DULUTH, Ga.--(BUSINESS WIRE)--Feb. 5, 2019--
AGCO, Your Agriculture Company (NYSE:AGCO), a worldwide manufacturer and
distributor of agricultural equipment, reported net sales of
approximately $2.6 billion for the fourth quarter of 2018, an increase
of approximately 2.6% compared to net sales of approximately $2.5
billion for the fourth quarter of 2017. Reported net income was $1.26
per share and adjusted net income, which excludes restructuring
expenses, costs associated with the early retirement of debt and a tax
gain related to U.S. tax reform, was $1.31 per share for the fourth
quarter of 2018. These results compare to reported net income of $0.55
per share and adjusted net income, which excludes restructuring expenses
and a tax charge related to U.S. tax reform, of $1.10 per share for the
fourth quarter of 2017. Excluding unfavorable currency translation
impacts of approximately 4.7%, net sales in the fourth quarter of 2018
increased approximately 7.3% compared to the fourth quarter of 2017.
Net sales for the full year of 2018 were approximately $9.4 billion, an
increase of approximately 12.6% compared to 2017. Excluding the
favorable impact of currency translation of approximately 0.1%, net
sales for the full year of 2018 increased approximately 12.5% compared
to 2017. For the full year of 2018, reported net income was $3.58 per
share and adjusted net income, which excludes restructuring expenses,
costs associated with the early retirement of debt and a tax gain
related to U. S. tax reform, was $3.89 per share. These results compare
to reported net income of $2.32 per share and adjusted net income, which
excludes restructuring expenses, a non-cash expense related to waived
stock compensation and a tax charge related to U.S. tax reform, of $3.02
per share for the full year of 2017.
Highlights
-
Reported fourth quarter regional sales results(1):
Europe/Middle East (“EME”) +5.4%, North America -0.1%, South America
-12.6%, Asia/Pacific/Africa (“APA”) +11.4%
-
Constant currency fourth quarter regional sales results(1)(2)(3):
EME +9.5%, North America +0.8%, South America +0.9%, APA +16.4%
-
Generated approximately $596 million in cash flow from operations and
approximately $393 million in free cash flow(3) in
2018
-
Share repurchase program reduced outstanding shares by approximately
3.1 million during 2018
-
Full-year earnings forecast for 2019 remains at approximately $4.60
per share
(1)
|
As compared to fourth quarter 2017
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(2)
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Excludes currency translation impact.
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(3)
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See reconciliation of Non-GAAP measures in appendix.
|
“AGCO delivered solid results in 2018 while making important investments
to position us for future success,” stated Martin Richenhagen, AGCO’s
Chairman, President and Chief Executive Officer. “Sales growth across
all of our regions and solid operational execution allowed AGCO to meet
its financial targets for 2018 and deliver improved results compared to
2017. We are growing our business by delivering the broadest product
offering in the industry. We provide full-line smart farming solutions
to our customers throughout the agricultural production cycle, starting
with soil preparation and cutting-edge smart planting, through spraying
and harvesting, and ending with grain storage and protein production
equipment. AGCO will continue to invest in new products, new technology,
improved distribution and enhanced digital capabilities in order to
improve our margins and produce higher returns on our invested capital.
Looking forward to 2019, we are forecasting further earnings improvement
as industry conditions trend positively and we benefit from our cost
reduction strategies targeted at purchasing actions and factory
productivity, as well as new product development.”
Market Update
Industry Unit Retail Sales
|
|
Year ended December 31, 2018
|
|
Tractors
Change from
Prior Year Period
|
|
Combines
Change from
Prior Year Period
|
|
|
|
|
|
North America(1) |
|
2%
|
|
10%
|
South America
|
|
Flat
|
|
9%
|
Western Europe(2) |
|
(2)%
|
|
13%
|
|
|
|
|
|
(1)Excludes compact tractors. (2)Based
on Company estimates.
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“Another year of strong global crop production kept commodity prices at
relatively low levels and pressured farm income,” continued Mr.
Richenhagen. “Global industry sales of farm equipment in 2018 were mixed
across AGCO’s key markets, with future demand dependent on factors such
as commodity price development as well as government trade and farm
support policy. The USDA is projecting 2019 farm income to be down
modestly in the United States compared to 2018. While low horsepower
equipment sales may begin to be under pressure from their historically
high levels, high horsepower equipment sales are expected to continue
their gradual recovery. Industry equipment demand decreased modestly
across Western Europe in 2018. Farm income was negatively impacted by
reduced crop production across parts of Western Europe and lower milk
prices in the first half of the year. Lower demand across most of the
European markets was partially offset by growth in the United Kingdom.
Farm economics are expected to improve modestly across Western Europe in
2019, driven primarily by favorable wheat prices and more normal crop
production. Based on these assumptions, we expect sentiment to remain
positive and 2019 demand to be stable across the European markets.
Industry equipment demand in Brazil improved in the second half of 2018
after more positive terms for the government financing program were
announced. Market growth in Brazil was offset by weaker demand in
Argentina in response to a weak first harvest and poor general economic
conditions. Industry demand in 2019 in South America is expected to be
improved compared to 2018. Higher retail sales in Brazil are expected to
be partially offset by lower sales in Argentina. Our long-term global
view remains positive. Increasing demand for commodities, driven by the
growing world population, rising emerging market protein consumption and
biofuel use, are all expected to support elevated farm income and
healthy conditions in our industry.”
Regional Results
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|
|
|
|
|
|
|
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|
|
|
|
|
|
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|
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|
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|
AGCO Regional Net Sales (in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
|
|
2018
|
|
|
|
|
2017
|
|
|
|
|
% change from 2017
|
|
|
|
|
% change from 2017 due to currency translation(1)
|
|
|
|
|
% change from 2017 due to acquisitions(1)
|
North America
|
|
|
|
|
$
|
531.2
|
|
|
|
|
|
$
|
531.8
|
|
|
|
|
|
(0.1)%
|
|
|
|
|
(0.9)%
|
|
|
|
|
—%
|
South America
|
|
|
|
|
276.2
|
|
|
|
|
|
315.9
|
|
|
|
|
|
(12.6)%
|
|
|
|
|
(13.5)%
|
|
|
|
|
—%
|
EME
|
|
|
|
|
1,511.7
|
|
|
|
|
|
1,434.6
|
|
|
|
|
|
5.4%
|
|
|
|
|
(4.1)%
|
|
|
|
|
—%
|
APA
|
|
|
|
|
273.1
|
|
|
|
|
|
245.1
|
|
|
|
|
|
11.4%
|
|
|
|
|
(5.0)%
|
|
|
|
|
—%
|
Total
|
|
|
|
|
$
|
2,592.2
|
|
|
|
|
|
$
|
2,527.4
|
|
|
|
|
|
2.6%
|
|
|
|
|
(4.7)%
|
|
|
|
|
—%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
|
2018
|
|
|
|
|
2017
|
|
|
|
|
% change from 2017
|
|
|
|
|
% change from 2017 due to currency translation(1)
|
|
|
|
|
% change from 2017 due to acquisitions(1)
|
North America
|
|
|
|
|
$
|
2,180.1
|
|
|
|
|
|
$
|
1,876.7
|
|
|
|
|
|
16.2%
|
|
|
|
|
—%
|
|
|
|
|
5.7%
|
South America
|
|
|
|
|
959.0
|
|
|
|
|
|
1,063.5
|
|
|
|
|
|
(9.8)%
|
|
|
|
|
(14.3)%
|
|
|
|
|
1.2%
|
EME
|
|
|
|
|
5,385.1
|
|
|
|
|
|
4,614.3
|
|
|
|
|
|
16.7%
|
|
|
|
|
3.4%
|
|
|
|
|
2.3%
|
APA
|
|
|
|
|
827.8
|
|
|
|
|
|
752.0
|
|
|
|
|
|
10.1%
|
|
|
|
|
(0.1)%
|
|
|
|
|
1.7%
|
Total
|
|
|
|
|
$
|
9,352.0
|
|
|
|
|
|
$
|
8,306.5
|
|
|
|
|
|
12.6%
|
|
|
|
|
0.1%
|
|
|
|
|
2.9%
|
(1) See Footnotes for additional disclosures
|
|
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|
|
|
|
|
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North America
Net sales in the North American region improved approximately 16.2% in
the full year of 2018 compared to 2017, with no significant impact from
currency translation. Acquisitions benefited sales by approximately 5.7%
in 2018. Sales growth was strongest for sprayers, hay tools and grain
storage equipment. Income from operations increased approximately $36.2
million for the full year of 2018 compared to 2017 due to the benefit of
higher sales and margin improvement.
South America
South American net sales increased approximately 4.5%, excluding
unfavorable currency translation impacts, in the full year of 2018
compared to 2017. The improvement was primarily driven by higher sales
in Brazil partially offset by weaker demand in Argentina. Income from
operations in the fourth quarter of 2018 increased $9.7 million compared
to the same period in 2017, although the impacts of material cost
inflation and costs associated with transitioning to new products with
tier 3 emission technology contributed to a decrease in income from
operations of approximately $25.5 million for the full year of 2018
compared to 2017.
Europe/Middle East
AGCO’s EME net sales increased approximately 13.3% in the full year of
2018 compared to 2017, excluding favorable currency translation.
Acquisitions benefited sales by approximately 2.3% during 2018 compared
to the full year of 2017. Sales growth was achieved in the key markets
of the Germany, France and the United Kingdom. Income from operations
increased approximately $107.8 million for the full year of 2018
compared to 2017 due to the benefit of higher sales and margin
improvement.
Asia/Pacific/Africa
Net sales in AGCO’s Asia/Pacific/Africa region, excluding the negative
impact of currency translation, increased approximately 10.2% in the
full year of 2018 compared to the same period in 2017. Sales growth was
driven primarily by Australia and China. Acquisitions benefited sales by
approximately 1.7% during the full year of 2018 compared to 2017. Income
from operations improved approximately $0.8 million in 2018 compared to
the full year of 2017 due to the impact of higher sales.
Outlook
Global industry demand is projected to improve modestly in 2019. AGCO’s
net sales for 2019 are expected to reach approximately $9.6 billion
reflecting improved sales volumes and positive pricing, offset by
unfavorable foreign currency translation impacts. Gross and operating
margins are expected to improve from 2018 levels, reflecting the
positive impact of pricing and cost reduction efforts. Based on these
assumptions, 2019 earnings per share is targeted to be approximately
$4.60.
* * * * *
AGCO will be hosting a conference call with respect to this earnings
announcement at 10:00 a.m. Eastern Time on Tuesday, February 5th.
The Company will refer to slides on its conference call. The conference
call and slide presentation can be accessed on AGCO’s website at www.agcocorp.com
in the “Events” section on the “Company/Investors” page of our website.
A replay of the conference call will be available approximately two
hours after the conclusion of the conference call for twelve months
following the call. A copy of this press release will be available on
AGCO’s website for at least twelve months following the call.
* * * * *
Safe Harbor Statement
Statements that are not historical facts, including the projections of
earnings per share, sales, industry demand, market conditions, world
population, biofuel use and protein consumption, currency translation,
farm income levels, margin levels, industry inventory levels,
investments in product and technology development, cost reduction
initiatives, production volumes, and general economic conditions, are
forward-looking and subject to risks that could cause actual results to
differ materially from those suggested by the statements. The following
are among the factors that could cause actual results to differ
materially from the results discussed in or implied by the
forward-looking statements.
-
Our financial results depend entirely upon the agricultural industry,
and factors that adversely affect the agricultural industry generally,
including declines in the general economy, increases in farm input
costs, lower commodity prices, lower farm income and changes in the
availability of credit for our retail customers, will adversely affect
us.
-
A majority of our sales and manufacturing take place outside the
United States, and, many of our sales involve products that are
manufactured in one country and sold in a different country, and as a
result, we are exposed to risks related to foreign laws, taxes and
tariffs, trade restrictions, economic conditions, labor supply and
relations, political conditions and governmental policies. These risks
may delay or reduce our realization of value from our international
operations. Among these risks are the uncertain consequences of
Brexit, Russian sanctions and tariffs imposed on exports to and
imports from China.
-
Most retail sales of the products that we manufacture are financed,
either by our joint ventures with Rabobank or by a bank or other
private lender. Our joint ventures with Rabobank, which are controlled
by Rabobank and are dependent upon Rabobank for financing as well,
finance approximately 40% to 50% of the retail sales of our tractors
and combines in the markets where the joint ventures operate. Any
difficulty by Rabobank to continue to provide that financing, or any
business decision by Rabobank as the controlling member not to fund
the business or particular aspects of it (for example, a particular
country or region), would require the joint ventures to find other
sources of financing (which may be difficult to obtain), or us to find
another source of retail financing for our customers, or our customers
would be required to utilize other retail financing providers. As a
result of the recent economic downturn, financing for capital
equipment purchases generally has become more difficult in certain
regions and in some cases, can be expensive to obtain. To the extent
that financing is not available or available only at unattractive
prices, our sales would be negatively impacted.
-
Both AGCO and our finance joint ventures have substantial account
receivables from dealers and end customers, and we would be adversely
impacted if the collectability of these receivables was not consistent
with historical experience; this collectability is dependent upon the
financial strength of the farm industry, which in turn is dependent
upon the general economy and commodity prices, as well as several of
the other factors listed in this section.
-
We have experienced substantial and sustained volatility with respect
to currency exchange rate and interest rate changes, which can
adversely affect our reported results of operations and the
competitiveness of our products.
-
Our success depends on the introduction of new products, particularly
engines that comply with emission requirements, which requires
substantial expenditures.
-
Our production levels and capacity constraints at our facilities,
including those resulting from plant expansions and systems upgrades
at our manufacturing facilities, could adversely affect our results.
-
Our expansion plans in emerging markets, including establishing a
greater manufacturing and marketing presence and growing our use of
component suppliers, could entail significant risks.
-
Our business increasingly is subject to regulations relating to
privacy and data protection, and if we violate any of those
regulations or otherwise are the victim of a cyber attack, we could
incur significant losses and liability.
-
We depend on suppliers for components, parts and raw materials for our
products, and any failure by our suppliers to provide products as
needed, or by us to promptly address supplier issues, will adversely
impact our ability to timely and efficiently manufacture and sell
products. We also are subject to raw material price fluctuations,
which can adversely affect our manufacturing costs.
-
We face significant competition, and if we are unable to compete
successfully against other agricultural equipment manufacturers, we
would lose customers and our net sales and profitability would decline.
-
We have a substantial amount of indebtedness, and, as a result, we are
subject to certain restrictive covenants and payment obligations that
may adversely affect our ability to operate and expand our business.
Further information concerning these and other factors is included in
AGCO’s filings with the Securities and Exchange Commission, including
its Form 10-K for the year ended December 31, 2017 and subsequent Form
10-Qs. AGCO disclaims any obligation to update any forward-looking
statements except as required by law.
* * * * *
About AGCO
AGCO (NYSE: AGCO) is a global leader in the design, manufacture and
distribution of agricultural solutions and supports more productive
farming through its full line of equipment and related services. AGCO
products are sold through five core brands, Challenger®, Fendt®, GSI®,
Massey Ferguson® and Valtra®, supported by Fuse® precision technologies
and farm optimization services. Founded in 1990, AGCO is headquartered
in Duluth, GA, USA. In 2018, AGCO had net sales of $9.4 billion. For
more information, visit http://www.AGCOcorp.com. For
company news, information and events, please follow us on Twitter:
@AGCOCorp. For financial news on Twitter, please follow the hashtag
#AGCOIR.
Please visit our website at www.agcocorp.com
|
|
|
|
|
AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited and in millions)
|
|
|
|
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
ASSETS
|
|
|
|
|
Current Assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
326.1
|
|
|
$
|
367.7
|
|
Accounts and notes receivable, net
|
|
880.3
|
|
|
1,019.4
|
|
Inventories, net
|
|
1,908.7
|
|
|
1,872.9
|
|
Other current assets
|
|
422.3
|
|
|
367.7
|
|
Total current assets
|
|
3,537.4
|
|
|
3,627.7
|
|
Property, plant and equipment, net
|
|
1,373.1
|
|
|
1,485.3
|
|
Investment in affiliates
|
|
400.0
|
|
|
409.0
|
|
Deferred tax assets
|
|
104.9
|
|
|
112.2
|
|
Other assets
|
|
142.4
|
|
|
147.1
|
|
Intangible assets, net
|
|
573.1
|
|
|
649.0
|
|
Goodwill
|
|
1,495.5
|
|
|
1,541.4
|
|
Total assets
|
|
$
|
7,626.4
|
|
|
$
|
7,971.7
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
Current portion of long-term debt
|
|
$
|
184.2
|
|
|
$
|
95.4
|
|
Accounts payable
|
|
865.9
|
|
|
917.5
|
|
Accrued expenses
|
|
1,522.4
|
|
|
1,407.9
|
|
Other current liabilities
|
|
194.2
|
|
|
229.8
|
|
Total current liabilities
|
|
2,766.7
|
|
|
2,650.6
|
|
Long-term debt, less current portion and debt issuance costs
|
|
1,275.3
|
|
|
1,618.1
|
|
Pensions and postretirement health care benefits
|
|
223.2
|
|
|
247.3
|
|
Deferred tax liabilities
|
|
116.3
|
|
|
130.5
|
|
Other noncurrent liabilities
|
|
251.4
|
|
|
229.9
|
|
Total liabilities
|
|
4,632.9
|
|
|
4,876.4
|
|
|
|
|
|
|
Stockholders’ Equity:
|
|
|
|
|
AGCO Corporation stockholders’ equity:
|
|
|
|
|
Common stock
|
|
0.8
|
|
|
0.8
|
|
Additional paid-in capital
|
|
10.2
|
|
|
136.6
|
|
Retained earnings
|
|
4,477.3
|
|
|
4,253.8
|
|
Accumulated other comprehensive loss
|
|
(1,555.4
|
)
|
|
(1,361.6
|
)
|
Total AGCO Corporation stockholders’ equity
|
|
2,932.9
|
|
|
3,029.6
|
|
Noncontrolling interests
|
|
60.6
|
|
|
65.7
|
|
Total stockholders’ equity
|
|
2,993.5
|
|
|
3,095.3
|
|
Total liabilities and stockholders’ equity
|
|
$
|
7,626.4
|
|
|
$
|
7,971.7
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to condensed consolidated financial
statements.
|
|
|
|
|
AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in millions, except per share data)
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
2018
|
|
2017
|
Net sales
|
|
$
|
2,592.2
|
|
|
$
|
2,527.4
|
|
Cost of goods sold
|
|
2,053.5
|
|
|
1,996.4
|
|
Gross profit
|
|
538.7
|
|
|
531.0
|
|
Selling, general and administrative expenses
|
|
272.5
|
|
|
274.2
|
|
Engineering expenses
|
|
88.0
|
|
|
93.4
|
|
Restructuring expenses
|
|
1.9
|
|
|
2.7
|
|
Amortization of intangibles
|
|
15.5
|
|
|
15.5
|
|
Bad debt expense
|
|
1.7
|
|
|
1.9
|
|
Income from operations
|
|
159.1
|
|
|
143.3
|
|
Interest expense, net
|
|
15.3
|
|
|
11.5
|
|
Other expense, net
|
|
17.1
|
|
|
26.3
|
|
Income before income taxes and equity in net earnings of affiliates
|
|
126.7
|
|
|
105.5
|
|
Income tax provision
|
|
37.1
|
|
|
68.7
|
|
Income before equity in net earnings of affiliates
|
|
89.6
|
|
|
36.8
|
|
Equity in net earnings of affiliates
|
|
8.0
|
|
|
8.3
|
|
Net income
|
|
97.6
|
|
|
45.1
|
|
Net loss (income) attributable to noncontrolling interests
|
|
1.1
|
|
|
(0.8
|
)
|
Net income attributable to AGCO Corporation and subsidiaries
|
|
$
|
98.7
|
|
|
$
|
44.3
|
|
Net income per common share attributable to AGCO Corporation and
subsidiaries:
|
|
|
|
|
Basic
|
|
$
|
1.28
|
|
|
$
|
0.56
|
|
Diluted
|
|
$
|
1.26
|
|
|
$
|
0.55
|
|
Cash dividends declared and paid per common share
|
|
$
|
0.15
|
|
|
$
|
0.14
|
|
Weighted average number of common and common equivalent shares
outstanding:
|
|
|
|
|
Basic
|
|
77.4
|
|
79.6
|
Diluted
|
|
78.6
|
|
80.5
|
|
|
|
|
|
See accompanying notes to condensed consolidated financial
statements.
|
|
|
|
|
|
|
|
|
AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in millions, except per share data)
|
|
|
|
|
|
Years Ended December 31,
|
|
|
2018
|
|
2017
|
Net sales
|
|
$
|
9,352.0
|
|
|
$
|
8,306.5
|
|
Cost of goods sold
|
|
7,355.3
|
|
|
6,541.2
|
|
Gross profit
|
|
1,996.7
|
|
|
1,765.3
|
|
Selling, general and administrative expenses
|
|
1,069.4
|
|
|
964.7
|
|
Engineering expenses
|
|
355.2
|
|
|
323.4
|
|
Restructuring expenses
|
|
12.0
|
|
|
11.2
|
|
Amortization of intangibles
|
|
64.7
|
|
|
57.0
|
|
Bad debt expense
|
|
6.4
|
|
|
4.6
|
|
Income from operations
|
|
489.0
|
|
|
404.4
|
|
Interest expense, net
|
|
53.8
|
|
|
45.1
|
|
Other expense, net
|
|
74.9
|
|
|
75.5
|
|
Income before income taxes and equity in net earnings of affiliates
|
|
360.3
|
|
|
283.8
|
|
Income tax provision
|
|
110.9
|
|
|
133.6
|
|
Income before equity in net earnings of affiliates
|
|
249.4
|
|
|
150.2
|
|
Equity in net earnings of affiliates
|
|
34.3
|
|
|
39.1
|
|
Net income
|
|
283.7
|
|
|
189.3
|
|
Net loss (income) attributable to noncontrolling interests
|
|
1.8
|
|
|
(2.9
|
)
|
Net income attributable to AGCO Corporation and subsidiaries
|
|
$
|
285.5
|
|
|
$
|
186.4
|
|
Net income per common share attributable to AGCO Corporation and
subsidiaries:
|
|
|
|
|
Basic
|
|
$
|
3.62
|
|
|
$
|
2.34
|
|
Diluted
|
|
$
|
3.58
|
|
|
$
|
2.32
|
|
Cash dividends declared and paid per common share
|
|
$
|
0.60
|
|
|
$
|
0.56
|
|
Weighted average number of common and common equivalent shares
outstanding:
|
|
|
|
|
Basic
|
|
78.8
|
|
|
79.5
|
|
Diluted
|
|
79.7
|
|
|
80.2
|
|
|
|
|
|
|
|
|
See accompanying notes to condensed consolidated financial
statements.
|
|
|
|
|
|
|
|
|
|
|
AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in millions)
|
|
|
|
|
|
Years Ended December 31,
|
|
|
2018
|
|
2017
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
Net income
|
|
$
|
283.7
|
|
|
$
|
189.3
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
Depreciation
|
|
225.2
|
|
|
222.8
|
|
Amortization of intangibles
|
|
64.7
|
|
|
57.0
|
|
Stock compensation expense
|
|
46.3
|
|
|
38.2
|
|
Equity in net earnings of affiliates, net of cash received
|
|
(3.2
|
)
|
|
41.2
|
|
Deferred income tax benefit
|
|
(14.7
|
)
|
|
(14.1
|
)
|
Loss on extinguishment of debt
|
|
24.5
|
|
|
—
|
|
Other
|
|
2.6
|
|
|
3.0
|
|
Changes in operating assets and liabilities, net of effects from
purchase of businesses:
|
|
|
|
|
Accounts and notes receivable, net
|
|
63.3
|
|
|
(34.7
|
)
|
Inventories, net
|
|
(214.3
|
)
|
|
(196.0
|
)
|
Other current and noncurrent assets
|
|
(85.6
|
)
|
|
(36.6
|
)
|
Accounts payable
|
|
(24.3
|
)
|
|
123.5
|
|
Accrued expenses
|
|
161.3
|
|
|
149.0
|
|
Other current and noncurrent liabilities
|
|
66.4
|
|
|
35.0
|
|
Total adjustments
|
|
312.2
|
|
|
388.3
|
|
Net cash provided by operating activities
|
|
595.9
|
|
|
577.6
|
|
Cash flows from investing activities:
|
|
|
|
|
Purchases of property, plant and equipment
|
|
(203.3
|
)
|
|
(203.9
|
)
|
Proceeds from sale of property, plant and equipment
|
|
3.2
|
|
|
4.1
|
|
Purchase of businesses, net of cash acquired
|
|
—
|
|
|
(293.1
|
)
|
Investments in unconsolidated affiliates
|
|
(5.8
|
)
|
|
(0.8
|
)
|
Other
|
|
0.4
|
|
|
—
|
|
Net cash used in investing activities
|
|
(205.5
|
)
|
|
(493.7
|
)
|
Cash flows from financing activities:
|
|
|
|
|
Repayments of debt obligations, net
|
|
(176.1
|
)
|
|
(125.8
|
)
|
Purchases and retirement of common stock
|
|
(184.3
|
)
|
|
—
|
|
Payment of dividends to stockholders
|
|
(47.1
|
)
|
|
(44.5
|
)
|
Payment of minimum tax withholdings on stock compensation
|
|
(4.0
|
)
|
|
(6.9
|
)
|
Payment of debt issuance costs
|
|
(2.7
|
)
|
|
—
|
|
Investments by noncontrolling interests, net
|
|
0.9
|
|
|
0.5
|
|
Net cash used in financing activities
|
|
(413.3
|
)
|
|
(176.7
|
)
|
Effects of exchange rate changes on cash and cash equivalents
|
|
(18.7
|
)
|
|
30.8
|
|
Decrease in cash and cash equivalents
|
|
(41.6
|
)
|
|
(62.0
|
)
|
Cash and cash equivalents, beginning of year
|
|
367.7
|
|
|
429.7
|
|
Cash and cash equivalents, end of year
|
|
$
|
326.1
|
|
|
$
|
367.7
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to condensed consolidated financial
statements.
|
|
|
|
|
|
|
|
|
|
AGCO CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (unaudited, in millions, except share amounts,
per share data and employees)
1. STOCK COMPENSATION EXPENSE
The Company recorded stock compensation expense as follows:
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Years Ended December 31,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Cost of goods sold
|
|
$
|
(0.4
|
)
|
|
$
|
0.4
|
|
|
$
|
2.3
|
|
|
$
|
2.8
|
Selling, general and administrative expenses
|
|
13.7
|
|
|
6.5
|
|
|
44.3
|
|
|
35.6
|
Total stock compensation expense
|
|
$
|
13.3
|
|
|
$
|
6.9
|
|
|
$
|
46.6
|
|
|
$
|
38.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2. RESTRUCTURING EXPENSES
From 2014 through 2018, the Company announced and initiated several
actions to rationalize employee headcount at various manufacturing
facilities and administrative offices located in Europe, South America,
China and the United States in order to reduce costs in response to
softening global market demand and lower production volumes. The
aggregate headcount reduction was approximately 3,370 employees for the
years 2014 to 2017. The Company had approximately $10.9 million of
severance and related costs accrued as of December 31, 2017. During the
year ended December 31, 2018, the Company recorded an additional $12.0
million of severance and related costs associated with further
rationalizations associated with the termination of approximately 520
employees, and paid approximately $14.4 million of severance and related
costs. The $12.0 million of costs incurred during the year end December
31, 2018 included a $0.3 million write-down of property, plant and
equipment. The remaining $7.1 million of accrued severance and other
related costs as of December 31, 2018, inclusive of approximately $1.1
million of negative foreign currency translation impacts, are expected
to be paid primarily during 2019.
3. INDEBTEDNESS
Indebtedness at December 31, 2018 and 2017 consisted of the following:
|
|
|
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
1.056% Senior term loan due 2020
|
|
$
|
228.7
|
|
|
$
|
239.8
|
|
Senior term loan due 2022
|
|
171.5
|
|
|
119.9
|
|
Credit facility, expires 2023
|
|
114.4
|
|
|
471.2
|
|
Senior term loans due between 2019 and 2028
|
|
815.3
|
|
|
449.7
|
|
5 7/8% Senior notes due 2021
|
|
—
|
|
|
305.3
|
|
Other long-term debt
|
|
132.2
|
|
|
131.6
|
|
Debt issuance costs
|
|
(2.6
|
)
|
|
(4.0
|
)
|
|
|
1,459.5
|
|
|
1,713.5
|
|
Less: Current portion of other long-term debt
|
|
(120.4
|
)
|
|
(95.4
|
)
|
Senior term loans due 2019
|
|
(63.8
|
)
|
|
—
|
|
Total indebtedness, less current portion
|
|
$
|
1,275.3
|
|
|
$
|
1,618.1
|
|
|
|
|
|
|
|
|
|
|
4. INVENTORIES
Inventories at December 31, 2018 and 2017 were as follows:
|
|
|
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
Finished goods
|
|
$
|
660.4
|
|
|
$
|
684.1
|
Repair and replacement parts
|
|
587.3
|
|
|
605.9
|
Work in process
|
|
217.5
|
|
|
178.7
|
Raw materials
|
|
443.5
|
|
|
404.2
|
Inventories, net
|
|
$
|
1,908.7
|
|
|
$
|
1,872.9
|
|
|
|
|
|
|
|
|
5. ACCOUNTS RECEIVABLE SALES AGREEMENTS
At December 31, 2018 and 2017, the Company had accounts receivable sales
agreements that permit the sale, on an ongoing basis, of a majority of
its wholesale receivables in North America, Europe and Brazil to its
U.S., Canadian, European and Brazilian finance joint ventures. As of
December 31, 2018 and 2017, the cash received from receivables sold
under the U.S., Canadian, European and Brazilian accounts receivable
sales agreements was approximately $1.4 billion and $1.3 billion,
respectively.
Losses on sales of receivables associated with the accounts receivable
financing facilities discussed above, reflected within “Other expense,
net” in the Company’s Consolidated Statements of Operations, were
approximately $11.8 million and $36.0 million during the three months
and year ended December 31, 2018, respectively. Losses on sales of
receivables associated with the accounts receivable financing facilities
discussed above, reflected within “Other expense, net” in the Company’s
Consolidated Statements of Operations, were approximately $11.7 million
and $39.2 million during the three months and year ended December 31,
2017, respectively.
The Company’s finance joint ventures in Europe, Brazil and Australia
also provide wholesale financing to the Company’s dealers. As of
December 31, 2018 and 2017, these finance joint ventures had
approximately $82.5 million and $41.6 million, respectively, of
outstanding accounts receivable associated with these arrangements. In
addition, the Company sells certain trade receivables under factoring
arrangements to other financial institutions around the world.
6. NET INCOME PER SHARE
A reconciliation of net income attributable to AGCO Corporation and
subsidiaries and weighted average common shares outstanding for purposes
of calculating basic and diluted net income per share for the three
months and years ended December 31, 2018 and 2017 is as follows:
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Years Ended December 31,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Basic net income per share:
|
|
|
|
|
|
|
|
|
Net income attributable to AGCO Corporation and subsidiaries
|
|
$
|
98.7
|
|
|
$
|
44.3
|
|
|
$
|
285.5
|
|
|
$
|
186.4
|
Weighted average number of common shares outstanding
|
|
77.4
|
|
|
79.6
|
|
|
78.8
|
|
|
79.5
|
Basic net income per share attributable to AGCO Corporation and
subsidiaries
|
|
$
|
1.28
|
|
|
$
|
0.56
|
|
|
$
|
3.62
|
|
|
$
|
2.34
|
Diluted net income per share:
|
|
|
|
|
|
|
|
|
Net income attributable to AGCO Corporation and subsidiaries
|
|
$
|
98.7
|
|
|
$
|
44.3
|
|
|
$
|
285.5
|
|
|
$
|
186.4
|
Weighted average number of common shares outstanding
|
|
77.4
|
|
|
79.6
|
|
|
78.8
|
|
|
79.5
|
Dilutive stock-settled appreciation rights, performance share awards
and restricted stock units
|
|
1.2
|
|
|
0.9
|
|
|
0.9
|
|
|
0.7
|
Weighted average number of common shares and common share
equivalents outstanding for purposes of computing diluted net income
per share
|
|
78.6
|
|
|
80.5
|
|
|
79.7
|
|
|
80.2
|
Diluted net income per share attributable to AGCO Corporation and
subsidiaries
|
|
$
|
1.26
|
|
|
$
|
0.55
|
|
|
$
|
3.58
|
|
|
$
|
2.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7. SEGMENT REPORTING
The Company’s four reportable segments distribute a full range of
agricultural equipment and related replacement parts. The Company
evaluates segment performance primarily based on income from operations.
Sales for each segment are based on the location of the third-party
customer. The Company’s selling, general and administrative expenses and
engineering expenses are charged to each segment based on the region and
division where the expenses are incurred. As a result, the components of
income from operations for one segment may not be comparable to another
segment. Segment results for the three months and years ended
December 31, 2018 and 2017 are as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
North America
|
|
South America
|
|
Europe/ Middle East
|
|
Asia/ Pacific/Africa
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
531.2
|
|
|
$
|
276.2
|
|
|
$
|
1,511.7
|
|
|
$
|
273.1
|
|
|
$
|
2,592.2
|
Income from operations
|
|
6.2
|
|
|
10.6
|
|
|
185.0
|
|
|
22.7
|
|
|
224.5
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
531.8
|
|
|
$
|
315.9
|
|
|
$
|
1,434.6
|
|
|
$
|
245.1
|
|
|
$
|
2,527.4
|
Income from operations
|
|
12.5
|
|
|
0.9
|
|
|
162.6
|
|
|
25.6
|
|
|
201.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31,
|
|
North America
|
|
South America
|
|
Europe/ Middle East
|
|
Asia/ Pacific/Africa
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A reconciliation from the segment information to the consolidated
balances for income from operations is set forth below:
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Years Ended December 31,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Segment income from operations
|
|
$
|
224.5
|
|
|
$
|
201.6
|
|
|
$
|
743.7
|
|
|
$
|
624.4
|
|
Corporate expenses
|
|
(34.3
|
)
|
|
(33.6
|
)
|
|
(133.7
|
)
|
|
(116.2
|
)
|
Stock compensation expense
|
|
(13.7
|
)
|
|
(6.5
|
)
|
|
(44.3
|
)
|
|
(35.6
|
)
|
Restructuring expenses
|
|
(1.9
|
)
|
|
(2.7
|
)
|
|
(12.0
|
)
|
|
(11.2
|
)
|
Amortization of intangibles
|
|
(15.5
|
)
|
|
(15.5
|
)
|
|
(64.7
|
)
|
|
(57.0
|
)
|
Consolidated income from operations
|
|
$
|
159.1
|
|
|
$
|
143.3
|
|
|
$
|
489.0
|
|
|
$
|
404.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NON-GAAP MEASURES
This earnings release discloses adjusted income from operations,
adjusted net income, adjusted net income per share, net sales on a
constant currency basis and free cash flow, each of which excludes
amounts that are typically included in the most directly comparable
measure calculated in accordance with U.S. generally accepted accounting
principles (“GAAP”). A reconciliation of each of those measures to the
most directly comparable GAAP measure is included below.
The following is a reconciliation of reported income from operations,
net income and net income per share to adjusted income from operations,
net income and net income per share for the three months and years ended
December 31, 2018 and 2017 (in millions, except per share data):
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Three Months Ended December 31,
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2018
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2017
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Income From Operations
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Net Income(1)
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Net Income Per Share (1)(2)
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Income From Operations
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Net Income(1)
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Net Income Per Share (1)
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As reported
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$
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159.1
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|
|
$
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98.7
|
|
|
$
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1.26
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|
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$
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143.3
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$
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44.3
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$
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0.55
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Restructuring expenses(3) |
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1.9
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1.4
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0.02
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2.7
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2.4
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0.03
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Extinguishment of debt(4)(5) |
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—
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11.7
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0.15
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—
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—
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—
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U.S. tax reform(6) |
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—
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(8.5
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)
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(0.11
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)
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—
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42.0
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0.52
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As adjusted
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$
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161.0
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$
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103.3
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$
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1.31
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$
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146.0
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$
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88.7
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$
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1.10
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(1) |
Net income and net income per share amounts are after tax.
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(2) |
Rounding may impact summation of amounts.
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(3) |
The restructuring expenses recorded during the three months ended
December 31, 2018 and 2017 related primarily to severance costs
associated with the Company’s rationalization of certain European,
South American and Chinese manufacturing operations and various
administrative offices.
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(4) |
The Company repurchased the remaining principal amount of
approximately $114.1 million of its outstanding 57/8%
senior notes during the three months ended December 31, 2018. The
repurchase resulted in a loss on extinguishment of debt of
approximately $8.8 million, including associated fees, offset by
approximately $1.7 million of accelerated amortization of the
deferred gain related to a terminated interest rate swap instrument
associated with the senior notes.
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(5) |
During the three months ended December 31, 2018 the Company repaid
its outstanding term loan under its former revolving credit and term
loan facility. The Company recorded approximately $0.7 million
associated with the write-off of deferred debt issuance costs and a
loss of approximately $3.9 million from a terminated interest rate
swap instrument related to the term loan.
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(6) |
During the three months ended December 31, 2017, the Company
recorded a charge of approximately $42.0 million resulting from the
enactment of U.S. tax reform legislation on December 22, 2017. This
charge was an estimate of the tax reform impact. During the three
months ended December 31, 2018, the Company finalized its
calculations related to the U.S. tax reform legislation and recorded
a benefit of approximately $8.5 million.
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Years Ended December 31,
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2018
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2017
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Income From Operations
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Net Income(1)(2)
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Net Income Per Share(1)
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Income From Operations
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Net Income (1) |
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Net Income Per Share(1)(2)
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As reported
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$
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489.0
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$
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285.5
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$
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3.58
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$
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404.4
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$
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186.4
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$
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2.32
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Restructuring expenses(3) |
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12.0
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8.7
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0.11
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11.2
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8.8
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0.11
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Non-cash expense related to waived stock compensation(4) |
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—
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—
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—
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4.8
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4.8
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0.06
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Extinguishment of debt(5)(6) |
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—
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24.4
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0.31
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—
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—
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—
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U.S. tax reform(7) |
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—
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(8.5
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)
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(0.11
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)
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—
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42.0
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0.52
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As adjusted
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$
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501.0
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$
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310.2
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$
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3.89
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$
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420.4
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$
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242.0
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$
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3.02
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(1) |
Net income and net income per share amounts are after tax.
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(2) |
Rounding may impact summation of amounts.
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(3) |
The restructuring expenses recorded during the years ended December
31, 2018 and 2017 related primarily to severance costs associated
with the Company’s rationalization of certain U.S., European, South
American and Chinese manufacturing operations and various
administrative offices.
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(4) |
The Company recorded accelerated stock compensation expense
associated with a waived award declined by the Company’s CEO of
approximately $4.8 million during the year ended December 31, 2017.
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(5) |
The Company repurchased approximately $300.0 million of its
outstanding 57/8% senior notes during the year ended
December 31, 2018. The repurchase resulted in a loss on
extinguishment of debt of approximately $24.5 million, including
associated fees, offset by approximately $4.7 million of accelerated
amortization of the deferred gain related to a terminated interest
rate swap instrument associated with the senior notes.
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(6) |
During the year ended December 31, 2018 the Company repaid its
outstanding term loan under its former revolving credit and term
loan facility. The Company recorded approximately $0.7 million
associated with the write-off of deferred debt issuance costs and a
loss of approximately $3.9 million from a terminated interest rate
swap instrument related to the term loan.
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(7) |
During the year ended December 31, 2017, the Company recorded a
charge of approximately $42.0 million resulting from the enactment
of U.S. tax reform legislation on December 22, 2017. This charge was
an estimate of the tax reform impact. During the year ended December
31, 2018, the Company finalized its calculations related to the U.S.
tax reform legislation and recorded a benefit of approximately $8.5
million.
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The following table sets forth, for the three months and year ended
December 31, 2018, the impact to net sales of currency translation and
recent acquisitions by geographical segment (in millions, except
percentages):
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Three Months Ended December 31,
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Change due to currency translation
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Change due to acquisitions
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2018
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2017
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% change from 2017
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$
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%
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$
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%
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North America
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$
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531.2
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$
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531.8
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(0.1
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)%
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$
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(4.7
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)
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(0.9
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)%
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$
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—
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—
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%
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South America
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276.2
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315.9
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(12.6
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)%
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(42.8
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)
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(13.5
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)%
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—
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—
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%
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Europe/Middle East
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1,511.7
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1,434.6
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5.4
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%
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(59.1
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)
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(4.1
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)%
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—
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—
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%
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Asia/Pacific/Africa
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273.1
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245.1
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11.4
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%
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(12.3
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)
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(5.0
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)%
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|
—
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|
|
—
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%
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$
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2,592.2
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$
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2,527.4
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2.6
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%
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$
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(118.9
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)
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(4.7
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)%
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$
|
—
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|
|
—
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%
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|
|
|
|
|
|
|
|
|
|
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|
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Years Ended December 31,
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Change due to currency translation
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|
Change due to acquisitions
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|
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2018
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2017
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% change from 2017
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$
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|
%
|
|
$
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|
%
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North America
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$
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2,180.1
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|
|
$
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1,876.7
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|
16.2
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%
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|
$
|
0.9
|
|
|
—
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%
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$
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107.7
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5.7
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%
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South America
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959.0
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1,063.5
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(9.8
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)%
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(152.4
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)
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(14.3
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)%
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12.6
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1.2
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%
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Europe/Middle East
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5,385.1
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4,614.3
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16.7
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%
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158.5
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3.4
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%
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|
104.1
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|
2.3
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%
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Asia/Pacific/Africa
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827.8
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752.0
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10.1
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%
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(0.6
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)
|
|
(0.1
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)%
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|
12.6
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|
1.7
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%
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$
|
9,352.0
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$
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8,306.5
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|
12.6
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%
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$
|
6.4
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|
0.1
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%
|
|
$
|
237.0
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|
|
2.9
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%
|
|
|
|
|
|
|
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|
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The following is a reconciliation of net cash provided by operating
activities to free cash flow for the years ended December 31, 2018 and
2017 (in millions):
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|
|
|
|
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|
|
|
|
|
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2018
|
|
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|
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2017
|
Net cash provided by operating activities
|
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|
|
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$
|
595.9
|
|
|
|
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$
|
577.6
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Less:
|
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|
|
|
|
|
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|
|
|
|
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|
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Capital expenditures
|
|
|
|
|
|
|
|
(203.3
|
)
|
|
|
|
|
|
|
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(203.9
|
)
|
Free cash flow
|
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|
|
|
|
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$
|
392.6
|
|
|
|
|
|
|
|
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$
|
373.7
|
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190205005540/en/
Source: AGCO
Greg Peterson Vice President, Investor Relations 770-232-8229 greg.peterson@agcocorp.com
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