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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 | |
---|---|---|---|---|---|---|---|---|
0.06 | 0.05% | 112.20 | 115.30 | 107.65 | 110.00 | 863,870 | 18:41:41 |
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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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
Duluth, 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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(770) 813-9200
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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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o
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Smaller reporting company
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o
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Emerging growth company
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(Do not check if a smaller reporting company)
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Page
Numbers
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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Item 1.
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Item 6.
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PART I.
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FINANCIAL INFORMATION
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ITEM 1.
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FINANCIAL STATEMENTS
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June 30, 2017
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December 31, 2016
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||||
ASSETS
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|||||||
Current Assets:
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Cash and cash equivalents
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$
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317.8
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$
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429.7
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Accounts and notes receivable, net
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1,019.5
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890.4
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Inventories, net
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1,885.4
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1,514.8
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Other current assets
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367.7
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330.8
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Total current assets
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3,590.4
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3,165.7
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Property, plant and equipment, net
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1,391.2
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1,361.3
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Investment in affiliates
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441.2
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414.9
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Deferred tax assets
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97.1
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99.7
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Other assets
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153.6
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143.1
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Intangible assets, net
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596.0
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607.3
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Goodwill
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1,423.0
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1,376.4
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Total assets
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$
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7,692.5
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$
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7,168.4
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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|||||||
Current Liabilities:
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Current portion of long-term debt
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$
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90.4
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$
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85.4
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Accounts payable
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869.0
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722.6
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Accrued expenses
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1,215.9
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1,160.8
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Other current liabilities
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183.9
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176.1
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Total current liabilities
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2,359.2
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2,144.9
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Long-term debt, less current portion and debt issuance costs
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1,772.1
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1,610.0
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Pensions and postretirement health care benefits
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267.3
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270.0
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Deferred tax liabilities
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119.6
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112.4
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Other noncurrent liabilities
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202.9
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193.9
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Total liabilities
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4,721.1
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4,331.2
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Commitments and contingencies (Note 16)
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Stockholders’ Equity:
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AGCO Corporation stockholders’ equity:
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Preferred stock; $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding in 2017 and 2016
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—
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—
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Common stock; $0.01 par value, 150,000,000 shares authorized, 79,502,405 and 79,465,393 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively
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0.8
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0.8
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Additional paid-in capital
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123.9
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103.3
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Retained earnings
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4,171.1
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4,113.6
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Accumulated other comprehensive loss
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(1,388.3
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)
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(1,441.6
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)
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Total AGCO Corporation stockholders’ equity
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2,907.5
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2,776.1
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Noncontrolling interests
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63.9
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61.1
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Total stockholders’ equity
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2,971.4
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2,837.2
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Total liabilities and stockholders’ equity
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$
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7,692.5
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$
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7,168.4
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Three Months Ended June 30,
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2017
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2016
|
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Net sales
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$
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2,165.2
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$
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1,995.6
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Cost of goods sold
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1,689.8
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1,568.6
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Gross profit
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475.4
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427.0
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Selling, general and administrative expenses
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236.1
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217.8
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Engineering expenses
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76.7
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77.1
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Restructuring expenses
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0.4
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2.1
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Amortization of intangibles
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13.8
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11.4
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Income from operations
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148.4
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118.6
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Interest expense, net
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11.3
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11.9
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Other expense, net
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17.7
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16.0
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Income before income taxes and equity in net earnings of affiliates
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119.4
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90.7
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Income tax provision
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36.9
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54.8
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Income before equity in net earnings of affiliates
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82.5
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35.9
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Equity in net earnings of affiliates
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9.1
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13.5
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Net income
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91.6
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49.4
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Net (income) loss attributable to noncontrolling interests
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(0.1
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)
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0.9
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Net income attributable to AGCO Corporation and subsidiaries
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$
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91.5
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$
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50.3
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Net income per common share attributable to AGCO Corporation and subsidiaries:
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Basic
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$
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1.15
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$
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0.61
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Diluted
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$
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1.14
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$
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0.61
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Cash dividends declared and paid per common share
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$
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0.14
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$
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0.13
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Weighted average number of common and common equivalent shares outstanding:
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Basic
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79.5
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82.0
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Diluted
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80.1
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82.1
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Six Months Ended June 30,
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2017
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2016
|
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Net sales
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$
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3,792.8
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$
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3,554.9
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Cost of goods sold
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2,987.1
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2,813.2
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Gross profit
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805.7
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741.7
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Selling, general and administrative expenses
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459.3
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429.0
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Engineering expenses
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149.7
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148.3
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Restructuring expenses
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5.5
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4.0
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Amortization of intangibles
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27.2
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22.4
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Income from operations
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164.0
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138.0
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Interest expense, net
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22.0
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22.4
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Other expense, net
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30.7
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27.3
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Income before income taxes and equity in net earnings of affiliates
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111.3
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88.3
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Income tax provision
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48.0
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54.4
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Income before equity in net earnings of affiliates
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63.3
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33.9
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Equity in net earnings of affiliates
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20.1
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25.7
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Net income
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83.4
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59.6
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Net income attributable to noncontrolling interests
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(2.0
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)
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(1.5
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)
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Net income attributable to AGCO Corporation and subsidiaries
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$
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81.4
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$
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58.1
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Net income per common share attributable to AGCO Corporation and subsidiaries:
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Basic
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$
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1.02
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$
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0.70
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Diluted
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$
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1.02
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$
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0.70
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Cash dividends declared and paid per common share
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$
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0.28
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$
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0.26
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Weighted average number of common and common equivalent shares outstanding:
|
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Basic
|
79.5
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82.5
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Diluted
|
80.1
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82.6
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Three Months Ended June 30,
|
||||||
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2017
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2016
|
||||
Net income
|
$
|
91.6
|
|
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$
|
49.4
|
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Other comprehensive income, net of reclassification adjustments:
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||||
Foreign currency translation adjustments
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(0.7
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)
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|
66.8
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Defined benefit pension plans, net of tax
|
2.9
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|
2.9
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|
||
Unrealized gain (loss) on derivatives, net of tax
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2.8
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(4.1
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)
|
||
Other comprehensive income, net of reclassification adjustments
|
5.0
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|
65.6
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|
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Comprehensive income
|
96.6
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|
|
115.0
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Comprehensive loss attributable to noncontrolling interests
|
0.9
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|
0.1
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|
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Comprehensive income attributable to AGCO Corporation and subsidiaries
|
$
|
97.5
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$
|
115.1
|
|
|
Six Months Ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
Net income
|
$
|
83.4
|
|
|
$
|
59.6
|
|
Other comprehensive income, net of reclassification adjustments:
|
|
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|
||||
Foreign currency translation adjustments
|
42.0
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|
|
161.6
|
|
||
Defined benefit pension plans, net of tax
|
5.8
|
|
|
5.1
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|
||
Unrealized gain (loss) on derivatives, net of tax
|
6.1
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|
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(6.8
|
)
|
||
Other comprehensive income, net of reclassification adjustments
|
53.9
|
|
|
159.9
|
|
||
Comprehensive income
|
137.3
|
|
|
219.5
|
|
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Comprehensive income attributable to noncontrolling interests
|
(2.6
|
)
|
|
(2.3
|
)
|
||
Comprehensive income attributable to AGCO Corporation and subsidiaries
|
$
|
134.7
|
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$
|
217.2
|
|
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Six Months Ended June 30,
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||||||
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2017
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2016
|
||||
Cash flows from operating activities:
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Net income
|
$
|
83.4
|
|
|
$
|
59.6
|
|
Adjustments to reconcile net income to net cash used in operating activities:
|
|
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|
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Depreciation
|
108.9
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|
|
111.9
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|
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Deferred debt issuance cost amortization
|
0.3
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|
|
0.7
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|
||
Amortization of intangibles
|
27.2
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|
|
22.4
|
|
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Stock compensation expense
|
22.6
|
|
|
11.4
|
|
||
Proceeds from termination of hedging instrument
|
—
|
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|
7.3
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|
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Equity in net earnings of affiliates, net of cash received
|
(5.6
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)
|
|
(9.1
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)
|
||
Deferred income tax provision
|
0.6
|
|
|
14.6
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Other
|
1.5
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(0.3
|
)
|
||
Changes in operating assets and liabilities, net of effects from purchase of businesses:
|
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|
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Accounts and notes receivable, net
|
(94.3
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)
|
|
(61.1
|
)
|
||
Inventories, net
|
(316.5
|
)
|
|
(263.3
|
)
|
||
Other current and noncurrent assets
|
(48.4
|
)
|
|
(34.3
|
)
|
||
Accounts payable
|
120.6
|
|
|
80.6
|
|
||
Accrued expenses
|
9.9
|
|
|
0.3
|
|
||
Other current and noncurrent liabilities
|
23.4
|
|
|
(5.3
|
)
|
||
Total adjustments
|
(149.8
|
)
|
|
(124.2
|
)
|
||
Net cash used in operating activities
|
(66.4
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)
|
|
(64.6
|
)
|
||
Cash flows from investing activities:
|
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|
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Purchases of property, plant and equipment
|
(92.3
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)
|
|
(72.0
|
)
|
||
Proceeds from sale of property, plant and equipment
|
1.6
|
|
|
0.9
|
|
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Purchase of businesses, net of cash acquired
|
—
|
|
|
(38.8
|
)
|
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Investment in consolidated affiliates, net of cash acquired
|
—
|
|
|
(11.8
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)
|
||
Investments in unconsolidated affiliates
|
(0.8
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)
|
|
—
|
|
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Restricted cash
|
—
|
|
|
0.4
|
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Net cash used in investing activities
|
(91.5
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)
|
|
(121.3
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)
|
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Cash flows from financing activities:
|
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|
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Proceeds from debt obligations
|
1,966.6
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|
1,331.9
|
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Repayments of debt obligations
|
(1,911.8
|
)
|
|
(1,117.8
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)
|
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Purchases and retirement of common stock
|
—
|
|
|
(120.0
|
)
|
||
Payment of dividends to stockholders
|
(22.2
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)
|
|
(21.6
|
)
|
||
Payment of minimum tax withholdings on stock compensation
|
(4.0
|
)
|
|
(1.8
|
)
|
||
Investments by noncontrolling interests
|
0.2
|
|
|
—
|
|
||
Payment of debt issuance costs
|
—
|
|
|
(0.5
|
)
|
||
Net cash provided by financing activities
|
28.8
|
|
|
70.2
|
|
||
Effects of exchange rate changes on cash and cash equivalents
|
17.2
|
|
|
13.7
|
|
||
Decrease in cash and cash equivalents
|
(111.9
|
)
|
|
(102.0
|
)
|
||
Cash and cash equivalents, beginning of period
|
429.7
|
|
|
426.7
|
|
||
Cash and cash equivalents, end of period
|
$
|
317.8
|
|
|
$
|
324.7
|
|
|
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
|
|
First quarter 2017 provision
|
0.2
|
|
|
4.9
|
|
|
—
|
|
|
5.1
|
|
||||
Less: Non-cash expense
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
||||
Cash expense
|
—
|
|
|
4.9
|
|
|
—
|
|
|
4.9
|
|
||||
First quarter 2017 cash activity
|
—
|
|
|
(5.0
|
)
|
|
(0.8
|
)
|
|
(5.8
|
)
|
||||
Foreign currency translation
|
—
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
||||
Balance as of March 31, 2017
|
—
|
|
|
14.6
|
|
|
—
|
|
|
14.6
|
|
||||
Second quarter 2017 provision
|
—
|
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
||||
Second quarter 2017 cash activity
|
—
|
|
|
(2.5
|
)
|
|
—
|
|
|
(2.5
|
)
|
||||
Foreign currency translation
|
—
|
|
|
0.9
|
|
|
—
|
|
|
0.9
|
|
||||
Balance as of June 30, 2017
|
$
|
—
|
|
|
$
|
13.4
|
|
|
$
|
—
|
|
|
$
|
13.4
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Cost of goods sold
|
|
$
|
1.0
|
|
|
$
|
0.5
|
|
|
$
|
1.6
|
|
|
$
|
0.9
|
|
Selling, general and administrative expenses
|
|
9.8
|
|
|
5.7
|
|
|
21.2
|
|
|
10.8
|
|
||||
Total stock compensation expense
|
|
$
|
10.8
|
|
|
$
|
6.2
|
|
|
$
|
22.8
|
|
|
$
|
11.7
|
|
SSARs outstanding at January 1
|
|
1,458,611
|
|
SSARs granted
|
|
284,500
|
|
SSARs exercised
|
|
(329,569
|
)
|
SSARs canceled or forfeited
|
|
(13,850
|
)
|
SSARs outstanding at June 30
|
|
1,399,692
|
|
|
Trademarks and
Tradenames
|
|
Customer
Relationships
|
|
Patents and
Technology
|
|
Land Use Rights
|
|
Total
|
||||||||||
Gross carrying amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Balance as of December 31, 2016
|
$
|
179.2
|
|
|
$
|
558.0
|
|
|
$
|
122.1
|
|
|
$
|
8.5
|
|
|
$
|
867.8
|
|
Foreign currency translation
|
5.6
|
|
|
10.0
|
|
|
6.0
|
|
|
0.2
|
|
|
21.8
|
|
|||||
Balance as of June 30, 2017
|
$
|
184.8
|
|
|
$
|
568.0
|
|
|
$
|
128.1
|
|
|
$
|
8.7
|
|
|
$
|
889.6
|
|
|
Trademarks and
Tradenames
|
|
Customer
Relationships
|
|
Patents and
Technology
|
|
Land Use Rights
|
|
Total
|
||||||||||
Accumulated amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Balance as of December 31, 2016
|
$
|
49.7
|
|
|
$
|
233.0
|
|
|
$
|
59.5
|
|
|
$
|
2.7
|
|
|
$
|
344.9
|
|
Amortization expense
|
4.9
|
|
|
18.7
|
|
|
3.5
|
|
|
0.1
|
|
|
27.2
|
|
|||||
Foreign currency translation
|
0.6
|
|
|
4.3
|
|
|
3.5
|
|
|
—
|
|
|
8.4
|
|
|||||
Balance as of June 30, 2017
|
$
|
55.2
|
|
|
$
|
256.0
|
|
|
$
|
66.5
|
|
|
$
|
2.8
|
|
|
$
|
380.5
|
|
|
Trademarks and
Tradenames
|
||
Indefinite-lived intangible assets:
|
|
|
|
Balance as of December 31, 2016
|
$
|
84.4
|
|
Foreign currency translation
|
2.5
|
|
|
Balance as of June 30, 2017
|
$
|
86.9
|
|
|
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
|
|
Foreign currency translation
|
—
|
|
|
(2.2
|
)
|
|
43.1
|
|
|
5.7
|
|
|
46.6
|
|
|||||
Balance as of June 30, 2017
|
$
|
543.9
|
|
|
$
|
136.6
|
|
|
$
|
625.0
|
|
|
$
|
117.5
|
|
|
$
|
1,423.0
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
1.056% Senior term loan due 2020
|
$
|
228.4
|
|
|
$
|
211.0
|
|
Credit facility, expiring 2020
|
428.7
|
|
|
329.2
|
|
||
Senior term loan due 2021
|
342.6
|
|
|
316.5
|
|
||
5
7
/
8
% Senior notes due 2021
|
305.9
|
|
|
306.6
|
|
||
Senior term loans due between 2019 and 2026
|
428.2
|
|
|
395.6
|
|
||
Other long-term debt
|
133.4
|
|
|
141.6
|
|
||
Debt issuance costs
|
(4.7
|
)
|
|
(5.1
|
)
|
||
|
1,862.5
|
|
|
1,695.4
|
|
||
Less: Current portion of other long-term debt
|
(90.4
|
)
|
|
(85.4
|
)
|
||
Total indebtedness, less current portion
|
$
|
1,772.1
|
|
|
$
|
1,610.0
|
|
Maturity Date
|
|
Floating or Fixed Interest Rate
|
|
Interest Rate
|
|
Interest Payment
|
|
Term Loan Amount
|
||
October 19, 2019
|
|
Floating
|
|
EURIBOR + 0.75%
|
|
Semi-Annually
|
|
€
|
1.0
|
|
October 19, 2019
|
|
Fixed
|
|
0.75%
|
|
Annually
|
|
55.0
|
|
|
October 19, 2021
|
|
Floating
|
|
EURIBOR + 1.00%
|
|
Semi-Annually
|
|
25.5
|
|
|
October 19, 2021
|
|
Fixed
|
|
1.00%
|
|
Annually
|
|
166.5
|
|
|
October 19, 2023
|
|
Floating
|
|
EURIBOR + 1.25%
|
|
Semi-Annually
|
|
1.0
|
|
|
October 19, 2023
|
|
Fixed
|
|
1.33%
|
|
Annually
|
|
73.5
|
|
|
October 19, 2026
|
|
Fixed
|
|
1.98%
|
|
Annually
|
|
52.5
|
|
|
|
|
|
|
|
|
|
|
€
|
375.0
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Finished goods
|
$
|
744.1
|
|
|
$
|
589.3
|
|
Repair and replacement parts
|
578.9
|
|
|
532.5
|
|
||
Work in process
|
189.2
|
|
|
113.8
|
|
||
Raw materials
|
373.2
|
|
|
279.2
|
|
||
Inventories, net
|
$
|
1,885.4
|
|
|
$
|
1,514.8
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
||||||||
Balance at beginning of period
|
$
|
270.1
|
|
|
$
|
241.7
|
|
|
|
$
|
255.6
|
|
|
$
|
230.3
|
|
Acquisitions
|
—
|
|
|
—
|
|
|
|
—
|
|
|
0.6
|
|
||||
Accruals for warranties issued during the period
|
53.4
|
|
|
51.4
|
|
|
|
104.9
|
|
|
95.4
|
|
||||
Settlements made (in cash or in kind) during the period
|
(38.2
|
)
|
|
(47.6
|
)
|
|
|
(78.1
|
)
|
|
(88.2
|
)
|
||||
Foreign currency translation
|
11.6
|
|
|
(4.9
|
)
|
|
|
14.5
|
|
|
2.5
|
|
||||
Balance at June 30
|
$
|
296.9
|
|
|
$
|
240.6
|
|
|
|
$
|
296.9
|
|
|
$
|
240.6
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Basic net income per share:
|
|
|
|
|
|
|
|
|
|
||||||
Net income attributable to AGCO Corporation and subsidiaries
|
$
|
91.5
|
|
|
$
|
50.3
|
|
|
$
|
81.4
|
|
|
$
|
58.1
|
|
Weighted average number of common shares outstanding
|
79.5
|
|
|
82.0
|
|
|
79.5
|
|
|
82.5
|
|
||||
Basic net income per share attributable to AGCO Corporation and subsidiaries
|
$
|
1.15
|
|
|
$
|
0.61
|
|
|
$
|
1.02
|
|
|
$
|
0.70
|
|
Diluted net income per share:
|
|
|
|
|
|
|
|
|
|
||||||
Net income attributable to AGCO Corporation and subsidiaries
|
$
|
91.5
|
|
|
$
|
50.3
|
|
|
$
|
81.4
|
|
|
$
|
58.1
|
|
Weighted average number of common shares outstanding
|
79.5
|
|
|
82.0
|
|
|
79.5
|
|
|
82.5
|
|
||||
Dilutive SSARs, performance share awards and RSUs
|
0.6
|
|
|
0.1
|
|
|
0.6
|
|
|
0.1
|
|
||||
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share
|
80.1
|
|
|
82.1
|
|
|
80.1
|
|
|
82.6
|
|
||||
Diluted net income per share attributable to AGCO Corporation and subsidiaries
|
$
|
1.14
|
|
|
$
|
0.61
|
|
|
$
|
1.02
|
|
|
$
|
0.70
|
|
|
|
|
Recognized in Net Income
|
||||||
Three Months Ended June 30,
|
Gain (Loss) Recognized in Accumulated
Other Comprehensive Loss |
|
Classification
of Loss
|
|
Loss Reclassified from Accumulated
Other Comprehensive Loss into Income
|
||||
2017
|
|
|
|
|
|
||||
Foreign currency contracts
(1)
|
$
|
1.8
|
|
|
Cost of goods sold
|
|
$
|
(0.7
|
)
|
Interest rate contract
|
(0.2
|
)
|
|
Interest expense, net
|
|
(0.5
|
)
|
||
Total
|
$
|
1.6
|
|
|
|
|
$
|
(1.2
|
)
|
2016
|
|
|
|
|
|
||||
Foreign currency contracts
|
$
|
(0.3
|
)
|
|
Cost of goods sold
|
|
$
|
—
|
|
Interest rate contract
|
(4.4
|
)
|
|
Interest expense, net
|
|
(0.6
|
)
|
||
Total
|
$
|
(4.7
|
)
|
|
|
|
$
|
(0.6
|
)
|
|
|
|
Recognized in Net Income
|
||||||
Six Months Ended June 30,
|
Gain (Loss) Recognized in Accumulated
Other Comprehensive Loss |
|
Classification
of Loss
|
|
Loss Reclassified from Accumulated
Other Comprehensive Loss into Income
|
||||
2017
|
|
|
|
|
|
||||
Foreign currency contracts
(1)
|
$
|
3.2
|
|
|
Cost of goods sold
|
|
$
|
(1.4
|
)
|
Interest rate contract
|
0.4
|
|
|
Interest expense, net
|
|
(1.1
|
)
|
||
Total
|
$
|
3.6
|
|
|
|
|
$
|
(2.5
|
)
|
2016
|
|
|
|
|
|
||||
Foreign currency contracts
|
$
|
(0.3
|
)
|
|
Cost of goods sold
|
|
$
|
—
|
|
Interest rate contract
|
(7.4
|
)
|
|
Interest expense, net
|
|
(0.9
|
)
|
||
Total
|
$
|
(7.7
|
)
|
|
|
|
$
|
(0.9
|
)
|
|
|
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
|
|
3.9
|
|
|
0.3
|
|
|
3.6
|
|
|||
Net losses reclassified from accumulated other comprehensive loss into income
|
|
2.6
|
|
|
0.1
|
|
|
2.5
|
|
|||
Accumulated derivative net losses as of June 30, 2017
|
|
$
|
(3.6
|
)
|
|
$
|
(1.0
|
)
|
|
$
|
(2.6
|
)
|
|
Notional Amount as of
|
||||||
|
June 30, 2017
|
|
December 31, 2016
|
||||
Foreign currency denominated debt
|
$
|
356.3
|
|
|
$
|
329.2
|
|
|
|
|
For the Three Months Ended
|
|
For the Six Months Ended
|
||||||||||||
|
Classification of Gain
|
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||||||
Foreign currency contracts
|
Other expense, net
|
|
$
|
18.1
|
|
|
$
|
6.0
|
|
|
$
|
21.9
|
|
|
$
|
14.3
|
|
|
Asset Derivatives as of
June 30, 2017 |
|
Liability Derivatives as of
June 30, 2017 |
||||||||
|
Balance Sheet
Location
|
|
Fair
Value
|
|
Balance Sheet
Location
|
|
Fair
Value
|
||||
Derivative instruments designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
||
Foreign currency contracts
|
Other current assets
|
|
$
|
2.6
|
|
|
Other current liabilities
|
|
$
|
1.3
|
|
Interest rate contract
|
Other noncurrent assets
|
|
—
|
|
|
Other noncurrent liabilities
|
|
4.9
|
|
||
Derivative instruments not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||
Foreign currency contracts
|
Other current assets
|
|
6.7
|
|
|
Other current liabilities
|
|
7.1
|
|
||
Total derivative instruments
|
|
|
$
|
9.3
|
|
|
|
|
$
|
13.3
|
|
|
Asset Derivatives as of
December 31, 2016
|
|
Liability Derivatives as of
December 31, 2016
|
||||||||
|
Balance Sheet
Location
|
|
Fair
Value
|
|
Balance Sheet
Location
|
|
Fair
Value
|
||||
Derivative instruments designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
||
Foreign currency contracts
|
Other current assets
|
|
$
|
0.2
|
|
|
Other current liabilities
|
|
$
|
3.8
|
|
Interest rate contract
|
Other noncurrent assets
|
|
—
|
|
|
Other noncurrent liabilities
|
|
6.4
|
|
||
Derivative instruments not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||
Foreign currency contracts
|
Other current assets
|
|
6.3
|
|
|
Other current liabilities
|
|
3.2
|
|
||
Total derivative instruments
|
|
|
$
|
6.5
|
|
|
|
|
$
|
13.4
|
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Noncontrolling
Interests
|
|
Total Stockholders’
Equity
|
||||||||||||
Balance, December 31, 2016
|
$
|
0.8
|
|
|
$
|
103.3
|
|
|
$
|
4,113.6
|
|
|
$
|
(1,441.6
|
)
|
|
$
|
61.1
|
|
|
$
|
2,837.2
|
|
Stock compensation
|
—
|
|
|
24.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24.3
|
|
||||||
Issuance of stock awards
|
—
|
|
|
(2.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.2
|
)
|
||||||
SSARs exercised
|
—
|
|
|
(1.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.5
|
)
|
||||||
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
—
|
|
|
—
|
|
|
81.4
|
|
|
—
|
|
|
2.0
|
|
|
83.4
|
|
||||||
Other comprehensive income, net of reclassification adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
41.4
|
|
|
0.6
|
|
|
42.0
|
|
||||||
Defined benefit pension plans, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
5.8
|
|
|
—
|
|
|
5.8
|
|
||||||
Unrealized gain on derivatives, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
6.1
|
|
|
—
|
|
|
6.1
|
|
||||||
Payment of dividends to stockholders
|
—
|
|
|
—
|
|
|
(22.2
|
)
|
|
—
|
|
|
—
|
|
|
(22.2
|
)
|
||||||
Investment by noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
0.2
|
|
||||||
Adjustment related to the adoption of ASU 2016-09
|
—
|
|
|
—
|
|
|
(1.7
|
)
|
|
—
|
|
|
—
|
|
|
(1.7
|
)
|
||||||
Balance, June 30, 2017
|
$
|
0.8
|
|
|
$
|
123.9
|
|
|
$
|
4,171.1
|
|
|
$
|
(1,388.3
|
)
|
|
$
|
63.9
|
|
|
$
|
2,971.4
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income (loss)
|
$
|
0.1
|
|
|
$
|
(0.9
|
)
|
|
$
|
2.0
|
|
|
$
|
1.5
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
(1.0
|
)
|
|
0.8
|
|
|
0.6
|
|
|
0.8
|
|
||||
Total comprehensive (loss) income
|
$
|
(0.9
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
2.6
|
|
|
$
|
2.3
|
|
|
Defined Benefit Pension Plans
|
|
Deferred Net (Losses) Gains on Derivatives
|
|
Cumulative Translation Adjustment
|
|
Total
|
||||||||
Accumulated other comprehensive loss, December 31, 2016
|
$
|
(304.5
|
)
|
|
$
|
(8.7
|
)
|
|
$
|
(1,128.4
|
)
|
|
$
|
(1,441.6
|
)
|
Other comprehensive income before reclassifications
|
—
|
|
|
3.6
|
|
|
41.4
|
|
|
45.0
|
|
||||
Net losses reclassified from accumulated other comprehensive loss
|
5.8
|
|
|
2.5
|
|
|
—
|
|
|
8.3
|
|
||||
Other comprehensive income, net of reclassification adjustments
|
5.8
|
|
|
6.1
|
|
|
41.4
|
|
|
53.3
|
|
||||
Accumulated other comprehensive loss, June 30, 2017
|
$
|
(298.7
|
)
|
|
$
|
(2.6
|
)
|
|
$
|
(1,087.0
|
)
|
|
$
|
(1,388.3
|
)
|
|
|
Amount Reclassified from Accumulated Other Comprehensive Loss
|
Affected Line Item within the Condensed Consolidated
Statements of Operations
|
||||||
Details about Accumulated Other Comprehensive Loss Components
|
|
Three Months Ended June 30, 2017
(1)
|
|
Three Months Ended June 30, 2016
(1)
|
|||||
Derivatives:
|
|
|
|
|
|
||||
Net losses on foreign currency contracts
|
|
$
|
0.8
|
|
|
$
|
—
|
|
Cost of goods sold
|
Net losses on interest rate contracts
|
|
0.5
|
|
|
0.5
|
|
Interest expense, net
|
||
Reclassification before tax
|
|
1.3
|
|
|
0.5
|
|
|
||
|
|
(0.1
|
)
|
|
0.2
|
|
Income tax (provision) benefit
|
||
Reclassification net of tax
|
|
$
|
1.2
|
|
|
$
|
0.7
|
|
|
|
|
|
|
|
|
||||
Defined benefit pension plans:
|
|
|
|
|
|
||||
Amortization of net actuarial losses
|
|
$
|
3.1
|
|
|
$
|
2.7
|
|
(2)
|
Amortization of prior service cost
|
|
0.3
|
|
|
0.3
|
|
(2)
|
||
Reclassification before tax
|
|
3.4
|
|
|
3.0
|
|
|
||
|
|
(0.5
|
)
|
|
(0.1
|
)
|
Income tax provision
|
||
Reclassification net of tax
|
|
$
|
2.9
|
|
|
$
|
2.9
|
|
|
|
|
|
|
|
|
||||
Net losses reclassified from accumulated other comprehensive loss
|
|
$
|
4.1
|
|
|
$
|
3.6
|
|
|
|
|
|
|
|
|
||||
|
|
Amount Reclassified from Accumulated Other Comprehensive Loss
|
Affected Line Item within the Condensed Consolidated
Statements of Operations
|
||||||
Details about Accumulated Other Comprehensive Loss Components
|
|
Six months ended June 30, 2017
(1)
|
|
Six months ended June 30, 2016
(1)
|
|||||
Derivatives:
|
|
|
|
|
|
||||
Net losses on foreign currency contracts
|
|
$
|
1.5
|
|
|
$
|
—
|
|
Cost of goods sold
|
Net losses on interest rate contracts
|
|
1.1
|
|
|
0.9
|
|
Interest expense, net
|
||
Reclassification before tax
|
|
2.6
|
|
|
0.9
|
|
|
||
|
|
(0.1
|
)
|
|
—
|
|
Income tax provision
|
||
Reclassification net of tax
|
|
$
|
2.5
|
|
|
$
|
0.9
|
|
|
|
|
|
|
|
|
||||
Defined benefit pension plans:
|
|
|
|
|
|
||||
Amortization of net actuarial losses
|
|
$
|
6.1
|
|
|
$
|
5.3
|
|
(2)
|
Amortization of prior service cost
|
|
0.7
|
|
|
0.6
|
|
(2)
|
||
Reclassification before tax
|
|
6.8
|
|
|
5.9
|
|
|
||
|
|
(1.0
|
)
|
|
(0.8
|
)
|
Income tax provision
|
||
Reclassification net of tax
|
|
$
|
5.8
|
|
|
$
|
5.1
|
|
|
|
|
|
|
|
|
||||
Net losses reclassified from accumulated other comprehensive loss
|
|
$
|
8.3
|
|
|
$
|
6.0
|
|
|
|
|
Three Months Ended June 30,
|
||||||
Pension benefits
|
|
2017
|
|
2016
|
||||
Service cost
|
|
$
|
4.4
|
|
|
$
|
4.1
|
|
Interest cost
|
|
5.2
|
|
|
6.4
|
|
||
Expected return on plan assets
|
|
(9.1
|
)
|
|
(10.2
|
)
|
||
Amortization of net actuarial loss
|
|
3.1
|
|
|
2.7
|
|
||
Amortization of prior service cost
|
|
0.3
|
|
|
0.2
|
|
||
Net periodic pension cost
|
|
$
|
3.9
|
|
|
$
|
3.2
|
|
|
|
Three Months Ended June 30,
|
||||||
Postretirement benefits
|
|
2017
|
|
2016
|
||||
Service cost
|
|
$
|
0.1
|
|
|
$
|
—
|
|
Interest cost
|
|
0.4
|
|
|
0.4
|
|
||
Amortization of prior service cost
|
|
—
|
|
|
0.1
|
|
||
Net periodic postretirement benefit cost
|
|
$
|
0.5
|
|
|
$
|
0.5
|
|
|
|
Six Months Ended June 30,
|
||||||
Pension benefits
|
|
2017
|
|
2016
|
||||
Service cost
|
|
$
|
8.6
|
|
|
$
|
8.2
|
|
Interest cost
|
|
10.2
|
|
|
12.8
|
|
||
Expected return on plan assets
|
|
(17.8
|
)
|
|
(20.4
|
)
|
||
Amortization of net actuarial loss
|
|
6.1
|
|
|
5.3
|
|
||
Amortization of prior service cost
|
|
0.6
|
|
|
0.5
|
|
||
Net periodic pension cost
|
|
$
|
7.7
|
|
|
$
|
6.4
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
||||||
Postretirement benefits
|
|
2017
|
|
2016
|
||||
Service cost
|
|
$
|
0.1
|
|
|
$
|
—
|
|
Interest cost
|
|
0.8
|
|
|
0.8
|
|
||
Amortization of prior service cost
|
|
0.1
|
|
|
0.1
|
|
||
Net periodic postretirement benefit cost
|
|
$
|
1.0
|
|
|
$
|
0.9
|
|
|
|
|
|
|
|
|
Before-Tax
Amount
|
|
Income
Tax
|
|
After-Tax
Amount
|
||||||
Accumulated other comprehensive loss as of December 31, 2016
|
|
$
|
(404.8
|
)
|
|
$
|
(100.3
|
)
|
|
$
|
(304.5
|
)
|
Amortization of net actuarial losses
|
|
6.1
|
|
|
1.0
|
|
|
5.1
|
|
|||
Amortization of prior service cost
|
|
0.7
|
|
|
—
|
|
|
0.7
|
|
|||
Accumulated other comprehensive loss as of June 30, 2017
|
|
$
|
(398.0
|
)
|
|
$
|
(99.3
|
)
|
|
$
|
(298.7
|
)
|
|
As of June 30, 2017
|
|||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||
Derivative assets
|
$
|
—
|
|
$
|
9.3
|
|
$
|
—
|
|
$
|
9.3
|
|
Derivative liabilities
|
$
|
—
|
|
$
|
13.3
|
|
$
|
—
|
|
$
|
13.3
|
|
|
As of December 31, 2016
|
|||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||
Derivative assets
|
$
|
—
|
|
$
|
6.5
|
|
$
|
—
|
|
$
|
6.5
|
|
Derivative liabilities
|
$
|
—
|
|
$
|
13.4
|
|
$
|
—
|
|
$
|
13.4
|
|
Three Months Ended June 30,
|
|
North
America |
|
South
America |
|
Europe/
Middle East |
|
Asia/
Pacific/Africa |
|
Consolidated
|
||||||||||
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net sales
|
|
$
|
478.8
|
|
|
$
|
251.9
|
|
|
$
|
1,269.5
|
|
|
$
|
165.0
|
|
|
$
|
2,165.2
|
|
Income from operations
|
|
23.0
|
|
|
2.6
|
|
|
172.4
|
|
|
5.7
|
|
|
203.7
|
|
|||||
Depreciation
|
|
15.7
|
|
|
7.9
|
|
|
28.0
|
|
|
3.0
|
|
|
54.6
|
|
|||||
Capital expenditures
|
|
9.1
|
|
|
8.4
|
|
|
15.5
|
|
|
2.2
|
|
|
35.2
|
|
|||||
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net sales
|
|
$
|
498.9
|
|
|
$
|
203.4
|
|
|
$
|
1,168.0
|
|
|
$
|
125.3
|
|
|
$
|
1,995.6
|
|
Income from operations
|
|
23.6
|
|
|
—
|
|
|
143.5
|
|
|
2.0
|
|
|
169.1
|
|
|||||
Depreciation
|
|
16.5
|
|
|
5.3
|
|
|
30.4
|
|
|
4.2
|
|
|
56.4
|
|
|||||
Capital expenditures
|
|
8.4
|
|
|
8.2
|
|
|
18.1
|
|
|
1.6
|
|
|
36.3
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Six Months Ended June 30,
|
|
North
America
|
|
South
America
|
|
Europe/
Middle East
|
|
Asia/
Pacific/Africa
|
|
Consolidated
|
||||||||||
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net sales
|
|
$
|
861.4
|
|
|
$
|
474.1
|
|
|
$
|
2,162.0
|
|
|
$
|
295.3
|
|
|
$
|
3,792.8
|
|
Income from operations
|
|
25.5
|
|
|
4.8
|
|
|
237.7
|
|
|
7.8
|
|
|
275.8
|
|
|||||
Depreciation
|
|
29.9
|
|
|
14.7
|
|
|
56.7
|
|
|
7.6
|
|
|
108.9
|
|
|||||
Capital expenditures
|
|
31.1
|
|
|
20.1
|
|
|
36.5
|
|
|
4.6
|
|
|
92.3
|
|
|||||
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net sales
|
|
$
|
907.3
|
|
|
$
|
347.6
|
|
|
$
|
2,067.1
|
|
|
$
|
232.9
|
|
|
$
|
3,554.9
|
|
Income from operations
|
|
22.9
|
|
|
0.4
|
|
|
211.6
|
|
|
1.3
|
|
|
236.2
|
|
|||||
Depreciation
|
|
32.1
|
|
|
9.9
|
|
|
61.2
|
|
|
8.7
|
|
|
111.9
|
|
|||||
Capital expenditures
|
|
19.8
|
|
|
14.4
|
|
|
33.6
|
|
|
4.2
|
|
|
72.0
|
|
|||||
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
As of June 30, 2017
|
|
$
|
1,015.1
|
|
|
$
|
806.6
|
|
|
$
|
2,016.9
|
|
|
$
|
468.7
|
|
|
$
|
4,307.3
|
|
As of December 31, 2016
|
|
$
|
978.5
|
|
|
$
|
739.4
|
|
|
$
|
1,635.2
|
|
|
$
|
426.3
|
|
|
$
|
3,779.4
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Segment income from operations
|
$
|
203.7
|
|
|
$
|
169.1
|
|
|
$
|
275.8
|
|
|
$
|
236.2
|
|
Corporate expenses
|
(31.3
|
)
|
|
(31.3
|
)
|
|
(57.9
|
)
|
|
(61.0
|
)
|
||||
Stock compensation expense
|
(9.8
|
)
|
|
(5.7
|
)
|
|
(21.2
|
)
|
|
(10.8
|
)
|
||||
Restructuring expenses
|
(0.4
|
)
|
|
(2.1
|
)
|
|
(5.5
|
)
|
|
(4.0
|
)
|
||||
Amortization of intangibles
|
(13.8
|
)
|
|
(11.4
|
)
|
|
(27.2
|
)
|
|
(22.4
|
)
|
||||
Consolidated income from operations
|
$
|
148.4
|
|
|
$
|
118.6
|
|
|
$
|
164.0
|
|
|
$
|
138.0
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Segment assets
|
$
|
4,307.3
|
|
|
$
|
3,779.4
|
|
Cash and cash equivalents
|
317.8
|
|
|
429.7
|
|
||
Investments in affiliates
|
441.2
|
|
|
414.9
|
|
||
Deferred tax assets, other current and noncurrent assets
|
607.2
|
|
|
560.7
|
|
||
Intangible assets, net
|
596.0
|
|
|
607.3
|
|
||
Goodwill
|
1,423.0
|
|
|
1,376.4
|
|
||
Consolidated total assets
|
$
|
7,692.5
|
|
|
$
|
7,168.4
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
Three Months Ended June 30,
|
|
Change
|
|
Change Due to Currency
Translation
|
||||||||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|
$
|
|
%
|
||||||||||
North America
|
$
|
478.8
|
|
|
$
|
498.9
|
|
|
$
|
(20.1
|
)
|
|
(4.0
|
)%
|
|
$
|
(3.9
|
)
|
|
(0.8
|
)%
|
South America
|
251.9
|
|
|
203.4
|
|
|
48.5
|
|
|
23.8
|
%
|
|
11.1
|
|
|
5.5
|
%
|
||||
Europe/Middle East
(1)
|
1,269.5
|
|
|
1,168.0
|
|
|
101.5
|
|
|
8.7
|
%
|
|
(44.5
|
)
|
|
(3.8
|
)%
|
||||
Asia/Pacific/Africa
(1)
|
165.0
|
|
|
125.3
|
|
|
39.7
|
|
|
31.7
|
%
|
|
(3.1
|
)
|
|
(2.5
|
)%
|
||||
|
$
|
2,165.2
|
|
|
$
|
1,995.6
|
|
|
$
|
169.6
|
|
|
8.5
|
%
|
|
$
|
(40.4
|
)
|
|
(2.0
|
)%
|
|
Six Months Ended June 30,
|
|
Change
|
|
Change Due to Currency
Translation
|
||||||||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|
$
|
|
%
|
||||||||||
North America
|
$
|
861.4
|
|
|
$
|
907.3
|
|
|
$
|
(45.9
|
)
|
|
(5.1
|
)%
|
|
$
|
(6.3
|
)
|
|
(0.7
|
)%
|
South America
|
474.1
|
|
|
347.6
|
|
|
126.5
|
|
|
36.4
|
%
|
|
44.3
|
|
|
12.7
|
%
|
||||
Europe/Middle East
(1)
|
2,162.0
|
|
|
2,067.1
|
|
|
94.9
|
|
|
4.6
|
%
|
|
(87.5
|
)
|
|
(4.2
|
)%
|
||||
Asia/Pacific/Africa
(1)
|
295.3
|
|
|
232.9
|
|
|
62.4
|
|
|
26.8
|
%
|
|
(4.2
|
)
|
|
(1.8
|
)%
|
||||
|
$
|
3,792.8
|
|
|
$
|
3,554.9
|
|
|
$
|
237.9
|
|
|
6.7
|
%
|
|
$
|
(53.7
|
)
|
|
(1.5
|
)%
|
|
|
Three Months Ended June 30,
|
||||||||||||
|
|
2017
|
|
2016
|
||||||||||
|
|
$
|
|
% of
Net Sales
(1)
|
|
$
|
|
% of
Net Sales
|
||||||
Gross profit
|
|
$
|
475.4
|
|
|
22.0
|
%
|
|
$
|
427.0
|
|
|
21.4
|
%
|
Selling, general and administrative expenses
|
|
236.1
|
|
|
10.9
|
%
|
|
217.8
|
|
|
10.9
|
%
|
||
Engineering expenses
|
|
76.7
|
|
|
3.5
|
%
|
|
77.1
|
|
|
3.9
|
%
|
||
Restructuring expenses
|
|
0.4
|
|
|
—
|
%
|
|
2.1
|
|
|
0.1
|
%
|
||
Amortization of intangibles
|
|
13.8
|
|
|
0.6
|
%
|
|
11.4
|
|
|
0.6
|
%
|
||
Income from operations
|
|
$
|
148.4
|
|
|
6.9
|
%
|
|
$
|
118.6
|
|
|
5.9
|
%
|
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2017
|
|
2016
|
||||||||||
|
|
$
|
|
% of
Net Sales (1) |
|
$
|
|
% of
Net Sales
|
||||||
Gross profit
|
|
$
|
805.7
|
|
|
21.2
|
%
|
|
$
|
741.7
|
|
|
20.9
|
%
|
Selling, general and administrative expenses
|
|
459.3
|
|
|
12.1
|
%
|
|
429.0
|
|
|
12.1
|
%
|
||
Engineering expenses
|
|
149.7
|
|
|
3.9
|
%
|
|
148.3
|
|
|
4.2
|
%
|
||
Restructuring expenses
|
|
5.5
|
|
|
0.1
|
%
|
|
4.0
|
|
|
0.1
|
%
|
||
Amortization of intangibles
|
|
27.2
|
|
|
0.7
|
%
|
|
22.4
|
|
|
0.6
|
%
|
||
Income from operations
|
|
$
|
164.0
|
|
|
4.3
|
%
|
|
$
|
138.0
|
|
|
3.9
|
%
|
(1)
|
Rounding may impact summation of amounts.
|
|
June 30, 2017
|
||
1.056% Senior term loan due 2020
|
$
|
228.4
|
|
Credit facility, expiring 2020
|
428.7
|
|
|
Senior term loan due 2021
|
342.6
|
|
|
5
7
/
8
% Senior notes due 2021
|
305.9
|
|
|
Senior term loans due between 2019 and 2026
|
428.2
|
|
|
Other long-term debt
|
133.4
|
|
|
Debt issuance costs
|
(4.7
|
)
|
|
|
$
|
1,862.5
|
|
•
|
general economic and capital market conditions;
|
•
|
availability of credit to our retail customers;
|
•
|
the worldwide demand for agricultural products;
|
•
|
grain stock levels and the levels of new and used field inventories;
|
•
|
government policies and subsidies;
|
•
|
weather conditions;
|
•
|
interest and foreign currency exchange rates;
|
•
|
pricing and product actions taken by competitors;
|
•
|
commodity prices, acreage planted and crop yields;
|
•
|
farm income, land values, debt levels and access to credit;
|
•
|
pervasive livestock diseases;
|
•
|
production disruptions;
|
•
|
production levels and capacity constraints at our facilities, including those resulting from plant expansions and systems upgrades;
|
•
|
integration of recent and future acquisitions;
|
•
|
our expansion plans in emerging markets;
|
•
|
supply constraints;
|
•
|
our cost reduction and control initiatives;
|
•
|
our research and development efforts;
|
•
|
dealer and distributor actions;
|
•
|
regulations affecting privacy and data protection;
|
•
|
technological difficulties; and
|
•
|
political and economic uncertainty in various areas of the world.
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
PART II.
|
OTHER INFORMATION
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 6.
|
EXHIBITS
|
Exhibit
Number
|
|
Description of Exhibit
|
|
The filings referenced for
incorporation by reference are
AGCO Corporation
|
|
|
|
|
|
|
|
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
|
||
|
|
|
||
|
|
Furnished herewith
|
||
|
|
|
||
|
|
Filed herewith
|
||
|
|
|
||
|
|
Filed herewith
|
||
|
|
|
||
|
|
Filed herewith
|
||
|
|
|
||
|
|
Filed herewith
|
||
|
|
|
|
|
|
|
Filed herewith
|
||
|
|
|
||
|
|
Filed herewith
|
|
|
|
|
Date:
|
August 8, 2017
|
|
AGCO CORPORATION
Registrant
/s/ Andrew H. Beck
|
|
|
|
Andrew H. Beck
Senior Vice President and Chief Financial Officer
(Principal Financial Officer)
|
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