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Share Name | Share Symbol | Market | Type |
---|---|---|---|
AGCO Corp | NYSE:AGCO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-4.95 | -4.15% | 114.19 | 117.425 | 114.03 | 117.08 | 912,648 | 23:00:00 |
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☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from _________ to _________
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Delaware
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58-1960019
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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4205 River Green Parkway
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Duluth,
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Georgia
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30096
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(Address of principal executive offices)
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(Zip Code)
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Securities registered pursuant to Section 12(b) of the Act:
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Title of Class
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Trading Symbol
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Name of exchange on which registered
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Common stock
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AGCO
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New York Stock Exchange
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x
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Large accelerated filer
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o
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Accelerated filer
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o
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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TABLE OF CONTENTS
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Percentage of Net Sales
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|||||||
Product
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Product Description
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2019(1)
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2018(1)
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|
2017
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|||
Tractors
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•
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High horsepower tractors (100 to 650 horsepower); typically used on large acreage farms, primarily for row crop production, soil cultivation, planting, land leveling, seeding and commercial hay operations.
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57
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%
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57
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%
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57
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%
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•
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Utility tractors (40 to 130 horsepower); typically used on small- and medium-sized farms and in specialty agricultural industries, including dairy, livestock, orchards and vineyards
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|
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|||
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•
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Compact tractors (under 40 horsepower); typically used on small farms and specialty agricultural industries, as well as for landscaping, equestrian and residential uses
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Replacement Parts
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•
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Replacement parts for all of the products we sell, including products no longer in production. Most of our products can be economically maintained with parts and service for a period of ten to 20 years. Our parts inventories are maintained and distributed through a network of master and regional warehouses throughout North America, South America, Europe, Africa, China and Australia in order to provide timely response to customer demand for replacement parts
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15
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%
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14
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%
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16
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%
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Grain Storage and Protein Production Systems
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•
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Grain storage bins and related drying and handling equipment systems; seed-processing systems; swine and poultry feed storage and delivery, ventilation and watering systems; and egg production systems and broiler production equipment
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11
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%
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12
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%
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13
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%
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Hay Tools and Forage Equipment, Implements & Other Equipment
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•
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Round and rectangular balers, loader wagons, self-propelled windrowers, forage harvesters, disc mowers, spreaders, rakes, tedders, and mower conditioners; used for the harvesting and packaging of vegetative feeds used in the cattle, dairy, horse and renewable fuel industries
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10
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%
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10
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%
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7
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%
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•
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Implements, including disc harrows, which cut through crop residue, leveling seed beds and mixing chemicals with the soils; heavy tillage, which break up soil and mix crop residue into topsoil, with or without prior discing; field cultivators, which prepare a smooth seed bed and destroy weeds; and drills, which are primarily used for small grain seeding
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•
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Planters and other planting equipment; used to plant seeds and apply fertilizer in the field, typically used for row crops, including planting technologies that cover the areas of monitoring and measurement, liquid control and delivery, meter accuracy and seed delivery
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•
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Other equipment, including loaders; used for a variety of tasks, including lifting and transporting hay crops
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Combines
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•
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Combines, sold with a variety of threshing technologies and complemented by a variety of crop-harvesting heads; typically used in harvesting grain crops such as corn, wheat, soybeans and rice
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3
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%
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3
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%
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4
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%
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Application Equipment
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•
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Self-propelled, three- and four-wheeled vehicles and related equipment; for use in the application of liquid and dry fertilizers and crop protection chemicals both prior to planting crops (“pre-emergence”) and after crops emerge from the ground (“post-emergence”)
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3
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%
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3
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%
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3
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%
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Independent Dealers and Distributors
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Percent of Net Sales
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Geographical Region
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2019
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2019
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2018(1)
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2017
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Europe
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770
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58
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%
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57
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%
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53
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%
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North America
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1,875
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24
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%
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23
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%
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23
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%
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South America
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250
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9
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%
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10
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%
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13
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%
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Rest of World (2)
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380
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9
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%
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9
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%
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11
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%
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•
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annual reports on Form 10-K;
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•
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quarterly reports on Form 10-Q;
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•
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current reports on Form 8-K;
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•
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proxy statements for the annual meetings of stockholders; and
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•
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reports on Form SD.
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•
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charters for the standing committees of our board of directors, which are available under the heading “Charters of the Committees of the Board” in the “Governance, Committees, & Charters” section of the “Corporate Governance” section of our website located under “Investors,” and
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•
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our Global Code of Conduct, which is available under the heading “Global Code of Conduct” in the “Corporate Governance” section of our website located under “Investors.”
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•
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innovation;
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•
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customer acceptance;
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•
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the efficiency of our suppliers in providing component parts and of our manufacturing facilities in producing final products; and
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•
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the performance and quality of our products relative to those of our competitors.
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•
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requiring us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, which would reduce the availability of our cash flow to fund future working capital, capital expenditures, acquisitions and other general corporate purposes;
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•
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increasing our vulnerability to general adverse economic and industry conditions;
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•
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limiting our flexibility in planning for, or reacting to, changes in our business and the agricultural industry;
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•
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restricting us from being able to introduce new products or pursuing business opportunities;
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•
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placing us at a competitive disadvantage compared to our competitors that may have less indebtedness; and
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limiting, along with the financial and other restrictive covenants in our indebtedness, among other things, our ability to borrow additional funds, repurchase shares, pay cash dividends or engage in or enter into certain transactions.
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the costs of integrating acquired businesses and their operations may be higher than we expect and may require significant attention from our management;
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•
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the businesses we acquire may have undisclosed liabilities, such as environmental liabilities or liabilities for violations of laws, such as the FCPA, that we did not expect; and
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•
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our ability to successfully carry out our growth strategies for acquired businesses will be affected by, among other things, our ability to maintain and enhance our relationships with their existing customers, our ability to provide additional product distribution opportunities to them through our existing distribution channels, changes in the spending patterns and preferences of customers and potential customers, fluctuating economic and competitive conditions and our ability to retain their key personnel.
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Location
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Description of Property
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Leased
(Sq. Ft.)
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Owned
(Sq. Ft.)
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United States:
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Assumption, Illinois
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Manufacturing/Sales and Administrative Office
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933,900
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Batavia, Illinois
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Parts Distribution
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310,200
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Duluth, Georgia
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Corporate Headquarters
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159,000
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Hesston, Kansas
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Manufacturing
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6,300
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1,469,100
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Jackson, Minnesota
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Manufacturing
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51,400
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986,400
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International:
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Beauvais, France(1)
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Manufacturing
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14,300
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2,231,300
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Breganze, Italy
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Manufacturing
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11,800
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1,562,000
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Ennery, France
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Parts Distribution
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839,600
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360,300
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Linnavuori, Finland
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Manufacturing
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245,400
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396,300
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Hohenmölsen, Germany
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Manufacturing
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437,000
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Marktoberdorf, Germany
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Manufacturing
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231,600
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1,504,600
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Wolfenbüttel, Germany
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Manufacturing
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546,700
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Stockerau, Austria
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Manufacturing
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160,700
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Biatorbagy, Hungary
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Manufacturing
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287,300
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Thisted, Denmark
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Manufacturing
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133,200
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295,300
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Suolahti, Finland
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Manufacturing/Parts Distribution
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97,500
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561,400
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Canoas, Brazil
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Regional Headquarters/Manufacturing
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12,900
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1,120,000
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Mogi das Cruzes, Brazil
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Manufacturing
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737,400
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Santa Rosa, Brazil
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Manufacturing
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508,900
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Changzhou, China
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Manufacturing
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186,800
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767,000
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(1)
|
Includes our joint venture, GIMA, in which we own a 50% interest.
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Item 5.
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Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
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Cumulative Total Return for the Years Ended December 31,
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||||||||||||||||||||||
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2014
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2015
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2016
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2017
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2018
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2019
|
||||||||||||
AGCO Corporation
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$
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100.00
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$
|
101.39
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$
|
130.61
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$
|
162.62
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$
|
127.97
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$
|
179.20
|
|
S&P Midcap 400 Index
|
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100.00
|
|
|
97.82
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|
118.11
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|
137.30
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122.08
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|
154.07
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||||||
Peer Group Index
|
|
100.00
|
|
|
77.51
|
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|
110.42
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|
|
159.78
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|
|
135.87
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|
176.12
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Period
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Total Number of Shares Purchased
|
|
Average Price Paid per Share
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Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
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Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions)(3)
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October 1, 2019 through
October 31, 2019(1)
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84,570
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|
$
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71.39
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|
|
84,570
|
|
|
$
|
47.1
|
|
November 1, 2019 through
November 30, 2019(2)
|
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308,880
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|
|
$
|
78.70
|
|
|
308,880
|
|
|
$
|
17.1
|
|
December 1, 2019 through
December 31, 2019(2)
|
|
72,291
|
|
|
$
|
78.70
|
|
|
72,291
|
|
|
$
|
300.0
|
|
Total
|
|
465,741
|
|
|
$
|
74.87
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|
|
465,741
|
|
|
$
|
300.0
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(1)
|
In August 2019, we entered into an ASR agreement with a third-party financial institution to repurchase $30.0 million of shares of our common stock. The ASR agreement resulted in the initial delivery of our common stock, representing approximately 80% of the shares that was expected to be repurchased in connection with the transaction. In October 2019, the remaining shares were delivered. As reflected in the table above, the average price paid per share for the ASR agreement was the volume-weighted average stock price of our common stock over the term of the ASR agreement. Refer to Note 9 of our Consolidated Financial Statements contained in Item 8, “Financial Statements and Supplementary Data,” for a further discussion of this matter.
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(2)
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In November 2019, we entered into an ASR agreement with a third-party financial institution to repurchase $30.0 million of shares of our common stock. Refer to Note 9 of our Consolidated Financial Statements contained in Item 8, “Financial Statements and Supplementary Data,” for a further discussion of this matter.
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(3)
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The remaining amount authorized to be repurchased under board-approved share repurchase authorizations was approximately $300.0 million, which has no expiration date.
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Years Ended December 31,
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2019
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2018
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2017
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2016
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2015
|
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(in millions, except per share data)
|
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Operating Data:
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|
||||||||||
Net sales
|
|
$
|
9,041.4
|
|
|
$
|
9,352.0
|
|
|
$
|
8,306.5
|
|
|
$
|
7,410.5
|
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$
|
7,467.3
|
|
Gross profit
|
|
1,984.3
|
|
|
1,996.7
|
|
|
1,765.3
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|
|
1,515.5
|
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1,560.6
|
|
|||||
Income from operations
|
|
348.1
|
|
|
489.0
|
|
|
404.4
|
|
|
287.0
|
|
|
358.6
|
|
|||||
Net income
|
|
122.8
|
|
|
283.7
|
|
|
189.3
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|
|
160.2
|
|
|
264.0
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|||||
Net loss (income) attributable to noncontrolling interests
|
|
2.4
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|
|
1.8
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|
(2.9
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)
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(0.1
|
)
|
|
2.4
|
|
|||||
Net income attributable to AGCO Corporation and subsidiaries
|
|
$
|
125.2
|
|
|
$
|
285.5
|
|
|
$
|
186.4
|
|
|
$
|
160.1
|
|
|
$
|
266.4
|
|
Net income per common share — diluted
|
|
$
|
1.63
|
|
|
$
|
3.58
|
|
|
$
|
2.32
|
|
|
$
|
1.96
|
|
|
$
|
3.06
|
|
Cash dividends declared and paid per common share
|
|
$
|
0.63
|
|
|
$
|
0.60
|
|
|
$
|
0.56
|
|
|
$
|
0.52
|
|
|
$
|
0.48
|
|
Weighted average shares outstanding — diluted
|
|
77.0
|
|
|
79.7
|
|
|
80.2
|
|
|
81.7
|
|
|
87.1
|
|
|
|
As of December 31,
|
||||||||||||||||||
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|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
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(in millions, except number of employees)
|
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Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$
|
432.8
|
|
|
$
|
326.1
|
|
|
$
|
367.7
|
|
|
$
|
429.7
|
|
|
$
|
426.7
|
|
Total assets
|
|
7,759.7
|
|
|
7,626.4
|
|
|
7,971.7
|
|
|
7,168.4
|
|
|
6,497.7
|
|
|||||
Total long-term debt, excluding current portion and debt issuance costs
|
|
1,191.8
|
|
|
1,275.3
|
|
|
1,618.1
|
|
|
1,610.0
|
|
|
925.2
|
|
|||||
Stockholders’ equity
|
|
2,907.0
|
|
|
2,993.5
|
|
|
3,095.3
|
|
|
2,837.2
|
|
|
2,883.3
|
|
|||||
Other Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Number of employees
|
|
20,961
|
|
|
21,232
|
|
|
20,462
|
|
|
19,795
|
|
|
19,588
|
|
|
Years Ended December 31,
|
|||||||
|
2019(1)
|
|
2018(1)
|
|
2017(1)
|
|||
Net sales
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of goods sold
|
78.1
|
|
|
78.6
|
|
|
78.7
|
|
Gross profit
|
21.9
|
|
|
21.4
|
|
|
21.3
|
|
Selling, general and administrative expenses
|
11.5
|
|
|
11.4
|
|
|
11.6
|
|
Engineering expenses
|
3.8
|
|
|
3.8
|
|
|
3.9
|
|
Impairment charges
|
2.0
|
|
|
—
|
|
|
—
|
|
Amortization of intangibles
|
0.7
|
|
|
0.7
|
|
|
0.7
|
|
Restructuring expenses
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
Bad debt expense
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
Income from operations
|
3.9
|
|
|
5.3
|
|
|
4.9
|
|
Interest expense, net
|
0.2
|
|
|
0.6
|
|
|
0.5
|
|
Other expense, net
|
0.7
|
|
|
0.8
|
|
|
0.9
|
|
Income before income taxes and equity in net earnings of affiliates
|
2.9
|
|
|
3.9
|
|
|
3.4
|
|
Income tax provision
|
2.0
|
|
|
1.2
|
|
|
1.6
|
|
Income before equity in net earnings of affiliates
|
0.9
|
|
|
2.7
|
|
|
1.8
|
|
Equity in net earnings of affiliates
|
0.5
|
|
|
0.4
|
|
|
0.5
|
|
Net income
|
1.4
|
|
|
3.0
|
|
|
2.3
|
|
Net loss (income) attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
Net income attributable to AGCO Corporation and subsidiaries
|
1.4
|
%
|
|
3.1
|
%
|
|
2.2
|
%
|
|
|
|
|
|
Change
|
|
Change due to Currency Translation
|
||||||||||||||
|
2019
|
|
2018
|
|
$
|
|
%
|
|
$
|
|
%
|
||||||||||
North America
|
$
|
2,191.8
|
|
|
$
|
2,180.1
|
|
|
$
|
11.7
|
|
|
0.5
|
%
|
|
$
|
(8.5
|
)
|
|
(0.4
|
)%
|
South America
|
802.2
|
|
|
959.0
|
|
|
(156.8
|
)
|
|
(16.4
|
)%
|
|
(49.9
|
)
|
|
(5.2
|
)%
|
||||
EME
|
5,328.8
|
|
|
5,385.1
|
|
|
(56.3
|
)
|
|
(1.0
|
)%
|
|
(295.0
|
)
|
|
(5.5
|
)%
|
||||
APA
|
718.6
|
|
|
827.8
|
|
|
(109.2
|
)
|
|
(13.2
|
)%
|
|
(35.8
|
)
|
|
(4.3
|
)%
|
||||
|
$
|
9,041.4
|
|
|
$
|
9,352.0
|
|
|
$
|
(310.6
|
)
|
|
(3.3
|
)%
|
|
$
|
(389.2
|
)
|
|
(4.2
|
)%
|
|
2019
|
|
2018
|
||||||||||
|
$
|
|
% of
Net Sales(1)
|
|
$
|
|
% of
Net Sales
|
||||||
Gross profit
|
$
|
1,984.3
|
|
|
21.9
|
%
|
|
$
|
1,996.7
|
|
|
21.4
|
%
|
Selling, general and administrative expenses
|
1,040.3
|
|
|
11.5
|
%
|
|
1,069.4
|
|
|
11.4
|
%
|
||
Engineering expenses
|
343.4
|
|
|
3.8
|
%
|
|
355.2
|
|
|
3.8
|
%
|
||
Impairment charges
|
176.6
|
|
|
2.0
|
%
|
|
—
|
|
|
—
|
%
|
||
Amortization of intangibles
|
61.1
|
|
|
0.7
|
%
|
|
64.7
|
|
|
0.7
|
%
|
||
Restructuring expenses
|
9.0
|
|
|
0.1
|
%
|
|
12.0
|
|
|
0.1
|
%
|
||
Bad debt expense
|
5.8
|
|
|
0.1
|
%
|
|
6.4
|
|
|
0.1
|
%
|
||
Income from operations
|
$
|
348.1
|
|
|
3.9
|
%
|
|
$
|
489.0
|
|
|
5.3
|
%
|
|
Three Months Ended
|
||||||||||||||
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
|
(in millions, except per share data)
|
||||||||||||||
2019:
|
|
|
|
|
|
|
|
||||||||
Net sales
|
$
|
1,995.8
|
|
|
$
|
2,422.6
|
|
|
$
|
2,109.4
|
|
|
$
|
2,513.6
|
|
Gross profit
|
456.7
|
|
|
563.9
|
|
|
450.2
|
|
|
513.5
|
|
||||
Income (loss) from operations
|
92.4
|
|
|
199.6
|
|
|
105.9
|
|
|
(49.8
|
)
|
||||
Net income (loss)
|
65.7
|
|
|
140.4
|
|
|
6.3
|
|
|
(89.6
|
)
|
||||
Net (income) loss attributable to noncontrolling interests
|
(0.6
|
)
|
|
0.4
|
|
|
1.3
|
|
|
1.3
|
|
||||
Net income (loss) attributable to AGCO Corporation and subsidiaries
|
65.1
|
|
|
140.8
|
|
|
7.6
|
|
|
(88.3
|
)
|
||||
Net income (loss) per common share attributable to AGCO Corporation and subsidiaries — diluted
|
0.84
|
|
|
1.82
|
|
|
0.10
|
|
|
(1.17
|
)
|
||||
2018:
|
|
|
|
|
|
|
|
||||||||
Net sales
|
$
|
2,007.5
|
|
|
$
|
2,537.6
|
|
|
$
|
2,214.7
|
|
|
$
|
2,592.2
|
|
Gross profit
|
428.0
|
|
|
556.3
|
|
|
473.7
|
|
|
538.7
|
|
||||
Income from operations
|
50.5
|
|
|
168.1
|
|
|
111.3
|
|
|
159.1
|
|
||||
Net income
|
25.0
|
|
|
90.4
|
|
|
70.7
|
|
|
97.6
|
|
||||
Net (income) loss attributable to noncontrolling interests
|
(0.7
|
)
|
|
1.0
|
|
|
0.4
|
|
|
1.1
|
|
||||
Net income attributable to AGCO Corporation and subsidiaries
|
24.3
|
|
|
91.4
|
|
|
71.1
|
|
|
98.7
|
|
||||
Net income per common share attributable to AGCO Corporation and subsidiaries — diluted
|
0.30
|
|
|
1.14
|
|
|
0.89
|
|
|
1.26
|
|
|
December 31, 2019
|
||
1.002% Senior term loan due 2025(1)
|
$
|
280.2
|
|
Senior term loan due 2022(1)
|
168.1
|
|
|
Credit facility, expires 2023
|
—
|
|
|
Senior term loans due between 2021 and 2028(1)
|
736.2
|
|
|
Other long-term debt
|
12.5
|
|
|
Payments Due By Period
|
||||||||||||||||||
|
Total
|
|
2020
|
|
2021 to 2022
|
|
2023 to 2024
|
|
2025 and Beyond
|
||||||||||
Indebtedness(1)
|
$
|
1,270.9
|
|
|
$
|
76.8
|
|
|
$
|
468.3
|
|
|
$
|
280.8
|
|
|
$
|
445.0
|
|
Interest payments related to indebtedness(2)
|
57.4
|
|
|
13.9
|
|
|
24.0
|
|
|
13.8
|
|
|
5.7
|
|
|||||
Capital lease obligations
|
18.9
|
|
|
4.8
|
|
|
3.9
|
|
|
1.5
|
|
|
8.7
|
|
|||||
Operating lease obligations
|
223.0
|
|
|
48.3
|
|
|
72.3
|
|
|
40.8
|
|
|
61.6
|
|
|||||
Unconditional purchase obligations
|
127.7
|
|
|
102.1
|
|
|
25.4
|
|
|
0.2
|
|
|
—
|
|
|||||
Other short-term and long-term obligations(3)
|
296.0
|
|
|
91.7
|
|
|
105.8
|
|
|
50.9
|
|
|
47.6
|
|
|||||
Total contractual cash obligations
|
$
|
1,993.9
|
|
|
$
|
337.6
|
|
|
$
|
699.7
|
|
|
$
|
388.0
|
|
|
$
|
568.6
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Amount of Commitment Expiration Per Period
|
||||||||||||||||||
|
Total
|
|
2020
|
|
2021 to 2022
|
|
2023 to 2024
|
|
2025 and Beyond
|
||||||||||
Standby letters of credit and similar instruments
|
$
|
14.8
|
|
|
$
|
14.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Guarantees
|
66.6
|
|
|
44.7
|
|
|
13.0
|
|
|
8.4
|
|
|
0.5
|
|
|||||
Total commercial commitments and letters of credit
|
$
|
81.4
|
|
|
$
|
59.5
|
|
|
$
|
13.0
|
|
|
$
|
8.4
|
|
|
$
|
0.5
|
|
(1)
|
Indebtedness amounts reflect the principal amount of our senior term loan, senior notes and credit facility.
|
(2)
|
Estimated interest payments are calculated assuming current interest rates over minimum maturity periods specified in debt agreements. Debt may be repaid sooner or later than such minimum maturity periods.
|
(3)
|
Other short-term and long-term obligations include estimates of future minimum contribution requirements under our U.S. and non-U.S. defined benefit pension and postretirement plans. These estimates are based on current legislation in the countries we operate within and are subject to change. Other short-term and long-term obligations also include income tax liabilities related to uncertain income tax positions connected with ongoing income tax audits in various jurisdictions.
|
• Discount rates
|
• Inflation
|
• Salary growth
|
• Expected return on plan assets
|
• Retirement rates and ages
|
• Mortality rates
|
•
|
Our inflation assumption is based on an evaluation of external market indicators.
|
•
|
The salary growth assumptions reflect our long-term actual experience, the near-term outlook and assumed inflation.
|
•
|
The expected return on plan asset assumptions reflects asset allocations, investment strategy, historical experience and the views of investment managers, and reflects a projection of the expected arithmetic returns over ten years.
|
•
|
Determination of retirement rates and ages as well as termination rates, based on actual plan experience, actuarial standards of practice and the manner in which our defined benefit plans are being administered.
|
•
|
The mortality rates for the U.K. defined benefit pension plan was updated in 2019 to reflect the latest expected improvements in the life expectancy of the plan participants. The mortality rates for the U.S. defined benefit pension plans were updated in 2019 to reflect the Society of Actuaries’ most recent findings on the topic of mortality.
|
•
|
The fair value of assets used to determine the expected return on assets does not reflect any delayed recognition of asset gains and losses.
|
|
ENPP
|
|
U.S. Plans
|
|
U.K. Plan
|
Average amortization period of losses related to defined benefit pension plans
|
7 years
|
|
15 years
|
|
19 years
|
|
Page
|
•
|
performing an independent assessment of the Company’s tax positions and comparing the results to the Company’s assessment.
|
•
|
comparing the Company’s discount rate inputs and market multiples to market data and publicly available information for comparable entities to test the selected discount rate and market multiples, and
|
•
|
testing the estimate of fair value for the grain storage and protein production systems Europe/Middle East reporting unit using the Company’s cash flow forecast and discount rate, and comparing the results to the Company’s fair value estimate.
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net sales
|
$
|
9,041.4
|
|
|
$
|
9,352.0
|
|
|
$
|
8,306.5
|
|
Cost of goods sold
|
7,057.1
|
|
|
7,355.3
|
|
|
6,541.2
|
|
|||
Gross profit
|
1,984.3
|
|
|
1,996.7
|
|
|
1,765.3
|
|
|||
Operating expenses:
|
|
|
|
|
|
||||||
Selling, general and administrative expenses
|
1,040.3
|
|
|
1,069.4
|
|
|
964.7
|
|
|||
Engineering expenses
|
343.4
|
|
|
355.2
|
|
|
323.4
|
|
|||
Impairment charges
|
176.6
|
|
|
—
|
|
|
—
|
|
|||
Amortization of intangibles
|
61.1
|
|
|
64.7
|
|
|
57.0
|
|
|||
Restructuring expenses
|
9.0
|
|
|
12.0
|
|
|
11.2
|
|
|||
Bad debt expense
|
5.8
|
|
|
6.4
|
|
|
4.6
|
|
|||
Income from operations
|
348.1
|
|
|
489.0
|
|
|
404.4
|
|
|||
Interest expense, net
|
19.9
|
|
|
53.8
|
|
|
45.1
|
|
|||
Other expense, net
|
67.1
|
|
|
74.9
|
|
|
75.5
|
|
|||
Income before income taxes and equity in net earnings of affiliates
|
261.1
|
|
|
360.3
|
|
|
283.8
|
|
|||
Income tax provision
|
180.8
|
|
|
110.9
|
|
|
133.6
|
|
|||
Income before equity in net earnings of affiliates
|
80.3
|
|
|
249.4
|
|
|
150.2
|
|
|||
Equity in net earnings of affiliates
|
42.5
|
|
|
34.3
|
|
|
39.1
|
|
|||
Net income
|
122.8
|
|
|
283.7
|
|
|
189.3
|
|
|||
Net loss (income) attributable to noncontrolling interests
|
2.4
|
|
|
1.8
|
|
|
(2.9
|
)
|
|||
Net income attributable to AGCO Corporation and subsidiaries
|
$
|
125.2
|
|
|
$
|
285.5
|
|
|
$
|
186.4
|
|
Net income per common share attributable to AGCO Corporation and subsidiaries:
|
|
|
|
|
|
|
|
|
|||
Basic
|
$
|
1.64
|
|
|
$
|
3.62
|
|
|
$
|
2.34
|
|
Diluted
|
$
|
1.63
|
|
|
$
|
3.58
|
|
|
$
|
2.32
|
|
Cash dividends declared and paid per common share
|
$
|
0.63
|
|
|
$
|
0.60
|
|
|
$
|
0.56
|
|
Weighted average number of common and common equivalent shares outstanding:
|
|
|
|
|
|
|
|
|
|||
Basic
|
76.2
|
|
|
78.8
|
|
|
79.5
|
|
|||
Diluted
|
77.0
|
|
|
79.7
|
|
|
80.2
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net income
|
$
|
122.8
|
|
|
$
|
283.7
|
|
|
$
|
189.3
|
|
Other comprehensive (loss) income, net of reclassification adjustments:
|
|
|
|
|
|
||||||
Defined benefit pension plans, net of taxes:
|
|
|
|
|
|
||||||
Prior service cost arising during the year
|
(4.7
|
)
|
|
(7.0
|
)
|
|
—
|
|
|||
Net loss recognized due to settlement
|
0.6
|
|
|
0.9
|
|
|
0.2
|
|
|||
Net actuarial (loss) gain arising during the year
|
(23.3
|
)
|
|
(4.2
|
)
|
|
6.6
|
|
|||
Amortization of prior service cost included in net periodic pension cost
|
1.6
|
|
|
1.3
|
|
|
1.3
|
|
|||
Amortization of net actuarial losses included in net periodic pension cost
|
11.8
|
|
|
11.7
|
|
|
11.3
|
|
|||
Derivative adjustments:
|
|
|
|
|
|
||||||
Net changes in fair value of derivatives
|
(2.6
|
)
|
|
(1.1
|
)
|
|
2.0
|
|
|||
Net (gains) losses reclassified from accumulated other comprehensive loss into income
|
(0.1
|
)
|
|
7.2
|
|
|
2.0
|
|
|||
Foreign currency translation adjustments
|
(20.6
|
)
|
|
(206.8
|
)
|
|
57.8
|
|
|||
Other comprehensive (loss) income, net of reclassification adjustments
|
(37.3
|
)
|
|
(198.0
|
)
|
|
81.2
|
|
|||
Comprehensive income
|
85.5
|
|
|
85.7
|
|
|
270.5
|
|
|||
Comprehensive (income) loss attributable to noncontrolling interests
|
(0.1
|
)
|
|
6.0
|
|
|
(4.1
|
)
|
|||
Comprehensive income attributable to AGCO Corporation and subsidiaries
|
$
|
85.4
|
|
|
$
|
91.7
|
|
|
$
|
266.4
|
|
|
December 31,
2019 |
|
December 31,
2018 |
||||
ASSETS
|
|||||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
432.8
|
|
|
$
|
326.1
|
|
Accounts and notes receivable, net
|
800.5
|
|
|
880.3
|
|
||
Inventories, net
|
2,078.7
|
|
|
1,908.7
|
|
||
Other current assets
|
417.1
|
|
|
422.3
|
|
||
Total current assets
|
3,729.1
|
|
|
3,537.4
|
|
||
Property, plant and equipment, net
|
1,416.3
|
|
|
1,373.1
|
|
||
Right-of-use lease assets
|
187.3
|
|
|
—
|
|
||
Investment in affiliates
|
380.2
|
|
|
400.0
|
|
||
Deferred tax assets
|
93.8
|
|
|
104.9
|
|
||
Other assets
|
153.0
|
|
|
142.4
|
|
||
Intangible assets, net
|
501.7
|
|
|
573.1
|
|
||
Goodwill
|
1,298.3
|
|
|
1,495.5
|
|
||
Total assets
|
$
|
7,759.7
|
|
|
$
|
7,626.4
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|||||||
Current Liabilities:
|
|
|
|
||||
Current portion of long-term debt
|
$
|
2.9
|
|
|
$
|
72.6
|
|
Short-term borrowings
|
150.5
|
|
|
138.0
|
|
||
Accounts payable
|
914.8
|
|
|
865.9
|
|
||
Accrued expenses
|
1,654.2
|
|
|
1,522.4
|
|
||
Other current liabilities
|
162.1
|
|
|
167.8
|
|
||
Total current liabilities
|
2,884.5
|
|
|
2,766.7
|
|
||
Long-term debt, less current portion and debt issuance costs
|
1,191.8
|
|
|
1,275.3
|
|
||
Operating lease liabilities
|
148.6
|
|
|
—
|
|
||
Pensions and postretirement health care benefits
|
232.1
|
|
|
223.2
|
|
||
Deferred tax liabilities
|
107.0
|
|
|
116.3
|
|
||
Other noncurrent liabilities
|
288.7
|
|
|
251.4
|
|
||
Total liabilities
|
4,852.7
|
|
|
4,632.9
|
|
||
Commitments and contingencies (Note 12)
|
|
|
|
|
|
||
Stockholders’ Equity:
|
|
|
|
||||
AGCO Corporation stockholders’ equity:
|
|
|
|
||||
Preferred stock; $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding in 2019 and 2018
|
—
|
|
|
—
|
|
||
Common stock; $0.01 par value, 150,000,000 shares authorized, 75,471,562 and 76,536,755 shares issued and outstanding at December 31, 2019 and 2018, respectively
|
0.8
|
|
|
0.8
|
|
||
Additional paid-in capital
|
4.7
|
|
|
10.2
|
|
||
Retained earnings
|
4,443.5
|
|
|
4,477.3
|
|
||
Accumulated other comprehensive loss
|
(1,595.2
|
)
|
|
(1,555.4
|
)
|
||
Total AGCO Corporation stockholders’ equity
|
2,853.8
|
|
|
2,932.9
|
|
||
Noncontrolling interests
|
53.2
|
|
|
60.6
|
|
||
Total stockholders’ equity
|
2,907.0
|
|
|
2,993.5
|
|
||
Total liabilities and stockholders’ equity
|
$
|
7,759.7
|
|
|
$
|
7,626.4
|
|
|
|
|
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Noncontrolling
Interests
|
|
Total
Stockholders’
Equity
|
|||||||||||||||||||||||||
|
Common Stock
|
|
|
|
Defined
Benefit
Pension
Plans
|
|
Cumulative
Translation
Adjustment
|
|
Deferred
(Losses) Gains on
Derivatives
|
|
Accumulated
Other
Comprehensive Loss
|
|
|
|||||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Balance, December 31, 2016
|
79,465,393
|
|
|
$
|
0.8
|
|
|
$
|
103.3
|
|
|
$
|
4,113.6
|
|
|
$
|
(304.5
|
)
|
|
$
|
(1,128.4
|
)
|
|
$
|
(8.7
|
)
|
|
$
|
(1,441.6
|
)
|
|
$
|
61.1
|
|
|
$
|
2,837.2
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
186.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.9
|
|
|
189.3
|
|
|||||||||
Payment of dividends to shareholders
|
—
|
|
|
—
|
|
|
—
|
|
|
(44.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(44.5
|
)
|
|||||||||
Issuance of restricted stock
|
12,066
|
|
|
—
|
|
|
0.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
|||||||||
Issuance of stock awards
|
54,309
|
|
|
—
|
|
|
(2.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.2
|
)
|
|||||||||
SSARs exercised
|
92,521
|
|
|
—
|
|
|
(4.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.4
|
)
|
|||||||||
Stock compensation
|
—
|
|
|
—
|
|
|
39.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39.1
|
|
|||||||||
Investment by noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|
0.5
|
|
|||||||||
Purchases and retirement of common stock
|
(70,464
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Adjustment related to the adoption of ASU 2016-09
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.7
|
)
|
|||||||||
Defined benefit pension plans, net of taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net loss recognized due to settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|||||||||
Net actuarial gain arising during year
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.6
|
|
|
—
|
|
|
—
|
|
|
6.6
|
|
|
—
|
|
|
6.6
|
|
|||||||||
Amortization of prior service cost included in net periodic pension cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.3
|
|
|
—
|
|
|
—
|
|
|
1.3
|
|
|
—
|
|
|
1.3
|
|
|||||||||
Amortization of net actuarial losses included in net periodic pension cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11.3
|
|
|
—
|
|
|
—
|
|
|
11.3
|
|
|
—
|
|
|
11.3
|
|
|||||||||
Deferred gains and losses on derivatives, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.0
|
|
|
4.0
|
|
|
—
|
|
|
4.0
|
|
|||||||||
Change in cumulative translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
56.6
|
|
|
—
|
|
|
56.6
|
|
|
1.2
|
|
|
57.8
|
|
|||||||||
Balance, December 31, 2017
|
79,553,825
|
|
|
0.8
|
|
|
136.6
|
|
|
4,253.8
|
|
|
(285.1
|
)
|
|
(1,071.8
|
)
|
|
(4.7
|
)
|
|
(1,361.6
|
)
|
|
65.7
|
|
|
3,095.3
|
|
|||||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
285.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.8
|
)
|
|
283.7
|
|
|||||||||
Payment of dividends to shareholders
|
—
|
|
|
—
|
|
|
—
|
|
|
(47.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(47.1
|
)
|
|||||||||
Issuance of restricted stock
|
12,629
|
|
|
—
|
|
|
0.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
|||||||||
Issuance of stock awards
|
75,604
|
|
|
—
|
|
|
(3.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3.1
|
)
|
|||||||||
SSARs exercised
|
14,881
|
|
|
—
|
|
|
(0.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.6
|
)
|
|||||||||
Stock compensation
|
—
|
|
|
—
|
|
|
45.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45.5
|
|
|||||||||
Investment by noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.0
|
|
|
1.0
|
|
|||||||||
Distribution to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|||||||||
Purchases and retirement of common stock
|
(3,120,184
|
)
|
|
—
|
|
|
(169.0
|
)
|
|
(15.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(184.3
|
)
|
|||||||||
Adjustment related to the adoption of ASU 2014-09
|
—
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
|||||||||
Defined benefit pension plans, net of taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Prior service cost arising during year
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7.0
|
)
|
|
—
|
|
|
—
|
|
|
(7.0
|
)
|
|
—
|
|
|
(7.0
|
)
|
|||||||||
Net loss recognized due to settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.9
|
|
|
—
|
|
|
—
|
|
|
0.9
|
|
|
—
|
|
|
0.9
|
|
|||||||||
Net actuarial loss arising during year
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.2
|
)
|
|
—
|
|
|
—
|
|
|
(4.2
|
)
|
|
—
|
|
|
(4.2
|
)
|
|||||||||
Amortization of prior service cost included in net periodic pension cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.3
|
|
|
—
|
|
|
—
|
|
|
1.3
|
|
|
—
|
|
|
1.3
|
|
|||||||||
Amortization of net actuarial losses included in net periodic pension cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11.7
|
|
|
—
|
|
|
—
|
|
|
11.7
|
|
|
—
|
|
|
11.7
|
|
|||||||||
Deferred gains and losses on derivatives, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.1
|
|
|
6.1
|
|
|
—
|
|
|
6.1
|
|
|||||||||
Change in cumulative translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(202.6
|
)
|
|
—
|
|
|
(202.6
|
)
|
|
(4.2
|
)
|
|
(206.8
|
)
|
|||||||||
Balance, December 31, 2018
|
76,536,755
|
|
|
0.8
|
|
|
10.2
|
|
|
4,477.3
|
|
|
(282.4
|
)
|
|
(1,274.4
|
)
|
|
1.4
|
|
|
(1,555.4
|
)
|
|
60.6
|
|
|
2,993.5
|
|
|||||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
125.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.4
|
)
|
|
122.8
|
|
|||||||||
Payment of dividends to shareholders
|
—
|
|
|
—
|
|
|
—
|
|
|
(48.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(48.0
|
)
|
|||||||||
Issuance of restricted stock
|
14,105
|
|
|
—
|
|
|
1.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.0
|
|
|||||||||
Issuance of stock awards
|
608,444
|
|
|
—
|
|
|
(13.3
|
)
|
|
(9.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23.0
|
)
|
|||||||||
SSARs exercised
|
106,514
|
|
|
—
|
|
|
(3.1
|
)
|
|
(1.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.8
|
)
|
|||||||||
Stock compensation
|
—
|
|
|
—
|
|
|
40.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40.3
|
|
|||||||||
Investment by noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.0
|
|
|
2.0
|
|
|||||||||
Distribution to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|
(0.4
|
)
|
|||||||||
Changes in noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9.1
|
)
|
|
(9.1
|
)
|
|||||||||
Purchases and retirement of common stock
|
(1,794,256
|
)
|
|
—
|
|
|
(30.4
|
)
|
|
(99.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(130.0
|
)
|
|||||||||
Defined benefit pension plans, net of taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Prior service cost arising during year
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.7
|
)
|
|
—
|
|
|
—
|
|
|
(4.7
|
)
|
|
—
|
|
|
(4.7
|
)
|
|||||||||
Net loss recognized due to settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
|
0.6
|
|
|||||||||
Net actuarial loss arising during year
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23.3
|
)
|
|
—
|
|
|
—
|
|
|
(23.3
|
)
|
|
—
|
|
|
(23.3
|
)
|
|||||||||
Amortization of prior service cost included in net periodic pension cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.6
|
|
|
—
|
|
|
—
|
|
|
1.6
|
|
|
—
|
|
|
1.6
|
|
|||||||||
Amortization of net actuarial losses included in net periodic pension cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11.8
|
|
|
—
|
|
|
—
|
|
|
11.8
|
|
|
—
|
|
|
11.8
|
|
|||||||||
Deferred gains and losses on derivatives, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.7
|
)
|
|
(2.7
|
)
|
|
—
|
|
|
(2.7
|
)
|
|||||||||
Change in cumulative translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23.1
|
)
|
|
—
|
|
|
(23.1
|
)
|
|
2.5
|
|
|
(20.6
|
)
|
|||||||||
Balance, December 31, 2019
|
75,471,562
|
|
|
$
|
0.8
|
|
|
$
|
4.7
|
|
|
$
|
4,443.5
|
|
|
$
|
(296.4
|
)
|
|
$
|
(1,297.5
|
)
|
|
$
|
(1.3
|
)
|
|
$
|
(1,595.2
|
)
|
|
$
|
53.2
|
|
|
$
|
2,907.0
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
122.8
|
|
|
$
|
283.7
|
|
|
$
|
189.3
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|||
Depreciation
|
210.9
|
|
|
225.2
|
|
|
222.8
|
|
|||
Impairment charges
|
176.6
|
|
|
—
|
|
|
—
|
|
|||
Amortization of intangibles
|
61.1
|
|
|
64.7
|
|
|
57.0
|
|
|||
Stock compensation expense
|
41.3
|
|
|
46.3
|
|
|
38.2
|
|
|||
Equity in net earnings of affiliates, net of cash received
|
—
|
|
|
(3.2
|
)
|
|
41.2
|
|
|||
Deferred income tax provision (benefit)
|
15.1
|
|
|
(14.7
|
)
|
|
(14.1
|
)
|
|||
Loss on extinguishment of debt
|
—
|
|
|
24.5
|
|
|
—
|
|
|||
Other
|
6.9
|
|
|
2.6
|
|
|
3.0
|
|
|||
Changes in operating assets and liabilities, net of effects from purchase of businesses:
|
|
|
|
|
|||||||
Accounts and notes receivable, net
|
63.8
|
|
|
63.3
|
|
|
(34.7
|
)
|
|||
Inventories, net
|
(216.3
|
)
|
|
(214.3
|
)
|
|
(196.0
|
)
|
|||
Other current and noncurrent assets
|
(14.4
|
)
|
|
(85.6
|
)
|
|
(36.6
|
)
|
|||
Accounts payable
|
35.7
|
|
|
(24.3
|
)
|
|
123.5
|
|
|||
Accrued expenses
|
114.5
|
|
|
161.3
|
|
|
149.0
|
|
|||
Other current and noncurrent liabilities
|
77.9
|
|
|
66.4
|
|
|
35.0
|
|
|||
Total adjustments
|
573.1
|
|
|
312.2
|
|
|
388.3
|
|
|||
Net cash provided by operating activities
|
695.9
|
|
|
595.9
|
|
|
577.6
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Purchases of property, plant and equipment
|
(273.4
|
)
|
|
(203.3
|
)
|
|
(203.9
|
)
|
|||
Proceeds from sale of property, plant and equipment
|
4.9
|
|
|
3.2
|
|
|
4.1
|
|
|||
Purchase of businesses, net of cash acquired
|
—
|
|
|
—
|
|
|
(293.1
|
)
|
|||
Investments in unconsolidated affiliates
|
(3.1
|
)
|
|
(5.8
|
)
|
|
(0.8
|
)
|
|||
Other
|
—
|
|
|
0.4
|
|
|
—
|
|
|||
Net cash used in investing activities
|
(271.6
|
)
|
|
(205.5
|
)
|
|
(493.7
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Proceeds from indebtedness
|
2,082.7
|
|
|
5,257.5
|
|
|
3,513.9
|
|
|||
Repayments of indebtedness
|
(2,191.1
|
)
|
|
(5,433.6
|
)
|
|
(3,639.7
|
)
|
|||
Purchases and retirement of common stock
|
(130.0
|
)
|
|
(184.3
|
)
|
|
—
|
|
|||
Payment of dividends to stockholders
|
(48.0
|
)
|
|
(47.1
|
)
|
|
(44.5
|
)
|
|||
Payment of minimum tax withholdings on stock compensation
|
(28.1
|
)
|
|
(4.0
|
)
|
|
(6.9
|
)
|
|||
Payment of debt issuance costs
|
(0.5
|
)
|
|
(2.7
|
)
|
|
—
|
|
|||
Investments by noncontrolling interests, net
|
1.6
|
|
|
0.9
|
|
|
0.5
|
|
|||
Net cash used in financing activities
|
(313.4
|
)
|
|
(413.3
|
)
|
|
(176.7
|
)
|
|||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(4.2
|
)
|
|
(18.7
|
)
|
|
30.8
|
|
|||
Increase (decrease) in cash, cash equivalents and restricted cash
|
106.7
|
|
|
(41.6
|
)
|
|
(62.0
|
)
|
|||
Cash, cash equivalents and restricted cash, beginning of year
|
326.1
|
|
|
367.7
|
|
|
429.7
|
|
|||
Cash, cash equivalents and restricted cash, end of year
|
$
|
432.8
|
|
|
$
|
326.1
|
|
|
$
|
367.7
|
|
|
December 31, 2019
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||
Cash(1)
|
$
|
412.3
|
|
|
$
|
290.5
|
|
|
$
|
317.0
|
|
Cash equivalents(2)
|
17.3
|
|
|
35.6
|
|
|
50.7
|
|
|||
Restricted cash(3)
|
3.2
|
|
|
—
|
|
|
—
|
|
|||
Total
|
$
|
432.8
|
|
|
$
|
326.1
|
|
|
$
|
367.7
|
|
Year Ended December 31, 2019
|
|
North America
|
|
South America
|
|
Europe/Middle East
|
|
Asia/Pacific/Africa
|
|
Consolidated
|
|||||||||||||
0 to 6 months
|
|
$
|
1,535.0
|
|
|
$
|
802.2
|
|
|
$
|
5,317.8
|
|
|
$
|
718.5
|
|
|
$
|
8,373.5
|
|
|
92.6
|
%
|
7 to 12 months
|
|
645.0
|
|
|
—
|
|
|
11.1
|
|
|
—
|
|
|
656.1
|
|
|
7.3
|
%
|
|||||
13 to 24 months
|
|
11.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11.8
|
|
|
0.1
|
%
|
|||||
|
|
$
|
2,191.8
|
|
|
$
|
802.2
|
|
|
$
|
5,328.9
|
|
|
$
|
718.5
|
|
|
$
|
9,041.4
|
|
|
100.0
|
%
|
|
2019
|
|
2018
|
||||
Sales incentive discounts
|
$
|
25.7
|
|
|
$
|
24.2
|
|
Doubtful accounts
|
28.8
|
|
|
31.7
|
|
||
|
$
|
54.5
|
|
|
$
|
55.9
|
|
|
2019
|
|
2018
|
||||
Finished goods
|
$
|
780.1
|
|
|
$
|
660.4
|
|
Repair and replacement parts
|
611.5
|
|
|
587.3
|
|
||
Work in process
|
213.4
|
|
|
217.5
|
|
||
Raw materials
|
473.7
|
|
|
443.5
|
|
||
Inventories, net
|
$
|
2,078.7
|
|
|
$
|
1,908.7
|
|
|
2019
|
|
2018
|
||||
Land
|
$
|
142.5
|
|
|
$
|
125.3
|
|
Buildings and improvements
|
808.1
|
|
|
769.1
|
|
||
Machinery and equipment
|
2,522.0
|
|
|
2,391.8
|
|
||
Furniture and fixtures
|
153.4
|
|
|
148.6
|
|
||
Gross property, plant and equipment
|
3,626.0
|
|
|
3,434.8
|
|
||
Accumulated depreciation and amortization
|
(2,209.7
|
)
|
|
(2,061.7
|
)
|
||
Property, plant and equipment, net
|
$
|
1,416.3
|
|
|
$
|
1,373.1
|
|
|
North America
|
|
South America
|
|
Europe/Middle East
|
|
Asia/Pacific/Africa
|
|
Consolidated
|
||||||||||
Balance as of December 31, 2016
|
$
|
543.9
|
|
|
$
|
138.8
|
|
|
$
|
581.9
|
|
|
$
|
111.8
|
|
|
$
|
1,376.4
|
|
Acquisitions
|
67.2
|
|
|
—
|
|
|
17.4
|
|
|
—
|
|
|
84.6
|
|
|||||
Foreign currency translation
|
—
|
|
|
(2.4
|
)
|
|
71.7
|
|
|
11.1
|
|
|
80.4
|
|
|||||
Balance as of December 31, 2017
|
611.1
|
|
|
136.4
|
|
|
671.0
|
|
|
122.9
|
|
|
1,541.4
|
|
|||||
Adjustments
|
—
|
|
|
—
|
|
|
8.4
|
|
|
—
|
|
|
8.4
|
|
|||||
Foreign currency translation
|
—
|
|
|
(19.7
|
)
|
|
(29.8
|
)
|
|
(4.8
|
)
|
|
(54.3
|
)
|
|||||
Balance as of December 31, 2018
|
611.1
|
|
|
116.7
|
|
|
649.6
|
|
|
118.1
|
|
|
1,495.5
|
|
|||||
Impairment charge
|
—
|
|
|
—
|
|
|
(173.6
|
)
|
|
—
|
|
|
(173.6
|
)
|
|||||
Sale of a joint venture
|
(5.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5.1
|
)
|
|||||
Foreign currency translation
|
—
|
|
|
(4.5
|
)
|
|
(12.7
|
)
|
|
(1.3
|
)
|
|
(18.5
|
)
|
|||||
Balance as of December 31, 2019
|
$
|
606.0
|
|
|
$
|
112.2
|
|
|
$
|
463.3
|
|
|
$
|
116.8
|
|
|
$
|
1,298.3
|
|
Intangible Assets
|
|
Weighted-Average Useful Life
|
|
Patents and technology
|
|
12
|
years
|
Customer relationships
|
|
13
|
years
|
Trademarks and trade names
|
|
20
|
years
|
Land use rights
|
|
45
|
years
|
|
Trademarks and
Trade Names |
|
Customer
Relationships
|
|
Patents and
Technology
|
|
Land Use Rights
|
|
Total
|
||||||||||
Gross carrying amounts:
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance as of December 31, 2017
|
$
|
208.4
|
|
|
$
|
600.4
|
|
|
$
|
160.0
|
|
|
$
|
9.1
|
|
|
$
|
977.9
|
|
Foreign currency translation
|
(5.0
|
)
|
|
(14.1
|
)
|
|
(4.2
|
)
|
|
(0.5
|
)
|
|
(23.8
|
)
|
|||||
Balance as of December 31, 2018
|
203.4
|
|
|
586.3
|
|
|
155.8
|
|
|
8.6
|
|
|
954.1
|
|
|||||
Sale of a joint venture
|
(1.3
|
)
|
|
(2.9
|
)
|
|
(1.9
|
)
|
|
—
|
|
|
(6.1
|
)
|
|||||
Impairment charge
|
(1.1
|
)
|
|
(0.8
|
)
|
|
(1.1
|
)
|
|
—
|
|
|
(3.0
|
)
|
|||||
Foreign currency translation
|
(1.7
|
)
|
|
(3.6
|
)
|
|
(1.7
|
)
|
|
(0.1
|
)
|
|
(7.1
|
)
|
|||||
Balance as of December 31, 2019
|
$
|
199.3
|
|
|
$
|
579.0
|
|
|
$
|
151.1
|
|
|
$
|
8.5
|
|
|
$
|
937.9
|
|
|
Trademarks and
Trade Names |
|
Customer
Relationships
|
|
Patents and
Technology
|
|
Land Use Rights
|
|
Total
|
||||||||||
Accumulated amortization:
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance as of December 31, 2017
|
$
|
61.4
|
|
|
$
|
279.7
|
|
|
$
|
73.4
|
|
|
$
|
3.0
|
|
|
$
|
417.5
|
|
Amortization expense
|
13.7
|
|
|
40.7
|
|
|
10.1
|
|
|
0.2
|
|
|
64.7
|
|
|||||
Foreign currency translation
|
(1.7
|
)
|
|
(9.6
|
)
|
|
(2.8
|
)
|
|
(0.2
|
)
|
|
(14.3
|
)
|
|||||
Balance as of December 31, 2018
|
73.4
|
|
|
310.8
|
|
|
80.7
|
|
|
3.0
|
|
|
467.9
|
|
|||||
Amortization expense
|
11.0
|
|
|
40.1
|
|
|
9.9
|
|
|
0.1
|
|
|
61.1
|
|
|||||
Sale of a joint venture
|
(0.5
|
)
|
|
(1.2
|
)
|
|
(0.7
|
)
|
|
—
|
|
|
(2.4
|
)
|
|||||
Foreign currency translation
|
(0.6
|
)
|
|
(2.3
|
)
|
|
(1.2
|
)
|
|
—
|
|
|
(4.1
|
)
|
|||||
Balance as of December 31, 2019
|
$
|
83.3
|
|
|
$
|
347.4
|
|
|
$
|
88.7
|
|
|
$
|
3.1
|
|
|
$
|
522.5
|
|
|
Trademarks and
Trade Names |
||
Indefinite-lived intangible assets:
|
|
|
|
Balance as of December 31, 2017
|
$
|
88.6
|
|
Foreign currency translation
|
(1.7
|
)
|
|
Balance as of December 31, 2018
|
86.9
|
|
|
Foreign currency translation
|
(0.6
|
)
|
|
Balance as of December 31, 2019
|
$
|
86.3
|
|
|
2019
|
|
2018
|
||||
Reserve for volume discounts and sales incentives
|
$
|
580.4
|
|
|
$
|
537.7
|
|
Warranty reserves
|
331.9
|
|
|
308.6
|
|
||
Accrued employee compensation and benefits
|
290.8
|
|
|
286.2
|
|
||
Accrued taxes
|
170.3
|
|
|
137.8
|
|
||
Other
|
280.8
|
|
|
252.1
|
|
||
|
$
|
1,654.2
|
|
|
$
|
1,522.4
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Balance at beginning of the year
|
$
|
360.9
|
|
|
$
|
316.0
|
|
|
$
|
255.6
|
|
Acquisitions
|
—
|
|
|
—
|
|
|
5.1
|
|
|||
Accruals for warranties issued during the year
|
234.1
|
|
|
230.5
|
|
|
215.9
|
|
|||
Settlements made (in cash or in kind) during the year
|
(198.7
|
)
|
|
(174.7
|
)
|
|
(183.1
|
)
|
|||
Foreign currency translation
|
(3.5
|
)
|
|
(10.9
|
)
|
|
22.5
|
|
|||
Balance at the end of the year
|
$
|
392.8
|
|
|
$
|
360.9
|
|
|
$
|
316.0
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cost of goods sold
|
$
|
1.7
|
|
|
$
|
2.3
|
|
|
$
|
2.8
|
|
Selling, general and administrative expenses
|
40.0
|
|
|
44.3
|
|
|
35.6
|
|
|||
Total stock compensation expense
|
$
|
41.7
|
|
|
$
|
46.6
|
|
|
$
|
38.4
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Interest expense
|
$
|
28.8
|
|
|
$
|
61.9
|
|
|
$
|
54.5
|
|
Interest income
|
(8.9
|
)
|
|
(8.1
|
)
|
|
(9.4
|
)
|
|||
|
$
|
19.9
|
|
|
$
|
53.8
|
|
|
$
|
45.1
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Basic net income per share:
|
|
|
|
|
|
||||||
Net income attributable to AGCO Corporation and subsidiaries
|
$
|
125.2
|
|
|
$
|
285.5
|
|
|
$
|
186.4
|
|
Weighted average number of common shares outstanding
|
76.2
|
|
|
78.8
|
|
|
79.5
|
|
|||
Basic net income per share attributable to AGCO Corporation and subsidiaries
|
$
|
1.64
|
|
|
$
|
3.62
|
|
|
$
|
2.34
|
|
Diluted net income per share:
|
|
|
|
|
|
||||||
Net income attributable to AGCO Corporation and subsidiaries
|
$
|
125.2
|
|
|
$
|
285.5
|
|
|
$
|
186.4
|
|
Weighted average number of common shares outstanding
|
76.2
|
|
|
78.8
|
|
|
79.5
|
|
|||
Dilutive SSARs, performance share awards and restricted stock units
|
0.8
|
|
|
0.9
|
|
|
0.7
|
|
|||
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share
|
77.0
|
|
|
79.7
|
|
|
80.2
|
|
|||
Diluted net income per share attributable to AGCO Corporation and subsidiaries
|
$
|
1.63
|
|
|
$
|
3.58
|
|
|
$
|
2.32
|
|
|
AGCO Corporation and Subsidiaries
|
|
Noncontrolling Interests
|
||||||||||||
|
2019
|
|
2019
|
||||||||||||
|
Before-tax
Amount
|
|
Income
Taxes
|
|
After-tax
Amount
|
|
After-tax
Amount
|
||||||||
Defined benefit pension plans
|
$
|
(13.4
|
)
|
|
$
|
(0.6
|
)
|
|
$
|
(14.0
|
)
|
|
$
|
—
|
|
Net loss on derivatives
|
(3.1
|
)
|
|
0.4
|
|
|
(2.7
|
)
|
|
—
|
|
||||
Foreign currency translation adjustments
|
(23.1
|
)
|
|
—
|
|
|
(23.1
|
)
|
|
2.5
|
|
||||
Total components of other comprehensive loss
|
$
|
(39.6
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(39.8
|
)
|
|
$
|
2.5
|
|
|
AGCO Corporation and Subsidiaries
|
|
Noncontrolling Interests
|
||||||||||||
|
2018
|
|
2018
|
||||||||||||
|
Before-tax
Amount
|
|
Income
Taxes
|
|
After-tax
Amount
|
|
After-tax
Amount
|
||||||||
Defined benefit pension plans
|
$
|
0.8
|
|
|
$
|
1.9
|
|
|
$
|
2.7
|
|
|
$
|
—
|
|
Net gain on derivatives
|
7.6
|
|
|
(1.5
|
)
|
|
6.1
|
|
|
—
|
|
||||
Foreign currency translation adjustments
|
(202.6
|
)
|
|
—
|
|
|
(202.6
|
)
|
|
(4.2
|
)
|
||||
Total components of other comprehensive loss
|
$
|
(194.2
|
)
|
|
$
|
0.4
|
|
|
$
|
(193.8
|
)
|
|
$
|
(4.2
|
)
|
|
AGCO Corporation and Subsidiaries
|
|
Noncontrolling Interests
|
||||||||||||
|
2017
|
|
2017
|
||||||||||||
|
Before-tax
Amount
|
|
Income
Taxes
|
|
After-tax
Amount
|
|
After-tax
Amount
|
||||||||
Defined benefit pension plans
|
$
|
24.2
|
|
|
$
|
(4.8
|
)
|
|
$
|
19.4
|
|
|
$
|
—
|
|
Net gain on derivatives
|
4.1
|
|
|
(0.1
|
)
|
|
4.0
|
|
|
—
|
|
||||
Foreign currency translation adjustments
|
56.6
|
|
|
—
|
|
|
56.6
|
|
|
1.2
|
|
||||
Total components of other comprehensive income
|
$
|
84.9
|
|
|
$
|
(4.9
|
)
|
|
$
|
80.0
|
|
|
$
|
1.2
|
|
•
|
ASU 2018-02 - “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”
|
•
|
ASU 2018-13 - “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement”
|
Current assets
|
$
|
87.0
|
|
Property, plant and equipment
|
17.8
|
|
|
Intangible assets
|
7.6
|
|
|
Goodwill
|
25.8
|
|
|
Total assets acquired
|
138.2
|
|
|
|
|
||
Current liabilities
|
23.5
|
|
|
Long-term liabilities
|
8.2
|
|
|
Total liabilities assumed
|
31.7
|
|
|
Net assets acquired
|
$
|
106.5
|
|
Intangible Assets
|
|
Amount
|
|
Weighted-Average Useful Life
|
|||
Customer relationships
|
|
$
|
3.0
|
|
|
5
|
years
|
Technology
|
|
3.0
|
|
|
12
|
years
|
|
Trademarks
|
|
1.6
|
|
|
10
|
years
|
|
|
|
$
|
7.6
|
|
|
|
|
Current assets
|
$
|
59.5
|
|
Property, plant and equipment
|
20.8
|
|
|
Intangible assets
|
64.4
|
|
|
Goodwill
|
67.2
|
|
|
Total assets acquired
|
211.9
|
|
|
|
|
||
Current liabilities
|
12.2
|
|
|
Total liabilities assumed
|
12.2
|
|
|
Net assets acquired
|
$
|
199.7
|
|
Intangible Assets
|
|
Amount
|
|
Weighted-Average Useful Life
|
|||
Customer relationships
|
|
$
|
21.4
|
|
|
14
|
years
|
Technology
|
|
25.1
|
|
|
10
|
years
|
|
Trademarks
|
|
17.9
|
|
|
20
|
years
|
|
|
|
$
|
64.4
|
|
|
|
|
|
Loss on Sale of Joint Venture
|
|
Write-down of Property, Plant
and Equipment
|
|
Employee Severance
|
|
Facility Closure Costs
|
|
Total
|
||||||||||
Balance as of December 31, 2016
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14.5
|
|
|
$
|
0.8
|
|
|
$
|
15.3
|
|
2017 provision
|
—
|
|
|
0.2
|
|
|
12.4
|
|
|
—
|
|
|
12.6
|
|
|||||
Less: Non-cash expense
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|||||
Cash expense
|
—
|
|
|
—
|
|
|
12.4
|
|
|
—
|
|
|
12.4
|
|
|||||
2017 provision reversal
|
—
|
|
|
—
|
|
|
(1.4
|
)
|
|
—
|
|
|
(1.4
|
)
|
|||||
2017 cash activity
|
—
|
|
|
—
|
|
|
(16.0
|
)
|
|
(0.8
|
)
|
|
(16.8
|
)
|
|||||
Foreign currency translation
|
—
|
|
|
—
|
|
|
1.4
|
|
|
—
|
|
|
1.4
|
|
|||||
Balance as of December 31, 2017
|
—
|
|
|
—
|
|
|
10.9
|
|
|
—
|
|
|
10.9
|
|
|||||
2018 provision
|
—
|
|
|
0.3
|
|
|
13.8
|
|
|
—
|
|
|
14.1
|
|
|||||
Less: Non-cash expense
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|||||
Cash expense
|
—
|
|
|
—
|
|
|
13.8
|
|
|
—
|
|
|
13.8
|
|
|||||
2018 provision reversal
|
—
|
|
|
—
|
|
|
(2.1
|
)
|
|
—
|
|
|
(2.1
|
)
|
|||||
2018 cash activity
|
—
|
|
|
—
|
|
|
(14.4
|
)
|
|
—
|
|
|
(14.4
|
)
|
|||||
Foreign currency translation
|
—
|
|
|
—
|
|
|
(1.1
|
)
|
|
—
|
|
|
(1.1
|
)
|
|||||
Balance as of December 31, 2018
|
—
|
|
|
—
|
|
|
7.1
|
|
|
—
|
|
|
7.1
|
|
|||||
2019 provision
|
2.1
|
|
|
1.5
|
|
|
5.6
|
|
|
0.5
|
|
|
9.7
|
|
|||||
Less: Non-cash expense
|
(2.1
|
)
|
|
(1.5
|
)
|
|
—
|
|
|
—
|
|
|
(3.6
|
)
|
|||||
Cash expense
|
—
|
|
|
—
|
|
|
5.6
|
|
|
0.5
|
|
|
6.1
|
|
|||||
2019 provision reversal
|
—
|
|
|
—
|
|
|
(0.7
|
)
|
|
—
|
|
|
(0.7
|
)
|
|||||
2019 cash activity
|
—
|
|
|
—
|
|
|
(6.8
|
)
|
|
(0.5
|
)
|
|
(7.3
|
)
|
|||||
Foreign currency translation
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
|
(0.4
|
)
|
|||||
Balance as of December 31, 2019
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4.8
|
|
|
$
|
—
|
|
|
$
|
4.8
|
|
|
2019
|
|
2018
|
||||
Finance joint ventures
|
$
|
339.0
|
|
|
$
|
358.7
|
|
Manufacturing joint ventures
|
26.8
|
|
|
26.3
|
|
||
Other affiliates
|
14.4
|
|
|
15.0
|
|
||
|
$
|
380.2
|
|
|
$
|
400.0
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Finance joint ventures
|
$
|
41.5
|
|
|
$
|
34.7
|
|
|
$
|
39.9
|
|
Manufacturing and other joint ventures
|
1.0
|
|
|
(0.4
|
)
|
|
(0.8
|
)
|
|||
|
$
|
42.5
|
|
|
$
|
34.3
|
|
|
$
|
39.1
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues
|
$
|
417.6
|
|
|
$
|
390.8
|
|
|
$
|
366.0
|
|
Costs
|
299.9
|
|
|
286.7
|
|
|
243.3
|
|
|||
Income before income taxes
|
$
|
117.7
|
|
|
$
|
104.1
|
|
|
$
|
122.7
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
United States
|
$
|
(53.1
|
)
|
|
$
|
(126.0
|
)
|
|
$
|
(141.6
|
)
|
Foreign
|
314.2
|
|
|
486.3
|
|
|
425.4
|
|
|||
Income before income taxes and equity in net earnings of affiliates
|
$
|
261.1
|
|
|
$
|
360.3
|
|
|
$
|
283.8
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Current:
|
|
|
|
|
|
||||||
United States:
|
|
|
|
|
|
||||||
Federal
|
$
|
(6.5
|
)
|
|
$
|
(9.1
|
)
|
|
$
|
20.3
|
|
State
|
2.1
|
|
|
1.2
|
|
|
0.6
|
|
|||
Foreign
|
170.1
|
|
|
133.5
|
|
|
126.8
|
|
|||
|
165.7
|
|
|
125.6
|
|
|
147.7
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
United States:
|
|
|
|
|
|
||||||
Federal
|
1.3
|
|
|
—
|
|
|
0.9
|
|
|||
State
|
—
|
|
|
—
|
|
|
—
|
|
|||
Foreign
|
13.8
|
|
|
(14.7
|
)
|
|
(15.0
|
)
|
|||
|
15.1
|
|
|
(14.7
|
)
|
|
(14.1
|
)
|
|||
|
$
|
180.8
|
|
|
$
|
110.9
|
|
|
$
|
133.6
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Provision for income taxes at United States federal statutory rate
|
$
|
54.8
|
|
|
$
|
75.7
|
|
|
$
|
99.3
|
|
State and local income taxes, net of federal income tax effects
|
(2.5
|
)
|
|
(6.0
|
)
|
|
(5.7
|
)
|
|||
Taxes on foreign income which differ from the United States statutory rate
|
6.7
|
|
|
(0.3
|
)
|
|
(57.7
|
)
|
|||
Tax effect of permanent differences
|
63.9
|
|
|
26.7
|
|
|
60.6
|
|
|||
Change in valuation allowance
|
84.6
|
|
|
24.6
|
|
|
(1.4
|
)
|
|||
Change in tax contingency reserves
|
3.2
|
|
|
8.5
|
|
|
3.8
|
|
|||
Research and development tax credits
|
(7.1
|
)
|
|
(8.5
|
)
|
|
(5.0
|
)
|
|||
Impacts related to changes in tax laws
|
(21.8
|
)
|
|
(8.4
|
)
|
|
42.0
|
|
|||
Other
|
(1.0
|
)
|
|
(1.4
|
)
|
|
(2.3
|
)
|
|||
|
$
|
180.8
|
|
|
$
|
110.9
|
|
|
$
|
133.6
|
|
|
2019
|
|
2018
|
||||
Deferred Tax Assets:
|
|
|
|
||||
Net operating loss carryforwards
|
$
|
72.0
|
|
|
$
|
74.5
|
|
Sales incentive discounts
|
61.9
|
|
|
58.8
|
|
||
Inventory valuation reserves
|
41.1
|
|
|
36.3
|
|
||
Pensions and postretirement health care benefits
|
51.6
|
|
|
47.6
|
|
||
Warranty and other reserves
|
128.5
|
|
|
98.6
|
|
||
Research and development tax credits
|
17.3
|
|
|
3.1
|
|
||
Foreign tax credits
|
6.4
|
|
|
9.7
|
|
||
Other
|
17.2
|
|
|
21.6
|
|
||
Total gross deferred tax assets
|
396.0
|
|
|
350.2
|
|
||
Valuation allowance
|
(169.1
|
)
|
|
(83.9
|
)
|
||
Total deferred tax assets
|
226.9
|
|
|
266.3
|
|
||
Deferred Tax Liabilities:
|
|
|
|
||||
Tax over book depreciation and amortization
|
164.3
|
|
|
214.3
|
|
||
Investment in affiliates
|
50.3
|
|
|
42.8
|
|
||
Other
|
25.5
|
|
|
20.6
|
|
||
Total deferred tax liabilities
|
240.1
|
|
|
277.7
|
|
||
Net deferred tax liabilities
|
$
|
(13.2
|
)
|
|
$
|
(11.4
|
)
|
Amounts recognized in Consolidated Balance Sheets:
|
|
|
|
||||
Deferred tax assets - noncurrent
|
$
|
93.8
|
|
|
$
|
104.9
|
|
Deferred tax liabilities - noncurrent
|
(107.0
|
)
|
|
(116.3
|
)
|
||
|
$
|
(13.2
|
)
|
|
$
|
(11.4
|
)
|
|
2019
|
|
2018
|
||||
Gross unrecognized income tax benefits at the beginning of the year
|
$
|
166.1
|
|
|
$
|
163.4
|
|
Additions for tax positions of the current year
|
32.8
|
|
|
3.8
|
|
||
Additions for tax positions of prior years
|
20.7
|
|
|
13.1
|
|
||
Reductions for tax positions of prior years for:
|
|
|
|
||||
Changes in judgments
|
(4.6
|
)
|
|
(1.6
|
)
|
||
Settlements during the year
|
(0.7
|
)
|
|
(0.7
|
)
|
||
Lapses of applicable statute of limitations
|
(0.8
|
)
|
|
(4.4
|
)
|
||
Foreign currency translation
|
(2.8
|
)
|
|
(7.5
|
)
|
||
Gross unrecognized income tax benefits at the end of the year
|
$
|
210.7
|
|
|
$
|
166.1
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Senior term loan due 2022(1)
|
$
|
168.1
|
|
|
$
|
171.5
|
|
Credit facility, expires 2023(1)
|
—
|
|
|
114.4
|
|
||
1.002% Senior term loan due 2025
|
280.2
|
|
|
—
|
|
||
Senior term loans due between 2021 and 2028(1)
|
736.2
|
|
|
815.3
|
|
||
1.056% Senior term loan due 2020(1)
|
—
|
|
|
228.7
|
|
||
Other long-term debt
|
12.5
|
|
|
20.6
|
|
||
Debt issuance costs
|
(2.3
|
)
|
|
(2.6
|
)
|
||
|
1,194.7
|
|
|
1,347.9
|
|
||
Less: Current portion of other long-term debt
|
(2.9
|
)
|
|
(8.8
|
)
|
||
Senior term loans due 2019
|
—
|
|
|
(63.8
|
)
|
||
Total indebtedness, less current portion
|
$
|
1,191.8
|
|
|
$
|
1,275.3
|
|
2021
|
$
|
297.4
|
|
2022
|
170.2
|
|
|
2023
|
277.7
|
|
|
2024
|
2.3
|
|
|
Thereafter
|
444.2
|
|
|
|
$
|
1,191.8
|
|
Pension benefits
|
|
2019
|
|
2018
|
|
2017
|
||||||
Service cost
|
|
$
|
15.5
|
|
|
$
|
16.6
|
|
|
$
|
17.1
|
|
Interest cost
|
|
20.7
|
|
|
19.9
|
|
|
20.6
|
|
|||
Expected return on plan assets
|
|
(28.1
|
)
|
|
(34.0
|
)
|
|
(35.9
|
)
|
|||
Amortization of net actuarial losses
|
|
14.3
|
|
|
13.8
|
|
|
13.4
|
|
|||
Amortization of prior service cost
|
|
1.6
|
|
|
1.2
|
|
|
1.2
|
|
|||
Net loss recognized due to settlement
|
|
0.5
|
|
|
0.9
|
|
|
0.2
|
|
|||
Net annual pension cost
|
|
$
|
24.5
|
|
|
$
|
18.4
|
|
|
$
|
16.6
|
|
|
2019
|
|
2018
|
|
2017
|
|||
All plans:
|
|
|
|
|
|
|||
Weighted average discount rate
|
2.8
|
%
|
|
2.5
|
%
|
|
2.7
|
%
|
Weighted average expected long-term rate of return on plan assets
|
4.6
|
%
|
|
5.4
|
%
|
|
5.8
|
%
|
Rate of increase in future compensation
|
1.8%-5.0%
|
|
|
1.8%-5.0%
|
|
|
1.5%-5.0%
|
|
U.S.-based plans:
|
|
|
|
|
|
|||
Weighted average discount rate
|
4.35
|
%
|
|
3.70
|
%
|
|
4.25
|
%
|
Weighted average expected long-term rate of return on plan assets(1)
|
5.5
|
%
|
|
6.0
|
%
|
|
6.0
|
%
|
Rate of increase in future compensation(2)
|
5.0
|
%
|
|
5.0
|
%
|
|
5.0
|
%
|
(1)
|
Applicable for U.S. funded, qualified plans.
|
(2)
|
Applicable for U.S. unfunded, nonqualified plan.
|
Postretirement benefits
|
|
2019
|
|
2018
|
|
2017
|
||||||
Service cost
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
Interest cost
|
|
1.3
|
|
|
1.4
|
|
|
1.4
|
|
|||
Amortization of net actuarial losses
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
|||
Amortization of prior service cost
|
|
0.1
|
|
|
0.2
|
|
|
0.2
|
|
|||
Net annual postretirement benefit cost
|
|
$
|
1.5
|
|
|
$
|
1.8
|
|
|
$
|
1.8
|
|
Weighted average discount rate
|
|
5.2
|
%
|
|
4.9
|
%
|
|
5.3
|
%
|
|
|
Pension and ENPP Benefits
|
|
Postretirement Benefits
|
||||||||||||
Change in benefit obligation
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Benefit obligation at beginning of year
|
|
$
|
823.1
|
|
|
$
|
916.7
|
|
|
$
|
25.3
|
|
|
$
|
30.2
|
|
Service cost
|
|
15.5
|
|
|
16.6
|
|
|
0.1
|
|
|
0.1
|
|
||||
Interest cost
|
|
20.7
|
|
|
19.9
|
|
|
1.3
|
|
|
1.4
|
|
||||
Plan participants’ contributions
|
|
1.2
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
||||
Actuarial losses (gains)
|
|
83.3
|
|
|
(55.2
|
)
|
|
4.5
|
|
|
(4.2
|
)
|
||||
Amendments
|
|
4.7
|
|
|
8.5
|
|
|
—
|
|
|
—
|
|
||||
Settlements
|
|
(0.8
|
)
|
|
(1.5
|
)
|
|
—
|
|
|
—
|
|
||||
Benefits paid
|
|
(44.8
|
)
|
|
(45.9
|
)
|
|
(1.5
|
)
|
|
(1.4
|
)
|
||||
Other
|
|
—
|
|
|
1.9
|
|
|
—
|
|
|
—
|
|
||||
Foreign currency exchange rate changes
|
|
14.4
|
|
|
(39.1
|
)
|
|
(0.3
|
)
|
|
(0.8
|
)
|
||||
Benefit obligation at end of year
|
|
$
|
917.3
|
|
|
$
|
823.1
|
|
|
$
|
29.4
|
|
|
$
|
25.3
|
|
|
||||||||||||||||
|
|
Pension and ENPP Benefits
|
|
Postretirement Benefits
|
||||||||||||
Change in plan assets
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Fair value of plan assets at beginning of year
|
|
$
|
617.1
|
|
|
$
|
691.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Actual return on plan assets
|
|
91.2
|
|
|
(32.4
|
)
|
|
—
|
|
|
—
|
|
||||
Employer contributions
|
|
30.6
|
|
|
36.8
|
|
|
1.5
|
|
|
1.4
|
|
||||
Plan participants’ contributions
|
|
1.2
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
||||
Benefits paid
|
|
(44.8
|
)
|
|
(45.9
|
)
|
|
(1.5
|
)
|
|
(1.4
|
)
|
||||
Settlements
|
|
(0.8
|
)
|
|
(1.5
|
)
|
|
—
|
|
|
—
|
|
||||
Foreign currency exchange rate changes
|
|
16.5
|
|
|
(32.9
|
)
|
|
—
|
|
|
—
|
|
||||
Fair value of plan assets at end of year
|
|
$
|
711.0
|
|
|
$
|
617.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Funded status
|
|
$
|
(206.3
|
)
|
|
$
|
(206.0
|
)
|
|
$
|
(29.4
|
)
|
|
$
|
(25.3
|
)
|
Unrecognized net actuarial losses (gains)
|
|
362.2
|
|
|
356.7
|
|
|
3.9
|
|
|
(0.6
|
)
|
||||
Unrecognized prior service cost
|
|
22.5
|
|
|
19.5
|
|
|
3.0
|
|
|
3.1
|
|
||||
Accumulated other comprehensive loss
|
|
(384.7
|
)
|
|
(376.2
|
)
|
|
(6.9
|
)
|
|
(2.5
|
)
|
||||
Net amount recognized
|
|
$
|
(206.3
|
)
|
|
$
|
(206.0
|
)
|
|
$
|
(29.4
|
)
|
|
$
|
(25.3
|
)
|
Amounts recognized in Consolidated
Balance Sheets:
|
|
|
|
|
|
|
|
|
||||||||
Other long-term asset
|
|
$
|
6.2
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other current liabilities
|
|
(4.9
|
)
|
|
(3.8
|
)
|
|
(1.6
|
)
|
|
(1.5
|
)
|
||||
Accrued expenses
|
|
(3.3
|
)
|
|
(2.9
|
)
|
|
—
|
|
|
—
|
|
||||
Pensions and postretirement health care benefits (noncurrent)
|
|
(204.3
|
)
|
|
(199.4
|
)
|
|
(27.8
|
)
|
|
(23.8
|
)
|
||||
Net amount recognized
|
|
$
|
(206.3
|
)
|
|
$
|
(206.0
|
)
|
|
$
|
(29.4
|
)
|
|
$
|
(25.3
|
)
|
|
|
Before-Tax
Amount
|
|
Income
Tax
|
|
After-Tax
Amount
|
||||||
Accumulated other comprehensive loss as of December 31, 2017
|
|
$
|
(380.6
|
)
|
|
$
|
(95.5
|
)
|
|
$
|
(285.1
|
)
|
Prior service cost arising during the year
|
|
(8.5
|
)
|
|
(1.5
|
)
|
|
(7.0
|
)
|
|||
Net loss recognized due to settlement
|
|
1.0
|
|
|
0.1
|
|
|
0.9
|
|
|||
Net actuarial loss arising during the year
|
|
(7.0
|
)
|
|
(2.8
|
)
|
|
(4.2
|
)
|
|||
Amortization of prior service cost
|
|
1.4
|
|
|
0.1
|
|
|
1.3
|
|
|||
Amortization of net actuarial losses
|
|
13.9
|
|
|
2.2
|
|
|
11.7
|
|
|||
Accumulated other comprehensive loss as of December 31, 2018
|
|
$
|
(379.8
|
)
|
|
$
|
(97.4
|
)
|
|
$
|
(282.4
|
)
|
Prior service cost arising during the year
|
|
(4.7
|
)
|
|
—
|
|
|
(4.7
|
)
|
|||
Net loss recognized due to settlement
|
|
0.6
|
|
|
—
|
|
|
0.6
|
|
|||
Net actuarial loss arising during the year
|
|
(25.3
|
)
|
|
(2.0
|
)
|
|
(23.3
|
)
|
|||
Amortization of prior service cost
|
|
1.7
|
|
|
0.1
|
|
|
1.6
|
|
|||
Amortization of net actuarial losses
|
|
14.3
|
|
|
2.5
|
|
|
11.8
|
|
|||
Accumulated other comprehensive loss as of December 31, 2019
|
|
$
|
(393.2
|
)
|
|
$
|
(96.8
|
)
|
|
$
|
(296.4
|
)
|
|
2019
|
|
2018
|
||||
Unrecognized net actuarial losses
|
$
|
362.2
|
|
|
$
|
356.7
|
|
|
ENPP
|
|
U.S. Plans
|
|
U.K. Plan
|
Average amortization period of losses related to defined benefit pension plans
|
7 years
|
|
15 years
|
|
19 years
|
|
2019
|
|
2018
|
||||
Unrecognized prior service cost
|
$
|
22.5
|
|
|
$
|
19.5
|
|
|
2019
|
|
2018
|
||||
Unrecognized net actuarial losses (gains)(1)
|
$
|
3.9
|
|
|
$
|
(0.6
|
)
|
|
2019
|
|
2018
|
||||
Net prior service cost
|
$
|
3.0
|
|
|
$
|
3.1
|
|
|
2019
|
|
2018
|
||||
All plans:
|
|
|
|
||||
Fair value of plan assets
|
$
|
67.8
|
|
|
$
|
616.0
|
|
Projected benefit obligation
|
309.3
|
|
|
847.3
|
|
||
Accumulated benefit obligation
|
275.2
|
|
|
798.5
|
|
||
U.S.-based plans and ENPP:
|
|
|
|
||||
Fair value of plan assets
|
$
|
38.3
|
|
|
$
|
36.8
|
|
Projected benefit obligation
|
172.5
|
|
|
145.6
|
|
||
Accumulated benefit obligation
|
151.9
|
|
|
128.7
|
|
|
2019
|
|
2018
|
||||
All plans(1):
|
|
|
|
||||
Reduction in equity, net of taxes of $96.3 and $97.0 at December 31, 2019 and 2018, respectively
|
$
|
391.6
|
|
|
$
|
378.7
|
|
GIMA joint venture(2):
|
|
|
|
||||
Reduction in equity, net of taxes of $0.5 and $0.4 at December 31, 2019 and 2018, respectively
|
1.6
|
|
|
1.1
|
|
(1)
|
Primarily related to the Company’s U.K. pension plan.
|
(2)
|
These amounts represented 50% of GIMA’s unrecognized net actuarial losses and unrecognized prior service cost associated with its pension plan. In addition, GIMA recognized a net actuarial loss due to settlements of approximately $0.1 million during both 2019 and 2018.
|
|
2019
|
|
2018
|
||
All plans:
|
|
|
|
||
Weighted average discount rate
|
2.0
|
%
|
|
2.8
|
%
|
Rate of increase in future compensation
|
1.75%-5.0%
|
|
|
1.75%-5.0%
|
|
U.S.-based plans:
|
|
|
|
||
Weighted average discount rate
|
3.45
|
%
|
|
4.35
|
%
|
Rate of increase in future compensation(1)
|
5.0
|
%
|
|
5.0
|
%
|
(1)
|
Applicable for U.S. unfunded, nonqualified plan.
|
2020
|
$
|
47.0
|
|
2021
|
49.7
|
|
|
2022
|
50.3
|
|
|
2023
|
50.3
|
|
|
2024
|
51.0
|
|
|
2025 through 2029
|
278.3
|
|
|
|
$
|
526.6
|
|
2020
|
$
|
1.6
|
|
2021
|
1.7
|
|
|
2022
|
1.7
|
|
|
2023
|
1.7
|
|
|
2024
|
1.7
|
|
|
2025 through 2029
|
8.6
|
|
|
|
$
|
17.0
|
|
Asset Category
|
|
2019
|
|
2018
|
||
Equity securities
|
|
34
|
%
|
|
27
|
%
|
Fixed income securities
|
|
59
|
%
|
|
57
|
%
|
Other investments
|
|
7
|
%
|
|
16
|
%
|
Total
|
|
100
|
%
|
|
100
|
%
|
Asset Category
|
|
2019
|
|
2018
|
||
Equity securities
|
|
39
|
%
|
|
39
|
%
|
Fixed income securities
|
|
54
|
%
|
|
54
|
%
|
Other investments
|
|
7
|
%
|
|
7
|
%
|
Total
|
|
100
|
%
|
|
100
|
%
|
•
|
Equity Securities: Equity securities are valued on the basis of the closing price per unit on each business day as reported on the applicable exchange. Equity funds are valued using the net asset value of the fund, which is based on the fair value of the underlying securities.
|
•
|
Fixed Income: Fixed income securities are valued using the closing prices in the active market in which the fixed income investment trades. Fixed income funds are valued using the net asset value of the fund, which is based on the fair value of the underlying securities.
|
•
|
Cash: These investments primarily consist of short-term investment funds which are valued using the net asset value.
|
•
|
Alternative Investments: These investments are reported at fair value as determined by the general partner of the alternative investment. The “market approach” valuation technique is used to value investments in these funds. The funds typically are open-end funds as they generally offer subscription and redemption options to investors. The frequency of such subscriptions or redemptions is dictated by each fund’s governing documents. The amount of liquidity provided to investors in a particular fund generally is consistent with the liquidity and risk associated with the underlying portfolio (i.e., the more liquid the investments in the portfolio, the greater the liquidity provided to investors). Liquidity of individual funds varies based on various factors and may include “gates,” “holdbacks” and “side pockets” imposed by the manager of the fund, as well as redemption fees that may also apply. Investments in these funds typically are valued utilizing the net asset valuations provided by their underlying investment managers, general partners or administrators. The funds consider subscription and redemption rights, including any restrictions on the disposition of the interest, in its determination of the fair value.
|
•
|
Insurance Contracts: Insurance contracts are valued using current prevailing interest rates.
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Equity securities:
|
|
|
|
|
|
|
|
||||||||
Global equities
|
$
|
183.4
|
|
|
$
|
116.5
|
|
|
$
|
66.9
|
|
|
$
|
—
|
|
Non-U.S. equities
|
3.8
|
|
|
3.8
|
|
|
—
|
|
|
—
|
|
||||
U.K. equities
|
65.2
|
|
|
65.2
|
|
|
—
|
|
|
—
|
|
||||
U.S. large cap equities
|
5.9
|
|
|
5.9
|
|
|
—
|
|
|
—
|
|
||||
U.S. small cap equities
|
3.4
|
|
|
3.4
|
|
|
—
|
|
|
—
|
|
||||
Total equity securities
|
261.7
|
|
|
194.8
|
|
|
66.9
|
|
|
—
|
|
||||
Fixed income:
|
|
|
|
|
|
|
|
||||||||
Aggregate fixed income
|
150.1
|
|
|
150.1
|
|
|
—
|
|
|
—
|
|
||||
International fixed income
|
220.0
|
|
|
220.0
|
|
|
—
|
|
|
—
|
|
||||
Total fixed income share(1)
|
370.1
|
|
|
370.1
|
|
|
—
|
|
|
—
|
|
||||
Alternative investments:
|
|
|
|
|
|
|
|
||||||||
Private equity fund
|
2.3
|
|
|
—
|
|
|
—
|
|
|
2.3
|
|
||||
Hedge funds measured at net asset value(4)
|
33.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total alternative investments(2)
|
35.6
|
|
|
—
|
|
|
—
|
|
|
2.3
|
|
||||
Miscellaneous funds(3)
|
30.8
|
|
|
—
|
|
|
—
|
|
|
30.8
|
|
||||
Cash and equivalents measured at net asset value(4)
|
12.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total assets
|
$
|
711.0
|
|
|
$
|
564.9
|
|
|
$
|
66.9
|
|
|
$
|
33.1
|
|
(1)
|
43% of “fixed income” securities are in investment-grade corporate bonds; 18% are in government treasuries; 14% are in high-yield securities; 10% are in foreign securities; 9% are in asset-backed and mortgage-backed securities; and 6% are in other various fixed income securities.
|
(2)
|
42% of “alternative investments” are in relative value funds; 24% are in long-short equity funds; 21% are in event-driven funds; 7% are distributed in hedged and non-hedged funds; and 6% are in credit funds.
|
(3)
|
“Miscellaneous funds” is comprised of insurance contracts in Finland, Norway and Switzerland.
|
(4)
|
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.
|
|
Total
|
|
Alternative Investments
|
|
Miscellaneous Funds
|
||||||
Beginning balance as of December 31, 2018
|
$
|
30.5
|
|
|
$
|
2.3
|
|
|
$
|
28.2
|
|
Actual return on plan assets:
|
|
|
|
|
|
||||||
(a) Relating to assets still held at reporting date
|
1.9
|
|
|
(0.1
|
)
|
|
2.0
|
|
|||
(b) Relating to assets sold during period
|
—
|
|
|
—
|
|
|
—
|
|
|||
Purchases, sales and /or settlements
|
1.3
|
|
|
0.1
|
|
|
1.2
|
|
|||
Foreign currency exchange rate changes
|
(0.6
|
)
|
|
—
|
|
|
(0.6
|
)
|
|||
Ending balance as of December 31, 2019
|
$
|
33.1
|
|
|
$
|
2.3
|
|
|
$
|
30.8
|
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Equity securities:
|
|
|
|
|
|
|
|
||||||||
Global equities
|
$
|
104.4
|
|
|
$
|
104.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Non-U.S. equities
|
3.0
|
|
|
3.0
|
|
|
—
|
|
|
—
|
|
||||
U.K. equities
|
112.4
|
|
|
112.4
|
|
|
—
|
|
|
—
|
|
||||
U.S. large cap equities
|
4.5
|
|
|
4.5
|
|
|
—
|
|
|
—
|
|
||||
U.S. small cap equities
|
2.4
|
|
|
2.4
|
|
|
—
|
|
|
—
|
|
||||
Preferred securities
|
0.2
|
|
|
0.2
|
|
|
|
|
|
||||||
Total equity securities
|
226.9
|
|
|
226.9
|
|
|
—
|
|
|
—
|
|
||||
Fixed income:
|
|
|
|
|
|
|
|
||||||||
Aggregate fixed income
|
131.5
|
|
|
131.5
|
|
|
—
|
|
|
—
|
|
||||
International fixed income
|
189.3
|
|
|
189.3
|
|
|
—
|
|
|
—
|
|
||||
Total fixed income share(1)
|
320.8
|
|
|
320.8
|
|
|
—
|
|
|
—
|
|
||||
Alternative investments:
|
|
|
|
|
|
|
|
||||||||
Private equity fund
|
2.3
|
|
|
—
|
|
|
—
|
|
|
2.3
|
|
||||
Hedge funds measured at net asset value(4)
|
31.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total alternative investments(2)
|
34.1
|
|
|
—
|
|
|
—
|
|
|
2.3
|
|
||||
Miscellaneous funds(3)
|
28.2
|
|
|
—
|
|
|
—
|
|
|
28.2
|
|
||||
Cash and equivalents measured at net asset value(4)
|
7.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total assets
|
$
|
617.1
|
|
|
$
|
547.7
|
|
|
$
|
—
|
|
|
$
|
30.5
|
|
(1)
|
36% of “fixed income” securities are in investment-grade corporate bonds; 27% are in government treasuries; 17% are in foreign securities; 13% are in high-yield securities; and 7% are in other various fixed income securities.
|
(2)
|
44% of “alternative investments” are in relative value funds; 22% are in long-short equity funds; 22% are in event-driven funds; 7% are distributed in hedged and non-hedged funds; and 5% are in credit funds.
|
(3)
|
“Miscellaneous funds” is comprised of insurance contracts in Finland, Norway and Switzerland.
|
(4)
|
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.
|
|
Total
|
|
Alternative Investments
|
|
Miscellaneous Funds
|
||||||
Beginning balance as of December 31, 2017
|
$
|
27.8
|
|
|
$
|
2.4
|
|
|
$
|
25.4
|
|
Actual return on plan assets:
|
|
|
|
|
|
||||||
(a) Relating to assets still held at reporting date
|
0.8
|
|
|
(0.2
|
)
|
|
1.0
|
|
|||
(b) Relating to assets sold during period
|
—
|
|
|
—
|
|
|
—
|
|
|||
Purchases, sales and /or settlements
|
3.2
|
|
|
0.1
|
|
|
3.1
|
|
|||
Foreign currency exchange rate changes
|
(1.3
|
)
|
|
—
|
|
|
(1.3
|
)
|
|||
Ending balance as of December 31, 2018
|
$
|
30.5
|
|
|
$
|
2.3
|
|
|
$
|
28.2
|
|
|
U.S. Pension Plans
|
|
Non-U.S. Pension Plans(1)
|
||
Overall investment strategies(2):
|
|
|
|
||
Assets for the near-term benefit payments
|
60.0
|
%
|
|
55.0
|
%
|
Assets for longer-term growth
|
40.0
|
%
|
|
45.0
|
%
|
Total
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
||
Target allocations:
|
|
|
|
||
Equity securities
|
30.0
|
%
|
|
40.0
|
%
|
Fixed income securities
|
55.0
|
%
|
|
55.0
|
%
|
Alternative investments
|
10.0
|
%
|
|
5.0
|
%
|
Cash and cash equivalents
|
5.0
|
%
|
|
—
|
%
|
Total
|
100.0
|
%
|
|
100.0
|
%
|
(1)
|
The majority of the Company’s non-U.S. pension fund investments are related to the Company’s pension plan in the United Kingdom.
|
(2)
|
The overall U.S. and non-U.S. pension funds invest in a broad diversification of assets types.
|
|
2019(1)
|
|
2018
|
|
2017
|
||||||
Dividends declared and paid per common share
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.14
|
|
(1)
|
The Company's Board of Directors has declared and the Company has paid quarterly cash dividends of $0.16 per common share beginning in the second quarter of 2019, from $0.15 per common share in the first quarter of 2019.
|
|
Defined Benefit Pension Plans
|
|
Cumulative Translation Adjustment
|
|
Deferred Net Gains (Losses) on Derivatives
|
|
Total
|
||||||||
Accumulated other comprehensive loss, December 31, 2017
|
$
|
(285.1
|
)
|
|
$
|
(1,071.8
|
)
|
|
$
|
(4.7
|
)
|
|
$
|
(1,361.6
|
)
|
Other comprehensive loss before reclassifications
|
(10.3
|
)
|
|
(202.6
|
)
|
|
(1.1
|
)
|
|
(214.0
|
)
|
||||
Net losses reclassified from accumulated other comprehensive loss
|
13.0
|
|
|
—
|
|
|
7.2
|
|
|
20.2
|
|
||||
Other comprehensive income (loss), net of reclassification adjustments
|
2.7
|
|
|
(202.6
|
)
|
|
6.1
|
|
|
(193.8
|
)
|
||||
Accumulated other comprehensive loss, December 31, 2018
|
(282.4
|
)
|
|
(1,274.4
|
)
|
|
1.4
|
|
|
(1,555.4
|
)
|
||||
Other comprehensive loss before reclassifications
|
(27.4
|
)
|
|
(23.1
|
)
|
|
(2.6
|
)
|
|
(53.1
|
)
|
||||
Net losses (gains) reclassified from accumulated other comprehensive loss
|
13.4
|
|
|
—
|
|
|
(0.1
|
)
|
|
13.3
|
|
||||
Other comprehensive loss, net of reclassification adjustments
|
(14.0
|
)
|
|
(23.1
|
)
|
|
(2.7
|
)
|
|
(39.8
|
)
|
||||
Accumulated other comprehensive loss, December 31, 2019
|
$
|
(296.4
|
)
|
|
$
|
(1,297.5
|
)
|
|
$
|
(1.3
|
)
|
|
$
|
(1,595.2
|
)
|
Details about Accumulated Other Comprehensive Loss Components
|
|
Amount Reclassified from Accumulated Other Comprehensive Loss
|
|
Affected Line Item within the Consolidated
Statements of Operations
|
||||||
|
Year ended December 31, 2019(1)
|
|
Year ended December 31, 2018(1)
|
|
||||||
Derivatives:
|
|
|
|
|
|
|
||||
Net (gains) losses on foreign currency contracts
|
|
$
|
(0.1
|
)
|
|
$
|
2.3
|
|
|
Cost of goods sold
|
Net losses on interest rate swap contract
|
|
—
|
|
|
6.3
|
|
|
Interest expense, net
|
||
Reclassification before tax
|
|
(0.1
|
)
|
|
8.6
|
|
|
|
||
|
|
—
|
|
|
(1.4
|
)
|
|
Income tax provision
|
||
Reclassification net of tax
|
|
$
|
(0.1
|
)
|
|
$
|
7.2
|
|
|
|
|
|
|
|
|
|
|
||||
Defined benefit pension plans:
|
|
|
|
|
|
|
||||
Amortization of net actuarial losses
|
|
$
|
14.3
|
|
|
$
|
13.9
|
|
|
Other expense, net(2)
|
Amortization of prior service cost
|
|
1.7
|
|
|
1.4
|
|
|
Other expense, net(2)
|
||
Reclassification before tax
|
|
16.0
|
|
|
15.3
|
|
|
|
||
|
|
(2.6
|
)
|
|
(2.3
|
)
|
|
Income tax provision
|
||
Reclassification net of tax
|
|
$
|
13.4
|
|
|
$
|
13.0
|
|
|
|
|
|
|
|
|
|
|
||||
Net losses reclassified from accumulated other comprehensive loss
|
|
$
|
13.3
|
|
|
$
|
20.2
|
|
|
|
(1)
|
(Gains) losses included within the Consolidated Statements of Operations for the years ended December 31, 2019 and 2018, respectively.
|
(2)
|
These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 8 to the Company’s Consolidated Financial Statements.
|
|
|
Years Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Weighted average grant-date fair value
|
|
$
|
61.01
|
|
|
$
|
71.40
|
|
|
$
|
61.94
|
|
Shares awarded but not earned at January 1
|
938,862
|
|
Shares awarded
|
542,180
|
|
Shares forfeited
|
(45,346
|
)
|
Shares earned
|
(503,514
|
)
|
Shares awarded but not earned at December 31
|
932,182
|
|
Shares awarded but not vested at January 1
|
352,975
|
|
Shares awarded
|
165,160
|
|
Shares forfeited
|
(8,424
|
)
|
Shares vested
|
(113,182
|
)
|
Shares awarded but not vested at December 31
|
396,529
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Weighted average grant-date fair value
|
$
|
11.34
|
|
|
$
|
12.88
|
|
|
$
|
11.45
|
|
Weighted average assumptions under Black-Scholes option model:
|
|
|
|
|
|
||||||
Expected life of awards (years)
|
3.0
|
|
|
3.0
|
|
|
3.0
|
|
|||
Risk-free interest rate
|
2.6
|
%
|
|
2.2
|
%
|
|
1.5
|
%
|
|||
Expected volatility
|
24.2
|
%
|
|
23.7
|
%
|
|
25.9
|
%
|
|||
Expected dividend yield
|
1.0
|
%
|
|
0.8
|
%
|
|
0.9
|
%
|
SSARs outstanding at January 1
|
1,099,592
|
|
|
SSARs granted
|
243,600
|
|
|
SSARs exercised
|
(562,030
|
)
|
|
SSARs canceled or forfeited
|
(21,487
|
)
|
|
SSARs outstanding at December 31
|
759,675
|
|
|
SSAR price ranges per share:
|
|
|
|
Granted
|
$
|
62.85
|
|
Exercised
|
43.88 - 73.14
|
|
|
Canceled or forfeited
|
43.88 - 73.14
|
|
|
Weighted average SSAR exercise prices per share:
|
|
|
|
Granted
|
$
|
62.85
|
|
Exercised
|
50.73
|
|
|
Canceled or forfeited
|
62.56
|
|
|
Outstanding at December 31
|
61.30
|
|
|
|
SSARs Outstanding
|
|
SSARs Exercisable
|
||||||||||||
Range of Exercise Prices
|
|
Number of
Shares
|
|
Weighted Average
Remaining
Contractual Life
(Years)
|
|
Weighted Average
Exercise Price
|
|
Exercisable as of December 31, 2019
|
|
Weighted Average
Exercise Price
|
||||||
$43.88 - $55.23
|
|
175,825
|
|
|
2.6
|
|
$
|
46.52
|
|
|
111,100
|
|
|
$
|
46.45
|
|
$62.85 - $ 73.14
|
|
583,850
|
|
|
5.1
|
|
$
|
65.75
|
|
|
98,525
|
|
|
$
|
67.09
|
|
|
|
759,675
|
|
|
|
|
|
|
209,625
|
|
|
$
|
56.15
|
|
|
|
|
Recognized in Net Income
|
|
|
||||||||
|
(Loss) Gain 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 Consolidated Statements of Operations Containing Hedge Gains (Losses)
|
||||||
2019
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts(1)
|
$
|
(2.6
|
)
|
|
Cost of goods sold
|
|
$
|
0.1
|
|
|
$
|
7,057.1
|
|
2018
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
$
|
0.4
|
|
|
Cost of goods sold
|
|
$
|
(2.2
|
)
|
|
$
|
7,355.3
|
|
Interest rate swap contract
|
(1.5
|
)
|
|
Interest expense, net
|
|
(5.0
|
)
|
|
53.8
|
|
|||
Total
|
$
|
(1.1
|
)
|
|
|
|
$
|
(7.2
|
)
|
|
|
||
2017
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
$
|
2.7
|
|
|
Cost of goods sold
|
|
$
|
0.4
|
|
|
$
|
6,541.2
|
|
Interest rate swap contract
|
(0.7
|
)
|
|
Interest expense, net
|
|
(2.4
|
)
|
|
45.1
|
|
|||
Total
|
$
|
2.0
|
|
|
|
|
$
|
(2.0
|
)
|
|
|
|
|
Before-Tax
Amount
|
|
Income
Tax
|
|
After-Tax
Amount
|
||||||
Accumulated derivative net losses as of December 31, 2016
|
|
$
|
(10.1
|
)
|
|
$
|
(1.4
|
)
|
|
$
|
(8.7
|
)
|
Net changes in fair value of derivatives
|
|
1.9
|
|
|
(0.1
|
)
|
|
2.0
|
|
|||
Net losses reclassified from accumulated other comprehensive loss into income
|
|
2.2
|
|
|
0.2
|
|
|
2.0
|
|
|||
Accumulated derivative net losses as of December 31, 2017
|
|
$
|
(6.0
|
)
|
|
$
|
(1.3
|
)
|
|
$
|
(4.7
|
)
|
Net changes in fair value of derivatives
|
|
(1.0
|
)
|
|
0.1
|
|
|
(1.1
|
)
|
|||
Net losses reclassified from accumulated other comprehensive loss into income
|
|
8.6
|
|
|
1.4
|
|
|
7.2
|
|
|||
Accumulated derivative net gains as of December 31, 2018
|
|
1.6
|
|
|
0.2
|
|
|
1.4
|
|
|||
Net changes in fair value of derivatives
|
|
(3.0
|
)
|
|
(0.4
|
)
|
|
(2.6
|
)
|
|||
Net gains reclassified from accumulated other comprehensive loss into income
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|||
Accumulated derivative net losses as of December 31, 2019
|
|
$
|
(1.5
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(1.3
|
)
|
|
Notional Amount as of
|
||||||
|
December 31, 2019
|
|
December 31, 2018
|
||||
Cross currency swap contract
|
$
|
300.0
|
|
|
$
|
300.0
|
|
|
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Years Ended
|
||||||||||
|
December 31, 2019
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||
Foreign currency denominated debt
|
$
|
2.5
|
|
|
$
|
(14.4
|
)
|
|
$
|
(45.0
|
)
|
Cross currency swap contract
|
9.3
|
|
|
17.7
|
|
|
—
|
|
|
|
|
For the Years Ended
|
||||||||||
|
Classification of
Gain (Loss)
|
|
December 31, 2019
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||
Foreign currency contracts
|
Other expense, net
|
|
$
|
20.4
|
|
|
$
|
(1.4
|
)
|
|
$
|
38.3
|
|
|
Asset Derivatives as of December 31, 2019
|
|
Liability Derivatives as of December 31, 2019
|
||||||||
|
Balance Sheet
Location
|
|
Fair
Value
|
|
Balance Sheet
Location
|
|
Fair
Value
|
||||
Derivative instruments designated as hedging instruments:
|
|
|
|
|
|
|
|
||||
Foreign currency contracts
|
Other current assets
|
|
$
|
0.6
|
|
|
Other current liabilities
|
|
$
|
1.9
|
|
Cross currency swap contract
|
Other noncurrent assets
|
|
27.0
|
|
|
Other noncurrent liabilities
|
|
—
|
|
||
Derivative instruments not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||
Foreign currency contracts
|
Other current assets
|
|
11.7
|
|
|
Other current liabilities
|
|
13.1
|
|
||
Total derivative instruments
|
|
|
$
|
39.3
|
|
|
|
|
$
|
15.0
|
|
|
Asset Derivatives as of December 31, 2018
|
|
Liability Derivatives as of December 31, 2018
|
||||||||
|
Balance Sheet
Location
|
|
Fair
Value
|
|
Balance Sheet
Location
|
|
Fair
Value
|
||||
Derivative instruments designated as hedging instruments:
|
|
|
|
|
|
|
|
||||
Foreign currency contracts
|
Other current assets
|
|
$
|
1.9
|
|
|
Other current liabilities
|
|
$
|
0.4
|
|
Cross currency swap contract
|
Other noncurrent assets
|
|
17.7
|
|
|
Other noncurrent liabilities
|
|
—
|
|
||
Derivative instruments not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||
Foreign currency contracts
|
Other current assets
|
|
5.1
|
|
|
Other current liabilities
|
|
6.2
|
|
||
Total derivative instruments
|
|
|
$
|
24.7
|
|
|
|
|
$
|
6.6
|
|
|
Payments Due By Period
|
||||||||||||||||||||||||||
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Total
|
||||||||||||||
Interest payments related to indebtedness(1)(2)
|
$
|
13.9
|
|
|
$
|
13.2
|
|
|
$
|
10.8
|
|
|
$
|
8.0
|
|
|
$
|
5.8
|
|
|
$
|
5.7
|
|
|
$
|
57.4
|
|
Unconditional purchase obligations(3)
|
102.1
|
|
|
20.9
|
|
|
4.5
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
127.7
|
|
|||||||
Other short-term and long-term obligations(4)
|
91.7
|
|
|
67.3
|
|
|
38.5
|
|
|
32.4
|
|
|
18.5
|
|
|
47.6
|
|
|
296.0
|
|
|||||||
Total contractual cash obligations
|
$
|
207.7
|
|
|
$
|
101.4
|
|
|
$
|
53.8
|
|
|
$
|
40.6
|
|
|
$
|
24.3
|
|
|
$
|
53.3
|
|
|
$
|
481.1
|
|
(1)
|
Estimated interest payments are calculated assuming current interest rates over minimum maturity periods specified in debt agreements. Debt may be repaid sooner or later than such minimum maturity periods (unaudited).
|
(2)
|
Refer to Note 7 for more information on the Company's commitments with respect to indebtedness.
|
(3)
|
Unconditional purchase obligations exclude routine purchase orders entered into in the normal course of business.
|
(4)
|
Other short-term and long-term obligations include estimates of future minimum contribution requirements under the Company’s U.S. and non-U.S. defined benefit pension and postretirement plans. These estimates are based on current legislation in the countries the Company operates within and are subject to change. Other short-term and long-term obligations also include income tax liabilities related to uncertain income tax positions connected with ongoing income tax audits in various jurisdictions (unaudited).
|
|
Amount of Commitment Expiration Per Period
|
||||||||||||||||||||||||||
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Total
|
||||||||||||||
Guarantees
|
$
|
44.7
|
|
|
$
|
6.1
|
|
|
$
|
6.9
|
|
|
$
|
5.2
|
|
|
$
|
3.2
|
|
|
$
|
0.5
|
|
|
$
|
66.6
|
|
•
|
Level 1 - Quoted prices in active markets for identical assets or liabilities.
|
•
|
Level 2 - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
|
•
|
Level 3 - Model-derived valuations in which one or more significant inputs are unobservable.
|
|
As of December 31, 2019
|
|||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||
Derivative assets
|
$
|
—
|
|
$
|
39.3
|
|
$
|
—
|
|
$
|
39.3
|
|
Derivative liabilities
|
—
|
|
15.0
|
|
—
|
|
15.0
|
|
|
As of December 31, 2018
|
|||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||
Derivative assets
|
$
|
—
|
|
$
|
24.7
|
|
$
|
—
|
|
$
|
24.7
|
|
Derivative liabilities
|
—
|
|
6.6
|
|
—
|
|
6.6
|
|
Years Ended December 31,
|
|
North America
|
|
South America
|
|
Europe/Middle East
|
|
Asia/Pacific/Africa
|
|
Consolidated
|
||||||||||
2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
2,191.8
|
|
|
$
|
802.2
|
|
|
$
|
5,328.8
|
|
|
$
|
718.6
|
|
|
$
|
9,041.4
|
|
Income (loss) from operations
|
|
121.6
|
|
|
(39.4
|
)
|
|
638.2
|
|
|
43.4
|
|
|
763.8
|
|
|||||
Depreciation
|
|
61.6
|
|
|
32.4
|
|
|
102.7
|
|
|
14.2
|
|
|
210.9
|
|
|||||
Assets
|
|
1,125.6
|
|
|
758.0
|
|
|
2,187.7
|
|
|
430.2
|
|
|
4,501.5
|
|
|||||
Capital expenditures
|
|
52.1
|
|
|
32.9
|
|
|
173.5
|
|
|
14.9
|
|
|
273.4
|
|
|||||
2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
2,180.1
|
|
|
$
|
959.0
|
|
|
$
|
5,385.1
|
|
|
$
|
827.8
|
|
|
$
|
9,352.0
|
|
Income (loss) from operations
|
|
103.1
|
|
|
(10.1
|
)
|
|
601.1
|
|
|
49.6
|
|
|
743.7
|
|
|||||
Depreciation
|
|
67.6
|
|
|
30.5
|
|
|
111.3
|
|
|
15.8
|
|
|
225.2
|
|
|||||
Assets
|
|
1,032.1
|
|
|
736.1
|
|
|
1,905.8
|
|
|
501.1
|
|
|
4,175.1
|
|
|||||
Capital expenditures
|
|
43.3
|
|
|
30.4
|
|
|
120.3
|
|
|
9.3
|
|
|
203.3
|
|
|||||
2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
1,876.7
|
|
|
$
|
1,063.5
|
|
|
$
|
4,614.3
|
|
|
$
|
752.0
|
|
|
$
|
8,306.5
|
|
Income from operations
|
|
66.9
|
|
|
15.4
|
|
|
493.3
|
|
|
48.8
|
|
|
624.4
|
|
|||||
Depreciation
|
|
61.5
|
|
|
30.5
|
|
|
113.0
|
|
|
17.8
|
|
|
222.8
|
|
|||||
Assets
|
|
1,064.1
|
|
|
752.1
|
|
|
2,074.4
|
|
|
499.4
|
|
|
4,390.0
|
|
|||||
Capital expenditures
|
|
59.1
|
|
|
43.0
|
|
|
92.9
|
|
|
8.9
|
|
|
203.9
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Segment income from operations
|
$
|
763.8
|
|
|
$
|
743.7
|
|
|
$
|
624.4
|
|
Corporate expenses
|
(129.0
|
)
|
|
(133.7
|
)
|
|
(116.2
|
)
|
|||
Impairment charges
|
(176.6
|
)
|
|
—
|
|
|
—
|
|
|||
Amortization of intangibles
|
(61.1
|
)
|
|
(64.7
|
)
|
|
(57.0
|
)
|
|||
Stock compensation expense
|
(40.0
|
)
|
|
(44.3
|
)
|
|
(35.6
|
)
|
|||
Restructuring expenses
|
(9.0
|
)
|
|
(12.0
|
)
|
|
(11.2
|
)
|
|||
Consolidated income from operations
|
$
|
348.1
|
|
|
$
|
489.0
|
|
|
$
|
404.4
|
|
|
|
|
|
|
|
||||||
Segment assets
|
$
|
4,501.5
|
|
|
$
|
4,175.1
|
|
|
$
|
4,390.0
|
|
Cash and cash equivalents
|
432.8
|
|
|
326.1
|
|
|
367.7
|
|
|||
Investments in affiliates
|
380.2
|
|
|
400.0
|
|
|
409.0
|
|
|||
Deferred tax assets, other current and noncurrent assets
|
645.2
|
|
|
656.6
|
|
|
614.6
|
|
|||
Intangible assets, net
|
501.7
|
|
|
573.1
|
|
|
649.0
|
|
|||
Goodwill
|
1,298.3
|
|
|
1,495.5
|
|
|
1,541.4
|
|
|||
Consolidated total assets
|
$
|
7,759.7
|
|
|
$
|
7,626.4
|
|
|
$
|
7,971.7
|
|
|
2019
|
|
2018
|
||||
United States
|
$
|
550.2
|
|
|
$
|
593.6
|
|
Germany
|
384.5
|
|
|
371.5
|
|
||
Brazil
|
184.3
|
|
|
187.7
|
|
||
Finland
|
142.5
|
|
|
130.0
|
|
||
China
|
98.1
|
|
|
109.4
|
|
||
Denmark
|
97.2
|
|
|
108.7
|
|
||
Italy
|
109.7
|
|
|
115.1
|
|
||
France
|
92.5
|
|
|
75.6
|
|
||
Other
|
172.8
|
|
|
167.7
|
|
||
|
$
|
1,831.8
|
|
|
$
|
1,859.3
|
|
|
|
Year Ended December 31, 2019
|
Year Ended December 31, 2018(1)
|
||||
Balance at beginning of period
|
|
$
|
76.8
|
|
$
|
82.6
|
|
Advance consideration received
|
|
147.7
|
|
124.9
|
|
||
Revenue recognized during the period for extended warranty contracts
|
|
(33.8
|
)
|
(29.0
|
)
|
||
Revenue recognized during the period related to installation of grain storage and protein production systems
|
|
(87.4
|
)
|
(100.9
|
)
|
||
Foreign currency translation
|
|
0.7
|
|
(0.8
|
)
|
||
Balance as of December 31, 2019
|
|
$
|
104.0
|
|
$
|
76.8
|
|
|
|
North America
|
|
South America
|
|
Europe/Middle East
|
|
Asia/Pacific/Africa
|
|
Consolidated
|
||||||||||
Primary geographical markets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
United States
|
|
$
|
1,799.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,799.7
|
|
Canada
|
|
289.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
289.7
|
|
|||||
Germany
|
|
—
|
|
|
—
|
|
|
1,194.3
|
|
|
—
|
|
|
1,194.3
|
|
|||||
France
|
|
—
|
|
|
—
|
|
|
1,097.6
|
|
|
—
|
|
|
1,097.6
|
|
|||||
United Kingdom and Ireland
|
|
—
|
|
|
—
|
|
|
561.9
|
|
|
—
|
|
|
561.9
|
|
|||||
Finland and Scandinavia
|
|
—
|
|
|
—
|
|
|
772.8
|
|
|
—
|
|
|
772.8
|
|
|||||
Other Europe
|
|
—
|
|
|
—
|
|
|
1,629.0
|
|
|
—
|
|
|
1,629.0
|
|
|||||
South America
|
|
—
|
|
|
789.7
|
|
|
—
|
|
|
—
|
|
|
789.7
|
|
|||||
Middle East and Algeria
|
|
—
|
|
|
—
|
|
|
73.2
|
|
|
—
|
|
|
73.2
|
|
|||||
Africa
|
|
—
|
|
|
—
|
|
|
—
|
|
|
116.2
|
|
|
116.2
|
|
|||||
Asia
|
|
—
|
|
|
—
|
|
|
—
|
|
|
344.7
|
|
|
344.7
|
|
|||||
Australia and New Zealand
|
|
—
|
|
|
—
|
|
|
—
|
|
|
257.7
|
|
|
257.7
|
|
|||||
Mexico, Central America and Caribbean
|
|
102.4
|
|
|
12.5
|
|
|
—
|
|
|
—
|
|
|
114.9
|
|
|||||
|
|
$
|
2,191.8
|
|
|
$
|
802.2
|
|
|
$
|
5,328.8
|
|
|
$
|
718.6
|
|
|
$
|
9,041.4
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Major products:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tractors
|
|
$
|
662.4
|
|
|
$
|
447.7
|
|
|
$
|
3,772.0
|
|
|
$
|
300.6
|
|
|
$
|
5,182.7
|
|
Replacement parts
|
|
310.2
|
|
|
88.2
|
|
|
874.8
|
|
|
74.6
|
|
|
1,347.8
|
|
|||||
Grain storage and protein production systems
|
|
547.9
|
|
|
79.5
|
|
|
172.8
|
|
|
234.6
|
|
|
$
|
1,034.8
|
|
||||
Other machinery
|
|
671.3
|
|
|
186.8
|
|
|
509.2
|
|
|
108.8
|
|
|
1,476.1
|
|
|||||
|
|
$
|
2,191.8
|
|
|
$
|
802.2
|
|
|
$
|
5,328.8
|
|
|
$
|
718.6
|
|
|
$
|
9,041.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
South America
|
|
Europe/Middle East(1)
|
|
Asia/Pacific/Africa
|
|
Consolidated(1)
|
||||||||||
Primary geographical markets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
United States
|
|
$
|
1,723.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,723.6
|
|
Canada
|
|
329.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
329.0
|
|
|||||
Germany
|
|
—
|
|
|
—
|
|
|
1,213.6
|
|
|
—
|
|
|
1,213.6
|
|
|||||
France
|
|
—
|
|
|
—
|
|
|
1,002.9
|
|
|
—
|
|
|
1,002.9
|
|
|||||
United Kingdom and Ireland
|
|
—
|
|
|
—
|
|
|
614.4
|
|
|
—
|
|
|
614.4
|
|
|||||
Finland and Scandinavia
|
|
—
|
|
|
—
|
|
|
826.5
|
|
|
—
|
|
|
826.5
|
|
|||||
Other Europe
|
|
—
|
|
|
—
|
|
|
1,627.8
|
|
|
—
|
|
|
1,627.8
|
|
|||||
South America
|
|
—
|
|
|
943.1
|
|
|
—
|
|
|
—
|
|
|
943.1
|
|
|||||
Middle East and Algeria
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
—
|
|
|
100.0
|
|
|||||
Africa
|
|
—
|
|
|
—
|
|
|
—
|
|
|
135.5
|
|
|
135.5
|
|
|||||
Asia
|
|
—
|
|
|
—
|
|
|
—
|
|
|
414.5
|
|
|
414.5
|
|
|||||
Australia and New Zealand
|
|
—
|
|
|
—
|
|
|
—
|
|
|
277.8
|
|
|
277.8
|
|
|||||
Mexico, Central America and Caribbean
|
|
127.5
|
|
|
15.9
|
|
|
—
|
|
|
—
|
|
|
143.4
|
|
|||||
|
|
$
|
2,180.1
|
|
|
$
|
959.0
|
|
|
$
|
5,385.1
|
|
|
$
|
827.8
|
|
|
$
|
9,352.0
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Major products:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tractors
|
|
$
|
665.8
|
|
|
$
|
599.1
|
|
|
$
|
3,743.0
|
|
|
$
|
353.2
|
|
|
$
|
5,361.1
|
|
Replacement parts
|
|
298.7
|
|
|
91.0
|
|
|
880.3
|
|
|
76.0
|
|
|
1,346.0
|
|
|||||
Grain storage and protein production systems
|
|
570.3
|
|
|
70.1
|
|
|
187.6
|
|
|
285.5
|
|
|
1,113.5
|
|
|||||
Other machinery
|
|
645.3
|
|
|
198.8
|
|
|
574.3
|
|
|
113.1
|
|
|
1,531.5
|
|
|||||
|
|
$
|
2,180.1
|
|
|
$
|
959.0
|
|
|
$
|
5,385.1
|
|
|
$
|
827.8
|
|
|
$
|
9,352.0
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Rounding may impact summation of amounts.
|
|
|
North America(1)
|
|
South America
|
|
Europe/Middle East
|
|
Asia/Pacific/Africa(1)
|
|
Consolidated
|
||||||||||
Primary geographical markets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
United States
|
|
$
|
1,445.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,445.7
|
|
Canada
|
|
296.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
296.9
|
|
|||||
Germany
|
|
—
|
|
|
—
|
|
|
997.4
|
|
|
—
|
|
|
997.4
|
|
|||||
France
|
|
—
|
|
|
—
|
|
|
815.7
|
|
|
—
|
|
|
815.7
|
|
|||||
United Kingdom and Ireland
|
|
—
|
|
|
—
|
|
|
512.6
|
|
|
—
|
|
|
512.6
|
|
|||||
Finland and Scandinavia
|
|
—
|
|
|
—
|
|
|
721.3
|
|
|
—
|
|
|
721.3
|
|
|||||
Other Europe
|
|
—
|
|
|
—
|
|
|
1,396.0
|
|
|
—
|
|
|
1,396.0
|
|
|||||
South America
|
|
—
|
|
|
1,039.2
|
|
|
—
|
|
|
—
|
|
|
1,039.2
|
|
|||||
Middle East and Algeria
|
|
—
|
|
|
—
|
|
|
171.3
|
|
|
—
|
|
|
171.3
|
|
|||||
Africa
|
|
—
|
|
|
—
|
|
|
—
|
|
|
138.1
|
|
|
138.1
|
|
|||||
Asia
|
|
—
|
|
|
—
|
|
|
—
|
|
|
366.4
|
|
|
366.4
|
|
|||||
Australia and New Zealand
|
|
—
|
|
|
—
|
|
|
—
|
|
|
247.4
|
|
|
247.4
|
|
|||||
Mexico, Central America and Caribbean
|
|
134.2
|
|
|
24.3
|
|
|
—
|
|
|
—
|
|
|
158.5
|
|
|||||
|
|
$
|
1,876.7
|
|
|
$
|
1,063.5
|
|
|
$
|
4,614.3
|
|
|
$
|
752.0
|
|
|
$
|
8,306.5
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Major products:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tractors
|
|
$
|
624.8
|
|
|
$
|
673.5
|
|
|
$
|
3,149.7
|
|
|
$
|
337.2
|
|
|
$
|
4,785.2
|
|
Replacement parts
|
|
287.0
|
|
|
108.4
|
|
|
835.3
|
|
|
74.3
|
|
|
1,305.0
|
|
|||||
Grain storage and protein production systems
|
|
537.2
|
|
|
72.9
|
|
|
182.9
|
|
|
256.6
|
|
|
1,049.6
|
|
|||||
Other machinery
|
|
427.7
|
|
|
208.7
|
|
|
446.4
|
|
|
83.9
|
|
|
1,166.7
|
|
|||||
|
|
$
|
1,876.7
|
|
|
$
|
1,063.5
|
|
|
$
|
4,614.3
|
|
|
$
|
752.0
|
|
|
$
|
8,306.5
|
|
(1)
|
Rounding may impact summation of amounts.
|
Lease Assets
|
|
Classification
|
|
As of December 31, 2019
|
||
Operating ROU assets
|
|
Right-of-use lease assets
|
|
$
|
187.3
|
|
Finance lease assets
|
|
Property, plant and equipment, net(1)
|
|
19.1
|
|
|
Total leased assets
|
|
|
|
$
|
206.4
|
|
|
|
|
|
|
||
Lease Liabilities
|
|
Classification
|
|
As of December 31, 2019
|
||
Current:
|
|
|
|
|
||
Operating
|
|
Accrued expenses
|
|
$
|
42.3
|
|
Finance
|
|
Other current liabilities
|
|
4.5
|
|
|
|
|
|
|
|
||
Noncurrent:
|
|
|
|
|
||
Operating
|
|
Operating lease liabilities
|
|
148.6
|
|
|
Finance
|
|
Other noncurrent liabilities
|
|
12.0
|
|
|
Total leased liabilities
|
|
|
|
$
|
207.4
|
|
|
|
Classification
|
|
Year Ended
December 31, 2019
|
||
Operating lease cost
|
|
Selling, general and administrative expenses
|
|
$
|
55.0
|
|
Variable lease cost
|
|
Selling, general and administrative expenses
|
|
0.6
|
|
|
Short-term lease cost
|
|
Selling, general and administrative expenses
|
|
8.1
|
|
|
Finance lease cost:
|
|
|
|
|
||
Amortization of leased assets
|
|
Depreciation expense(1)
|
|
4.7
|
|
|
Interest on leased liabilities
|
|
Interest expense, net
|
|
0.7
|
|
|
Total lease cost
|
|
|
|
$
|
69.1
|
|
|
|
December 31, 2019
|
||||||
|
|
Operating Leases(1)
|
|
Finance Leases
|
||||
2020
|
|
$
|
48.3
|
|
|
$
|
4.8
|
|
2021
|
|
40.8
|
|
|
2.7
|
|
||
2022
|
|
31.5
|
|
|
1.2
|
|
||
2023
|
|
24.1
|
|
|
0.9
|
|
||
2024
|
|
16.7
|
|
|
0.6
|
|
||
Thereafter
|
|
61.6
|
|
|
8.7
|
|
||
Total lease payments
|
|
223.0
|
|
|
18.9
|
|
||
Less: imputed interest(2)
|
|
(32.1
|
)
|
|
(2.4
|
)
|
||
Present value of leased liabilities
|
|
$
|
190.9
|
|
|
$
|
16.5
|
|
|
|
December 31, 2018
|
||||||
|
|
Operating Leases(2)
|
|
Finance Leases(2)
|
||||
2019
|
|
$
|
46.7
|
|
|
$
|
4.5
|
|
2020
|
|
39.5
|
|
|
4.4
|
|
||
2021
|
|
32.6
|
|
|
2.2
|
|
||
2022
|
|
26.0
|
|
|
0.9
|
|
||
2023
|
|
21.7
|
|
|
0.6
|
|
||
Thereafter
|
|
85.5
|
|
|
5.0
|
|
||
Total lease payments
|
|
252.0
|
|
|
17.6
|
|
||
Less: imputed interest(1)
|
|
—
|
|
|
(2.1
|
)
|
||
Present value of leased liabilities
|
|
$
|
252.0
|
|
|
$
|
15.5
|
|
|
|
As of December 31, 2019
|
||
Weighted-average remaining lease term:
|
|
|
|
|
Operating leases
|
|
14 years
|
|
|
Finance leases
|
|
7 years
|
|
|
|
|
|
|
|
Weighted-average discount rate:
|
|
|
|
|
Operating leases
|
|
4.1
|
%
|
|
Finance leases
|
|
2.9
|
%
|
|
|
Year Ended December 31, 2019
|
||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
||
Operating cash flows from operating leases
|
|
$
|
51.9
|
|
Operating cash flows from finance leases
|
|
0.6
|
|
|
Financing cash flows from finance leases
|
|
5.3
|
|
|
|
|
|
||
Leased assets obtained in exchange for lease obligations:
|
|
|
||
Operating leases
|
|
$
|
34.8
|
|
Finance leases
|
|
1.5
|
|
(a)
|
Securities Authorized for Issuance Under Equity Compensation Plans
|
(b)
|
Security Ownership of Certain Beneficial Owners and Management
|
Schedule
|
|
Description
|
Schedule II
|
|
Valuation and Qualifying Accounts
|
Exhibit
Number
|
|
Description of Exhibit
|
|
The Filings Referenced for
Incorporation by Reference are
AGCO Corporation
|
|
|
June 30, 2002, Form 10-Q, Exhibit 3.1
|
||
|
|
April 26, 2019, Form 8-K, Exhibit 3.1
|
||
|
|
Filed herewith
|
||
|
|
September 30, 2017, Form 10-Q, Exhibit 10.5
|
||
|
|
March 31, 2006, Form 10-Q, Exhibit 10.2
|
||
|
|
March 31, 2006, Form 10-Q, Exhibit 10.3
|
||
|
|
March 31, 2006, Form 10-Q, Exhibit 10.4
|
||
|
|
January 22, 2019, Form 8-K, Exhibit 10.2
|
||
|
|
January 27, 2016, Form 8-K, Exhibit 10.1
|
||
|
|
June 30, 2018, Form 10-Q, Exhibit 10.1
|
||
|
|
January 22, 2019, Form 8-K, Exhibit 10.1
|
||
|
|
March 31, 2006, Form 10-Q, Exhibit 10.6
|
||
|
|
January 22, 2019, Form 8-K, Exhibit 10.3
|
||
|
|
June 30, 2019, Form 10-Q, Exhibit 10.3
|
||
|
|
June 30, 2019, Form 10-Q, Exhibit 10.2
|
||
|
|
December 31, 2015, Form 10-K, Exhibit 10.9
|
||
|
|
December 31, 2009, Form 10-K, Exhibit 10.12
|
Exhibit
Number
|
|
Description of Exhibit
|
|
The Filings Referenced for
Incorporation by Reference are
AGCO Corporation
|
|
|
March 31, 2010, Form 10-Q, Exhibit 10.2
|
||
|
|
December 31, 2018, Form 10-K, Exhibit 10.16
|
||
|
|
December 31, 2017, Form 10-K, Exhibit 10.13
|
||
|
|
December 31, 2015, Form 10-K, Exhibit 10.13
|
||
|
|
December 31, 2009, Form 10-K, Exhibit 10.17
|
||
|
|
December 31, 2014, Form 10-K, Exhibit 10.15
|
||
|
|
September 30, 2018, Form 10-Q, Exhibit 10.1
|
||
|
|
September 30, 2015, Form 10-Q, Exhibit 10.1
|
||
|
|
March 31, 2019, Form 10-Q, Exhibit 10.1
|
||
|
|
September 4, 2014, Form 8-K, Exhibit 10.2
|
||
|
|
September 4, 2014, Form 8-K, Exhibit 10.3
|
||
|
|
July 27, 2017, Form 8-K, Exhibit 10.1
|
||
|
|
July 27, 2017, Form 8-K, Exhibit 10.2
|
||
|
|
July 27, 2017, Form 8-K, Exhibit 10.3
|
||
|
|
July 27, 2017, Form 8-K, Exhibit 10.4
|
||
|
|
Filed herewith
|
||
|
|
Filed herewith
|
||
|
|
Filed herewith
|
||
|
|
Filed herewith
|
||
|
|
Filed herewith
|
||
|
|
Filed herewith
|
||
|
|
Filed herewith
|
Exhibit
Number
|
|
Description of Exhibit
|
|
The Filings Referenced for
Incorporation by Reference are
AGCO Corporation
|
101
|
|
The following audited financial information from this Annual Report on Form 10-K for the year ended December 31, 2019, are formatted in Inline XBRL:
(i) Consolidated Statements of Operations,
(ii) Consolidated Statements of Comprehensive Income,
(iii) Consolidated Balance Sheets,
(iv) Consolidated Statements of Stockholders' Equity,
(v) Consolidated Statements of Cash Flows and
(vi) Notes to Consolidated Financial Statements.
|
|
Filed herewith
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104
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Cover Page Interactive Data File - the cover page from this Annual Report on Form 10-K for the year ended December 31, 2019 is formatted in Inline XBRL
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Filed herewith
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AGCO Corporation
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By:
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/s/ MARTIN RICHENHAGEN
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Martin Richenhagen
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Chairman of the Board, President
and Chief Executive Officer
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Dated:
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February 28, 2020
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Signature
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Title
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Date
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/s/ MARTIN RICHENHAGEN
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Chairman of the Board, President and Chief
Executive Officer
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February 28, 2020
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Martin Richenhagen
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/s/ ANDREW H. BECK
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Senior Vice President and Chief Financial Officer
(Principal Financial Officer)
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February 28, 2020
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Andrew H. Beck
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/s/ LARA T. LONG
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Vice President, Chief Accounting Officer
(Principal Accounting Officer)
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February 28, 2020
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Lara T. Long
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/s/ ROY V. ARMES *
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Director
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February 28, 2020
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Roy V. Armes
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/s/ MICHAEL C. ARNOLD *
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Director
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February 28, 2020
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Michael C. Arnold
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/s/ SONDRA L. BARBOUR *
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Director
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February 28, 2020
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Sondra L. Barbour
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/s/ P. GEORGE BENSON *
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Director
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February 28, 2020
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P. George Benson
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/s/ SUZANNE P. CLARK *
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Director
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February 28, 2020
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Suzanne P. Clark
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/s/ WOLFGANG DEML *
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Director
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February 28, 2020
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Wolfgang Deml
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/s/ GEORGE E. MINNICH *
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Director
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February 28, 2020
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George E. Minnich
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/s/ GERALD L. SHAHEEN *
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Director
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February 28, 2020
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Gerald L. Shaheen
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/s/ MALLIKA SRINIVASAN *
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Director
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February 28, 2020
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Mallika Srinivasan
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/s/ HENDRIKUS VISSER *
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Director
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February 28, 2020
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Hendrikus Visser
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*By:
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/s/ ANDREW H. BECK
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February 28, 2020
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Andrew H. Beck
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Attorney-in-Fact
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Additions
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||||||||||||||
Description
|
|
Balance at
Beginning
of Period
|
|
Acquired
Businesses
|
|
Charged to
Costs and
Expenses
|
|
Deductions
|
|
Foreign
Currency
Translation
|
|
Balance at
End of Period
|
||||||||||||
Year ended December 31, 2019
|
|
|
|
|
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|
|
|
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|
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|
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||||||
Allowances for doubtful accounts
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$
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31.7
|
|
|
$
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—
|
|
|
$
|
5.8
|
|
|
$
|
(8.3
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
28.8
|
|
Year ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Allowances for doubtful accounts
|
|
$
|
38.7
|
|
|
$
|
—
|
|
|
$
|
6.4
|
|
|
$
|
(11.4
|
)
|
|
$
|
(2.0
|
)
|
|
$
|
31.7
|
|
Year ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Allowances for doubtful accounts
|
|
$
|
33.7
|
|
|
$
|
2.2
|
|
|
$
|
4.6
|
|
|
$
|
(3.8
|
)
|
|
$
|
2.0
|
|
|
$
|
38.7
|
|
|
|
|
|
Additions
|
|
|
|
|
|
|
||||||||||||||
Description
|
|
Balance at
Beginning
of Period
|
|
Charged to
Costs and
Expenses
|
|
Reversal of
Accrual
|
|
Deductions
|
|
Foreign
Currency
Translation
|
|
Balance at
End of Period
|
||||||||||||
Year ended December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accruals of severance, relocation and other integration costs
|
|
$
|
7.1
|
|
|
$
|
6.1
|
|
|
$
|
(0.7
|
)
|
|
$
|
(7.3
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
4.8
|
|
Year ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accruals of severance, relocation and other integration costs
|
|
$
|
10.9
|
|
|
$
|
13.8
|
|
|
$
|
(2.1
|
)
|
|
$
|
(14.4
|
)
|
|
$
|
(1.1
|
)
|
|
$
|
7.1
|
|
Year ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accruals of severance, relocation and other integration costs
|
|
$
|
15.3
|
|
|
$
|
12.4
|
|
|
$
|
(1.4
|
)
|
|
$
|
(16.8
|
)
|
|
$
|
1.4
|
|
|
$
|
10.9
|
|
|
|
|
|
Additions
|
|
|
|
|
|
|
||||||||||||||
Description
|
|
Balance at
Beginning
of Period
|
|
Acquired
Businesses
|
|
Charged
(Credited) to
Costs and
Expenses(1)
|
|
Deductions
|
|
Foreign
Currency
Translation
|
|
Balance at
End of Period
|
||||||||||||
Year ended December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Deferred tax valuation allowance
|
|
$
|
83.9
|
|
|
$
|
—
|
|
|
$
|
87.1
|
|
|
$
|
—
|
|
|
$
|
(1.9
|
)
|
|
$
|
169.1
|
|
Year ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Deferred tax valuation allowance
|
|
$
|
81.9
|
|
|
$
|
—
|
|
|
$
|
6.3
|
|
|
$
|
—
|
|
|
$
|
(4.3
|
)
|
|
$
|
83.9
|
|
Year ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Deferred tax valuation allowance
|
|
$
|
116.0
|
|
|
$
|
—
|
|
|
$
|
(38.4
|
)
|
|
$
|
—
|
|
|
$
|
4.3
|
|
|
$
|
81.9
|
|
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