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As Of Filer Filing For·On·As Docs:Size 8/06/21 Agco Corp./DE 10-Q 6/30/21 90:13M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.28M 7: EX-31.1 Certification -- §302 - SOA'02 HTML 28K 8: EX-31.2 Certification -- §302 - SOA'02 HTML 28K 9: 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 42K (Parenthetical) 14: R4 Condensed Consolidated Statements of Operations HTML 128K 15: R5 Condensed Consolidated Statements of Comprehensive HTML 62K (Loss) Income 16: R6 Condensed Consolidated Statements of Cash Flows HTML 117K 17: R7 Basis of Presentation HTML 31K 18: R8 Restructuring Expenses HTML 54K 19: R9 Stock Compensation Plans HTML 54K 20: R10 Goodwill and Other Intangible Assets HTML 74K 21: R11 Indebtedness HTML 47K 22: R12 Recoverable Indirect Taxes HTML 26K 23: R13 Inventories HTML 32K 24: R14 Product Warranty HTML 41K 25: R15 Net Income Per Common Share HTML 51K 26: R16 Income Taxes HTML 32K 27: R17 Derivative Instruments and Hedging Activities HTML 114K 28: R18 Changes in Stockholders' Equity HTML 252K 29: R19 Accounts Receivable Sales Agreements Accounts HTML 29K Receivable Sales Agreements 30: R20 Pension and Postretirement Benefit Plans HTML 75K 31: R21 Fair Value of Financial Instruments HTML 46K 32: R22 Segment Reporting HTML 110K 33: R23 Commitments and Contingencies HTML 55K 34: R24 Revenue (Notes) HTML 253K 35: R25 Basis of Presentation (Policies) HTML 28K 36: R26 Restructuring Expenses (Tables) HTML 53K 37: R27 Stock Compensation Plans (Tables) HTML 55K 38: R28 Goodwill and Other Intangible Assets (Tables) HTML 77K 39: R29 Indebtedness (Tables) HTML 37K 40: R30 Inventories (Tables) HTML 33K 41: R31 Product Warranty (Tables) HTML 40K 42: R32 Net Income Per Common Share (Tables) HTML 49K 43: R33 Derivative Instruments and Hedging Activities HTML 130K (Tables) 44: R34 Changes in Stockholders' Equity (Tables) HTML 264K 45: R35 Pension and Postretirement Benefit Plans (Tables) HTML 86K 46: R36 Fair Value of Financial Instruments (Tables) HTML 66K 47: R37 Segment Reporting (Tables) HTML 111K 48: R38 Commitments and Contingencies (Tables) HTML 74K 49: R39 Revenue (Tables) HTML 249K 50: R40 Restructuring Expenses (Details) HTML 47K 51: R41 Stock Compensation Plans (Schedule of Employee HTML 32K Service Share-based Compensation, Allocation of Recognized Costs) (Details) 52: R42 Stock Compensation Plans (Narrative) (Details) HTML 77K 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 82K 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 41K 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 44K 64: R54 Net Income Per Common Share (Details) HTML 66K 65: R55 Income Taxes (Details) HTML 42K 66: R56 Derivative Instruments and Hedging Activities HTML 83K (Narrative) (Details) 67: R57 Derivative Instruments and Hedging Activities HTML 43K (After-Tax Impact of Changes in Fair Value and Derivatives Designated as Cash) (Details) 68: R58 Derivative Instruments and Hedging Activities HTML 69K (Summary Of Accumulated Other Comprehensive Loss Related To Derivatives) (Details) 69: R59 Derivative Instruments and Hedging Activities HTML 52K (Notional Values and After-Tax Impact of Changes in Fair Value) (Details) 70: R60 Derivative Instruments and Hedging Activities HTML 60K (Fair Value Of Derivative Instruments) (Details) 71: R61 Changes in Stockholders' Equity (Schedule of HTML 97K 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 64K Accumulated Other Comprehensive Income) (Details) 74: R64 Changes in Stockholders' Equity (Reclassifications HTML 69K out of Accumulated Other Comprehensive Income) (Details) 75: R65 Changes in Stockholders' Equity (Narrative) HTML 33K (Details) 76: R66 Accounts Receivable Sales Agreements (Details) HTML 33K 77: R67 Pension and Postretirement Benefit Plans (Net HTML 57K Pension And Postretirement Cost) (Details) 78: R68 Pension and Postretirement Benefit Plans (Net HTML 79K 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 44K 81: R71 Segment Reporting (Sales Information By Reportable HTML 70K Segments) (Details) 82: R72 Segment Reporting (Income From Operations and HTML 72K Total Assets) (Details) 83: R73 Commitments and Contingencies (Details) HTML 90K 84: R74 Revenue (Significant Changes in Contract Assets HTML 38K and Liabilities) (Details) 85: R75 Revenue (Remaining Performance Obligation HTML 41K Narrative) (Details) 86: R76 Revenue (Disaggregation of Revenue) (Details) HTML 164K 88: XML IDEA XML File -- Filing Summary XML 171K 10: XML XBRL Instance -- agco-20210630_htm XML 4.61M 87: EXCEL IDEA Workbook of Financial Reports XLSX 120K 3: EX-101.CAL XBRL Calculations -- agco-20210630_cal XML 218K 4: EX-101.DEF XBRL Definitions -- agco-20210630_def XML 849K 5: EX-101.LAB XBRL Labels -- agco-20210630_lab XML 1.85M 6: EX-101.PRE XBRL Presentations -- agco-20210630_pre XML 1.21M 2: EX-101.SCH XBRL Schema -- agco-20210630 XSD 181K 89: JSON XBRL Instance as JSON Data -- MetaLinks 462± 665K 90: ZIP XBRL Zipped Folder -- 0000880266-21-000035-xbrl Zip 380K
agco-20210630 |
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, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | i 500.2 | $ | i 1,119.1 | |||||||
Accounts and notes receivable, net | i 1,099.0 | i 856.0 | |||||||||
Inventories, net | i 2,667.0 | i 1,974.4 | |||||||||
Other current assets | i 462.0 | i 418.9 | |||||||||
Total current assets | i 4,728.2 | i 4,368.4 | |||||||||
Property, plant and equipment, net | i 1,474.6 | i 1,508.5 | |||||||||
Right-of-use lease assets | i 156.9 | i 165.1 | |||||||||
Investment in affiliates | i 475.4 | i 442.7 | |||||||||
Deferred tax assets | i 118.8 | i 77.6 | |||||||||
Other assets | i 197.6 | i 179.8 | |||||||||
Intangible assets, net | i 417.5 | i 455.6 | |||||||||
Goodwill | i 1,294.3 | i 1,306.5 | |||||||||
Total assets | $ | i 8,863.3 | $ | i 8,504.2 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Current portion of long-term debt | $ | i 315.7 | $ | i 325.9 | |||||||
Short-term borrowings | i 55.8 | i 33.8 | |||||||||
Accounts payable | i 1,141.2 | i 855.1 | |||||||||
Accrued expenses | i 1,882.6 | i 1,916.7 | |||||||||
Other current liabilities | i 224.0 | i 231.3 | |||||||||
Total current liabilities | i 3,619.3 | i 3,362.8 | |||||||||
Long-term debt, less current portion and debt issuance costs | i 1,206.4 | i 1,256.7 | |||||||||
Operating lease liabilities | i 117.7 | i 125.9 | |||||||||
Pension and postretirement health care benefits | i 219.8 | i 253.4 | |||||||||
Deferred tax liabilities | i 115.0 | i 112.4 | |||||||||
Other noncurrent liabilities | i 420.3 | i 375.0 | |||||||||
Total liabilities | i 5,698.5 | 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 75,385,755 / and i i 74,962,231 / shares
issued and outstanding at June 30, 2021 and December 31, 2020, respectively | i 0.8 | i 0.8 | |||||||||
Additional paid-in capital | i 11.7 | i 30.9 | |||||||||
Retained earnings | i 4,864.1 | i 4,759.1 | |||||||||
Accumulated other comprehensive loss | ( i 1,738.3) | ( i 1,810.8) | |||||||||
Total AGCO Corporation stockholders’ equity | i 3,138.3 | i 2,980.0 | |||||||||
Noncontrolling interests | i 26.5 | i 38.0 | |||||||||
Total stockholders’ equity | i 3,164.8 | i 3,018.0 | |||||||||
Total liabilities and stockholders’ equity | $ | i 8,863.3 | $ | i 8,504.2 |
Three Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Net sales | $ | i 2,879.3 | $ | i 2,006.8 | |||||||
Cost of goods sold | i 2,186.9 | i 1,574.1 | |||||||||
Gross profit | i 692.4 | i 432.7 | |||||||||
Selling, general and administrative expenses | i 276.3 | i 219.5 | |||||||||
Operating expenses: | |||||||||||
Engineering expenses | i 107.2 | i 75.8 | |||||||||
Amortization
of intangibles | i 14.2 | i 14.9 | |||||||||
Goodwill
impairment charge | i — | i 20.0 | |||||||||
Restructuring
expenses | i 4.7 | i 3.8 | |||||||||
Bad debt (credit) expense | ( i 0.3) | i 1.4 | |||||||||
Income from operations | i 290.3 | i 97.3 | |||||||||
Interest
expense, net | i 2.2 | i 6.1 | |||||||||
Other
expense, net | i 14.6 | i 10.0 | |||||||||
Income before income taxes and equity in net earnings of affiliates | i 273.5 | i 81.2 | |||||||||
Income
tax provision | i 7.7 | i 31.3 | |||||||||
Income before equity in net earnings of affiliates | i 265.8 | i 49.9 | |||||||||
Equity
in net earnings of affiliates | i 18.6 | i 10.1 | |||||||||
Net income | i 284.4 | i 60.0 | |||||||||
Net (income) loss attributable to noncontrolling interests | ( i 1.6) | i 9.7 | |||||||||
Net income attributable to AGCO Corporation and subsidiaries | $ | i 282.8 | $ | i 69.7 | |||||||
Net income per common share attributable to AGCO Corporation and subsidiaries: | |||||||||||
Basic | $ | i 3.74 | $ | i 0.93 | |||||||
Diluted | $ | i 3.73 | $ | i 0.93 | |||||||
Cash dividends declared and paid per common share | $ | i 4.17 | $ | i 0.16 | |||||||
Weighted average number of common and common equivalent shares outstanding: | |||||||||||
Basic | i 75.5 | i 74.9 | |||||||||
Diluted | i 75.9 | i 75.2 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Net sales | $ | i 5,258.0 | $ | i 3,935.1 | |||||||
Cost of goods sold | i 3,995.1 | i 3,051.9 | |||||||||
Gross profit | i 1,262.9 | i 883.2 | |||||||||
Selling, general and administrative expenses | i 536.9 | i 467.1 | |||||||||
Operating expenses: | |||||||||||
Engineering expenses | i 203.5 | i 160.7 | |||||||||
Amortization
of intangibles | i 31.7 | i 29.9 | |||||||||
Goodwill
impairment charge | i — | i 20.0 | |||||||||
Restructuring
expenses | i 6.0 | i 4.6 | |||||||||
Bad debt (credit) expense | ( i 0.7) | i 3.2 | |||||||||
Income from operations | i 485.5 | i 197.7 | |||||||||
Interest
expense, net | i 5.6 | i 9.5 | |||||||||
Other
expense, net | i 26.1 | i 22.5 | |||||||||
Income before income taxes and equity in net earnings of affiliates | i 453.8 | i 165.7 | |||||||||
Income
tax provision | i 51.3 | i 60.7 | |||||||||
Income before equity in net earnings of affiliates | i 402.5 | i 105.0 | |||||||||
Equity
in net earnings of affiliates | i 33.3 | i 21.3 | |||||||||
Net income | i 435.8 | i 126.3 | |||||||||
Net (income) loss attributable to noncontrolling interests | ( i 2.2) | i 8.1 | |||||||||
Net income attributable to AGCO Corporation and subsidiaries | $ | i 433.6 | $ | i 134.4 | |||||||
Net income per common share attributable to AGCO Corporation and subsidiaries: | |||||||||||
Basic | $ | i 5.75 | $ | i 1.79 | |||||||
Diluted | $ | i 5.71 | $ | i 1.78 | |||||||
Cash dividends declared and paid per common share | $ | i 4.33 | $ | i 0.32 | |||||||
Weighted average number of common and common equivalent shares outstanding: | |||||||||||
Basic | i 75.4 | i 75.1 | |||||||||
Diluted | i 75.9 | i 75.6 | |||||||||
Three Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Net income | $ | i 284.4 | $ | i 60.0 | |||||||
Other comprehensive income (loss), net of reclassification adjustments: | |||||||||||
Foreign currency translation adjustments | i 80.8 | ( i 30.3) | |||||||||
Defined benefit pension plans, net of tax | ( i 6.0) | i 3.4 | |||||||||
Deferred gains and losses on derivatives, net of tax | i 5.6 | ( i 4.4) | |||||||||
Other comprehensive income (loss), net of reclassification adjustments | i 80.4 | ( i 31.3) | |||||||||
Comprehensive income | i 364.8 | i 28.7 | |||||||||
Comprehensive (income) loss attributable to noncontrolling interests | ( i 2.4) | i 7.2 | |||||||||
Comprehensive income attributable to AGCO Corporation and subsidiaries | $ | i 362.4 | $ | i 35.9 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Net income | $ | i 435.8 | $ | i 126.3 | |||||||
Other comprehensive income (loss), net of reclassification adjustments: | |||||||||||
Foreign currency translation adjustments | i 33.5 | ( i 245.1) | |||||||||
Defined benefit pension plans, net of tax | i 29.1 | i 6.9 | |||||||||
Deferred gains and losses on derivatives, net of tax | i 10.3 | i 5.0 | |||||||||
Other comprehensive income (loss), net of reclassification adjustments | i 72.9 | ( i 233.2) | |||||||||
Comprehensive income (loss) | i 508.7 | ( i 106.9) | |||||||||
Comprehensive (income) loss attributable to noncontrolling interests | ( i 2.6) | i 11.3 | |||||||||
Comprehensive income (loss) attributable to AGCO Corporation and subsidiaries | $ | i 506.1 | $ | ( i 95.6) |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | i 435.8 | $ | i 126.3 | |||||||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||
Depreciation | i 109.9 | i 102.3 | |||||||||
Amortization of intangibles | i 31.7 | i 29.9 | |||||||||
Stock compensation expense | i 15.2 | i 12.7 | |||||||||
Goodwill impairment charge | i — | i 20.0 | |||||||||
Equity in net earnings of affiliates, net of cash received | ( i 32.6) | ( i 20.7) | |||||||||
Deferred income tax (benefit) provision | ( i 65.5) | i 2.8 | |||||||||
Other | i 9.2 | i 11.2 | |||||||||
Changes
in operating assets and liabilities: | |||||||||||
Accounts and notes receivable, net | ( i 265.5) | ( i 181.0) | |||||||||
Inventories, net | ( i 721.5) | ( i 210.6) | |||||||||
Other current and noncurrent assets | ( i 73.3) | ( i 62.3) | |||||||||
Accounts payable | i 320.5 | ( i 60.9) | |||||||||
Accrued expenses | ( i 0.8) | ( i 67.9) | |||||||||
Other current and noncurrent liabilities | i 112.0 | i 76.6 | |||||||||
Total adjustments | ( i 560.7) | ( i 347.9) | |||||||||
Net cash used in operating activities | ( i 124.9) | ( i 221.6) | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property, plant and equipment | ( i 120.6) | ( i 117.5) | |||||||||
Proceeds from sale of property, plant and equipment | i 2.4 | i 0.5 | |||||||||
Investments in unconsolidated affiliates | ( i 1.0) | ( i 3.1) | |||||||||
(Purchase) sale of businesses, net of cash acquired | i 5.4 | i — | |||||||||
Other | ( i 2.4) | i — | |||||||||
Net cash used in investing activities | ( i 116.2) | ( i 120.1) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from indebtedness | i 909.4 | i 1,136.5 | |||||||||
Repayments of indebtedness | ( i 905.4) | ( i 708.9) | |||||||||
Purchases and retirement of common stock | i — | ( i 55.0) | |||||||||
Payment of dividends to stockholders | ( i 328.6) | ( i 24.0) | |||||||||
Payment of minimum tax withholdings on stock compensation | ( i 33.6) | ( i 16.1) | |||||||||
Payment of debt issuance costs | i — | ( i 1.4) | |||||||||
Distributions to noncontrolling interest | ( i 3.5) | i — | |||||||||
Net cash (used in) provided by financing activities | ( i 361.7) | i 331.1 | |||||||||
Effects of exchange rate changes on cash, cash equivalents and restricted cash | ( i 16.1) | ( i 17.8) | |||||||||
Decrease in cash, cash equivalents and restricted cash | ( i 618.9) | ( i 28.4) | |||||||||
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 500.2 | $ | i 404.4 |
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 | |||||||||||||||||||||
Second quarter 2021 provision | i 3.9 | i — | i 1.5 | i 5.4 | |||||||||||||||||||||||||
Second quarter 2021 cash activity | ( i 1.9) | i — | ( i 0.7) | ( i 2.6) | |||||||||||||||||||||||||
Second quarter 2021 provision reversal | ( i 0.7) | i — | i — | ( i 0.7) | |||||||||||||||||||||||||
Foreign currency translation | i — | i — | i 0.2 | i 0.2 | |||||||||||||||||||||||||
Balance as of June 30, 2021 | $ | i 11.3 | $ | i — | $ | i 2.6 | $ | i 13.9 | |||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Cost of goods sold | $ | i 0.3 | $ | i 0.3 | $ | i 0.6 | $ | i 0.4 | ||||||||||||||||||
Selling, general and administrative expenses | i 8.2 | i 10.1 | i 14.7 | i 12.6 | ||||||||||||||||||||||
Total stock compensation expense | $ | i 8.5 | $ | i 10.4 | $ | i 15.3 | $ | i 13.0 |
Shares awarded but not earned at January 1 | i 582,952 | ||||
Shares awarded | i 269,508 | ||||
Shares forfeited | ( i 8,760) | ||||
Shares earned | ( i 142) | ||||
Shares awarded but not earned at June 30 | i 843,558 |
RSUs awarded but not vested at January 1 | i 143,287 | ||||
RSUs awarded | i 89,892 | ||||
RSUs forfeited | ( i 1,615) | ||||
RSUs vested | ( i 63,397) | ||||
RSUs awarded but not vested at June 30 | i 168,167 |
SSARs outstanding at January 1 | i 403,150 | ||||
SSARs granted | i — | ||||
SSARs exercised | ( i 173,243) | ||||
SSARs canceled or forfeited | ( i 754) | ||||
SSARs outstanding at June 30 | i 229,153 | ||||
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 0.2 | i 3.4 | ( i 13.5) | ( i 2.3) | ( i 12.2) | ||||||||||||||||||||||||
Balance as of June 30, 2021 | $ | i 593.6 | $ | i 90.9 | $ | i 487.8 | $ | i 122.0 | $ | i 1,294.3 |
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 | |||||||||||||||||||
Sale of business | ( i 1.3) | ( i 4.4) | ( i 17.1) | i — | ( i 22.8) | ||||||||||||||||||||||||
Foreign currency translation | ( i 2.1) | ( i 2.7) | ( i 2.6) | i 0.1 | ( i 7.3) | ||||||||||||||||||||||||
Balance as of June 30, 2021 | $ | i 202.6 | $ | i 578.3 | $ | i 138.3 | $ | i 9.2 | $ | i 928.4 |
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 5.0 | i 18.6 | i 8.0 | i 0.1 | i 31.7 | ||||||||||||||||||||||||
Sale of business | ( i 1.3) | ( i 4.4) | ( i 15.2) | i — | ( i 20.9) | ||||||||||||||||||||||||
Foreign currency translation | ( i 0.5) | ( i 1.6) | ( i 2.0) | i 0.1 | ( i 4.0) | ||||||||||||||||||||||||
Balance as of June 30, 2021 | $ | i 98.6 | $ | i 402.9 | $ | i 94.0 | $ | i 3.6 | $ | i 599.1 |
Indefinite-lived intangible assets: | Trademarks and Tradenames | ||||
Balance as of December 31, 2020 | $ | i 89.4 | |||
Foreign currency translation | ( i 1.2) | ||||
Balance as of June 30, 2021 | $ | i 88.2 |
June 30, 2021 | December 31, 2020 | ||||||||||
Senior term loan due 2022 | $ | i 178.1 | $ | i 184.0 | |||||||
Credit facility, expires 2023 | i 260.0 | i 277.9 | |||||||||
i 1.002%
Senior term loan due 2025 | i 296.8 | i 306.7 | |||||||||
Senior term loans due between 2021 and 2028 | i 779.9 | i 806.0 | |||||||||
Other long-term debt | i 9.1 | i 10.5 | |||||||||
Debt issuance costs | ( i 1.8) | ( i 2.5) | |||||||||
i 1,522.1 | i 1,582.6 | ||||||||||
Senior term loans due 2021, net of debt issuance costs | ( i 313.4) | ( i 323.6) | |||||||||
Current portion of other long-term debt | ( i 2.3) | ( i 2.3) | |||||||||
Total long-term indebtedness, less current portion | $ | i 1,206.4 | $ | i 1,256.7 |
June 30, 2021 | December 31, 2020 | ||||||||||
Finished goods | $ | i 778.6 | $ | i 641.3 | |||||||
Repair and replacement parts | i 706.2 | i 652.3 | |||||||||
Work in process | i 424.3 | i 175.1 | |||||||||
Raw materials | i 757.9 | i 505.7 | |||||||||
Inventories, net | $ | i 2,667.0 | $ | i 1,974.4 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Balance at beginning of period | $ | i 542.0 | $ | i 384.6 | $ | i 521.8 | $ | i 392.8 | |||||||||||||||
Accruals for warranties issued during the period | i 76.8 | i 57.6 | i 170.1 | i 113.9 | |||||||||||||||||||
Settlements made (in cash or in kind) during the period | ( i 47.4) | ( i 38.2) | ( i 102.7) | ( i 87.6) | |||||||||||||||||||
Foreign currency translation | i 7.9 | i 5.0 | ( i 9.9) | ( i 10.1) | |||||||||||||||||||
Balance at June 30 | $ | i 579.3 | $ | i 409.0 | $ | i 579.3 | $ | i 409.0 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Basic net income per share: | |||||||||||||||||||||||
Net income attributable to AGCO Corporation and subsidiaries | $ | i 282.8 | $ | i 69.7 | $ | i 433.6 | $ | i 134.4 | |||||||||||||||
Weighted average number of common shares outstanding | i 75.5 | i 74.9 | i 75.4 | i 75.1 | |||||||||||||||||||
Basic net income per share attributable to AGCO Corporation and subsidiaries | $ | i 3.74 | $ | i 0.93 | $ | i 5.75 | $ | i 1.79 | |||||||||||||||
Diluted net income per share: | |||||||||||||||||||||||
Net income attributable to AGCO Corporation and subsidiaries | $ | i 282.8 | $ | i 69.7 | $ | i 433.6 | $ | i 134.4 | |||||||||||||||
Weighted average number of common shares outstanding | i 75.5 | i 74.9 | i 75.4 | i 75.1 | |||||||||||||||||||
Dilutive SSARs, performance share awards and RSUs | i 0.4 | i 0.3 | i 0.5 | i 0.5 | |||||||||||||||||||
Weighted
average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share | i 75.9 | i 75.2 | i 75.9 | i 75.6 | |||||||||||||||||||
Diluted net income per share attributable to AGCO Corporation and subsidiaries | $ | i 3.73 | $ | i 0.93 | $ | i 5.71 | $ | i 1.78 |
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) | |||||||||||||||||||
2021 | |||||||||||||||||||||||
Foreign
currency contracts(1) | $ | ( i 0.8) | Cost of goods sold | $ | ( i 2.4) | $ | i 2,186.9 | ||||||||||||||||
Commodity
contracts(2) | i 5.9 | Cost of goods sold | i 1.9 | $ | i 2,186.9 | ||||||||||||||||||
Total | $ | i 5.1 | $ | ( i 0.5) | |||||||||||||||||||
2020 | |||||||||||||||||||||||
Foreign currency contracts | $ | ( i 1.3) | Cost of goods sold | $ | i 3.1 | $ | i 1,574.1 | ||||||||||||||||
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) | |||||||||||||||||||
2021 | |||||||||||||||||||||||
Foreign
currency contracts(1) | $ | ( i 7.6) | Cost of goods sold | $ | ( i 6.1) | $ | i 3,995.1 | ||||||||||||||||
Commodity
contracts(2) | i 13.7 | Cost of goods sold | i 1.9 | $ | i 3,995.1 | ||||||||||||||||||
Total | $ | i 6.1 | $ | ( i 4.2) | |||||||||||||||||||
2020 | |||||||||||||||||||||||
Foreign currency contracts | $ | i 8.2 | Cost of goods sold | $ | i 3.2 | $ | i 3,051.9 | ||||||||||||||||
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 9.6 | i 3.5 | i 6.1 | |||||||||||||||||
Net losses reclassified from accumulated other comprehensive loss into income | i 5.0 | i 0.8 | i 4.2 | |||||||||||||||||
Accumulated derivative net gains as of June 30, 2021 | $ | i 11.6 | $ | i 3.8 | $ | i 7.8 |
Notional Amount as of | |||||||||||
June 30, 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 | Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Six Months Ended | ||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | ||||||||||||||||||||
Cross currency swap contract | $ | i 3.8 | $ | ( i 5.8) | $ | ( i 0.3) | $ | i 1.5 | |||||||||||||||
Foreign currency denominated debt | i — | i 1.1 | i — | i 1.7 |
Loss Recognized in Net Income for the Three Months Ended | Gain Recognized in Net Income for the Six Months Ended | ||||||||||||||||||||||||||||
Classification of Gain (Loss) | June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||||||||||||||||
Foreign currency contracts | Other expense, net | $ | ( i 5.1) | $ | ( i 9.0) | $ | i 29.3 | $ | i 23.1 |
Asset Derivatives as of June 30, 2021 | Liability Derivatives as of June 30, 2021 | ||||||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||||||
Derivative instruments designated as hedging instruments: | |||||||||||||||||||||||
Foreign currency contracts | Other current assets | $ | i 2.4 | Other current liabilities | $ | i 6.8 | |||||||||||||||||
Commodity contracts | Other current assets | i 11.5 | Other current liabilities | i — | |||||||||||||||||||
Cross currency swap contract | Other noncurrent assets | i 1.2 | Other noncurrent liabilities | i — | |||||||||||||||||||
Derivative instruments not designated as hedging instruments: | |||||||||||||||||||||||
Foreign currency contracts | Other current assets | i 16.0 | Other current liabilities | i 6.0 | |||||||||||||||||||
Total derivative instruments | $ | i 31.1 | $ | i 12.8 |
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, 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 | |||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | i 0.8 | $ | i — | $ | i 4,432.7 | $ | ( i 1,791.4) | $ | i 48.5 | $ | i 2,690.6 | |||||||||||||||||||||||
Stock compensation | — | i 10.2 | ( i 0.1) | — | — | i 10.1 | |||||||||||||||||||||||||||||
Issuance
of stock awards | — | ( i 0.1) | — | — | — | ( i 0.1) | |||||||||||||||||||||||||||||
Comprehensive loss: | |||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | i 69.7 | — | ( i 9.7) | i 60.0 | |||||||||||||||||||||||||||||
Other comprehensive loss, net of reclassification adjustments: | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | ( i 32.8) | i 2.5 | ( i 30.3) | |||||||||||||||||||||||||||||
Defined
benefit pension plans, net of tax | — | — | — | i 3.4 | — | i 3.4 | |||||||||||||||||||||||||||||
Deferred
gains and losses on derivatives, net of tax | — | — | — | ( i 4.4) | — | ( i 4.4) | |||||||||||||||||||||||||||||
Payment
of dividends to stockholders | — | — | ( i 11.9) | — | — | ( i 11.9) | |||||||||||||||||||||||||||||
Changes in noncontrolling interests | — | — | — | — | i 0.1 | i 0.1 | |||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | i 0.8 | $ | i 10.1 | $ | i 4,490.4 | $ | ( i 1,825.2) | $ | i 41.4 | $ | i 2,717.5 |
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 16.1 | ( i 3.4) | — | — | i 12.7 | |||||||||||||||||||||||||||||
Issuance
of stock awards | — | ( i 7.3) | ( i 8.4) | — | — | ( i 15.7) | |||||||||||||||||||||||||||||
SSARs exercised | — | — | ( i 0.1) | — | — | ( i 0.1) | |||||||||||||||||||||||||||||
Comprehensive loss: | |||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | i 134.4 | — | ( i 8.1) | i 126.3 | |||||||||||||||||||||||||||||
Other comprehensive loss, net of reclassification adjustments: | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | ( i 241.9) | ( i 3.2) | ( i 245.1) | |||||||||||||||||||||||||||||
Defined
benefit pension plans, net of tax | — | — | — | i 6.9 | — | i 6.9 | |||||||||||||||||||||||||||||
Deferred
gains and losses on derivatives, net of tax | — | — | — | i 5.0 | — | i 5.0 | |||||||||||||||||||||||||||||
Payment
of dividends to stockholders | — | — | ( i 24.0) | — | — | ( i 24.0) | |||||||||||||||||||||||||||||
Purchases
and retirement of common stock | — | ( i 3.4) | ( i 51.6) | — | — | ( i 55.0) | |||||||||||||||||||||||||||||
Change in noncontrolling interest | — | — | — | — | ( i 0.5) | ( i 0.5) | |||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | i 0.8 | $ | i 10.1 | $ | i 4,490.4 | $ | ( i 1,825.2) | $ | i 41.4 | $ | i 2,717.5 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (loss) | $ | i 1.6 | $ | ( i 9.7) | $ | i 2.2 | $ | ( i 8.1) | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustments | i 0.8 | i 2.5 | i 0.4 | ( i 3.2) | |||||||||||||||||||
Total comprehensive income (loss) | $ | i 2.4 | $ | ( i 7.2) | $ | i 2.6 | $ | ( i 11.3) |
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 23.2 | i 6.1 | i 33.1 | i 62.4 | |||||||||||||||||||
Net losses reclassified from accumulated other comprehensive loss | i 5.9 | i 4.2 | i — | i 10.1 | |||||||||||||||||||
Other comprehensive income (loss), net of reclassification adjustments | i 29.1 | i 10.3 | i 33.1 | i 72.5 | |||||||||||||||||||
Accumulated other comprehensive loss, June 30, 2021 | $ | ( i 284.2) | $ | i 7.8 | $ | ( i 1,461.9) | $ | ( i 1,738.3) |
Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item within the Condensed Consolidated Statements of Operations | |||||||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Three Months Ended June 30, 2021(1) | Three Months Ended June 30, 2020(1) | ||||||||||||||||||
Derivatives: | ||||||||||||||||||||
Net losses (gains) on foreign currency contracts | $ | i 3.5 | $ | ( i 3.1) | Cost of goods sold | |||||||||||||||
Net gains on commodity contracts | $ | ( i 1.9) | $ | i — | Cost of goods sold | |||||||||||||||
Reclassification before tax | i 1.6 | ( i 3.1) | ||||||||||||||||||
( i 1.1) | i — | Income tax benefit (provision) | ||||||||||||||||||
Reclassification net of tax | $ | i 0.5 | $ | ( i 3.1) | ||||||||||||||||
Defined benefit pension plans: | ||||||||||||||||||||
Amortization of net actuarial losses | $ | i 3.4 | $ | i 3.2 | Other
expense, net(2) | |||||||||||||||
Amortization of prior service cost | i 0.1 | i 0.7 | Other
expense, net(2) | |||||||||||||||||
Reclassification before tax | i 3.5 | i 3.9 | ||||||||||||||||||
( i 1.5) | ( i 0.5) | Income tax provision | ||||||||||||||||||
Reclassification net of tax | $ | i 2.0 | $ | i 3.4 | ||||||||||||||||
Net losses reclassified from accumulated other comprehensive loss | $ | i 2.5 | $ | i 0.3 |
Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item within the Condensed Consolidated Statements of Operations | |||||||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Six Months Ended June 30, 2021(1) | Six Months Ended June 30, 2020(1) | ||||||||||||||||||
Derivatives: | ||||||||||||||||||||
Net losses (gains) on foreign currency contracts | $ | i 6.9 | $ | ( i 3.2) | Cost of goods sold | |||||||||||||||
Net gains on commodity contracts | ( i 1.9) | i — | Cost of goods sold | |||||||||||||||||
Reclassification before tax | i 5.0 | ( i 3.2) | ||||||||||||||||||
( i 0.8) | i — | Income tax provision | ||||||||||||||||||
Reclassification net of tax | $ | i 4.2 | $ | ( i 3.2) | ||||||||||||||||
Defined benefit pension plans: | ||||||||||||||||||||
Amortization of net actuarial losses | $ | i 7.4 | $ | i 6.7 | Other
expense, net(2) | |||||||||||||||
Amortization of prior service cost | i 0.6 | i 1.2 | Other
expense, net(2) | |||||||||||||||||
Reclassification before tax | i 8.0 | i 7.9 | ||||||||||||||||||
( i 2.1) | ( i 1.0) | Income tax provision | ||||||||||||||||||
Reclassification net of tax | $ | i 5.9 | $ | i 6.9 | ||||||||||||||||
Net losses (gains) reclassified from accumulated other comprehensive loss | $ | i 10.1 | $ | i 3.7 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
Pension benefits | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Service cost | $ | i 3.7 | $ | i 4.0 | $ | i 7.8 | $ | i 8.0 | ||||||||||||||||||
Interest cost | i 3.2 | i 4.1 | i 6.4 | i 8.2 | ||||||||||||||||||||||
Expected return on plan assets | ( i 7.9) | ( i 7.0) | ( i 15.7) | ( i 14.1) | ||||||||||||||||||||||
Amortization of net actuarial losses | i 3.4 | i 3.2 | i 7.4 | i 6.6 | ||||||||||||||||||||||
Amortization of prior service cost | i 0.1 | i 0.6 | i 0.6 | i 1.1 | ||||||||||||||||||||||
Curtailment(1) | i — | i — | ( i 1.2) | $ | i — | |||||||||||||||||||||
Net periodic pension cost | $ | i 2.5 | $ | i 4.9 | $ | i 5.3 | $ | i 9.8 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
Postretirement benefits | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Service cost | $ | i — | $ | i — | $ | i 0.1 | $ | i — | ||||||||||||||||||
Interest cost | i 0.2 | i 0.3 | i 0.4 | i 0.6 | ||||||||||||||||||||||
Amortization of net actuarial losses | i — | i — | i — | i 0.1 | ||||||||||||||||||||||
Amortization of prior service cost | i — | i 0.1 | i — | i 0.1 | ||||||||||||||||||||||
Net periodic postretirement benefit cost | $ | i 0.2 | $ | i 0.4 | $ | i 0.5 | $ | i 0.8 |
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 7.4 | i 1.9 | i 5.5 | |||||||||||||||||
Amortization of prior service cost | i 0.6 | i 0.2 | i 0.4 | |||||||||||||||||
Plan
amendment(1) | i 31.2 | i 8.0 | i 23.2 | |||||||||||||||||
Accumulated other comprehensive loss as of June 30, 2021 | $ | ( i 373.3) | $ | ( i 89.1) | $ | ( i 284.2) |
As of June 30, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Derivative assets | $ | i — | $ | i 31.1 | $ | i — | $ | i 31.1 | |||||||||||||||
Derivative liabilities | i — | i 12.8 | i — | i 12.8 | |||||||||||||||||||
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 June 30, | North America | South America | Europe/Middle East | Asia/Pacific/Africa | Consolidated | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||
Net sales | $ | i 555.8 | $ | i 178.5 | $ | i 1,125.0 | $ | i 147.5 | $ | i 2,006.8 | ||||||||||||||||||||||
Income from operations | i 64.7 | i 5.5 | i 91.0 | i 14.0 | i 175.2 | |||||||||||||||||||||||||||
Depreciation | i 15.2 | i 6.1 | i 26.4 | i 3.0 | i 50.7 | |||||||||||||||||||||||||||
Capital expenditures | i 8.2 | i 3.3 | i 42.8 | i 2.6 | i 56.9 |
Six Months Ended June 30, | North America | South America | Europe/Middle East | Asia/Pacific/Africa | Consolidated | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||
Net sales | $ | i 1,107.7 | $ | i 332.4 | $ | i 2,238.3 | $ | i 256.7 | $ | i 3,935.1 | ||||||||||||||||||||||
Income (loss) from operations | i 125.6 | ( i 3.3) | i 193.3 | i 12.7 | i 328.3 | |||||||||||||||||||||||||||
Depreciation | i 30.8 | i 13.5 | i 52.4 | i 5.6 | i 102.3 | |||||||||||||||||||||||||||
Capital expenditures | i 18.3 | i 10.4 | i 84.5 | i 4.3 | i 117.5 | |||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
As of June 30, 2021 | $ | i 1,289.6 | $ | i 833.3 | $ | i 2,695.0 | $ | i 587.0 | $ | i 5,404.9 | ||||||||||||||||||||||
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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Segment income from operations | $ | i 354.9 | $ | i 175.2 | $ | i 611.3 | $ | i 328.3 | |||||||||||||||
Corporate expenses | ( i 37.5) | ( i 29.1) | ( i 73.4) | ( i 63.5) | |||||||||||||||||||
Amortization of intangibles | ( i 14.2) | ( i 14.9) | ( i 31.7) | ( i 29.9) | |||||||||||||||||||
Goodwill impairment charge | i — | ( i 20.0) | i — | ( i 20.0) | |||||||||||||||||||
Stock compensation expense | ( i 8.2) | ( i 10.1) | ( i 14.7) | ( i 12.6) | |||||||||||||||||||
Restructuring expenses | ( i 4.7) | ( i 3.8) | ( i 6.0) | ( i 4.6) | |||||||||||||||||||
Consolidated income from operations | $ | i 290.3 | $ | i 97.3 | $ | i 485.5 | $ | i 197.7 |
June 30, 2021 | December 31, 2020 | ||||||||||
Segment assets | $ | i 5,404.9 | $ | i 4,514.4 | |||||||
Cash and cash equivalents | i 500.2 | i 1,119.1 | |||||||||
Investments in affiliates | i 475.4 | i 442.7 | |||||||||
Deferred tax assets, other current and noncurrent assets | i 771.0 | i 665.9 | |||||||||
Intangible assets, net | i 417.5 | i 455.6 | |||||||||
Goodwill | i 1,294.3 | i 1,306.5 | |||||||||
Consolidated total assets | $ | i 8,863.3 | $ | i 8,504.2 |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Operating Leases(1) | Finance Leases | Operating Leases(1) | Finance Leases | |||||||||||||||||||||||
2021 | $ | i 24.9 | $ | i 1.6 | $ | i 47.6 | $ | i 3.3 | ||||||||||||||||||
2022 | i 42.0 | i 1.4 | i 37.7 | i 1.4 | ||||||||||||||||||||||
2023 | i 32.6 | i 1.2 | i 28.6 | i 1.1 | ||||||||||||||||||||||
2024 | i 21.7 | i 0.9 | i 18.9 | i 0.8 | ||||||||||||||||||||||
2025 | i 15.3 | i 0.7 | i 13.6 | i 0.6 | ||||||||||||||||||||||
Thereafter | i 45.2 | i 9.0 | i 44.5 | i 9.1 | ||||||||||||||||||||||
Total lease payments | i 181.7 | i 14.8 | i 190.9 | i 16.3 | ||||||||||||||||||||||
Less:
imputed interest(2) | ( i 20.6) | ( i 3.2) | ( i 21.5) | ( i 3.5) | ||||||||||||||||||||||
Present value of leased liabilities | $ | i 161.1 | $ | i 11.6 | $ | i 169.4 | $ | i 12.8 |
Three Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Balance at beginning of period | $ | i 186.3 | $ | i 111.6 | |||||||
Advance consideration received | i 59.0 | i 35.7 | |||||||||
Revenue recognized during the period for extended warranty contracts, maintenance services and technology services | ( i 13.3) | ( i 12.0) | |||||||||
Revenue recognized during the period related to grain storage and protein production systems | ( i 32.6) | ( i 17.2) | |||||||||
Foreign currency translation | i 1.8 | i 0.6 | |||||||||
Balance at June 30 | $ | i 201.2 | $ | i 118.7 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Balance at beginning of period | $ | i 172.0 | $ | i 104.0 | |||||||
Advance consideration received | i 116.1 | i 69.6 | |||||||||
Revenue recognized during the period for extended warranty contracts, maintenance services and technology services | ( i 26.3) | ( i 22.1) | |||||||||
Revenue recognized during the period related to grain storage and protein production systems | ( i 59.8) | ( i 29.0) | |||||||||
Foreign currency translation | ( i 0.8) | ( i 3.8) | |||||||||
Balance at June 30 | $ | i 201.2 | $ | i 118.7 |
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 | South America(1) | Europe/Middle East | Asia/Pacific/Africa | Consolidated(1) | ||||||||||||||||||||||||||||
Primary geographical markets: | ||||||||||||||||||||||||||||||||
United States | $ | i 447.4 | $ | i — | $ | i — | $ | i — | $ | i 447.4 | ||||||||||||||||||||||
Canada | i 87.4 | i — | i — | i — | i 87.4 | |||||||||||||||||||||||||||
South America | i — | i 177.3 | i — | i — | i 177.3 | |||||||||||||||||||||||||||
Germany | i — | i — | i 294.3 | i — | i 294.3 | |||||||||||||||||||||||||||
France | i — | i — | i 221.0 | i — | i 221.0 | |||||||||||||||||||||||||||
United Kingdom and Ireland | i — | i — | i 111.1 | i — | i 111.1 | |||||||||||||||||||||||||||
Finland and Scandinavia | i — | i — | i 144.6 | i — | i 144.6 | |||||||||||||||||||||||||||
Other Europe | i — | i — | i 325.4 | i — | i 325.4 | |||||||||||||||||||||||||||
Middle East and Algeria | i — | i — | i 28.6 | i — | i 28.6 | |||||||||||||||||||||||||||
Africa | i — | i — | i — | i 2.6 | i 2.6 | |||||||||||||||||||||||||||
Asia | i — | i — | i — | i 85.9 | i 85.9 | |||||||||||||||||||||||||||
Australia and New Zealand | i — | i — | i — | i 59.0 | i 59.0 | |||||||||||||||||||||||||||
Mexico, Central America and Caribbean | i 21.0 | i 1.2 | i — | i — | i 22.2 | |||||||||||||||||||||||||||
$ | i 555.8 | $ | i 178.5 | $ | i 1,125.0 | $ | i 147.5 | $ | i 2,006.8 | |||||||||||||||||||||||
Major products: | ||||||||||||||||||||||||||||||||
Tractors | $ | i 148.6 | $ | i 101.0 | $ | i 682.2 | $ | i 60.5 | $ | i 992.3 | ||||||||||||||||||||||
Replacement parts | i 105.8 | i 16.8 | i 257.4 | i 19.3 | i 399.3 | |||||||||||||||||||||||||||
Grain storage and protein production systems | i 142.8 | i 16.9 | i 33.3 | i 48.4 | i 241.4 | |||||||||||||||||||||||||||
Combines, application equipment and other machinery | i 158.6 | i 43.9 | i 152.1 | i 19.3 | i 373.9 | |||||||||||||||||||||||||||
$ | i 555.8 | $ | i 178.5 | $ | i 1,125.0 | $ | i 147.5 | $ | i 2,006.8 |
North
America (1) | South America | Europe/Middle East | 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 |
North America | South America | Europe/Middle East(1) | Asia/Pacific/Africa(1) | Consolidated | ||||||||||||||||||||||||||||
Primary geographical markets: | ||||||||||||||||||||||||||||||||
United States | $ | i 909.7 | $ | i — | $ | i — | $ | i — | $ | i 909.7 | ||||||||||||||||||||||
Canada | i 154.2 | i — | i — | i — | i 154.2 | |||||||||||||||||||||||||||
South America | i — | i 329.2 | i — | i — | i 329.2 | |||||||||||||||||||||||||||
Germany | i — | i — | i 594.4 | i — | i 594.4 | |||||||||||||||||||||||||||
France | i — | i — | i 435.7 | i — | i 435.7 | |||||||||||||||||||||||||||
United Kingdom and Ireland | i — | i — | i 223.6 | i — | i 223.6 | |||||||||||||||||||||||||||
Finland and Scandinavia | i — | i — | i 276.9 | i — | i 276.9 | |||||||||||||||||||||||||||
Other Europe | i — | i — | i 649.6 | i — | i 649.6 | |||||||||||||||||||||||||||
Middle East and Algeria | i — | i — | i 58.1 | i — | i 58.1 | |||||||||||||||||||||||||||
Africa | i — | i — | i — | i 16.0 | i 16.0 | |||||||||||||||||||||||||||
Asia | i — | i — | i — | i 133.9 | i 133.9 | |||||||||||||||||||||||||||
Australia and New Zealand | i — | i — | i — | i 106.8 | i 106.8 | |||||||||||||||||||||||||||
Mexico, Central America and Caribbean | i 43.8 | i 3.2 | i — | i — | i 47.0 | |||||||||||||||||||||||||||
$ | i 1,107.7 | $ | i 332.4 | $ | i 2,238.3 | $ | i 256.7 | $ | i 3,935.1 | |||||||||||||||||||||||
Major products: | ||||||||||||||||||||||||||||||||
Tractors | $ | i 317.0 | $ | i 176.9 | $ | i 1,452.5 | $ | i 107.4 | $ | i 2,053.8 | ||||||||||||||||||||||
Replacement parts | i 178.0 | i 36.8 | i 458.0 | i 36.6 | i 709.4 | |||||||||||||||||||||||||||
Grain storage and protein production systems | i 239.6 | i 38.8 | i 60.8 | i 77.4 | i 416.6 | |||||||||||||||||||||||||||
Combines, application equipment and other machinery | i 373.1 | i 79.9 | i 266.9 | i 35.4 | i 755.3 | |||||||||||||||||||||||||||
$ | i 1,107.7 | $ | i 332.4 | $ | i 2,238.3 | $ | i 256.7 | $ | i 3,935.1 |
Three Months Ended June 30, | Change | Change Due to Currency Translation | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||||||||
Europe/Middle East | $ | 1,635.2 | $ | 1,125.0 | $ | 510.2 | 45.4 | % | $ | 131.5 | 11.7 | % | |||||||||||||||||||||||||||||||||||
North America | 734.7 | 555.8 | 178.9 | 32.2 | % | 18.1 | 3.3 | % | |||||||||||||||||||||||||||||||||||||||
South America | 278.3 | 178.5 | 99.8 | 55.9 | % | 5.1 | 2.9 | % | |||||||||||||||||||||||||||||||||||||||
Asia/Pacific/Africa | 231.1 | 147.5 | 83.6 | 56.7 | % | 24.2 | 16.4 | % | |||||||||||||||||||||||||||||||||||||||
$ | 2,879.3 | $ | 2,006.8 | $ | 872.5 | 43.5 | % | $ | 178.9 | 8.9 | % |
Six Months Ended June 30, | Change | Change Due to Currency Translation | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||||||||
Europe/Middle East | $ | 2,962.4 | $ | 2,238.3 | $ | 724.1 | 32.4 | % | $ | 217.9 | 9.7 | % | |||||||||||||||||||||||||||||||||||
North America | 1,345.8 | 1,107.7 | 238.1 | 21.5 | % | 23.8 | 2.1 | % | |||||||||||||||||||||||||||||||||||||||
South America | 518.8 | 332.4 | 186.4 | 56.1 | % | (37.3) | (11.2) | % | |||||||||||||||||||||||||||||||||||||||
Asia/Pacific/Africa | 431.0 | 256.7 | 174.3 | 67.9 | % | 42.9 | 16.7 | % | |||||||||||||||||||||||||||||||||||||||
$ | 5,258.0 | $ | 3,935.1 | $ | 1,322.9 | 33.6 | % | $ | 247.3 | 6.3 | % |
Three Months Ended June 30, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
$ | %
of Net Sales(1) | $ | % of Net Sales(1) | |||||||||||||||||||||||
Gross profit | $ | 692.4 | 24.0 | % | $ | 432.7 | 21.6 | % | ||||||||||||||||||
Selling, general and administrative expenses | 276.3 | 9.6 | % | 219.5 | 10.9 | % | ||||||||||||||||||||
Engineering expenses | 107.2 | 3.7 | % | 75.8 | 3.8 | % | ||||||||||||||||||||
Amortization of intangibles | 14.2 | 0.5 | % | 14.9 | 0.7 | % | ||||||||||||||||||||
Goodwill impairment charge | — | — | % | 20.0 | 1.0 | % | ||||||||||||||||||||
Restructuring expenses | 4.7 | 0.2 | % | 3.8 | 0.2 | % | ||||||||||||||||||||
Bad debt expense | (0.3) | — | % | 1.4 | 0.1 | % | ||||||||||||||||||||
Income from operations | $ | 290.3 | 10.1 | % | $ | 97.3 | 4.8 | % |
Six Months Ended June 30, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
$ | % of Net Sales | $ | % of Net Sales(1) | |||||||||||||||||||||||
Gross profit | $ | 1,262.9 | 24.0 | % | $ | 883.2 | 22.4 | % | ||||||||||||||||||
Selling, general and administrative expenses | 536.9 | 10.2 | % | 467.1 | 11.9 | % | ||||||||||||||||||||
Engineering expenses | 203.5 | 3.9 | % | 160.7 | 4.1 | % | ||||||||||||||||||||
Amortization of intangibles | 31.7 | 0.6 | % | 29.9 | 0.8 | % | ||||||||||||||||||||
Goodwill impairment charge | — | — | % | 20.0 | 0.5 | % | ||||||||||||||||||||
Restructuring expenses | 6.0 | 0.1 | % | 4.6 | 0.1 | % | ||||||||||||||||||||
Bad debt expense | (0.7) | — | % | 3.2 | 0.1 | % | ||||||||||||||||||||
Income from operations | $ | 485.5 | 9.2 | % | $ | 197.7 | 5.0 | % |
June
30 2021(1) | |||||
Credit facility expires 2023 | $ | 260.0 | |||
1.002% Senior term loan due 2025 | 296.8 | ||||
Senior term loan due 2022 | 178.1 | ||||
Senior term loans due between 2021 and 2028 | 779.9 | ||||
Other long-term debt | 9.1 |
Exhibit Number | Description of Exhibit | The filings referenced for incorporation by reference are AGCO Corporation | ||||||||||||
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 June 30, 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 June 30, 2021 is formatted in Inline XBRL | Filed herewith |
Date: | August 6, 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 | ||||
Filed on: | 8/6/21 | |||
8/2/21 | ||||
For Period end: | 6/30/21 | |||
4/22/21 | 4, 8-K, DEF 14A | |||
4/12/21 | 8-K | |||
4/8/21 | ||||
3/31/21 | 10-Q | |||
2/16/21 | 4 | |||
1/29/21 | SC 13G/A | |||
1/19/21 | ||||
1/1/21 | 3 | |||
12/31/20 | 10-K, SD | |||
6/30/20 | 10-Q | |||
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 |