Changes in Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2022

Stockholders' Equity Note [Abstract]

The following tables set forth changes in stockholders’ equity attributed to AGCO Corporation and its subsidiaries and to noncontrolling interests for the three months ended March 31, 2022 and 2021 (in millions):


	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Stockholders’ Equity
Balance, December 31, 2021	$	0.7	$	3.9	$	5,182.2	$	(1,770.9)	$	27.9	$	3,443.8
Stock compensation	—		7.0		—		—		—		7.0
Issuance of stock awards	—		(7.0)		(12.9)		—		—		(19.9)
SSARs exercised	—		(1.0)		—		—		—		(1.0)
Comprehensive income:
Net income (loss)	—		—		151.8		—		(14.8)		137.0
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments	—		—		—		137.5		0.8		138.3
Defined benefit pension plans, net of tax	—		—		—		1.7		—		1.7
Deferred gains and losses on derivatives, net of tax	—		—		—		(3.3)		—		(3.3)
Payment of dividends to stockholders	—		—		(14.9)		—		—		(14.9)

Distributions to noncontrolling interest	—		—		—		—		(13.8)		(13.8)

Balance, March 31, 2022	$	0.7	$	2.9	$	5,306.2	$	(1,635.0)	$	0.1	$	3,674.9


	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Stockholders’ Equity
Balance, December 31, 2020	$	0.8	$	30.9	$	4,759.1	$	(1,810.8)	$	38.0	$	3,018.0
Stock compensation	—		6.8		—		—		—		6.8
Issuance of stock awards	—		(29.5)		—		—		—		(29.5)
SSARs exercised	—		(2.5)		—		—		—		(2.5)
Comprehensive income:
Net income	—		—		150.8		—		0.6		151.4
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments	—		—		—		(46.9)		(0.4)		(47.3)
Defined benefit pension plans, net of tax	—		—		—		35.1		—		35.1
Deferred gains and losses on derivatives, net of tax	—		—		—		4.7		—		4.7
Payment of dividends to stockholders	—		—		(12.0)		—		—		(12.0)



Balance, March 31, 2021	$	0.8	$	5.7	$	4,897.9	$	(1,817.9)	$	38.2	$	3,124.7

Schedule of Comprehensive Income (Loss) Attributable to Noncontrolling Interests

Total comprehensive (loss) income attributable to noncontrolling interests for the three months ended March 31, 2022 and 2021 was as follows (in millions):


	Three Months Ended March 31,
	2022		2021
Net (loss) income	$	(14.8)	$	0.6
Other comprehensive income (loss):
Foreign currency translation adjustments	0.8		(0.4)

Total comprehensive (loss) income	$	(14.0)	$	0.2

Summary of Accumulated Other Comprehensive (Loss) Income

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 three months ended March 31, 2022 (in millions):


	Defined Benefit Pension Plans		Deferred Net (Losses) Gains on Derivatives		Cumulative Translation Adjustment		Total
Accumulated other comprehensive loss, December 31, 2021	$	(230.4)	$	(0.4)	$	(1,540.1)	$	(1,770.9)
Other comprehensive income (loss) before reclassifications	—		(2.4)		137.5		135.1
Net losses (gains) reclassified from accumulated other comprehensive loss	1.7		(0.9)		—		0.8
Other comprehensive income (loss), net of reclassification adjustments	1.7		(3.3)		137.5		135.9
Accumulated other comprehensive loss, March 31, 2022	$	(228.7)	$	(3.7)	$	(1,402.6)	$	(1,635.0)

The following table summarizes the activity in accumulated other comprehensive loss related to the Company's defined pension and postretirement benefit plans during the three months ended March 31, 2022 (in millions):


	Before-Tax Amount		Income Tax		After-Tax Amount
Accumulated other comprehensive loss, December 31, 2021	$	(302.4)	$	(72.0)	$	(230.4)
Amortization of net actuarial losses	2.2		0.6		1.6
Amortization of prior service cost	0.2		0.1		0.1
Accumulated other comprehensive loss as of March 31, 2022	$	(300.0)	$	(71.3)	$	(228.7)

Reclassification Out of Accumulated Other Comprehensive Loss

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 March 31, 2022 and 2021 (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 March 31, 2022(1)		Three Months Ended March 31, 2021(1)
Derivatives:
Net losses on foreign currency contracts	$	0.1	$	3.4	Cost of goods sold
Net gains on commodity contracts	$	(1.3)	$	—	Cost of goods sold

Reclassification before tax	(1.2)		3.4
	0.3		0.3		Income tax provision
Reclassification net of tax	$	(0.9)	$	3.7

Defined benefit pension plans:
Amortization of net actuarial losses	$	2.2	$	4.0	Other expense, net(2)
Amortization of prior service cost	0.2		0.5		Other expense, net(2)
Reclassification before tax	2.4		4.5
	(0.7)		(0.6)		Income tax provision
Reclassification net of tax	$	1.7	$	3.9

Net losses reclassified from accumulated other comprehensive loss	$	0.8	$	7.6

(1) Losses (gains) included within the Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021, respectively.

(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 15 for additional information on the Company’s defined benefit pension plans.