | |||||||||||||||||||||||||||||
Other comprehensive loss, net of reclassification adjustments: | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | ( i 209.1) | ( i 5.7) | ( i 214.8) | |||||||||||||||||||||||||||||
Defined
benefit pension plans, net of tax | — | — | — | i 3.5 | — | i 3.5 | |||||||||||||||||||||||||||||
Deferred
gains and losses on derivatives, net of tax | — | — | — | i 9.4 | — | i 9.4 | |||||||||||||||||||||||||||||
Payment
of dividends to stockholders | — | — | ( i 12.1) | — | — | ( i 12.1) | |||||||||||||||||||||||||||||
Purchases
and retirement of common stock | — | ( i 3.4) | ( i 51.6) | — | — | ( i 55.0) | |||||||||||||||||||||||||||||
Changes in noncontrolling interests | — | — | — | — | ( i 0.6) | ( i 0.6) | |||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | i 0.8 | $ | i — | $ | i 4,432.7 | $ | ( i 1,791.4) | $ | i 48.5 | $ | i 2,690.6 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Net income | $ | i 0.6 | $ | i 1.6 | |||||||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||
Foreign currency translation adjustments | ( i 0.4) | ( i 5.7) | |||||||||||||||||||||
Total comprehensive income (loss) | $ | i 0.2 | $ | ( i 4.1) |
Defined Benefit Pension Plans | Deferred Net Gains (Losses) on Derivatives | Cumulative Translation Adjustment | Total | ||||||||||||||||||||
Accumulated other comprehensive loss, December 31, 2020 | $ | ( i 313.3) | $ | ( i 2.5) | $ | ( i 1,495.0) | $ | ( i 1,810.8) | |||||||||||||||
Other comprehensive income (loss) before reclassifications | i 31.2 | i 1.0 | ( i 46.9) | ( i 14.7) | |||||||||||||||||||
Net losses reclassified from accumulated other comprehensive loss | i 3.9 | i 3.7 | i — | i 7.6 | |||||||||||||||||||
Other comprehensive income (loss), net of reclassification adjustments | i 35.1 | i 4.7 | ( i 46.9) | ( i 7.1) | |||||||||||||||||||
Accumulated other comprehensive loss, March 31, 2021 | $ | ( i 278.2) | $ | i 2.2 | $ | ( i 1,541.9) | $ | ( i 1,817.9) |
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, 2021(1) | Three Months Ended March 31, 2020(1) | ||||||||||||||||||
Derivatives: | ||||||||||||||||||||
Net losses (gains) on foreign currency contracts | $ | i 3.4 | $ | ( i 0.1) | Cost of goods sold | |||||||||||||||
Reclassification before tax | i 3.4 | ( i 0.1) | ||||||||||||||||||
i 0.3 | i — | Income tax benefit (provision) | ||||||||||||||||||
Reclassification net of tax | $ | i 3.7 | $ | ( i 0.1) | ||||||||||||||||
Defined benefit pension plans: | ||||||||||||||||||||
Amortization of net actuarial losses | $ | i 4.0 | $ | i 3.5 | Other
expense, net(2) | |||||||||||||||
Amortization of prior service cost | i 0.5 | i 0.5 | Other
expense, net(2) | |||||||||||||||||
Reclassification before tax | i 4.5 | i 4.0 | ||||||||||||||||||
( i 0.6) | ( i 0.5) | Income tax provision | ||||||||||||||||||
Reclassification net of tax | $ | i 3.9 | $ | i 3.5 | ||||||||||||||||
Net losses reclassified from accumulated other comprehensive loss | $ | i 7.6 | $ | i 3.4 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
Pension benefits | 2021 | 2020 | ||||||||||||||||||||||||
Service cost | $ | i 4.1 | $ | i 4.0 | ||||||||||||||||||||||
Interest cost | i 3.2 | i 4.1 | ||||||||||||||||||||||||
Expected return on plan assets | ( i 7.8) | ( i 7.1) | ||||||||||||||||||||||||
Amortization of net actuarial losses | i 4.0 | i 3.4 | ||||||||||||||||||||||||
Amortization of prior service cost | i 0.5 | i 0.5 | ||||||||||||||||||||||||
Curtailment(1) | ( i 1.2) | i — | ||||||||||||||||||||||||
Net periodic pension cost | $ | i 2.8 | $ | i 4.9 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
Postretirement benefits | 2021 | 2020 | ||||||||||||||||||||||||
Service cost | $ | i 0.1 | $ | i — | ||||||||||||||||||||||
Interest cost | i 0.2 | i 0.3 | ||||||||||||||||||||||||
Amortization of net actuarial losses | i — | i 0.1 | ||||||||||||||||||||||||
Net periodic postretirement benefit cost | $ | i 0.3 | $ | i 0.4 |
Before-Tax Amount | Income Tax | After-Tax Amount | ||||||||||||||||||
Accumulated other comprehensive loss as of December 31, 2020 | $ | ( i 412.5) | $ | ( i 99.2) | $ | ( i 313.3) | ||||||||||||||
Amortization of net actuarial losses | i 4.0 | i 0.6 | i 3.4 | |||||||||||||||||
Amortization of prior service cost | i 0.5 | i — | i 0.5 | |||||||||||||||||
Plan
amendment(1) | i 31.2 | i — | i 31.2 | |||||||||||||||||
Accumulated other comprehensive loss as of March 31, 2021 | $ | ( i 376.8) | $ | ( i 98.6) | $ | ( i 278.2) |
As of March 31, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Derivative assets | $ | i — | $ | i 32.7 | $ | i — | $ | i 32.7 | |||||||||||||||
Derivative liabilities | i — | i 16.2 | i — | i 16.2 | |||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Derivative assets | $ | i — | $ | i 15.3 | $ | i — | $ | i 15.3 | |||||||||||||||
Derivative liabilities | i — | i 26.7 | i — | i 26.7 | |||||||||||||||||||
Three Months Ended March 31, | North America | South America | Europe/Middle East | Asia/Pacific/Africa | Consolidated | |||||||||||||||||||||||||||
2021 | ||||||||||||||||||||||||||||||||
Net sales | $ | i 611.1 | $ | i 240.5 | $ | i 1,327.2 | $ | i 199.9 | $ | i 2,378.7 | ||||||||||||||||||||||
Income from operations | i 74.9 | i 16.2 | i 144.3 | i 21.0 | i 256.4 | |||||||||||||||||||||||||||
Depreciation | i 15.6 | i 6.6 | i 28.4 | i 4.2 | i 54.8 | |||||||||||||||||||||||||||
Capital expenditures | i 12.3 | i 6.6 | i 43.5 | i 1.1 | i 63.5 | |||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||
Net sales | $ | i 551.9 | $ | i 153.9 | $ | i 1,113.3 | $ | i 109.2 | $ | i 1,928.3 | ||||||||||||||||||||||
Income (loss) from operations | i 60.9 | ( i 8.8) | i 102.3 | ( i 1.3) | i 153.1 | |||||||||||||||||||||||||||
Depreciation | i 15.6 | i 7.4 | i 26.0 | i 2.6 | i 51.6 | |||||||||||||||||||||||||||
Capital expenditures | i 10.1 | i 7.1 | i 41.7 | i 1.7 | i 60.6 | |||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
As of March 31, 2021 | $ | i 1,281.3 | $ | i 695.5 | $ | i 2,513.5 | $ | i 533.1 | $ | i 5,023.4 | ||||||||||||||||||||||
As of December 31, 2020 | i 1,051.9 | i 687.6 | i 2,238.7 | i 536.2 | i 4,514.4 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Segment income from operations | $ | i 256.4 | $ | i 153.1 | |||||||||||||||||||
Corporate expenses | ( i 35.9) | ( i 34.4) | |||||||||||||||||||||
Amortization of intangibles | ( i 17.5) | ( i 15.0) | |||||||||||||||||||||
Stock compensation expense | ( i 6.5) | ( i 2.5) | |||||||||||||||||||||
Restructuring expenses | ( i 1.3) | ( i 0.8) | |||||||||||||||||||||
Consolidated income from operations | $ | i 195.2 | $ | i 100.4 |
March 31, 2021 | December 31, 2020 | ||||||||||
Segment assets | $ | i 5,023.4 | $ | i 4,514.4 | |||||||
Cash and cash equivalents | i 453.7 | i 1,119.1 | |||||||||
Investments in affiliates | i 444.1 | i 442.7 | |||||||||
Deferred tax assets, other current and noncurrent assets | i 682.8 | i 665.9 | |||||||||
Intangible assets, net | i 431.5 | i 455.6 | |||||||||
Goodwill | i 1,276.8 | i 1,306.5 | |||||||||
Consolidated total assets | $ | i 8,312.3 | $ | i 8,504.2 |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Operating Leases(1) | Finance Leases | Operating Leases(1) | Finance Leases | |||||||||||||||||||||||
2021 | $ | i 36.1 | $ | i 2.3 | $ | i 47.6 | $ | i 3.3 | ||||||||||||||||||
2022 | i 39.2 | i 1.4 | i 37.7 | i 1.4 | ||||||||||||||||||||||
2023 | i 30.3 | i 1.1 | i 28.6 | i 1.1 | ||||||||||||||||||||||
2024 | i 20.0 | i 0.8 | i 18.9 | i 0.8 | ||||||||||||||||||||||
2025 | i 14.2 | i 0.6 | i 13.6 | i 0.6 | ||||||||||||||||||||||
Thereafter | i 42.5 | i 8.7 | i 44.5 | i 9.1 | ||||||||||||||||||||||
Total lease payments | i 182.3 | i 14.9 | i 190.9 | i 16.3 | ||||||||||||||||||||||
Less:
imputed interest(2) | ( i 19.6) | ( i 3.2) | ( i 21.5) | ( i 3.5) | ||||||||||||||||||||||
Present value of leased liabilities | $ | i 162.7 | $ | i 11.7 | $ | i 169.4 | $ | i 12.8 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Balance at beginning of period | $ | i 172.0 | $ | i 104.0 | |||||||
Advance consideration received | i 57.1 | i 33.9 | |||||||||
Revenue recognized during the period for extended warranty contracts, maintenance services and technology services | ( i 13.0) | ( i 10.1) | |||||||||
Revenue recognized during the period related to grain storage and protein production systems | ( i 27.2) | ( i 11.8) | |||||||||
Foreign currency translation | ( i 2.6) | ( i 4.4) | |||||||||
Balance at March 31 | $ | i 186.3 | $ | i 111.6 |
North America | South America | Europe/Middle East | Asia/Pacific/Africa | Consolidated | ||||||||||||||||||||||||||||
Primary geographical markets: | ||||||||||||||||||||||||||||||||
United States | $ | i 498.7 | $ | i — | $ | i — | $ | i — | $ | i 498.7 | ||||||||||||||||||||||
Canada | i 91.6 | i — | i — | i — | i 91.6 | |||||||||||||||||||||||||||
South America | i — | i 238.6 | i — | i — | i 238.6 | |||||||||||||||||||||||||||
Germany | i — | i — | i 345.5 | i — | i 345.5 | |||||||||||||||||||||||||||
France | i — | i — | i 215.5 | i — | i 215.5 | |||||||||||||||||||||||||||
United Kingdom and Ireland | i — | i — | i 128.4 | i — | i 128.4 | |||||||||||||||||||||||||||
Finland and Scandinavia | i — | i — | i 157.4 | i — | i 157.4 | |||||||||||||||||||||||||||
Other Europe | i — | i — | i 423.5 | i — | i 423.5 | |||||||||||||||||||||||||||
Middle East and Algeria | i — | i — | i 56.9 | i — | i 56.9 | |||||||||||||||||||||||||||
Africa | i — | i — | i — | i 25.8 | i 25.8 | |||||||||||||||||||||||||||
Asia | i — | i — | i — | i 102.3 | i 102.3 | |||||||||||||||||||||||||||
Australia and New Zealand | i — | i — | i — | i 71.8 | i 71.8 | |||||||||||||||||||||||||||
Mexico, Central America and Caribbean | i 20.8 | i 1.9 | i — | i — | i 22.7 | |||||||||||||||||||||||||||
$ | i 611.1 | $ | i 240.5 | $ | i 1,327.2 | $ | i 199.9 | $ | i 2,378.7 | |||||||||||||||||||||||
Major products: | ||||||||||||||||||||||||||||||||
Tractors | $ | i 190.3 | $ | i 111.2 | $ | i 881.3 | $ | i 94.0 | $ | i 1,276.8 | ||||||||||||||||||||||
Replacement parts | i 85.1 | i 29.0 | i 261.0 | i 23.5 | i 398.6 | |||||||||||||||||||||||||||
Grain storage and protein production systems | i 106.4 | i 21.6 | i 29.1 | i 56.9 | i 214.0 | |||||||||||||||||||||||||||
Combines, application equipment and other machinery | i 229.3 | i 78.7 | i 155.8 | i 25.5 | i 489.3 | |||||||||||||||||||||||||||
$ | i 611.1 | $ | i 240.5 | $ | i 1,327.2 | $ | i 199.9 | $ | i 2,378.7 |
North America | South America | Europe/Middle East(1) | Asia/Pacific/Africa(1) | Consolidated | ||||||||||||||||||||||||||||
Primary geographical markets: | ||||||||||||||||||||||||||||||||
United States | $ | i 462.3 | $ | i — | $ | i — | $ | i — | $ | i 462.3 | ||||||||||||||||||||||
Canada | i 66.8 | i — | i — | i — | i 66.8 | |||||||||||||||||||||||||||
South America | i — | i 151.9 | i — | i — | i 151.9 | |||||||||||||||||||||||||||
Germany | i — | i — | i 300.1 | i — | i 300.1 | |||||||||||||||||||||||||||
France | i — | i — | i 214.7 | i — | i 214.7 | |||||||||||||||||||||||||||
United Kingdom and Ireland | i — | i — | i 112.5 | i — | i 112.5 | |||||||||||||||||||||||||||
Finland and Scandinavia | i — | i — | i 132.3 | i — | i 132.3 | |||||||||||||||||||||||||||
Other Europe | i — | i — | i 324.2 | i — | i 324.2 | |||||||||||||||||||||||||||
Middle East and Algeria | i — | i — | i 29.5 | i — | i 29.5 | |||||||||||||||||||||||||||
Africa | i — | i — | i — | i 13.4 | i 13.4 | |||||||||||||||||||||||||||
Asia | i — | i — | i — | i 48.0 | i 48.0 | |||||||||||||||||||||||||||
Australia and New Zealand | i — | i — | i — | i 47.8 | i 47.8 | |||||||||||||||||||||||||||
Mexico, Central America and Caribbean | i 22.8 | i 2.0 | i — | i — | i 24.8 | |||||||||||||||||||||||||||
$ | i 551.9 | $ | i 153.9 | $ | i 1,113.3 | $ | i 109.2 | $ | i 1,928.3 | |||||||||||||||||||||||
Major products: | ||||||||||||||||||||||||||||||||
Tractors | $ | i 168.4 | $ | i 75.9 | $ | i 770.3 | $ | i 46.9 | $ | i 1,061.5 | ||||||||||||||||||||||
Replacement parts | i 72.2 | i 20.1 | i 200.6 | i 17.3 | i 310.2 | |||||||||||||||||||||||||||
Grain storage and protein production systems | i 96.8 | i 21.9 | i 27.5 | i 29.0 | i 175.2 | |||||||||||||||||||||||||||
Combines, application equipment and other machinery | i 214.5 | i 36.0 | i 114.8 | i 16.1 | i 381.4 | |||||||||||||||||||||||||||
$ | i 551.9 | $ | i 153.9 | $ | i 1,113.3 | $ | i 109.2 | $ | i 1,928.3 | |||||||||||||||||||||||
Three Months Ended March 31, | Change | Change Due to Currency Translation | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||||||||
Europe/Middle East | $ | 1,327.2 | $ | 1,113.3 | $ | 213.9 | 19.2 | % | $ | 86.4 | 7.8 | % | |||||||||||||||||||||||||||||||||||
North America | 611.1 | 551.9 | 59.2 | 10.7 | % | 5.7 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||
South America | 240.5 | 153.9 | 86.6 | 56.3 | % | (42.4) | (27.6) | % | |||||||||||||||||||||||||||||||||||||||
Asia/Pacific/Africa | 199.9 | 109.2 | 90.7 | 83.1 | % | 18.7 | 17.1 | % | |||||||||||||||||||||||||||||||||||||||
$ | 2,378.7 | $ | 1,928.3 | $ | 450.4 | 23.4 | % | $ | 68.4 | 3.5 | % |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
$ | % of Net Sales | $ | % of Net Sales(1) | |||||||||||||||||||||||
Gross profit | $ | 570.5 | 24.0 | % | $ | 450.5 | 23.4 | % | ||||||||||||||||||
Selling, general and administrative expenses | 260.6 | 11.0 | % | 247.6 | 12.8 | % | ||||||||||||||||||||
Engineering expenses | 96.3 | 4.0 | % | 84.9 | 4.4 | % | ||||||||||||||||||||
Amortization of intangibles | 17.5 | 0.7 | % | 15.0 | 0.8 | % | ||||||||||||||||||||
Restructuring expenses | 1.3 | 0.1 | % | 0.8 | — | % | ||||||||||||||||||||
Bad debt (credit) expense | (0.4) | — | % | 1.8 | 0.1 | % | ||||||||||||||||||||
Income from operations | $ | 195.2 | 8.2 | % | $ | 100.4 | 5.2 | % |
March 31 2021(1) | |||||
1.002% Senior term loan due 2025 | $ | 293.4 | |||
Senior term loan due 2022 | 176.1 | ||||
Senior term loans due between 2021 and 2028 | 771.1 | ||||
Other long-term debt | 10.0 |
Exhibit Number | Description of Exhibit | The filings referenced for incorporation by reference are AGCO Corporation | ||||||||||||
January 27, 2021, Form 8-K, Exhibit 3.1 | ||||||||||||||
January 27, 2021, Form 8-K, Exhibit 10.1 | ||||||||||||||
April 12, 2021, 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 March 31, 2021, are formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Operations; (iii) Condensed Consolidated Statements of Comprehensive Income (Loss); (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 March 31, 2021 is formatted in Inline XBRL | Filed herewith |
Date: | May 7, 2021 | AGCO CORPORATION Registrant /s/ Andrew H. Beck | |||||||||
Andrew H. Beck Senior Vice President and Chief Financial Officer (Principal Financial Officer) | |||||||||||
/s/ Lara T. Long | |||||||||||
Lara T. Long Vice President, Chief Accounting Officer (Principal Accounting Officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
1/29/28 | ||||
1/24/25 | ||||
12/31/24 | ||||
10/17/23 | ||||
12/31/22 | ||||
12/15/22 | ||||
10/28/22 | ||||
4/8/22 | ||||
6/30/21 | 10-Q | |||
Filed on: | 5/7/21 | 4 | ||
5/3/21 | ||||
4/22/21 | 4, 8-K, DEF 14A | |||
4/12/21 | 8-K | |||
4/8/21 | ||||
For Period end: | 3/31/21 | |||
2/16/21 | 4 | |||
1/29/21 | SC 13G/A | |||
1/27/21 | 3, 8-K | |||
1/19/21 | ||||
1/1/21 | 3 | |||
12/31/20 | 10-K, SD | |||
4/15/20 | ||||
4/9/20 | 8-K | |||
3/31/20 | 10-Q | |||
12/31/19 | 10-K, SD | |||
1/25/19 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/12/21 AGCO Corp. 8-K:5,9 4/12/21 13:5.9M 1/27/21 AGCO Corp. 8-K:5,9 1/21/21 15:483K |