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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2018	Feb. 22, 2019	Jun. 30, 2018
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-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		76,512,465
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 4

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Revenue from Contract with Customer, Including Assessed Tax	$ 9,352.0	$ 8,306.5	$ 7,410.5
Cost of Goods and Services Sold	7,355.3	6,541.2	5,895.0
Gross profit	1,996.7	1,765.3	1,515.5
Selling, general and administrative expenses	1,069.4	964.7	864.6
Engineering expenses	355.2	323.4	297.6
Restructuring expenses	12.0	11.2	11.9
Amortization of intangibles	64.7	57.0	51.2
Provision for Doubtful Accounts	6.4	4.6	3.2
Income from operations	489.0	404.4	287.0
Interest expense, net	53.8	45.1	52.1
Other expense, net	74.9	75.5	30.0
Income before income taxes and equity in net earnings of affiliates	360.3	283.8	204.9
Income tax provision	110.9	133.6	92.2
Income before equity in net earnings of affiliates	249.4	150.2	112.7
Equity in net earnings of affiliates	34.3	39.1	47.5
Net income	283.7	189.3	160.2
Net loss (income) attributable to noncontrolling interests	1.8	(2.9)	(0.1)
Net income attributable to AGCO Corporation and subsidiaries	$ 285.5	$ 186.4	$ 160.1
Net income per common share attributable to AGCO Corporation and subsidiaries:
Basic (in dollars per share)	$ 3.62	$ 2.34	$ 1.97
Diluted (in dollars per share)	3.58	2.32	1.96
Cash dividends declared and paid per common share (in dollars per share)	$ 0.60	$ 0.56	$ 0.52
Weighted average number of common and common equivalent shares outstanding:
Basic (in shares)	78.8	79.5	81.4
Diluted (in shares)	79.7	80.2	81.7

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 283.7	$ 189.3	$ 160.2
Defined benefit pension plans, net of taxes:
Prior service cost arising during the year	(7.0)	0.0	(2.6)
Net loss recognized due to settlement	0.9	0.2	0.4
Net gain recognized due to curtailment	0.0	0.0	(0.1)
Net actuarial (loss) gain arising during the year	(4.2)	6.6	(62.9)
Amortization of prior service cost included in net periodic pension cost	1.3	1.3	1.1
Amortization of net actuarial losses included in net periodic pension cost	11.7	11.3	8.6
Derivative adjustments:
Net changes in fair value of derivatives	(1.1)	2.0	(7.7)
Net losses reclassified from accumulated other comprehensive loss into income	7.2	2.0	1.0
Foreign currency translation adjustments	(206.8)	57.8	82.4
Other comprehensive (loss) income, net of reclassification adjustments	(198.0)	81.2	20.2
Comprehensive income	85.7	270.5	180.4
Comprehensive loss (income) attributable to noncontrolling interests	6.0	(4.1)	(1.7)
Comprehensive income attributable to AGCO Corporation and subsidiaries	$ 91.7	$ 266.4	$ 178.7

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Current Assets:
Cash and cash equivalents	$ 326.1	$ 367.7
Accounts and notes receivable, net	880.3	1,019.4
Inventories, net	1,908.7	1,872.9
Other current assets	422.3	367.7
Total current assets	3,537.4	3,627.7
Property, plant and equipment, net	1,373.1	1,485.3
Investment in affiliates	400.0	409.0
Deferred tax assets	104.9	112.2
Other assets	142.4	147.1
Intangible assets, net	573.1	649.0
Goodwill	1,495.5	1,541.4
Total assets	7,626.4	7,971.7
Current Liabilities:
Current portion of long-term debt	184.2	95.4
Accounts payable	865.9	917.5
Accrued expenses	1,522.4	1,407.9
Other current liabilities	194.2	229.8
Total current liabilities	2,766.7	2,650.6
Long-term debt, less current portion and debt issuance costs	1,275.3	1,618.1
Pensions and postretirement health care benefits	223.2	247.3
Deferred tax liabilities	116.3	130.5
Other noncurrent liabilities	251.4	229.9
Total liabilities	4,632.9	4,876.4
Commitments and contingencies (Note 12)
AGCO Corporation stockholders’ equity:
Preferred stock; $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding in 2018 and 2017	0.0	0.0
Common stock; $0.01 par value, 150,000,000 shares authorized, 76,536,755 and 79,553,825 shares issued and outstanding at December 31, 2018 and 2017, respectively	0.8	0.8
Additional paid-in capital	10.2	136.6
Retained earnings	4,477.3	4,253.8
Accumulated other comprehensive loss	(1,555.4)	(1,361.6)
Total AGCO Corporation stockholders’ equity	2,932.9	3,029.6
Noncontrolling interests	60.6	65.7
Total stockholders’ equity	2,993.5	3,095.3
Total liabilities and stockholders’ equity	$ 7,626.4	$ 7,971.7

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	79,553,825	79,465,393
Common stock, shares outstanding (in shares)	76,536,755	79,465,393
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Defined Benefit Pension Plans	Cumulative Translation Adjustment	Deferred Net Gains (Losses) on Derivatives	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2015		83,814,809
Stockholders' equity, beginning of period at Dec. 31, 2015		$ 0.8	$ 301.7	$ 3,996.0	$ (1,460.2)	$ (249.0)	$ (1,209.2)	$ (2.0)
Noncontrolling interests, beginning of period at Dec. 31, 2015									$ 45.0
Beginning balance at Dec. 31, 2015	$ 2,883.3							(2.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to AGCO Corporation and subsidiaries	160.1			160.1
Net income (loss) attributable to nonredeemable noncontrolling interest									0.1
Net income (loss)	160.2
Payment of dividends to shareholders	(42.5)			(42.5)
Issuance of restricted stock (in shares)		15,395
Issuance of restricted stock	0.8		0.8
Issuance of performance award stock (in shares)		27,333
Issuance of performance award stock	(0.9)		(0.9)
SSARs exercised (in shares)		21,106
SSARs exercised	(0.9)		(0.9)
Stock compensation	17.3		17.3
Investment by noncontrolling interest	12.2
Changes in noncontrolling interest	0.0		(2.2)						2.2
Purchases and retirement of common stock (in shares)		(4,413,250)
Purchases and retirement of common stock	(212.5)	$ 0.0	(212.5)
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	1.4
Prior service cost arising during the year	(2.6)				(2.6)	(2.6)
Net loss recognized due to settlement	0.4				0.4	0.4
Net gain recognized due to curtailment	(0.1)				(0.1)
Net actuarial (loss) gain arising during the year	(62.9)				(62.9)	(62.9)
Amortization of prior service cost included in net periodic pension cost	1.1				1.1	1.1
Amortization of net actuarial losses included in net periodic pension cost	8.6				8.6	8.6
Deferred gains and losses on derivatives, net	(6.7)				(6.7)			(6.7)
Change in cumulative translation adjustment					80.8		80.8
Change in cumulative translation adjustment, attributable to noncontrolling Interest									1.6
Change in cumulative translation adjustment	82.4
Ending balance (in shares) at Dec. 31, 2016		79,465,393
Stockholders' equity, beginning of period at Dec. 31, 2016		$ 0.8	103.3	4,113.6	(1,441.6)	(304.5)	(1,128.4)	(8.7)
Noncontrolling interests, end of period at Dec. 31, 2016									61.1
Ending balance at Dec. 31, 2016	2,837.2				(1,441.6)	(304.5)	(1,128.4)	(8.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to AGCO Corporation and subsidiaries	186.4			186.4
Net income (loss) attributable to nonredeemable noncontrolling interest									2.9
Net income (loss)	189.3
Payment of dividends to shareholders	(44.5)			(44.5)
Issuance of restricted stock (in shares)		12,066
Issuance of restricted stock	0.8		0.8
Issuance of performance award stock (in shares)		54,309
Issuance of performance award stock	(2.2)		(2.2)
SSARs exercised (in shares)		92,521
SSARs exercised	(4.4)		(4.4)
Stock compensation	39.1		39.1
Investment by noncontrolling interest	0.5								0.5
Purchases and retirement of common stock (in shares)		(70,464)
Purchases and retirement of common stock	0.0	$ 0.0	0.0
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	1.1
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification \| Accounting Standards Update 2016-09	(1.7)
Prior service cost arising during the year	0.0
Net loss recognized due to settlement	0.2				0.2	0.2
Net gain recognized due to curtailment	0.0
Net actuarial (loss) gain arising during the year	6.6				6.6	6.6
Amortization of prior service cost included in net periodic pension cost	1.3				1.3	1.3
Amortization of net actuarial losses included in net periodic pension cost	11.3				11.3	11.3
Deferred gains and losses on derivatives, net	4.0				4.0			4.0
Change in cumulative translation adjustment					56.6		56.6
Change in cumulative translation adjustment, attributable to noncontrolling Interest									1.2
Change in cumulative translation adjustment	57.8
Ending balance (in shares) at Dec. 31, 2017		79,553,825
Stockholders' equity, beginning of period at Dec. 31, 2017	3,029.6	$ 0.8	136.6	4,253.8	(1,361.6)	(285.1)	(1,071.8)	(4.7)
Noncontrolling interests, end of period at Dec. 31, 2017	65.7								65.7
Ending balance at Dec. 31, 2017	3,095.3				(1,361.6)	(285.1)	(1,071.8)	(4.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to AGCO Corporation and subsidiaries	285.5			285.5
Net income (loss) attributable to nonredeemable noncontrolling interest									(1.8)
Net income (loss)	283.7
Payment of dividends to shareholders	(47.1)			(47.1)
Issuance of restricted stock (in shares)		12,629
Issuance of restricted stock	0.8		0.8
Issuance of performance award stock (in shares)		75,604
Issuance of performance award stock	(3.1)		(3.1)
SSARs exercised (in shares)		14,881
SSARs exercised	(0.6)		(0.6)
Stock compensation	45.5		45.5
Investment by noncontrolling interest	1.0								1.0
Changes in noncontrolling interest	0.1		0.0						0.1
Purchases and retirement of common stock (in shares)		(3,120,184)
Purchases and retirement of common stock	(184.3)	$ 0.0	(169.0)
Stock Repurchased During Period, Value				(15.3)
Prior service cost arising during the year	(7.0)				(7.0)	(7.0)
Net loss recognized due to settlement	0.9				0.9	0.9
Net gain recognized due to curtailment	0.0
Net actuarial (loss) gain arising during the year	(4.2)				(4.2)	(4.2)
Amortization of prior service cost included in net periodic pension cost	1.3				1.3	1.3
Amortization of net actuarial losses included in net periodic pension cost	11.7				11.7	11.7
Deferred gains and losses on derivatives, net	6.1				6.1			6.1
Change in cumulative translation adjustment					(202.6)		(202.6)
Change in cumulative translation adjustment, attributable to noncontrolling Interest									(4.2)
Change in cumulative translation adjustment	(206.8)
Ending balance (in shares) at Dec. 31, 2018		76,536,755
Stockholders' equity, beginning of period at Dec. 31, 2018	2,932.9	$ 0.8	$ 10.2	$ 4,477.3	(1,555.4)	(282.4)	(1,274.4)	1.4
Noncontrolling interests, end of period at Dec. 31, 2018	60.6								$ 60.6
Ending balance at Dec. 31, 2018	2,993.5				$ (1,555.4)	$ (282.4)	$ (1,274.4)	$ 1.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment related to the adoption of ASU 2014-09 \| Accounting Standards Update 2016-09	$ 0.4

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net income	$ 283.7	$ 189.3	$ 160.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	225.2	222.8	223.4
Amortization of intangibles	64.7	57.0	51.2
Stock compensation expense	46.3	38.2	18.1
Proceeds from termination of hedging instrument	0.0	0.0	7.3
Equity in net earnings of affiliates, net of cash received	(3.2)	41.2	(1.4)
Deferred income tax (benefit) provision	(14.7)	(14.1)	2.1
Gain (Loss) on Extinguishment of Debt	24.5	0.0	0.0
Other	2.6	3.0	2.3
Changes in operating assets and liabilities, net of effects from purchase of businesses:
Accounts and notes receivable, net	63.3	(34.7)	(4.5)
Inventories, net	(214.3)	(196.0)	(33.1)
Other current and noncurrent assets	(85.6)	(36.6)	(98.7)
Accounts payable	(24.3)	123.5	62.8
Accrued expenses	161.3	149.0	47.0
Other current and noncurrent liabilities	66.4	35.0	(67.2)
Total adjustments	312.2	388.3	209.3
Net cash provided by operating activities	595.9	577.6	369.5
Cash flows from investing activities:
Purchases of property, plant and equipment	(203.3)	(203.9)	(201.0)
Proceeds from sale of property, plant and equipment	3.2	4.1	2.4
Purchase of businesses, net of cash acquired	0.0	(293.1)	(383.8)
Investment in consolidated affiliates, net of cash acquired	0.0	0.0	(11.8)
Investments in unconsolidated affiliates	(5.8)	(0.8)	(4.5)
Other	0.4	0.0	0.4
Net cash used in investing activities	(205.5)	(493.7)	(598.3)
Cash flows from financing activities:
Proceeds from debt obligations	5,257.5	3,513.9	3,117.9
Repayments of debt obligations	(5,433.6)	(3,639.7)	(2,622.4)
Purchases and retirement of common stock	(184.3)	0.0	(212.5)
Payment of dividends to stockholders	(47.1)	(44.5)	(42.5)
Payment of minimum tax withholdings on stock compensation	(4.0)	(6.9)	(2.0)
Payment of debt issuance costs	(2.7)	0.0	(2.5)
Investments by noncontrolling interests, net	0.9	0.5	0.4
Net cash (used in) provided by financing activities	(413.3)	(176.7)	236.4
Effects of exchange rate changes on cash and cash equivalents	(18.7)	30.8	(4.6)
(Decrease) increase in cash and cash equivalents	(41.6)	(62.0)	3.0
Cash and cash equivalents, beginning of year	367.7	429.7	426.7
Cash and cash equivalents, end of year	$ 326.1	$ 367.7	$ 429.7

Operations and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Operations and Summary of Significant Accounting Policies

Business

AGCO Corporation and subsidiaries (“AGCO” or the “Company”) is a leading manufacturer and distributor of agricultural equipment and related replacement parts throughout the world. The Company sells a full range of agricultural equipment, including tractors, combines, hay tools, sprayers, forage equipment, seeding and tillage equipment, implements, and grain storage and protein production systems. The Company’s products are widely recognized in the agricultural equipment industry and are marketed under a number of well-known brand names including: Challenger^®, Fendt^®, GSI^®,Massey Ferguson^® and Valtra^®. The Company distributes most of its products through a combination of approximately 4,050 independent dealers and distributors as well as the Company utilizes associates and licensees to provide a distribution channel for its products. In addition, the Company provides retail financing through its finance joint ventures with Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., or “Rabobank.”

Basis of Presentation and Consolidation

The Company’s Consolidated Financial Statements represent the consolidation of all wholly-owned companies, majority-owned companies and joint ventures in which the Company has been determined to be the primary beneficiary. The Company consolidates a variable interest entity (“VIE”) if the Company determines it is the primary beneficiary. The primary beneficiary of a VIE is the party that has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits that potentially could be significant to the VIE. The Company also consolidates all entities that are not considered VIEs if it is determined that the Company has a controlling voting interest to direct the activities that most significantly impact the joint venture or entity. The Company records investments in all other affiliate companies using the equity method of accounting when it has significant influence. Other investments, including those representing an ownership interest of less than 20%, are recorded at cost. All significant intercompany balances and transactions have been eliminated in the Consolidated Financial Statements. Certain prior period amounts have been reclassified to conform to the current period presentation.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The estimates made by management primarily relate to accounts and notes receivable, inventories, deferred income tax valuation allowances, uncertain tax positions, goodwill and other identifiable intangible assets, and certain accrued liabilities, principally relating to reserves for volume discounts and sales incentives, warranty obligations, product liability and workers’ compensation obligations, and pensions and postretirement benefits.

Foreign Currency Translation

The financial statements of the Company’s foreign subsidiaries are translated into United States currency in accordance with Accounting Standards Codification (“ASC”) 830, “Foreign Currency Matters.” Assets and liabilities are translated to United States dollars at period-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the period. Translation adjustments are included in “Accumulated other comprehensive loss” in stockholders’ equity within the Company’s Consolidated Balance Sheets. Gains and losses, which result from foreign currency transactions, are included in the accompanying Consolidated Statements of Operations.

The Company has a wholly-owned subsidiary in Argentina that manufactures and distributes agricultural equipment and replacement parts within Argentina. As of June 30, 2018, on the basis of currently available data related to inflation indices and as a result of the devaluation of the Argentine peso relative to the United States dollar, the Argentinian economy was determined to be highly inflationary. A highly inflationary economy is one where the cumulative inflation rate for the three years preceding the beginning of the reporting period, including interim reporting periods, is in excess of 100 percent. As a result of this designation and based on the guidance in ASC 830, the Company changed the functional currency of its wholly-owned subsidiary from the Argentinian peso to the U.S. dollar effective July 1, 2018. For the year-ended ended December 31, 2018, the Company’s wholly-owned subsidiary in Argentina had net sales of approximately $92.6 million and total assets of approximately $104.5 million as of December 31, 2018. The monetary assets and liabilities denominated in the Argentine peso were approximately $28.0 million and approximately $13.6 million, respectively, as of December 31, 2018. The monetary assets and liabilities were remeasured based on current published exchange rates.

Cash and Cash Equivalents

Cash at December 31, 2018 and 2017 of $290.5 million and $317.0 million, respectively, consisted primarily of cash on hand and bank deposits. The Company considers all investments with an original maturity of three months or less to be cash equivalents. Cash equivalents at December 31, 2018 and 2017 of $35.6 million and $50.7 million, respectively, consisted primarily of money market deposits, certificates of deposits and overnight investments.

Accounts and Notes Receivable

Accounts and notes receivable arise from the sale of equipment and replacement parts to independent dealers, distributors or other customers. In the United States and Canada, amounts due from sales to dealers are immediately due upon a retail sale of the underlying equipment by the dealer with the exception of sales of grain storage and protein production systems as discussed further below. If not previously paid by the dealer in the United States and Canada, installment payments are required generally beginning after the interest-free period with the remaining outstanding equipment balance generally due within 12 months after shipment or delivery. These interest-free periods vary by product and generally range from one to 12 months. In limited circumstances, the Company provides sales terms, and in some cases, interest-free periods that are longer than 12 months for certain products. These are typically specified programs predominately in the United States and Canada, that allow for interest-free periods and due dates of up to 24 months for certain products depending on the year of the sale and the dealer or distributor’s ordering or sales volume during the preceding year. Interest generally is charged at or above prime lending rates on the outstanding receivable balances after shipment or delivery and after interest-free periods. Sales terms of some highly seasonal products provide for payment and due dates based on a specified date during the year regardless of the shipment date. Equipment sold to dealers in the United States and Canada is paid in full on average within 12 months of shipment. Sales of replacement parts generally are payable within 30 days of shipment, with terms for some larger, seasonal stock orders generally requiring payment within six months of shipment. Under normal circumstances, equipment may not be returned. In certain regions, with respect to most equipment sales, including the United States and Canada, the Company is obligated to repurchase equipment and replacement parts upon cancellation of a dealer or distributor contract. These obligations are required by national, state or provincial laws and require the Company to repurchase a dealer or distributor’s unsold inventory, including inventories for which the receivable already has been paid. Actual interest-free periods are shorter than described above because the equipment receivable from dealers or distributors in some countries, such as in the United States and Canada, is generally due immediately upon sale of the equipment to a retail customer as discussed above. Receivables can also be paid prior to terms specified in sales agreements. Under normal circumstances, interest is not forgiven and interest-free periods are not extended.

In other international markets, equipment sales generally are payable in full within 30 to 180 days of shipment or delivery. Payment terms for some highly seasonal products have a specified due date during the year regardless of the shipment or delivery date. For sales in most markets outside of the United States and Canada, the Company generally does not charge interest on outstanding receivables with its dealers and distributors. Sales of replacement parts generally are payable within 30 to 90 days of shipment, with terms for some larger, seasonal stock orders generally payable within six months of shipment.

In certain markets, there is a time lag, which varies based on the timing and level of retail demand, between the date the Company records a sale and when the dealer sells the equipment to a retail customer.

Sales of grain storage and protein production systems generally are payable within 30 days of shipment. In certain countries, sales of such systems in which the Company is responsible for construction or installation may be contingent upon customer acceptance, payment terms vary by market and product, with fixed payment schedules on all sales.

The following summarizes by geographic region, as a percentage of our consolidated net sales, amounts with maximum interest-free periods as presented below (in millions):



Year Ended December 31, 2018	North America		South America		Europe/Middle East		Asia/Pacific/Africa		Consolidated
0 to 6 months	$	1,639.6	$	959.0	$	5,368.0	$	827.8	$	8,794.4	94.0	%
7 to 12 months	523.1		—		17.1		—		540.2		5.8	%
13 to 24 months	17.4		—		—		—		17.4		0.2	%
	$	2,180.1	$	959.0	$	5,385.1	$	827.8	$	9,352.0	100.0	%

The Company has an agreement to permit transferring, on an ongoing basis, a majority of its wholesale interest-bearing and non-interest bearing accounts receivable in North America, Europe and Brazil to its U.S., Canadian, European and Brazilian finance joint ventures. Qualified dealers may obtain additional financing through the Company’s U.S., Canadian, European and Brazilian finance joint ventures at the joint ventures’ discretion.

The Company provides various volume bonus and sales incentive programs with respect to its products. These sales incentive programs include reductions in invoice prices, reductions in retail financing rates, dealer commissions and dealer incentive allowances. In most cases, incentive programs are established and communicated to the Company’s dealers on a quarterly basis. The incentives are paid either at the time of the cash settlement of the receivable (which is generally at the time of retail sale), at the time of retail financing, at the time of warranty registration, or at a subsequent time based on dealer purchase volumes. The incentive programs are product-line specific and generally do not vary by dealer. The cost of sales incentives associated with dealer commissions and dealer incentive allowances is estimated based upon the terms of the programs and historical experience, is based on a percentage of the sales price, and estimates for sales incentives are made and recorded at the time of sale for existing incentive programs using the expected value method. These estimates are reassessed each reporting period and are revised in the event of subsequent modifications to incentive programs, as they are communicated to dealers. The related provisions and accruals are made on a product or product-line basis and are monitored for adequacy and revised at least quarterly in the event of subsequent modifications to the programs. Interest rate subsidy payments, which are a reduction in retail finance rates, are recorded in the same manner as dealer commissions and dealer incentive allowances. Volume discounts are estimated and recognized based on historical experience, and related reserves are monitored and adjusted based on actual dealer purchase volumes and the dealer’s progress towards achieving specified cumulative target levels. All incentive programs are recorded and presented as a reduction of revenue, due to the fact that the Company does not receive a distinct good or service in exchange for the consideration provided. In the United States and Canada, reserves for incentive programs related to accounts receivable not sold to Company’s U.S. and Canadian finance joint ventures are recorded as “accounts receivable allowances” within the Company’s Consolidated Balance Sheets due to the fact that the incentives are paid through a reduction of future cash settlement of the receivable. Globally, reserves for incentive programs that will be paid in cash or credit memos, as is the case with most of the Company’s volume discount programs, as well as sales with incentives associated with accounts receivable sold to its finance joint ventures, are recorded within “Accrued expenses” within the Company’s Consolidated Balance Sheets.

Accounts and notes receivable are shown net of allowances for sales incentive discounts available to dealers and for doubtful accounts. Cash flows related to the collection of receivables are reported within “Cash flows from operating activities” within the Company’s Consolidated Statements of Cash Flows. Accounts and notes receivable allowances at December 31, 2018 and 2017 were as follows (in millions):



	2018		2017
Sales incentive discounts	$	24.2	$	33.1
Doubtful accounts	31.7		38.7
	$	55.9	$	71.8

In the United States and Canada, sales incentives can be paid through future cash settlements of receivables and through credit memos to Company’s dealers or through reductions in retail financing rates paid to the Company’s finance joint ventures. Outside of the United States and Canada, sales incentives can be paid through cash or credit memos to the Company’s dealers or through reductions in retail financing rates paid to the Company’s finance joint ventures. The Company transfers certain accounts receivable under its accounts receivable sales agreements with its finance joint ventures (Note 4). The Company records such transfers as sales of accounts receivable when it is considered to have surrendered control of such receivables under the provisions of Accounting Standards Update (“ASU”) 2009-16, “Transfers and Servicing (Topic 860): Accounting for Transfers of Financial Assets.” Cash payments made to the Company’s finance joint ventures for sales incentive discounts provided to dealers related to outstanding accounts receivables sold are recorded within “Accrued expenses”.

Inventories

Inventories are valued at the lower of cost or market using the first-in, first-out method. Market is current replacement cost (by purchase or by reproduction, dependent on the type of inventory). In cases where market exceeds net realizable value (i.e., estimated selling price less reasonably predictable costs of completion and disposal), inventories are stated at net realizable value. Market is not considered to be less than net realizable value reduced by an allowance for an approximately normal profit margin. At December 31, 2018 and 2017, the Company had recorded $156.6 million and $165.7 million, respectively, as an adjustment for surplus and obsolete inventories. These adjustments are reflected within “Inventories, net” within the Company’s Consolidated Balance Sheets.

Inventories, net at December 31, 2018 and 2017 were as follows (in millions):



	2018		2017
Finished goods	$	660.4	$	684.1
Repair and replacement parts	587.3		605.9
Work in process	217.5		178.7
Raw materials	443.5		404.2
Inventories, net	$	1,908.7	$	1,872.9

Cash flows related to the sale of inventories are reported within “Cash flows from operating activities” within the Company’s Consolidated Statements of Cash Flows.

Recoverable Indirect Taxes

The Company’s Brazilian operations incur value added taxes (“VAT”) on certain purchases of raw materials, components and services. These taxes are accumulated as tax credits and create assets that are reduced by the VAT collected from the Company’s sales in the Brazilian market. The Company regularly assesses the recoverability of these tax credits, and establishes reserves when necessary against them, through analyses that include, amongst others, the history of realization, the transfer of tax credits to third parties as authorized by the government, anticipated changes in the supply chain and the future expectation of tax debits from the Company’s ongoing operations. The Company believes that these tax credits, net of established reserves, are realizable. The Company had recorded approximately $156.0 million and $152.3 million, respectively, of VAT tax credits, net of reserves, as of December 31, 2018 and 2017.

Property, Plant and Equipment

Property, plant and equipment are recorded at cost, less accumulated depreciation and amortization. Depreciation is provided on a straight-line basis over the estimated useful lives of ten to 40 years for buildings and improvements, three to 15 years for machinery and equipment and three to ten years for furniture and fixtures. Expenditures for maintenance and repairs are charged to expense as incurred.

Property, plant and equipment, net at December 31, 2018 and 2017 consisted of the following (in millions):



	2018			2017
Land	$	125.3		$	130.6
Buildings and improvements	769.0			792.0
Machinery and equipment	2,374.7			2,391.6
Furniture and fixtures	148.6			147.6
Gross property, plant and equipment	3,417.6			3,461.8
Accumulated depreciation and amortization	(2,044.5		)	(1,976.5		)
Property, plant and equipment, net	$	1,373.1		$	1,485.3

Goodwill, Other Intangible Assets and Long-Lived Assets

The Company tests goodwill for impairment, at the reporting unit level, annually and when events or circumstances indicate that fair value of a reporting unit may be below its carrying value. A reporting unit is an operating segment or one level below an operating segment, for example, a component. The Company combines and aggregates two or more components of an operating segment as a single reporting unit if the components have similar economic characteristics. The Company’s reportable segments are not its reporting units.

Goodwill is evaluated annually as of October 1 for impairment using a qualitative assessment or a quantitative two-step assessment. If the Company elects to perform a qualitative assessment and determines the fair value of its reporting units more likely than not exceed their carrying value, no further evaluation is necessary. For reporting units where the Company performs a two-step quantitative assessment, the first step requires the Company to compare the fair value of each reporting unit, which is determined based on a combination of a discounted cash flow valuation approach and a market multiple valuation approach, to its respective carrying value, including goodwill. If the fair value of the reporting unit exceeds its carrying value, the goodwill is not considered impaired. If the carrying value is higher than the fair value of the reporting unit, the second step of the quantitative process is required to measure the amount of impairment, if any. The second step of the quantitative assessment results in a calculation of the implied fair value of the reporting unit’s goodwill, which is determined as the excess of the fair value of a reporting unit over the fair values assigned to its assets and liabilities. If the implied fair value of goodwill is less than the carrying value of the reporting unit’s goodwill, the difference is recognized as an impairment loss.

The Company reviews its long-lived assets, which include intangible assets subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The evaluation for recoverability is performed at a level where independent cash flows may be attributed to either an asset or asset group. If the Company determines that the carrying amount of an asset or asset group is not recoverable based on the expected undiscounted future cash flows of the asset or asset group, an impairment loss is recorded equal to the excess of the carrying amounts over the estimated fair value of the long-lived assets. Estimates of future cash flows are based on many factors, including current operating results, expected market trends and competitive influences. The Company also evaluates the amortization periods assigned to its intangible assets to determine whether events or changes in circumstances warrant revised estimates of useful lives. Assets to be disposed of by sale are reported at the lower of the carrying amount or fair value, less estimated costs to sell.

The results of the Company’s goodwill and long-lived assets impairment analyses conducted as of October 1, 2018, 2017 and 2016 indicated that no reduction in the carrying amount of the Company’s goodwill and long-lived assets was required.

The Company’s accumulated goodwill impairment is approximately $180.5 million related to impairment charges the Company recorded during 2012 and 2006 pertaining to its Chinese harvesting reporting unit and former sprayer reporting unit, respectively. The Chinese harvesting business operates within the Asia/Pacific/Africa geographical reportable segment and the former sprayer reporting unit operates within the North American geographical reportable segment.

Changes in the carrying amount of goodwill during the years ended December 31, 2018, 2017 and 2016 are summarized as follows (in millions):



	North America		South America			Europe/Middle East			Asia/Pacific/Africa			Consolidated
Balance as of December 31, 2015	$	518.7	$	114.4		$	411.2		$	70.2		$	1,114.5
Acquisitions	25.2		—			196.4			47.6			269.2
Foreign currency translation	—		24.4			(25.7		)	(6.0		)	(7.3		)
Balance as of December 31, 2016	543.9		138.8			581.9			111.8			1,376.4
Acquisitions	67.2		—			17.4			—			84.6
Foreign currency translation	—		(2.4		)	71.7			11.1			80.4
Balance as of December 31, 2017	611.1		136.4			671.0			122.9			1,541.4
Adjustments	—		—			8.4			—			8.4
Foreign currency translation	—		(19.7		)	(29.8		)	(4.8		)	(54.3		)
Balance as of December 31, 2018	$	611.1	$	116.7		$	649.6		$	118.1		$	1,495.5

The Company amortizes certain acquired identifiable intangible assets primarily on a straight-line basis over their estimated useful lives, which range from three to 50 years. The acquired intangible assets have a weighted average useful life as follows:



Intangible Asset	Weighted-Average Useful Life
Patents and technology	12	years
Customer relationships	13	years
Trademarks and trade names	19	years
Land use rights	45	years

For the years ended December 31, 2018, 2017 and 2016, acquired intangible asset amortization was $64.7 million, $57.0 million and $51.2 million, respectively. The Company estimates amortization of existing intangible assets will be $61.2 million in 2019, $60.3 million in 2020, $58.3 million in 2021, $57.8 million in 2022, and $55.6 million in 2023.

The Company has previously determined that two of its trademarks have an indefinite useful life. The Massey Ferguson trademark has been in existence since 1952 and was formed from the merger of Massey-Harris (established in the 1890’s) and Ferguson (established in the 1930’s). The Massey Ferguson brand is currently sold in approximately 110 countries worldwide, making it one of the most widely sold tractor brands in the world. The Company also has identified the Valtra trademark as an indefinite-lived asset. The Valtra trademark has been in existence since the late 1990’s, but is a derivative of the Valmet trademark which has been in existence since 1951. The Valmet name transitioned to the Valtra name over a period of time in the marketplace. The Valtra brand is currently sold in over 75 countries around the world. Both the Massey Ferguson brand and the Valtra brand are primary product lines of the Company’s business, and the Company plans to use these trademarks for an indefinite period of time. The Company plans to continue to make investments in product development to enhance the value of these brands into the future. There are no legal, regulatory, contractual, competitive, economic or other factors that the Company is aware of or that the Company believes would limit the useful lives of the trademarks. The Massey Ferguson and Valtra trademark registrations can be renewed at a nominal cost in the countries in which the Company operates.

Changes in the carrying amount of acquired intangible assets during 2018 and 2017 are summarized as follows (in millions):



	Trademarks and Trade Names			Customer Relationships			Patents and Technology			Land Use Rights			Total
Gross carrying amounts:
Balance as of December 31, 2016	$	179.2		$	558.0		$	122.1		$	8.5		$	867.8
Acquisitions	19.5			24.4			28.1			—			72.0
Foreign currency translation	9.7			18.0			9.8			0.6			38.1
Balance as of December 31, 2017	208.4			600.4			160.0			9.1			977.9
Foreign currency translation	(5.0		)	(14.1		)	(4.2		)	(0.5		)	(23.8		)
Balance as of December 31, 2018	$	203.4		$	586.3		$	155.8		$	8.6		$	954.1



	Trademarks and Trade Names			Customer Relationships			Patents and Technology			Land Use Rights			Total
Accumulated amortization:
Balance as of December 31, 2016	$	49.7		$	233.0		$	59.5		$	2.7		$	344.9
Amortization expense	10.3			38.5			8.0			0.2			57.0
Foreign currency translation	1.4			8.2			5.9			0.1			15.6
Balance as of December 31, 2017	61.4			279.7			73.4			3.0			417.5
Amortization expense	13.7			40.7			10.1			0.2			64.7
Foreign currency translation	(1.7		)	(9.6		)	(2.8		)	(0.2		)	(14.3		)
Balance as of December 31, 2018	$	73.4		$	310.8		$	80.7		$	3.0		$	467.9



	Trademarks and Trade Names
Indefinite-lived intangible assets:
Balance as of December 31, 2016	$	84.4
Foreign currency translation	4.2
Balance as of December 31, 2017	88.6
Foreign currency translation	(1.7		)
Balance as of December 31, 2018	$	86.9

Accrued Expenses

Accrued expenses at December 31, 2018 and 2017 consisted of the following (in millions):



	2018		2017
Reserve for volume discounts and sales incentives	$	537.7	$	489.1
Warranty reserves	308.6		273.6
Accrued employee compensation and benefits	286.2		283.3
Accrued taxes	137.8		135.4
Other	252.1		226.5
	$	1,522.4	$	1,407.9

Warranty Reserves

The warranty reserve activity for the years ended December 31, 2018, 2017 and 2016 consisted of the following (in millions):



	2018			2017			2016
Balance at beginning of the year	$	316.0		$	255.6		$	230.3
Acquisitions	—			5.1			3.7
Accruals for warranties issued during the year	230.5			215.9			214.6
Settlements made (in cash or in kind) during the year	(174.7		)	(183.1		)	(188.7		)
Foreign currency translation	(10.9		)	22.5			(4.3		)
Balance at the end of the year	$	360.9		$	316.0		$	255.6

The Company’s agricultural equipment products generally are under warranty against defects in materials 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 $52.3 million and $42.4 million of warranty reserves are included in “Other noncurrent liabilities” in the Company’s Consolidated Balance Sheets as of December 31, 2018 and 2017, respectively.

The Company recognizes recoveries of the costs associated with warranties it provides when the collection is probable. When specifics of the recovery have been agreed upon with the Company’s suppliers through confirmation of liability for the recovery, the Company records the recovery within “Accounts and notes receivable, net.” Estimates of the amount of warranty claim recoveries to be received from the Company’s suppliers based upon contractual supplier arrangements are recorded within “Other current assets.”

Insurance Reserves

Under the Company’s insurance programs, coverage is obtained for significant liability limits as well as those risks required to be insured by law or contract. It is the policy of the Company to self-insure a portion of certain expected losses primarily related to workers’ compensation and comprehensive general liability, product and vehicle liability. Provisions for losses expected under these programs are recorded based on the Company’s estimates of the aggregate liabilities for the claims incurred.

Stock Incentive Plans

Stock compensation expense was recorded as follows (in millions). Refer to Note 10 for additional information regarding the Company’s stock incentive plans during 2018, 2017 and 2016:



	Years Ended December 31,
	2018		2017		2016
Cost of goods sold	$	2.3	$	2.8	$	1.5
Selling, general and administrative expenses	44.3		35.6		16.9
Total stock compensation expense	$	46.6	$	38.4	$	18.4

Research and Development Expenses

Research and development expenses are expensed as incurred and are included in engineering expenses in the Company’s Consolidated Statements of Operations.

Advertising Costs

The Company expenses all advertising costs as incurred. Cooperative advertising costs normally are expensed at the time the revenue is earned. Advertising expenses for the years ended December 31, 2018, 2017 and 2016 totaled approximately $42.3 million, $40.0 million and $44.9 million, respectively.

Shipping and Handling Expenses

All shipping and handling fees charged to customers are included as a component of net sales. Shipping and handling costs are included as a part of cost of goods sold, with the exception of certain handling costs included in selling, general and administrative expenses in the amount of $37.9 million, $35.4 million and $30.5 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Interest Expense, Net

Interest expense, net for the years ended December 31, 2018, 2017 and 2016 consisted of the following (in millions):



	2018			2017			2016
Interest expense	$	61.9		$	54.5		$	65.4
Interest income	(8.1		)	(9.4		)	(13.3		)
	$	53.8		$	45.1		$	52.1

The Company repurchased its 5⁷/8% senior notes due December 1, 2021 during 2018, and as a result, recorded approximately $24.5 million in a loss on extinguishment of debt reflected in “Interest expense, net”. This was offset by approximately $4.7 million of accelerated amortization of a deferred gain related to a terminated interest rate swap agreement associated with the senior notes. Refer to Note 7 for further information.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Refer to Note 6 for additional information regarding the Company’s income taxes.

Net Income Per Common Share

Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted net income per common share assumes the exercise of outstanding stock-settled stock appreciation rights (“SSARs”) and the vesting of performance share awards and restricted stock units using the treasury stock method 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 during the years ended December 31, 2018, 2017 and 2016 is as follows (in millions, except per share data):



	2018		2017		2016
Basic net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$	285.5	$	186.4	$	160.1
Weighted average number of common shares outstanding	78.8		79.5		81.4
Basic net income per share attributable to AGCO Corporation and subsidiaries	$	3.62	$	2.34	$	1.97
Diluted net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$	285.5	$	186.4	$	160.1
Weighted average number of common shares outstanding	78.8		79.5		81.4
Dilutive SSARs, performance share awards and restricted stock units	0.9		0.7		0.3
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share	79.7		80.2		81.7
Diluted net income per share attributable to AGCO Corporation and subsidiaries	$	3.58	$	2.32	$	1.96

SSARs to purchase 0.5 million shares, 0.3 million shares and 1.1 million shares of the Company’s common stock were outstanding for the years ended December 31, 2018, 2017 and 2016, respectively, but were not included in the calculation of weighted average common and common equivalent shares outstanding because they had an antidilutive impact.

Comprehensive Income (Loss)

The Company reports comprehensive income (loss), defined as the total of net income (loss) and all other non-owner changes in equity, and the components thereof in its Consolidated Statements of Stockholders’ Equity and Consolidated Statements of Comprehensive Income. The components of other comprehensive (loss) income and the related tax effects for the years ended December 31, 2018, 2017 and 2016 are as follows (in millions):



	AGCO Corporation and Subsidiaries									Noncontrolling Interests
	2018									2018
	Before-tax Amount			Income Taxes			After-tax Amount			After-tax Amount
Defined benefit pension plans	$	0.8		$	1.9		$	2.7		$	—
Net gain on derivatives	7.6			(1.5		)	6.1			—
Foreign currency translation adjustments	(202.6		)	—			(202.6		)	(4.2		)
Total components of other comprehensive loss	$	(194.2	)	$	0.4		$	(193.8	)	$	(4.2	)



	AGCO Corporation and Subsidiaries							Noncontrolling Interests
	2017							2017
	Before-tax Amount		Income Taxes			After-tax Amount		After-tax Amount
Defined benefit pension plans	$	24.2	$	(4.8	)	$	19.4	$	—
Net gain on derivatives	4.1		(0.1		)	4.0		—
Foreign currency translation adjustments	56.6		—			56.6		1.2
Total components of other comprehensive income	$	84.9	$	(4.9	)	$	80.0	$	1.2



	AGCO Corporation and Subsidiaries								Noncontrolling Interests
	2016								2016
	Before-tax Amount			Income Taxes		After-tax Amount			After-tax Amount
Defined benefit pension plans	$	(68.2	)	$	12.7	$	(55.5	)	$	—
Net loss on derivatives	(6.8		)	0.1		(6.7		)	—
Foreign currency translation adjustments	80.8			—		80.8			1.6
Total components of other comprehensive income	$	5.8		$	12.8	$	18.6		$	1.6

Derivatives

The Company uses foreign currency contracts to hedge the foreign currency exposure of certain receivables and payables. The contracts are for periods consistent with the exposure being hedged and generally have maturities of one year or less. These contracts are classified as non-designated derivative instruments. The Company also enters into foreign currency contracts designated as cash flow hedges of expected sales. The Company’s foreign currency contracts mitigate risk due to exchange rate fluctuations because gains and losses on these contracts generally offset losses and gains on the exposure being hedged. The notional amounts of the foreign currency contracts do not represent amounts exchanged by the parties and, therefore, are not a measure of the Company’s risk. The amounts exchanged are calculated on the basis of the notional amounts and other terms of the contracts. The credit and market risks under these contracts are not considered to be significant.

The Company’s interest expense is, in part, sensitive to the general level of interest rates, and the Company manages its exposure to interest rate risk through the mix of floating rate and fixed rate debt. From time to time, the Company enters into interest rate swap agreements in order to manage the Company’s exposure to interest rate fluctuations.

The Company uses non-derivative and, periodically, derivative instruments to hedge a portion of the Company’s net investment in foreign operations against adverse movements in exchange rates.

The Company’s hedging policy prohibits it from entering into any foreign currency contracts for speculative trading purposes. Refer to Note 11 for additional information regarding the Company’s derivative instruments and hedging activities.

Recent Accounting Pronouncements

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-14, “Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans” (“ASU 2018-14”). The standard revises the annual disclosure requirements by removing disclosures no longer considered cost beneficial, clarifying specific requirements of disclosures and adding certain disclosures identified as relevant. ASU 2018-14 is effective for annual periods beginning after December 15, 2020. The standard should be applied on a retrospective basis to all periods presented. Early adoption is permitted. The Company early adopted the standard for the year ended December 31, 2018. The standard did not have an impact on the Company’s results of operations, financial condition and cash flows.

In August 2018, the FASB issued ASU 2018-13, “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). The standard revises the disclosure requirements by removing disclosures no longer considered cost beneficial, modifying specific requirements of disclosures and adding certain disclosures identified as relevant. ASU 2018-13 is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. Early adoption is permitted. Certain amendments of the standard should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments of the standard should be applied retrospectively to all periods presented. The standard will not have an impact on the Company’s results of operations, financial condition and cash flows.

In February 2018, the FASB issued ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”), which allows for the election to reclassify the disproportionate income tax effects of the Tax Cuts and Jobs Act (the “2017 Tax Act”) on items within accumulated other comprehensive income (loss) to retained earnings. These disproportionate income tax effect items are referred to as “stranded tax effects.” The amendments within ASU 2018-02 only relate to the reclassification of the income tax effects of the 2017 Tax Act. Certain disclosures are required in the period of adoption as to whether an entity has elected to reclassify the stranded tax effects. ASU 2018-02 is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The standard should be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. corporate income tax rate in the 2017 Tax Act is recognized. Early adoption is permitted for any interim or annual period. The Company is currently evaluating the impact of adopting this standard on the Company’s results of operations, financial condition and cash flows, but does not expect the impact to be material.

In August 2017, the FASB issued ASU 2017-12, “Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”), which aligns an entity’s risk management activities and financial reporting for hedge relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. The amendments include 1) the ability to apply hedge accounting for risk components in hedging relationships involving nonfinancial risk and interest rate risk, 2) new alternatives for measuring the hedged item for fair value hedges of interest rate risk, 3) elimination of the requirement to separately measure and report hedge ineffectiveness, 4) requirement to present the earnings effect of the hedging instrument in the same income statement line in which the earnings effect of the hedged item is reported and 5) less stringent requirements for effectiveness testing, hedge documentation and applying the critical terms match method. ASU 2017-12 is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods using a prospective approach. Early adoption is permitted for any interim or annual period. The amendments should be applied to existing hedging relationships on the date of adoption. The Company adopted the standard on January 1, 2018. The standard did not have a material impact on the Company’s results of operations, financial condition and cash flows.

In March 2017, the FASB issued ASU 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (“ASU 2017-07”), which requires the service cost component of net periodic pension and postretirement benefit cost be included in the same line item as other compensation costs arising from services rendered by employees. The other components of net periodic pension and postretirement benefit cost are required to be classified outside the subtotal of income from operations. Of the components of net periodic pension and postretirement benefit cost, only the service cost component will be eligible for asset capitalization. ASU 2017-07 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods, using a retrospective approach for the presentation of the service cost component and other components of net periodic pension and postretirement benefit cost in the statement of operations; and a prospective approach for the capitalization of the service cost component of net periodic pension and postretirement benefit cost in assets. Early adoption is permitted for any interim or annual period. ASU 2017-07 allows a practical expedient for applying the retrospective presentation requirements.The Company adopted ASU 2017-07 on January 1, 2018 and restrospectively applied the standard to the presentation of the other components of net periodic pension and postretirement benefit costs in the Company’s Consolidated Statements of Operations. As part of the adoption, the Company elected to use the practical expedient, which allowed the Company to use the information previously disclosed as the basis for applying the retrospective presentation requirements of the standard. For the year ended December 31, 2017 and 2016, the Company reclassified approximately $1.1 million of expense and $1.4 million of income related to the other components of net periodic pension and postretirement costs from “Selling, general and administrative expenses” and “Engineering expenses” to “Other expenses, net” as a result of the retrospective application of ASU 2017-07.

In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”), which eliminates Step 2 from the goodwill impairment test. Under the standard, an entity should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, resulting in an impairment charge that is the amount by which the carrying amount exceeds the reporting unit’s fair value. The impairment charge, however, should not exceed the total amount of goodwill allocated to a reporting unit. The impairment assessment under ASU 2017-04 applies to all reporting units, including those with a zero or negative carrying amount. ASU 2017-04 is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods using a prospective approach. Early adoption is permitted for any interim or annual goodwill impairment test performed on testing dates after January 1, 2017. The Company expects to adopt ASU 2017-04 effective January 1, 2020 and will apply the standard to all impairment tests performed thereafter.

In November 2016, the FASB issued ASU 2016-18, “Restricted Cash” (“ASU 2016-18”). which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. As a result, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for annual periods beginning after December 15, 2017, and interim period within those annual periods using a retrospective approach. Early adoption is permitted in any interim or annual period. The Company adopted ASU 2016-18 on January 1, 2018. The adoption did not have a material impact on its cash flows.

In October 2016, the FASB issued ASU 2016-16, “Intra-Entity Transfers of Assets Other Than Inventory” (“ASU 2016-16”), which requires recognition of the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Consequently, the standard eliminates the exception to the recognition of current and deferred income taxes for an intra-entity asset transfer other than for inventory until the asset has been sold to an outside party. ASU 2016-16 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods using a modified retrospective approach. Early adoption is permitted in any interim or annual period. The Company adopted ASU 2016-16 on January 1, 2018. The adoption did not have a material impact on its results of operations, financial condition and cash flows.

In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which requires measurement and recognition of expected versus incurred credit losses for financial assets held. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods as the adoption of the standard relates to the Company. However, the standard does not have to be adopted by the Company’s finance joint ventures until annual periods beginning after December 15, 2020, and interim periods within those annual periods. This standard will likely impact the results of operations and financial condition of the Company’s finance joint ventures and as a result, will likely impact the Company’s “Investment in affiliates” and “Equity in net earnings of affiliates” upon adoption. The Company’s finance joint ventures are currently evaluating the standard’s impact to their results of operations and financial condition.

In February 2016, the FASB issued ASU 2016-02, “Leases” (“ASU 2016-02”), which superseded the existing lease guidance under current U.S. GAAP. ASU 2016-02 is based on the principle that entities should recognize assets and liabilities arising from leases. The new standard does not significantly change the lessees’ recognition, measurement and presentation of expenses and cash flows from the previous accounting standard and leases continue to be classified as finance or operating. ASU 2016-02’s primary change is the requirement for entities to recognize a lease liability for payments and a right-of-use (“ROU”) asset representing the right to use the leased asset during the term of an operating lease arrangement. Lessees were permitted to make an accounting policy election to not recognize the asset and liability for leases with a term of 12 months or less. Lessors’ accounting under the new standard was largely unchanged from the previous accounting standard. In addition, ASU 2016-02 expanded the disclosure requirements of lease arrangements. The new standard was effective for reporting periods beginning after December 15, 2018, and interim periods within those annual periods. Upon adoption, lessees and lessors were required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. In July 2018, the FASB issued ASU 2018-11, “Targeted Improvements”, which allowed for a new, optional transition method that provided the option to use the effective date as the date of initial application on transition. Under this option, the comparative periods would continue to apply the legacy guidance in ASC 840, including the disclosure requirements, and a cumulative effect adjustment would be recognized in the period of adoption rather than the earliest period presented. Under this transition option, comparative reporting would not be required and the provisions of the standard would be applied prospectively to leases in effect at the date of adoption. The Company has completed the design of new processes and internal controls, which included the implementation of a software solution and the evaluation of the Company’s population of leased assets to assess the effect of the new guidance on the Company’s financial statements. The Company adopted the new guidance effective January 1, 2019 using a modified retrospective approach through a cumulative effect adjustment to “Retained earnings” as of the beginning of the period of adoption. The new standard provided a number of optional practical expedients in transition. The Company elected the “package of practical expedients” which permitted the Company not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. The new standard has a material impact on the Company’s Consolidated Balance Sheets related to the recognition of new ROU assets and lease liabilities for operating leases, as well as providing new disclosures about the Company’s leasing activities. The Company does not expect material changes in its leasing activities subsequent to adoption. Based on the Company’s current lease portfolio, the adoption of the standard as of January 1, 2019 is expected to result in ROU assets and liabilities ranging from $195.0 million to $215.0 million. The Company has elected the short-term lease exemption for all leases with a term of 12 months or less for both existing and ongoing leases. The Company elected the practical expedient to separate lease and non-lease components for a majority of its leases, other than real estate and office equipment leases.

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which provides a single, comprehensive revenue recognition model for all contracts with customers with a five-step analysis in determining when and how revenue is recognized. The new model requires 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 also are required to enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including significant judgments and changes in those judgments. Entities have the option to apply the new standard under a full retrospective approach to each prior reporting period presented, or a modified retrospective approach with the cumulative effect of initial adoption and application within the Consolidated Statement of Stockholders’ Equity. The Company adopted ASU 2014-09 with an application date of January 1, 2018 using the modified retrospective approach. Under this method, the Company recognized the cumulative effect of initially applying ASU 2014-09 as an adjustment to the opening balance of stockholders’ equity as of January 1, 2018 within “Retained earnings.” The cumulative effect was approximately $0.4 million, which was related to the recognition of contract assets and contract liabilities for the value of the expected replacement parts returns. The comparative information has not been adjusted and continues to be reported under ASU 2009-13, “Revenue Recognition.” The details of the significant changes and quantitative impact of the changes are discussed below. The Company has enhanced its accounting policies and practices, business processes, systems and controls, as well as designed and implemented specific internal controls over the implementation and adherence to the standard, including new disclosure requirements.

The Company has various promotional and annual return programs with respect to the sale of replacement parts whereby the Company’s dealers, distributors and other customers can return specified replacement parts pursuant to such programs. The Company previously recognized revenue for the sale of replacement parts and recorded a corresponding provision for the amount of expected returns at the time of sale. Pursuant to the adoption of ASU 2014-09, the Company recognized a contract asset for the right to recover returned replacement parts at cost, reflected within “Other current assets” in the Company’s Consolidated Balance Sheets. Conversely, the provision for expected returns is recorded at the sales value of expected returns, reflected as a contract liability within “Accrued expenses.” The Company’s estimates of returns are based on the terms of the promotional and annual return programs and anticipated returns in the future.

The following table summarizes the impact of adopting ASU 2014-09 on the Company’ s Consolidated Balance Sheet as of December 31, 2018 (in millions):



	As Reported		Balances Without Adoption of ASU 2014-09		Increase (Decrease) Due to Adoption
Assets
Accounts and notes receivable, net	$	880.3	$	880.1	$	0.2
Other current assets	422.3		410.9		11.4
Total current assets	3,537.4		3,525.8		11.6
Other assets	142.4		141.6		0.8
Total assets	7,626.4		7,614.0		12.4

Liabilities and Stockholders’ Equity
Accrued expenses	$	1,522.4	$	1,508.3	$	14.1
Total current liabilities	2,766.7		2,752.6		14.1
Other noncurrent liabilities	251.4		249.1		2.3
Total liabilities	4,632.9		4,616.5		16.4
Retained earnings	4,477.3		4,481.3		(4.0		)
Total stockholder’s equity	2,993.5		2,997.5		(4.0		)
Total liabilities and stockholder’s equity	7,626.4		7,614.0		12.4

The impact of adopting ASU 2014-09 on the Consolidated Statement of Operations and Consolidated Statement of Cash Flows for the year ended December 31, 2018 was not material.

Acquisitions

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Acquisitions

On October 2, 2017, the Company acquired the hay and forage division of the Lely Group (“Lely”) for approximately €80.2 million (or approximately $94.6 million), net of cash acquired of approximately €10.1 million (or approximately $11.9 million). The Lely acquisition, with manufacturing locations in northern Germany, will allow the Company to expand its product offering of hay and forage equipment, including balers and loader wagons. The acquisition was financed by the Company’s credit facility (Note 7).

The fair values of the assets acquired and liabilities assumed as of the acquisition date are presented in the following table (in millions):



Current assets	$	87.0
Property, plant and equipment	17.8
Intangible assets	7.6
Goodwill	25.8
Total assets acquired	138.2

Current liabilities	23.5
Long-term liabilities	8.2
Total liabilities assumed	31.7
Net assets acquired	$	106.5

The acquired identifiable intangible assets of Lely as of the date of the acquisition are summarized in the following table (in millions):



Intangible Asset	Amount		Weighted-Average Useful Life
Customer relationships	$	3.0	5	years
Technology	3.0		12	years
Trademarks	1.6		10	years
	$	7.6

The results of operations of Lely have been included in the Company’s Consolidated Financial Statements as of and from the date of acquisition. The associated goodwill has been included in the Company’s Europe/Middle East geographical reportable segment. Proforma results related to the acquisition were not material.

On September 1, 2017, the Company acquired Precision Planting LLC (“Precision Planting”) for approximately $198.1 million, net of cash acquired of approximately $1.6 million. Precision Planting, headquartered in Tremont, Illinois, is a leading manufacturer of high-tech planting equipment. The acquisition of Precision Planting provided the Company an opportunity to expand its precision farming technology offerings on a global basis. The acquisition was financed by the Company’s credit facility (Note 7).

The fair values of the assets acquired and liabilities assumed as of the acquisition date are presented in the following table (in millions):



Current assets	$	59.5
Property, plant and equipment	20.8
Intangible assets	64.4
Goodwill	67.2
Total assets acquired	211.9

Current liabilities	12.2
Total liabilities assumed	12.2
Net assets acquired	$	199.7

The acquired identifiable intangible assets of Precision Planting as of the date of the acquisition are summarized in the following table (in millions):



Intangible Asset	Amount		Weighted-Average Useful Life
Customer relationships	$	21.4	14	years
Technology	25.1		10	years
Trademarks	17.9		20	years
	$	64.4

The results of operations of Precision Planting have been included in the Company’s Consolidated Financial Statements as of and from the date of acquisition. The associated tax deductible goodwill has been included in the Company’s North America geographical reportable segment. Proforma results related to the acquisition were not material.

On September 12, 2016, the Company acquired Cimbria Holdings Limited (“Cimbria”) for DKK 2,234.9 million (or approximately $337.5 million), net of cash acquired of approximately DKK 83.4 million (or approximately $12.6 million). Cimbria, headquartered in Thisted, Denmark, is a leading manufacturer of products and solutions for the processing, handling and storage of seed and grain. The acquisition was financed by the Company’s credit facility (Note 7).

The fair values of the assets acquired and liabilities assumed as of the acquisition date are presented in the following table (in millions):



Current assets	$	74.2
Property, plant and equipment	21.9
Intangible assets	128.9
Goodwill	237.9
Total assets acquired	462.9

Current liabilities	63.8
Deferred tax liabilities	38.5
Long-term debt and other noncurrent liabilities	10.5
Total liabilities assumed	112.8
Net assets acquired	$	350.1

The acquired identifiable intangible assets of Cimbria as of the date of the acquisition are summarized in the following table (in millions):



Intangible Asset	Amount		Weighted-Average Useful Life
Customer relationships	$	50.4	9	years
Technology	22.5		10	years
Trademarks	56.0		20	years
	$	128.9

The results of operations of Cimbria have been included in the Company’s Consolidated Financial Statements as of and from the date of acquisition. The associated goodwill has been included in the Company’s Europe/Middle East and Asia/Pacific/Africa geographical reportable segments.

On February 2, 2016, the Company acquired Tecno Poultry Equipment S.p.A (“Tecno”) for approximately €58.7 million (or approximately $63.8 million). The Company acquired cash of approximately €17.6 million (or approximately $19.1 million) associated with the acquisition. Tecno, headquartered in Ronchi Di Villafranca, Italy, manufactures and supplies poultry housing and related products, including egg collection equipment and trolley feeding systems. The acquisition was financed through the Company’s credit facility (Note 7). The Company allocated the purchase price to the assets acquired and liabilities assumed based on their fair values as of the acquisition date. The acquired net assets primarily consisted of accounts receivable, inventories, accounts payable and accrued expenses, deferred revenue, property, plant and equipment, and customer relationship, technology and trademark identifiable intangible assets. The Company recorded approximately $27.5 million of customer relationship, technology and trademark identifiable intangible assets and approximately $20.4 million of goodwill associated with the acquisition. The results of operations of Tecno have been included in the Company’s Consolidated Financial Statements as of and from the date of acquisition. The associated goodwill has been included in the Company’s Europe/Middle East and North America geographical reportable segments.

The acquired identifiable intangible assets of Tecno as of the date of the acquisition are summarized in the following table (in millions):



Intangible Asset	Amount		Weighted-Average Useful Life
Customer relationships	$	15.7	10	years
Technology	7.9		10	years
Trademarks	3.9		10	years
	$	27.5

Restructuring Expenses

12 Months Ended

Dec. 31, 2018

Restructuring and Related Activities [Abstract]

Restructuring Expenses

Beginning in 2014 through 2018, the Company announced and initiated several actions to rationalize employee headcount at various manufacturing facilities and various administrative offices located in Europe, South America, China and the United States in order to reduce costs in response to softening global market demand and lower production volumes. The aggregate headcount reduction was approximately 3,370 employees between 2014 and 2017. During 2018, the Company recorded severance and related costs associated with further rationalizations in connection with the termination of approximately 520 employees. The components of the restructuring expenses are summarized as follows (in millions):



	Write-down of Property, Plant and Equipment			Employee Severance			Facility Closure Costs			Total
Balance as of December 31, 2015	$	—		$	16.9		$	—		$	16.9
2016 provision	—			11.0			1.0			12.0
2016 provision reversal	—			(0.1		)	—			(0.1		)
2016 cash activity	—			(13.1		)	(0.2		)	(13.3		)
Foreign currency translation	—			(0.2		)	—			(0.2		)
Balance as of December 31, 2016	—			14.5			0.8			15.3
2017 provision	0.2			12.4			—			12.6
Less: Non-cash expense	(0.2		)	—			—			(0.2		)
Cash expense	—			12.4			—			12.4
2017 provision reversal	—			(1.4		)	—			(1.4		)
2017 cash activity	—			(16.0		)	(0.8		)	(16.8		)
Foreign currency translation	—			1.4			—			1.4
Balance as of December 31, 2017	—			10.9			—			10.9
2018 provision	0.3			13.8			—			14.1
Less: Non-cash expense	(0.3		)	—			—			(0.3		)
Cash expense	—			13.8			—			13.8
2018 provision reversal	—			(2.1		)	—			(2.1		)
2018 cash activity	—			(14.4		)	—			(14.4		)
Foreign currency translation	—			(1.1		)	—			(1.1		)
Balance as of December 31, 2018	$	—		$	7.1		$	—		$	7.1

Accounts Receivable Sales Agreements	12 Months Ended
Accounts Receivable Sales Agreements	Dec. 31, 2018
Accounts Receivable Sales Agreements [Abstract]
Accounts Receivable Sales Agreements	Accounts Receivable Sales Agreements At December 31, 2018 and 2017, the Company had accounts receivable sales agreements that permit the sale, on an ongoing basis, of a majority of its wholesale receivables in North America, Europe and Brazil to its U.S., Canadian, European and Brazilian finance joint ventures. As of December 31, 2018 and 2017, the cash received from receivables sold under the U.S., Canadian, European and Brazilian accounts receivable sales agreements was approximately $1.4 billion and $1.3 billion, respectively. Under the terms of the accounts receivable sales agreements in North America, Europe and Brazil, the Company pays an annual servicing fee related to the servicing of the receivables sold. The Company also pays the respective AGCO Finance entities an interest payment calculated based upon LIBOR plus a margin on any non-interest bearing accounts receivable outstanding and sold under the sales agreements. These fees are reflected within losses on the sales of receivables included within “Other expense, net” in the Company’s 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 Consolidated Statements of Operations, were approximately $36.0 million, $39.2 million and $19.5 million during 2018, 2017 and 2016, respectively. The Company’s finance joint ventures in Europe, Brazil and Australia also provide wholesale financing directly 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 December 31, 2018 and 2017, these finance joint ventures had approximately $82.5 million and $41.6 million, respectively, of outstanding accounts receivable associated with these arrangements. 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.

Investments in Affiliates

12 Months Ended

Dec. 31, 2018

Investments in and Advances to Affiliates, Schedule of Investments [Abstract]

Investments in Affiliates

Investments in affiliates as of December 31, 2018 and 2017 were as follows (in millions):



	2018		2017
Finance joint ventures	$	358.7	$	373.7
Manufacturing joint ventures	26.3		20.1
Other affiliates	15.0		15.2
	$	400.0	$	409.0

The Company’s finance joint ventures are located in the United States, Canada, Europe, Brazil, Argentina and Australia, and provide retail financing and wholesale financing to the Company’s retail customers and dealers, respectively. Refer to Note 14 for further information. The Company’s manufacturing joint ventures consist of Groupement International De Mecanique Agricole SA (“GIMA”) (a joint venture with a third-party manufacturer to purchase, design and manufacture components for agricultural equipment in France), a joint venture with third-party manufacturer to assemble tractors in Algeria and a joint venture with a third-party manufacturer to manufacture protein production equipment in China. The other joint ventures represent investments in farm equipment manufacturers, an electronic and software system manufacturer, distributors and licensees.

The Company’s equity in net earnings of affiliates for the years ended December 31, 2018, 2017 and 2016 were as follows (in millions):



	2018			2017			2016
Finance joint ventures	$	34.7		$	39.9		$	45.5
Manufacturing and other joint ventures	(0.4		)	(0.8		)	2.0
	$	34.3		$	39.1		$	47.5

Summarized combined financial information of the Company’s finance joint ventures as of December 31, 2018 and 2017 and for the years ended December 31, 2018, 2017 and 2016 were as follows (in millions):



	As of December 31,
	2018		2017
Total assets	$	7,643.5	$	8,440.0
Total liabilities	6,911.5		7,677.3
Partners’ equity	732.0		762.7



	For the Years Ended December 31,
	2018		2017		2016
Revenues	$	305.2	$	305.7	$	297.4
Costs	201.1		183.0		159.0
Income before income taxes	$	104.1	$	122.7	$	138.4

The majority of the assets of the Company’s finance joint ventures represent finance receivables. The majority of the liabilities represent notes payable and accrued interest. Under the various joint venture agreements, Rabobank or its affiliates provide financing to the joint venture companies. AGCO has a 49% interest in the Company’s finance joint ventures (Note 14).

At December 31, 2018 and 2017, the Company’s receivables from affiliates were approximately $12.9 million and $23.4 million, respectively. The receivables from affiliates are reflected within “Accounts and notes receivable, net” within the Company’s Consolidated Balance Sheets.

The portion of the Company’s retained earnings balance that represents undistributed retained earnings of equity method investees was approximately $326.9 million and $321.9 million as of December 31, 2018 and 2017, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

The sources of income before income taxes and equity in net earnings of affiliates were as follows for the years ended December 31, 2018, 2017 and 2016 (in millions):



	2018			2017			2016
United States	$	(126.0	)	$	(141.6	)	$	(150.0	)
Foreign	486.3			425.4			354.9
Income before income taxes and equity in net earnings of affiliates	$	360.3		$	283.8		$	204.9

The provision (benefit) for income taxes by location of the taxing jurisdiction for the years ended December 31, 2018, 2017 and 2016 consisted of the following (in millions):



	2018			2017			2016
Current:
United States:
Federal	$	(9.1	)	$	20.3		$	(24.3	)
State	1.2			0.6			0.2
Foreign	133.5			126.8			114.2
	125.6			147.7			90.1
Deferred:
United States:
Federal	—			0.9			21.9
State	—			—			—
Foreign	(14.7		)	(15.0		)	(19.8		)
	(14.7		)	(14.1		)	2.1
	$	110.9		$	133.6		$	92.2

On December 22, 2017, The Tax Cuts and Jobs Act (“the 2017 Tax Act”) was enacted in the United States. During the three months ended December 31, 2017, the Company recorded a tax provision of approximately $42.0 million in accordance with Staff Accounting Bulletin No. 118, which provided SEC Staff guidance for the application of ASC 740 “Income Taxes,” in the reporting period in which the 2017 Tax Act was enacted. The $42.0 million tax provision recorded included a provisional income tax charge related to a one-time transition tax associated with the mandatory deemed repatriation of unremitted foreign earnings. The tax provision also included a provisional income tax charge associated with the income tax consequences related to the expected future repatriation of certain underlying foreign earnings, as historically, the Company had considered them to be permanently reinvested. The remaining balance of the tax provision primarily related to the remeasurement of certain net deferred tax assets using the lower enacted U.S. Corporate tax rate, as well as other miscellaneous related impacts. During the three months ended December 31, 2018, the Company finalized its calculations related to the 2017 Tax Act and recorded an income tax benefit of approximately $8.5 million.

A reconciliation of income taxes computed at the United States federal statutory income tax rate (21% for 2018 (from 35 percent to 21 percent), and 35% for 2017 and 2016) to the provision for income taxes reflected in the Company’s Consolidated Statements of Operations for the years ended December 31, 2018, 2017 and 2016 is as follows (in millions):



	2018			2017			2016
Provision for income taxes at United States federal statutory rate	$	75.7		$	99.3		$	71.7
State and local income taxes, net of federal income tax effects	(6.0		)	(5.7		)	(6.0		)
Taxes on foreign income which differ from the United States statutory rate	(0.3		)	(57.7		)	(44.5		)
Tax effect of permanent differences	26.7			60.6			14.4
Change in valuation allowance	24.6			(1.4		)	37.9
Change in tax contingency reserves	8.5			3.8			23.4
Research and development tax credits	(8.5		)	(5.0		)	(3.8		)
Impacts related to the 2017 Tax Act	(8.4		)	42.0			—
Other	(1.4		)	(2.3		)	(0.9		)
	$	110.9		$	133.6		$	92.2

The significant components of the deferred tax assets and liabilities at December 31, 2018 and 2017 were as follows (in millions):



	2018			2017
Deferred Tax Assets:
Net operating loss carryforwards	$	74.5		$	83.4
Sales incentive discounts	58.8			60.2
Inventory valuation reserves	36.3			34.4
Pensions and postretirement health care benefits	47.6			52.2
Warranty and other reserves	98.6			92.2
Research and development tax credits	3.1			2.9
Foreign tax credits	9.7			10.4
Other	21.6			19.2
Total gross deferred tax assets	350.2			354.9
Valuation allowance	(83.9		)	(81.9		)
Total net deferred tax assets	266.3			273.0
Deferred Tax Liabilities:
Tax over book depreciation and amortization	214.3			229.1
Investment in affiliates	42.8			53.9
Other	20.6			8.3
Total deferred tax liabilities	277.7			291.3
Net deferred tax liabilities	$	(11.4	)	$	(18.3	)
Amounts recognized in Consolidated Balance Sheets:
Deferred tax assets - noncurrent	$	104.9		$	112.2
Deferred tax liabilities - noncurrent	(116.3		)	(130.5		)
	$	(11.4	)	$	(18.3	)

The Company recorded a net deferred tax liability of $11.4 million and $18.3 million as of December 31, 2018 and December 31, 2017, respectively. As reflected in the preceding table, the Company had a valuation allowance against its gross deferred tax assets of approximately $83.9 million and $81.9 million as of December 31, 2018 and 2017, respectively.

The Company maintains a valuation allowance to fully reserve its net deferred tax assets in the United States and certain foreign jurisdictions. A valuation allowance is established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company assessed the likelihood that its deferred tax assets would be recovered from estimated future taxable income and available tax planning strategies and determined that all adjustments to the valuation allowance were appropriate. In making this assessment, all available evidence was considered including the current economic climate, as well as reasonable tax planning strategies. The Company believes it is more likely than not that the Company will realize its remaining net deferred tax assets, net of the valuation allowance, in future years.

The Company had net operating loss carryforwards of $249.6 million as of December 31, 2018, with expiration dates as follows: 2019 - $19.5 million; 2020 - $18.8 million; 2021 - $22.9 million and thereafter or unlimited - $188.4 million. The net operating loss carryforwards of $249.6 million were entirely in tax jurisdictions outside of the United States.

The Company paid income taxes of $101.6 million, $111.2 million and $106.2 million for the years ended December 31, 2018, 2017 and 2016, respectively.

At December 31, 2018 and 2017, the Company had $166.1 million and $163.4 million, respectively, of unrecognized income tax benefits, all of which would affect the Company’s effective tax rate if recognized. At December 31, 2018 and 2017, the Company had approximately $58.5 million and $61.8 million, respectively, of accrued or deferred taxes related to uncertain income tax positions connected with ongoing income tax audits in various jurisdictions that it expects to settle or pay in the next 12 months. The Company accrued approximately $5.6 million and $4.6 million of interest and penalties related to unrecognized tax benefits in its provision for income taxes during 2018 and 2017, respectively. At December 31, 2018 and 2017, the Company had accrued interest and penalties related to unrecognized tax benefits of $27.2 million and $23.0 million, respectively.

A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits as of and during the years ended December 31, 2018 and 2017 is as follows (in millions):



	2018			2017
Gross unrecognized income tax benefits	$	163.4		$	139.9
Additions for tax positions of the current year	3.8			16.4
Additions for tax positions of prior years	13.1			4.8
Reductions for tax positions of prior years for:
Changes in judgments	(1.6		)	1.4
Settlements during the year	(0.7		)	(0.4		)
Lapses of applicable statute of limitations	(4.4		)	(14.4		)
Foreign currency translation	(7.5		)	15.7
Gross unrecognized income tax benefits	$	166.1		$	163.4

The Company and its subsidiaries file income tax returns in the United States and in various state, local and foreign jurisdictions. The Company and its subsidiaries are routinely examined by tax authorities in these jurisdictions. As of December 31, 2018, a number of income tax examinations in foreign jurisdictions were ongoing. It is possible that certain of these ongoing examinations may be resolved within 12 months. Due to the potential for resolution of federal, state and foreign examinations, and the expiration of various statutes of limitation, it is reasonably possible that the Company’s gross unrecognized income tax benefits balance may materially change within the next 12 months. Due to the number of jurisdictions and issues involved and the uncertainty regarding the timing of any settlements, the Company is unable at this time to provide a reasonable estimate of such change that may occur within the next 12 months. Although there are ongoing examinations in various federal and state jurisdictions, the 2015 through 2018 tax years generally remain subject to examination in the United States by applicable authorities. In the Company’s significant foreign jurisdictions, primarily the United Kingdom, France, Germany, Switzerland, Finland and Brazil, the 2013 through 2018 tax years generally remain subject to examination by their respective tax authorities. In Brazil, the Company is contesting disallowed deductions related to the amortization of certain goodwill amounts (Note 12).

Indebtedness

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Indebtedness

Long-term debt consisted of the following at December 31, 2018 and 2017 (in millions):



	December 31, 2018			December 31, 2017
1.056% Senior term loan due 2020⁽¹⁾	$	228.7		$	239.8
Senior term loan due 2022⁽¹⁾	171.5			119.9
Credit facility, expires 2023⁽¹⁾	114.4			471.2
Senior term loans due between 2019 and 2028⁽¹⁾	815.3			449.7
5 ⁷/8% Senior notes due 2021	—			305.3
Other long-term debt	132.2			131.6
Debt issuance costs	(2.6		)	(4.0		)
	1,459.5			1,713.5
Less: Current portion of other long-term debt	(120.4		)	(95.4		)
Senior term loans due 2019	(63.8		)	—
Total indebtedness, less current portion	$	1,275.3		$	1,618.1

____________________________________

(1) Maturity dates are reflected as of December 31, 2018.

At December 31, 2018, the aggregate scheduled maturities of long-term debt, excluding the current portion of long-term debt, are as follows (in millions):



2020	$	230.9
2021	303.2
2022	173.6
2023	397.5
Thereafter	170.1
	$	1,275.3

Cash payments for interest were approximately $35.2 million, $55.2 million and $58.8 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Current Indebtedness

1.056% Senior Term Loan

In December 2014, the Company entered into a term loan with the European Investment Bank (“EIB”), which provided the Company with the ability to borrow up to €200.0 million. The €200.0 million (or approximately $228.7 million as of December 31, 2018) 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. The term loan contain covenants regarding, among other things, the incurrence of indebtedness and the making of certain payments, as well as commitments regarding amounts of future research and development expenses in Europe, and is subject to acceleration in the events of default. The Company also has to fulfill financial covenants with respect to a net leverage ratio and interest coverage ratio.

Senior Term Loan Due 2022

In October 2018, the Company entered in a term loan agreement with Rabobank in the amount of €150.0 million (or approximately $171.5 million as of December 31, 2018). The Company has the ability to prepay the term loan before its maturity date on October 28, 2022. Interest is payable on the term loan quarterly in arrears at an annual rate, equal to the EURIBOR plus a margin ranging from 0.875% to 1.875% based on the Company’s credit rating. The Company also has to fulfill financial covenants with respect to a total debt to EBITDA ratio and an interest coverage ratio.

Credit Facility

In October 2018, the Company entered into a multi-currency revolving credit facility of $800.0 million. The maturity date of the credit facility is October 17, 2023. Interest accrues on amounts outstanding under the credit facility, at the Company’s option, at either (1) LIBOR plus a margin ranging from 0.875% to 1.875% based on the Company’s credit rating, 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 U.S. dollars plus 1.0%, plus a margin ranging from 0.0% to 0.875% based on the Company’s credit rating. The credit facility contains covenants restricting, among other things, the incurrence of indebtedness and the making of certain payments, including dividends. The Company also has to fulfill financial covenants with respect to a total debt to EBITDA ratio and an interest coverage ratio. As of December 31, 2018, the Company had approximately $114.4 million of outstanding borrowings under the credit facility and the ability to borrow approximately $685.6 million under the facility.

The Company’s former revolving credit and term loan facility consisted of an $800.0 million multi-currency revolving credit facility and a €312.0 million term loan facility. The maturity date of the former credit facility was June 26, 2020. Under the former credit facility agreement, interest accrued on amounts outstanding, at the Company’s option, depending on the currency borrowed, at either (1) LIBOR or EURIBOR plus a margin ranging from 1.0% to 1.75% 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 U.S. dollars plus 1.0% plus a margin ranging from 0.0% to 0.25% based on the Company’s leverage ratio. The credit facility contained covenants restricting, among other things, the incurrence of indebtedness and the making of certain payments, including dividends, and was subject to acceleration in the event of a default. The Company also had to fulfill financial covenants with respect to a total debt to EBITDA ratio and an interest coverage ratio. As is more fully described in Note 11, the Company entered into an interest rate swap in 2015 to convert the term loan facility’s floating interest rate to a fixed interest rate of 0.33% plus the applicable margin over the remaining life of the term loan facility. In connection with the closing of new credit facility in October 2018, the Company repaid its outstanding €312.0 million (or approximately $360.8 million) term loan under the former revolving credit and term loan facility. The Company recorded approximately $0.9 million in “Interest expense, net,”associated with the write-off of deferred debt issuance costs associated with the repayment. As of December 31, 2017, $471.2 million was outstanding under the Company’s former multi-currency revolving credit facility with approximately $97.0 million outstanding under the multi-currency revolving credit facility and €312.0 million (or approximately $374.2 million) outstanding under the term loan facility.

During 2015, the Company designated its €312.0 million term loan facility as a hedge of its net investment in foreign operations to offset foreign currency translation gains or losses on the net investment. See Note 11 for additional information about the net investment hedge.

Senior Term Loans Due Between 2019 and 2028

In October 2016, the Company borrowed an aggregate amount of €375.0 million through a group of seven related term loan agreements, and in August 2018, the Company borrowed an additional aggregate amount of indebtedness of €338.0 million through a group of another seven related term loan agreements. Proceeds from the borrowings were used to repay borrowings under the Company’s former revolving credit facility.

In aggregate, the Company has indebtedness of €713.0 million (or approximately $815.3 million as of December 31, 2018) through a group of fourteen related term loan agreements as discussed above. The provisions of the term loan agreements are identical in nature, with the exception of interest rate terms and maturities. The Company has the ability to prepay the term loans before their maturity dates. For the term loans with a fixed interest rate, interest is payable in arrears on an annual basis, with interest rates ranging from 0.70% to 2.26% and a maturity date between October 2019 and August 2028. For the term loans with a floating interest rate, interest is payable in arrears on a semi-annual basis, with interest rates based on the EURIBOR plus a margin ranging from 0.70% to 1.25% and a maturity date between October 2019 and August 2025. The term loans contain 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.

Former Indebtedness

In April 2016, the Company entered into two term loan agreements with Rabobank, in the amount of €100.0 million and €200.0 million, respectively. The provisions of the two term loans were identical in nature. In December 2017, the Company repaid its €200.0 million (or approximately $239.8 million) term loan and in October 2018, in connection with the new term loan agreement with Rabobank discussed above, the Company repaid its €100.0 million (or approximately $113.2 million) term loan. The Company had the ability to prepay the term loans before their maturity date on April 26, 2021. Interest was payable on the term loans per annum, paid quarterly in arrears, equal to the EURIBOR plus a margin ranging from 1.0% to 1.75% based on the Company’s net leverage ratio. The Company also had to fulfill financial covenants with respect to a total debt to EBITDA ratio and an interest coverage ratio.

5⁷/8% Senior Notes

The Company’s 5⁷/8% senior notes due December 1, 2021 constituted senior unsecured indebtedness. Interest was payable on the notes semi-annually in arrears. At any time prior to September 1, 2021, the Company could 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 could 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. As is more fully described in Note 11, the Company entered into an interest rate swap in 2015 to convert the senior notes’ fixed interest rate to a floating interest rate over the remaining life of the senior notes. During the second quarter of 2016, the Company terminated the interest rate swap. As a result, the Company recorded a deferred gain of approximately $7.3 million associated with the termination, which was being amortized as a reduction to “Interest expense, net” over the remaining term of the 5⁷/8% senior notes through December 1, 2021.

In May 2018, the Company completed a cash tender offer to purchase any and all of its outstanding 5⁷/8% senior notes at a cash purchase price of $1,077.50 per $1,000.00 of senior notes. As a result of the tender offer, the Company repurchased approximately $185.9 million of principal amount of the senior notes for approximately $200.3 million, plus accrued interest. The repurchase resulted in a loss on extinguishment of debt of approximately $15.7 million, including associated fees. In October 2018, the Company repurchased the remaining principal amount of the senior notes of approximately $114.1 million for approximately $122.5 million, plus accrued interest. The repurchase resulted in a loss on extinguishment of debt of approximately $8.8 million, including associated fees. As a result of the repurchase of the 5⁷/8% senior notes, the Company recorded a cumulative amount of approximately $4.7 million of accelerated amortization of the deferred gain related to the terminated interest rate swap instrument associated with the senior notes. The losses on extinguishment as well as the accelerated amortization were reflected in “Interest expense, net,” for the year ended December 31, 2018.

As of December 31, 2017, the unamortized portion of the deferred gain was approximately $5.3 million. The amortization for 2018 and 2017 was approximately $5.3 million and $1.3 million, respectively.

Subsequent Indebtedness

In December 2018, the Company entered into a term loan with the EIB, which provided the Company with the ability to borrow up to €250.0 million. The €250.0 million (or approximately $284.6 million) of funding was received on January 25, 2019 with a maturity date of January 24, 2025. The Company has the ability to prepay the term loan before its maturity date. Interest is payable on the term loan at 1.002% per annum, payable semi-annually in arrears. The term loan contain covenants regarding, among other things, the incurrence of indebtedness and the making of certain payments, as well as commitments regarding amounts of future research and development expenses in Europe, and is subject to acceleration in the events of default. The Company also has to fulfill financial covenants with respect to a net leverage ratio and interest coverage ratio.

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 December 31, 2018 and 2017, outstanding letters of credit totaled $14.1 million and $15.2 million, respectively.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2018

Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]

Employee Benefit Plans

The Company sponsors defined benefit pension plans covering certain employees, principally in the United Kingdom, the United States, Germany, Switzerland, Finland, France, Norway and Argentina. The Company also provides certain postretirement health care and life insurance benefits for certain employees, principally in the United States and Brazil.

The Company also maintains an Executive Nonqualified Pension Plan (“ENPP”), which provides certain U.S.-based senior executives with retirement income for a period of 15 years or up to a lifetime annuity, if certain requirements are met. Benefits under the ENPP vest if the participant has attained age 50 with at least ten years of service (five years of which include years of participation in the ENPP), but are not payable until the participant reaches age 65. The lifetime annuity benefit generally will be available only to participants who retire on or after reaching normal retirement age and otherwise have a vested benefit under the ENPP. The ENPP is an unfunded, nonqualified defined benefit pension plan.

Net annual pension costs for the years ended December 31, 2018, 2017 and 2016 for the Company’s defined benefit pension plans and ENPP are set forth below (in millions):



Pension benefits	2018			2017			2016
Service cost	$	16.6		$	17.1		$	16.2
Interest cost	19.9			20.6			24.6
Expected return on plan assets	(34.0		)	(35.9		)	(38.8		)
Amortization of net actuarial losses	13.8			13.4			10.0
Amortization of prior service cost	1.2			1.2			1.0
Net loss recognized due to settlement	0.9			0.2			0.4
Net gain recognized due to curtailment	—			—			(0.1		)
Net annual pension cost	$	18.4		$	16.6		$	13.3

The components of net periodic pension and postretirement benefits cost, other than the service cost component, are included in “Other expense, net” in the Company’s Consolidated Statements of Operations. Refer to Note 1 for further information.

The weighted average assumptions used to determine the net annual pension costs for the Company’s defined benefit pension plans and ENPP for the years ended December 31, 2018, 2017 and 2016 are as follows:



	2018		2017		2016
All plans:
Weighted average discount rate	2.5	%	2.7	%	3.6	%
Weighted average expected long-term rate of return on plan assets	5.4	%	5.8	%	6.8	%
Rate of increase in future compensation	1.8%-5.0%		1.5%-5.0%		2.0%-5.0%
U.S.-based plans:
Weighted average discount rate	3.70	%	4.25	%	4.60	%
Weighted average expected long-term rate of return on plan assets⁽¹⁾	6.0	%	6.0	%	6.0	%
Rate of increase in future compensation⁽²⁾	5.0	%	5.0	%	5.0	%

___________________________________


(1)	Applicable for U.S. funded, qualified plans.


(2)	Applicable for U.S. unfunded, nonqualified plan.

For the Company’s cash balance plans with promised interest crediting rates, the weighted-average interest crediting rate was 1.0% and 0.75% for 2018 and 2017, respectively.

Net annual postretirement benefit costs, and the weighted average discount rate used to determine them, for the years ended December 31, 2018, 2017 and 2016 are set forth below (in millions, except percentages):



Postretirement benefits	2018			2017			2016
Service cost	$	0.1		$	0.1		$	—
Interest cost	1.4			1.4			1.4
Amortization of net actuarial losses	0.1			0.1			—
Amortization of prior service cost	0.2			0.2			0.2
Net annual postretirement benefit cost	$	1.8		$	1.8		$	1.6
Weighted average discount rate	4.9		%	5.3		%	5.1		%

The following tables set forth reconciliations of the changes in benefit obligation, plan assets and funded status as of December 31, 2018 and 2017 (in millions):



	Pension and ENPP Benefits						Postretirement Benefits
Change in benefit obligation	2018			2017			2018			2017
Benefit obligation at beginning of year	$	916.7		$	849.8		$	30.2		$	28.6
Service cost	16.6			17.1			0.1			0.1
Interest cost	19.9			20.6			1.4			1.4
Plan participants’ contributions	1.2			1.1			—			—
Actuarial (gains) losses	(55.2		)	0.5			(4.2		)	1.8
Amendments	8.5			—			—			—
Settlements	(1.5		)	(0.7		)	—			—
Benefits paid	(45.9		)	(42.6		)	(1.4		)	(1.6		)
Other	1.9			—			—			—
Foreign currency exchange rate changes	(39.1		)	70.9			(0.8		)	(0.1		)
Benefit obligation at end of year	$	823.1		$	916.7		$	25.3		$	30.2

	Pension and ENPP Benefits						Postretirement Benefits
	Pension and ENPP Benefits						Postretirement Benefits
Change in plan assets	2018			2017			2018			2017
Fair value of plan assets at beginning of year	$	691.8		$	601.7		$	—		$	—
Actual return on plan assets	(32.4		)	47.3			—			—
Employer contributions	36.8			30.3			1.4			1.6
Plan participants’ contributions	1.2			1.1			—			—
Benefits paid	(45.9		)	(42.6		)	(1.4		)	(1.6		)
Settlements	(1.5		)	(0.7		)	—			—
Foreign currency exchange rate changes	(32.9		)	54.7			—			—
Fair value of plan assets at end of year	$	617.1		$	691.8		$	—		$	—
Funded status	$	(206.0	)	$	(224.9	)	$	(25.3	)	$	(30.2	)
Unrecognized net actuarial losses (gains)	356.7			360.1			(0.6		)	3.8
Unrecognized prior service cost	19.5			12.2			3.1			3.2
Accumulated other comprehensive loss	(376.2		)	(372.3		)	(2.5		)	(7.0		)
Net amount recognized	$	(206.0	)	$	(224.9	)	$	(25.3	)	$	(30.2	)



Amounts recognized in Consolidated Balance Sheets:
Other long-term asset	$	0.1		$	—		$	—		$	—
Other current liabilities	(3.8		)	(3.9		)	(1.5		)	(1.6		)
Accrued expenses	(2.9		)	(2.3		)	$	—		$	—
Pensions and postretirement health care benefits (noncurrent)	(199.4		)	(218.7		)	(23.8		)	(28.6		)
Net amount recognized	$	(206.0	)	$	(224.9	)	$	(25.3	)	$	(30.2	)

The following table summarizes the activity in accumulated other comprehensive loss related to the Company’s ENPP and defined pension and postretirement benefit plans during the years ended December 31, 2018 and 2017 (in millions):



	Before-Tax Amount			Income Tax			After-Tax Amount
Accumulated other comprehensive loss as of December 31, 2016	$	(404.8	)	$	(100.3	)	$	(304.5	)
Net loss recognized due to settlement	0.3			0.1			0.2
Net actuarial gain arising during the year	9.0			2.4			6.6
Amortization of prior service cost	1.4			0.1			1.3
Amortization of net actuarial losses	13.5			2.2			11.3
Accumulated other comprehensive loss as of December 31, 2017	$	(380.6	)	$	(95.5	)	$	(285.1	)
Prior service cost arising during the year	(8.5		)	(1.5		)	(7.0		)
Net loss recognized due to settlement	1.0			0.1			0.9
Net actuarial loss arising during the year	(7.0		)	(2.8		)	(4.2		)
Amortization of prior service cost	1.4			0.1			1.3
Amortization of net actuarial losses	13.9			2.2			11.7
Accumulated other comprehensive loss as of December 31, 2018	$	(379.8	)	$	(97.4	)	$	(282.4	)

As of December 31, 2018, the Company’s accumulated other comprehensive loss included unrecognized net actuarial losses of approximately $356.7 million compared to $360.1 million as of December 31, 2017 related to the Company’s defined benefit pension plans and ENPP. The decrease in unrecognized net actuarial losses between years primarily resulted from higher discount rates at December 31, 2018 compared to December 31, 2017. The unrecognized net actuarial losses will be impacted in future periods by actual asset returns, discount rate changes, currency exchange rate fluctuations, actual demographic experience and certain other factors. For some of the Company’s defined benefit pension plans, these losses, to the extent they exceed 10% of the greater of the plan’s liabilities or the fair value of assets (“the gain/loss corridor”), will be amortized on a straight-line basis over the periods discussed as follows. For the Company’s U.S. salaried, U.S. hourly and U.K. defined benefit pension plans, the population covered is predominantly inactive participants, and losses related to those plans, to the extent they exceed the gain/loss corridor, will be amortized over the average remaining lives of those participants while covered by the respective plan. As of December 31, 2018, the average amortization period was 16 years for the Company’s U.S. defined benefit pension plans and 19 years for the Company’s U.K. defined benefit pension plan. For the Company’s ENPP, the population is predominantly active participants, and losses related to the plan will be amortized over the average future working lifetime of the active participants expected to receive benefits. As of December 31, 2018, the average amortization period was eight for the Company’s ENPP. Unrecognized prior service cost related to the Company’s defined benefit pension plans was approximately $19.5 million as of December 31, 2018 compared to approximately $12.2 million as of December 31, 2017. The increase in the unrecognized prior service cost between years is due primarily to the newly required uniformity of guaranteed minimum pension benefits for men and women related to the Company’s U.K. defined benefit plan, which resulted in an estimation of increased benefits for prior participant service. This requirement was as a result of a judgment by the U.K. High Court in October 2018 which provided clarity on the need to provide uniformity of benefits. The cost of this estimated impact will be amortized over a straight-line basis over the average remaining service period of active employees expected to receive benefits, or the average remaining lives of inactive participants, covered by the U.K. defined benefit plan.

As of December 31, 2018, the Company’s accumulated other comprehensive loss related to the Company’s U.S. and Brazilian postretirement health care benefit plans included unrecognized net actuarial gains of approximately $0.6 million as of December 31, 2018 compared to unrecognized net actuarial losses of approximately $3.8 million as of December 31, 2017, of which a loss of approximately $0.3 million and approximately $3.4 million, respectively, related to the Company’s U.S. postretirement benefit plans. The change from unrecognized net actuarial gains as of December 31, 2018 from unrecognized net actuarial losses in the prior year related to the Company’s Brazilian postretirement health care benefit plans primarily was due to lower discount rates as well as plan experience. The decrease in unrecognized net actuarial losses related to the Company’s U.S. postretirement benefit plans was primarily due to higher discount rates as of December 31, 2018 as compared to the previous year. The unrecognized net actuarial gains or losses will be impacted in future periods by discount rate changes, actual demographic experience, actual health care inflation and certain other factors. These gains or losses, to the extent they exceed the gain/loss corridor, will be amortized on a straight-line basis over the average remaining service period of active employees expected to receive benefits, or the average remaining lives of inactive participants, covered under the postretirement benefit plans. As of December 31, 2018, the average amortization period was 12 years for the Company’s U.S. postretirement benefit plans. As of December 31, 2018, the net prior service cost related to the Company’s U.S. and Brazilian postretirement health care benefit plans was approximately $3.1 million compared to approximately $3.2 million as of December 31, 2017.

The aggregate projected benefit obligation, accumulated benefit obligation and fair value of plan assets for defined benefit pension plans, ENPP and other postretirement plans with accumulated benefit obligations in excess of plan assets were $847.3 million, $798.5 million and $616.0 million, respectively, as of December 31, 2018, and $946.0 million, $891.2 million and $690.8 million, respectively, as of December 31, 2017. The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company’s U.S.-based defined benefit pension plans and ENPP with accumulated benefit obligations in excess of plan assets were $124.7 million, $107.8 million and $36.8 million, respectively, as of December 31, 2018, and $129.6 million, $111.5 million and $36.6 million, respectively, as of December 31, 2017. The Company’s accumulated comprehensive loss as of December 31, 2018 reflects a reduction in equity of $378.7 million, net of taxes of $97.0 million, primarily related to the Company’s U.K. pension plan, in which the projected benefit obligation exceeded the plan assets. In addition, the Company’s accumulated comprehensive loss as of December 31, 2018 reflects a reduction in equity of approximately $1.1 million, net of taxes of $0.4 million, related to the Company’s GIMA joint venture. The amount represents 50% of GIMA’s unrecognized net actuarial losses and unrecognized prior service cost associated with its pension plan. In addition, GIMA recognized a net actuarial loss due to settlements during 2018 of approximately $0.1 million. The Company’s accumulated comprehensive loss as of December 31, 2017 reflected a reduction in equity of $379.3 million, net of taxes of $95.0 million, primarily related to the Company’s U.K. pension plan, in which the projected benefit obligation exceeded the plan assets. In addition, the Company’s accumulated comprehensive loss as of December 31, 2017 reflected a reduction in equity of approximately $1.3 million, net of taxes of $0.5 million, related to the Company’s GIMA joint venture. This amount represented 50% of GIMA’s unrecognized net actuarial losses and unrecognized prior service cost associated with its pension plan. In addition, GIMA recognized a net actuarial loss due to settlements during 2017 of approximately $0.1 million.

The Company’s defined benefit pension obligation has been reflected based on the manner in which its defined benefit plans are being administered. The obligation and resulting liability is calculated employing both actuarial and legal assumptions. These assumptions include, but are not limited to, future inflation, the return on pension assets, discount rates, life expectancy and potential salary increases. There are also assumptions related to the manner in which individual benefit plan benefits are calculated, which are legal in nature and include, but are not limited to, member eligibility, years of service and the uniformity of both guaranteed minimum pension benefits and member normal retirement ages for men and women. In the event that any of these assumptions or the administration approach are proven to be different from the Company’s current interpretations and approach, there could be material increases in the Company’s defined benefit pension obligation and the related amounts and timing of future contributions to be paid by the Company.

The weighted average assumptions used to determine the benefit obligation for the Company’s defined benefit pension plans and ENPP as of December 31, 2018 and 2017 are as follows:



	2018		2017
All plans:
Weighted average discount rate	2.8	%	2.5	%
Rate of increase in future compensation	1.75%-5.0%		1.75%-5.0%
U.S.-based plans:
Weighted average discount rate	4.35	%	3.7	%
Rate of increase in future compensation⁽¹⁾	5.0	%	5.0	%

____________________________________


(1)	Applicable for U.S. unfunded, nonqualified plan.

The weighted average discount rate used to determine the benefit obligation for the Company’s postretirement benefit plans for the years ended December 31, 2018 and 2017 was 5.2% and 4.9%, respectively.

For the years ended December 31, 2018, 2017 and 2016, the Company used a globally consistent methodology to set the discount rate in the countries where its largest benefit obligations exist. In the United States, the United Kingdom and the Euro Zone, the Company constructed a hypothetical bond portfolio of high-quality corporate bonds and then applied the cash flows of the Company’s benefit plans to those bond yields to derive a discount rate. The bond portfolio and plan-specific cash flows vary by country, but the methodology in which the portfolio is constructed is consistent. In the United States, the bond portfolio is large enough to result in taking a “settlement approach” to derive the discount rate, in which high-quality corporate bonds are assumed to be purchased and the resulting coupon payments and maturities are used to satisfy the Company’s U.S. pension plans’ projected benefit payments. In the United Kingdom and the Euro Zone, the discount rate is derived using a “yield curve approach,” in which an individual spot rate, or zero coupon bond yield, for each future annual period is developed to discount each future benefit payment and, thereby, determine the present value of all future payments. The Company uses a spot yield curve to determine the discount rate applicable in the United Kingdom to measure the U.K. pension plan’s service cost and interest cost. Under the settlement and yield curve approaches, the discount rate is set to equal the single discount rate that produces the same present value of all future payments.

For measuring the expected U.S. postretirement benefit obligation at December 31, 2018, the Company assumed a 6.5% health care cost trend rate for 2019 decreasing to 5.0% by 2025. For measuring the expected U.S. postretirement benefit obligation at December 31, 2017, the Company assumed a 6.75% health care cost trend rate for 2018 decreasing to 5.0% by 2025. For measuring the Brazilian postretirement benefit plan obligation at December 31, 2018, the Company assumed an 10.8% health care cost trend rate for 2019, decreasing to 5.0% by 2030. For measuring the Brazilian postretirement benefit plan obligation at December 31, 2017, the Company assumed an 11.0% health care cost trend rate for 2018, decreasing to 5.3% by 2029.

The Company currently estimates its minimum contributions and benefit payments to its U.S.-based underfunded defined benefit pension plans and unfunded ENPP for 2019 will aggregate approximately $1.6 million. The Company currently estimates its minimum contributions for underfunded plans and benefit payments for unfunded plans for 2019 to its non-U.S.-based defined benefit pension plans will aggregate approximately $28.9 million, of which approximately $19.9 million relates to its U.K. pension plan. The Company currently estimates its benefit payments for 2019 to its U.S.-based postretirement health care and life insurance benefit plans will aggregate approximately $1.5 million and its benefit payments for 2019 to its Brazilian postretirement health care benefit plans will aggregate less than $0.1 million.

During 2018, approximately $47.4 million of benefit payments were made related to the Company’s defined benefit pension plans and ENPP. At December 31, 2018, the aggregate expected benefit payments for the Company’s defined benefit pension plans and ENPP are as follows (in millions):



2019	$	46.4
2020	47.9
2021	51.2
2022	50.7
2023	51.6
2024 through 2028	280.6
	$	528.4

During 2018, approximately $1.4 million of benefit payments were made related to the Company’s U.S. and Brazilian postretirement benefit plans. At December 31, 2018, the aggregate expected benefit payments for the Company’s U.S. and Brazilian postretirement benefit plans are as follows (in millions):



2019	$	1.5
2020	1.6
2021	1.6
2022	1.6
2023	1.7
2024 through 2028	8.5
	$	16.5

Investment Strategy and Concentration of Risk

The weighted average asset allocation of the Company’s U.S. pension benefit plans as of December 31, 2018 and 2017 are as follows:



Asset Category	2018		2017
Large and small cap domestic equity securities	19	%	31	%
International equity securities	8	%	12	%
Domestic fixed income securities	57	%	43	%
Other investments	16	%	14	%
Total	100	%	100	%

The weighted average asset allocation of the Company’s non-U.S. pension benefit plans as of December 31, 2018 and 2017 are as follows:



Asset Category	2018		2017
Equity securities	39	%	40	%
Fixed income securities	54	%	53	%
Other investments	7	%	7	%
Total	100	%	100	%

The Company categorizes its pension plan assets into one of three levels based on the assumptions used in valuing the asset. See Note 13 for a discussion of the fair value hierarchy as per the guidance in ASC 820, “Fair Value Measurements” (“ASC 820”). The Company’s valuation techniques are designed to maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses the following valuation methodologies to measure the fair value of its pension plan assets:

Equity Securities: Equity securities are valued on the basis of the closing price per unit on each business day as reported on the applicable exchange.

Fixed Income: Fixed income securities are valued using the closing prices in the active market in which the fixed income investment trades. Fixed income funds are valued using the net asset value of the fund, which is based on the fair value of the underlying securities.

Cash: These investments primarily consist of short-term investment funds which are valued using the net asset value.

Alternative Investments: These investments are reported at fair value as determined by the general partner of the alternative investment. The “market approach” valuation technique is used to value investments in these funds. The funds typically are open-end funds as they generally offer subscription and redemption options to investors. The frequency of such subscriptions or redemptions is dictated by each fund’s governing documents. The amount of liquidity provided to investors in a particular fund generally is consistent with the liquidity and risk associated with the underlying portfolio (i.e., the more liquid the investments in the portfolio, the greater the liquidity provided to investors). Liquidity of individual funds varies based on various factors and may include “gates,” “holdbacks” and “side pockets” imposed by the manager of the fund, as well as redemption fees that may also apply. Investments in these funds typically are valued utilizing the net asset valuations provided by their underlying investment managers, general partners or administrators. The funds consider subscription and redemption rights, including any restrictions on the disposition of the interest, in its determination of the fair value.

Insurance Contracts: Insurance contracts are valued using current prevailing interest rates.

The fair value of the Company’s pension assets as of December 31, 2018 is as follows (in millions):



	Total		Level 1		Level 2		Level 3
Equity securities:
Global equities	$	104.4	$	104.4	$	—	$	—
Non-U.S. equities	3.0		3.0		—		—
U.K. equities	112.4		112.4		—		—
U.S. large cap equities	4.5		4.5		—		—
U.S. small cap equities	2.4		2.4		—		—
Preferred securities	0.2		0.2
Total equity securities	226.9		226.9		—		—
Fixed income:
Aggregate fixed income	131.5		131.5		—		—
International fixed income	189.3		189.3		—		—
Total fixed income share⁽¹⁾	320.8		320.8		—		—
Alternative investments:
Private equity fund	2.3		—		—		2.3
Hedge funds measured at net asset value⁽⁴⁾	31.8		—		—		—
Total alternative investments⁽²⁾	34.1		—		—		2.3
Miscellaneous funds⁽³⁾	28.2		—		—		28.2
Cash and equivalents measured at net asset value⁽⁴⁾	7.1		—		—		—
Total assets	$	617.1	$	547.7	$	—	$	30.5

______________________________________


(1)	36% of “fixed income” securities are in investment-grade corporate bonds; 27% are in government treasuries; 17% are in foreign securities; 13% are in high-yield securities; and 7% are in other various fixed income securities.


(2)	44% of “alternative investments” are in relative value funds; 22% are in long-short equity funds; 22% are in event-driven funds; 7% are distributed in hedged and non-hedged funds; and 5% are in credit funds.


(3)	“Miscellaneous funds” is comprised of insurance contracts in Finland, Norway and Switzerland.


(4)	Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.

The following is a reconciliation of Level 3 assets as of December 31, 2018 (in millions):



	Total			Alternative Investments			Miscellaneous Funds
Beginning balance as of December 31, 2017	$	27.8		$	2.4		$	25.4
Actual return on plan assets:
(a) Relating to assets still held at reporting date	0.8			(0.2		)	1.0
(b) Relating to assets sold during period	—			—			—
Purchases, sales and /or settlements	3.2			0.1			3.1
Foreign currency exchange rate changes	(1.3		)	—			(1.3		)
Ending balance as of December 31, 2018	$	30.5		$	2.3		$	28.2

The fair value of the Company’s pension assets as of December 31, 2017 is as follows (in millions):



	Total		Level 1		Level 2		Level 3
Equity securities:
Global equities	$	121.7	$	121.7	$	—	$	—
Non-U.S. equities	4.3		4.3		—		—
U.K. equities	129.9		129.9		—		—
U.S. large cap equities	6.9		6.9		—		—
U.S. small cap equities	4.4		4.4		—		—
Total equity securities	267.2		267.2		—		—
Fixed income:
Aggregate fixed income	136.0		136.0		—		—
International fixed income	214.4		214.4		—		—
Total fixed income share⁽¹⁾	350.4		350.4		—		—
Alternative investments:
Private equity fund	2.4		—		—		2.4
Hedge funds measured at net asset value⁽⁴⁾	34.8		—		—		—
Total alternative investments⁽²⁾	37.2		—		—		2.4
Miscellaneous funds⁽³⁾	25.4		—		—		25.4
Cash and equivalents measured at net asset value⁽⁴⁾	11.6		—		—		—
Total assets	$	691.8	$	617.6	$	—	$	27.8

_______________________________________


(1)	30% of “fixed income” securities are in investment-grade corporate bonds; 29% are in government treasuries; 15% are in foreign securities; 13% are in high-yield securities; and 13% are in other various fixed income securities.


(2)	39% of “alternative investments” are in relative value funds; 26% are in long-short equity funds; 21% are in event-driven funds; 8% are distributed in hedged and non-hedged funds; and 6% are in credit funds.


(3)	“Miscellaneous funds” is comprised of insurance contracts in Finland, Norway and Switzerland.


(4)	Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.

The following is a reconciliation of Level 3 assets as of December 31, 2017 (in millions):



	Total			Alternative Investments			Miscellaneous Funds
Beginning balance as of December 31, 2016	$	23.8		$	2.4		$	21.4
Actual return on plan assets:
(a) Relating to assets still held at reporting date	(2.3		)	(0.1		)	(2.2		)
(b) Relating to assets sold during period	—			—			—
Purchases, sales and /or settlements	3.4			0.1			3.3
Foreign currency exchange rate changes	2.9			—			2.9
Ending balance as of December 31, 2017	$	27.8		$	2.4		$	25.4

All tax-qualified pension fund investments in the United States are held in the AGCO Corporation Master Pension Trust. The Company’s global pension fund strategy is to diversify investments across broad categories of equity and fixed income securities with appropriate use of alternative investment categories to minimize risk and volatility. The primary investment objective of the Company’s pension plans is to secure participant retirement benefits. As such, the key objective in the pension plans’ financial management is to promote stability and, to the extent appropriate, growth in funded status.

The investment strategy for the plans’ portfolio of assets balances the requirement to generate returns with the need to control risk. The asset mix is recognized as the primary mechanism to influence the reward and risk structure of the pension fund investments in an effort to accomplish the plans’ funding objectives. The overall investment strategy for the U.S.-based pension plans is to achieve a mix of approximately 15% of assets for the near-term benefit payments and 85% for longer-term growth. The overall U.S. pension funds invest in a broad diversification of asset types. The Company’s U.S. target allocation of retirement fund investments is 21.5% large- and small-cap domestic equity securities, 8.5% international equity securities, 55% broad fixed income securities, 10% in alternative investments and 5% in cash and cash equivalents. The Company has noted that over very long periods, this mix of investments would achieve an average return of approximately 5.75%. In arriving at the choice of an expected return assumption of 5.5% for its U.S. plans for the year ended December 31, 2019, the Company has tempered this historical indicator with lower expectations for returns and changes to investments in the future as well as the administrative costs of the plans. The overall investment strategy for the non-U.S. based pension plans is to achieve a mix of approximately 30% of assets for the near-term benefit payments and 70% for longer-term growth. The overall non-U.S. pension funds invest in a broad diversification of asset types. The Company’s non-U.S. target allocation of retirement fund investments is 40% equity securities, 55% broad fixed income investments and 5% in alternative investments. The majority of the Company’s non-U.S. pension fund investments are related to the Company’s pension plan in the United Kingdom. The Company has noted that over very long periods, this mix of investments would achieve an average return of approximately 5.2%. In arriving at the choice of an expected return assumption of 4.75% for its U.K.-based plans for the year ended December 31, 2019, the Company has tempered this historical indicator with lower expectations for returns and changes to investments in the future as well as the administrative costs of the plans.

Equity securities primarily include investments in large-cap and small-cap companies located across the globe. Fixed income securities include corporate bonds of companies from diversified industries, mortgage-backed securities, agency mortgages, asset-backed securities and government securities. Alternative and other assets include investments in hedge fund of funds that follow diversified investment strategies. To date, the Company has not invested pension funds in its own stock and has no intention of doing so in the future.

Within each asset class, careful consideration is given to balancing the portfolio among industry sectors, geographies, interest rate sensitivity, dependence on economic growth, currency and other factors affecting investment returns. The assets are managed by professional investment firms, who are bound by precise mandates and are measured against specific benchmarks. Among asset managers, consideration is given, among others, to balancing security concentration, issuer concentration, investment style and reliance on particular active investment strategies.

The Company participates in a small number of multiemployer plans in the Netherlands and Sweden. The Company has assessed and determined that none of the multiemployer plans which it participates in are individually, or in the aggregate, significant to the Company’s Consolidated Financial Statements. The Company does not expect to incur a withdrawal liability or expect to significantly increase its contributions over the remainder of the multiemployer plans’ contract periods.

The Company maintains separate defined contribution plans covering certain employees, primarily in the United States, the United Kingdom and Brazil. Under the plans, the Company contributes a specified percentage of each eligible employee’s compensation. The Company contributed approximately $15.8 million, $15.1 million and $14.3 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Stockholders' Equity

12 Months Ended

Dec. 31, 2018

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

At December 31, 2018, the Company had 150,000,000 authorized shares of common stock with a par value of $0.01 per share, with approximately 76,536,755 shares of common stock outstanding and approximately 3,436,426 shares reserved for issuance under the Company’s 2006 Long-Term Incentive Plan (the “Plan”) (Note 10).

Share Repurchase Program

During 2012 through 2016, the Company’s Board of Directors approved several share repurchase authorizations under which the Company is permitted to repurchase up to $1,350.0 million of shares of its common stock.

During 2018 and 2016, the Company repurchased 3,120,184 and 4,413,250 shares of its common stock, respectively, for approximately $184.3 million and $212.5 million, respectively, either through Accelerated Share Repurchase (“ASR”) agreements with financial institutions or through open market transactions. During 2017, the Company received approximately 70,464 shares associated with the remaining balance of shares to be delivered under an ASR agreement that was completed in November 2016. All shares received under the ASR agreements 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 Consolidated Balance Sheets.

During 2019, the Company entered into an ASR agreement with a financial institution to repurchase an aggregate of $30.0 million shares of its common stock. The Company received approximately 379,927 shares to date in this transaction. The specific number of shares the Company will ultimately repurchase will be determined at the completion of the term of the ASR based on the daily volume-weighted average share price of the Company’s common stock less an agreed-upon discount. Upon settlement of the ASR, the Company may be entitled to receive additional shares of common stock or, under certain circumstances, be required to remit a settlement amount. The Company expects that additional shares will be received by the Company upon final settlement of its current ASR agreement, which expires during the second quarter of 2019. All shares received under the ASR agreement discussed above 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 Consolidated Balance Sheets.

As of December 31, 2018, the remaining amount authorized to be repurchased is approximately $147.1 million, of which $115.7 million expires in December 2019 and $31.4 million has no expiration date.

Dividends

The Company’s Board of Directors has declared and the Company has paid quarterly cash dividends of $0.13 per common share beginning the first quarter of 2016, $0.14 per common share beginning the first quarter of 2017 and $0.15 per common share beginning the first quarter of 2018, respectively, and on January 25, 2019, the Company’s Board of Directors approved a quarterly dividend of $0.15 per common share beginning the first quarter of 2019.

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 years ended December 31, 2018 and 2017 (in millions):



	Defined Benefit Pension Plans			Cumulative Translation Adjustment			Deferred Net Gains (Losses) on Derivatives			Total
Accumulated other comprehensive loss, December 31, 2016	$	(304.5	)	$	(1,128.4	)	$	(8.7	)	$	(1,441.6	)
Other comprehensive income before reclassifications	6.8			56.6			2.0			65.4
Net losses reclassified from accumulated other comprehensive loss	12.6			—			2.0			14.6
Other comprehensive income, net of reclassification adjustments	19.4			56.6			4.0			80.0
Accumulated other comprehensive loss, December 31, 2017	(285.1		)	(1,071.8		)	(4.7		)	(1,361.6		)
Other comprehensive loss before reclassifications	(10.3		)	(202.6		)	(1.1		)	(214.0		)
Net losses reclassified from accumulated other comprehensive loss	13.0			—			7.2			20.2
Other comprehensive income (loss), net of reclassification adjustments	2.7			(202.6		)	6.1			(193.8		)
Accumulated other comprehensive loss, December 31, 2018	$	(282.4	)	$	(1,274.4	)	$	1.4		$	(1,555.4	)

The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the years ended December 31, 2018 and 2017 (in millions):



Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss						Affected Line Item within the Consolidated Statements of Operations
	Year ended December 31, 2018⁽¹⁾			Year ended December 31, 2017⁽¹⁾
Derivatives:
Net losses (gains) on foreign currency contracts	$	2.3		$	(0.2	)	Cost of goods sold
Net losses on interest rate swap contract	6.3			2.4			Interest expense, net
Reclassification before tax	8.6			2.2
	(1.4		)	(0.2		)	Income tax provision
Reclassification net of tax	$	7.2		$	2.0

Defined benefit pension plans:
Amortization of net actuarial losses	$	13.9		$	13.5		Other expense, net⁽²⁾
Amortization of prior service cost	1.4			1.4			Other expense, net⁽²⁾
Reclassification before tax	15.3			14.9
	(2.3		)	(2.3		)	Income tax provision
Reclassification net of tax	$	13.0		$	12.6

Net losses reclassified from accumulated other comprehensive loss	$	20.2		$	14.6

____________________________________


(1)	Losses (gains) included within the Consolidated Statements of Operations for the years ended December 31, 2018 and 2017, respectively.


(2)	These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 8 to the Company’s Consolidated Financial Statements.

Stock Incentive Plan

12 Months Ended

Dec. 31, 2018

Share-based Compensation [Abstract]

Stock Incentive Plan

Under the Plan, up to 10,000,000 shares of AGCO common stock may be issued. As of December 31, 2018, of the 10,000,000 shares reserved for issuance under the Plan, approximately 3,436,426 shares were available for grant, assuming the maximum number of shares are earned related to the performance award grants discussed below. The Plan allows the Company, under the direction of the Board of Directors’ Compensation Committee, to make grants of performance shares, stock appreciation rights, stock options, restricted stock units and restricted stock awards to employees, officers and non-employee directors of the Company.

Long-Term Incentive Plan and Related Performance Awards

The Company’s primary long-term incentive plan is a performance share plan that provides for awards of shares of the Company’s common stock based on achieving financial targets, such as targets for earnings per share, return on invested capital, operating margins and selling, general and administrative expenses and overhead levels, as determined by the Company’s Board of Directors. The stock awards under the Plan are earned over a performance period, and the number of shares earned is determined based on annual cumulative or average results for the specified period, depending on the measurement. Performance periods for the Company’s primary long-term incentive plan are consecutive and overlapping three-year cycles, and performance targets are set at the beginning of each cycle. The primary long-term incentive plan provides for participants to earn 33% to 200% of the target awards depending on the actual performance achieved, with no shares earned if performance is below the established minimum target. Awards earned under the Plan are paid in shares of common stock at the end of each three-year performance period. The percentage level achievement is determined annually, with the ultimate award that is earned determined based upon the average of the three annual percentages. The compensation expense associated with these awards 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.

Compensation expense recorded during 2018, 2017 and 2016 with respect to awards granted was based upon the stock price as of the grant date. The weighted average grant-date fair value of performance awards granted under the Plan during 2018, 2017 and 2016 was as follows:



	Years Ended December 31,
	2018		2017		2016
Weighted average grant-date fair value	$	71.40	$	61.94	$	47.93

During 2018, the Company granted 441,740 performance awards related to varying performance periods assuming the maximum target level of performance is achieved.

Performance award transactions during 2018 were as follows and are presented as if the Company were to achieve its maximum levels of performance under the plan:



Shares awarded but not earned at January 1	1,645,078
Shares awarded	441,740
Shares forfeited or unearned	(81,932	)
Shares earned and vested	(1,066,024	)
Shares awarded but not earned at December 31	938,862

Based on the level of performance achieved as of December 31, 2018, 839,090 shares were earned under the related performance period and 521,888 shares were issued in February 2019, net of 317,202 shares that were withheld for taxes related to the earned awards. The Plan allows for the participant 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 participant’s statutory minimum federal, state and employment taxes which would be payable at the time of grant.

During 2017, the Company recorded approximately $4.8 million of accelerated stock compensation expense associated with a stock award declined by the Company’s Chief Executive Officer.

As of December 31, 2018, 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 $31.6 million, and the weighted average period over which it is expected to be recognized is approximately two years. This estimate is based on the current projected levels of performance of outstanding awards. The compensation cost not yet recognized could be higher or lower based on actual achieved levels of performance.

Restricted Stock Units

During the year ended December 31, 2018, the Company granted 247,404 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. 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 Plan during the year ended December 31, 2018 and 2017 was $63.99 and $61.99, respectively. RSU transactions during the year ended December 31, 2018 were as follows:



Shares awarded but not vested at January 1	237,468
Shares awarded	247,404
Shares forfeited	(11,695	)
Shares vested	(120,202	)
Shares awarded but not vested at December 31	352,975

As of December 31, 2018, the total compensation cost related to the unvested RSUs not yet recognized was approximately $14.2 million, and the weighted average period over which it is expected to be recognized is approximately two years.

Stock-settled Appreciation Rights

In addition to the performance share plans, certain executives and key managers are eligible to receive grants of SSARs. The SSARs provide a participant with the right to receive the aggregate appreciation in stock price over the market price of the Company’s common stock at the date of grant, payable in shares of the Company’s common stock. The participant may exercise his or her SSARs at any time after the grant is vested but no later than seven years after the date of grant. The SSARs vest ratably over a four-year period from the date of grant. SSAR awards made to certain executives and key managers under the Plan are made with the base price equal to the price of the Company’s common stock on the date of grant. The Company recorded stock compensation expense of approximately $2.4 million, $3.0 million and $3.8 million associated with SSAR awards during 2018, 2017 and 2016, respectively. The compensation expense associated with these awards is being amortized ratably over the vesting period. The Company estimated the fair value of the grants using the Black-Scholes option pricing model.

The weighted average grant-date fair value of SSAR awards granted under the Plan and the weighted average assumptions under the Black-Scholes option model were as follows for the years ended December 31, 2018, 2017 and 2016:



	Years Ended December 31,
	2018			2017			2016
Weighted average grant-date fair value	$	12.88		$	11.45		$	7.98
Weighted average assumptions under Black-Scholes option model:
Expected life of awards (years)	3.0			3.0			3.0
Risk-free interest rate	2.2		%	1.5		%	1.1		%
Expected volatility	23.7		%	25.9		%	25.9		%
Expected dividend yield	0.8		%	0.9		%	1.1		%

SSAR transactions during the year ended December 31, 2018 were as follows:



SSARs outstanding at January 1		1,060,192
SSARs granted		157,700
SSARs exercised		(109,950	)
SSARs canceled or forfeited		(8,350	)
SSARs outstanding at December 31		1,099,592
SSAR price ranges per share:
Granted	$	73.14
Exercised		43.39 - 63.47
Canceled or forfeited		43.88 - 63.47
Weighted average SSAR exercise prices per share:
Granted	$	73.14
Exercised		51.01
Canceled or forfeited		53.68
Outstanding at December 31		55.58

At December 31, 2018, the weighted average remaining contractual life of SSARs outstanding was approximately four years. As of December 31, 2018, the total compensation cost related to unvested SSARs not yet recognized was approximately $3.8 million and the weighted-average period over which it is expected to be recognized is approximately two years.

The following table sets forth the exercise price range, number of shares, weighted average exercise price, and remaining contractual lives by groups of similar price as of December 31, 2018:



	SSARs Outstanding				SSARs Exercisable
Range of Exercise Prices	Number of Shares	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price		Exercisable as of December 31, 2018	Weighted Average Exercise Price
$43.88-$52.85	528,600	3.3	$	45.90	318,675	$	46.06
$55.07-$73.14	570,992	4.6	$	64.54	202,192	$	58.88
	1,099,592				520,867	$	51.03

The total fair value of SSARs vested during 2018 was approximately $2.8 million. There were 578,725 SSARs that were not vested as of December 31, 2018. The total intrinsic value of outstanding and exercisable SSARs as of December 31, 2018 was $5.2 million and $3.1 million, respectively. The total intrinsic value of SSARs exercised during 2018 was approximately $1.5 million.

The excess tax benefit realized for tax deductions in the United States related to the exercise of SSARs, vesting of RSU awards and vesting of performance awards under the Plan was approximately $1.6 million for the year ended December 31, 2018. The excess tax benefit realized for tax deductions in the United States related to the exercise of SSARs and vesting of RSU awards under the Plan was approximately $0.1 million for the year ended December 31, 2017. The excess tax benefit realized for tax deductions in the United States related to the exercise of SSARs and vesting of RSU awards under the Plan was less than $0.1 million for the year ended December 31, 2016. The Company realized an insignificant tax benefit from the exercise of SSARs, vesting of performance awards and vesting of RSU awards in certain foreign jurisdictions during the years ended December 31, 2018, 2017 and 2016.

On January 22, 2019, the Company granted 273,665 performance award shares (subject to the Company achieving future target levels of performance), 243,600 SSARs and 131,116 RSUs under the Plan.

Director Restricted Stock Grants

Pursuant to the Plan, all non-employee directors receive annual restricted stock grants of the Company’s common stock. All restricted stock 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 2018 grant was made on April 26, 2018 and equated to 17,226 shares of common stock, of which 12,629 shares of common stock were issued, after shares were withheld for taxes. The Company recorded stock compensation expense of approximately $1.1 million during 2018 associated with these grants.

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedges, Assets [Abstract]

Derivative Instruments and Hedging Activities

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 approximately 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 British pound in relation to the Euro. 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 may be partially hedged from time to time. The Company’s most significant translation exposures are the Euro, the British pound and the Brazilian real in relation to the United States dollar. When practical, the translation impact is reduced by financing local operations with local borrowings.

The Company uses floating rate and fixed rate debt to finance its operations. The floating rate debt obligations expose the Company to variability in interest payments due to changes in the EURIBOR and LIBOR benchmark interest rates. The Company believes it is prudent to limit the variability of a portion of its interest payments, and to meet that objective, the Company periodically enters into interest rate swaps to manage the interest rate risk associated with the Company’s borrowings. The Company designates interest rate contracts used to convert the interest rate exposure on a portion of the Company’s debt portfolio from a floating rate to a fixed rate as cash flow hedges, while those contracts converting the Company’s interest rate exposure from a fixed rate to a floating rate are designated as fair value hedges.

To protect the value of the Company’s investment in foreign operations against adverse changes in foreign currency exchange rates, the Company from time to time, may hedge a portion of the Company’s net investment in the foreign subsidiaries by using a cross currency swap. The component of the gains and losses on the Company’s net investment in the designated foreign operations driven by changes in foreign exchange rates are economically offset by movements in the fair value of the cross currency swap contracts.

The Company’s senior management establishes the Company’s foreign currency and interest rate risk management policies. These policies are reviewed periodically by the Finance 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.

All derivatives are recognized on the Company’s Consolidated Balance Sheets at fair value. On the date the derivative contract is entered into, the Company designates the derivative as either (1) a cash flow hedge of a forecasted transaction, (2) a fair value hedge of a recognized liability, (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 or the net investment hedges in foreign operations. When it is determined that a derivative is no longer highly effective as a hedge, hedge accounting is discontinued on a prospective basis.

The Company categorizes its derivative assets and liabilities into one of three levels based on the assumptions used in valuing the asset or liability. See Note 13 for a discussion of the fair value hierarchy as per the guidance in ASC 820. The Company’s valuation techniques are designed to maximize the use of observable inputs and minimize the use of unobservable inputs.

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.

Derivative Transactions Designated as Hedging Instruments

Cash Flow Hedges

Foreign Currency Contracts

The Company uses cash flow hedges to minimize the variability in cash flows of assets or liabilities or forecasted transactions caused by fluctuations in foreign currency exchange rates. The changes in the fair values of these cash flow hedges are recorded in accumulated other comprehensive 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.

During 2018, 2017 and 2016, the Company designated certain foreign currency contracts as cash flow hedges of expected future sales and purchases. The total notional value of derivatives that were designated as cash flow hedges was $127.0 million and $96.8 million as of December 31, 2018 and 2017, respectively.

Interest Rate Swap Contract

The Company monitors the mix of short-term and long-term debt regularly. From time to time, the Company manages the risk to interest rate fluctuations through the use of derivative financial instruments. During 2015, the Company entered into an interest rate swap instrument with a notional amount of €312.0 million and an expiration date of June 26, 2020. The swap was designated and accounted for as a cash flow hedge. Under the swap agreement, the Company paid a fixed interest rate of 0.33% plus the applicable margin, and the counterparty to the agreement paid a floating interest rate based on the three-month EURIBOR. Changes in the fair value of the interest rate swap were recorded in accumulated other comprehensive loss and were subsequently reclassified into “Interest expense, net” as a rate adjustment in the same period in which the related interest on the Company’s floating rate term loan facility affected earnings. As a result of the Company’s new credit facility agreement entered into in October 2018 and the repayment of the €312.0 million (or approximately $360.8 million) term loan under the Company’s former revolving credit facility, as well as the change in the mix of the Company’s short-term and long-term debt, the Company terminated the interest rate swap instrument and recorded a loss of approximately $3.9 million which was recorded in “Interest expense, net” for the year ended December 31, 2018. Refer to Note 7 for further information.

The following table summarizes the after-tax impact that changes in the fair value of derivatives designated as cash flow hedges had on accumulated other comprehensive loss and net income during 2018, 2017 and 2016 (in millions):



				Recognized in Net Income
	Gain (Loss) Recognized in Accumulated Other Comprehensive Loss			Classification of Gain (Loss)	(Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Income			Total Amount of the Line Item in the Condensed Consolidated Statements of Operations Containing Hedge Gains (Losses)
2018
Foreign currency contracts⁽¹⁾	$	0.4		Cost of goods sold	$	(2.2	)	$	7,355.3
Interest rate swap contract	(1.5		)	Interest expense, net	(5.0		)	53.8
Total	$	(1.1	)		$	(7.2	)
2017
Foreign currency contracts	$	2.7		Cost of goods sold	$	0.4		$	6,541.2
Interest rate swap contract	(0.7		)	Interest expense, net	(2.4		)	45.1
Total	$	2.0			$	(2.0	)
2016
Foreign currency contracts	$	(2.6	)	Cost of goods sold	$	1.0		$	5,895.0
Interest rate swap contract	(5.1		)	Interest expense, net	(2.0		)	52.1
Total	$	(7.7	)		$	(1.0	)

⁽¹⁾ The outstanding contracts as of December 31, 2018 range in maturity through December 2019.

The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the years ended December 31, 2018, 2017 and 2016 (in millions):



	Before-Tax Amount			Income Tax			After-Tax Amount
Accumulated derivative net losses as of December 31, 2015	$	(3.3	)	$	(1.3	)	$	(2.0	)
Net changes in fair value of derivatives	(7.8		)	(0.1		)	(7.7		)
Net losses reclassified from accumulated other comprehensive loss into income	1.0			—			1.0
Accumulated derivative net losses as of December 31, 2016	(10.1		)	(1.4		)	(8.7		)
Net changes in fair value of derivatives	1.9			(0.1		)	2.0
Net losses reclassified from accumulated other comprehensive loss into income	2.2			0.2			2.0
Accumulated derivative net losses as of December 31, 2017	(6.0		)	(1.3		)	(4.7		)
Net changes in fair value of derivatives	(1.0		)	0.1			(1.1		)
Net losses reclassified from accumulated other comprehensive loss into income	8.6			1.4			7.2
Accumulated derivative net gains as of December 31, 2018	$	1.6		$	0.2		$	1.4

Fair Value Hedges

The Company uses interest rate swap agreements designated as fair value hedges to minimize exposure to changes in the fair value of fixed-rate debt that results from fluctuations in benchmark interest rates. During 2016, the Company terminated an interest rate swap transaction with a notional amount of $300.0 million and received cash proceeds of approximately $7.3 million. The resulting gain was deferred and was being amortized as a reduction to “Interest expense, net” over the remaining term of the Company’s 5⁷/8% senior notes through December 1, 2021. During 2018, the remaining unamortized gain was recognized primarily through accelerated amortization due to the repurchase of the 5⁷/8% senior notes as is more fully described in Note 7.

Net Investment Hedges

The Company uses non-derivative and derivative instruments, to hedge a portion of its net investment in foreign operations against adverse movements in exchange rates. For instruments that are designated as hedges of net investments in foreign operations, changes in the fair value of the derivative instruments are recorded in foreign currency translation adjustments, a component of accumulated other comprehensive loss, to offset changes in the value of the net investments being hedged. When the net investment in foreign operations is sold or substantially liquidates, the amounts recorded in accumulated other comprehensive loss are reclassified to earnings. To the extent foreign currency denominated debt is de-designated from a net investment hedge relationship, changes in the value of the foreign currency denominated debt are recorded in earnings through the maturity date.

During 2015, the Company designated its €312.0 million term loan facility with a maturity date of June 26, 2020 as a hedge of its net investment in foreign operations to offset foreign currency translation gains or losses on the net investment. In October 2018, the Company repaid the term loan facility and the foreign currency denominated debt was de-designated as a net investment hedge. Refer to Note 7 for further information.

In January 2018, the Company entered into a cross currency swap contract as a hedge of its net investment in foreign operations to offset foreign currency translation gains or losses on the net investment. The cross currency swap has an expiration date of January 19, 2021. At maturity of the cross currency swap contract, the Company will deliver the notional amount of approximately €245.7 million (or approximately $281.0 million as of December 31, 2018) and will receive $300.0 million from the counterparties. The Company will receive quarterly interest payments from the counterparties based on a fixed interest rate until maturity of the cross currency swap.

The following table summarizes the notional values of the instrument designated as a net investment hedge (in millions):



	Notional Amount as of
	December 31, 2018		December 31, 2017
Foreign currency denominated debt	$	—	$	374.2
Cross currency swap contract	300.0		—

The following table summarizes the after-tax impact of changes in the fair value of the instrument designated as a net investment hedge (in millions):



	(Loss) Gain Recognized in Accumulated Other Comprehensive Loss for the Years Ended
	December 31, 2018			December 31, 2017			December 31, 2016
Foreign currency denominated debt	$	(14.4	)	$	(45.0	)	$	12.7
Cross currency swap contract	17.7			—			—

Derivative Transactions Not Designated as Hedging Instruments

During 2018, 2017 and 2016, the Company entered into foreign currency contracts to economically 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. Gains and losses on such contracts are substantially offset by losses and gains on the remeasurement of the underlying asset or liability being hedged and are immediately recognized into earnings. As of December 31, 2018 and 2017, the Company had outstanding foreign currency contracts with a notional amount of approximately $1,335.8 million and $1,701.4 million, respectively.

The following table summarizes the impact that changes in the fair value of derivatives not designated as hedging instruments had on net income (in millions):



		For the Years Ended
	Classification of (Loss) Gain	December 31, 2018			December 31, 2017		December 31, 2016
Foreign currency contracts	Other expense, net	$	(1.4	)	$	38.3	$	(5.7	)

The table below sets forth the fair value of derivative instruments as of December 31, 2018 (in millions):



	Asset Derivatives as of December 31, 2018			Liability Derivatives as of December 31, 2018
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	1.9	Other current liabilities	$	0.4
Cross currency swap contract	Other noncurrent assets	17.7		Other noncurrent liabilities	—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts	Other current assets	5.1		Other current liabilities	6.2
Total derivative instruments		$	24.7		$	6.6

The table below sets forth the fair value of derivative instruments as of December 31, 2017 (in millions):



	Asset Derivatives as of December 31, 2017			Liability Derivatives as of December 31, 2017
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	—	Other current liabilities	$	1.2
Interest rate contract	Other noncurrent assets	—		Other noncurrent liabilities	4.8
Derivative instruments not designated as hedging instruments:
Foreign currency contracts	Other current assets	7.8		Other current liabilities	11.0
Total derivative instruments		$	7.8		$	17.0

Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

The future payments required under the Company’s significant commitments, excluding indebtedness, as of December 31, 2018 are as follows (in millions):



	Payments Due By Period
	2019		2020		2021		2022		2023		Thereafter		Total
Interest payments related to indebtedness⁽¹⁾	$	15.0	$	11.4	$	10.6	$	8.2	$	5.2	$	8.6	$	59.0
Capital lease obligations	4.6		3.9		2.0		0.9		0.6		3.5		15.5
Operating lease obligations	46.7		39.5		32.6		26.0		21.7		85.5		252.0
Unconditional purchase obligations⁽²⁾	79.1		10.8		6.9		1.0		—		—		97.8
Other short-term and long-term obligations⁽³⁾	98.9		83.7		53.5		22.1		26.8		37.4		322.4
Total contractual cash obligations	$	244.3	$	149.3	$	105.6	$	58.2	$	54.3	$	135.0	$	746.7

____________________________________


(1)	Estimated interest payments are calculated assuming current interest rates over minimum maturity periods specified in debt agreements. Debt may be repaid sooner or later than such minimum maturity periods (unaudited).


(2)	Unconditional purchase obligations exclude routine purchase orders entered into in the normal course of business.

(3)

Other short-term and long-term obligations include estimates of future minimum contribution requirements under the Company’s U.S. and non-U.S. defined benefit pension and postretirement plans. These estimates are based on current legislation in the countries the Company operates within and are subject to change. Other short-term and long-term obligations also include income tax liabilities related to uncertain income tax positions connected with ongoing income tax audits in various jurisdictions (unaudited).



	Amount of Commitment Expiration Per Period
	2019		2020		2021		2022		2023		Thereafter		Total
Guarantees	$	36.9	$	4.7	$	5.2	$	3.6	$	3.1	$	0.7	$	54.2

Off-Balance Sheet Arrangements

Guarantees

The Company maintains a remarketing agreement with its U.S. finance joint venture, AGCO Finance LLC, whereby the Company is obligated to repurchase up to $6.0 million of repossessed equipment each 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 December 31, 2018, the Company has outstanding guarantees of indebtedness owed to third parties of approximately $40.6 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 2023. Losses under such guarantees historically have 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. The Company believes the credit risk associated with these guarantees is not material to its financial position or results of operations.

In addition, at December 31, 2018, the Company had accrued approximately $13.6 million of outstanding guarantees of minimum residual values that may be owed to its finance joint ventures in the United States and Canada due upon expiration of certain eligible operating leases between the finance joint ventures and end users.

Other

At December 31, 2018, the Company had outstanding designated and non-designated foreign exchange contracts with a gross notional amount of approximately $1,462.8 million. The outstanding contracts as of December 31, 2018 range in maturity through December 2018 (Note 11).

The Company sells a majority of its wholesale receivables in North America, Europe and Brazil to its U.S., Canadian, European and Brazilian 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.

Total lease expense under noncancelable operating leases was $72.1 million, $73.0 million and $76.8 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Contingencies

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 December 31, 2018, not including interest and penalties, was approximately 131.5 million Brazilian Reais (or approximately $33.9 million). The amount ultimately in dispute will be significantly 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.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

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 categorizes its pension plan assets into one of the three levels of the fair value hierarchy. See Note 8 for a discussion of the valuation methods used to measure the fair value of the Company’s pension plan assets.

The Company enters into foreign currency and interest rate swap contracts. The fair values of the Company’s derivative instruments are determined using discounted cash flow valuation models. The significant inputs used in these models are readily available in public markets, or can be derived from observable market transactions, and therefore have been classified as Level 2. Inputs used in these discounted cash flow valuation models for derivative instruments include the applicable exchange rates, forward rates or interest rates. Such models used for option contracts also use implied volatility. See Note 11 for a discussion of the Company’s derivative instruments and hedging activities.

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 and 2017 are summarized below (in millions):



	As of December 31, 2018
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	24.7	$	—	$	24.7
Derivative liabilities	$	—	$	6.6	$	—	$	6.6



	As of December 31, 2017
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	7.8	$	—	$	7.8
Derivative liabilities	$	—	$	17.0	$	—	$	17.0

Cash and cash equivalents, accounts and notes receivable, and accounts payable are valued at their carrying amounts in the Company’s Consolidated Balance Sheets, due to the immediate or short-term maturity of these financial instruments.

The carrying amounts of long-term debt under the Company’s 1.056% senior term loan, senior term loans due 2022, credit facility and senior term loans due between 2019 and 2028 (Note 7) approximate fair value based on the borrowing rates currently available to the Company for loans with similar terms and average maturities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Rabobank, a financial institution based in the Netherlands, is a 51% owner in the Company’s finance joint ventures, which are located in the United States, Canada, Europe, Brazil, Argentina and Australia. Rabobank is also the principal agent and participant in the Company’s revolving credit facility (Note 7). The majority of the assets of the Company’s finance joint ventures represents finance receivables. The majority of the liabilities represents notes payable and accrued interest. Under the various joint venture agreements, Rabobank or its affiliates provide financing to the joint venture companies, primarily through lines of credit. During both 2018 and 2017, the Company did not make additional investments in its finance joint ventures. During 2016, the Company made a total of approximately $2.8 million of additional investments in its retail finance joint venture in the Netherlands, primarily related to additional capital required as a result of increased retail finance portfolios during 2016. During 2018 and 2017, the Company received dividends of approximately $29.4 million and $78.5 million, respectively, from certain of the Company’s finance joint ventures. The Company’s finance joint ventures provide retail financing and wholesale financing to its dealers. The terms of the financing arrangements offered to the Company’s dealers are similar to arrangements the finance joint ventures provide to unaffiliated third parties. In addition, the Company transfers, on an ongoing basis, a majority of its wholesale receivables in North America, Europe and Brazil to its U.S., Canadian, European and Brazilian finance joint ventures (Note 4). The Company maintains a remarketing agreement with its U.S. finance joint venture (Note 12). In addition, as part of sales incentives provided to end users, the Company may from time to time subsidize interest rates of retail financing provided by its finance joint ventures. The cost of those programs is recognized at the time of sale to the Company’s dealers. Tractors and Farm Equipment Limited (“TAFE”), in which the Company holds a 23.75% interest, manufactures and sells Massey Ferguson-branded equipment primarily in India, and also supplies tractors and components to the Company for sale in other markets. Mallika Srinivasan, who is the Chairman and Chief Executive Officer of TAFE, is currently a member of the Company’s Board of Directors. As of December 31, 2018, TAFE owned 12,150,152 shares of the Company’s common stock. The Company and TAFE are parties to an agreement pursuant to which, among other things, TAFE has agreed not to purchase in excess of 12,170,290 shares of the Company’s common stock, subject to certain adjustments, and the Company has agreed to annually nominate a TAFE representative to its Board of Directors. During 2018, 2017 and 2016, the Company purchased approximately $109.6 million, $102.0 million and $128.5 million, respectively, of tractors and components from TAFE. During 2018, 2017 and 2016, the Company sold approximately $1.8 million, $1.2 million and $1.1 million, respectively, of parts to TAFE. The Company received dividends from TAFE of approximately $1.8 million, during both 2018 and 2017, and $1.6 million during 2016. During 2018, 2017 and 2016, the Company paid approximately $3.5 million, $7.2 million and $3.1 million, respectively, to PPG Industries, Inc. for painting materials used in the Company’s manufacturing processes. The Company’s Chairman, President and Chief Executive Officer is currently a member of the board of directors of PPG Industries, Inc. During 2018, 2017 and 2016, the Company paid approximately $1.6 million, $1.5 million and $2.0 million, respectively, to Praxair, Inc. for propane, gas and welding, and laser consumables used in the Company’s manufacturing processes. The Company’s Chairman, President and Chief Executive Officer is currently a member of the board of directors of Praxair, Inc.

Segment Reporting

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Segment Reporting

Effective January 1, 2017, the Company modified its system of reporting, resulting from changes to its internal management and organizational structure, which changed its reportable segments from North America; South America; Europe/Africa/Middle East; and Asia/Pacific to North America; South America; Europe/Middle East; and Asia/Pacific/Africa. The Asia/Pacific/Africa reportable segment includes the regions of Africa, Asia, Australia and New Zealand, and the Europe/Middle East segment no longer includes certain markets in Africa. Effective January 1, 2017, these reportable segments are reflective of how the Company’s chief operating decision maker reviews operating results for the purposes of allocating resources and assessing performance. Disclosures for the years ended December 31, 2018, 2017 and 2016 have been adjusted to reflect the change in reportable segments.

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 years ended December 31, 2018, 2017 and 2016 based on the Company’s current reportable segments are as follows (in millions):



Years Ended December 31,	North America		South America			Europe/Middle East		Asia/Pacific/Africa		Consolidated
2018
Net sales	$	2,180.1	$	959.0		$	5,385.1	$	827.8	$	9,352.0
Income (loss) from operations	103.1		(10.1		)	601.1		49.6		743.7
Depreciation	67.6		30.5			111.3		15.8		225.2
Assets	1,032.1		736.1			1,905.8		501.1		4,175.1
Capital expenditures	43.3		30.4			120.3		9.3		203.3
2017
Net sales	$	1,876.7	$	1,063.5		$	4,614.3	$	752.0	$	8,306.5
Income from operations	66.9		15.4			493.3		48.8		624.4
Depreciation	61.5		30.5			113.0		17.8		222.8
Assets	1,064.1		752.1			2,074.4		499.4		4,390.0
Capital expenditures	59.1		43.0			92.9		8.9		203.9
2016
Net sales	$	1,807.7	$	917.5		$	4,089.7	$	595.6	$	7,410.5
Income from operations	41.6		20.4			400.2		19.7		481.9
Depreciation	62.5		22.9			116.6		21.4		223.4
Assets	978.5		739.4			1,635.2		426.3		3,779.4
Capital expenditures	45.3		56.0			90.1		9.6		201.0

A reconciliation from the segment information to the consolidated balances for income from operations and total assets is set forth below (in millions):



	2018			2017			2016
Segment income from operations	$	743.7		$	624.4		$	481.9
Corporate expenses	(133.7		)	(116.2		)	(114.9		)
Stock compensation expense	(44.3		)	(35.6		)	(16.9		)
Restructuring expenses	(12.0		)	(11.2		)	(11.9		)
Amortization of intangibles	(64.7		)	(57.0		)	(51.2		)
Consolidated income from operations	$	489.0		$	404.4		$	287.0

Segment assets	$	4,175.1		$	4,390.0		$	3,779.4
Cash and cash equivalents	326.1			367.7			429.7
Investments in affiliates	400.0			409.0			414.9
Deferred tax assets, other current and noncurrent assets	656.6			614.6			560.7
Intangible assets, net	573.1			649.0			607.3
Goodwill	1,495.5			1,541.4			1,376.4
Consolidated total assets	$	7,626.4		$	7,971.7		$	7,168.4

Property, plant and equipment and amortizable intangible assets by country as of December 31, 2018 and 2017 was as follows (in millions):



	2018		2017
United States	$	593.6	$	647.9
Germany	371.5		405.5
Brazil	187.7		217.9
Finland	130.0		149.9
China	109.4		127.7
Denmark	108.7		125.7
Italy	115.1		123.0
France	75.6		66.0
Other	167.7		182.1
	$	1,859.3	$	2,045.7

Revenue

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

Revenue is recognized when the Company satisfies the performance obligation by transferring control over goods or services to a dealer, distributor or other customer. The amount of revenue recognized is measured as the consideration the Company expects to receive in exchange for those goods or services pursuant to a contract with the customer. A contract exists once the Company receives and accepts a purchase order under a dealer sales agreement, or once the Company enters into a contract with an end user. The Company does not recognize revenue in cases where collectability is not probable, and defers the recognition until collection is probable or payment is received.

The Company generates revenue from the manufacture and distribution of agricultural equipment and replacement parts. Sales of equipment and replacement parts, which represents a majority of the Company’s net sales, are recorded by the Company at the point in time when title and control have been transferred to an independent dealer, distributor or other customer. Title generally passes to the dealer or distributor upon shipment or specified delivery, and the risk of loss upon damage, theft or destruction of the equipment is the responsibility of the dealer, distributor or designated third-party carrier. The Company believes control passes and the performance obligation is satisfied at the point of the stated shipping or delivery term with respect to such sales.

The amount of consideration the Company receives and the revenue recognized varies with certain sales incentives the Company offers to dealers and distributors. Estimates for sales incentives are made at the time of sale for existing incentive programs using the expected value method. These estimates are revised in the event of subsequent modification to the incentive program. All incentive programs are recorded and presented as a reduction of revenue, due to the fact that the Company does not receive a distinct good or service in exchange for the consideration provided.

Dealers or distributors may not return equipment or replacement parts while its contract with the Company is in force, except for under established promotional and annual replacement parts return programs. At the time of sale, the Company estimates the amount of returns based on the terms of promotional and annual return programs and anticipated returns in the future.

Sales and other related taxes are excluded from the transaction price. Shipping and handling costs associated with freight are accounted for as fulfillment costs and are expensed at the time revenue is recognized in “Cost of goods sold” and “Selling, general and administrative expenses” in the Company’s Consolidated Statements of Operations.

The Company applied the practical expedient in ASU 2014-09 to not adjust the amount of revenue to be recognized under a contract with a dealer, distributor or other customer for the time value of money when the difference between the receipt of payment and the recognition of revenue is less than one year.

Although, substantially all revenue is recognized at a point in time, a relatively insignificant amount of installation revenue associated with the sale of grain storage and protein production systems is recognized on an “over time” basis as discussed below. The Company also recognizes revenue “over time” with respect to extended warranty or maintenance contracts and certain technology services. Generally, all of the contracts with customers that relate to “over time” revenue recognition have contract durations of less than 12 months.

Grain Storage and Protein Production Systems Installation Revenue. In certain countries, the Company sells grain storage and protein production systems where the Company is responsible for construction and installation, and the sale is contingent upon customer acceptance. Under these conditions, the revenues are recognized over the term of the contract when the Company can objectively determine control has been transferred to the customer in accordance with agreed-upon specifications in the contract. For these contracts, the Company may be entitled to receive an advance payment, which is recognized as a contract liability for the amount in excess of the revenue recognized. The Company uses the input method using costs incurred to date relative to total estimated costs at completion to measure the progress toward satisfaction of the performance obligation. Revenues are recorded proportionally as costs are incurred. Costs include labor, material and overhead. The estimation of the progress toward completion is subject to various assumptions. As part of the estimation process, the Company reviews the length of time to complete the performance obligation, the cost of materials and labor productivity. If a significant change in one of the assumptions occurs, then the Company will recognize an adjustment under the cumulative catch-up method and the impact of the adjustment on the revenue recorded to date is recognized in the period the adjustment is identified.

Extended Warranty Contracts. The Company sells separately priced extended warranty contracts, which extends coverage beyond the base warranty period. Revenue is recognized for the extended warranty contract on a straight-line basis, which the Company believes approximates the costs expected to be incurred in satisfying the obligations, over the extended warranty period. The extended warranty period ranges from one to five years. Payment is received at the inception of the extended warranty contract, which is recognized as a contract liability for the amount in excess of the revenue recognized. The revenue associated with the sale of extended warranty contracts is insignificant.

Technology Services Revenue. The Company sells a combination of technology products and services. When the bundled package of technology products and services is sold, the portion of the consideration received related to the services component is recognized over time as the Company satisfies the future performance obligation. Revenue is recognized for the hardware component when control is transferred to the dealer or distributor. The revenue associated with the sale of technology services is insignificant.

Contract Assets and Liabilities

Contract assets relate to the Company’s right to recover returned replacement parts. When the refund for the returned replacement part is settled with the dealer or distributor, the contract asset is then transferred to inventory. Contract liabilities relate to the following: (1) the obligation to refund dealers or distributors for the expected return of replacement parts, (2) unrecognized revenues where advance payment of consideration precedes the Company’s performance with respect to extended warranty contracts and where the performance obligation is satisfied over time, (3) unrecognized revenues where advance payment of consideration precedes the Company’s performance with respect to certain grain storage and protein production systems and where the performance obligation is satisfied over time and (4) unrecognized revenues where advance payment consideration precedes the Company’s performance with respect to technology services and where the performance obligation is satisfied over time.

Significant changes in the balance of contract assets and liabilities for the year ended December 31, 2018 were as follows (in millions):



Contract Assets
	Year Ended December 31, 2018⁽¹⁾
Balance at beginning of period	$	10.1
Additions for expected returns of replacement parts sold during the period	21.0
Transfer of returned replacement parts to inventory	(18.8		)
Foreign currency translation	(0.1		)
Balance as of December 31, 2018	$	12.2

Contract Liabilities
	Year Ended December 31, 2018⁽¹⁾
Balance at beginning of period	$	104.4
Advance consideration received	124.9
Accrual for expected reimbursement of replacement parts sold during the period	52.3
Revenue recognized during the period for extended warranty contracts	(29.0		)
Revenue recognized during the period related to installation of grain storage and protein production systems	(100.9		)
Replacement part settlements made during the period	(45.7		)
Foreign currency translation	(1.0		)
Balance as of December 31, 2018	$	105.0

____________________________________

(1) The beginning of the period is from the date of adoption of ASU 2014-09 or January 1, 2018.

The contract assets are classified as “Other current assets” and “Other assets”, and the contract liabilities are classified as either “Other current and noncurrent liabilities” or “Accrued expenses” in the Company’s Consolidated Balance Sheets.

Remaining Performance Obligations

The estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of December 31, 2018 are $29.6 million in 2019, $21.1 million in 2020, $11.8 million in 2021, $5.8 million in 2022 and $1.8 million thereafter, and relate primarily to extended warranty contracts. The Company applied the practical expedient in ASU 2014-09 and has not disclosed information about remaining performance obligations that have original expected durations of 12 months or less.

Disaggregated Revenue

Net sales for the year ended December 31, 2018 disaggregated by primary geographical markets and major products consisted of the following (in millions):



	North America		South America		Europe/Middle East⁽¹⁾		Asia/Pacific/Africa		Consolidated⁽¹⁾
Primary geographical markets:
United States	$	1,723.6	$	—	$	—	$	—	$	1,723.6
Canada	329.0		—		—		—		329.0
Germany	—		—		1,213.6		—		1,213.6
France	—		—		1,002.9		—		1,002.9
United Kingdom and Ireland	—		—		614.4		—		614.4
Finland and Scandinavia	—		—		826.5		—		826.5
Other Europe	—		—		1,627.8		—		1,627.8
South America	—		943.1		—		—		943.1
Middle East and Algeria	—		—		100.0		—		100.0
Africa	—		—		—		135.5		135.5
Asia	—		—		—		414.5		414.5
Australia and New Zealand	—		—		—		277.8		277.8
Mexico, Central America and Caribbean	127.5		15.9		—		—		143.4
	$	2,180.1	$	959.0	$	5,385.1	$	827.8	$	9,352.0

Major products:
Tractors	$	665.8	$	599.1	$	3,743.0	$	353.2	$	5,361.1
Replacement parts	298.7		91.0		880.3		76.0		1,346.0
Grain storage and protein production systems	570.3		70.1		187.6		285.5		1,113.5
Combines	63.1		104.0		143.2		9.4		319.7
Application equipment	225.6		34.1		27.3		18.7		305.7
Other machinery	356.6		60.7		403.8		85.0		906.1
	$	2,180.1	$	959.0	$	5,385.1	$	827.8	$	9,352.0

___________________________________


(1)	Rounding may impact summation of amounts.

Net sales for the year ended December 31, 2017 disaggregated by primary geographical markets and major products consisted of the following (in millions):



	North America⁽¹⁾		South America		Europe/Middle East		Asia/Pacific/Africa⁽¹⁾		Consolidated
Primary geographical markets:
United States	$	1,445.7	$	—	$	—	$	—	$	1,445.7
Canada	296.9		—		—		—		296.9
Germany	—		—		997.4		—		997.4
France	—		—		815.7		—		815.7
United Kingdom and Ireland	—		—		512.6		—		512.6
Finland and Scandinavia	—		—		721.3		—		721.3
Other Europe	—		—		1,396.0		—		1,396.0
South America	—		1,039.2		—		—		1,039.2
Middle East and Algeria	—		—		171.3		—		171.3
Africa	—		—		—		138.1		138.1
Asia	—		—		—		366.4		366.4
Australia and New Zealand	—		—		—		247.4		247.4
Mexico, Central America and Caribbean	134.2		24.3		—		—		158.5
	$	1,876.7	$	1,063.5	$	4,614.3	$	752.0	$	8,306.5

Major products:
Tractors	$	624.8	$	673.5	$	3,149.7	$	337.2	$	4,785.2
Replacement parts	287.0		108.4		835.3		74.3		1,305.0
Grain storage and protein production systems	537.2		72.9		182.9		256.6		1,049.6
Combines	67.4		131.9		139.2		10.5		349.0
Application equipment	166.4		26.1		32.1		10.6		235.2
Other machinery	193.9		50.7		275.1		62.8		582.5
	$	1,876.7	$	1,063.5	$	4,614.3	$	752.0	$	8,306.5

___________________________________


(1)	Rounding may impact summation of amounts.

Net sales for the year ended December 31, 2016 disaggregated by primary geographical markets and major products consisted of the following (in millions):



	North America		South America⁽¹⁾		Europe/Middle East⁽¹⁾		Asia/Pacific/Africa		Consolidated
Primary geographical markets:
United States	$	1,404.6	$	—	$	—	$	—	$	1,404.6
Canada	286.7		—		—		—		286.7
Germany	—		—		891.2		—		891.2
France	—		—		746.9		—		746.9
United Kingdom and Ireland	—		—		440.7		—		440.7
Finland and Scandinavia	—		—		677.7		—		677.7
Other Europe	—		—		1,127.9		—		1,127.9
South America	—		893.9		—		—		893.9
Middle East and Algeria	—		—		205.4		—		205.4
Africa	—		—		—		116.2		116.2
Asia	—		—		—		266.8		266.8
Australia and New Zealand	—		—		—		212.6		212.6
Mexico, Central America and Caribbean	116.4		23.5		—		—		139.9
	$	1,807.7	$	917.5	$	4,089.7	$	595.6	$	7,410.5

Major products:
Tractors	$	506.2	$	594.3	$	2,846.4	$	278.2	$	4,225.1
Replacement parts	288.3		88.0		771.0		64.0		1,211.3
Grain storage and protein production systems	574.6		66.1		85.2		166.6		892.5
Combines	64.0		93.8		123.4		21.6		302.8
Application equipment	190.8		23.7		34.8		7.9		257.2
Other machinery	183.8		51.6		228.9		57.3		521.6
	$	1,807.7	$	917.5	$	4,089.7	$	595.6	$	7,410.5

___________________________________


(1)	Rounding may impact summation of amounts.

Schedule II - Valuation and Qualifying Account

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts Disclosure

SCHEDULE II

AGCO CORPORATION AND SUBSIDIARIES

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS

(In millions)



			Additions
Description	Balance at Beginning of Period		Acquired Businesses		Charged to Costs and Expenses		Deductions			Foreign Currency Translation			Balance at End of Period
Year ended December 31, 2018
Allowances for doubtful accounts	$	38.7	$	—	$	6.4	$	(11.4	)	$	(2.0	)	$	31.7
Year ended December 31, 2017
Allowances for doubtful accounts	$	33.7	$	2.2	$	4.6	$	(3.8	)	$	2.0		$	38.7
Year ended December 31, 2016
Allowances for doubtful accounts	$	29.3	$	2.2	$	3.2	$	(0.7	)	$	(0.3	)	$	33.7



			Additions
Description	Balance at Beginning of Period		Charged to Costs and Expenses		Reversal of Accrual			Deductions			Foreign Currency Translation			Balance at End of Period
Year ended December 31, 2018
Accruals of severance, relocation and other integration costs	$	10.9	$	13.8	$	(2.1	)	$	(14.4	)	$	(1.1	)	$	7.1
Year ended December 31, 2017
Accruals of severance, relocation and other integration costs	$	15.3	$	12.4	$	(1.4	)	$	(16.8	)	$	1.4		$	10.9
Year ended December 31, 2016
Accruals of severance, relocation and other integration costs	$	16.9	$	12.0	$	(0.1	)	$	(13.3	)	$	(0.2	)	$	15.3



			Additions
Description	Balance at Beginning of Period		Acquired Businesses		Charged (Credited) to Costs and Expenses⁽¹⁾			Deductions		Foreign Currency Translation			Balance at End of Period
Year ended December 31, 2018
Deferred tax valuation allowance	$	81.9	$	—	$	6.3		$	—	$	(4.3	)	$	83.9
Year ended December 31, 2017
Deferred tax valuation allowance	$	116.0	$	—	$	(38.4	)	$	—	$	4.3		$	81.9
Year ended December 31, 2016
Deferred tax valuation allowance	$	75.8	$	—	$	37.9		$	—	$	2.3		$	116.0

⁽¹⁾ Amount charged through other comprehensive income during the year ended December 31, 2018 was $18.3 million.

Operations and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation and Consolidation

Use of Estimates

Foreign Currency Transaction

Foreign Currency Translation

Cash and Cash Equivalents

Accounts and Notes Receivable

The following summarizes by geographic region, as a percentage of our consolidated net sales, amounts with maximum interest-free periods as presented below (in millions):



Year Ended December 31, 2018	North America		South America		Europe/Middle East		Asia/Pacific/Africa		Consolidated
0 to 6 months	$	1,639.6	$	959.0	$	5,368.0	$	827.8	$	8,794.4	94.0	%
7 to 12 months	523.1		—		17.1		—		540.2		5.8	%
13 to 24 months	17.4		—		—		—		17.4		0.2	%
	$	2,180.1	$	959.0	$	5,385.1	$	827.8	$	9,352.0	100.0	%



	2018		2017
Sales incentive discounts	$	24.2	$	33.1
Doubtful accounts	31.7		38.7
	$	55.9	$	71.8

Inventories

Property, Plant and Equipment

Goodwill, Other Intangible Assets and Long-Lived Assets

Amortization of certain Intangible Assets

Changes in the carrying amount of goodwill during the years ended December 31, 2018, 2017 and 2016 are summarized as follows (in millions):



	North America		South America			Europe/Middle East			Asia/Pacific/Africa			Consolidated
Balance as of December 31, 2015	$	518.7	$	114.4		$	411.2		$	70.2		$	1,114.5
Acquisitions	25.2		—			196.4			47.6			269.2
Foreign currency translation	—		24.4			(25.7		)	(6.0		)	(7.3		)
Balance as of December 31, 2016	543.9		138.8			581.9			111.8			1,376.4
Acquisitions	67.2		—			17.4			—			84.6
Foreign currency translation	—		(2.4		)	71.7			11.1			80.4
Balance as of December 31, 2017	611.1		136.4			671.0			122.9			1,541.4
Adjustments	—		—			8.4			—			8.4
Foreign currency translation	—		(19.7		)	(29.8		)	(4.8		)	(54.3		)
Balance as of December 31, 2018	$	611.1	$	116.7		$	649.6		$	118.1		$	1,495.5

The Company amortizes certain acquired identifiable intangible assets primarily on a straight-line basis over their estimated useful lives, which range from three to 50 years.

Warranty Reserves

Insurance Reserves

Research and Development Expenses

Research and development expenses are expensed as incurred and are included in engineering expenses in the Company’s Consolidated Statements of Operations.

Advertising Costs

The Company expenses all advertising costs as incurred. Cooperative advertising costs normally are expensed at the time the revenue is earned.

Shipping and Handling Expenses

Income Taxes

Net Income Per Common Share

Comprehensive Income (Loss)

Derivatives

The Company uses non-derivative and, periodically, derivative instruments to hedge a portion of the Company’s net investment in foreign operations against adverse movements in exchange rates.

Recent Accounting Pronouncements

The following table summarizes the impact of adopting ASU 2014-09 on the Company’ s Consolidated Balance Sheet as of December 31, 2018 (in millions):



	As Reported		Balances Without Adoption of ASU 2014-09		Increase (Decrease) Due to Adoption
Assets
Accounts and notes receivable, net	$	880.3	$	880.1	$	0.2
Other current assets	422.3		410.9		11.4
Total current assets	3,537.4		3,525.8		11.6
Other assets	142.4		141.6		0.8
Total assets	7,626.4		7,614.0		12.4

Liabilities and Stockholders’ Equity
Accrued expenses	$	1,522.4	$	1,508.3	$	14.1
Total current liabilities	2,766.7		2,752.6		14.1
Other noncurrent liabilities	251.4		249.1		2.3
Total liabilities	4,632.9		4,616.5		16.4
Retained earnings	4,477.3		4,481.3		(4.0		)
Total stockholder’s equity	2,993.5		2,997.5		(4.0		)
Total liabilities and stockholder’s equity	7,626.4		7,614.0		12.4

The impact of adopting ASU 2014-09 on the Consolidated Statement of Operations and Consolidated Statement of Cash Flows for the year ended December 31, 2018 was not material.

Operations and Summary of Significant Accounting Policies (Tables) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Accounting Policies [Abstract]

Accounts Receivable Outstanding as a Percent of Net Sales

The following summarizes by geographic region, as a percentage of our consolidated net sales, amounts with maximum interest-free periods as presented below (in millions):



Year Ended December 31, 2018	North America		South America		Europe/Middle East		Asia/Pacific/Africa		Consolidated
0 to 6 months	$	1,639.6	$	959.0	$	5,368.0	$	827.8	$	8,794.4	94.0	%
7 to 12 months	523.1		—		17.1		—		540.2		5.8	%
13 to 24 months	17.4		—		—		—		17.4		0.2	%
	$	2,180.1	$	959.0	$	5,385.1	$	827.8	$	9,352.0	100.0	%

Trade Allowances and Sales Incentive Discounts

Accounts and notes receivable allowances at December 31, 2018 and 2017 were as follows (in millions):



	2018		2017
Sales incentive discounts	$	24.2	$	33.1
Doubtful accounts	31.7		38.7
	$	55.9	$	71.8

Schedule of Inventory, Current

Inventories, net at December 31, 2018 and 2017 were as follows (in millions):



	2018		2017
Finished goods	$	660.4	$	684.1
Repair and replacement parts	587.3		605.9
Work in process	217.5		178.7
Raw materials	443.5		404.2
Inventories, net	$	1,908.7	$	1,872.9

Property, Plant and Equipment

Property, plant and equipment, net at December 31, 2018 and 2017 consisted of the following (in millions):



	2018			2017
Land	$	125.3		$	130.6
Buildings and improvements	769.0			792.0
Machinery and equipment	2,374.7			2,391.6
Furniture and fixtures	148.6			147.6
Gross property, plant and equipment	3,417.6			3,461.8
Accumulated depreciation and amortization	(2,044.5		)	(1,976.5		)
Property, plant and equipment, net	$	1,373.1		$	1,485.3

Schedule of Goodwill

Changes in the carrying amount of goodwill during the years ended December 31, 2018, 2017 and 2016 are summarized as follows (in millions):



	North America		South America			Europe/Middle East			Asia/Pacific/Africa			Consolidated
Balance as of December 31, 2015	$	518.7	$	114.4		$	411.2		$	70.2		$	1,114.5
Acquisitions	25.2		—			196.4			47.6			269.2
Foreign currency translation	—		24.4			(25.7		)	(6.0		)	(7.3		)
Balance as of December 31, 2016	543.9		138.8			581.9			111.8			1,376.4
Acquisitions	67.2		—			17.4			—			84.6
Foreign currency translation	—		(2.4		)	71.7			11.1			80.4
Balance as of December 31, 2017	611.1		136.4			671.0			122.9			1,541.4
Adjustments	—		—			8.4			—			8.4
Foreign currency translation	—		(19.7		)	(29.8		)	(4.8		)	(54.3		)
Balance as of December 31, 2018	$	611.1	$	116.7		$	649.6		$	118.1		$	1,495.5

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

The acquired intangible assets have a weighted average useful life as follows:



Intangible Asset	Weighted-Average Useful Life
Patents and technology	12	years
Customer relationships	13	years
Trademarks and trade names	19	years
Land use rights	45	years

Changes in the carrying amount of acquired intangible assets during 2018 and 2017 are summarized as follows (in millions):



	Trademarks and Trade Names			Customer Relationships			Patents and Technology			Land Use Rights			Total
Gross carrying amounts:
Balance as of December 31, 2016	$	179.2		$	558.0		$	122.1		$	8.5		$	867.8
Acquisitions	19.5			24.4			28.1			—			72.0
Foreign currency translation	9.7			18.0			9.8			0.6			38.1
Balance as of December 31, 2017	208.4			600.4			160.0			9.1			977.9
Foreign currency translation	(5.0		)	(14.1		)	(4.2		)	(0.5		)	(23.8		)
Balance as of December 31, 2018	$	203.4		$	586.3		$	155.8		$	8.6		$	954.1



	Trademarks and Trade Names			Customer Relationships			Patents and Technology			Land Use Rights			Total
Accumulated amortization:
Balance as of December 31, 2016	$	49.7		$	233.0		$	59.5		$	2.7		$	344.9
Amortization expense	10.3			38.5			8.0			0.2			57.0
Foreign currency translation	1.4			8.2			5.9			0.1			15.6
Balance as of December 31, 2017	61.4			279.7			73.4			3.0			417.5
Amortization expense	13.7			40.7			10.1			0.2			64.7
Foreign currency translation	(1.7		)	(9.6		)	(2.8		)	(0.2		)	(14.3		)
Balance as of December 31, 2018	$	73.4		$	310.8		$	80.7		$	3.0		$	467.9

Schedule of Indefinite-lived Intangible Assets by Major Class



	Trademarks and Trade Names
Indefinite-lived intangible assets:
Balance as of December 31, 2016	$	84.4
Foreign currency translation	4.2
Balance as of December 31, 2017	88.6
Foreign currency translation	(1.7		)
Balance as of December 31, 2018	$	86.9

Schedule of Accrued Liabilities

Accrued expenses at December 31, 2018 and 2017 consisted of the following (in millions):



	2018		2017
Reserve for volume discounts and sales incentives	$	537.7	$	489.1
Warranty reserves	308.6		273.6
Accrued employee compensation and benefits	286.2		283.3
Accrued taxes	137.8		135.4
Other	252.1		226.5
	$	1,522.4	$	1,407.9

Schedule of Product Warranty Liability

The warranty reserve activity for the years ended December 31, 2018, 2017 and 2016 consisted of the following (in millions):



	2018			2017			2016
Balance at beginning of the year	$	316.0		$	255.6		$	230.3
Acquisitions	—			5.1			3.7
Accruals for warranties issued during the year	230.5			215.9			214.6
Settlements made (in cash or in kind) during the year	(174.7		)	(183.1		)	(188.7		)
Foreign currency translation	(10.9		)	22.5			(4.3		)
Balance at the end of the year	$	360.9		$	316.0		$	255.6

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

Stock compensation expense was recorded as follows (in millions). Refer to Note 10 for additional information regarding the Company’s stock incentive plans during 2018, 2017 and 2016:



	Years Ended December 31,
	2018		2017		2016
Cost of goods sold	$	2.3	$	2.8	$	1.5
Selling, general and administrative expenses	44.3		35.6		16.9
Total stock compensation expense	$	46.6	$	38.4	$	18.4

Schedule of Components of Interest Expense, Net

Interest expense, net for the years ended December 31, 2018, 2017 and 2016 consisted of the following (in millions):



	2018			2017			2016
Interest expense	$	61.9		$	54.5		$	65.4
Interest income	(8.1		)	(9.4		)	(13.3		)
	$	53.8		$	45.1		$	52.1

Schedule of Earnings Per Share, Basic and Diluted



	2018		2017		2016
Basic net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$	285.5	$	186.4	$	160.1
Weighted average number of common shares outstanding	78.8		79.5		81.4
Basic net income per share attributable to AGCO Corporation and subsidiaries	$	3.62	$	2.34	$	1.97
Diluted net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$	285.5	$	186.4	$	160.1
Weighted average number of common shares outstanding	78.8		79.5		81.4
Dilutive SSARs, performance share awards and restricted stock units	0.9		0.7		0.3
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share	79.7		80.2		81.7
Diluted net income per share attributable to AGCO Corporation and subsidiaries	$	3.58	$	2.32	$	1.96

Schedule of Comprehensive Income (Loss)

The components of other comprehensive (loss) income and the related tax effects for the years ended December 31, 2018, 2017 and 2016 are as follows (in millions):



	AGCO Corporation and Subsidiaries									Noncontrolling Interests
	2018									2018
	Before-tax Amount			Income Taxes			After-tax Amount			After-tax Amount
Defined benefit pension plans	$	0.8		$	1.9		$	2.7		$	—
Net gain on derivatives	7.6			(1.5		)	6.1			—
Foreign currency translation adjustments	(202.6		)	—			(202.6		)	(4.2		)
Total components of other comprehensive loss	$	(194.2	)	$	0.4		$	(193.8	)	$	(4.2	)



	AGCO Corporation and Subsidiaries							Noncontrolling Interests
	2017							2017
	Before-tax Amount		Income Taxes			After-tax Amount		After-tax Amount
Defined benefit pension plans	$	24.2	$	(4.8	)	$	19.4	$	—
Net gain on derivatives	4.1		(0.1		)	4.0		—
Foreign currency translation adjustments	56.6		—			56.6		1.2
Total components of other comprehensive income	$	84.9	$	(4.9	)	$	80.0	$	1.2



	AGCO Corporation and Subsidiaries								Noncontrolling Interests
	2016								2016
	Before-tax Amount			Income Taxes		After-tax Amount			After-tax Amount
Defined benefit pension plans	$	(68.2	)	$	12.7	$	(55.5	)	$	—
Net loss on derivatives	(6.8		)	0.1		(6.7		)	—
Foreign currency translation adjustments	80.8			—		80.8			1.6
Total components of other comprehensive income	$	5.8		$	12.8	$	18.6		$	1.6

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The following table summarizes the impact of adopting ASU 2014-09 on the Company’ s Consolidated Balance Sheet as of December 31, 2018 (in millions):



	As Reported		Balances Without Adoption of ASU 2014-09		Increase (Decrease) Due to Adoption
Assets
Accounts and notes receivable, net	$	880.3	$	880.1	$	0.2
Other current assets	422.3		410.9		11.4
Total current assets	3,537.4		3,525.8		11.6
Other assets	142.4		141.6		0.8
Total assets	7,626.4		7,614.0		12.4

Liabilities and Stockholders’ Equity
Accrued expenses	$	1,522.4	$	1,508.3	$	14.1
Total current liabilities	2,766.7		2,752.6		14.1
Other noncurrent liabilities	251.4		249.1		2.3
Total liabilities	4,632.9		4,616.5		16.4
Retained earnings	4,477.3		4,481.3		(4.0		)
Total stockholder’s equity	2,993.5		2,997.5		(4.0		)
Total liabilities and stockholder’s equity	7,626.4		7,614.0		12.4

Total current assets

$ 3,537.4

$ 3,627.7

Other current assets

422.3

367.7

Accounts, Notes, Loans and Financing Receivable, Net, Current

$ 880.3

$ 1,019.4

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and liabilities assumed

The fair values of the assets acquired and liabilities assumed as of the acquisition date are presented in the following table (in millions):



Current assets	$	59.5
Property, plant and equipment	20.8
Intangible assets	64.4
Goodwill	67.2
Total assets acquired	211.9

Current liabilities	12.2
Total liabilities assumed	12.2
Net assets acquired	$	199.7

The fair values of the assets acquired and liabilities assumed as of the acquisition date are presented in the following table (in millions):



Current assets	$	74.2
Property, plant and equipment	21.9
Intangible assets	128.9
Goodwill	237.9
Total assets acquired	462.9

Current liabilities	63.8
Deferred tax liabilities	38.5
Long-term debt and other noncurrent liabilities	10.5
Total liabilities assumed	112.8
Net assets acquired	$	350.1

The fair values of the assets acquired and liabilities assumed as of the acquisition date are presented in the following table (in millions):



Current assets	$	87.0
Property, plant and equipment	17.8
Intangible assets	7.6
Goodwill	25.8
Total assets acquired	138.2

Current liabilities	23.5
Long-term liabilities	8.2
Total liabilities assumed	31.7
Net assets acquired	$	106.5

Schedule of Acquired Other Identifiable Intangible Assets

The acquired identifiable intangible assets of Lely as of the date of the acquisition are summarized in the following table (in millions):



Intangible Asset	Amount		Weighted-Average Useful Life
Customer relationships	$	3.0	5	years
Technology	3.0		12	years
Trademarks	1.6		10	years
	$	7.6

The acquired identifiable intangible assets of Precision Planting as of the date of the acquisition are summarized in the following table (in millions):



Intangible Asset	Amount		Weighted-Average Useful Life
Customer relationships	$	21.4	14	years
Technology	25.1		10	years
Trademarks	17.9		20	years
	$	64.4

The acquired identifiable intangible assets of Tecno as of the date of the acquisition are summarized in the following table (in millions):



Intangible Asset	Amount		Weighted-Average Useful Life
Customer relationships	$	15.7	10	years
Technology	7.9		10	years
Trademarks	3.9		10	years
	$	27.5

The acquired identifiable intangible assets of Cimbria as of the date of the acquisition are summarized in the following table (in millions):



Intangible Asset	Amount		Weighted-Average Useful Life
Customer relationships	$	50.4	9	years
Technology	22.5		10	years
Trademarks	56.0		20	years
	$	128.9

Restructuring Expenses (Tables)

12 Months Ended

Dec. 31, 2018

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

The components of the restructuring expenses are summarized as follows (in millions):



	Write-down of Property, Plant and Equipment			Employee Severance			Facility Closure Costs			Total
Balance as of December 31, 2015	$	—		$	16.9		$	—		$	16.9
2016 provision	—			11.0			1.0			12.0
2016 provision reversal	—			(0.1		)	—			(0.1		)
2016 cash activity	—			(13.1		)	(0.2		)	(13.3		)
Foreign currency translation	—			(0.2		)	—			(0.2		)
Balance as of December 31, 2016	—			14.5			0.8			15.3
2017 provision	0.2			12.4			—			12.6
Less: Non-cash expense	(0.2		)	—			—			(0.2		)
Cash expense	—			12.4			—			12.4
2017 provision reversal	—			(1.4		)	—			(1.4		)
2017 cash activity	—			(16.0		)	(0.8		)	(16.8		)
Foreign currency translation	—			1.4			—			1.4
Balance as of December 31, 2017	—			10.9			—			10.9
2018 provision	0.3			13.8			—			14.1
Less: Non-cash expense	(0.3		)	—			—			(0.3		)
Cash expense	—			13.8			—			13.8
2018 provision reversal	—			(2.1		)	—			(2.1		)
2018 cash activity	—			(14.4		)	—			(14.4		)
Foreign currency translation	—			(1.1		)	—			(1.1		)
Balance as of December 31, 2018	$	—		$	7.1		$	—		$	7.1

Investments in Affiliates (Tables)

12 Months Ended

Dec. 31, 2018

Investments in and Advances to Affiliates, Schedule of Investments [Abstract]

Investments in and Advances to Affiliates

Investments in affiliates as of December 31, 2018 and 2017 were as follows (in millions):



	2018		2017
Finance joint ventures	$	358.7	$	373.7
Manufacturing joint ventures	26.3		20.1
Other affiliates	15.0		15.2
	$	400.0	$	409.0

Schedule of Equity Method Investments

The Company’s equity in net earnings of affiliates for the years ended December 31, 2018, 2017 and 2016 were as follows (in millions):



	2018			2017			2016
Finance joint ventures	$	34.7		$	39.9		$	45.5
Manufacturing and other joint ventures	(0.4		)	(0.8		)	2.0
	$	34.3		$	39.1		$	47.5



	As of December 31,
	2018		2017
Total assets	$	7,643.5	$	8,440.0
Total liabilities	6,911.5		7,677.3
Partners’ equity	732.0		762.7



	For the Years Ended December 31,
	2018		2017		2016
Revenues	$	305.2	$	305.7	$	297.4
Costs	201.1		183.0		159.0
Income before income taxes	$	104.1	$	122.7	$	138.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The sources of income before income taxes and equity in net earnings of affiliates were as follows for the years ended December 31, 2018, 2017 and 2016 (in millions):



	2018			2017			2016
United States	$	(126.0	)	$	(141.6	)	$	(150.0	)
Foreign	486.3			425.4			354.9
Income before income taxes and equity in net earnings of affiliates	$	360.3		$	283.8		$	204.9

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes by location of the taxing jurisdiction for the years ended December 31, 2018, 2017 and 2016 consisted of the following (in millions):



	2018			2017			2016
Current:
United States:
Federal	$	(9.1	)	$	20.3		$	(24.3	)
State	1.2			0.6			0.2
Foreign	133.5			126.8			114.2
	125.6			147.7			90.1
Deferred:
United States:
Federal	—			0.9			21.9
State	—			—			—
Foreign	(14.7		)	(15.0		)	(19.8		)
	(14.7		)	(14.1		)	2.1
	$	110.9		$	133.6		$	92.2

Schedule of Effective Income Tax Rate Reconciliation



	2018			2017			2016
Provision for income taxes at United States federal statutory rate	$	75.7		$	99.3		$	71.7
State and local income taxes, net of federal income tax effects	(6.0		)	(5.7		)	(6.0		)
Taxes on foreign income which differ from the United States statutory rate	(0.3		)	(57.7		)	(44.5		)
Tax effect of permanent differences	26.7			60.6			14.4
Change in valuation allowance	24.6			(1.4		)	37.9
Change in tax contingency reserves	8.5			3.8			23.4
Research and development tax credits	(8.5		)	(5.0		)	(3.8		)
Impacts related to the 2017 Tax Act	(8.4		)	42.0			—
Other	(1.4		)	(2.3		)	(0.9		)
	$	110.9		$	133.6		$	92.2

Schedule of Deferred Tax Assets and Liabilities

The significant components of the deferred tax assets and liabilities at December 31, 2018 and 2017 were as follows (in millions):



	2018			2017
Deferred Tax Assets:
Net operating loss carryforwards	$	74.5		$	83.4
Sales incentive discounts	58.8			60.2
Inventory valuation reserves	36.3			34.4
Pensions and postretirement health care benefits	47.6			52.2
Warranty and other reserves	98.6			92.2
Research and development tax credits	3.1			2.9
Foreign tax credits	9.7			10.4
Other	21.6			19.2
Total gross deferred tax assets	350.2			354.9
Valuation allowance	(83.9		)	(81.9		)
Total net deferred tax assets	266.3			273.0
Deferred Tax Liabilities:
Tax over book depreciation and amortization	214.3			229.1
Investment in affiliates	42.8			53.9
Other	20.6			8.3
Total deferred tax liabilities	277.7			291.3
Net deferred tax liabilities	$	(11.4	)	$	(18.3	)
Amounts recognized in Consolidated Balance Sheets:
Deferred tax assets - noncurrent	$	104.9		$	112.2
Deferred tax liabilities - noncurrent	(116.3		)	(130.5		)
	$	(11.4	)	$	(18.3	)

Summary of Income Tax Contingencies

A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits as of and during the years ended December 31, 2018 and 2017 is as follows (in millions):



	2018			2017
Gross unrecognized income tax benefits	$	163.4		$	139.9
Additions for tax positions of the current year	3.8			16.4
Additions for tax positions of prior years	13.1			4.8
Reductions for tax positions of prior years for:
Changes in judgments	(1.6		)	1.4
Settlements during the year	(0.7		)	(0.4		)
Lapses of applicable statute of limitations	(4.4		)	(14.4		)
Foreign currency translation	(7.5		)	15.7
Gross unrecognized income tax benefits	$	166.1		$	163.4

Indebtedness (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Components of Indebtedness

consisted of the following at December 31, 2018 and 2017 (in millions):



	December 31, 2018			December 31, 2017
1.056% Senior term loan due 2020⁽¹⁾	$	228.7		$	239.8
Senior term loan due 2022⁽¹⁾	171.5			119.9
Credit facility, expires 2023⁽¹⁾	114.4			471.2
Senior term loans due between 2019 and 2028⁽¹⁾	815.3			449.7
5 ⁷/8% Senior notes due 2021	—			305.3
Other long-term debt	132.2			131.6
Debt issuance costs	(2.6		)	(4.0		)
	1,459.5			1,713.5
Less: Current portion of other long-term debt	(120.4		)	(95.4		)
Senior term loans due 2019	(63.8		)	—
Total indebtedness, less current portion	$	1,275.3		$	1,618.1

Maturities of Long-term Debt

At December 31, 2018, the aggregate scheduled maturities of long-term debt, excluding the current portion of long-term debt, are as follows (in millions):



2020	$	230.9
2021	303.2
2022	173.6
2023	397.5
Thereafter	170.1
	$	1,275.3

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Defined Benefit Plans

The following tables set forth reconciliations of the changes in benefit obligation, plan assets and funded status as of December 31, 2018 and 2017 (in millions):



	Pension and ENPP Benefits						Postretirement Benefits
Change in benefit obligation	2018			2017			2018			2017
Benefit obligation at beginning of year	$	916.7		$	849.8		$	30.2		$	28.6
Service cost	16.6			17.1			0.1			0.1
Interest cost	19.9			20.6			1.4			1.4
Plan participants’ contributions	1.2			1.1			—			—
Actuarial (gains) losses	(55.2		)	0.5			(4.2		)	1.8
Amendments	8.5			—			—			—
Settlements	(1.5		)	(0.7		)	—			—
Benefits paid	(45.9		)	(42.6		)	(1.4		)	(1.6		)
Other	1.9			—			—			—
Foreign currency exchange rate changes	(39.1		)	70.9			(0.8		)	(0.1		)
Benefit obligation at end of year	$	823.1		$	916.7		$	25.3		$	30.2

	Pension and ENPP Benefits						Postretirement Benefits
	Pension and ENPP Benefits						Postretirement Benefits
Change in plan assets	2018			2017			2018			2017
Fair value of plan assets at beginning of year	$	691.8		$	601.7		$	—		$	—
Actual return on plan assets	(32.4		)	47.3			—			—
Employer contributions	36.8			30.3			1.4			1.6
Plan participants’ contributions	1.2			1.1			—			—
Benefits paid	(45.9		)	(42.6		)	(1.4		)	(1.6		)
Settlements	(1.5		)	(0.7		)	—			—
Foreign currency exchange rate changes	(32.9		)	54.7			—			—
Fair value of plan assets at end of year	$	617.1		$	691.8		$	—		$	—
Funded status	$	(206.0	)	$	(224.9	)	$	(25.3	)	$	(30.2	)
Unrecognized net actuarial losses (gains)	356.7			360.1			(0.6		)	3.8
Unrecognized prior service cost	19.5			12.2			3.1			3.2
Accumulated other comprehensive loss	(376.2		)	(372.3		)	(2.5		)	(7.0		)
Net amount recognized	$	(206.0	)	$	(224.9	)	$	(25.3	)	$	(30.2	)



Amounts recognized in Consolidated Balance Sheets:
Other long-term asset	$	0.1		$	—		$	—		$	—
Other current liabilities	(3.8		)	(3.9		)	(1.5		)	(1.6		)
Accrued expenses	(2.9		)	(2.3		)	$	—		$	—
Pensions and postretirement health care benefits (noncurrent)	(199.4		)	(218.7		)	(23.8		)	(28.6		)
Net amount recognized	$	(206.0	)	$	(224.9	)	$	(25.3	)	$	(30.2	)

Schedule of Accumulated Other Comprehensive Income (Loss)



	Defined Benefit Pension Plans			Cumulative Translation Adjustment			Deferred Net Gains (Losses) on Derivatives			Total
Accumulated other comprehensive loss, December 31, 2016	$	(304.5	)	$	(1,128.4	)	$	(8.7	)	$	(1,441.6	)
Other comprehensive income before reclassifications	6.8			56.6			2.0			65.4
Net losses reclassified from accumulated other comprehensive loss	12.6			—			2.0			14.6
Other comprehensive income, net of reclassification adjustments	19.4			56.6			4.0			80.0
Accumulated other comprehensive loss, December 31, 2017	(285.1		)	(1,071.8		)	(4.7		)	(1,361.6		)
Other comprehensive loss before reclassifications	(10.3		)	(202.6		)	(1.1		)	(214.0		)
Net losses reclassified from accumulated other comprehensive loss	13.0			—			7.2			20.2
Other comprehensive income (loss), net of reclassification adjustments	2.7			(202.6		)	6.1			(193.8		)
Accumulated other comprehensive loss, December 31, 2018	$	(282.4	)	$	(1,274.4	)	$	1.4		$	(1,555.4	)

Pension Benefits

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Net Pension And Postretirement Cost

Net annual pension costs for the years ended December 31, 2018, 2017 and 2016 for the Company’s defined benefit pension plans and ENPP are set forth below (in millions):



Pension benefits	2018			2017			2016
Service cost	$	16.6		$	17.1		$	16.2
Interest cost	19.9			20.6			24.6
Expected return on plan assets	(34.0		)	(35.9		)	(38.8		)
Amortization of net actuarial losses	13.8			13.4			10.0
Amortization of prior service cost	1.2			1.2			1.0
Net loss recognized due to settlement	0.9			0.2			0.4
Net gain recognized due to curtailment	—			—			(0.1		)
Net annual pension cost	$	18.4		$	16.6		$	13.3

Assumptions Used

The weighted average assumptions used to determine the benefit obligation for the Company’s defined benefit pension plans and ENPP as of December 31, 2018 and 2017 are as follows:



	2018		2017
All plans:
Weighted average discount rate	2.8	%	2.5	%
Rate of increase in future compensation	1.75%-5.0%		1.75%-5.0%
U.S.-based plans:
Weighted average discount rate	4.35	%	3.7	%
Rate of increase in future compensation⁽¹⁾	5.0	%	5.0	%

____________________________________


(1)	Applicable for U.S. unfunded, nonqualified plan.



	2018		2017		2016
All plans:
Weighted average discount rate	2.5	%	2.7	%	3.6	%
Weighted average expected long-term rate of return on plan assets	5.4	%	5.8	%	6.8	%
Rate of increase in future compensation	1.8%-5.0%		1.5%-5.0%		2.0%-5.0%
U.S.-based plans:
Weighted average discount rate	3.70	%	4.25	%	4.60	%
Weighted average expected long-term rate of return on plan assets⁽¹⁾	6.0	%	6.0	%	6.0	%
Rate of increase in future compensation⁽²⁾	5.0	%	5.0	%	5.0	%

___________________________________


(1)	Applicable for U.S. funded, qualified plans.


(2)	Applicable for U.S. unfunded, nonqualified plan.

Schedule of Accumulated Other Comprehensive Income (Loss)



	Before-Tax Amount			Income Tax			After-Tax Amount
Accumulated other comprehensive loss as of December 31, 2016	$	(404.8	)	$	(100.3	)	$	(304.5	)
Net loss recognized due to settlement	0.3			0.1			0.2
Net actuarial gain arising during the year	9.0			2.4			6.6
Amortization of prior service cost	1.4			0.1			1.3
Amortization of net actuarial losses	13.5			2.2			11.3
Accumulated other comprehensive loss as of December 31, 2017	$	(380.6	)	$	(95.5	)	$	(285.1	)
Prior service cost arising during the year	(8.5		)	(1.5		)	(7.0		)
Net loss recognized due to settlement	1.0			0.1			0.9
Net actuarial loss arising during the year	(7.0		)	(2.8		)	(4.2		)
Amortization of prior service cost	1.4			0.1			1.3
Amortization of net actuarial losses	13.9			2.2			11.7
Accumulated other comprehensive loss as of December 31, 2018	$	(379.8	)	$	(97.4	)	$	(282.4	)

Expected Benefit Payments

At December 31, 2018, the aggregate expected benefit payments for the Company’s defined benefit pension plans and ENPP are as follows (in millions):



2019	$	46.4
2020	47.9
2021	51.2
2022	50.7
2023	51.6
2024 through 2028	280.6
	$	528.4

Allocation of Plan Assets

The fair value of the Company’s pension assets as of December 31, 2017 is as follows (in millions):



	Total		Level 1		Level 2		Level 3
Equity securities:
Global equities	$	121.7	$	121.7	$	—	$	—
Non-U.S. equities	4.3		4.3		—		—
U.K. equities	129.9		129.9		—		—
U.S. large cap equities	6.9		6.9		—		—
U.S. small cap equities	4.4		4.4		—		—
Total equity securities	267.2		267.2		—		—
Fixed income:
Aggregate fixed income	136.0		136.0		—		—
International fixed income	214.4		214.4		—		—
Total fixed income share⁽¹⁾	350.4		350.4		—		—
Alternative investments:
Private equity fund	2.4		—		—		2.4
Hedge funds measured at net asset value⁽⁴⁾	34.8		—		—		—
Total alternative investments⁽²⁾	37.2		—		—		2.4
Miscellaneous funds⁽³⁾	25.4		—		—		25.4
Cash and equivalents measured at net asset value⁽⁴⁾	11.6		—		—		—
Total assets	$	691.8	$	617.6	$	—	$	27.8

_______________________________________


(1)	30% of “fixed income” securities are in investment-grade corporate bonds; 29% are in government treasuries; 15% are in foreign securities; 13% are in high-yield securities; and 13% are in other various fixed income securities.


(2)	39% of “alternative investments” are in relative value funds; 26% are in long-short equity funds; 21% are in event-driven funds; 8% are distributed in hedged and non-hedged funds; and 6% are in credit funds.


(3)	“Miscellaneous funds” is comprised of insurance contracts in Finland, Norway and Switzerland.


(4)	Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.

The fair value of the Company’s pension assets as of December 31, 2018 is as follows (in millions):



	Total		Level 1		Level 2		Level 3
Equity securities:
Global equities	$	104.4	$	104.4	$	—	$	—
Non-U.S. equities	3.0		3.0		—		—
U.K. equities	112.4		112.4		—		—
U.S. large cap equities	4.5		4.5		—		—
U.S. small cap equities	2.4		2.4		—		—
Preferred securities	0.2		0.2
Total equity securities	226.9		226.9		—		—
Fixed income:
Aggregate fixed income	131.5		131.5		—		—
International fixed income	189.3		189.3		—		—
Total fixed income share⁽¹⁾	320.8		320.8		—		—
Alternative investments:
Private equity fund	2.3		—		—		2.3
Hedge funds measured at net asset value⁽⁴⁾	31.8		—		—		—
Total alternative investments⁽²⁾	34.1		—		—		2.3
Miscellaneous funds⁽³⁾	28.2		—		—		28.2
Cash and equivalents measured at net asset value⁽⁴⁾	7.1		—		—		—
Total assets	$	617.1	$	547.7	$	—	$	30.5

______________________________________


(1)	36% of “fixed income” securities are in investment-grade corporate bonds; 27% are in government treasuries; 17% are in foreign securities; 13% are in high-yield securities; and 7% are in other various fixed income securities.


(2)	44% of “alternative investments” are in relative value funds; 22% are in long-short equity funds; 22% are in event-driven funds; 7% are distributed in hedged and non-hedged funds; and 5% are in credit funds.


(3)	“Miscellaneous funds” is comprised of insurance contracts in Finland, Norway and Switzerland.


(4)	Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.

Reconciliation of Significant Unobservable Inputs, Changes in Plan Assets

The following is a reconciliation of Level 3 assets as of December 31, 2017 (in millions):



	Total			Alternative Investments			Miscellaneous Funds
Beginning balance as of December 31, 2016	$	23.8		$	2.4		$	21.4
Actual return on plan assets:
(a) Relating to assets still held at reporting date	(2.3		)	(0.1		)	(2.2		)
(b) Relating to assets sold during period	—			—			—
Purchases, sales and /or settlements	3.4			0.1			3.3
Foreign currency exchange rate changes	2.9			—			2.9
Ending balance as of December 31, 2017	$	27.8		$	2.4		$	25.4

The following is a reconciliation of Level 3 assets as of December 31, 2018 (in millions):



	Total			Alternative Investments			Miscellaneous Funds
Beginning balance as of December 31, 2017	$	27.8		$	2.4		$	25.4
Actual return on plan assets:
(a) Relating to assets still held at reporting date	0.8			(0.2		)	1.0
(b) Relating to assets sold during period	—			—			—
Purchases, sales and /or settlements	3.2			0.1			3.1
Foreign currency exchange rate changes	(1.3		)	—			(1.3		)
Ending balance as of December 31, 2018	$	30.5		$	2.3		$	28.2

Postretirement Benefits

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Net Pension And Postretirement Cost



Postretirement benefits	2018			2017			2016
Service cost	$	0.1		$	0.1		$	—
Interest cost	1.4			1.4			1.4
Amortization of net actuarial losses	0.1			0.1			—
Amortization of prior service cost	0.2			0.2			0.2
Net annual postretirement benefit cost	$	1.8		$	1.8		$	1.6
Weighted average discount rate	4.9		%	5.3		%	5.1		%

Expected Benefit Payments

At December 31, 2018, the aggregate expected benefit payments for the Company’s U.S. and Brazilian postretirement benefit plans are as follows (in millions):



2019	$	1.5
2020	1.6
2021	1.6
2022	1.6
2023	1.7
2024 through 2028	8.5
	$	16.5

Foreign Plan [Member] | Pension Benefits

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Allocation of Plan Assets

The weighted average asset allocation of the Company’s non-U.S. pension benefit plans as of December 31, 2018 and 2017 are as follows:



Asset Category	2018		2017
Equity securities	39	%	40	%
Fixed income securities	54	%	53	%
Other investments	7	%	7	%
Total	100	%	100	%

UNITED STATES | Pension Benefits

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Allocation of Plan Assets

The weighted average asset allocation of the Company’s U.S. pension benefit plans as of December 31, 2018 and 2017 are as follows:



Asset Category	2018		2017
Large and small cap domestic equity securities	19	%	31	%
International equity securities	8	%	12	%
Domestic fixed income securities	57	%	43	%
Other investments	16	%	14	%
Total	100	%	100	%

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2018

Stockholders' Equity Note [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)



	Defined Benefit Pension Plans			Cumulative Translation Adjustment			Deferred Net Gains (Losses) on Derivatives			Total
Accumulated other comprehensive loss, December 31, 2016	$	(304.5	)	$	(1,128.4	)	$	(8.7	)	$	(1,441.6	)
Other comprehensive income before reclassifications	6.8			56.6			2.0			65.4
Net losses reclassified from accumulated other comprehensive loss	12.6			—			2.0			14.6
Other comprehensive income, net of reclassification adjustments	19.4			56.6			4.0			80.0
Accumulated other comprehensive loss, December 31, 2017	(285.1		)	(1,071.8		)	(4.7		)	(1,361.6		)
Other comprehensive loss before reclassifications	(10.3		)	(202.6		)	(1.1		)	(214.0		)
Net losses reclassified from accumulated other comprehensive loss	13.0			—			7.2			20.2
Other comprehensive income (loss), net of reclassification adjustments	2.7			(202.6		)	6.1			(193.8		)
Accumulated other comprehensive loss, December 31, 2018	$	(282.4	)	$	(1,274.4	)	$	1.4		$	(1,555.4	)

Schedule of reclassifications out of AOCI



Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss						Affected Line Item within the Consolidated Statements of Operations
	Year ended December 31, 2018⁽¹⁾			Year ended December 31, 2017⁽¹⁾
Derivatives:
Net losses (gains) on foreign currency contracts	$	2.3		$	(0.2	)	Cost of goods sold
Net losses on interest rate swap contract	6.3			2.4			Interest expense, net
Reclassification before tax	8.6			2.2
	(1.4		)	(0.2		)	Income tax provision
Reclassification net of tax	$	7.2		$	2.0

Defined benefit pension plans:
Amortization of net actuarial losses	$	13.9		$	13.5		Other expense, net⁽²⁾
Amortization of prior service cost	1.4			1.4			Other expense, net⁽²⁾
Reclassification before tax	15.3			14.9
	(2.3		)	(2.3		)	Income tax provision
Reclassification net of tax	$	13.0		$	12.6

Net losses reclassified from accumulated other comprehensive loss	$	20.2		$	14.6

____________________________________


(1)	Losses (gains) included within the Consolidated Statements of Operations for the years ended December 31, 2018 and 2017, respectively.


(2)	These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 8 to the Company’s Consolidated Financial Statements.

Stock Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2018

Share-based Compensation [Abstract]

Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value

The weighted average grant-date fair value of performance awards granted under the Plan during 2018, 2017 and 2016 was as follows:



	Years Ended December 31,
	2018		2017		2016
Weighted average grant-date fair value	$	71.40	$	61.94	$	47.93

Performance Award Transactions

Performance award transactions during 2018 were as follows and are presented as if the Company were to achieve its maximum levels of performance under the plan:



Shares awarded but not earned at January 1	1,645,078
Shares awarded	441,740
Shares forfeited or unearned	(81,932	)
Shares earned and vested	(1,066,024	)
Shares awarded but not earned at December 31	938,862

Restricted Stock Unit Award Transactions

RSU transactions during the year ended December 31, 2018 were as follows:



Shares awarded but not vested at January 1	237,468
Shares awarded	247,404
Shares forfeited	(11,695	)
Shares vested	(120,202	)
Shares awarded but not vested at December 31	352,975

Weighted Average Grant-Date Fair Value Of SSARS And Assumptions Under Black-Scholes Option Model



	Years Ended December 31,
	2018			2017			2016
Weighted average grant-date fair value	$	12.88		$	11.45		$	7.98
Weighted average assumptions under Black-Scholes option model:
Expected life of awards (years)	3.0			3.0			3.0
Risk-free interest rate	2.2		%	1.5		%	1.1		%
Expected volatility	23.7		%	25.9		%	25.9		%
Expected dividend yield	0.8		%	0.9		%	1.1		%

SSAR Activity

SSAR transactions during the year ended December 31, 2018 were as follows:



SSARs outstanding at January 1		1,060,192
SSARs granted		157,700
SSARs exercised		(109,950	)
SSARs canceled or forfeited		(8,350	)
SSARs outstanding at December 31		1,099,592
SSAR price ranges per share:
Granted	$	73.14
Exercised		43.39 - 63.47
Canceled or forfeited		43.88 - 63.47
Weighted average SSAR exercise prices per share:
Granted	$	73.14
Exercised		51.01
Canceled or forfeited		53.68
Outstanding at December 31		55.58

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 lives by groups of similar price as of December 31, 2018:



	SSARs Outstanding				SSARs Exercisable
Range of Exercise Prices	Number of Shares	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price		Exercisable as of December 31, 2018	Weighted Average Exercise Price
$43.88-$52.85	528,600	3.3	$	45.90	318,675	$	46.06
$55.07-$73.14	570,992	4.6	$	64.54	202,192	$	58.88
	1,099,592				520,867	$	51.03

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule of Derivative Instruments [Table Text Block]

The following table summarizes the after-tax impact of changes in the fair value of the instrument designated as a net investment hedge (in millions):



	(Loss) Gain Recognized in Accumulated Other Comprehensive Loss for the Years Ended
	December 31, 2018			December 31, 2017			December 31, 2016
Foreign currency denominated debt	$	(14.4	)	$	(45.0	)	$	12.7
Cross currency swap contract	17.7			—			—

Derivatives Not Designated as Hedging Instruments [Table Text Block]

The following table summarizes the impact that changes in the fair value of derivatives not designated as hedging instruments had on net income (in millions):



		For the Years Ended
	Classification of (Loss) Gain	December 31, 2018			December 31, 2017		December 31, 2016
Foreign currency contracts	Other expense, net	$	(1.4	)	$	38.3	$	(5.7	)

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]



				Recognized in Net Income
	Gain (Loss) Recognized in Accumulated Other Comprehensive Loss			Classification of Gain (Loss)	(Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Income			Total Amount of the Line Item in the Condensed Consolidated Statements of Operations Containing Hedge Gains (Losses)
2018
Foreign currency contracts⁽¹⁾	$	0.4		Cost of goods sold	$	(2.2	)	$	7,355.3
Interest rate swap contract	(1.5		)	Interest expense, net	(5.0		)	53.8
Total	$	(1.1	)		$	(7.2	)
2017
Foreign currency contracts	$	2.7		Cost of goods sold	$	0.4		$	6,541.2
Interest rate swap contract	(0.7		)	Interest expense, net	(2.4		)	45.1
Total	$	2.0			$	(2.0	)
2016
Foreign currency contracts	$	(2.6	)	Cost of goods sold	$	1.0		$	5,895.0
Interest rate swap contract	(5.1		)	Interest expense, net	(2.0		)	52.1
Total	$	(7.7	)		$	(1.0	)

⁽¹⁾ The outstanding contracts as of December 31, 2018 range in maturity through December 2019.

Summary Of Accumulated Other Comprehensive Loss Related To Derivatives



	Before-Tax Amount			Income Tax			After-Tax Amount
Accumulated derivative net losses as of December 31, 2015	$	(3.3	)	$	(1.3	)	$	(2.0	)
Net changes in fair value of derivatives	(7.8		)	(0.1		)	(7.7		)
Net losses reclassified from accumulated other comprehensive loss into income	1.0			—			1.0
Accumulated derivative net losses as of December 31, 2016	(10.1		)	(1.4		)	(8.7		)
Net changes in fair value of derivatives	1.9			(0.1		)	2.0
Net losses reclassified from accumulated other comprehensive loss into income	2.2			0.2			2.0
Accumulated derivative net losses as of December 31, 2017	(6.0		)	(1.3		)	(4.7		)
Net changes in fair value of derivatives	(1.0		)	0.1			(1.1		)
Net losses reclassified from accumulated other comprehensive loss into income	8.6			1.4			7.2
Accumulated derivative net gains as of December 31, 2018	$	1.6		$	0.2		$	1.4

Fair Value Of Derivative Instruments

The table below sets forth the fair value of derivative instruments as of December 31, 2018 (in millions):



	Asset Derivatives as of December 31, 2018			Liability Derivatives as of December 31, 2018
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	1.9	Other current liabilities	$	0.4
Cross currency swap contract	Other noncurrent assets	17.7		Other noncurrent liabilities	—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts	Other current assets	5.1		Other current liabilities	6.2
Total derivative instruments		$	24.7		$	6.6

The table below sets forth the fair value of derivative instruments as of December 31, 2017 (in millions):



	Asset Derivatives as of December 31, 2017			Liability Derivatives as of December 31, 2017
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	—	Other current liabilities	$	1.2
Interest rate contract	Other noncurrent assets	—		Other noncurrent liabilities	4.8
Derivative instruments not designated as hedging instruments:
Foreign currency contracts	Other current assets	7.8		Other current liabilities	11.0
Total derivative instruments		$	7.8		$	17.0

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959

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+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Schedule of future payments required for significant commitments

The future payments required under the Company’s significant commitments, excluding indebtedness, as of December 31, 2018 are as follows (in millions):



	Payments Due By Period
	2019		2020		2021		2022		2023		Thereafter		Total
Interest payments related to indebtedness⁽¹⁾	$	15.0	$	11.4	$	10.6	$	8.2	$	5.2	$	8.6	$	59.0
Capital lease obligations	4.6		3.9		2.0		0.9		0.6		3.5		15.5
Operating lease obligations	46.7		39.5		32.6		26.0		21.7		85.5		252.0
Unconditional purchase obligations⁽²⁾	79.1		10.8		6.9		1.0		—		—		97.8
Other short-term and long-term obligations⁽³⁾	98.9		83.7		53.5		22.1		26.8		37.4		322.4
Total contractual cash obligations	$	244.3	$	149.3	$	105.6	$	58.2	$	54.3	$	135.0	$	746.7

____________________________________


(1)	Estimated interest payments are calculated assuming current interest rates over minimum maturity periods specified in debt agreements. Debt may be repaid sooner or later than such minimum maturity periods (unaudited).


(2)	Unconditional purchase obligations exclude routine purchase orders entered into in the normal course of business.

(3)

Schedule of guarantor obligations



	Amount of Commitment Expiration Per Period
	2019		2020		2021		2022		2023		Thereafter		Total
Guarantees	$	36.9	$	4.7	$	5.2	$	3.6	$	3.1	$	0.7	$	54.2

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities measured at fair value

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 and 2017 are summarized below (in millions):



	As of December 31, 2018
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	24.7	$	—	$	24.7
Derivative liabilities	$	—	$	6.6	$	—	$	6.6



	As of December 31, 2017
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	7.8	$	—	$	7.8
Derivative liabilities	$	—	$	17.0	$	—	$	17.0

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Sales Information By Reportable Segments

Segment results for the years ended December 31, 2018, 2017 and 2016 based on the Company’s current reportable segments are as follows (in millions):



Years Ended December 31,	North America		South America			Europe/Middle East		Asia/Pacific/Africa		Consolidated
2018
Net sales	$	2,180.1	$	959.0		$	5,385.1	$	827.8	$	9,352.0
Income (loss) from operations	103.1		(10.1		)	601.1		49.6		743.7
Depreciation	67.6		30.5			111.3		15.8		225.2
Assets	1,032.1		736.1			1,905.8		501.1		4,175.1
Capital expenditures	43.3		30.4			120.3		9.3		203.3
2017
Net sales	$	1,876.7	$	1,063.5		$	4,614.3	$	752.0	$	8,306.5
Income from operations	66.9		15.4			493.3		48.8		624.4
Depreciation	61.5		30.5			113.0		17.8		222.8
Assets	1,064.1		752.1			2,074.4		499.4		4,390.0
Capital expenditures	59.1		43.0			92.9		8.9		203.9
2016
Net sales	$	1,807.7	$	917.5		$	4,089.7	$	595.6	$	7,410.5
Income from operations	41.6		20.4			400.2		19.7		481.9
Depreciation	62.5		22.9			116.6		21.4		223.4
Assets	978.5		739.4			1,635.2		426.3		3,779.4
Capital expenditures	45.3		56.0			90.1		9.6		201.0

Income From Operations And Total Assets

A reconciliation from the segment information to the consolidated balances for income from operations and total assets is set forth below (in millions):



	2018			2017			2016
Segment income from operations	$	743.7		$	624.4		$	481.9
Corporate expenses	(133.7		)	(116.2		)	(114.9		)
Stock compensation expense	(44.3		)	(35.6		)	(16.9		)
Restructuring expenses	(12.0		)	(11.2		)	(11.9		)
Amortization of intangibles	(64.7		)	(57.0		)	(51.2		)
Consolidated income from operations	$	489.0		$	404.4		$	287.0

Segment assets	$	4,175.1		$	4,390.0		$	3,779.4
Cash and cash equivalents	326.1			367.7			429.7
Investments in affiliates	400.0			409.0			414.9
Deferred tax assets, other current and noncurrent assets	656.6			614.6			560.7
Intangible assets, net	573.1			649.0			607.3
Goodwill	1,495.5			1,541.4			1,376.4
Consolidated total assets	$	7,626.4		$	7,971.7		$	7,168.4

Revenue (Tables)

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Significant changes in contract assets and liabilities [Table Text Block]

Significant changes in the balance of contract assets and liabilities for the year ended December 31, 2018 were as follows (in millions):



Contract Assets
	Year Ended December 31, 2018⁽¹⁾
Balance at beginning of period	$	10.1
Additions for expected returns of replacement parts sold during the period	21.0
Transfer of returned replacement parts to inventory	(18.8		)
Foreign currency translation	(0.1		)
Balance as of December 31, 2018	$	12.2

Contract Liabilities
	Year Ended December 31, 2018⁽¹⁾
Balance at beginning of period	$	104.4
Advance consideration received	124.9
Accrual for expected reimbursement of replacement parts sold during the period	52.3
Revenue recognized during the period for extended warranty contracts	(29.0		)
Revenue recognized during the period related to installation of grain storage and protein production systems	(100.9		)
Replacement part settlements made during the period	(45.7		)
Foreign currency translation	(1.0		)
Balance as of December 31, 2018	$	105.0

____________________________________

(1) The beginning of the period is from the date of adoption of ASU 2014-09 or January 1, 2018.

Disaggregation of Revenue [Table Text Block]

Net sales for the year ended December 31, 2018 disaggregated by primary geographical markets and major products consisted of the following (in millions):



	North America		South America		Europe/Middle East⁽¹⁾		Asia/Pacific/Africa		Consolidated⁽¹⁾
Primary geographical markets:
United States	$	1,723.6	$	—	$	—	$	—	$	1,723.6
Canada	329.0		—		—		—		329.0
Germany	—		—		1,213.6		—		1,213.6
France	—		—		1,002.9		—		1,002.9
United Kingdom and Ireland	—		—		614.4		—		614.4
Finland and Scandinavia	—		—		826.5		—		826.5
Other Europe	—		—		1,627.8		—		1,627.8
South America	—		943.1		—		—		943.1
Middle East and Algeria	—		—		100.0		—		100.0
Africa	—		—		—		135.5		135.5
Asia	—		—		—		414.5		414.5
Australia and New Zealand	—		—		—		277.8		277.8
Mexico, Central America and Caribbean	127.5		15.9		—		—		143.4
	$	2,180.1	$	959.0	$	5,385.1	$	827.8	$	9,352.0

Major products:
Tractors	$	665.8	$	599.1	$	3,743.0	$	353.2	$	5,361.1
Replacement parts	298.7		91.0		880.3		76.0		1,346.0
Grain storage and protein production systems	570.3		70.1		187.6		285.5		1,113.5
Combines	63.1		104.0		143.2		9.4		319.7
Application equipment	225.6		34.1		27.3		18.7		305.7
Other machinery	356.6		60.7		403.8		85.0		906.1
	$	2,180.1	$	959.0	$	5,385.1	$	827.8	$	9,352.0

___________________________________


(1)	Rounding may impact summation of amounts.

Net sales for the year ended December 31, 2017 disaggregated by primary geographical markets and major products consisted of the following (in millions):



	North America⁽¹⁾		South America		Europe/Middle East		Asia/Pacific/Africa⁽¹⁾		Consolidated
Primary geographical markets:
United States	$	1,445.7	$	—	$	—	$	—	$	1,445.7
Canada	296.9		—		—		—		296.9
Germany	—		—		997.4		—		997.4
France	—		—		815.7		—		815.7
United Kingdom and Ireland	—		—		512.6		—		512.6
Finland and Scandinavia	—		—		721.3		—		721.3
Other Europe	—		—		1,396.0		—		1,396.0
South America	—		1,039.2		—		—		1,039.2
Middle East and Algeria	—		—		171.3		—		171.3
Africa	—		—		—		138.1		138.1
Asia	—		—		—		366.4		366.4
Australia and New Zealand	—		—		—		247.4		247.4
Mexico, Central America and Caribbean	134.2		24.3		—		—		158.5
	$	1,876.7	$	1,063.5	$	4,614.3	$	752.0	$	8,306.5

Major products:
Tractors	$	624.8	$	673.5	$	3,149.7	$	337.2	$	4,785.2
Replacement parts	287.0		108.4		835.3		74.3		1,305.0
Grain storage and protein production systems	537.2		72.9		182.9		256.6		1,049.6
Combines	67.4		131.9		139.2		10.5		349.0
Application equipment	166.4		26.1		32.1		10.6		235.2
Other machinery	193.9		50.7		275.1		62.8		582.5
	$	1,876.7	$	1,063.5	$	4,614.3	$	752.0	$	8,306.5

___________________________________


(1)	Rounding may impact summation of amounts.

Net sales for the year ended December 31, 2016 disaggregated by primary geographical markets and major products consisted of the following (in millions):



	North America		South America⁽¹⁾		Europe/Middle East⁽¹⁾		Asia/Pacific/Africa		Consolidated
Primary geographical markets:
United States	$	1,404.6	$	—	$	—	$	—	$	1,404.6
Canada	286.7		—		—		—		286.7
Germany	—		—		891.2		—		891.2
France	—		—		746.9		—		746.9
United Kingdom and Ireland	—		—		440.7		—		440.7
Finland and Scandinavia	—		—		677.7		—		677.7
Other Europe	—		—		1,127.9		—		1,127.9
South America	—		893.9		—		—		893.9
Middle East and Algeria	—		—		205.4		—		205.4
Africa	—		—		—		116.2		116.2
Asia	—		—		—		266.8		266.8
Australia and New Zealand	—		—		—		212.6		212.6
Mexico, Central America and Caribbean	116.4		23.5		—		—		139.9
	$	1,807.7	$	917.5	$	4,089.7	$	595.6	$	7,410.5

Major products:
Tractors	$	506.2	$	594.3	$	2,846.4	$	278.2	$	4,225.1
Replacement parts	288.3		88.0		771.0		64.0		1,211.3
Grain storage and protein production systems	574.6		66.1		85.2		166.6		892.5
Combines	64.0		93.8		123.4		21.6		302.8
Application equipment	190.8		23.7		34.8		7.9		257.2
Other machinery	183.8		51.6		228.9		57.3		521.6
	$	1,807.7	$	917.5	$	4,089.7	$	595.6	$	7,410.5

___________________________________


(1)	Rounding may impact summation of amounts.

Operations and Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($) Independent_Dealers_Distributors	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Accounting Policies [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards	$ 74.5	$ 83.4
Deferred Tax Assets, Valuation Allowance	83.9	81.9
Liability for Uncertainty in Income Taxes, Current	58.5	61.8
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	27.2	23.0
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax	(379.8)	(380.6)	$ (404.8)
Goodwill	1,495.5	1,541.4	$ 1,376.4	$ 1,114.5
Finite-Lived Intangible Assets, Amortization Expense, Year Two	$ 60.3
Number of Independent Dealers and Distributors (more than) \| Independent_Dealers_Distributors	4,050
Time period in which remaining installment balance is generally due	12 months
Revenue Recognition [Abstract]
Interest Free Period on Receivables	12 months
Cash and Cash Equivalents [Abstract]
Cash	$ 290.5	317.0
Cash Equivalents	35.6	50.7
Value Added Tax Credit	$ 156.0	$ 152.3
Equipment Sales \| United States and Canada
Revenue Recognition [Abstract]
Payment period on product sales	12 months
Replacement parts \| United States and Canada
Revenue Recognition [Abstract]
Payment period on product sales	30 days
Grain storage and protein production systems \| United States and Canada
Revenue Recognition [Abstract]
Payment period on product sales	30 days
Large Seasonal Products \| United States and Canada
Revenue Recognition [Abstract]
Payment period on product sales	6 months
Minimum
Accounting Policies [Line Items]
Ownership percentage	20.00%
Revenue Recognition [Abstract]
Interest Income Period On Installment Agreements	6 months
Payment period on product sales	1 month
Interest Free Period on Receivables	1 month
Minimum \| Equipment Sales \| International
Revenue Recognition [Abstract]
Payment period on product sales	30 days
Minimum \| Replacement parts \| International
Revenue Recognition [Abstract]
Payment period on product sales	30 days
Maximum
Revenue Recognition [Abstract]
Interest Income Period On Installment Agreements	12 months
Payment period on product sales	12 months
Interest Free Period on Receivables	12 months
Maximum \| United States and Canada
Revenue Recognition [Abstract]
Interest-free period and payment period on products	24 months
Maximum \| Equipment Sales \| International
Revenue Recognition [Abstract]
Payment period on product sales	180 days
Maximum \| Replacement parts \| International
Revenue Recognition [Abstract]
Payment period on product sales	90 days
Maximum \| Large Seasonal Products
Revenue Recognition [Abstract]
Interest Free Period on Receivables	24 months
Maximum \| Large Seasonal Products \| International
Revenue Recognition [Abstract]
Payment period on product sales	6 months

Operations and Summary of Significant Accounting Policies - Foreign Currency Translation (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2018 ARS ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Intercompany Foreign Currency Balance [Line Items]
Total assets	$ 7,626.4		$ 7,971.7	$ 7,168.4
Total liabilities	4,632.9		$ 4,876.4
ARGENTINA
Intercompany Foreign Currency Balance [Line Items]
Revenues	92.6
Total assets	$ 104.5	$ 28.0
Total liabilities		$ 13.6

Operations and Summary of Significant Accounting Policies - Accounts and Notes Receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
0 to 6 months	$ 8,794.4
0 to 6 months, percent	94.00%
7 to 12 months	$ 540.2
7 to 12 months, percent	5.80%
13 to 24 months	$ 17.4
13 to 24 months, percent	0.20%
Revenue from Contract with Customer, Including Assessed Tax	$ 9,352.0	$ 8,306.5	$ 7,410.5
Percent of Net Sales with Maximum Interest-free Periods	100.00%
North America
Accounts, Notes, Loans and Financing Receivable [Line Items]
0 to 6 months	$ 1,639.6
7 to 12 months	523.1
13 to 24 months	17.4
Revenue from Contract with Customer, Including Assessed Tax	2,180.1
South America
Accounts, Notes, Loans and Financing Receivable [Line Items]
0 to 6 months	959.0
7 to 12 months	0.0
13 to 24 months	0.0
Revenue from Contract with Customer, Including Assessed Tax	959.0
Europe/Middle East
Accounts, Notes, Loans and Financing Receivable [Line Items]
0 to 6 months	5,368.0
7 to 12 months	17.1
13 to 24 months	0.0
Revenue from Contract with Customer, Including Assessed Tax	5,385.1
Asia/Pacific/Africa
Accounts, Notes, Loans and Financing Receivable [Line Items]
0 to 6 months	827.8
7 to 12 months	0.0
13 to 24 months	0.0
Revenue from Contract with Customer, Including Assessed Tax	827.8
Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Valuation allowances and reserves	55.9	71.8
Advertising [Member] \| Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Valuation allowances and reserves	24.2	33.1
Doubtful accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Valuation allowances and reserves	31.7	38.7	$ 33.7	$ 29.3
Doubtful accounts \| Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Valuation allowances and reserves	$ 31.7	$ 38.7

Operations and Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Inventory Valuation Reserves	$ 156.6	$ 165.7
Inventory, Net [Abstract]
Finished goods	660.4	684.1
Repair and replacement parts	587.3	605.9
Work in process	217.5	178.7
Raw materials	443.5	404.2
Inventories, net	$ 1,908.7	$ 1,872.9

Operations and Summary of Significant Accounting Policies - Recoverable Indirect Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Value Added Tax Credit	$ 156.0	$ 152.3

Operations and Summary of Significant Accounting Policies - Property Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Gross property, plant and equipment	$ 3,417.6	$ 3,461.8
Accumulated depreciation and amortization	(2,044.5)	(1,976.5)
Property, plant and equipment, net	1,373.1	1,485.3
Land
Property, Plant and Equipment [Abstract]
Gross property, plant and equipment	125.3	130.6
Buildings and improvements
Property, Plant and Equipment [Abstract]
Gross property, plant and equipment	769.0	792.0
Machinery and equipment
Property, Plant and Equipment [Abstract]
Gross property, plant and equipment	2,374.7	2,391.6
Furniture and fixtures
Property, Plant and Equipment [Abstract]
Gross property, plant and equipment	$ 148.6	$ 147.6
Minimum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Minimum \| Machinery and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Minimum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Maximum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Maximum \| Machinery and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years
Maximum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years

Operations and Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($) country	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Goodwill [Line Items]
Accumulated goodwill impairment loss	$ 180.5
Goodwill [Roll Forward]
Goodwill beginning of period	1,541.4	$ 1,376.4	$ 1,114.5
Goodwill acquired	8.4	84.6	269.2
Goodwill, foreign currency translation	(54.3)	80.4	(7.3)
Goodwill end of period	1,495.5	1,541.4	1,376.4
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2018	61.2
2019	62.8
2020	58.3
2021	57.8
2022	$ 55.6
Number of countries where products sold (over) \| country	140
Finite-lived Intangible Assets [Roll Forward]
Finite-lived intangible assets, beginning of period	$ 977.9	867.8
Finite-lived intangible assets, accumulated amortization, beginning of period	417.5	344.9
Finite-lived intangible assets, Intangible assets acquired		72.0
Finite lived intangible assets, foreign currency translation	(23.8)	38.1
Finite-lived intangible assets, end of period	954.1	977.9	867.8
Finite lived intangible assets, accumulated amortization, foreign currency translation	(14.3)	15.6
Finite-lived intangible assets, accumulated amortization, end of period	467.9	417.5	344.9
Amortization of intangibles	64.7	57.0	51.2
Trademarks and Trade Names
Finite-lived Intangible Assets [Roll Forward]
Finite-lived intangible assets, beginning of period	208.4	179.2
Finite-lived intangible assets, accumulated amortization, beginning of period	61.4	49.7
Finite-lived intangible assets, Intangible assets acquired		19.5
Finite lived intangible assets, foreign currency translation	(5.0)	9.7
Finite-lived intangible assets, end of period	203.4	208.4	179.2
Finite lived intangible assets, accumulated amortization, foreign currency translation	(1.7)	1.4
Finite-lived intangible assets, accumulated amortization, end of period	$ 73.4	61.4	49.7
Weighted average useful life	19 years
Amortization of intangibles	$ 13.7	10.3
Customer relationships
Finite-lived Intangible Assets [Roll Forward]
Finite-lived intangible assets, beginning of period	600.4	558.0
Finite-lived intangible assets, accumulated amortization, beginning of period	279.7	233.0
Finite-lived intangible assets, Intangible assets acquired		24.4
Finite lived intangible assets, foreign currency translation	(14.1)	18.0
Finite-lived intangible assets, end of period	586.3	600.4	558.0
Finite lived intangible assets, accumulated amortization, foreign currency translation	(9.6)	8.2
Finite-lived intangible assets, accumulated amortization, end of period	$ 310.8	279.7	233.0
Weighted average useful life	13 years
Amortization of intangibles	$ 40.7	38.5
Patents and Technology
Finite-lived Intangible Assets [Roll Forward]
Finite-lived intangible assets, beginning of period	160.0	122.1
Finite-lived intangible assets, accumulated amortization, beginning of period	73.4	59.5
Finite-lived intangible assets, Intangible assets acquired		28.1
Finite lived intangible assets, foreign currency translation	(4.2)	9.8
Finite-lived intangible assets, end of period	155.8	160.0	122.1
Finite lived intangible assets, accumulated amortization, foreign currency translation	(2.8)	5.9
Finite-lived intangible assets, accumulated amortization, end of period	$ 80.7	73.4	59.5
Weighted average useful life	12 years
Amortization of intangibles	$ 10.1	8.0
Land Use Rights
Finite-lived Intangible Assets [Roll Forward]
Finite-lived intangible assets, beginning of period	9.1	8.5
Finite-lived intangible assets, accumulated amortization, beginning of period	3.0	2.7
Finite-lived intangible assets, Intangible assets acquired		0.0
Finite lived intangible assets, foreign currency translation	(0.5)	0.6
Finite-lived intangible assets, end of period	8.6	9.1	8.5
Finite lived intangible assets, accumulated amortization, foreign currency translation	(0.2)	0.1
Finite-lived intangible assets, accumulated amortization, end of period	$ 3.0	3.0	2.7
Weighted average useful life	45 years
Amortization of intangibles	$ 0.2	0.2
Trademarks and Trade Names
Indefinite-lived Intangible Assets [Roll Forward]
Indefinite-lived intangible assets, beginning of period	88.6	84.4
Indefinite-lived intangible assets, foreign currency translation	(1.7)	4.2
Indefinite-lived intangible assets, end of period	$ 86.9	88.6	84.4
Massey Ferguson
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Number of countries where products sold (over) \| country	110
Valtra Brand
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Number of countries where products sold (over) \| country	75
Minimum
Finite-lived Intangible Assets [Roll Forward]
Intangible assets useful life	3 years
Maximum
Finite-lived Intangible Assets [Roll Forward]
Intangible assets useful life	50 years
North America
Goodwill [Roll Forward]
Goodwill beginning of period	$ 611.1	543.9	518.7
Goodwill acquired	0.0	67.2	25.2
Goodwill, foreign currency translation	0.0	0.0	0.0
Goodwill end of period	611.1	611.1	543.9
South America
Goodwill [Roll Forward]
Goodwill beginning of period	136.4	138.8	114.4
Goodwill acquired	0.0	0.0	0.0
Goodwill, foreign currency translation	(19.7)	(2.4)	24.4
Goodwill end of period	116.7	136.4	138.8
Europe/Middle East
Goodwill [Roll Forward]
Goodwill beginning of period	671.0	581.9	411.2
Goodwill acquired	8.4	17.4	196.4
Goodwill, foreign currency translation	(29.8)	71.7	(25.7)
Goodwill end of period	649.6	671.0	581.9
Asia/Pacific/Africa
Goodwill [Roll Forward]
Goodwill beginning of period	122.9	111.8	70.2
Goodwill acquired	0.0	0.0	47.6
Goodwill, foreign currency translation	(4.8)	11.1	(6.0)
Goodwill end of period	$ 118.1	$ 122.9	$ 111.8

Operations and Summary of Significant Accounting Policies - Accrued Expense and Reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Reserve for volume discounts and sales incentives	$ 537.7	$ 489.1
Warranty reserves	308.6	273.6
Accrued employee compensation and benefits	286.2	283.3
Accrued taxes	137.8	135.4
Other	252.1	226.5
Accrued expenses	1,522.4	1,407.9
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty reserves, beginning of period	316.0	255.6	$ 230.3
Acquisitions	0.0	5.1	3.7
Accruals for warranties issued during the year	230.5	215.9	214.6
Settlements made (in cash or in kind) during the year	(174.7)	(183.1)	(188.7)
Foreign currency translation	(10.9)	22.5	(4.3)
Warranty reserves, end of period	$ 360.9	316.0	$ 255.6
Minimum product warranty period	1 year
Maximum product warranty period	4 years
Warranty reserves included in other noncurrent liabilities	$ 52.3	$ 42.4

Operations and Summary of Significant Accounting Policies - Stock Compensation Allocation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock compensation expense	$ 46.6	$ 38.4	$ 18.4
Cost of goods sold
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock compensation expense	2.3	2.8	1.5
Selling, general and administrative expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock compensation expense	$ 44.3	$ 35.6	$ 16.9

Operations and Summary of Significant Accounting Policies - Expenses (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Oct. 31, 2018	May 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Line Items]
Gain (Loss) on Extinguishment of Debt	$ (8.8)	$ (15.7)	$ (24.5)	$ 0.0	$ 0.0
Amortization of Deferred Hedge Gains			4.7
Advertising expense			42.3	40.0	44.9
Interest Income (Expense), Net [Abstract]
Interest expense			61.9	54.5	65.4
Interest income			(8.1)	(9.4)	(13.3)
Interest expense, net			$ 53.8	$ 45.1	$ 52.1
Shipping and Handling Expenses			Shipping and Handling Expenses All shipping and handling fees charged to customers are included as a component of net sales. Shipping and handling costs are included as a part of cost of goods sold, with the exception of certain handling costs included in selling, general and administrative expenses in the amount of $37.9 million, $35.4 million and $30.5 million for the years ended December 31, 2018, 2017 and 2016, respectively.
Selling, general and administrative expenses
Interest Income (Expense), Net [Abstract]
Shipping and Handling Expenses			37.9	35.4	30.5

Operations and Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share, Basic [Abstract]
Net income attributable to AGCO Corporation and subsidiaries	$ 285.5	$ 186.4	$ 160.1
Weighted average number of common shares outstanding (in shares)	78.8	79.5	81.4
Basic net income per share attributable to AGCO Corporation and subsidiaries (in dollars per share)	$ 3.62	$ 2.34	$ 1.97
Diluted net income per share:
Dilutive SSARs, performance share awards and restricted stock units (in shares)	0.9	0.7	0.3
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share (in shares)	79.7	80.2	81.7
Diluted net income per share attributable to AGCO Corporation and subsidiaries (in dollars per share)	$ 3.58	$ 2.32	$ 1.96
Stock Appreciation Rights (SARs)
Diluted net income per share:
Antidilutive securities excluded from computation of earnings per share (in shares)	0.5	0.3	1.1

Operations and Summary of Significant Accounting Policies - Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income, net of reclassification adjustments	$ (198.0)	$ 81.2	$ 20.2
AOCI Attributable To Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before tax	(194.2)	84.9	5.8
Other comprehensive income (loss), income taxes	0.4	(4.9)	12.8
Other comprehensive (loss) income, net of reclassification adjustments	(193.8)	80.0	18.6
Defined Benefit Pension Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before tax	0.8	24.2	(68.2)
Other comprehensive income (loss), income taxes	1.9	(4.8)	12.7
Other comprehensive (loss) income, net of reclassification adjustments	2.7	19.4	(55.5)
Net loss on derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before tax	7.6	4.1	(6.8)
Other comprehensive income (loss), income taxes	(1.5)	(0.1)	0.1
Other comprehensive (loss) income, net of reclassification adjustments	6.1	4.0	(6.7)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before tax	(202.6)	56.6	80.8
Other comprehensive income (loss), income taxes	0.0	0.0	0.0
Other comprehensive (loss) income, net of reclassification adjustments	(202.6)	56.6	80.8
AOCI Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income, net of reclassification adjustments	(4.2)	1.2	1.6
Defined benefit pension plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income, net of reclassification adjustments	0.0	0.0	0.0
Net loss on derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income, net of reclassification adjustments	0.0	0.0	0.0
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income, net of reclassification adjustments	$ (4.2)	$ 1.2	$ 1.6

Operations and Summary of Significant Accounting Policies Operations and Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2019	Dec. 31, 2018	Jan. 01, 2018	Jan. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 1.1	$ 1.4
Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustment related to the adoption of ASU 2014-09					$ 0.4
Accounting Standards Update 2016-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ (1.7)
Adjustment related to the adoption of ASU 2014-09				$ 0.4
Retained Earnings \| Accounting Standards Update 2016-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustment related to the adoption of ASU 2014-09						$ 0.4
Forecast \| Minimum [Member] \| Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Right-of-Use Asset			$ 195.0
Operating Lease, Liability			205.0
Forecast \| Maximum \| Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Right-of-Use Asset			215.0
Operating Lease, Liability			$ 225.0

Operations and Summary of Significant Accounting Policies Operations and Summary of Significant Accounting Policies - Summary of the Impact of Adoption of 2014-09 (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets
Accounts and notes receivable, net	$ 880.3	$ 1,019.4
Other current assets	422.3	367.7
Total current assets	3,537.4	3,627.7
Other assets	142.4	147.1
Total assets	7,626.4	7,971.7	$ 7,168.4
Liabilities and Stockholders’ Equity
Accrued expenses	1,522.4	1,407.9
Total current liabilities	2,766.7	2,650.6
Other noncurrent liabilities	251.4	229.9
Total liabilities	4,632.9	4,876.4
Retained earnings	4,477.3	4,253.8
Total stockholder’s equity	2,993.5	3,095.3	$ 2,837.2	$ 2,883.3
Total liabilities and stockholder’s equity	7,626.4	$ 7,971.7
Balances Without Adoption of ASU 2014-09
Assets
Accounts and notes receivable, net	880.1
Other current assets	410.9
Total current assets	3,525.8
Other assets	141.6
Total assets	7,614.0
Liabilities and Stockholders’ Equity
Accrued expenses	1,508.3
Total current liabilities	2,752.6
Other noncurrent liabilities	249.1
Total liabilities	4,616.5
Retained earnings	4,481.3
Total stockholder’s equity	2,997.5
Total liabilities and stockholder’s equity	7,614.0
Accounting Standards Update 2014-09 \| Increase (Decrease) Due to Adoption
Assets
Accounts and notes receivable, net	0.2
Other current assets	11.4
Total current assets	11.6
Other assets	0.8
Total assets	12.4
Liabilities and Stockholders’ Equity
Accrued expenses	14.1
Total current liabilities	14.1
Other noncurrent liabilities	2.3
Total liabilities	16.4
Retained earnings	(4.0)
Total stockholder’s equity	(4.0)
Total liabilities and stockholder’s equity	$ 12.4

Acquisitions (Narrative) (Details) € in Millions, kr in Millions, $ in Millions								12 Months Ended
	Oct. 02, 2017 USD ($)	Oct. 02, 2017 EUR (€)	Sep. 01, 2017 USD ($)	Sep. 12, 2016 USD ($)	Sep. 12, 2016 DKK (kr)	Feb. 02, 2016 USD ($)	Feb. 02, 2016 EUR (€)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Finite-Lived Intangible Assets Acquired [Line Items]
Intangible assets acquired									$ 72.0
Goodwill acquired								$ 8.4	84.6	$ 269.2
Purchase of businesses, net of cash acquired								$ 0.0	$ 293.1	$ 383.8
Forage Division, Lely Group [Member]
Finite-Lived Intangible Assets Acquired [Line Items]
Payments to acquire businesses	$ 94.6	€ 80.2
Cash acquired, net	11.9	€ 10.1
Intangible assets acquired	$ 7.6
Precision Planting LLC [Member]
Finite-Lived Intangible Assets Acquired [Line Items]
Payments to acquire businesses			$ 198.1
Cash acquired, net			1.6
Intangible assets acquired			$ 64.4
Cimbria Holdings Limited
Finite-Lived Intangible Assets Acquired [Line Items]
Payments to acquire businesses				$ 337.5	kr 2,234.9
Cash acquired, net				12.6	kr 83.4
Intangible assets acquired				$ 128.9
Tecno Poultry Equipment
Finite-Lived Intangible Assets Acquired [Line Items]
Payments to acquire businesses						$ 63.8	€ 58.7
Cash acquired, net						19.1	€ 17.6
Intangible assets acquired						27.5
Goodwill acquired						$ 20.4

Acquisitions (Schedule Of Acquired Other Identifiable Intangible Assets) (Details) - USD ($) $ in Millions					12 Months Ended
	Oct. 02, 2017	Sep. 01, 2017	Sep. 12, 2016	Feb. 02, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets Acquired [Line Items]
Goodwill					$ 1,495.5	$ 1,541.4	$ 1,376.4	$ 1,114.5
Intangible assets acquired						72.0
Customer relationships
Finite-Lived Intangible Assets Acquired [Line Items]
Intangible assets acquired						$ 24.4
Weighted average useful life					13 years
Forage Division, Lely Group [Member]
Finite-Lived Intangible Assets Acquired [Line Items]
Current assets	$ 87.0
Property, plant and equipment	17.8
Intangible assets	7.6
Goodwill	25.8
Total assets acquired	138.2
Current liabilities	23.5
Long-term liabilities	8.2
Total liabilities assumed	31.7
Net assets acquired	106.5
Intangible assets acquired	7.6
Forage Division, Lely Group [Member] \| Customer relationships
Finite-Lived Intangible Assets Acquired [Line Items]
Intangible assets acquired	$ 3.0
Weighted average useful life	5 years
Forage Division, Lely Group [Member] \| Technology
Finite-Lived Intangible Assets Acquired [Line Items]
Intangible assets acquired	$ 3.0
Weighted average useful life	12 years
Forage Division, Lely Group [Member] \| Trademarks
Finite-Lived Intangible Assets Acquired [Line Items]
Intangible assets acquired	$ 1.6
Weighted average useful life	10 years
Precision Planting LLC [Member]
Finite-Lived Intangible Assets Acquired [Line Items]
Current assets		$ 59.5
Property, plant and equipment		20.8
Intangible assets		64.4
Goodwill		67.2
Total assets acquired		211.9
Current liabilities		12.2
Total liabilities assumed		12.2
Net assets acquired		199.7
Intangible assets acquired		64.4
Precision Planting LLC [Member] \| Customer relationships
Finite-Lived Intangible Assets Acquired [Line Items]
Intangible assets acquired		$ 21.4
Weighted average useful life		14 years
Precision Planting LLC [Member] \| Technology
Finite-Lived Intangible Assets Acquired [Line Items]
Intangible assets acquired		$ 25.1
Weighted average useful life		10 years
Precision Planting LLC [Member] \| Trademarks
Finite-Lived Intangible Assets Acquired [Line Items]
Intangible assets acquired		$ 17.9
Weighted average useful life		20 years
Cimbria Holdings Limited
Finite-Lived Intangible Assets Acquired [Line Items]
Current assets			$ 74.2
Property, plant and equipment			21.9
Intangible assets			128.9
Goodwill			237.9
Total assets acquired			462.9
Current liabilities			63.8
Deferred tax liabilities			38.5
Long-term debt and other noncurrent liabilities			10.5
Total liabilities assumed			112.8
Net assets acquired			350.1
Intangible assets acquired			128.9
Cimbria Holdings Limited \| Customer relationships
Finite-Lived Intangible Assets Acquired [Line Items]
Intangible assets acquired			$ 50.4
Weighted average useful life			9 years
Cimbria Holdings Limited \| Technology
Finite-Lived Intangible Assets Acquired [Line Items]
Intangible assets acquired			$ 22.5
Weighted average useful life			10 years
Cimbria Holdings Limited \| Trademarks
Finite-Lived Intangible Assets Acquired [Line Items]
Intangible assets acquired			$ 56.0
Weighted average useful life			20 years
Tecno Poultry Equipment
Finite-Lived Intangible Assets Acquired [Line Items]
Intangible assets acquired				$ 27.5
Tecno Poultry Equipment \| Customer relationships
Finite-Lived Intangible Assets Acquired [Line Items]
Intangible assets acquired				$ 15.7
Weighted average useful life				10 years
Tecno Poultry Equipment \| Technology
Finite-Lived Intangible Assets Acquired [Line Items]
Intangible assets acquired				$ 7.9
Weighted average useful life				10 years
Tecno Poultry Equipment \| Trademarks
Finite-Lived Intangible Assets Acquired [Line Items]
Intangible assets acquired				$ 3.9
Weighted average useful life				10 years

Restructuring Expenses (Details) $ in Millions	12 Months Ended			36 Months Ended
Restructuring Expenses (Details) $ in Millions	Dec. 31, 2018 USD ($) employees	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 USD ($) employees
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	$ 13.8	$ 12.4
Restructuring and Related Cost, Number of Positions Eliminated \| employees	520			3,370
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning of period	$ (10.9)	(15.3)	$ (16.9)
Provision	14.1	12.6	12.0
Provision reversal	(2.1)	(1.4)	(0.1)
Cash activity	(14.4)	(16.8)	(13.3)
Foreign currency translation	(1.1)	1.4	(0.2)
Restructuring reserve, end of period	(7.1)	(10.9)	(15.3)	$ (15.3)
Restructuring Reserve, Settled without Cash	(0.3)	(0.2)
Write-down of Property, Plant and Equipment
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	0.0	0.0
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning of period	0.0	0.0	0.0
Provision	0.3	0.2	0.0
Provision reversal	0.0	0.0	0.0
Cash activity	0.0	0.0	0.0
Foreign currency translation	0.0	0.0	0.0
Restructuring reserve, end of period	0.0	0.0	0.0	0.0
Restructuring Reserve, Settled without Cash	(0.3)	(0.2)
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	13.8	12.4
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning of period	(10.9)	(14.5)	(16.9)
Provision	13.8	12.4	11.0
Provision reversal	(2.1)	(1.4)	(0.1)
Cash activity	(14.4)	(16.0)	(13.1)
Foreign currency translation	(1.1)	1.4	(0.2)
Restructuring reserve, end of period	(7.1)	(10.9)	(14.5)	(14.5)
Restructuring Reserve, Settled without Cash	0.0	0.0
Facility Closure Costs
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	0.0	0.0
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning of period	0.0	(0.8)	0.0
Provision	0.0	0.0	1.0
Provision reversal	0.0	0.0	0.0
Cash activity	0.0	(0.8)	(0.2)
Foreign currency translation	0.0	0.0	0.0
Restructuring reserve, end of period	0.0	0.0	$ (0.8)	$ (0.8)
Restructuring Reserve, Settled without Cash	$ 0.0	$ 0.0

Accounts Receivable Sales Agreements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Resale Agreement Counterparty [Line Items]
Outstanding funding received from receivable securitization	$ 82.5	$ 41.6
United States, Canada, Europe, and Brazil
Resale Agreement Counterparty [Line Items]
Cash received from receivables sold	1,400.0	1,300.0
Other Expense
Resale Agreement Counterparty [Line Items]
Loss on sales of receivables	$ 36.0	$ 39.2	$ 19.5

Investments in Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
Investments in Affiliates (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage by parent	49.00%
Investment in affiliates	$ 400.0	$ 409.0
Equity in net earnings of affiliates	34.3	39.1	$ 47.5
Equity Method Investment, Summarized Financial Information [Abstract]
Total assets	7,643.5	8,440.0
Total liabilities	6,911.5	7,677.3
Partners’ equity	732.0	762.7
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Revenues	305.2	305.7	297.4
Costs	201.1	183.0	159.0
Income before income taxes	104.1	122.7	138.4
Receivables from affiliates	12.9	23.4
Undistributed earnings	326.9	321.9
Finance joint ventures
Schedule of Equity Method Investments [Line Items]
Investment in affiliates	358.7	373.7
Equity in net earnings of affiliates	34.7	39.9	45.5
Manufacturing joint ventures
Schedule of Equity Method Investments [Line Items]
Investment in affiliates	26.3	20.1
Other affiliates
Schedule of Equity Method Investments [Line Items]
Investment in affiliates	15.0	15.2
Manufacturing and other joint ventures
Schedule of Equity Method Investments [Line Items]
Equity in net earnings of affiliates	$ (0.4)	$ (0.8)	$ 2.0

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Taxes [Line Items]
Provision in accordance with Staff Accounting Bulletin No. 118	$ 42.0
Deferred tax liability	11.4	$ 11.4	$ 18.3
Federal statutory income tax rate		35.00%	35.00%	35.00%
Valuation allowance	83.9	$ 83.9	$ 81.9
Net operating loss carryforwards	249.6	249.6
Net operating loss carryforwards not subject to expiration	188.4	188.4
Income taxes paid		101.6	111.2	$ 106.2
Unrecognized income tax benefits that would affect effective tax rate	166.1	166.1	163.4
Accrued or deferred taxes relating to uncertain income tax positions	58.5	58.5	61.8
Interest and penalties related to unrecognized tax benefits		5.6	4.6
Accrued interest and penalties relating to unrecognized tax benefits	27.2	27.2	23.0
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Income Tax Expense (Benefit)		110.9	133.6	92.2
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount		8.5	$ 3.8	$ 23.4
Foreign
Income Taxes [Line Items]
Net operating loss carryforwards	249.6	249.6
2019
Income Taxes [Line Items]
Net operating loss carryforwards, by expiration date	19.5	19.5
2020
Income Taxes [Line Items]
Net operating loss carryforwards, by expiration date	18.8	18.8
Operating Loss Carryforwards, By Expiration Date, Date four [Member] [Domain]
Income Taxes [Line Items]
Net operating loss carryforwards, by expiration date	$ 22.9	$ 22.9

Income Taxes (Schedule of Income before Income Tax, Domestic and Foreign) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Sources of income (loss) before income taxes and equity in net earnings of affiliates
United States	$ (126.0)	$ (141.6)	$ (150.0)
Foreign	486.3	425.4	354.9
Income before income taxes and equity in net earnings of affiliates	$ 360.3	$ 283.8	$ 204.9

Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current:
Federal	$ (9.1)	$ 20.3	$ (24.3)
State	1.2	0.6	0.2
Foreign	133.5	126.8	114.2
Current income tax expense (benefit)	125.6	147.7	90.1
Deferred:
Federal	0.0	0.9	21.9
State	0.0	0.0	0.0
Foreign	(14.7)	(15.0)	(19.8)
Deferred income tax expense (benefit)	(14.7)	(14.1)	2.1
Income tax provision	$ 110.9	$ 133.6	$ 92.2

Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Provision for income taxes at United States federal statutory rate		$ 75.7	$ 99.3	$ 71.7
State and local income taxes, net of federal income tax effects		(6.0)	(5.7)	(6.0)
Taxes on foreign income which differ from the United States statutory rate		(0.3)	(57.7)	(44.5)
Tax effect of permanent differences		26.7	60.6	14.4
Change in valuation allowance		24.6	(1.4)	37.9
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit)	$ 42.0
Change in tax contingency reserves		8.5	3.8	23.4
Research and development tax credits		(8.5)	(5.0)	(3.8)
Impacts related to the 2017 Tax Act		(8.4)	42.0	0.0
Other		(1.4)	(2.3)	(0.9)
Income tax provision		$ 110.9	$ 133.6	$ 92.2

Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Deferred Tax Assets:
Net operating loss carryforwards	$ 74.5	$ 83.4
Sales incentive discounts	58.8	60.2
Inventory valuation reserves	36.3	34.4
Pensions and postretirement health care benefits	47.6	52.2
Warranty and other reserves	98.6	92.2
Research and development tax credits	3.1	2.9
Foreign tax credits	9.7	10.4
Other	21.6	19.2
Total gross deferred tax assets	350.2	354.9
Valuation allowance	(83.9)	(81.9)
Total net deferred tax assets	266.3	273.0
Deferred Tax Liabilities:
Tax over book depreciation and amortization	214.3	229.1
Investment in affiliates	42.8	53.9
Other	20.6	8.3
Total deferred tax liabilities	277.7	291.3
Deferred tax liability	(11.4)	(18.3)
Amounts recognized in Consolidated Balance Sheets:
Deferred tax assets - noncurrent	104.9	112.2
Deferred tax liabilities - noncurrent	$ (116.3)	$ (130.5)

Income Taxes (Summary of Income Tax Contingencies) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Gross unrecognized tax benefits:
Gross unrecognized income tax benefits, beginning of period	$ 163.4	$ 139.9
Additions for tax positions of the current year	3.8	16.4
Additions for tax positions of prior years	13.1	4.8
Reductions for tax positions of prior years for:
Changes in judgments	(1.6)	1.4
Settlements during the year	(0.7)	(0.4)
Lapses of applicable statute of limitations	(4.4)	(14.4)
Gross unrecognized income tax benefits, end of period	166.1	163.4
Unrecognized Tax Benefits, Foreign Currency Translation	$ 7.5	$ (15.7)

Indebtedness (Narrative) (Details)			1 Months Ended		3 Months Ended	12 Months Ended
Indebtedness (Narrative) (Details)	Aug. 01, 2018 USD ($)	May 09, 2018	Oct. 31, 2018 USD ($)	Oct. 31, 2016 EUR (€) loan_agreement	Jun. 30, 2017 USD ($)	Dec. 31, 2018 USD ($) loan_agreement	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2018 EUR (€) loan_agreement	Oct. 31, 2018 EUR (€)	Sep. 30, 2018 USD ($)	Aug. 30, 2018 loan_agreement	Dec. 31, 2017 EUR (€)	Apr. 30, 2016 EUR (€) loan_agreement
Debt Instrument [Line Items]
Debt Repurchase, Convertible, Conversion Ratio		1.0775
Interest Paid, Including Capitalized Interest, Operating and Investing Activities						$ 35,200,000	$ 55,200,000	$ 58,800,000
Number of Term Loan Agreements \| loan_agreement				7		14			14			7		2
Line of credit \| €									€ 97,000,000				€ 471,200,000
Interest Notes Payable						1.002%			1.002%
Amortization of deferred hedge gains						$ 4,700,000
Outstanding letters of credit						14,100,000	15,200,000
Net Investment Hedging \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Notional amount of foreign currency derivatives \| €									€ 312,000,000
Cash Flow Hedging \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Notional amount of foreign currency derivatives						$ 1,462,800,000
Cash Flow Hedging \| Interest Rate Swap \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Notional amount of foreign currency derivatives \| €									€ 312,000,000
Derivative, fixed interest rate						0.3315%			0.3315%
Fair Value Hedging \| Interest Rate Swap \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Notional amount of foreign currency derivatives						$ 300,000,000.0
Deferred gain on hedge termination					$ 7,300,000
unamortized portion of deferred hedge gain						1,300,000	5,300,000
Senior term loans due between 2019 and 2026
Debt Instrument [Line Items]
Debt, face amount \| €				€ 375,000,000
Senior Notes						815,300,000	449,700,000
1.056% Senior term loan due 2020(1)
Debt Instrument [Line Items]
Senior Notes						$ 228,700,000	$ 239,800,000		€ 200,000,000.0
Debt Interest Rate						1.056%	1.056%		1.056%				1.056%
Line of Credit \| Interest Accrual, Option Two
Debt Instrument [Line Items]
Variable rate						0.50%
Line of Credit \| Interest Accrual, Option Three
Debt Instrument [Line Items]
Variable rate						1.00%
Line of Credit \| Minimum \| Interest Accrual, Option One
Debt Instrument [Line Items]
Variable rate						1.00%
Line of Credit \| Minimum \| Interest Accrual, Option Three \| Variable Basis, Additional Margin
Debt Instrument [Line Items]
Variable rate			0.00%	0.70%		0.00%
Line of Credit \| Maximum \| Interest Accrual, Option One
Debt Instrument [Line Items]
Variable rate						1.75%
Line of Credit \| Maximum \| Interest Accrual, Option Three \| Variable Basis, Additional Margin
Debt Instrument [Line Items]
Variable rate			0.875%	2.26%		0.25%
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 800,000,000
Remaining borrowing capacity						685,600,000
Credit facility, expires 2023(1)
Debt Instrument [Line Items]
Senior Notes						$ 114,400,000	$ 471,200,000
Line of credit \| €									€ 312,000,000
Proceeds from issuance of debt	$ 338,000,000
4½% Senior term loan due 2016
Debt Instrument [Line Items]
Debt Interest Rate						4.50%	4.50%		4.50%				4.50%
5 7/8% Senior notes due 2021
Debt Instrument [Line Items]
Debt, face amount			$ 122,500,000							€ 114,100,000
Senior Notes						$ 0	$ 305,300,000
Debt Interest Rate						5.875%	5.875%		5.875%				5.875%
Redemption percentage						100.00%
5 7/8% Senior notes due 2021 \| Interest Accrual, Option Two
Debt Instrument [Line Items]
Variable rate						0.50%
Senior Unsecured Term Loan Due April 26, 2021, First Loan
Debt Instrument [Line Items]
Debt, face amount											$ 113,200,000			€ 100,000,000
Senior Unsecured Term Loan Due April 26, 2021, Second Loan
Debt Instrument [Line Items]
Debt, face amount											$ 239,800,000
Senior Unsecured Term Loan Due April 26, 2021, Total \| Minimum
Debt Instrument [Line Items]
Variable rate						1.00%
Senior Unsecured Term Loan Due April 26, 2021, Total \| Maximum
Debt Instrument [Line Items]
Variable rate						1.75%
United States of America, Dollars
Debt Instrument [Line Items]
Long-term line of credit						$ 284,600,000
United States of America, Dollars \| Credit facility, expires 2023(1)
Debt Instrument [Line Items]
Line of credit \| €													€ 374,200,000
United States of America, Dollars \| Credit facility, expires 2023(1) \| Cash Flow Hedging \| Interest Rate Swap \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Line of credit \| €									€ 360,800,000

Indebtedness (Components Of Indebtedness) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2018 EUR (€)	Dec. 31, 2017 USD ($)
Debt Instrument [Line Items]
Amortization of Deferred Hedge Gains	$ 4.7
Other long-term debt	132.2		$ 131.6
Debt issuance costs	(2.6)		(4.0)
Total indebtedness	1,459.5		1,713.5
Other Long-term Debt, Current	120.4		95.4
Less: Current portion of long-term debt	(184.2)		(95.4)
Total indebtedness, less current portion	1,275.3		1,618.1
1.056% Senior term loan due 2020(1)
Debt Instrument [Line Items]
Senior Notes	228.7	€ 200,000,000.0	239.8
Senior Unsecured Term Loan Due October 28, 2022 [Member]
Debt Instrument [Line Items]
Senior Notes	150.0
Credit facility, expires 2023(1)
Debt Instrument [Line Items]
Senior Notes	114.4		471.2
Senior term loans due 2021
Debt Instrument [Line Items]
Senior Notes	171.5		119.9
5 7/8% Senior notes due 2021
Debt Instrument [Line Items]
Senior Notes	0.0		305.3
Senior term loans due between 2019 and 2026
Debt Instrument [Line Items]
Senior Notes	815.3		449.7
4½% Senior term loan due 2016
Debt Instrument [Line Items]
Less: Current portion of long-term debt	$ (63.8)		$ 0.0

Indebtedness (Maturities of Long-term Debt) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Aggregate scheduled maturities of long-term debt, excluding current maturities
2019	$ 230.9
2020	303.2
2021	173.6
2022	397.5
Thereafter	170.1
Total indebtedness, less current portion	$ 1,275.3	$ 1,618.1

Indebtedness (Debt Terms) (Details) $ in Millions		1 Months Ended			12 Months Ended
Indebtedness (Debt Terms) (Details) $ in Millions	Aug. 01, 2018 USD ($)	Oct. 31, 2018 USD ($)	May 31, 2018 USD ($)	Oct. 31, 2016 EUR (€)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2018 EUR (€)	Oct. 31, 2018 EUR (€)	Sep. 30, 2018 USD ($)	Sep. 30, 2018 EUR (€)	Dec. 31, 2017 EUR (€)	Apr. 30, 2016 EUR (€)
Debt Instrument [Line Items]
Debt instrument, Repurchase Amount, Principal Amount			$ 185.9
Write off of Deferred Debt Issuance Cost					$ 0.9
Line of Credit Facility, Fair Value of Amount Outstanding \| €								€ 97,000,000				€ 471,200,000
Debt Instrument, Purchase Price of Repurchased Debt			200.3
Gain (Loss) on Extinguishment of Debt		$ (8.8)	$ (15.7)		(24.5)	$ 0.0	$ 0.0
Senior Notes Due December 1, 2021, 5.875% [Member]
Debt Instrument [Line Items]
Debt, face amount		$ 122.5							€ 114,100,000
Senior Notes					$ 0.0	$ 305.3
Debt Interest Rate					5.875%	5.875%		5.875%				5.875%
Senior Unsecured Term Loan Due April 26, 2021, Second Loan [Member]
Debt Instrument [Line Items]
Debt, face amount										$ 239.8
Senior term loans due between 2019 and 2026
Debt Instrument [Line Items]
Debt, face amount \| €				€ 375,000,000
Senior Notes					$ 815.3	$ 449.7
Senior term loans due between 2019 and 2026 \| Term Loan, Floating Rate Due October 19, 2019 0.75%
Debt Instrument [Line Items]
Debt Interest Rate				0.75%
Senior term loans due between 2019 and 2026 \| Term Loan, Fixed Rate Due October 19, 2019 0.75%
Debt Instrument [Line Items]
Debt Interest Rate				0.75%
Senior term loans due between 2019 and 2026 \| Term Loan, Floating Rate Due October 19, 2021 1.00%
Debt Instrument [Line Items]
Debt Interest Rate				1.00%
Senior term loans due between 2019 and 2026 \| Term Loan, Fixed Rate Due October 19, 2021 1.00%
Debt Instrument [Line Items]
Debt Interest Rate				1.00%
Senior term loans due between 2019 and 2026 \| Term Loan, Floating Rate Due October 19, 2023 1.25%
Debt Instrument [Line Items]
Debt Interest Rate				1.25%
Senior term loans due between 2019 and 2026 \| Term Loan, Fixed Rate Due October 19, 2023 1.33%
Debt Instrument [Line Items]
Debt Interest Rate				1.33%
Senior term loans due between 2019 and 2026 \| Term Loan, Fixed Rate Due October 19, 2026 1.98%
Debt Instrument [Line Items]
Debt Interest Rate				1.98%
Credit facility, expires 2023(1)
Debt Instrument [Line Items]
Proceeds from Issuance of Debt	$ 338.0
Senior Notes					$ 114.4	471.2
Line of Credit Facility, Fair Value of Amount Outstanding \| €								€ 312,000,000
Credit facility, expires 2023(1) \| Term Loans Due 2019 and 2028 [Member]
Debt Instrument [Line Items]
Debt, face amount \| €											€ 713,000,000
Senior Notes										815.3
Senior Unsecured Term Loan Due April 26, 2021, First Loan [Member]
Debt Instrument [Line Items]
Debt, face amount										$ 113.2			€ 100,000,000
Interest Accrual, Option Three [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate					1.00%
Variable Basis, Additional Margin [Member] \| Minimum \| Interest Accrual, Option Three [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		0.00%		0.70%	0.00%
Variable Basis, Additional Margin [Member] \| Maximum \| Interest Accrual, Option Three [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		0.875%		2.26%	0.25%
Euro Member Countries, Euro
Debt Instrument [Line Items]
Long-term Line of Credit					$ 250.0
United States of America, Dollars
Debt Instrument [Line Items]
Long-term Line of Credit					284.6
United States of America, Dollars \| Credit facility, expires 2023(1)
Debt Instrument [Line Items]
Line of Credit Facility, Fair Value of Amount Outstanding \| €												€ 374,200,000
Fair Value Hedging [Member] \| Designated as Hedging Instrument \| Interest Rate Swap
Debt Instrument [Line Items]
Unamortized Deferred Gain On Hedge Termination					$ 1.3	$ 5.3
London Interbank Offered Rate (LIBOR) [Member] \| Variable Basis, Additional Margin [Member] \| Minimum \| Interest Accrual, Option Three [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		0.875%
London Interbank Offered Rate (LIBOR) [Member] \| Variable Basis, Additional Margin [Member] \| Maximum \| Interest Accrual, Option Three [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.875%
EURIBOR [Member] \| Variable Basis, Additional Margin [Member] \| Minimum \| Interest Accrual, Option Three [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate					0.70%
EURIBOR [Member] \| Variable Basis, Additional Margin [Member] \| Maximum \| Interest Accrual, Option Three [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate					1.25%

Employee Benefit Plans (Narrative) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Defined Benefit Plan, Weighted-Average Interest Crediting Rate

1.00%

0.75%

Unrecognized net actuarial losses (gains)

$ 379.8

$ 380.6

$ 404.8

Reduction in equity

$ 282.4

285.1

304.5

Defined benefit plan, target allocation percentage of assets, near-term benefit payments

30.00%

Defined benefit plan, target allocation percentage of assets, long-term growth

70.00%

Weighted average expected long-term rate of return on plan assets

5.50%

Company contributions

$ 15.8

$ 15.1

14.3

Alternative Investments

Defined benefit plan, target plan asset allocations

5.00%

Equity Securities

Defined benefit plan, target plan asset allocations

40.00%

Fixed Income Investments

Defined benefit plan, target plan asset allocations

55.00%

Minimum

Percentage of joint venture's unrecognized net actuarial losses and unrecognized prior service cost

20.00%

Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase

1.75%

Maximum

Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase

5.00%

ENPP

Minimum age for vesting

50 years

Minimum participation period to qualify for payment

10 years

Minimum service period to vest

5 years

Minimum age to receive benefits

65 years

Period over which retirement benefits are paid

15 years

Period considered when determining retirement benefits

3 years

Minimum service period

20 years

Final years of service

10 years

Defined Benefit Plan, Amortization Period

8 years

Pension and Other Postretirement Benefit Plans [Member]

Aggregate projected benefit obligation

$ 847.3

$ 946.0

Accumulated benefit obligation

798.5

891.2

Fair value of plan assets

616.0

690.8

Reduction in equity

378.7

379.3

Tax effect of benefit plans

$ 97.0

$ 95.0

Pension Benefits

Percentage of fixed income securities consisting of high-yield securities

13.00%

Percentage of Fixed Income Securities Consisting of Foreign Securities

17.00%

15.00%

Unrecognized net actuarial losses (gains)

$ 356.7

$ 360.1

Unrecognized prior service cost

19.5

12.2

Net loss recognized due to settlement

$ 0.9

$ 0.2

$ 0.4

Weighted average discount rate

2.80%

2.50%

Benefit payments in 2018 (less than)

$ 46.4

Benefit payments made to defined benefit pension plans and ENPP

47.4

Benefits paid

$ 45.9

$ 42.6

Weighted average expected long-term rate of return on plan assets

5.40%

5.80%

6.80%

Postretirement Benefits

Unrecognized net actuarial losses (gains)

$ (0.6)

$ 3.8

Defined Benefit Plan, Amortization Period

12 years

Unrecognized prior service cost

$ 3.1

$ 3.2

Weighted average discount rate

5.20%

4.90%

Benefit payments in 2018 (less than)

$ 1.5

Benefits paid

$ 1.4

$ 1.6

Brazilian Postretirement Benefit Obligation, Defined Benefit [Member]

Health care cost trend rate assumed

10.80%

11.00%

Ultimate health care cost trend rate

5.00%

5.30%

Benefit payments in 2018 (less than)

$ 0.1

U.S Based Postretirement Health Care and Life Insurance Benefit Plans

Health care cost trend rate assumed

6.50%

6.75%

Ultimate health care cost trend rate

5.00%

Benefit payments in 2018 (less than)

$ 1.5

UNITED STATES | Pension Benefits

Defined Benefit Plan, Amortization Period

16 years

Aggregate projected benefit obligation

$ 124.7

$ 129.6

Accumulated benefit obligation

107.8

111.5

Fair value of plan assets

$ 36.8

$ 36.6

Weighted average discount rate

4.35%

3.70%

Expected minimum contribution

$ 1.6

Defined benefit plan, target allocation percentage of assets, near-term benefit payments

15.00%

Defined benefit plan, target allocation percentage of assets, long-term growth

85.00%

Defined benefit plan, assumptions used in investment strategy, expected return next fiscal year

5.75%

Weighted average expected long-term rate of return on plan assets

^[1]

6.00%

Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase

^[2]

5.00%

UNITED STATES | Pension Benefits | Large and small cap domestic equity securities

Defined benefit plan, target plan asset allocations

21.50%

UNITED STATES | Pension Benefits | International equity securities

Defined benefit plan, target plan asset allocations

8.50%

UNITED STATES | Pension Benefits | Fixed Income Securities

Defined benefit plan, target plan asset allocations

55.00%

UNITED STATES | Pension Benefits | Alternative Investments

Defined benefit plan, target plan asset allocations

10.00%

UNITED STATES | Pension Benefits | Defined Benefit Plan, Cash [Member]

Defined benefit plan, target plan asset allocations

5.00%

UNITED STATES | Postretirement Benefits

Unrecognized net actuarial losses (gains)

$ 0.3

Foreign Plan [Member] | U.K. Pension Plans, Defined Benefit

Expected minimum contribution

$ 19.9

Weighted average expected long-term rate of return on plan assets

4.75%

Foreign Plan [Member] | Pension Benefits

Defined Benefit Plan, Amortization Period

19 years

Expected minimum contribution

$ 28.9

Defined benefit plan, historical average return on asset mix

5.20%

Corporate Joint Venture | GIMA

Reduction in equity

$ (1.1)

$ (1.3)

Tax effect of benefit plans

$ 0.4

$ 0.5

Percentage of joint venture's unrecognized net actuarial losses and unrecognized prior service cost

50.00%

Net loss recognized due to settlement

$ 0.1

BRAZIL | Postretirement Benefits

Defined Benefit Plan, Accumulated Benefit Obligation

$ 0.6

[1]	Applicable for U.S. funded, qualified plans.
[2]	Applicable for U.S. unfunded, nonqualified plan.

Employee Benefit Plans (Net Pension And Postretirement Cost) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Pension Benefits
Service cost	$ 16.6	$ 17.1	$ 16.2
Interest cost	19.9	20.6	24.6
Expected return on plan assets	(34.0)	(35.9)	(38.8)
Amortization of net actuarial losses	13.8	13.4	10.0
Amortization of prior service cost	1.2	1.2	1.0
Net loss recognized due to settlement	0.9	0.2	0.4
Net gain recognized due to curtailment	0.0	0.0	(0.1)
Net annual pension cost	$ 18.4	$ 16.6	$ 13.3
Weighted average discount rate	2.50%	2.70%	3.60%
Postretirement Benefits
Service cost	$ 0.1	$ 0.1	$ 0.0
Interest cost	1.4	1.4	1.4
Amortization of net actuarial losses	0.1	0.1	0.0
Amortization of prior service cost	0.2	0.2	0.2
Net annual pension cost	$ 1.8	$ 1.8	$ 1.6
Weighted average discount rate	4.90%	5.30%	5.10%

Employee Benefit Plans (Assumptions for Pension and Postretirement Cost) (Details)

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Weighted average expected long-term rate of return on plan assets

5.50%

Minimum

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Rate of increase in future compensation

1.80%

1.50%

2.00%

Maximum

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Rate of increase in future compensation

5.00%

Pension Benefits

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Weighted average discount rate

2.50%

2.70%

3.60%

Weighted average expected long-term rate of return on plan assets

5.40%

5.80%

6.80%

UNITED STATES | Pension Benefits

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Weighted average discount rate

3.70%

4.25%

4.60%

Weighted average expected long-term rate of return on plan assets

^[1]

6.00%

Rate of increase in future compensation

^[2]

5.00%

[1]	Applicable for U.S. funded, qualified plans.
[2]	Applicable for U.S. unfunded, nonqualified plan.

Employee Benefit Plans (Net Funded Status) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Change in plan assets
Fair value of plan assets at beginning of year	$ 691.8
Fair value of plan assets at end of year		$ 691.8
Unrecognized net actuarial losses (gains)	379.8	380.6	$ 404.8
Amounts recognized in Consolidated Balance Sheets:
Pensions and postretirement health care benefits (noncurrent)	(223.2)	(247.3)
Pension Benefits
Change in benefit obligation
Benefit obligation, beginning of period	916.7	849.8
Service cost	16.6	17.1	16.2
Interest cost	19.9	20.6	24.6
Plan participants’ contributions	1.2	1.1
Actuarial (gains) losses	(55.2)	0.5
Amendments	8.5	0.0
Settlements	(1.5)	(0.7)
Benefits paid	(45.9)	(42.6)
Defined Benefit Plan, Special Termination Benefits and Other	1.9	0.0
Foreign currency exchange rate changes	(39.1)	70.9
Benefit obligation, end of period	823.1	916.7	849.8
Change in plan assets
Fair value of plan assets at beginning of year	691.8	601.7
Actual return on plan assets	(32.4)	47.3
Employer contributions	36.8	30.3
Plan participants’ contributions	1.2	1.1
Benefits paid	(45.9)	(42.6)
Settlements	(1.5)	(0.7)
Foreign currency exchange rate changes	(32.9)	54.7
Fair value of plan assets at end of year	617.1	691.8	601.7
Funded status	(206.0)	(224.9)
Unrecognized net actuarial losses (gains)	356.7	360.1
Unrecognized prior service cost	19.5	12.2
Accumulated other comprehensive loss	(376.2)	(372.3)
Net amount recognized	(206.0)	(224.9)
Amounts recognized in Consolidated Balance Sheets:
Assets for Plan Benefits, Defined Benefit Plan	0.1	0.0
Other current liabilities	(3.8)	(3.9)
Accrued expenses	(2.9)	(2.3)
Pensions and postretirement health care benefits (noncurrent)	(199.4)	(218.7)
Postretirement Benefits
Change in benefit obligation
Benefit obligation, beginning of period	30.2	28.6
Service cost	0.1	0.1	0.0
Interest cost	1.4	1.4	1.4
Plan participants’ contributions	0.0	0.0
Actuarial (gains) losses	(4.2)	1.8
Amendments	0.0	0.0
Settlements	0.0	0.0
Benefits paid	(1.4)	(1.6)
Defined Benefit Plan, Special Termination Benefits and Other	0.0	0.0
Foreign currency exchange rate changes	(0.8)	(0.1)
Benefit obligation, end of period	25.3	30.2	28.6
Change in plan assets
Fair value of plan assets at beginning of year	0.0	0.0
Actual return on plan assets	0.0	0.0
Employer contributions	1.4	1.6
Plan participants’ contributions	0.0	0.0
Benefits paid	(1.4)	(1.6)
Settlements	0.0	0.0
Foreign currency exchange rate changes	0.0	0.0
Fair value of plan assets at end of year	0.0	0.0	$ 0.0
Funded status	(25.3)	(30.2)
Unrecognized net actuarial losses (gains)	(0.6)	3.8
Unrecognized prior service cost	3.1	3.2
Accumulated other comprehensive loss	(2.5)	(7.0)
Net amount recognized	(25.3)	(30.2)
Amounts recognized in Consolidated Balance Sheets:
Assets for Plan Benefits, Defined Benefit Plan	0.0	0.0
Other current liabilities	(1.5)	(1.6)
Accrued expenses	0.0	0.0
Pensions and postretirement health care benefits (noncurrent)	$ (23.8)	$ (28.6)

Employee Benefit Plans (Net Periodic Pension Costs Included in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Before-Tax Amount
Accumulated other comprehensive loss, before tax, beginning of period	$ 380.6	$ 404.8
Prior service cost arising during the year, before tax	(8.5)
Net loss recognized due to settlement, before tax	1.0	0.3
Net actuarial (loss) gain arising during the year, before tax	(7.0)	9.0
Amortization of prior service cost, before tax	1.4	1.4
Amortization of net actuarial losses	13.9	13.5
Accumulated other comprehensive loss, before tax, end of period	(379.8)	(380.6)	$ (404.8)
Income Tax
Accumulated other comprehensive loss, tax, beginning of period	(95.5)	(100.3)
Prior service cost arising during the year, tax	(1.5)
Net loss recognized due to settlement, tax	0.1	0.1
Net actuarial (loss) gain arising during the year, tax	(2.8)	2.4
Amortization of prior service costs, tax	0.1	0.1
Amortization of net actuarial losses, tax	2.2	2.2
Accumulated other comprehensive loss, tax, end of period	(97.4)	(95.5)	(100.3)
After-Tax Amount
Accumulated other comprehensive loss, after tax, beginning of period	(285.1)	(304.5)
Prior service cost arising during the year	(7.0)	0.0	(2.6)
Net loss recognized due to settlement	0.9	0.2	0.4
Net gain recognized due to curtailment	0.0	0.0	(0.1)
Net actuarial (loss) gain arising during the year, after tax	(4.2)	6.6	(62.9)
Amortization of prior service costs, after tax	1.3	1.3	1.1
Amortization of net actuarial losses included in net periodic pension cost	11.7	11.3	8.6
Accumulated other comprehensive loss, after tax, end of period	(282.4)	(285.1)	$ (304.5)
Other Postretirement Benefits Plan [Member]
Before-Tax Amount
Accumulated other comprehensive loss, before tax, beginning of period	3.8
Accumulated other comprehensive loss, before tax, end of period	0.6	$ (3.8)
UNITED STATES \| Other Postretirement Benefits Plan [Member]
Before-Tax Amount
Accumulated other comprehensive loss, before tax, end of period	$ (0.3)

Employee Benefit Plans (Assumptions for Benefit Obligation) (Details) - USD ($)
$ in Millions

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax

$ (379.8)

$ (380.6)

$ (404.8)

Pension Benefits

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax

(356.7)

(360.1)

Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax

$ 19.5

$ 12.2

Weighted average discount rate

2.80%

2.50%

Other Postretirement Benefits Plan [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax

$ 0.6

$ (3.8)

Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax

$ 3.1

$ 3.2

Weighted average discount rate

5.20%

4.90%

Minimum

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Rate of increase in future compensation

1.75%

Maximum

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Rate of increase in future compensation

5.00%

UNITED STATES | Pension Benefits

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Weighted average discount rate

4.35%

3.70%

Rate of increase in future compensation

^[1]

5.00%

UNITED STATES | Other Postretirement Benefits Plan [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax

$ (0.3)

AOCI Attributable to Noncontrolling Interest | UNITED STATES | Other Postretirement Benefits Plan [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax

$ (3.4)

[1]	Applicable for U.S. unfunded, nonqualified plan.

Employee Benefit Plans (Expected Future Minimum Payments) (Details) $ in Millions	Dec. 31, 2018 USD ($)
Pension Benefits
Aggregate expected benefit payments
2019	$ 46.4
2020	47.9
2021	51.2
2022	50.7
2023	51.6
2024 through 2028	280.6
Total	528.4
Postretirement Benefits
Aggregate expected benefit payments
2019	1.5
2020	1.6
2021	1.6
2022	1.6
2023	1.7
2024 through 2028	8.5
Total	$ 16.5

Employee Benefit Plans (Asset Allocation) (Details) - Pension Benefits	Dec. 31, 2018	Dec. 31, 2017
Foreign Plan [Member]
Asset Category
Equity Securities	100.00%	100.00%
Foreign Plan [Member] \| Equity Securities
Asset Category
Equity Securities	39.00%	40.00%
Foreign Plan [Member] \| Fixed Income Securities
Asset Category
Equity Securities	54.00%	53.00%
Foreign Plan [Member] \| Other Investments [Member]
Asset Category
Equity Securities	7.00%	7.00%
UNITED STATES
Asset Category
Equity Securities	100.00%	100.00%
UNITED STATES \| Large and small cap domestic equity securities
Asset Category
Equity Securities	19.00%	31.00%
UNITED STATES \| International equity securities
Asset Category
Equity Securities	8.00%	12.00%
UNITED STATES \| Fixed Income Securities
Asset Category
Equity Securities	57.00%	43.00%
UNITED STATES \| Other Investments [Member]
Asset Category
Equity Securities	16.00%	14.00%

Employee Benefit Plans (Reconciliation of Level 3 Assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	$ 691.8
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement [Abstract]
Fair value of plan assets at end of year		$ 691.8
Pension Benefits
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	691.8	601.7
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement [Abstract]
Foreign currency exchange rate changes	(32.9)	54.7
Fair value of plan assets at end of year	617.1	691.8
Pension Benefits \| Alternative Investments
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	37.2
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement [Abstract]
Fair value of plan assets at end of year	34.1	37.2
Pension Benefits \| Miscellaneous Funds
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	25.4
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement [Abstract]
Fair value of plan assets at end of year	28.2	25.4
Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	27.8
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement [Abstract]
Fair value of plan assets at end of year		27.8
Level 3 \| Pension Benefits
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	27.8	23.8
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement [Abstract]
Related to assets still held at reporting	0.8	(2.3)
Relating to assets sold during period	0.0	0.0
Purchases, sales and /or settlements	3.2	3.4
Foreign currency exchange rate changes	(1.3)	2.9
Fair value of plan assets at end of year	30.5	27.8
Level 3 \| Pension Benefits \| Alternative Investments
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	2.4	2.4
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement [Abstract]
Related to assets still held at reporting	(0.2)	(0.1)
Relating to assets sold during period	0.0	0.0
Purchases, sales and /or settlements	0.1	0.1
Foreign currency exchange rate changes	0.0	0.0
Fair value of plan assets at end of year	2.3	2.4
Level 3 \| Pension Benefits \| Miscellaneous Funds
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	25.4	21.4
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement [Abstract]
Related to assets still held at reporting	1.0	(2.2)
Relating to assets sold during period	0.0	0.0
Purchases, sales and /or settlements	3.1	3.3
Foreign currency exchange rate changes	(1.3)	2.9
Fair value of plan assets at end of year	$ 28.2	$ 25.4

Stockholders' Equity (Narrative) (Details) - USD ($)	2 Months Ended	12 Months Ended
Stockholders' Equity (Narrative) (Details) - USD ($)	Feb. 28, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Feb. 25, 2019	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Accelerated Share Repurchases [Line Items]
Common stock, shares authorized (in shares)		150,000,000	150,000,000
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares outstanding (in shares)		76,536,755	79,465,393
Shares available for grant (in shares)		3,436,426
Purchases and retirement of common stock		$ 184,300,000	$ 0	$ 212,500,000
Remaining authorized repurchase amount		147,100,000
Stock Repurchase Program, Authorized Amount, Year Two		31,400,000
Common stock, quarterly dividends declared (in dollars per share)						$ 0.15	$ 0.14	$ 0.13
2012, 2013, 2014 and 2016 Share Repurchase Program [Member]
Accelerated Share Repurchases [Line Items]
Authorized amount		$ 1,350,000,000
Accelerated Share Repurchase
Accelerated Share Repurchases [Line Items]
Purchases and retirement of common stock			$ 184,300,000	$ 212,500,000
Purchases and retirement of common stock (in shares)		3,120,184	70,464	4,413,250
December 2016 ASR Program
Accelerated Share Repurchases [Line Items]
Stock Repurchase Program, Authorized Amount, Next Twelve Months		$ 115,700,000
Subsequent Event [Member]
Accelerated Share Repurchases [Line Items]
Common stock, quarterly dividends declared (in dollars per share)					$ 0.15
Subsequent Event [Member] \| Accelerated Share Repurchase
Accelerated Share Repurchases [Line Items]
Purchases and retirement of common stock	$ 30,000,000
Purchases and retirement of common stock (in shares)	379,927

Stockholders' Equity (Changes in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 3,095.3	$ 2,837.2	$ 2,883.3
Net losses reclassified from accumulated other comprehensive loss	20.2	14.6
Other comprehensive (loss) income, net of reclassification adjustments	(198.0)	81.2	20.2
Ending balance	2,993.5	3,095.3	2,837.2
Defined Benefit Pension Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(285.1)	(304.5)
Other comprehensive loss before reclassifications	(10.3)	6.8
Net losses reclassified from accumulated other comprehensive loss	13.0	12.6
Other comprehensive (loss) income, net of reclassification adjustments	2.7	19.4	(55.5)
Ending balance	(282.4)	(285.1)	(304.5)
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(1,071.8)	(1,128.4)
Other comprehensive loss before reclassifications	(202.6)	56.6
Net losses reclassified from accumulated other comprehensive loss	0.0	0.0
Other comprehensive (loss) income, net of reclassification adjustments	(202.6)	56.6	80.8
Ending balance	(1,274.4)	(1,071.8)	(1,128.4)
Deferred Net Gains (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(4.7)	(8.7)	(2.0)
Other comprehensive loss before reclassifications	(1.1)	2.0	(7.7)
Net losses reclassified from accumulated other comprehensive loss	7.2	2.0	1.0
Other comprehensive (loss) income, net of reclassification adjustments	6.1	4.0	(6.7)
Ending balance	1.4	(4.7)	(8.7)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(1,361.6)	(1,441.6)
Other comprehensive loss before reclassifications	(214.0)	65.4
Net losses reclassified from accumulated other comprehensive loss	20.2	14.6
Other comprehensive (loss) income, net of reclassification adjustments	(193.8)	80.0	18.6
Ending balance	$ (1,555.4)	$ (1,361.6)	$ (1,441.6)

Stockholders' Equity (Reclassification Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of Goods and Services Sold	$ 7,355.3	$ 6,541.2	$ 5,895.0
Interest expense, net	53.8	45.1	52.1
Income before income taxes and equity in net earnings of affiliates	(360.3)	(283.8)	(204.9)
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Income Tax Expense (Benefit)	110.9	133.6	92.2
Net income attributable to AGCO Corporation and subsidiaries	(285.5)	(186.4)	(160.1)
Net losses reclassified from accumulated other comprehensive loss	(20.2)	(14.6)
Deferred Net Gains (Losses) on Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Net losses reclassified from accumulated other comprehensive loss into income	8.6	2.2	1.0
Reclassification from AOCI, tax	(1.4)	(0.2)	0.0
Net losses reclassified from accumulated other comprehensive loss	(7.2)	(2.0)	$ (1.0)
Defined Benefit Pension Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Net losses reclassified from accumulated other comprehensive loss into income	15.3	14.9
Reclassification from AOCI, tax	(2.3)	(2.3)
Net losses reclassified from accumulated other comprehensive loss	(13.0)	(12.6)
Amortization of net actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Net losses reclassified from accumulated other comprehensive loss into income	13.9	13.5
Amortization of prior service cost
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Net losses reclassified from accumulated other comprehensive loss into income	1.4	1.4
Reclassification out of Accumulated Other Comprehensive Income \| Deferred Net Gains (Losses) on Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Income before income taxes and equity in net earnings of affiliates	8.6	2.2
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Income Tax Expense (Benefit)	(1.4)	(0.2)
Net income attributable to AGCO Corporation and subsidiaries	7.2	2.0
Foreign Exchange Contract \| Reclassification out of Accumulated Other Comprehensive Income \| Deferred Net Gains (Losses) on Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of Goods and Services Sold	2.3	(0.2)
Interest Rate Contract \| Reclassification out of Accumulated Other Comprehensive Income \| Deferred Net Gains (Losses) on Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Interest expense, net	$ 6.3	$ 2.4

Stock Incentive Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended	8 Months Ended	12 Months Ended
	Jan. 23, 2018	Apr. 28, 2016	Feb. 28, 2019	Mar. 31, 2018	Dec. 31, 2014	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Common stock, shares issuable (in shares)						150,000,000	150,000,000
Compensation cost related to unearned performance awards						$ 31.6
Recognition period						2 years
Total stock compensation expense						$ 46.6	$ 38.4	$ 18.4
Excess tax benefit of stock awards						$ 1.6	$ 0.1	$ 0.1
Shares available for grant (in shares)						3,436,426
Long Term Incentive Plan \| Minimum
Target award percentages						33.00%
Long Term Incentive Plan \| Maximum
Target award percentages						200.00%
Performance Shares
Shares awarded (in shares)	273,665					441,740
Weighted average grant-date fair value of performance awards granted (in dollars per share)						$ 71.40	$ 61.94	$ 47.93
Number of shares not vested (in shares)						938,862	1,645,078
Shares earned (in shares)						1,066,024
Waived Stock Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost				$ 4.8
Restricted Stock Units (RSUs)
Performance period						3 years
Shares awarded (in shares)	131,116					247,404
Compensation cost related to unearned performance awards						$ 14.2
Recognition period						2 years
Weighted average grant-date fair value of performance awards granted (in dollars per share)						$ 63.99	$ 61.99
Number of shares not vested (in shares)						352,975	237,468
Shares earned (in shares)						120,202
Stock Appreciation Rights (SARs)
Vesting period						4 years
Compensation cost related to unearned performance awards						$ 3.8
Recognition period						2 years
Weighted average grant-date fair value of performance awards granted (in dollars per share)						$ 12.88	$ 11.45	$ 7.98
SSAR Expiration Period						7 years
Total stock compensation expense						$ 2.4	$ 3.0	$ 3.8
Weighted average remaining contractual life of SSARs outstanding, in years						4 years
Total fair value of SSARs vested						$ 2.8
Number of shares not vested (in shares)						578,725
Total intrinsic value of outstanding SSARs						$ 5.2
Total intrinsic value of exercisable of SSARs						3.1
Total intrinsic value of SSARs exercised						$ 1.5
SSARs granted (in shares)	243,600					157,700
Restricted Stock
Total stock compensation expense						$ 1.1
Weighted-average period for compensation cost expected to be recognized, in years					1 year
Restricted common stocks issued (in shares)		17,226
Restricted common stocks issued after shares withheld for taxes (in shares)		12,629
Long Term Incentive Plan
Performance period						3 years
2006 Plan
Common stock, shares issuable (in shares)						10,000,000
Subsequent Event [Member]
Shares earned (in shares)			839,090
Share-based compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Issued			521,888
Share-based compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Shares Withheld for Taxes			317,202

Stock Incentive Plan (Performance Award Transactions) (Details) - Performance Shares - shares		12 Months Ended
	Jan. 23, 2018	Dec. 31, 2018
Share Activity
Shares awarded but not earned at January 1 (in shares)		1,645,078
Shares awarded (in shares)	273,665	441,740
Shares forfeited or unearned (in shares)		(81,932)
Shares earned (in shares)		(1,066,024)
Shares awarded but not earned at December 31 (in shares)		938,862

Stock Incentive Plan Stock Incentive Plan (Performance Awards Earned and Issued) (Details)	12 Months Ended
	Dec. 31, 2018 shares
Performance Shares
Schedule of Share-based compensation arrangements by share-based payment award, performance shares earned and issued [Line Items]
Shares earned (in shares)	1,066,024

Stock Incentive Plan Stock Incentive Plan (Restricted Stock Units) (Details) - $ / shares		12 Months Ended
	Jan. 23, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)		$ 71.40	$ 61.94	$ 47.93
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares awarded but not earned at January 1 (in shares)		1,645,078
Shares awarded (in shares)	273,665	441,740
Shares forfeited (in shares)		(81,932)
Shares earned (in shares)		(1,066,024)
Shares awarded but not earned at December 31 (in shares)		938,862	1,645,078
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)		$ 63.99	$ 61.99
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares awarded but not earned at January 1 (in shares)		237,468
Shares awarded (in shares)	131,116	247,404
Shares forfeited (in shares)		(11,695)
Shares earned (in shares)		(120,202)
Shares awarded but not earned at December 31 (in shares)		352,975	237,468

Stock Incentive Plan (Weighted Average Grant-Date Fair Value Of SSARS And Assumptions Under Black-Scholes Option Model) (Details) - Stock Appreciation Rights (SARs) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)	$ 12.88	$ 11.45	$ 7.98
Expected life of awards (years)	3 years	3 years	3 years
Risk-free interest rate	2.20%	1.50%	1.10%
Expected volatility	23.70%	25.90%	25.90%
Expected dividend yield	0.80%	0.90%	1.10%

Stock Incentive Plan (SSAR Activity) (Details) - Stock Appreciation Rights (SARs)		12 Months Ended
	Jan. 23, 2018 shares	Dec. 31, 2018 $ / shares shares
Share Activity
SSARs outstanding, beginning of period (in shares) \| shares		1,060,192
SSARs granted (in shares) \| shares	243,600	157,700
SSARs exercised (in shares) \| shares		(109,950)
SSARs canceled or forfeited (in shares) \| shares		(8,350)
SSARs outstanding, end of period (in shares) \| shares		1,099,592
Weighted average SSAR exercise prices per share, Granted (in dollars per share)		$ 73.14
Weighted average SSAR exercise prices per share, Exercised (in dollars per share)		51.01
Weighted average SSAR exercise prices per share, Canceled or forfeited (in dollars per share)		53.68
Weighted average SSAR exercise prices per share Outstanding at December 31 (in dollars per share)		$ 55.58
Minimum
Share Activity
SSAR price ranges per share, Granted (in dollars per share)		73.14
SSAR price ranges per share, Exercised (in dollars per share)		43.39
SSAR price ranges per share, Canceled (in dollars per share)		43.88
Maximum
Share Activity
SSAR price ranges per share, Granted (in dollars per share)		73.14
SSAR price ranges per share, Exercised (in dollars per share)		63.47
SSAR price ranges per share, Canceled (in dollars per share)		63.47

Stock Incentive Plan (Schedule Of SSAR Exercise Price Range, Number Of Shares, Weighted Average Exercise Price And Remaining Contractual Lives) (Details) - Stock Appreciation Rights (SARs) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
SSARs Outstanding (in shares)	1,099,592	1,060,192
SSARs Exercisable, Exercisable as of December 31 (in shares)	520,867
SSARs Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 51.03
$43.88-$52.85
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, lower limit (in dollars per share)	43.88
Range of Exercise Prices, upper limit (in dollars per share)	$ 52.85
SSARs Outstanding (in shares)	528,600
SSAR Outstanding, Weighted Average Remaining Contractual Life (Years)	3 years 3 months 10 days
SSARs Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 45.90
SSARs Exercisable, Exercisable as of December 31 (in shares)	318,675
SSARs Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 46.06
$55.07-$73.14
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, lower limit (in dollars per share)	55.07
Range of Exercise Prices, upper limit (in dollars per share)	$ 73.14
SSARs Outstanding (in shares)	570,992
SSAR Outstanding, Weighted Average Remaining Contractual Life (Years)	4 years 7 months 10 days
SSARs Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 64.54
SSARs Exercisable, Exercisable as of December 31 (in shares)	202,192
SSARs Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 58.88

Derivative Instruments and Hedging Activities (Narrative) (Details) € in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2017 USD ($)	Dec. 31, 2018 USD ($) country	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2018 EUR (€)	Jan. 31, 2018 USD ($)	Jan. 31, 2018 EUR (€)	Dec. 31, 2017 EUR (€)
Derivative Instruments, Gain (Loss) [Line Items]
Guarantor Obligations, Current Carrying Value		$ 54,200,000
Number of countries where products sold (over) \| country		140
Net losses reclassified from accumulated other comprehensive loss into income		$ 7,200,000	$ 2,000,000	$ 1,000,000
Line of Credit Facility, Fair Value of Amount Outstanding \| €					€ 97.0			€ 471.2
Designated as Hedging Instrument \| Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Net losses reclassified from accumulated other comprehensive loss into income		7,200,000	2,000,000	1,000,000
Notional amount of foreign currency derivatives		1,462,800,000
Designated as Hedging Instrument \| Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of foreign currency derivatives \| €					312.0
Foreign currency gains included in cumulative translation adjustment		(14,400,000)	(45,000,000)	12,700,000
Cross Currency Interest Rate Contract [Member] \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of foreign currency derivatives		300,000,000	0
Cross Currency Interest Rate Contract [Member] \| Designated as Hedging Instrument \| Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of foreign currency derivatives		$ 17,700,000	0	0
Interest Rate Swap \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of foreign currency derivatives \| €					€ 312.0
Derivative, fixed interest rate		0.3315%			0.3315%
Derivative, loss on derivative		$ 3,900,000
Interest Rate Swap \| Designated as Hedging Instrument \| Fair Value Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of foreign currency derivatives		300,000,000.0
Deferred gain on hedge termination	$ 7,300,000
Foreign Exchange Contract \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of foreign currency derivatives		127,000,000	96,800,000
Foreign Exchange Contract \| Designated as Hedging Instrument \| Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of foreign currency derivatives		0	374,200,000
Foreign Exchange Contract \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of foreign currency derivatives		1,335,800,000	1,701,400,000
Cross Currency Interest Rate Contract, Payment [Member] \| Designated as Hedging Instrument \| Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of foreign currency derivatives		281,000,000					€ 245.7
Cross Currency Interest Rate Contract, Receipt [Member] \| Designated as Hedging Instrument \| Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of foreign currency derivatives						$ 300,000,000
Other Nonoperating Income (Expense) \| Foreign Exchange Contract \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments		(1,400,000)	$ 38,300,000	$ (5,700,000)
Other Joint Ventures [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Guarantor Obligations, Current Carrying Value		$ 13,600,000
Credit facility, expires 2023(1)
Derivative Instruments, Gain (Loss) [Line Items]
Line of Credit Facility, Fair Value of Amount Outstanding \| €					€ 312.0
United States of America, Dollars \| Credit facility, expires 2023(1)
Derivative Instruments, Gain (Loss) [Line Items]
Line of Credit Facility, Fair Value of Amount Outstanding \| €								€ 374.2
United States of America, Dollars \| Credit facility, expires 2023(1) \| Interest Rate Swap \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Line of Credit Facility, Fair Value of Amount Outstanding \| €					€ 360.8

Derivative Instruments and Hedging Activities (Summary Of Accumulated Other Comprehensive Loss Related To Derivatives) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
After-Tax Amount
Beginning balance	$ 3,095.3	$ 2,837.2	$ 2,883.3
Net losses reclassified from accumulated other comprehensive loss into income	20.2	14.6
Ending balance	2,993.5	3,095.3	2,837.2
Deferred Net Gains (Losses) on Derivatives
Before-Tax Amount
Accumulated derivative net gains, beginning of period	(6.0)	(10.1)	(3.3)
Net changes in fair value of derivatives	(1.0)	1.9	(7.8)
Net losses reclassified from accumulated other comprehensive loss into income	8.6	2.2	1.0
Accumulated derivative net gains, end of period	1.6	(6.0)	(10.1)
Income Tax
Accumulated derivative net gains, beginning of period	(1.3)	(1.4)	(1.3)
Net changes in fair value of derivatives	0.1	(0.1)	(0.1)
Net losses reclassified from accumulated other comprehensive loss into income	1.4	0.2	0.0
Accumulated derivative net gains, end of period	0.2	(1.3)	(1.4)
After-Tax Amount
Beginning balance	(4.7)	(8.7)	(2.0)
Net changes in fair value of derivatives	(1.1)	2.0	(7.7)
Net losses reclassified from accumulated other comprehensive loss into income	7.2	2.0	1.0
Ending balance	$ 1.4	$ (4.7)	$ (8.7)

Derivative Instruments and Hedging Activities ( Fair Value Of Derivative Instruments) (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2018 EUR (€)
(Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Income	$ (7.2)	$ (2.0)	$ (1.0)
Interest Income (Expense), Net	(53.8)	(45.1)	(52.1)
Cost of Goods and Services Sold	7,355.3	6,541.2	5,895.0
Derivative assets	24.7	7.8
Derivative liabilities	6.6	17.0
Designated as Hedging Instrument \| Cross Currency Interest Rate Contract [Member]
Derivative, Notional Amount	300.0	0.0
Designated as Hedging Instrument \| Foreign Exchange Contract \| Other current assets
Derivative assets	1.9	0.0
Designated as Hedging Instrument \| Foreign Exchange Contract \| Other current liabilities
Derivative liabilities	0.4	1.2
Designated as Hedging Instrument \| Interest Rate Contract \| Other noncurrent assets
Derivative assets	17.7	0.0
Designated as Hedging Instrument \| Interest Rate Contract \| Other noncurrent liabilities
Derivative liabilities	0.0	4.8
Not Designated as Hedging Instrument \| Foreign Exchange Contract
Derivative, Notional Amount	1,335.8	1,701.4
Not Designated as Hedging Instrument \| Foreign Exchange Contract \| Other current assets
Derivative assets	5.1	7.8
Not Designated as Hedging Instrument \| Foreign Exchange Contract \| Other current liabilities
Derivative liabilities	6.2	11.0
Net Investment Hedging \| Designated as Hedging Instrument
Derivative, Notional Amount \| €				€ 312.0
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax	(14.4)	(45.0)	12.7
Net Investment Hedging \| Designated as Hedging Instrument \| Cross Currency Interest Rate Contract [Member]
Derivative, Notional Amount	17.7	0.0	0.0
Net Investment Hedging \| Designated as Hedging Instrument \| Foreign Exchange Contract
Derivative, Notional Amount	0.0	374.2
Cash Flow Hedging \| Designated as Hedging Instrument
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	(1.1)	2.0	(7.7)
(Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Income	(7.2)	(2.0)	(1.0)
Derivative, Notional Amount	1,462.8
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest Rate Swap
Derivative, Notional Amount \| €				€ 312.0
Cash Flow Hedging \| Designated as Hedging Instrument \| Foreign Exchange Contract
Derivative, Notional Amount	127.0	96.8
Other Nonoperating Income (Expense) \| Not Designated as Hedging Instrument \| Foreign Exchange Contract
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(1.4)	38.3	(5.7)
Cost of Goods, Total \| Cash Flow Hedging \| Designated as Hedging Instrument \| Foreign Exchange Contract
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	0.4	2.7	(2.6)
(Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Income	(2.2)	0.4	1.0
Interest Expense \| Cash Flow Hedging \| Designated as Hedging Instrument \| Interest Rate Swap
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	(1.5)	(0.7)	(5.1)
(Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Income	$ (5.0)	$ (2.4)	$ (2.0)

Commitments and Contingencies (Details) R$ in Millions	12 Months Ended
Commitments and Contingencies (Details) R$ in Millions	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2018 BRL (R$)
Interest payments related to indebtedness
2018	$ 15,000,000
2019	11,400,000
2020	10,600,000
2021	8,200,000
2022	5,200,000
Thereafter	8,600,000
Total	59,000,000
Capital lease obligations
2018	4,600,000
2019	3,900,000
2020	2,000,000
2021	900,000
2022	600,000
Thereafter	3,500,000
Total	15,500,000
Operating lease obligations
2018	46,700,000
2019	39,500,000
2020	32,600,000
2021	26,000,000
2022	21,700,000
Thereafter	85,500,000
Total	252,000,000
Unconditional purchase obligations
2018	79,100,000
2019	10,800,000
2020	6,900,000
2021	1,000,000
2022	0
Thereafter	0
Total	97,800,000
Other short-term and long-term obligations
2018	98,900,000
2019	83,700,000
2020	53,500,000
2021	22,100,000
2022	26,800,000
Thereafter	37,400,000
Total	322,400,000
Total contractual cash obligations
2018	244,300,000
2019	149,300,000
2020	105,600,000
2021	58,200,000
2022	54,300,000
Thereafter	135,000,000
Total	746,700,000
Guarantees
2018	36,900,000
2019	4,700,000
2020	5,200,000
2021	3,600,000
2022	3,100,000
Thereafter	700,000
Total	54,200,000
Guarantees [Abstract]
Guaranteed indebtedness owed to third parties	54,200,000
Total lease expense	72,100,000	$ 73,000,000	$ 76,800,000
Loss Contingency [Abstract]
Tax disallowance not including interest and penalties	33,900,000			R$ 131.5
Retail Finance Joint Venture
Guarantees [Abstract]
Maximum inventory exposure per calendar year	6,000,000
Designated as Hedging Instrument \| Cash Flow Hedging
Guarantees [Abstract]
Notional amount of foreign currency derivatives	1,462,800,000
Third-Party Payor [Member]
Guarantees
Total	40,600,000
Guarantees [Abstract]
Guaranteed indebtedness owed to third parties	40,600,000
Other Joint Ventures [Member]
Guarantees
Total	13,600,000
Guarantees [Abstract]
Guaranteed indebtedness owed to third parties	$ 13,600,000

Fair Value of Financial Instrument (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets		$ 691.8
Derivative assets	$ 24.7	7.8
Derivative liabilities	$ 6.6	$ 17.0
1.056% Senior term loan due 2020(1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Interest Rate	1.056%	1.056%
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets		$ 617.6
Derivative assets	$ 0.0	0.0
Derivative liabilities	0.0	0.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets		0.0
Derivative assets	24.7	7.8
Derivative liabilities	6.6	17.0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets		27.8
Derivative assets	0.0	0.0
Derivative liabilities	$ 0.0	$ 0.0

Related Party Transactions (Details) - USD ($)	12 Months Ended
Related Party Transactions (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 2,800,000
Investments in retail finance joint ventures	5,800,000	$ 800,000	$ 4,500,000
Dividends from related parties	$ 29,400,000	78,500,000
Rabobank
Related Party Transaction [Line Items]
Ownership interest of controlling interest	51.00%
Finance joint ventures
Related Party Transaction [Line Items]
Investments in retail finance joint ventures	$ 0		0
TAFE
Related Party Transaction [Line Items]
Cost method investment, ownership percentage	23.75%
Beneficial ownership of related parties (in shares)	12,150,152
Beneficial ownership of related parties, maximum shares allowed per letter agreement (in shares)	12,170,290
Purchases from related party	$ 109,600,000	102,000,000	128,500,000
Revenue from related parties	1,800,000	1,200,000	1,100,000
Dividends from related parties	1,800,000		1,600,000
Praxair Inc
Related Party Transaction [Line Items]
Purchases from related party	1,600,000	1,500,000	2,000,000
PPG Industries, Inc.
Related Party Transaction [Line Items]
Purchases from related party	$ 3,500,000	$ 7,200,000	$ 3,100,000

Segment Reporting (Sales Information By Reportable Segments) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($) segments	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Property Plant and Equipment and Amortizable Intangible Assets	$ 1,859.3	$ 2,045.7
Property, Plant and Equipment, Net	$ 1,373.1	1,485.3
Number of reportable segments \| segments	4
Income (loss) from operations	$ 489.0	404.4	$ 287.0
Depreciation	225.2	222.8	223.4
Total assets	7,626.4	7,971.7	7,168.4
Capital expenditures	203.3	203.9	201.0
Revenue from Contract with Customer, Including Assessed Tax	9,352.0	8,306.5	7,410.5
Operating Segments
Income (loss) from operations	743.7	624.4	481.9
Depreciation	225.2	222.8	223.4
Total assets	4,175.1	4,390.0	3,779.4
Capital expenditures	203.3	203.9	201.0
Revenue from Contract with Customer, Including Assessed Tax	9,352.0	8,306.5	7,410.5
United States and Canada [Member]
Property Plant and Equipment and Amortizable Intangible Assets	593.6	647.9
GERMANY
Property Plant and Equipment and Amortizable Intangible Assets	371.5	405.5
FRANCE
Property Plant and Equipment and Amortizable Intangible Assets	75.6	66.0
North America
Revenue from Contract with Customer, Including Assessed Tax	2,180.1
North America \| Operating Segments
Income (loss) from operations	103.1	66.9	41.6
Depreciation	67.6	61.5	62.5
Total assets	1,032.1	1,064.1	978.5
Capital expenditures	43.3	59.1	45.3
Revenue from Contract with Customer, Including Assessed Tax	2,180.1	1,876.7	1,807.7
South America
Revenue from Contract with Customer, Including Assessed Tax	959.0
South America \| Operating Segments
Income (loss) from operations	(10.1)	15.4	20.4
Depreciation	30.5	30.5	22.9
Total assets	736.1	752.1	739.4
Capital expenditures	30.4	43.0	56.0
Revenue from Contract with Customer, Including Assessed Tax	959.0	1,063.5	917.5
Europe/Middle East
Revenue from Contract with Customer, Including Assessed Tax	5,385.1
Europe/Middle East \| Operating Segments
Income (loss) from operations	601.1	493.3	400.2
Depreciation	111.3	113.0	116.6
Total assets	1,905.8	2,074.4	1,635.2
Capital expenditures	120.3	92.9	90.1
Revenue from Contract with Customer, Including Assessed Tax	5,385.1	4,614.3	4,089.7
Asia/Pacific/Africa
Revenue from Contract with Customer, Including Assessed Tax	827.8
Asia/Pacific/Africa \| Operating Segments
Income (loss) from operations	49.6	48.8	19.7
Depreciation	15.8	17.8	21.4
Total assets	501.1	499.4	426.3
Capital expenditures	9.3	8.9	9.6
Revenue from Contract with Customer, Including Assessed Tax	827.8	752.0	$ 595.6
BRAZIL
Property Plant and Equipment and Amortizable Intangible Assets	187.7	217.9
FINLAND
Property Plant and Equipment and Amortizable Intangible Assets	130.0	149.9
CHINA
Property Plant and Equipment and Amortizable Intangible Assets	109.4	127.7
DENMARK
Property Plant and Equipment and Amortizable Intangible Assets	108.7	125.7
ITALY
Property Plant and Equipment and Amortizable Intangible Assets	115.1	123.0
Non-US [Member]
Property Plant and Equipment and Amortizable Intangible Assets	$ 167.7	$ 182.1

Segment Reporting (Income From Operations And Total Assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income from operations	$ 489.0	$ 404.4	$ 287.0
Amortization of intangibles	(64.7)	(57.0)	(51.2)
Cash and cash equivalents	326.1	367.7	429.7	$ 426.7
Receivables from affiliates	12.9	23.4
Investment in affiliates	400.0	409.0
Intangible assets, net	573.1	649.0
Goodwill	1,495.5	1,541.4	1,376.4	$ 1,114.5
Total assets	7,626.4	7,971.7	7,168.4
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income from operations	743.7	624.4	481.9
Total assets	4,175.1	4,390.0	3,779.4
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate expenses	(133.7)	(116.2)	(114.9)
Stock compensation (expense) credit	(44.3)	(35.6)	(16.9)
Restructuring and other infrequent expenses	(12.0)	(11.2)	(11.9)
Amortization of intangibles	(64.7)	(57.0)	(51.2)
Cash and cash equivalents	326.1	367.7	429.7
Investment in affiliates	400.0	409.0	414.9
Deferred tax assets, other current and noncurrent assets	656.6	614.6	560.7
Intangible assets, net	573.1	649.0	607.3
Goodwill	$ 1,495.5	$ 1,541.4	$ 1,376.4

Segment Reporting (Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 9,352.0	$ 8,306.5	$ 7,410.5

Segment Reporting (Revenue from External Customers by Products and Services) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 9,352.0	$ 8,306.5	$ 7,410.5

Segment Reporting (Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]
Property Plant and Equipment and Amortizable Intangible Assets	$ 1,859.3	$ 2,045.7
United States and Canada [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property Plant and Equipment and Amortizable Intangible Assets	593.6	647.9
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Property Plant and Equipment and Amortizable Intangible Assets	371.5	405.5
Brazil
Revenues from External Customers and Long-Lived Assets [Line Items]
Property Plant and Equipment and Amortizable Intangible Assets	187.7	217.9
Finland
Revenues from External Customers and Long-Lived Assets [Line Items]
Property Plant and Equipment and Amortizable Intangible Assets	130.0	149.9
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Property Plant and Equipment and Amortizable Intangible Assets	109.4	127.7
Denmark
Revenues from External Customers and Long-Lived Assets [Line Items]
Property Plant and Equipment and Amortizable Intangible Assets	108.7	125.7
Italy
Revenues from External Customers and Long-Lived Assets [Line Items]
Property Plant and Equipment and Amortizable Intangible Assets	115.1	123.0
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Property Plant and Equipment and Amortizable Intangible Assets	75.6	66.0
Non-US [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property Plant and Equipment and Amortizable Intangible Assets	$ 167.7	$ 182.1

Revenue (Summary of Contract Assets and Liabilities) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)
Change in Contract with Customer, Asset [Abstract]
Balance beginning of period	$ 10.1
Contract with Customer, Asset, Increase for Expected Returns of Replacement Parts Sold During the Period	21.0
Contract with Customer, Asset, Transfer of Returned Replacement Parts to Inventory	18.8
Contract with Customer, Asset, Increase (Decrease) for Foreign Currency Translation	(0.1)
Balance end of period	12.2
Change in Contract with Customer, Liability [Abstract]
Balance beginning of period	104.4
Contract with Customer, Liability, Increase From Advance Consideration Received	124.9
Contract with Customer, Liability, Increase from Accrual for Expected Reimbursement of Replacement Parts	52.3
Contract with Customer, Liability, Revenue Recognized	(29.0)
Contract with Customer, Liability, Advance Consideration Received Applied to Accounts Receivable, Net	(100.9)
Contract with Customer, Liability, Replacement Part Settlements	45.7
Contract with Customer, Liability, Foreign Currency Translation	(1.0)
Balance end of period	$ 105.0

Revenue (Narrative) (Details)	12 Months Ended
Revenue (Narrative) (Details)	Dec. 31, 2018
Minimum
Disaggregation of Revenue [Line Items]
Extended product warrant, period	1 year
Maximum
Disaggregation of Revenue [Line Items]
Extended product warrant, period	5 years

Revenue (Performance Obligation) (Details) $ in Millions	Dec. 31, 2018 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 11.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 29.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 21.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 5.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil)
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 1.8

Schedule II - Valuation and Qualifying Account (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 38.7	$ 33.7	$ 29.3
Additions, Acquired Businesses	0.0	2.2	2.2
Additions, Charged (Credited) to Costs and Expenses	6.4	4.6	3.2
Deductions	(11.4)	(3.8)	(0.7)
Foreign Currency Translation	(2.0)	2.0	(0.3)
Balance at End of Period	31.7	38.7	33.7
Accruals of Severance, Relocation and Other Integration Costs
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	10.9	15.3	16.9
Additions, Charged (Credited) to Costs and Expenses	13.8	12.4	12.0
Additions, Reversal of Accrual	(2.1)	(1.4)	(0.1)
Deductions	(14.4)	(16.8)	(13.3)
Foreign Currency Translation	(1.1)	1.4	(0.2)
Balance at End of Period	7.1	10.9	15.3
Deferred Tax Assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	81.9	116.0	75.8
Additions, Acquired Businesses	0.0	0.0	0.0
Additions, Charged (Credited) to Costs and Expenses	6.3	(38.4)	37.9
Deductions	0.0	0.0	0.0
Foreign Currency Translation	(4.3)	4.3	2.3
Balance at End of Period	$ 83.9	$ 81.9	$ 116.0