Document and Entity Information
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Mar. 31, 2015
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Apr. 30, 2015
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Document and Entity Information [Abstract] | ||
Entity Registrant Name | AGCO CORP /DE | |
Entity Central Index Key | 0000880266 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2015 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 88,052,091 |
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End date of current fiscal year in the format --MM-DD. No definition available.
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This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
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Mar. 31, 2015
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Dec. 31, 2014
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Statement of Financial Position [Abstract] | ||
Preferred stock, par value, in dollars per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value, in dollars per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 88,033,353 | 89,146,093 |
Common stock, shares outstanding | 88,033,353 | 89,146,093 |
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Condensed Consolidated Statements of Comprehensive (Loss) Income (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
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Mar. 31, 2015
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Mar. 31, 2014
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Statement of Comprehensive Income [Abstract] | ||
Net income | $ 29.9 | $ 99.2 |
Other comprehensive (loss) income, net of reclassification adjustments: | ||
Foreign currency translation adjustments | (344.2) | 38.4 |
Defined benefit pension plans, net of tax | 2.2 | 1.8 |
Unrealized (loss) gain on derivatives, net of tax | (1.6) | 1.1 |
Other comprehensive (loss) income, net of reclassification adjustments | (343.6) | 41.3 |
Comprehensive (loss) income | (313.7) | 140.5 |
Comprehensive loss attributable to noncontrolling interests | 0.1 | 0.7 |
Comprehensive (loss) income attributable to AGCO Corporation and subsidiaries | $ (313.6) | $ 141.2 |
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Basis of Presentation
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3 Months Ended |
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Mar. 31, 2015
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The condensed consolidated financial statements of AGCO Corporation and its subsidiaries (the “Company” or “AGCO”) included herein have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to present fairly the Company’s financial position, results of operations, comprehensive income and cash flows at the dates and for the periods presented. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Results for interim periods are not necessarily indicative of the results for the year. Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, “Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). ASU 2015-03 amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of a deferred charge. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on the Company’s results of operations and financial condition. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which supersedes existing revenue recognition guidance under current U.S. GAAP. ASU 2014-09 outlines a comprehensive, single revenue recognition model that provides a five-step analysis in determining when and how revenue is recognized. The new model will require revenue recognition to depict the transfer of promised goods or services to customers at an amount that reflects the consideration expected to be received in exchange for those goods or services. Additional disclosures will also be required to enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The standard is effective for reporting periods beginning after December 15, 2016 using either a full retrospective or a modified retrospective approach. Early adoption is not permitted. The Company is currently evaluating the impact of adopting this standard on the Company’s results of operations and financial condition. |
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Restructuring and Other Infrequent Expenses
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Mar. 31, 2015
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Restructuring and Related Activities [Abstract] | |
Restructuring and Other Infrequent Expenses | RESTRUCTURING AND OTHER INFREQUENT EXPENSES During the second half of 2014 and the first quarter of 2015, the Company announced and initiated several actions to rationalize employee headcount at various manufacturing facilities located in Europe, China, Brazil, Argentina and the United States, as well as various administrative offices located in Europe, Brazil, China and the United States. The aggregate headcount reduction of over 1,600 employees in 2014 and 2015 was initiated in order to reduce costs in response to softening global demand and reduced production volumes. The Company recorded approximately $46.4 million of restructuring and other infrequent expenses during 2014 associated with these rationalizations, of which approximately $44.4 million related to severance and other related costs. During 2014, the Company paid approximately $19.0 million of these costs, and as of December 31, 2014, had a remaining accrued balance of approximately $25.4 million. During the first quarter of 2015, the Company recorded an additional $10.6 million of restructuring and other infrequent expenses and paid an additional $11.8 million of severance and other related costs. The remaining $22.5 million balance of severance and other related costs accrued as of March 31, 2015, inclusive of approximately $1.7 million of negative foreign currency translation impacts, will primarily be paid during 2015 and 2016. |
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Stock Compensation Plans
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Stock Compensation Plans | STOCK COMPENSATION PLANS The Company recorded stock compensation expense as follows for the three months ended March 31, 2015 and 2014 (in millions):
Stock Incentive Plan Under the Company’s 2006 Long Term Incentive Plan (the “2006 Plan”), up to 10.0 million shares of AGCO common stock may be issued. The 2006 Plan allows the Company, under the direction of the Board of Directors’ Compensation Committee, to make grants of performance shares, stock appreciation rights, restricted stock units and restricted stock awards to employees, officers and non-employee directors of the Company. Employee Plans The weighted average grant-date fair value of performance awards granted under the 2006 Plan during the three months ended March 31, 2015 and 2014 was $42.46 and $53.93, respectively. During the three months ended March 31, 2015, the Company granted 717,900 awards related to the three-year performance period commencing in 2015 and ending in 2017, assuming the maximum target level of performance is achieved. The compensation expense associated with all awards granted under the 2006 Plan is amortized ratably over the vesting or performance period based on the Company’s projected assessment of the level of performance that will be achieved and earned. Performance award transactions during the three months ended March 31, 2015 were as follows and are presented as if the Company were to achieve its maximum levels of performance under the plan:
As of March 31, 2015, the total compensation cost related to unearned performance awards not yet recognized, assuming the Company’s current projected assessment of the level of performance that will be achieved and earned, was approximately $13.7 million, and the weighted average period over which it is expected to be recognized is approximately three years. During the three months ended March 31, 2015, the Company granted 142,150 restricted stock unit (“RSU”) awards. These awards entitle the participant to receive one share of the Company’s common stock for each RSU granted and vest one-third per year over a three-year requisite service period. Dividends will accrue on all unvested grants until the end of each vesting date within the three-year requisite service period. The compensation expense associated with these awards is being amortized ratably over the requisite service period for the awards that are expected to vest. The weighted average grant-date fair value of the RSUs granted under the 2006 Plan during the three months ended March 31, 2015 was $43.88. RSU transactions during the three months ended March 31, 2015 were as follows:
As of March 31, 2015, the total compensation cost related to the unvested RSUs not yet recognized was approximately $5.6 million and the weighted average period over which it is expected to be recognized is approximately three years. During the three months ended March 31, 2015 and 2014, the Company recorded stock compensation expense of approximately $1.3 million in both periods, associated with stock-settled appreciation rights (“SSAR”) awards. The Company estimated the fair value of the grants using the Black-Scholes option pricing model. The weighted average grant-date fair value of SSARs granted under the 2006 Plan and the weighted average assumptions under the Black-Scholes option pricing model were as follows for the three months ended March 31, 2015 and 2014:
SSAR transactions during the three months ended March 31, 2015 were as follows:
At March 31, 2015, the weighted average remaining contractual life of SSARs outstanding was approximately five years. As of March 31, 2015, the total compensation cost related to unvested SSARs not yet recognized was approximately $9.6 million and the weighted-average period over which it is expected to be recognized is approximately three years. The following table sets forth the exercise price range, number of shares, weighted average exercise price and remaining contractual life by groups of similar price as of March 31, 2015:
The total fair value of SSARs vested during the three months ended March 31, 2015 was approximately $3.9 million. There were 741,647 SSARs that were not vested as of March 31, 2015. The total intrinsic value of outstanding and exercisable SSARs as of March 31, 2015 was $3.8 million and $2.5 million, respectively. The total intrinsic value of SSARs exercised during the three months ended March 31, 2015 was approximately $0.7 million. The Company realized an insignificant tax benefit from the exercise of these SSARs. Director Restricted Stock Grants The 2006 Plan provides for annual restricted stock grants of the Company’s common stock to all non-employee directors. All restricted stock grants made to the Company’s directors prior to April 24, 2014 were restricted as to transferability for a period of three years. Effective April 24, 2014, the shares granted on that date and all future grants made to the Company’s directors are restricted as to transferability for a period of one year. In the event a director departs from the Company’s Board of Directors, the non-transferability period expires immediately. The plan allows each director to have the option of forfeiting a portion of the shares awarded in lieu of a cash payment contributed to the participant’s tax withholding to satisfy the statutory minimum federal, state and employment taxes that would be payable at the time of grant. The 2015 grant was made on April 23, 2015 and equated to 22,095 shares of common stock, of which 15,711 shares of common stock were issued after shares were withheld for taxes. The Company will record stock compensation expense of approximately $1.1 million during the three months ended June 30, 2015 associated with these grants. As of March 31, 2015, of the 10.0 million shares reserved for issuance under the 2006 Plan, approximately 2.5 million shares were available for grant, assuming the maximum number of shares are earned related to the performance award grants discussed above. |
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Mar. 31, 2015
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Changes in the carrying amount of acquired intangible assets during the three months ended March 31, 2015 are summarized as follows (in millions):
The Company currently amortizes certain acquired intangible assets, primarily on a straight-line basis, over their estimated useful lives, which range from five to 50 years. Changes in the carrying amount of goodwill during the three months ended March 31, 2015 are summarized as follows (in millions):
Goodwill is tested for impairment on an annual basis and more often if indications of impairment exist. The Company conducts its annual impairment analyses as of October 1 each fiscal year. |
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Indebtedness
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Mar. 31, 2015
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Indebtedness [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indebtedness | INDEBTEDNESS Indebtedness consisted of the following at March 31, 2015 and December 31, 2014 (in millions):
4 1/2% Senior Term Loan The Company’s €200.0 million (or approximately $214.8 million as of March 31, 2015) 41/2% senior term loan with Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (“Rabobank”) is due May 2, 2016. The Company has the ability to prepay the term loan before its maturity date. Interest is payable on the term loan at 41/2% per annum, payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. The term loan contains covenants restricting, among other things, the incurrence of indebtedness and the making of certain payments, including dividends, and is subject to acceleration in the event of default. The Company also has to fulfill financial covenants with respect to a total debt to EBITDA ratio and an interest coverage ratio. Credit Facility The Company’s revolving credit and term loan facility consists of an $800.0 million multi-currency revolving credit facility and a $355.0 million term loan facility. The maturity date of the Company’s credit facility is June 28, 2019 and the Company is not required to make quarterly payments towards the term loan facility. Interest accrues on amounts outstanding under the credit facility, at the Company’s option, at either (1) LIBOR plus a margin ranging from 1.0% to 2.0% based on the Company’s leverage ratio, or (2) the base rate, which is equal to the higher of (i) the administrative agent’s base lending rate for the applicable currency, (ii) the federal funds rate plus 0.5%, and (iii) one-month LIBOR for loans denominated in US dollars plus 1.0% plus a margin ranging from 0.0% to 0.5% based on the Company’s leverage ratio. The credit facility contains covenants restricting, among other things, the incurrence of indebtedness and the making of certain payments, including dividends, and is subject to acceleration in the event of a default. The Company also has to fulfill financial covenants with respect to a total debt to EBITDA ratio and an interest coverage ratio. As of March 31, 2015, the Company had $622.2 million of outstanding borrowings under the credit facility and availability to borrow approximately $532.8 million. Approximately $267.2 million was outstanding under the multi-currency revolving credit facility and $355.0 million was outstanding under the term loan facility as of March 31, 2015. As of December 31, 2014, the Company had $404.4 million of outstanding borrowings under its credit facility and availability to borrow approximately $750.6 million. Approximately $49.4 million was outstanding under the multi-currency revolving credit facility and $355.0 million was outstanding under the term loan facility as of December 31, 2014. 1.056% Senior Term Loan In December 2014, the Company entered into a term loan with the European Investment Bank, which provided the Company with the ability to borrow up to €200.0 million. The €200.0 million (or approximately $214.8 million as of March 31, 2015) of funding was received on January 15, 2015 with a maturity date of January 15, 2020. The Company has the ability to prepay the term loan before its maturity date. Interest is payable on the term loan at 1.056% per annum, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year. The term loan contains covenants restricting, among other things, the use of funds for certain research and development projects, the incurrence of indebtedness and the making of certain payments, and is subject to acceleration in the event of default. The Company also has to fulfill financial covenants with respect to a net leverage ratio and an interest coverage ratio. 5 7/8% Senior Notes The Company’s $300.0 million of 57/8% senior notes due December 1, 2021 constitute senior unsecured and unsubordinated indebtedness. Interest is payable on the notes semi-annually in arrears on June 1 and December 1 of each year. At any time prior to September 1, 2021, the Company may redeem the notes, in whole or in part from time to time, at its option, at a redemption price equal to the greater of (i) 100% of the principal amount plus accrued and unpaid interest, including additional interest, if any, to, but excluding, the redemption date, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of interest accrued to the date of redemption) discounted to the redemption date at the treasury rate plus 0.5%, plus accrued and unpaid interest, including additional interest, if any. Beginning September 1, 2021, the Company may redeem the notes, in whole or in part from time to time, at its option, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest, including additional interest, if any. Standby Letters of Credit and Similar Instruments The Company has arrangements with various banks to issue standby letters of credit or similar instruments, which guarantee the Company’s obligations for the purchase or sale of certain inventories and for potential claims exposure for insurance coverage. At March 31, 2015 and December 31, 2014, outstanding letters of credit totaled $19.9 million and $18.5 million, respectively. |
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Inventories
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Mar. 31, 2015
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | INVENTORIES Inventories at March 31, 2015 and December 31, 2014 were as follows (in millions):
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Product Warranty
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Mar. 31, 2015
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Product Warranty [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranty | PRODUCT WARRANTY The warranty reserve activity for the three months ended March 31, 2015 and 2014 consisted of the following (in millions):
The Company’s agricultural equipment products are generally warranted against defects in material and workmanship for a period of one to four years. The Company accrues for future warranty costs at the time of sale based on historical warranty experience. Approximately $217.0 million and $245.7 million of warranty reserves are included in “Accrued expenses” in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2015 and December 31, 2014, respectively. Approximately $35.9 million and $38.9 million of warranty reserves are included in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2015 and December 31, 2014, respectively. |
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Net Income Per Common Share
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Mar. 31, 2015
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Common Share | NET INCOME PER COMMON SHARE Basic net income per common share is computed by dividing net income attributable to AGCO Corporation and its subsidiaries by the weighted average number of common shares outstanding during each period. Diluted net income per common share assumes the exercise of outstanding SSARs, vesting of performance share awards and vesting of restricted stock units when the effects of such assumptions are dilutive. A reconciliation of net income attributable to AGCO Corporation and its subsidiaries and weighted average common shares outstanding for purposes of calculating basic and diluted net income per share for the three months ended March 31, 2015 and 2014 is as follows (in millions, except per share data):
SSARs to purchase approximately 1.3 million shares of the Company’s common stock for the three months ended March 31, 2015 and approximately 1.1 million shares of the Company’s common stock for the three months ended March 31, 2014 were outstanding but not included in the calculation of weighted average common and common equivalent shares outstanding because they had an antidilutive impact. |
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Income Taxes
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Mar. 31, 2015
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Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES At March 31, 2015 and December 31, 2014, the Company had approximately $122.6 million and $130.6 million, respectively, of unrecognized tax benefits, all of which would affect the Company’s effective tax rate if recognized. At March 31, 2015 and December 31, 2014, the Company had approximately $58.4 million and $64.7 million, respectively, of accrued or deferred taxes related to uncertain income tax positions connected with ongoing tax audits in various jurisdictions that it expects to settle or pay in the next 12 months. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes. At March 31, 2015 and December 31, 2014, the Company had accrued interest and penalties related to unrecognized tax benefits of $14.6 million and $15.3 million, respectively. Generally, tax years 2009 through 2014 remain open to examination by taxing authorities in the United States and certain other foreign taxing jurisdictions. |
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Derivative Instruments and Hedging Activities
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES All derivatives are recognized on the Company’s Condensed Consolidated Balance Sheets at fair value. On the date the derivative contract is entered into, the Company designates the derivative as either (1) a fair value hedge of a recognized liability, (2) a cash flow hedge of a forecasted transaction, (3) a hedge of a net investment in a foreign operation, or (4) a non-designated derivative instrument. The Company formally documents all relationships between hedging instruments and hedged items, as well as the risk management objectives and strategy for undertaking various hedge transactions. The Company formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flow of hedged items. When it is determined that a derivative is no longer highly effective as a hedge, hedge accounting is discontinued on a prospective basis. Foreign Currency Risk The Company has significant manufacturing operations in the United States, France, Germany, Finland and Brazil, and it purchases a portion of its tractors, combines and components from third-party foreign suppliers, primarily in various European countries and in Japan. The Company also sells products in over 140 countries throughout the world. The Company’s most significant transactional foreign currency exposures are the Euro, Brazilian real and the Canadian dollar in relation to the United States dollar and the Euro in relation to the British pound. The Company attempts to manage its transactional foreign exchange exposure by hedging foreign currency cash flow forecasts and commitments arising from the anticipated settlement of receivables and payables and from future purchases and sales. Where naturally offsetting currency positions do not occur, the Company hedges certain, but not all, of its exposures through the use of foreign currency contracts. The Company’s translation exposure resulting from translating the financial statements of foreign subsidiaries into United States dollars is not hedged. The Company’s most significant translation exposures are the Euro, the British pound and the Brazilian real in relation to the United States dollar and the Swiss franc in relation to the Euro. When practical, the translation impact is reduced by financing local operations with local borrowings. The Company’s senior management establishes the Company’s foreign currency and interest rate risk management policies. These policies are reviewed periodically by the Audit Committee of the Company’s Board of Directors. The policies allow for the use of derivative instruments to hedge exposures to movements in foreign currency and interest rates. The Company’s policies prohibit the use of derivative instruments for speculative purposes. The Company categorizes its assets and liabilities into one of three levels based on the assumptions used in valuing the asset or liability. See Note 14 for a discussion of the fair value hierarchy as per the guidance in Accounting Standards Codification 820, “Fair Value Measurements”. The Company’s valuation techniques are designed to maximize the use of observable inputs and minimize the use of unobservable inputs. Cash Flow Hedges During 2015 and 2014, the Company designated certain foreign currency contracts as cash flow hedges of expected future sales and purchases. The effective portion of the fair value gains or losses on these cash flow hedges were recorded in other comprehensive income (loss) and are subsequently reclassified into cost of goods sold during the period the sales and purchases are recognized. These amounts offset the effect of the changes in foreign currency rates on the related sale and purchase transactions. The amount of the net loss recorded in other comprehensive (loss) income that was reclassified into cost of goods sold during the three months ended March 31, 2015 and 2014 was approximately $0.3 million and $0.1 million, respectively, on an after-tax basis. The outstanding contracts as of March 31, 2015 range in maturity through December 2015. The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the three months ended March 31, 2015 (in millions):
The Company had outstanding foreign currency contracts with a notional amount of approximately $47.9 million and $23.8 million as of March 31, 2015 and December 31, 2014, respectively, that were entered into to hedge forecasted sale and purchase transactions. Derivative Transactions Not Designated as Hedging Instruments During 2015 and 2014, the Company entered into foreign currency contracts to hedge receivables and payables on the Company and its subsidiaries’ balance sheets that are denominated in foreign currencies other than the functional currency. These contracts were classified as non-designated derivative instruments. As of March 31, 2015 and December 31, 2014, the Company had outstanding foreign currency contracts with a notional amount of approximately $1,946.9 million and $1,810.5 million, respectively, that were entered into to hedge receivables and payables that were denominated in foreign currencies other than the functional currency. Changes in the fair value of these contracts are reported in “Other expense, net.” For the three months ended March 31, 2015 and 2014, the Company recorded a net loss of approximately $45.7 million and $1.8 million, respectively, within “Other expense, net” related to these contracts. Gains and losses on such contracts are substantially offset by losses and gains on the remeasurement of the underlying asset or liability being hedged. The table below sets forth the fair value of derivative instruments as of March 31, 2015 (in millions):
The table below sets forth the fair value of derivative instruments as of December 31, 2014 (in millions):
Counterparty Risk The Company regularly monitors the counterparty risk and credit ratings of all the counterparties to the derivative instruments. The Company believes that its exposures are appropriately diversified across counterparties and that these counterparties are creditworthy financial institutions. If the Company perceives any risk with a counterparty, then the Company would cease to do business with that counterparty. There have been no negative impacts to the Company from any non-performance of any counterparties. |
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Changes in Stockholders' Equity
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Mar. 31, 2015
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Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Stockholders' Equity | CHANGES IN STOCKHOLDERS’ EQUITY The following table sets forth changes in stockholders’ equity attributed to AGCO Corporation and its subsidiaries and to noncontrolling interests for the three months ended March 31, 2015 (in millions):
Total comprehensive loss attributable to noncontrolling interests for the three months ended March 31, 2015 and to noncontrolling interests and redeemable noncontrolling interest for the three months ended March 31, 2014 was as follows (in millions):
The following table sets forth changes in accumulated other comprehensive loss by component, net of tax, attributed to AGCO Corporation and its subsidiaries for the three months ended March 31, 2015 (in millions):
The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the three months ended March 31, 2015 and 2014 (in millions):
____________________________________ (1) Losses included within the Condensed Consolidated Statements of Operations for the three months ended March 31, 2015 and 2014. (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 13 to the Company’s Condensed Consolidated Financial Statements. Share Repurchase Program In June 2012, the Company’s Board of Directors approved a share repurchase program under which the Company can repurchase up to $50.0 million of its common stock. This share repurchase program does not have an expiration date. In December 2013, the Company’s Board of Directors approved an additional share repurchase program under which the Company can repurchase up to $500.0 million of its common stock through an expiration date of June 2015. In December 2014, the Board of Directors approved a third share repurchase program under which the Company can repurchase up to $500.0 million of shares of its common stock through December 2016. During the three months ended March 31, 2015, the Company entered into an accelerated share repurchase (“ASR”)agreement with a financial institution to repurchase an aggregate of $62.5 million of shares of the Company’s common stock. The Company received approximately 1,290,733 shares during the three months ended March 31, 2015 related to the ASR agreement. All shares received under the ASR agreement were retired upon receipt, and the excess of the purchase price over par value per share was recorded to “Additional paid-in capital” within the Company’s Condensed Consolidated Balance Sheets. Of the $1,050.0 million in approved share repurchase programs, the remaining amount authorized to be repurchased is approximately $469.2 million. |
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Accounts Receivable Sales Agreements
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Mar. 31, 2015
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Accounts Receivable Sales Agreements [Abstract] | |
Accounts Receivable Sales Agreements | ACCOUNTS RECEIVABLE SALES AGREEMENTS As of March 31, 2015 and December 31, 2014, 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 and Europe to its 49% owned U.S., Canadian and European finance joint ventures. As of March 31, 2015 and December 31, 2014, the cash received from receivables sold under the U.S., Canadian and European accounts receivable sales agreements was approximately $1.1 billion and $1.2 billion, respectively. Under the terms of the accounts receivable agreements in North America and Europe, the Company pays an annual servicing fee related to the servicing of the receivables sold. The Company also pays the respective AGCO Finance entities a subsidized interest payment with respect to the sales agreements, calculated based upon LIBOR plus a margin on any non-interest bearing accounts receivable outstanding and sold under the sales agreements. These fees were reflected within losses on the sales of receivables included within “Other expense, net” in the Company’s Condensed Consolidated Statements of Operations. The Company does not service the receivables after the sale occurs and does not maintain any direct retained interest in the receivables. The Company reviewed its accounting for the accounts receivable sales agreements and determined that these facilities should be accounted for as off-balance sheet transactions. Losses on sales of receivables associated with the accounts receivable financing facilities discussed above, reflected within “Other expense, net” in the Company’s Condensed Consolidated Statements of Operations, were approximately $5.0 million and $7.5 million during the three months ended March 31, 2015 and 2014, respectively. The Company’s finance joint ventures in Brazil and Australia also provide wholesale financing to the Company’s dealers. The receivables associated with these arrangements are without recourse to the Company. The Company does not service the receivables after the sale occurs and does not maintain any direct retained interest in the receivables. As of March 31, 2015 and December 31, 2014, these finance joint ventures had approximately $26.7 million and $43.3 million, respectively, of outstanding accounts receivable associated with these arrangements. The Company reviewed its accounting for these arrangements and determined that these arrangements should be accounted for as off-balance sheet transactions. In addition, the Company sells certain trade receivables under factoring arrangements to other financial institutions around the world. The Company reviewed the sale of such receivables and determined that these arrangements should be accounted for as off-balance sheet transactions. |
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Accounts Receivable Sales Agreements Note Disclosure No definition available.
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Employee Benefit Plans
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS Net periodic pension and postretirement benefit cost for the Company’s defined pension and postretirement benefit plans for the three months ended March 31, 2015 and 2014 are set forth below (in millions):
The following table summarizes the activity in accumulated other comprehensive loss related to the Company’s defined pension and postretirement benefit plans during the three months ended March 31, 2015 (in millions):
During the three months ended March 31, 2015, approximately $8.5 million of contributions had been made to the Company’s defined pension benefit plans. The Company currently estimates its minimum contributions for 2015 to its defined pension benefit plans will aggregate approximately $35.2 million. During the three months ended March 31, 2015, the Company made approximately $0.5 million of contributions to its postretirement health care and life insurance benefit plans. The Company currently estimates that it will make approximately $1.5 million of contributions to its postretirement health care and life insurance benefit plans during 2015. |
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Fair Value of Financial Instruments
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Mar. 31, 2015
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS The Company categorizes its assets and liabilities into one of three levels based on the assumptions used in valuing the asset or liability. Estimates of fair value for financial assets and liabilities are based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. In accordance with this guidance, fair value measurements are classified under the following hierarchy: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Model-derived valuations in which one or more significant inputs are unobservable. The Company enters into foreign currency contracts that primarily are forward and options contracts (Note 10). The fair value of foreign currency forward contracts is based on a valuation model that discounts cash flows resulting from the differential between the contract price and the market-based forward rate. The fair value of foreign currency option contracts is based on a valuation model that utilizes spot and forward exchange rates, interest rates and currency pair volatility. Foreign currency contracts measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014 are summarized below (in millions):
The carrying amounts of long-term debt under the Company’s 41/2% senior term loan, credit facility and 1.056% senior term loan (Note 5) approximate fair value based on the borrowing rates currently available to the Company for loans with similar terms and average maturities. At March 31, 2015 and December 31, 2014, the estimated fair values of the Company’s 57/8% senior notes (Note 5), based on the listed market values, was $343.5 million and $337.6 million, respectively, compared to the carrying values of both of $300.0 million. |
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Segment Reporting
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | 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 ended March 31, 2015 and 2014 and assets as of March 31, 2015 and December 31, 2014 based on the Company’s reportable segments are as follows (in millions):
A reconciliation from the segment information to the consolidated balances for income from operations and total assets is set forth below (in millions):
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Commitments and Contingencies
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Mar. 31, 2015
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Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Off-Balance Sheet Arrangements Guarantees The Company maintains a remarketing agreement with its U.S. finance joint venture, whereby the Company is obligated to repurchase repossessed inventory at market values. The Company has an agreement with its U.S. finance joint venture which limits the Company’s purchase obligations under this arrangement to $6.0 million in the aggregate per calendar year. The Company believes that any losses that might be incurred on the resale of this equipment will not materially impact the Company’s financial position or results of operations, due to the fair value of the underlying equipment. At March 31, 2015, the Company guaranteed indebtedness owed to third parties of approximately $89.5 million, primarily related to dealer and end-user financing of equipment. Such guarantees generally obligate the Company to repay outstanding finance obligations owed to financial institutions if dealers or end users default on such loans through 2020. The Company believes the credit risk associated with these guarantees is not material to its financial position or results of operations. Losses under such guarantees have historically been insignificant. In addition, the Company generally would expect to be able to recover a significant portion of the amounts paid under such guarantees from the sale of the underlying financed farm equipment, as the fair value of such equipment is expected to be sufficient to offset a substantial portion of the amounts paid. Other The Company sells a majority of its wholesale receivables in North America and Europe to its 49% owned U.S., Canadian and European finance joint ventures. The Company also sells certain accounts receivable under factoring arrangements to financial institutions around the world. The Company reviewed the sale of such receivables and determined that these facilities should be accounted for as off-balance sheet transactions. Legal Claims and Other Matters On June 27, 2008, the Republic of Iraq filed a civil action in federal court in the Southern District of New York, Case No. 08 CIV 59617, naming as defendants one of the Company’s French subsidiaries and two of its other foreign subsidiaries that participated in the United Nations Oil for Food Program (the “Program”). Ninety-one other entities or companies also were named as defendants in the civil action due to their participation in the Program. The complaint purports to assert claims against each of the defendants seeking damages in an unspecified amount. On February 6, 2013, the federal court dismissed the complaint with prejudice. The federal appeals court affirmed that decision. The plaintiff has petitioned the U.S. Supreme Court for a Writ of Certiorari. Although the Company’s subsidiaries intend to vigorously defend against this action, it is not possible at this time to predict the outcome of this action or its impact, if any, on the Company, although if the outcome was adverse, the Company could be required to pay damages. On October 30, 2012, a third-party complaint was filed in federal court in the Southern District of Texas, Case No. 09 CIV 03884, naming as defendants one of the Company’s French subsidiaries and two of its other foreign subsidiaries. Sixty other entities or companies also were named as third-party defendants. The complaint asserts claims against the defendants, certain of which are also third-party plaintiffs, seeking unspecified damages arising from their participation in the Program. The third-party plaintiffs seek contribution from the third-party defendants. On February 12, 2014, the federal court dismissed the third-party complaint with prejudice. The third-party plaintiffs have not appealed this dismissal, but have until after the resolution of the underlying case to do so. Although the Company’s subsidiaries intend to vigorously defend against this action, it is not possible at this time to predict the outcome of the action or its impact, if any, on the Company, although if the outcome was adverse, the Company could be required to pay damages. In August 2008, as part of routine audits, the Brazilian taxing authorities disallowed deductions relating to the amortization of certain goodwill recognized in connection with a reorganization of the Company’s Brazilian operations and the related transfer of certain assets to the Company’s Brazilian subsidiaries. The amount of the tax disallowance through March 31, 2015, not including interest and penalties, was approximately 131.5 million Brazilian reais (or approximately $41.1 million). The amount ultimately in dispute will be greater because of interest and penalties. The Company has been advised by its legal and tax advisors that its position with respect to the deductions is allowable under the tax laws of Brazil. The Company is contesting the disallowance and believes that it is not likely that the assessment, interest or penalties will be required to be paid. However, the ultimate outcome will not be determined until the Brazilian tax appeal process is complete, which could take several years. The Company is a party to various other legal claims and actions incidental to its business. The Company believes that none of these claims or actions, either individually or in the aggregate, is material to its business or financial statements as a whole, including its results of operations and financial condition. |
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Basis of Presentation (Policies)
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Mar. 31, 2015
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, “Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). ASU 2015-03 amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of a deferred charge. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on the Company’s results of operations and financial condition. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which supersedes existing revenue recognition guidance under current U.S. GAAP. ASU 2014-09 outlines a comprehensive, single revenue recognition model that provides a five-step analysis in determining when and how revenue is recognized. The new model will require revenue recognition to depict the transfer of promised goods or services to customers at an amount that reflects the consideration expected to be received in exchange for those goods or services. Additional disclosures will also be required to enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The standard is effective for reporting periods beginning after December 15, 2016 using either a full retrospective or a modified retrospective approach. Early adoption is not permitted. The Company is currently evaluating the impact of adopting this standard on the Company’s results of operations and financial condition. |
Derivatives Policy | All derivatives are recognized on the Company’s Condensed Consolidated Balance Sheets at fair value. On the date the derivative contract is entered into, the Company designates the derivative as either (1) a fair value hedge of a recognized liability, (2) a cash flow hedge of a forecasted transaction, (3) a hedge of a net investment in a foreign operation, or (4) a non-designated derivative instrument. The Company formally documents all relationships between hedging instruments and hedged items, as well as the risk management objectives and strategy for undertaking various hedge transactions. The Company formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flow of hedged items. When it is determined that a derivative is no longer highly effective as a hedge, hedge accounting is discontinued on a prospective basis. |
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Stock Compensation Plans (Tables)
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Stock Compensation Expense | The Company recorded stock compensation expense as follows for the three months ended March 31, 2015 and 2014 (in millions):
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Performance Award Transactions | Performance award transactions during the three months ended March 31, 2015 were as follows and are presented as if the Company were to achieve its maximum levels of performance under the plan:
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Restricted Stock Unit Award Transactions | RSU transactions during the three months ended March 31, 2015 were as follows:
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Weighted Average Grant-Date Fair Value of SSARs and Assumptions Under Black-Scholes Option Model | The weighted average grant-date fair value of SSARs granted under the 2006 Plan and the weighted average assumptions under the Black-Scholes option pricing model were as follows for the three months ended March 31, 2015 and 2014:
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SSAR Activity | SSAR transactions during the three months ended March 31, 2015 were as follows:
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Schedule Of SSAR Exercise Price Range, Number Of Shares, Weighted Average Exercise Price and Remaining Contractual Lives | The following table sets forth the exercise price range, number of shares, weighted average exercise price and remaining contractual life by groups of similar price as of March 31, 2015:
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- Definition
Performance award transactions. No definition available.
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- Definition
[Table Text Block] for Restricted Stock Unit Award Transactions [Table] No definition available.
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- Definition
Schedule of share based compensation shares authorized under settled stock appreciation rights by exercise price range. No definition available.
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- Definition
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Stock-Settled Appreciation Rights [Table Text Block] No definition available.
|
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- Definition
Share-based Compensation Arrangements by Share-based Payment Award, Equity Instruments Other than Options, Stock Settled Appreciation Rights, Rollforward [Table Text Block] No definition available.
|
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- Definition
No authoritative reference available. No definition available.
|
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- Details
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Goodwill and Other Intangible Assets (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2015
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets by Major Class | Changes in the carrying amount of acquired intangible assets during the three months ended March 31, 2015 are summarized as follows (in millions):
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Schedule of Indefinite-lived Intangible Assets by Major Class |
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Schedule of Goodwill | Changes in the carrying amount of goodwill during the three months ended March 31, 2015 are summarized as follows (in millions):
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No authoritative reference available. No definition available.
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No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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Indebtedness (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2015
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Indebtedness [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Indebtedness | Indebtedness consisted of the following at March 31, 2015 and December 31, 2014 (in millions):
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No authoritative reference available. No definition available.
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Inventories (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2015
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory | Inventories at March 31, 2015 and December 31, 2014 were as follows (in millions):
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- Definition
No authoritative reference available. No definition available.
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Product Warranty (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2015
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Product Warranty [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Warranty Reserve Activity | The warranty reserve activity for the three months ended March 31, 2015 and 2014 consisted of the following (in millions):
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- Definition
No authoritative reference available. No definition available.
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Net Income Per Common Share (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2015
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation Of Basic And Diluted Earnings Per Share | A reconciliation of net income attributable to AGCO Corporation and its subsidiaries and weighted average common shares outstanding for purposes of calculating basic and diluted net income per share for the three months ended March 31, 2015 and 2014 is as follows (in millions, except per share data):
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- Definition
No authoritative reference available. No definition available.
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Derivative Instruments and Hedging Activities (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2015
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Accumulated Other Comprehensive Loss Related To Derivatives | The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the three months ended March 31, 2015 (in millions):
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Fair Value Of Derivative Instruments | The table below sets forth the fair value of derivative instruments as of March 31, 2015 (in millions):
The table below sets forth the fair value of derivative instruments as of December 31, 2014 (in millions):
Foreign currency contracts measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014 are summarized below (in millions):
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No authoritative reference available. No definition available.
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Changes in Stockholders' Equity (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2015
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Stockholders Equity | The following table sets forth changes in stockholders’ equity attributed to AGCO Corporation and its subsidiaries and to noncontrolling interests for the three months ended March 31, 2015 (in millions):
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Schedule of Comprehensive Income (Loss) | Total comprehensive loss attributable to noncontrolling interests for the three months ended March 31, 2015 and to noncontrolling interests and redeemable noncontrolling interest for the three months ended March 31, 2014 was as follows (in millions):
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Summary of Accumulated Other Comprehensive (Loss) Income | The following table sets forth changes in accumulated other comprehensive loss by component, net of tax, attributed to AGCO Corporation and its subsidiaries for the three months ended March 31, 2015 (in millions):
The following table summarizes the activity in accumulated other comprehensive loss related to the Company’s defined pension and postretirement benefit plans during the three months ended March 31, 2015 (in millions):
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Reclassification Out Of Accumulated Other Comprehensive Loss | The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the three months ended March 31, 2015 and 2014 (in millions):
____________________________________ (1) Losses included within the Condensed Consolidated Statements of Operations for the three months ended March 31, 2015 and 2014. (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 13 to the Company’s Condensed Consolidated Financial Statements. |
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Employee Benefit Plans (Tables)
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3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2015
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Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Accumulated Other Comprehensive Income | The following table sets forth changes in accumulated other comprehensive loss by component, net of tax, attributed to AGCO Corporation and its subsidiaries for the three months ended March 31, 2015 (in millions):
The following table summarizes the activity in accumulated other comprehensive loss related to the Company’s defined pension and postretirement benefit plans during the three months ended March 31, 2015 (in millions):
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Pension Benefits [Member]
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Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Pension And Postretirement Cost | Net periodic pension and postretirement benefit cost for the Company’s defined pension and postretirement benefit plans for the three months ended March 31, 2015 and 2014 are set forth below (in millions):
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Postretirement Benefits [Member]
|
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Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Pension And Postretirement Cost |
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Fair Value of Financial Instruments (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2015
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Of Derivative Instruments | The table below sets forth the fair value of derivative instruments as of March 31, 2015 (in millions):
The table below sets forth the fair value of derivative instruments as of December 31, 2014 (in millions):
Foreign currency contracts measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014 are summarized below (in millions):
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Segment Reporting (Tables)
|
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2015
|
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales Information By Reportable Segments | Segment results for the three months ended March 31, 2015 and 2014 and assets as of March 31, 2015 and December 31, 2014 based on the Company’s reportable segments are as follows (in millions):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Income From Operations from Segment to Consolidated | A reconciliation from the segment information to the consolidated balances for income from operations and total assets is set forth below (in millions):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Assets from Segment to Consolidated |
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Restructuring and Other Infrequent Expenses (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended | 15 Months Ended | |
---|---|---|---|---|
Mar. 31, 2015
|
Mar. 31, 2014
|
Dec. 31, 2014
|
Mar. 31, 2015
employees
|
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other infrequent expenses | $ 10.6 | $ 0 | $ 46.4 | |
Payments for Restructuring | 11.8 | 19.0 | ||
Restructuring and Related Cost, Headcount Reduction | 1,600 | |||
Restructuring Reserve | 22.5 | 25.4 | 22.5 | |
Foreign currency translation impacting severance and other related costs | 1.7 | 1.7 | ||
Employee Severance [Member]
|
||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other infrequent expenses | $ 44.4 |
X | ||||||||||
- Definition
Restructuring and Related Cost, Headcount Reduction No definition available.
|
X | ||||||||||
- Definition
Restructuring Reserve, Portion Attributable to Foreign Currency Translation No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Stock Compensation Plans (Narrative) (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2015
|
Mar. 31, 2014
|
Dec. 31, 2014
|
Mar. 31, 2015
2006 Plan [Member]
|
Mar. 31, 2015
Performance Shares [Member]
|
Mar. 31, 2014
Performance Shares [Member]
|
Dec. 31, 2014
Performance Shares [Member]
|
Mar. 31, 2015
Restricted Stock Units (RSUs) [Member]
|
Dec. 31, 2014
Restricted Stock Units (RSUs) [Member]
|
Mar. 31, 2015
Stock Appreciation Rights (SARs) [Member]
|
Mar. 31, 2014
Stock Appreciation Rights (SARs) [Member]
|
Mar. 31, 2015
Restricted Stock [Member]
|
Apr. 23, 2015
Subsequent Event [Member]
Restricted Stock [Member]
|
Dec. 31, 2015
Subsequent Event [Member]
Restricted Stock [Member]
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Common stock, shares authorized | 150,000,000 | 150,000,000 | 10,000,000 | |||||||||||
Weighted average grant-date fair value of performance awards granted, dollars per share | $ 42.46 | $ 53.93 | $ 43.88 | $ 7.41 | $ 13.13 | |||||||||
Shares awarded | 717,900 | 142,150 | ||||||||||||
Share-based compensation cost not yet recognized | $ 13.7 | $ 5.6 | $ 9.6 | |||||||||||
Share-based compensation, recognition period of unrecognized compensation cost, years | 3 years | 3 years | 3 years | |||||||||||
Stock compensation expense | 2.4 | 6.4 | 1.3 | 1.1 | ||||||||||
Weighted average remaining contractual life of SSARs outstanding, years | 5 years | |||||||||||||
Total fair value of SSARs vested | 3.9 | |||||||||||||
Number of shares not vested | 3,195,467 | 2,481,767 | 141,350 | 0 | 741,647 | |||||||||
Total intrinsic value of outstanding SSARs | 3.8 | |||||||||||||
Total intrinsic value of exercisable SSARS | 2.5 | |||||||||||||
Total intrinsic value of SSARs exercised | $ 0.7 | |||||||||||||
Weighted-average period for compensation cost expected to be recognized, years | 3 years | 1 year | ||||||||||||
Restricted stock issued, shares | 22,095 | |||||||||||||
Restricted common stocks issued, shares | 15,711 | |||||||||||||
Shares available for grant, shares | 2,500,000 |
X | ||||||||||
- Definition
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Exercised in Period, Intrinsic Value No definition available.
|
X | ||||||||||
- Definition
Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Exercisable Intrinsic Value No definition available.
|
X | ||||||||||
- Definition
Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Outstanding Intrinsic Value. No definition available.
|
X | ||||||||||
- Definition
Share Based Compensation Arrangement By Share Based Payment Award, Restriction on Transferability of awards. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Stock Compensation Plans (Schedule of Employee Service Share-based Compensation, Allocation of Recognized Costs) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2015
|
Mar. 31, 2014
|
|
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock compensation expense | $ 2.4 | $ 6.4 |
Cost of goods sold [Member]
|
||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock compensation expense | 0.2 | 0.5 |
Selling, general and administrative expenses [Member]
|
||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock compensation expense | $ 2.2 | $ 5.9 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Stock Compensation Plans (Performance Award Transactions) (Details) (Performance Shares [Member])
|
3 Months Ended |
---|---|
Mar. 31, 2015
|
|
Performance Shares [Member]
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |
Shares awarded but not earned, beginning of period | 2,481,767 |
Shares awarded | 717,900 |
Shares forfeited or unearned | (4,200) |
Shares earned | 0 |
Shares awarded but not earned, end of period | 3,195,467 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Stock Compensation Plans (Restricted Stock Unit Award Transactions) (Details) (Restricted Stock Units (RSUs) [Member])
|
3 Months Ended |
---|---|
Mar. 31, 2015
|
|
Restricted Stock Units (RSUs) [Member]
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |
Shares awarded but not earned, beginning of period | 0 |
Shares awarded | 142,150 |
Shares forfeited or unearned | (800) |
Shares earned | 0 |
Shares awarded but not earned, end of period | 141,350 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Stock Compensation Plans (Weighted Average Grant-Date Fair Value Of SSARS And Assumptions Under Black-Scholes Option Model) (Details) (Settled Stock Appreciation Rights (SSARs) [Member], USD $)
|
3 Months Ended | |
---|---|---|
Mar. 31, 2015
|
Mar. 31, 2014
|
|
Settled Stock Appreciation Rights (SSARs) [Member]
|
||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average grant-date fair value, dollars per share | $ 7.41 | $ 13.13 |
Weighted average assumptions under Black-Scholes option model: | ||
Expected life of awards, years | 3 years | 3 years |
Risk-free interest rate, percent | 0.90% | 0.90% |
Expected volatility, percent | 25.90% | 35.70% |
Expected dividend yield, percent | 1.10% | 0.80% |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Stock Compensation Plans (SSAR Activity) (Details) (Stock Appreciation Rights (SARs) [Member], USD $)
|
3 Months Ended |
---|---|
Mar. 31, 2015
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding [Roll Forward] | |
SSARs Outstanding, Beginning of Period, shares | 1,220,824 |
SSARs granted, shares | 325,200 |
SSARs exercised, shares | (26,750) |
SSARs canceled or forfeited, shares | (83,400) |
SSARs Outstanding, End of Period, shares | 1,435,874 |
SSAR price ranges per share: | |
Granted, dollars per share | $ 43.88 |
Canceled or forfeited, dollars per share | $ 56.98 |
Weighted average SSAR exercise prices per share: | |
Granted, dollars per share | $ 43.88 |
Exercised, dollars per share | $ 24.91 |
Canceled or forfeited, dollars per share | $ 56.98 |
Outstanding, dollars per share | $ 48.94 |
Minimum [Member]
|
|
SSAR price ranges per share: | |
Exercised, dollars per share | $ 21.45 |
Maximum [Member]
|
|
SSAR price ranges per share: | |
Exercised, dollars per share | $ 33.65 |
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Share based compensation shares authorized under stock settled stock appreciation rights exercise price range exercised in period. No definition available.
|
X | ||||||||||
- Definition
Share based compensation shares authorized under stock settled stock appreciation rights exercise price range forfeited or canceled in period No definition available.
|
X | ||||||||||
- Definition
Share based compensation shares authorized under stock settled stock appreciation rights exercise price range grants in period. No definition available.
|
X | ||||||||||
- Definition
Share based compensation shares authorized under stock settled stock appreciation rights plan weighted average exercise price range per share exercised in period. No definition available.
|
X | ||||||||||
- Definition
Share based compensation shares authorized under stock settled stock appreciation rights plan weighted average exercise price per share exercised in period. No definition available.
|
X | ||||||||||
- Definition
Share based compensation shares authorized under stock settled stock appreciation rights plan weighted average exercise price per share grants in period. No definition available.
|
X | ||||||||||
- Definition
Share based compensation shares authorized under stock settled stock appreciation rights plan weighted average exercise price range per share outstanding. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
The number of share-based awards that were exercisable as of the reporting date, excluding options. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The weighted average exercise price of share-based awards that were exercisable as of the reporting date, excluding options. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Weighted average exercise price for equity-based awards excluding options. No definition available.
|
X | ||||||||||
- Definition
The floor of a customized range of exercise prices for purposes of disclosing shares potentially issuable under outstanding stock settled appreciation rights and other required information pertaining to awards in the customized range. No definition available.
|
X | ||||||||||
- Definition
The ceiling of a customized range of exercise prices for purposes of disclosing shares potentially issuable under outstanding stock settled appreciation rights and other required information pertaining to awards in the customized range. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Finite Lived Intangible Assets, Accumulated Amortization, Foreign Currency Translation No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Goodwill and Other Intangible Assets (Indefinite-Lived Intangible Assets) (Details) (Trademarks and Tradenames [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended |
---|---|
Mar. 31, 2015
|
|
Trademarks and Tradenames [Member]
|
|
Indefinite-lived intangible assets: | |
Balance at beginning of period | $ 89.0 |
Foreign currency translation | (4.1) |
Balance at end of period | $ 84.9 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended |
---|---|
Mar. 31, 2015
|
|
Goodwill | |
Goodwill at beginning of period | $ 1,192.8 |
Foreign currency translation | (72.7) |
Goodwill at end of period | 1,120.1 |
North America [Member]
|
|
Goodwill | |
Goodwill at beginning of period | 513.6 |
Foreign currency translation | 0 |
Goodwill at end of period | 513.6 |
South America [Member]
|
|
Goodwill | |
Goodwill at beginning of period | 169.7 |
Foreign currency translation | (28.6) |
Goodwill at end of period | 141.1 |
Europe/Africa/Middle East [Member]
|
|
Goodwill | |
Goodwill at beginning of period | 454.6 |
Foreign currency translation | (42.7) |
Goodwill at end of period | 411.9 |
Asia/Pacific [Member]
|
|
Goodwill | |
Goodwill at beginning of period | 54.9 |
Foreign currency translation | (1.4) |
Goodwill at end of period | $ 53.5 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Indebtedness (Components Of Indebtedness) (Details)
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Mar. 31, 2015
4 1/2% Senior Unsecured Term Loan Due May 2, 2016 [Member]
USD ($)
|
Dec. 31, 2014
4 1/2% Senior Unsecured Term Loan Due May 2, 2016 [Member]
USD ($)
|
Mar. 31, 2015
Senior Unsecured Term Loan Due January 15, 2020, 1.056% [Member]
USD ($)
|
Mar. 31, 2015
Senior Unsecured Term Loan Due January 15, 2020, 1.056% [Member]
EUR (€)
|
Dec. 31, 2014
Senior Unsecured Term Loan Due January 15, 2020, 1.056% [Member]
USD ($)
|
Mar. 31, 2015
5 7/8% Senior Notes due 2021 [Member]
USD ($)
|
Dec. 31, 2014
5 7/8% Senior Notes due 2021 [Member]
USD ($)
|
---|---|---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||||||
Debt instrument, interest rate, percent | 4.50% | 4.50% | 1.056% | 1.056% | 1.056% | 5.875% | 5.875% | ||
Senior notes | $ 214,800,000 | $ 242,000,000 | $ 214,800,000 | € 200,000,000.0 | $ 0 | $ 300,000,000 | $ 300,000,000 | ||
Credit facility | 622,200,000 | 404,400,000 | |||||||
Other long-term debt | 155,800,000 | 145,500,000 | |||||||
Total indebtedness | 1,507,600,000 | 1,091,900,000 | |||||||
Less: Current portion of long-term debt | (83,100,000) | (94,300,000) | |||||||
Total indebtedness, less current portion | $ 1,424,500,000 | $ 997,600,000 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Indebtedness (Narrative) (Details)
|
3 Months Ended | 3 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2014
EUR (€)
|
Mar. 31, 2015
4 1/2% Senior Unsecured Term Loan Due 2016 [Member]
USD ($)
|
Mar. 31, 2015
4 1/2% Senior Unsecured Term Loan Due 2016 [Member]
EUR (€)
|
Dec. 31, 2014
4 1/2% Senior Unsecured Term Loan Due 2016 [Member]
USD ($)
|
Mar. 31, 2015
Senior Unsecured Term Loan Due January 15, 2020, 1.056% [Member]
USD ($)
|
Mar. 31, 2015
Senior Unsecured Term Loan Due January 15, 2020, 1.056% [Member]
EUR (€)
|
Dec. 31, 2014
Senior Unsecured Term Loan Due January 15, 2020, 1.056% [Member]
USD ($)
|
Mar. 31, 2015
5 7/8% Senior Notes due 2021 [Member]
USD ($)
|
Dec. 31, 2014
5 7/8% Senior Notes due 2021 [Member]
USD ($)
|
Mar. 31, 2015
5 7/8% Senior Notes due 2021 [Member]
Interest Accrual, Option Two [Member]
|
Mar. 31, 2015
Revolving Credit Facility [Member]
Line of Credit [Member]
USD ($)
|
Dec. 31, 2014
Revolving Credit Facility [Member]
Line of Credit [Member]
USD ($)
|
Mar. 31, 2015
Amended and Restated Credit Facility Agreement [Member]
Line of Credit [Member]
Interest Accrual, Option Two [Member]
|
Mar. 31, 2015
Amended and Restated Credit Facility Agreement [Member]
Line of Credit [Member]
Interest Accrual, Option Three [Member]
|
Mar. 31, 2015
Amended and Restated Credit Facility Agreement [Member]
Line of Credit [Member]
Minimum [Member]
Interest Accrual, Option One [Member]
|
Mar. 31, 2015
Amended and Restated Credit Facility Agreement [Member]
Line of Credit [Member]
Minimum [Member]
Interest Accrual, Option Three [Member]
Variable Basis, Additional Margin [Member]
|
Mar. 31, 2015
Amended and Restated Credit Facility Agreement [Member]
Line of Credit [Member]
Maximum [Member]
Interest Accrual, Option One [Member]
|
Mar. 31, 2015
Amended and Restated Credit Facility Agreement [Member]
Line of Credit [Member]
Maximum [Member]
Interest Accrual, Option Three [Member]
Variable Basis, Additional Margin [Member]
|
Mar. 31, 2015
Amended and Restated Credit Facility Agreement [Member]
Term Loan Facility [Member]
USD ($)
|
Dec. 31, 2014
Amended and Restated Credit Facility Agreement [Member]
Term Loan Facility [Member]
USD ($)
|
|
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt instrument, interest rate, percent | 4.50% | 4.50% | 4.50% | 1.056% | 1.056% | 1.056% | 5.875% | 5.875% | ||||||||||||||
Debt instrument, amount | $ 214,800,000 | € 200,000,000.0 | $ 300,000,000.00 | |||||||||||||||||||
Maximum borrowing capacity on line of credit facility | 800,000,000 | 355,000,000 | ||||||||||||||||||||
Margin on variable rate | 0.50% | 0.50% | 1.00% | 1.00% | 0.00% | 2.00% | 0.50% | |||||||||||||||
Credit facility | 622,200,000 | 404,400,000 | ||||||||||||||||||||
Remaining borrowing capacity on line of credit facility | 532,800,000 | 750,600,000 | ||||||||||||||||||||
Fair value of amount outstanding | 267,200,000 | 49,400,000 | 355,000,000 | 355,000,000 | ||||||||||||||||||
Debt instrument, unused borrowing capacity | 200,000,000.0 | |||||||||||||||||||||
Senior notes | 214,800,000 | 242,000,000 | 214,800,000 | 200,000,000.0 | 0 | 300,000,000 | 300,000,000 | |||||||||||||||
Outstanding letters of credit | $ 19,900,000 | $ 18,500,000 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Inventories (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2015
|
Dec. 31, 2014
|
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 714.9 | $ 616.6 |
Repair and replacement parts | 543.8 | 536.4 |
Work in process | 163.1 | 130.5 |
Raw materials | 418.9 | 467.2 |
Inventories, net | $ 1,840.7 | $ 1,750.7 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Product Warranty (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2015
|
Mar. 31, 2014
|
Dec. 31, 2014
|
|
Warranty reserve activity: | |||
Balance at beginning of period | $ 284.6 | $ 294.9 | |
Accruals for warranties issued during the period | 34.0 | 55.6 | |
Settlements made (in cash or in kind) during the period | (44.9) | (46.1) | |
Foreign currency translation | (20.8) | 0.6 | |
Balance at end of period | 252.9 | 305.0 | |
Product warranty period, minimum, years | 1 year | ||
Product warranty period, maximum, years | 4 years | ||
Product warranty accrual, current | 217.0 | 245.7 | |
Product warranty accrual, noncurrent | $ 35.9 | $ 38.9 |
X | ||||||||||
- Definition
Product warranty period maximum. No definition available.
|
X | ||||||||||
- Definition
Product warranty period minimum. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2015
|
Dec. 31, 2014
|
---|---|---|
Income Tax Disclosure [Abstract] | ||
Unrecognized income tax benefits that would affect effective tax rate | $ 122.6 | $ 130.6 |
Accrued or deferred taxes relating to uncertain income tax positions | 58.4 | 64.7 |
Accrued interest and penalties relating to unrecognized tax benefits | $ 14.6 | $ 15.3 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Derivative Instruments and Hedging Activities (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2015
country
|
Mar. 31, 2015
Foreign Currency Contracts [Member]
|
Mar. 31, 2014
Foreign Currency Contracts [Member]
|
Mar. 31, 2015
Cash Flow Hedging [Member]
|
Mar. 31, 2014
Cash Flow Hedging [Member]
|
Mar. 31, 2015
Designated as Hedging Instrument [Member]
|
Dec. 31, 2014
Designated as Hedging Instrument [Member]
|
Mar. 31, 2015
Not Designated as Hedging Instrument [Member]
|
Dec. 31, 2014
Not Designated as Hedging Instrument [Member]
|
|
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Number of countries where products sold, countries (over 140) | 140 | ||||||||
Net gains (losses) reclassified from accumulated other comprehensive loss into income | $ (0.3) | $ 0.3 | $ 0.1 | ||||||
Derivative, notional amount | 47.9 | 23.8 | 1,946.9 | 1,810.5 | |||||
Gain (loss) on derivative instruments not designated as hedging | $ 45.7 | $ 1.8 |
X | ||||||||||
- Definition
Number of countries where products sold. No definition available.
|
X | ||||||||||
- Definition
Aggregate notional amount specified by the derivative(s). Expressed as an absolute value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Derivative Instruments and Hedging Activities (Summary Of Accumulated Other Comprehensive Loss Related To Derivatives) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended |
---|---|
Mar. 31, 2015
|
|
Before-Tax Amount | |
Accumulated derivative net gains, Beginning Balance | $ (0.2) |
Net changes in fair value of derivatives | (2.0) |
Net losses reclassified from accumulated other comprehensive loss into income | 0.3 |
Accumulated derivative net gains, Ending Balance | (1.9) |
Income Tax | |
Accumulated derivative net gains, Beginning Balance | (0.1) |
Net changes in fair value of derivatives | (0.1) |
Net losses reclassified from accumulated other comprehensive loss into income | 0 |
Accumulated derivative net gains, Ending Balance | (0.2) |
After-Tax Amount | |
Accumulated derivative net gains, Beginning Balance | (0.1) |
Net changes in fair value of derivatives | (1.9) |
Net losses reclassified from accumulated other comprehensive loss into income | 0.3 |
Accumulated derivative net gains, Ending Balance | $ (1.7) |
X | ||||||||||
- Definition
Accumulated other comprehensive income loss cumulative change in net gain loss from cash flow hedges effect before tax. No definition available.
|
X | ||||||||||
- Definition
Accumulated other comprehensive income loss cumulative changes in net gain loss from cash flow hedges effect tax. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Derivative Instruments and Hedging Activities (Fair Value Of Derivative Instruments) (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2015
|
Dec. 31, 2014
|
---|---|---|
Derivative [Line Items] | ||
Derivative asset, fair value | $ 12.9 | $ 11.3 |
Derivative liability, fair value | 24.6 | 20.5 |
Other Current Assets [Member]
|
||
Derivative [Line Items] | ||
Derivative asset, fair value | 12.9 | 11.3 |
Other Current Liabilities [Member]
|
||
Derivative [Line Items] | ||
Derivative liability, fair value | 24.6 | 20.5 |
Foreign Currency Contracts [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member]
|
||
Derivative [Line Items] | ||
Derivative asset, fair value | 0 | 0 |
Foreign Currency Contracts [Member] | Designated as Hedging Instrument [Member] | Other Current Liabilities [Member]
|
||
Derivative [Line Items] | ||
Derivative liability, fair value | 1.8 | 0.2 |
Foreign Currency Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member]
|
||
Derivative [Line Items] | ||
Derivative asset, fair value | 12.9 | 11.3 |
Foreign Currency Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member]
|
||
Derivative [Line Items] | ||
Derivative liability, fair value | $ 22.8 | $ 20.3 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Changes in Stockholders' Equity (Schedule of Stockholders' Equity) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 3 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2015
|
Mar. 31, 2014
|
Mar. 31, 2015
Common Stock [Member]
|
Dec. 31, 2014
Common Stock [Member]
|
Mar. 31, 2015
Additional Paid-in Capital [Member]
|
Mar. 31, 2015
Retained Earnings [Member]
|
Mar. 31, 2015
Accumulated Other Comprehensive Loss [Member]
|
Mar. 31, 2015
Noncontrolling Interests [Member]
|
Mar. 31, 2015
Performance Shares [Member]
|
Mar. 31, 2015
Performance Shares [Member]
Additional Paid-in Capital [Member]
|
|
Schedule of Stockholders' Equity [Line Items] | ||||||||||
Balance at beginning of period | $ 3,448.5 | $ 0.9 | $ 0.9 | $ 582.5 | $ 3,771.6 | $ (906.5) | ||||
Balance at beginning of period | 48.4 | 48.4 | ||||||||
Balance at beginning of period | 3,496.9 | |||||||||
Stock compensation | 2.4 | 2.4 | ||||||||
Issuance of performance award stock | (5.5) | (5.5) | ||||||||
SSARs exercised | (0.3) | (0.3) | ||||||||
Comprehensive (loss) income: | ||||||||||
Net income attributable to AGCO Corporation and subsidiaries | 30.1 | 99.6 | 30.1 | |||||||
Net income (loss) | (0.2) | (0.4) | (0.2) | |||||||
Net income (loss) | 29.9 | |||||||||
Other comprehensive (loss) income, net of reclassification adjustments: | ||||||||||
Foreign currency translation adjustments | (344.2) | |||||||||
Foreign currency translation adjustments | 0.1 | (0.3) | 0.1 | |||||||
Foreign currency translation adjustments | (344.1) | |||||||||
Defined benefit pension plans, net of tax | 2.2 | |||||||||
Defined benefit pension plans, net of tax | 2.2 | 1.8 | ||||||||
Unrealized loss on derivatives, net of tax | (1.6) | |||||||||
Unrealized loss on derivatives, net of tax | (1.6) | 1.1 | ||||||||
Payments of dividends to stockholders | (10.7) | (10.7) | ||||||||
Repurchase and retirement of shares | (62.5) | (62.5) | ||||||||
Changes in noncontrolling interest | 1.1 | |||||||||
Balance at end of period | 3,058.4 | 0.9 | 0.9 | 516.6 | 3,791.0 | (1,250.1) | ||||
Balance at end of period | 49.4 | 49.4 | ||||||||
Balance at end of period | $ 3,107.8 |
X | ||||||||||
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interests (excluding the redeemable noncontrolling interest recorded as temporary equity). No definition available.
|
X | ||||||||||
- Definition
Noncontrolling Interest, Increase From Adjustment No definition available.
|
X | ||||||||||
- Definition
Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity, net of tax, including portion attributable to noncontrolling interest less portion attributable to temporary equity. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Changes in Stockholders' Equity (Schedule of Comprehensive Income for Noncontrolling Interest) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2015
|
Mar. 31, 2014
|
|
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest [Abstract] | ||
Net loss | $ (0.2) | $ (0.4) |
Other comprehensive loss: | ||
Foreign currency translation adjustments | 0.1 | (0.3) |
Total comprehensive loss | $ (0.1) | $ (0.7) |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Changes in Stockholders' Equity (Reclassifications out of Accumulated Other Comprehensive Income) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2015
|
Mar. 31, 2014
|
|||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Cost of goods sold | $ 1,354.7 | $ 1,818.5 | ||||||
Amortization of net actuarial loss | 2.8 | |||||||
Amortization of prior service cost | (0.1) | |||||||
Income before income taxes and equity in net earnings of affiliates | (26.8) | (130.6) | ||||||
Income tax provision | 10.6 | 46.4 | ||||||
Net income attributable to AGCO Corporation and subsidiaries | (30.1) | (99.6) | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Member]
|
||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Net income attributable to AGCO Corporation and subsidiaries | 2.5 | [1] | 1.9 | [1] | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Deferred Net (Losses) Gains on Derivatives [Member]
|
||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Cost of goods sold | 0.3 | [1] | 0.1 | [1] | ||||
Income tax provision | 0 | [1] | 0 | [1] | ||||
Net income attributable to AGCO Corporation and subsidiaries | 0.3 | [1] | 0.1 | [1] | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Defined Benefit Pension Plans [Member]
|
||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Amortization of net actuarial loss | 2.8 | [1],[2] | 2.2 | [1],[2] | ||||
Amortization of prior service cost | 0.1 | [1],[2] | 0.2 | [1],[2] | ||||
Income before income taxes and equity in net earnings of affiliates | 2.9 | [1] | 2.4 | [1] | ||||
Income tax provision | (0.7) | [1] | (0.6) | [1] | ||||
Net income attributable to AGCO Corporation and subsidiaries | $ 2.2 | [1] | $ 1.8 | [1] | ||||
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Changes in Stockholders' Equity (Narrative) (Details) (USD $)
|
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2015
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Jul. 31, 2012
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock repurchase program, authorized amount | $ 1,050,000,000 | $ 500,000,000.0 | $ 500,000,000 | $ 50,000,000.0 |
Stock repurchased and retired during period | 62,500,000 | |||
Stock repurchase program, outstanding balance authorized to be repurchased | 469,200,000 | |||
Accelerated Share Repurchase [Member]
|
||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock repurchased and retired during period | $ 62,500,000 | |||
Stock repurchased and retired during period, shares | 1,290,733 |
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Accounts Receivable Sales Agreements (Details) (USD $)
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3 Months Ended | 12 Months Ended | 3 Months Ended | |||
---|---|---|---|---|---|---|
Mar. 31, 2015
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Dec. 31, 2014
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Mar. 31, 2015
Other Expenses, Net [Member]
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Mar. 31, 2014
Other Expenses, Net [Member]
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Mar. 31, 2015
Corporate Joint Venture [Member]
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Dec. 31, 2014
Corporate Joint Venture [Member]
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Joint venture ownership percentage | 49.00% | 49.00% | ||||
Net cash received from receivables sold | $ 1,100,000,000 | $ 1,200,000,000 | ||||
Loss on sales of receivables | 5,000,000 | 7,500,000 | ||||
Outstanding accounts receivable associated with retail finance joint ventures in Brazil and Australia | $ 26,700,000 | $ 43,300,000 |
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- Definition
Outstanding accounts receivables of accounts receivables sold to the Company’s retail finance joint ventures who provide wholesale financing to the Company’s dealers. No definition available.
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Employee Benefit Plans (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended |
---|---|
Mar. 31, 2015
|
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Defined Benefit Pension Plans [Member]
|
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Defined Benefit Plan Disclosure [Line Items] | |
Employer contributions | $ 8.5 |
Estimated minimum contributions | 35.2 |
Postretirement Health Coverage [Member]
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|
Defined Benefit Plan Disclosure [Line Items] | |
Employer contributions | 0.5 |
Estimated minimum contributions | $ 1.5 |
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- Definition
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Employee Benefit Plans (Net Pension And Postretirement Cost) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2015
|
Mar. 31, 2014
|
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Pension Benefits [Member]
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Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 4.7 | $ 4.3 |
Interest cost | 7.8 | 9.4 |
Expected return on plan assets | (11.1) | (11.2) |
Amortization of net actuarial loss | 2.8 | 2.2 |
Amortization of prior service cost (credit) | 0.1 | 0.2 |
Net periodic pension or postretirement benefit cost | 4.3 | 4.9 |
Postretirement Benefits [Member]
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Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0.1 |
Interest cost | 0.4 | 0.4 |
Net periodic pension or postretirement benefit cost | $ 0.4 | $ 0.5 |
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Employee Benefit Plans (Net Periodic Pension Costs Included in Accumulated Other Comprehensive Income (Loss)) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended |
---|---|
Mar. 31, 2015
|
|
Before-Tax Amount | |
Accumulated other comprehensive loss, beginning of period | $ (341.5) |
Amortization of net actuarial loss | 2.8 |
Amortization of prior service cost | 0.1 |
Accumulated other comprehensive loss, end of period | (338.6) |
Income Tax | |
Accumulated other comprehensive loss, beginning of period | (88.2) |
Amortization of net actuarial loss | 0.7 |
Amortization of prior service cost | 0 |
Accumulated other comprehensive loss, end of period | (87.5) |
After-Tax Amount | |
Accumulated other comprehensive loss, beginning of period | (253.3) |
Amortization of net actuarial loss | 2.1 |
Amortization of prior service costs | 0.1 |
Accumulated other comprehensive loss, end of period | $ (251.1) |
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- Definition
Accumulated comprehensive income or loss related to defined pension and postretirement plans, cumulative tax impact No definition available.
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Fair Value of Financial Instruments (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2015
|
Dec. 31, 2014
|
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset, fair value | $ 12.9 | $ 11.3 |
Derivative liability, fair value | 24.6 | 20.5 |
5 7/8% Senior Notes due 2021 [Member]
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||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 343.5 | 337.6 |
Long-term debt | $ 300.0 | $ 300.0 |
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Segment Reporting (Income From Operations And Total Assets) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2015
|
Mar. 31, 2014
|
Dec. 31, 2014
|
Dec. 31, 2013
|
|
Income from Operations | ||||
Segment income from operations | $ 46.8 | $ 155.7 | ||
Stock compensation | (2.2) | (5.9) | ||
Restructuring and other infrequent expenses | (10.6) | 0 | ||
Amortization of intangibles | (10.5) | (10.0) | ||
Consolidated income from operations | 46.8 | 155.7 | ||
Total Assets | ||||
Segment assets | 7,395.9 | |||
Cash and cash equivalents | 338.9 | 193.9 | 363.7 | 1,047.2 |
Receivables from affiliates | 124.3 | 108.4 | ||
Investments in affiliates | 398.7 | 424.1 | ||
Deferred tax assets, other current and noncurrent assets | 616.2 | 616.6 | ||
Intangible assets, net | 533.3 | 553.8 | ||
Goodwill | 1,120.1 | 1,192.8 | ||
Consolidated total assets | 7,264.5 | |||
Operating Segments [Member]
|
||||
Income from Operations | ||||
Segment income from operations | 99.1 | 203.0 | ||
Consolidated income from operations | 99.1 | 203.0 | ||
Corporate [Member]
|
||||
Income from Operations | ||||
Corporate expenses | $ (29.0) | $ (31.4) |
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Deferred tax assets, other current and noncurrent assets. No definition available.
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Commitments and Contingencies (Details)
In Millions, unless otherwise specified |
0 Months Ended | 3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2015
USD ($)
|
Mar. 31, 2015
BRL
|
Oct. 30, 2012
Subsidiaries [Member]
defendant
|
Jun. 27, 2008
Subsidiaries [Member]
defendant
|
Oct. 30, 2012
Third Parties [Member]
defendant
|
Jun. 27, 2008
Third Parties [Member]
defendant
|
Mar. 31, 2015
Retail Finance Joint Venture [Member]
USD ($)
|
Mar. 31, 2015
Corporate Joint Venture [Member]
|
Dec. 31, 2014
Corporate Joint Venture [Member]
|
|
Guarantees [Abstract] | |||||||||
Maximum repossessed inventory purchase obligation with retail joint ventures | $ 6.0 | ||||||||
Guaranteed indebtedness owed to third parties | 89.5 | ||||||||
Joint venture ownership percentage | 49.00% | 49.00% | |||||||
Loss Contingency [Abstract] | |||||||||
Number of defendants | 3 | 3 | 60 | 91 | |||||
Tax disallowance not including interest and penalties | $ 41.1 | 131.5 |
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- Definition
Guarantor Obligations, Maximum Inventory Exposure per Calendar Year, Undiscounted No definition available.
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- Definition
Tax disallowance not including interest and penalties. No definition available.
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