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Changes in Stockholders' Equity
 9 Months Ended
Sep. 30, 2018
Stockholders' Equity Note [Abstract]  
Changes in Stockholders' Equity
CHANGES IN STOCKHOLDERS’ EQUITY

The following table sets forth changes in stockholders’ equity attributed to AGCO Corporation and its subsidiaries and to noncontrolling interests for the nine months ended September 30, 2018 (in millions):
 
Common
Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Noncontrolling
Interests
 
Total Stockholders’
Equity
Balance, December 31, 2017
$
0.8

 
$
136.6

 
$
4,253.8

 
$
(1,361.6
)
 
$
65.7

 
$
3,095.3

Stock compensation
—

 
33.0

 
—

 
—

 
—

 
33.0

Issuance of stock awards
—

 
(3.1
)
 
—

 
—

 
—

 
(3.1
)
SSARs exercised
—

 
(0.4
)
 
—

 
—

 
—

 
(0.4
)
Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
—

 
—

 
186.8

 
—

 
(0.7
)
 
186.1

Other comprehensive loss, net of reclassification adjustments:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
—

 
—

 
—

 
(230.8
)
 
(3.0
)
 
(233.8
)
Defined benefit pension plans, net of tax
—

 
—

 
—

 
9.0

 
—

 
9.0

Unrealized loss on derivatives, net of tax
—

 
—

 
—

 
1.5

 
—

 
1.5

Payment of dividends to stockholders
—

 
—

 
(35.6
)
 
—

 
—

 
(35.6
)
Purchases and retirement of common stock
—

 
(84.3
)
 
—

 
—

 
—

 
(84.3
)
Investment by or distribution to noncontrolling interests, net
—

 
—

 
—

 
—

 
0.8

 
0.8

Adjustment related to the adoption of ASU 2014-09
—

 
—

 
0.4

 
—

 
—

 
0.4

Balance, September 30, 2018
$
0.8

 
$
81.8

 
$
4,405.4

 
$
(1,581.9
)
 
$
62.8

 
$
2,968.9


    
    
Total comprehensive (loss) income attributable to noncontrolling interests for the three and nine months ended September 30, 2018 and 2017 was as follows (in millions):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
Net (loss) income
$
(0.4
)
 
$
0.1

 
$
(0.7
)
 
$
2.1

Other comprehensive (loss) income:
 
 
 
 
 
 
 
Foreign currency translation adjustments
(0.9
)
 
0.5

 
(3.0
)
 
1.1

Total comprehensive (loss) income
$
(1.3
)
 
$
0.6

 
$
(3.7
)
 
$
3.2


    
    
The following table sets forth changes in accumulated other comprehensive loss by component, net of tax, attributed to AGCO Corporation and its subsidiaries for the nine months ended September 30, 2018 (in millions):
 
Defined Benefit Pension Plans
 
Deferred Net (Losses) Gains on Derivatives
 
Cumulative Translation Adjustment
 
Total
Accumulated other comprehensive loss, December 31, 2017
$
(285.1
)
 
$
(4.7
)
 
$
(1,071.8
)
 
$
(1,361.6
)
Other comprehensive loss before reclassifications
—

 
(2.0
)
 
(230.8
)
 
(232.8
)
Net losses reclassified from accumulated other comprehensive loss
9.0

 
3.5

 
—

 
12.5

Other comprehensive income (loss), net of reclassification adjustments
9.0

 
1.5

 
(230.8
)
 
(220.3
)
Accumulated other comprehensive loss, September 30, 2018
$
(276.1
)
 
$
(3.2
)
 
$
(1,302.6
)
 
$
(1,581.9
)


        
The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the three months ended September 30, 2018 and 2017 (in millions):
 
 
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 September 30, 2018(1)
 
Three Months Ended September 30, 2017(1)
Derivatives:
 
 
 
 
 
    Net losses (gains) on foreign currency contracts
 
$
0.4

 
$
(0.9
)
Cost of goods sold
    Net losses on interest rate swap contract
 
0.5

 
0.6

Interest expense, net
Reclassification before tax
 
0.9

 
(0.3
)
 
 
 
(0.1
)
 
(0.2
)
Income tax provision
Reclassification net of tax
 
$
0.8

 
$
(0.5
)
 
 
 
 
 
 
 
Defined benefit pension plans:
 
 
 
 
 
Amortization of net actuarial losses
 
$
3.0

 
$
3.2

(2) 
Amortization of prior service cost
 
0.3

 
0.3

(2) 
Reclassification before tax
 
3.3

 
3.5

 
 
 
(0.4
)
 
(0.4
)
Income tax provision
Reclassification net of tax
 
$
2.9

 
$
3.1

 
 
 
 
 
 
 
Net losses reclassified from accumulated other comprehensive loss
 
$
3.7

 
$
2.6

 
____________________________________
(1) Losses (gains) included within the Condensed Consolidated Statements of Operations for the three months ended September 30, 2018 and 2017.
(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 13 to the Company’s Condensed Consolidated Financial Statements.

    
The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the nine months ended September 30, 2018 and 2017 (in millions):
 
 
 
 
 
 
 
 
Amount Reclassified from Accumulated Other Comprehensive Loss
Affected Line Item within the Condensed Consolidated
Statements of Operations
Details about Accumulated Other Comprehensive Loss Components
 
Nine months ended September 30, 2018(1)
 
Nine months ended September 30, 2017(1)
Derivatives:
 
 
 
 
 
    Net losses on foreign currency contracts
 
$
1.9

 
$
0.6

Cost of goods sold
    Net losses on interest rate swap contract
 
1.8

 
1.7

Interest expense, net
Reclassification before tax
 
3.7

 
2.3

 
 
 
(0.2
)
 
(0.3
)
Income tax provision
Reclassification net of tax
 
$
3.5

 
$
2.0

 
 
 
 
 
 
 
Defined benefit pension plans:
 
 
 
 
 
Amortization of net actuarial losses
 
$
9.3

 
$
9.3

(2) 
Amortization of prior service cost
 
1.0

 
1.0

(2) 
Reclassification before tax
 
10.3

 
10.3

 
 
 
(1.3
)
 
(1.4
)
Income tax provision
Reclassification net of tax
 
$
9.0

 
$
8.9

 
 
 
 
 
 
 
Net losses reclassified from accumulated other comprehensive loss
 
$
12.5

 
$
10.9

 

____________________________________
(1) Losses included within the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2018 and 2017.
(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 13 to the Company’s Condensed Consolidated Financial Statements.

Share Repurchase Program

During the nine months ended September 30, 2018, through open market transactions, the Company repurchased 534,403 shares of its common stock for approximately $34.3 million at an average price paid of $64.14 per share. Repurchased shares were retired on the date of purchase, and the excess of the purchase price over par value per share was recorded to “Additional paid-in capital” within the Company’s Condensed Consolidated Balance Sheets.
During the three months ended September 30, 2018, the Company entered into an accelerated share repurchase (“ASR”) agreement with a financial institution to repurchase an aggregate of $50.0 million of shares of the Company’s common stock. The Company received approximately 638,978 shares during the three months ended September 30, 2018 related to the ASR agreement. The specific number of shares the Company ultimately repurchased was determined at the completion of the term of the ASR based on the daily volume-weighted average share price of the Company’s common stock less an agreed upon discount. Upon settlement of the ASR, the Company was entitled to receive additional shares of common stock or, under certain circumstances, was required to remit a settlement amount. In October 2018, the Company received an additional 197,848 shares of common stock upon final settlement of the ASR. All shares received under the ASR were retired upon receipt, and the excess of the purchase price over par value per share was recorded to “Additional paid-in capital” within the Company’s Condensed Consolidated Balance Sheets.
As of September 30, 2018, the remaining amount authorized to be repurchased was approximately $247.1 million, of which $215.7 million expires in December 2019 and $31.4 million has no expiration date.