Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2019	May 03, 2019
Document and Entity Information [Abstract]
Trading Symbol	AGCO
Entity Registrant Name	AGCO CORP /DE
Entity Central Index Key	0000880266
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		76,784,991
Entity Small Business	false
Entity Emerging Growth Company	false

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 292.8	$ 326.1
Accounts and notes receivable, net	928.5	880.3
Inventories, net	2,307.6	1,908.7
Other current assets	432.4	422.3
Total current assets	3,961.3	3,537.4
Property, plant and equipment, net	1,363.3	1,373.1
Operating ROU assets	193.8	0.0
Investment in affiliates	393.2	400.0
Deferred tax assets	119.7	104.9
Other assets	132.1	142.4
Intangible assets, net	555.3	573.1
Goodwill	1,485.6	1,495.5
Total assets	8,204.3	7,626.4
Current Liabilities:
Current portion of long-term debt	68.4	72.6
Short-term borrowings	181.5	138.0
Senior Notes, Current	224.7	0.0
Accounts payable	964.3	865.9
Accrued expenses	1,441.0	1,522.4
Other current liabilities	174.8	167.8
Total current liabilities	3,054.7	2,766.7
Long-term debt, less current portion and debt issuance costs	1,404.3	1,275.3
Operating lease liabilities	150.8	0.0
Pensions and postretirement health care benefits	216.8	223.2
Deferred tax liabilities	106.8	116.3
Other noncurrent liabilities	251.9	251.4
Total liabilities	5,185.3	4,632.9
Commitments and contingencies (Note 17)
AGCO Corporation stockholders’ equity:
Preferred stock; $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding in 2019 and 2018	0.0	0.0
Common stock; $0.01 par value, 150,000,000 shares authorized, 76,742,850 and 76,536,755 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	0.8	0.8
Additional paid-in capital	9.7	10.2
Retained earnings	4,491.0	4,477.3
Accumulated other comprehensive loss	(1,545.8)	(1,555.4)
Total AGCO Corporation stockholders’ equity	2,955.7	2,932.9
Noncontrolling interests	63.3	60.6
Total stockholders’ equity	3,019.0	2,993.5
Total liabilities and stockholders’ equity	$ 8,204.3	$ 7,626.4

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value, in dollars per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value, in dollars per share	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued	76,742,850	76,536,755
Common stock, shares outstanding	76,742,850	76,536,755

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Net sales	$ 1,995.8	$ 2,007.5
Cost of goods sold	1,539.1	1,579.5
Gross profit	456.7	428.0
Selling, general and administrative expenses	262.2	264.6
Engineering expenses	84.5	90.9
Restructuring expenses	1.7	5.9
Amortization of intangibles	15.3	15.7
Bad debt expense	0.6	0.4
Income from operations	92.4	50.5
Interest expense, net	3.5	10.3
Other expense, net	14.6	11.5
Income before income taxes and equity in net earnings of affiliates	74.3	28.7
Income tax provision	19.4	11.4
Income before equity in net earnings of affiliates	54.9	17.3
Equity in net earnings of affiliates	10.8	7.7
Net income	65.7	25.0
Net income attributable to noncontrolling interests	(0.6)	(0.7)
Net income attributable to AGCO Corporation and subsidiaries	$ 65.1	$ 24.3
Net income per common share attributable to AGCO Corporation and subsidiaries:
Basic, in dollars per share	$ 0.85	$ 0.31
Diluted, in dollars per share	0.84	0.30
Cash dividends declared and paid per common share, in dollars per share	$ 0.15	$ 0.15
Weighted average number of common and common equivalent shares outstanding:
Basic, shares	76.6	79.6
Diluted, shares	77.5	80.5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 65.7	$ 25.0
Other comprehensive income, net of reclassification adjustments:
Foreign currency translation adjustments	12.2	9.7
Defined benefit pension plans, net of tax	3.0	3.1
Unrealized loss on derivatives, net of tax	(4.1)	(0.9)
Other comprehensive income, net of reclassification adjustments	11.1	11.9
Comprehensive income	76.8	36.9
Comprehensive (loss) income	(2.1)	(0.8)
Comprehensive (loss) income	$ 74.7	$ 36.1

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 65.7	$ 25.0
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	53.0	59.2
Amortization of intangibles	15.3	15.7
Stock compensation expense	12.5	9.2
Equity in net earnings of affiliates, net of cash received	(10.1)	(4.3)
Deferred income tax benefit	(8.6)	(7.0)
Other	0.8	0.1
Changes in operating assets and liabilities:
Accounts and notes receivable, net	(65.7)	6.2
Inventories, net	(418.6)	(398.2)
Other current and noncurrent assets	(4.9)	(36.2)
Accounts payable	127.5	66.4
Accrued expenses	(107.7)	(108.4)
Other current and noncurrent liabilities	10.9	11.0
Total adjustments	(395.6)	(386.3)
Net cash used in operating activities	(329.9)	(361.3)
Cash flows from investing activities:
Purchases of property, plant and equipment	(60.9)	(46.1)
Proceeds from sale of property, plant and equipment	0.0	1.5
Other	0.0	0.4
Net cash used in investing activities	(60.9)	(44.2)
Cash flows from financing activities:
Proceeds from indebtedness	1,139.8	1,329.6
Repayments of indebtedness	(716.7)	(928.1)
Purchases and retirement of common stock	(30.0)	(7.1)
Payment of dividends to stockholders	(11.5)	(11.9)
Payment of minimum tax withholdings on stock compensation	(23.0)	(3.2)
Payment of debt issuance costs	(0.5)	0.0
Investment by noncontrolling interests	0.6	0.0
Net cash provided by financing activities	358.7	379.3
Effects of exchange rate changes on cash and cash equivalents	(1.2)	6.7
Decrease in cash and cash equivalents	(33.3)	(19.5)
Cash and cash equivalents, beginning of period	326.1	367.7
Cash and cash equivalents, end of period	$ 292.8	$ 348.2

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The condensed consolidated financial statements of AGCO Corporation and its subsidiaries (the “Company” or “AGCO”) included herein have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to present fairly the Company’s financial position, results of operations, comprehensive income (loss) and cash flows at the dates and for the periods presented. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Results for interim periods are not necessarily indicative of the results for the year. Certain prior period amounts have been reclassified to conform to the current period presentation. Recent Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. The Company adopted the standard effective January 1, 2019, and the adoption did not have a material impact on the Company’s results of operations, financial condition and cash flows. 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 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. 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 adopted the new guidance effective January 1, 2019 using a modified retrospective approach and no cumulative effect adjustment was recorded upon adoption. Based on the Company’s current lease portfolio, the adoption of the standard as of January 1, 2019 resulted in the recognition on that date of ROU assets and operating lease liabilities in the amount of approximately $194.2 million and $196.4 million, respectively, in the Company’s Condensed Consolidated Balance Sheets. The adoption of the new standard did not materially impact the Company’s Condensed Consolidated Statements of Operations or Condensed Consolidated Statements of Cash Flows. ASU 2016-02 provided a number of optional practical expedients in transition. The Company elected the “package of practical expedients” which permitted the Company not to reassess its prior conclusions about lease identification, lease classification and initial direct costs. 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 operating leases. The Company elected the practical expedient to separate lease and non-lease components for a majority of its operating leases, other than real estate and office equipment leases. In connection with the adoption of ASU 2016-02 on January 1, 2019, the Company completed the design of new processes and internal controls, which included the implementation of a software solution and the cataloging of the Company’s existing and ongoing population of leased assets.

Restructuring Expenses

3 Months Ended

Mar. 31, 2019

Restructuring and Related Activities [Abstract]

Restructuring Expenses

RESTRUCTURING EXPENSES

Beginning in 2014 through 2019, 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 3,890 employees between 2014 and 2018. During the three months ended March 31, 2019, the Company recorded severance and related costs associated with further rationalizations in Europe, China, South America and the United States, in connection with the termination of approximately 30 employees. Restructuring expenses activity during the three months ended March 31, 2019 is summarized as follows (in millions):



	Write-down of Property, Plant and Equipment			Employee Severance			Total
Balance as of December 31, 2018	$	—		$	7.1		$	7.1
First quarter 2019 provision	0.3			1.4			1.7
Less: Non-cash expense	(0.3		)	—			(0.3		)
Cash expense	—			1.4			1.4
First quarter 2019 cash activity	—			(2.6		)	(2.6		)
Foreign currency translation	—			(0.1		)	(0.1		)
Balance as of March 31, 2019	$	—		$	5.8		$	5.8

Stock Compensation Plans

3 Months Ended

Mar. 31, 2019

Share-based Compensation [Abstract]

Stock Compensation Plans

STOCK COMPENSATION PLANS

The Company recorded stock compensation expense as follows for the three months ended March 31, 2019 and 2018 (in millions):



	Three Months Ended March 31,
	2019		2018
Cost of goods sold	$	0.5	$	0.8
Selling, general and administrative expenses	12.0		8.4
Total stock compensation expense	$	12.5	$	9.2

Stock Incentive Plan

Under the Company’s Long-Term Incentive Plan (the “Plan”), up to 10,000,000 shares of AGCO common stock may be issued. As of March 31, 2019, of the 10,000,000 shares reserved for issuance under the Plan, approximately 3,127,344 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, 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 weighted average grant-date fair value of performance awards granted under the Plan during the three months ended March 31, 2019 and 2018 was $61.01 and $71.40, respectively.

During the three months ended March 31, 2019, the Company granted 542,180 performance awards related to varying performance periods. The awards granted assume the maximum target levels of performance are achieved. The compensation expense associated with all awards granted under the Plan is amortized ratably over the vesting or performance period based on the Company’s projected assessment of the level of performance that will be achieved. Performance award transactions during the three months ended March 31, 2019 were as follows and are presented as if the Company were to achieve its maximum levels of performance under the plan awards:



Shares awarded but not earned at January 1	938,862
Shares awarded	542,180
Shares forfeited	(3,620	)
Shares earned	(11,200	)
Shares awarded but not earned at March 31	1,466,222

As of March 31, 2019, 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, was approximately $53.2 million, and the weighted average period over which it is expected to be recognized is approximately two years. The compensation cost not yet recognized could be higher or lower based on actual achieved levels of performance.

Restricted Stock Unit Awards

During the three months ended March 31, 2019, the Company granted 165,160 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 three months ended March 31, 2019 and 2018 was $61.01 and $71.40, respectively. RSU transactions during the three months ended March 31, 2019 were as follows:



RSUs awarded but not vested at January 1	352,975
RSUs awarded	165,160
RSUs forfeited	(1,192	)
RSUs vested	(111,419	)
RSUs awarded but not vested at March 31	405,524

As of March 31, 2019, the total compensation cost related to the unvested RSUs not yet recognized was approximately $20.9 million, and the weighted average period over which it is expected to be recognized is approximately two years.

Stock-Settled Appreciation Rights

Compensation expense associated with the stock-settled appreciation rights (“SSAR”) awards is amortized ratably over the requisite service period for the awards that are expected to vest. The Company estimated the fair value of the grants using the Black-Scholes option pricing model. SSAR transactions during the three months ended March 31, 2019 were as follows:



SSARs outstanding at January 1	1,099,592
SSARs granted	243,600
SSARs exercised	(56,738	)
SSARs canceled or forfeited	(1,862	)
SSARs outstanding at March 31	1,284,592

As of March 31, 2019, the total compensation cost related to the unvested SSARs not yet recognized was approximately $6.0 million, and the weighted average period over which it is expected to be recognized is approximately three years.

Director Restricted Stock Grants

The Plan provides for annual restricted stock grants of the Company’s common stock to all non-employee directors. The 2019 grant was made on April 25, 2019 and equated to 19,386 shares of common stock, of which 14,105 shares of common stock were issued after shares were withheld for taxes. The Company recorded stock compensation expense of approximately $1.4 million during the three months ended June 30, 2019 associated with these grants.

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of acquired intangible assets during the three months ended March 31, 2019 are summarized as follows (in millions):



	Trademarks and Tradenames			Customer Relationships			Patents and Technology			Land Use Rights		Total
Gross carrying amounts:
Balance as of December 31, 2018	$	203.4		$	586.3		$	155.8		$	8.6	$	954.1
Foreign currency translation	(0.9		)	(1.2		)	(1.4		)	0.2		(3.3		)
Balance as of March 31, 2019	$	202.5		$	585.1		$	154.4		$	8.8	$	950.8



	Trademarks and Tradenames		Customer Relationships			Patents and Technology			Land Use Rights		Total
Accumulated amortization:
Balance as of December 31, 2018	$	73.4	$	310.8		$	80.7		$	3.0	$	467.9
Amortization expense	2.8		10.0			2.5			—		15.3
Foreign currency translation	—		(0.5		)	(0.9		)	0.1		(1.3		)
Balance as of March 31, 2019	$	76.2	$	320.3		$	82.3		$	3.1	$	481.9



	Trademarks and Tradenames
Indefinite-lived intangible assets:
Balance as of December 31, 2018	$	86.9
Foreign currency translation	(0.5		)
Balance as of March 31, 2019	$	86.4

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

Changes in the carrying amount of goodwill during the three months ended March 31, 2019 are summarized as follows (in millions):



	North America		South America			Europe/Middle East			Asia/Pacific/Africa		Consolidated
Balance as of December 31, 2018	$	611.1	$	116.7		$	649.6		$	118.1	$	1,495.5
Foreign currency translation	—		(0.5		)	(9.5		)	0.1		(9.9		)
Balance as of March 31, 2019	$	611.1	$	116.2		$	640.1		$	118.2	$	1,485.6

Goodwill is tested for impairment on an annual basis and more often if indications of impairment exist. The Company conducts its annual impairment analyses as of October 1 each fiscal year. There have been no indicators of impairment during the three months ended March 31, 2019.

Indebtedness

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Indebtedness

INDEBTEDNESS

Long-term debt consisted of the following at March 31, 2019 and December 31, 2018 (in millions):



	March 31, 2019			December 31, 2018
1.056% Senior term loan due 2020	$	224.7		$	228.7
Senior term loan due 2022	168.5			171.5
Credit facility, expires 2023	207.9			114.4
1.002% Senior term loan due 2025	280.9			—
Senior term loans due between 2019 and 2028	801.1			815.3
Other long-term debt	17.1			20.6
Debt issuance costs	(2.8		)	(2.6		)
	1,697.4			1,347.9
Less: 1.056% Senior term loan due 2020	(224.7		)	—
Senior term loans due 2019	(62.9		)	(63.8		)
Current portion of other long-term debt	(5.5		)	(8.8		)
Total long-term indebtedness, less current portion	$	1,404.3		$	1,275.3

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 $224.7 million as of March 31, 2019) of funding was received on January 15, 2015 with a maturity date of January 15, 2020. The Company is permitted 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.

Senior Term Loan Due 2022

In October 2018, the Company entered into a term loan agreement with Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (“Rabobank”), in the amount of €150.0 million (or approximately $168.5 million as of March 31, 2019). The Company has the ability to prepay the term loan before its maturity date of October 28, 2022. Interest is payable on the remaining 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.

Credit Facility

In October 2018 the Company entered into an $800.0 million multi-currency revolving credit facility. The credit facility matures on 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 US dollars plus 1.0%, plus a margin ranging from 0.0% to 0.875% based on the Company’s credit rating. As of March 31, 2019, the Company had approximately $207.9 million of outstanding borrowings under the credit facility and the ability to borrow approximately $592.1 million under the facility. 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 million under the facility.

1.002% Senior Term Loan

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 $280.9 million as of March 31, 2019) of funding was received on January 25, 2019 with a maturity date of January 24, 2025. The Company is permitted 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.

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.

In aggregate, the Company has indebtedness of €713.0 million (or approximately $801.1 million as of March 31, 2019) through a group of fourteen related term loan agreements, as discussed above. The provisions of the term loan agreements are substantially identical, with the exception of interest rate terms and maturities. The Company is permitted 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.

Short-Term Borrowings

As of March 31, 2019 and December 31, 2018, the Company had short-term borrowings due within one year of approximately $181.5 million and $138.0 million, respectively.

Standby Letters of Credit and Similar Instruments

The Company has arrangements with various banks to issue standby letters of credit or similar instruments, which guarantee the Company’s obligations for the purchase or sale of certain inventories and for potential claims exposure for insurance coverage. At March 31, 2019 and December 31, 2018, outstanding letters of credit totaled $13.9 million and $14.1 million, respectively.

Recoverable Indirect Taxes (Notes)	3 Months Ended
Recoverable Indirect Taxes (Notes)	Mar. 31, 2019
Recoverable Indirect Taxes [Abstract]
Recoverable Indirect Taxes	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 $160.0 million and $156.0 million, respectively, of VAT tax credits, net of reserves, as of March 31, 2019 and December 31, 2018.

Product Warranty

3 Months Ended

Mar. 31, 2019

Product Warranties Disclosures [Abstract]

Product Warranty

PRODUCT WARRANTY

The warranty reserve activity for the three months ended March 31, 2019 and 2018 consisted of the following (in millions):



	Three Months Ended March 31,
	2019			2018
Balance at beginning of period	$	360.9		$	316.0
Accruals for warranties issued during the period	51.1			58.5
Settlements made (in cash or in kind) during the period	(47.4		)	(55.9		)
Foreign currency translation	(3.3		)	7.2
Balance at March 31	$	361.3		$	325.8

The Company’s agricultural equipment products generally are warranted against defects in material and workmanship for a period of one to four years. The Company accrues for future warranty costs at the time of sale based on historical warranty experience. Approximately $306.5 million and $308.6 million of warranty reserves are included in “Accrued expenses” in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018, respectively. Approximately $54.8 million and $52.3 million of warranty reserves are included in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018, respectively.

The Company recognizes recoveries from its suppliers 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.”

Net Income Per Common Share

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Net Income Per Common Share

NET INCOME PER COMMON SHARE

Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted net income per common share assumes the exercise of outstanding SSARs and the vesting of performance share awards and RSUs 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 for the three months ended March 31, 2019 and 2018 is as follows (in millions, except per share data):



	Three Months Ended March 31,
	2019		2018
Basic net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$	65.1	$	24.3
Weighted average number of common shares outstanding	76.6		79.6
Basic net income per share attributable to AGCO Corporation and subsidiaries	$	0.85	$	0.31
Diluted net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$	65.1	$	24.3
Weighted average number of common shares outstanding	76.6		79.6
Dilutive SSARs, performance share awards and RSUs	0.9		0.9
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share	77.5		80.5
Diluted net income per share attributable to AGCO Corporation and subsidiaries	$	0.84	$	0.30

SSARs to purchase approximately 0.7 million and 0.4 million shares of the Company’s common stock for the three months ended March 31, 2019 and 2018, respectively, were outstanding but not included in the calculation of weighted average common and common equivalent shares outstanding because they had an antidilutive impact.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES At March 31, 2019 and December 31, 2018, the Company had approximately $165.3 million and $166.1 million, respectively, of unrecognized tax benefits, all of which would affect the Company’s effective tax rate if recognized. At March 31, 2019 and December 31, 2018, the Company had approximately $56.3 million and $58.5 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 accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes. At March 31, 2019 and December 31, 2018, the Company had accrued interest and penalties related to unrecognized tax benefits of $28.3 million and $27.2 million, respectively. Generally, tax years 2013 through 2018 remain open to examination by taxing authorities in the United States and certain other foreign tax jurisdictions. The Company maintains a valuation allowance to fully reserve against 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 allowances 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.

Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

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 will designate 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 Condensed Consolidated Balance Sheets at fair value. On the date the derivative contract is entered into, the Company designates the derivative as either (1) a 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 15 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 will 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 2019 and 2018, 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 $205.8 million and $127.0 million as of March 31, 2019 and December 31, 2018, respectively.

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 the three months ended March 31, 2019 and 2018 (in millions):



				Recognized in Net Income
Three Months Ended March 31,	Gain (Loss) Recognized in Accumulated Other Comprehensive Loss			Classification of Gain (Loss)	Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income			Total Amount of the Line Item in the Condensed Consolidated Statements of Operations Containing Hedge Gains (Losses)
2019
Foreign currency contracts ⁽¹⁾	$	(4.7	)	Cost of goods sold	$	(0.6	)	$	1,539.1
2018
Foreign currency contracts	$	(1.4	)	Cost of goods sold	$	(0.6	)	$	1,579.5
Interest rate swap contract	(0.7		)	Interest expense, net	(0.6		)	10.3
Total	$	(2.1	)		$	(1.2	)

(1) The outstanding contracts as of March 31, 2019 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 three months ended March 31, 2019 (in millions):



	Before-Tax Amount			Income Tax			After-Tax Amount
Accumulated derivative net gains as of December 31, 2018	$	1.6		$	0.2		$	1.4
Net changes in fair value of derivatives	(5.1		)	(0.4		)	(4.7		)
Net losses reclassified from accumulated other comprehensive loss into income	0.6			—			0.6
Accumulated derivative net losses as of March 31, 2019	$	(2.9	)	$	(0.2	)	$	(2.7	)

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.

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 $276.1 million as of March 31, 2019) 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.

During the three months ended March 31, 2019, the Company designated €160.0 million (or approximately $179.8 million as of March 31, 2019) of its multi-currency revolving credit facility with a maturity date of October 17, 2023 as a hedge of its net investment in foreign operations to offset foreign currency translation gains or losses on the net investment.

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



	Notional Amount as of
	March 31, 2019		December 31, 2018
Cross currency swap contract	$	300.0	$	300.0
Foreign currency denominated debt	179.8		—

The following table summarizes the after-tax impact of changes in the fair value of the instrument designated as a net investment hedge during the three months ended March 31, 2019 and 2018 (in millions):



	Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Three Months Ended
	March 31, 2019		March 31, 2018
Cross currency swap contract	$	6.9	$	(4.6	)
Foreign currency denominated debt	1.7		(10.4		)

Derivative Transactions Not Designated as Hedging Instruments

During 2019 and 2018, 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 March 31, 2019 and December 31, 2018, the Company had outstanding foreign currency contracts with a notional amount of approximately $2,358.0 million and $1,335.8 million, respectively.

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



		Gain Recognized in Earnings For the Three Months Ended
	Classification of Gain	March 31, 2019		March 31, 2018
Foreign currency contracts	Other expense, net	$	8.8	$	6.1

The table below sets forth the fair value of derivative instruments as of March 31, 2019 (in millions):



	Asset Derivatives as of March 31, 2019			Liability Derivatives as of March 31, 2019
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	0.8	Other current liabilities	$	3.8
Cross currency swap contract	Other noncurrent assets	24.6		Other noncurrent liabilities	—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts	Other current assets	9.4		Other current liabilities	3.9
Total derivative instruments		$	34.8		$	7.7

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

Changes in Stockholders' Equity

3 Months Ended

Mar. 31, 2019

Stockholders' Equity Note [Abstract]

Changes in Stockholders' Equity

CHANGES IN STOCKHOLDERS’ EQUITY

The following table sets forth changes in stockholders’ equity attributed to AGCO Corporation and its subsidiaries and to noncontrolling interests for the three months ended March 31, 2019 and 2018 (in millions):



	Common Stock		Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Loss			Noncontrolling Interests		Total Stockholders’ Equity
Balance, December 31, 2018	$	0.8	$	10.2		$	4,477.3		$	(1,555.4	)	$	60.6	$	2,993.5
Stock compensation	—		12.5			—			—			—		12.5
Issuance of stock awards	—		(13.0		)	(9.6		)	—			—		(22.6		)
SSARs exercised	—		—			(0.3		)	—			—		(0.3		)
Comprehensive income:
Net income	—		—			65.1			—			0.6		65.7
Other comprehensive income, net of reclassification adjustments:
Foreign currency translation adjustments	—		—			—			10.7			1.5		12.2
Defined benefit pension plans, net of tax	—		—			—			3.0			—		3.0
Unrealized loss on derivatives, net of tax	—		—			—			(4.1		)	—		(4.1		)
Payment of dividends to stockholders	—		—			(11.5		)	—			—		(11.5		)
Purchases and retirement of common stock	—		—			(30.0		)	—			—		(30.0		)
Investment by noncontrolling interests	—		—			—			—			0.6		0.6
Balance, March 31, 2019	$	0.8	$	9.7		$	4,491.0		$	(1,545.8	)	$	63.3	$	3,019.0



	Common Stock		Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Loss			Noncontrolling Interests		Total Stockholders’ Equity
Balance, December 31, 2017	$	0.8	$	136.6		$	4,253.8		$	(1,361.6	)	$	65.7	$	3,095.3
Stock compensation	—		9.2			—			—			—		9.2
Issuance of stock awards	—		(3.0		)	—			—			—		(3.0		)
SSARs exercised	—		(0.4		)	—			—			—		(0.4		)
Comprehensive income:
Net income	—		—			24.3			—			0.7		25.0
Other comprehensive income, net of reclassification adjustments:
Foreign currency translation adjustments	—		—			—			9.6			0.1		9.7
Defined benefit pension plans, net of tax	—		—			—			3.1			—		3.1
Unrealized loss on derivatives, net of tax	—		—			—			(0.9		)	—		(0.9		)
Payment of dividends to stockholders	—		—			(11.9		)	—			—		(11.9		)
Purchases and retirement of common stock	—		(7.1		)	—			—			—		(7.1		)
Adjustment related to the adoption of ASU 2014-09	—		—			0.4			—			—		0.4
Balance, March 31, 2018	$	0.8	$	135.3		$	4,266.6		$	(1,349.8	)	$	66.5	$	3,119.4

Total comprehensive income attributable to noncontrolling interests for the three months ended March 31, 2019 and 2018 was as follows (in millions):



	Three Months Ended March 31,
	2019		2018
Net income	$	0.6	$	0.7
Other comprehensive income:
Foreign currency translation adjustments	1.5		0.1
Total comprehensive income	$	2.1	$	0.8

The following table sets forth changes in accumulated other comprehensive loss by component, net of tax, attributed to AGCO Corporation and its subsidiaries for the three months ended March 31, 2019 (in millions):



	Defined Benefit Pension Plans			Deferred Net Gains (Losses) on Derivatives			Cumulative Translation Adjustment			Total
Accumulated other comprehensive loss, December 31, 2018	$	(282.4	)	$	1.4		$	(1,274.4	)	$	(1,555.4	)
Other comprehensive (loss) income before reclassifications	—			(4.7		)	10.7			6.0
Net losses reclassified from accumulated other comprehensive loss	3.0			0.6			—			3.6
Other comprehensive income (loss), net of reclassification adjustments	3.0			(4.1		)	10.7			9.6
Accumulated other comprehensive loss, March 31, 2019	$	(279.4	)	$	(2.7	)	$	(1,263.7	)	$	(1,545.8	)

The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the three months ended March 31, 2019 and 2018 (in millions):



	Amount Reclassified from Accumulated Other Comprehensive Loss						Affected Line Item within the Condensed Consolidated Statements of Operations
Details about Accumulated Other Comprehensive Loss Components	Three Months Ended March 31, 2019⁽¹⁾			Three Months Ended March 31, 2018⁽¹⁾
Derivatives:
Net losses on foreign currency contracts	$	0.6		$	0.6		Cost of goods sold
Net losses on interest rate swap contract	—			0.6			Interest expense, net
Reclassification before tax	0.6			1.2
	—			—			Income tax provision
Reclassification net of tax	$	0.6		$	1.2

Defined benefit pension plans:
Amortization of net actuarial losses	$	3.1		$	3.1		Other expense, net⁽²⁾
Amortization of prior service cost	0.4			0.4			Other expense, net⁽²⁾
Reclassification before tax	3.5			3.5
	(0.5		)	(0.4		)	Income tax provision
Reclassification net of tax	$	3.0		$	3.1

Net losses reclassified from accumulated other comprehensive loss	$	3.6		$	4.3

(1) Losses included within the Condensed Consolidated Statements of Operations for the three months ended March 31, 2019 and 2018.

(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 14 to the Company’s Condensed Consolidated Financial Statements.

Share Repurchase Program

During the three months ended March 31, 2019, the Company entered into an accelerated share repurchase (“ASR”) agreement with a financial institution to repurchase an aggregate of $30.0 million of shares of its common stock. The Company received approximately 379,927 shares during the three months ended March 31, 2019 related to the ASR agreement. The specific number of shares the Company ultimately repurchased was 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 was entitled to receive additional shares of common stock or, under certain circumstances, was required to remit a settlement amount. In May 2019, the Company received an additional 59,394 shares of common stock upon final settlement of the ASR. 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” and “Retained earnings” within the Company’s Condensed Consolidated Balance Sheets.

As of March 31, 2019, the remaining amount authorized to be repurchased was approximately $117.1 million, of which $115.7 million expires in December 2019 and $1.4 million has no expiration date.

Employee Benefit Plans

3 Months Ended

Mar. 31, 2019

Retirement Benefits [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

Net periodic pension and postretirement benefit cost for the Company’s defined pension and postretirement benefit plans for the three months ended March 31, 2019 and 2018 are set forth below (in millions):



	Three Months Ended March 31,
Pension benefits	2019			2018
Service cost	$	3.9		$	4.9
Interest cost	5.3			5.1
Expected return on plan assets	(7.2		)	(9.4		)
Amortization of net actuarial losses	3.1			3.1
Amortization of prior service cost	0.4			0.3
Net periodic pension cost	$	5.5		$	4.0



	Three Months Ended March 31,
Postretirement benefits	2019		2018
Interest cost	$	0.4	$	0.4
Amortization of prior service cost	—		0.1
Net periodic postretirement benefit cost	$	0.4	$	0.5

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 Condensed Consolidated Statements of Operations.

The following table summarizes the activity in accumulated other comprehensive loss related to the Company’s defined pension and postretirement benefit plans during the three months ended March 31, 2019 (in millions):



	Before-Tax Amount			Income Tax			After-Tax Amount
Accumulated other comprehensive loss as of December 31, 2018	$	(379.8	)	$	(97.4	)	$	(282.4	)
Amortization of net actuarial losses	3.1			0.5			2.6
Amortization of prior service cost	0.4			—			0.4
Accumulated other comprehensive loss as of March 31, 2019	$	(376.3	)	$	(96.9	)	$	(279.4	)

During the three months ended March 31, 2019, approximately $9.4 million of contributions had been made to the Company’s defined pension benefit plans. The Company currently estimates its minimum contributions for 2019 to its defined pension benefit plans will aggregate approximately $30.4 million.

During the three months ended March 31, 2019, the Company made approximately $0.5 million of contributions to its postretirement health care and life insurance benefit plans. The Company currently estimates that it will make approximately $1.5 million of contributions to its postretirement health care and life insurance benefit plans during 2019.

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company categorizes its assets and liabilities into one of three levels based on the assumptions used in valuing the asset or liability. Estimates of fair value for financial assets and liabilities are based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. In accordance with this guidance, fair value measurements are classified under the following hierarchy:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Model-derived valuations in which one or more significant inputs are unobservable.

The Company categorizes its pension plan assets into one of the three levels of the fair value hierarchy.

The Company enters into foreign currency, interest rate swap and cross currency 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 March 31, 2019 and December 31, 2018 are summarized below (in millions):



	As of March 31, 2019
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	34.8	$	—	$	34.8
Derivative liabilities	$	—	$	7.7	$	—	$	7.7



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

The carrying amounts of long-term debt under the Company’s 1.056% senior term loan, senior term loan due 2022, 1.002% senior term loan due 2025 and senior term loans due between 2019 and 2028 (Note 5) 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

Segment Reporting

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Segment Reporting

SEGMENT REPORTING

The Company’s four reportable segments distribute a full range of agricultural equipment and related replacement parts. The Company evaluates segment performance primarily based on income from operations. Sales for each segment are based on the location of the third-party customer. The Company’s selling, general and administrative expenses and engineering expenses are charged to each segment based on the region and division where the expenses are incurred. As a result, the components of income from operations for one segment may not be comparable to another segment. Segment results for the three months ended March 31, 2019 and 2018 and assets as of March 31, 2019 and December 31, 2018 based on the Company’s reportable segments are as follows (in millions):



Three Months Ended March 31,	North America		South America			Europe/Middle East		Asia/Pacific/Africa		Consolidated
2019
Net sales	$	496.2	$	156.1		$	1,210.6	$	132.9	$	1,995.8
Income (loss) from operations	30.6		(8.5		)	127.7		3.4		153.2
Depreciation	15.6		8.5			26.0		2.9		53.0
Capital expenditures	18.3		12.1			29.5		1.0		60.9
2018
Net sales	$	502.9	$	182.1		$	1,163.7	$	158.8	$	2,007.5
Income (loss) from operations	26.8		(16.6		)	99.0		4.7		113.9
Depreciation	17.2		8.0			30.0		4.0		59.2
Capital expenditures	12.1		6.9			25.1		2.0		46.1
Assets
As of March 31, 2019	$	1,235.2	$	825.0		$	2,259.3	$	485.4	$	4,804.9
As of December 31, 2018	1,032.1		736.1			1,905.8		501.1		4,175.1

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



	Three Months Ended March 31,
	2019			2018
Segment income from operations	$	153.2		$	113.9
Corporate expenses	(31.8		)	(33.4		)
Stock compensation expense	(12.0		)	(8.4		)
Restructuring expenses	(1.7		)	(5.9		)
Amortization of intangibles	(15.3		)	(15.7		)
Consolidated income from operations	$	92.4		$	50.5



	March 31, 2019		December 31, 2018
Segment assets	$	4,804.9	$	4,175.1
Cash and cash equivalents	292.8		326.1
Investments in affiliates	393.2		400.0
Deferred tax assets, other current and noncurrent assets	672.5		656.6
Intangible assets, net	555.3		573.1
Goodwill	1,485.6		1,495.5
Consolidated total assets	$	8,204.3	$	7,626.4

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Off-Balance Sheet Arrangements Guarantees The Company maintains a remarketing agreement with its U.S. finance joint venture, 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 March 31, 2019, the Company had outstanding guarantees of indebtedness owed to third parties of approximately $44.3 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 2024. 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 March 31, 2019, the Company had accrued approximately $15.0 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 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. Legal Claims and Other Matters In August 2008, as part of routine audits, the Brazilian taxing authorities disallowed deductions relating to the amortization of certain goodwill recognized in connection with a reorganization of the Company’s Brazilian operations and the related transfer of certain assets to the Company’s Brazilian subsidiaries. The amount of the tax disallowance through March 31, 2019, not including interest and penalties, was approximately 131.5 million Brazilian reais (or approximately $33.8 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.

Accounts Receivable Sales Agreements (Notes)	3 Months Ended
Accounts Receivable Sales Agreements (Notes)	Mar. 31, 2019
Accounts Receivable Sales Agreements [Abstract]
Accounts Receivable Sales Agreements	ACCOUNTS RECEIVABLE SALES AGREEMENTS The Company has 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 both March 31, 2019 and December 31, 2018, the cash received from receivables sold under the U.S., Canadian, European and Brazilian accounts receivable sales agreements was approximately $1.4 billion. 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 a subsidized interest payment with respect to the accounts receivable sales agreements, calculated based upon LIBOR plus a margin on any non-interest bearing accounts receivable outstanding and sold under the accounts receivable sales agreements. These fees are reflected within losses on the sales of receivables included within “Other expense, net” in the Company’s Condensed Consolidated Statements of Operations. The Company does not service the receivables after the sales occur 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 sales agreements discussed above, reflected within “Other expense, net” in the Company’s Condensed Consolidated Statements of Operations, were approximately $8.7 million and $7.8 million, respectively, during the three months ended March 31, 2019 and 2018. 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 March 31, 2019 and December 31, 2018, these finance joint ventures had approximately $88.1 million and $82.5 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.

Revenue (Notes)

3 Months Ended

Mar. 31, 2018

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. The Company adopted the standard effective January 1, 2019, and the adoption did not have a material impact on the Company’s results of operations, financial condition and cash flows. 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 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. 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 adopted the new guidance effective January 1, 2019 using a modified retrospective approach and no cumulative effect adjustment was recorded upon adoption. Based on the Company’s current lease portfolio, the adoption of the standard as of January 1, 2019 resulted in the recognition on that date of ROU assets and operating lease liabilities in the amount of approximately $194.2 million and $196.4 million, respectively, in the Company’s Condensed Consolidated Balance Sheets. The adoption of the new standard did not materially impact the Company’s Condensed Consolidated Statements of Operations or Condensed Consolidated Statements of Cash Flows. ASU 2016-02 provided a number of optional practical expedients in transition. The Company elected the “package of practical expedients” which permitted the Company not to reassess its prior conclusions about lease identification, lease classification and initial direct costs. 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 operating leases. The Company elected the practical expedient to separate lease and non-lease components for a majority of its operating leases, other than real estate and office equipment leases. In connection with the adoption of ASU 2016-02 on January 1, 2019, the Company completed the design of new processes and internal controls, which included the implementation of a software solution and the cataloging of the Company’s existing and ongoing population of leased assets.
Derivatives	All derivatives are recognized on the Company’s Condensed Consolidated Balance Sheets at fair value. On the date the derivative contract is entered into, the Company designates the derivative as either (1) a 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.

Basis of Presentation (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, liability	$ 196.2
Operating Lease, Right-of-Use Asset	$ 193.8		$ 0.0
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, liability		$ 194.2
Operating Lease, Right-of-Use Asset		$ 196.4

Restructuring Expenses (Details) $ in Millions	3 Months Ended		60 Months Ended
Restructuring Expenses (Details) $ in Millions	Mar. 31, 2019 USD ($) employees	Mar. 31, 2018 USD ($)	Dec. 31, 2018 USD ($) employees
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, headcount reduction (approximately) \| employees	30		3,890
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning of period	$ 7.1
Restructuring provision	(1.7)	$ (5.9)
Less: Non-cash activity	(0.3)
Cash expense	1.4
Restructuring cash activity	(2.6)
Foreign currency translation	0.1
Restructuring reserve, end of period	5.8		$ 7.1
Write-down of Property, Plant and Equipment
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning of period	0.0
Restructuring provision	(0.3)
Less: Non-cash activity	(0.3)
Cash expense	0.0
Restructuring cash activity	0.0
Foreign currency translation	0.0
Restructuring reserve, end of period	0.0		0.0
Employee Severance
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning of period	7.1
Restructuring provision	(1.4)
Less: Non-cash activity	0.0
Cash expense	1.4
Restructuring cash activity	(2.6)
Foreign currency translation	(0.1)
Restructuring reserve, end of period	$ 5.8		$ 7.1

Stock Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Apr. 25, 2019	Jun. 30, 2019	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)			150,000,000		150,000,000
Total stock compensation expense			$ 12.5	$ 9.2
2006 Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)			10,000,000
Shares available for grant (in shares)			3,127,344
Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value of performance awards granted (in dollars per share)			$ 61.01	$ 71.40
Shares awarded (in shares)			542,180
Share-based compensation cost not yet recognized			$ 53.2
Share-based compensation, recognition period of unrecognized compensation cost, years			2 years
Restricted Stock Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value of performance awards granted (in dollars per share)			$ 61.01	$ 71.40
Shares awarded (in shares)			165,160
Share-based compensation cost not yet recognized			$ 20.9
Share-based compensation, recognition period of unrecognized compensation cost, years			2 years
Shares received for every restricted stock unit award given			1
Requisite period			3 years
Stock-Settled Appreciation Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation cost not yet recognized			$ 6.0
Share-based compensation, recognition period of unrecognized compensation cost, years			3 years
Vesting Year One \| Restricted Stock Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			33.33%
Vesting Year Two \| Restricted Stock Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			33.33%
Vesting Year Three \| Restricted Stock Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			33.33%
Scenario, Forecast \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense		$ 1.4
Subsequent Event \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded (in shares)	19,386
Shares awarded after shares with held for taxes (in shares)	14,105

Stock Compensation Plans (Schedule of Employee Service Share-based Compensation, Allocation of Recognized Costs) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock compensation expense	$ 12.5	$ 9.2
Cost of goods sold
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock compensation expense	0.5	0.8
Selling, general and administrative expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock compensation expense	$ 12.0	$ 8.4

Stock Compensation Plans (Performance Award Transactions) (Details) - Performance Awards	3 Months Ended
	Mar. 31, 2019 shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding [Roll Forward]
Shares awarded but not earned, beginning of period (in shares)	938,862
Shares awarded (in shares)	542,180
Shares forfeited (in shares)	(3,620)
Shares earned (in shares)	(11,200)
Shares awarded but not earned, end of period (in shares)	1,466,222

Stock Compensation Plans (SSAR Activity) (Details) - Stock-Settled Appreciation Rights	3 Months Ended
	Mar. 31, 2019 shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding [Roll Forward]
SSARs outstanding, beginning of period (in shares)	1,099,592
SSARs granted (in shares)	243,600
SSARs exercised (in shares)	(56,738)
SSARs canceled or forfeited (in shares)	(1,862)
SSARs outstanding, end of period (in shares)	1,284,592

Goodwill and Other Intangible Assets (Schedule of Change in Carrying Amount) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019 USD ($)
Gross carrying amounts:
Balance at beginning of period	$ 954.1
Foreign currency translation	(3.3)
Balance at end of period	950.8
Accumulated amortization:
Balance at beginning of period	467.9
Amortization expense	15.3
Foreign currency translation	(1.3)
Balance at end of period	481.9
Trademarks and Tradenames
Gross carrying amounts:
Balance at beginning of period	203.4
Foreign currency translation	(0.9)
Balance at end of period	202.5
Accumulated amortization:
Balance at beginning of period	73.4
Amortization expense	2.8
Foreign currency translation	0.0
Balance at end of period	76.2
Customer Relationships
Gross carrying amounts:
Balance at beginning of period	586.3
Foreign currency translation	(1.2)
Balance at end of period	585.1
Accumulated amortization:
Balance at beginning of period	310.8
Amortization expense	10.0
Foreign currency translation	(0.5)
Balance at end of period	320.3
Patents and Technology
Gross carrying amounts:
Balance at beginning of period	155.8
Foreign currency translation	(1.4)
Balance at end of period	154.4
Accumulated amortization:
Balance at beginning of period	80.7
Amortization expense	2.5
Foreign currency translation	(0.9)
Balance at end of period	82.3
Land Use Rights
Gross carrying amounts:
Balance at beginning of period	8.6
Foreign currency translation	0.2
Balance at end of period	8.8
Accumulated amortization:
Balance at beginning of period	3.0
Amortization expense	0.0
Foreign currency translation	0.1
Balance at end of period	$ 3.1
Minimum
Accumulated amortization:
Estimated useful life, years	3 years
Maximum
Accumulated amortization:
Estimated useful life, years	50 years

Goodwill and Other Intangible Assets (Indefinite-Lived Intangible Assets) (Details) - Trademarks and Tradenames $ in Millions	3 Months Ended
	Mar. 31, 2019 USD ($)
Indefinite-lived intangible assets:
Balance at beginning of period	$ 86.9
Foreign currency translation	(0.5)
Balance at end of period	$ 86.4

Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019 USD ($)
Goodwill
Goodwill at beginning of period	$ 1,495.5
Foreign currency translation	(9.9)
Goodwill at end of period	1,485.6
North America
Goodwill
Goodwill at beginning of period	611.1
Foreign currency translation	0.0
Goodwill at end of period	611.1
South America
Goodwill
Goodwill at beginning of period	116.7
Foreign currency translation	(0.5)
Goodwill at end of period	116.2
Europe/Middle East
Goodwill
Goodwill at beginning of period	649.6
Foreign currency translation	(9.5)
Goodwill at end of period	640.1
Asia/Pacific/Africa
Goodwill
Goodwill at beginning of period	118.1
Foreign currency translation	0.1
Goodwill at end of period	$ 118.2

Indebtedness (Components Of Indebtedness) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Other long-term debt	$ 17.1	$ 20.6
Debt issuance costs	(2.8)	(2.6)
Long-term Debt	1,697.4	1,347.9
Current portion of long term debt	(68.4)	(72.6)
Total long-term indebtedness, less current portion	$ 1,404.3	1,275.3
1.056% Senior term loan due 2020
Debt Instrument [Line Items]
Debt instrument, interest rate, percent	1.056%
Senior notes	$ 224.7	228.7
Current portion of long term debt	(224.7)	0.0
Senior Unsecured Term Loan Due October 28, 2022 [Member]
Debt Instrument [Line Items]
Senior notes	$ 168.5	171.5
Credit facility, expires 2023
Debt Instrument [Line Items]
Credit facility		114.4
Senior Notes Due 2025, 1.002% [Member] [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, percent	1.002%
Senior notes	$ 280.9	0.0
Senior term loans due between 2019 and 2028
Debt Instrument [Line Items]
Senior notes	801.1	815.3
Current portion of long term debt	(62.9)	(63.8)
Other Debt Obligations [Member]
Debt Instrument [Line Items]
Current portion of long term debt	$ (5.5)	$ (8.8)

Indebtedness (Narrative) (Details)				3 Months Ended
Indebtedness (Narrative) (Details)	Oct. 17, 2018	Aug. 01, 2018 EUR (€)	Apr. 30, 2016 EUR (€)	Jun. 30, 2019	Mar. 31, 2019 USD ($) loan_agreement	Mar. 31, 2019 EUR (€) loan_agreement	Dec. 31, 2018 USD ($)	Oct. 31, 2018 EUR (€)	Oct. 31, 2016 EUR (€) loan_agreement	Dec. 31, 2014 EUR (€)
Debt Instrument [Line Items]
Debt instrument, unused borrowing capacity \| €										€ 200,000,000.0
Remaining borrowing capacity on line of credit facility					$ 592,100,000
Short-term borrowings					181,500,000		$ 138,000,000.0
Outstanding letters of credit					13,900,000		14,100,000
Long-term Debt, Current Maturities					$ 68,400,000		72,600,000
Credit Facility \| Minimum
Debt Instrument [Line Items]
Margin on variable rate					0.70%
Credit Facility \| Minimum \| Variable Basis, Additional Margin
Debt Instrument [Line Items]
Margin on variable rate					0.70%
Credit Facility \| Minimum \| Interest Accrual, Option One
Debt Instrument [Line Items]
Margin on variable rate	0.875%
Credit Facility \| Maximum
Debt Instrument [Line Items]
Margin on variable rate					2.26%
Credit Facility \| Maximum \| Variable Basis, Additional Margin
Debt Instrument [Line Items]
Margin on variable rate					1.25%
Credit Facility \| Maximum \| Interest Accrual, Option One
Debt Instrument [Line Items]
Margin on variable rate	1.875%
Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity on line of credit facility					$ 800,000,000.0
Credit facility							114,400,000
Remaining borrowing capacity on line of credit facility							685,600,000
Credit Facility \| Subsequent Event \| Interest Accrual, Option Two
Debt Instrument [Line Items]
Margin on variable rate				0.50%
Credit Facility \| Subsequent Event \| Interest Accrual, Option Three
Debt Instrument [Line Items]
Margin on variable rate				1.00%
Credit Facility \| Subsequent Event \| Minimum \| Interest Accrual, Option Three \| Variable Basis, Additional Margin
Debt Instrument [Line Items]
Margin on variable rate				0.00%
Credit Facility \| Subsequent Event \| Maximum \| Interest Accrual, Option Three \| Variable Basis, Additional Margin
Debt Instrument [Line Items]
Margin on variable rate				0.875%
Senior Notes Due 2025, 1.002% [Member] [Member]
Debt Instrument [Line Items]
Senior notes					$ 280,900,000		0
Debt instrument, interest rate, percent					1.002%	1.002%
Debt instrument, face amount \| €			€ 250,000,000.0
Term Loans Due 2019 and 2026 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount \| €									€ 375,000,000.0
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility					$ 207,900,000
Term Loan Facility
Debt Instrument [Line Items]
Credit facility							114,400,000
Term Loans Due Between 2021 and 2028 [Member]
Debt Instrument [Line Items]
Amount borrowed \| €		€ 338,000,000.0
1.056% Senior term loan due 2020
Debt Instrument [Line Items]
Senior notes					$ 224,700,000		228,700,000
Debt instrument, interest rate, percent					1.056%	1.056%
Long-term Debt, Current Maturities					$ 224,700,000		$ 0
Senior Term Loan Due October 28, 2022
Debt Instrument [Line Items]
Debt instrument, face amount \| €						€ 168,500,000		€ 150,000,000.0
Senior Term Loan Due October 28, 2022 \| Minimum
Debt Instrument [Line Items]
Margin on variable rate			0.875%
Senior Term Loan Due October 28, 2022 \| Maximum
Debt Instrument [Line Items]
Margin on variable rate			1.875%
Senior term loans due between 2019 and 2028 \| Term Loan Facility
Debt Instrument [Line Items]
Senior notes					$ 801,100,000
Number of loan agreements entered \| loan_agreement					14	14
Debt instrument, face amount \| €						€ 713,000,000.0
Term Loans Due 2026 [Member] \| Term Loan Facility
Debt Instrument [Line Items]
Number of loan agreements entered \| loan_agreement									7
Euro Member Countries, Euro \| 1.056% Senior term loan due 2020
Debt Instrument [Line Items]
Senior notes \| €						€ 200,000,000.0
United States of America, Dollars \| 1.056% Senior term loan due 2020
Debt Instrument [Line Items]
Senior notes					$ 224,700,000

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Finished goods	$ 841.3	$ 660.4
Repair and replacement parts	629.8	587.3
Work in process	289.6	217.5
Raw materials	546.9	443.5
Inventories, net	$ 2,307.6	$ 1,908.7

Product Warranty (Details) - USD ($) $ in Millions	3 Months Ended
Product Warranty (Details) - USD ($) $ in Millions	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Warranty reserve activity:
Balance at beginning of period	$ 360.9	$ 316.0
Accruals for warranties issued during the period	51.1	58.5
Settlements made (in cash or in kind) during the period	(47.4)	(55.9)
Foreign currency translation	(3.3)	7.2
Balance at end of period	$ 361.3	$ 325.8
Product warranty period, minimum, years	1 year
Product warranty period, maximum, years	4 years
Product warranty accrual, current	$ 306.5		$ 308.6
Product warranty accrual, noncurrent	$ 54.8		$ 52.3

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Basic net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$ 65.1	$ 24.3
Weighted average number of common shares outstanding, shares	76.6	79.6
Basic net income per share attributable to AGCO Corporation and subsidiaries, dollars per share	$ 0.85	$ 0.31
Diluted net income per share:
Dilutive SSARs, performance share awards and RSUs	0.9	0.9
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted income per share, shares	77.5	80.5
Diluted net income per share attributable to AGCO Corporation and subsidiaries, dollars per share	$ 0.84	$ 0.30
Stock-Settled Appreciation Rights
Diluted net income per share:
SSARs excluded from earnings per share computation, shares	0.7	0.4

Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Unrecognized income tax benefits that would affect effective tax rate	$ 165.3	$ 166.1
Accrued or deferred taxes relating to uncertain income tax positions	56.3	58.5
Accrued interest and penalties relating to unrecognized tax benefits	$ 28.3	$ 27.2

Derivative Instruments and Hedging Activities (Narrative) (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2019 USD ($) country	Dec. 31, 2018 USD ($)	Jan. 31, 2018 USD ($)	Jan. 31, 2018 EUR (€)	Dec. 31, 2015 EUR (€)
Derivative Instruments, Gain (Loss) [Line Items]
Number of countries where products sold, countries (more than) \| country	140
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency contracts (1)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 205.8	$ 127.0
Designated as Hedging Instrument \| Net Investment Hedging \| Revolving Credit Facility
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	179.8	0.0			€ 160.0
Designated as Hedging Instrument \| Net Investment Hedging \| Cross currency swap contract
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	300.0	300.0	$ 300.0
Designated as Hedging Instrument \| Net Investment Hedging \| Cross Currency Interest Rate Contract, Payment
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	276.1			€ 245.7
Not Designated as Hedging Instrument \| Foreign currency contracts (1)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 2,358.0	$ 1,335.8

Derivative Instruments and Hedging Activities (After-Tax Impact of Changes in Fair Value and Derivatives Designated as Cash) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative [Line Items]
Cost of goods sold	$ 1,539.1	$ 1,579.5
Interest expense, net	3.5	10.3
Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss		(2.1)
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income		(1.2)
Cost of goods sold \| Cash Flow Hedging \| Designated as Hedging Instrument \| Foreign currency contracts (1)
Derivative [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	(4.7)	(1.4)
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	$ (0.6)	(0.6)
Interest expense, net \| Cash Flow Hedging \| Designated as Hedging Instrument \| Interest rate swap contract
Derivative [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss		(0.7)
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income		$ (0.6)

Derivative Instruments and Hedging Activities (Summary Of Accumulated Other Comprehensive Loss Related To Derivatives) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
After-Tax Amount
Balance beginning of period	$ 2,993.5	$ 3,095.3
Net losses reclassified from accumulated other comprehensive loss into income	3.6	4.3
Balance end of period	3,019.0	$ 3,119.4
Deferred Net Gains (Losses) on Derivatives
Before-Tax Amount
Accumulated derivative net losses as the beginning of the period	1.6
Net changes in fair value of derivatives	(5.1)
Net losses reclassified from accumulated other comprehensive loss into income	0.6
Accumulated derivative net losses as of the end of the period	(2.9)
Income Tax
Accumulated derivative net losses as of the beginning of the period	0.2
Net changes in fair value of derivatives	(0.4)
Net losses reclassified from accumulated other comprehensive loss into income	0.0
Accumulated derivative net losses as of the end of the period	(0.2)
After-Tax Amount
Balance beginning of period	1.4
Net changes in fair value of derivatives	(4.7)
Net losses reclassified from accumulated other comprehensive loss into income	0.6
Balance end of period	$ (2.7)

Changes in Stockholders' Equity (Schedule of Stockholders' Equity) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	$ 2,993.5	$ 3,095.3
Stock compensation	12.5	9.2
Issuance of stock awards	(22.6)	(3.0)
SSARs exercised	(0.3)	(0.4)
Comprehensive income:
Net income	65.7	25.0
Other comprehensive income, net of reclassification adjustments:
Foreign currency translation adjustments	12.2	9.7
Defined benefit pension plans, net of tax	3.0	3.1
Unrealized loss on derivatives, net of tax	(4.1)	(0.9)
Payment of dividends to stockholders	(11.5)	(11.9)
Purchases and retirement of common stock	(30.0)	(7.1)
Investment by noncontrolling interests	0.6
Adjustment related to the adoption of ASU 2016-09		(0.4)
Balance end of period	3,019.0	3,119.4
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	0.8	0.8
Other comprehensive income, net of reclassification adjustments:
Balance end of period	0.8	0.8
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	10.2	136.6
Stock compensation	12.5	9.2
Issuance of stock awards	(13.0)	(3.0)
SSARs exercised	0.0	(0.4)
Other comprehensive income, net of reclassification adjustments:
Purchases and retirement of common stock	0.0	(7.1)
Balance end of period	9.7	135.3
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	4,477.3	4,253.8
Issuance of stock awards	(9.6)	0.0
SSARs exercised	(0.3)	0.0
Comprehensive income:
Net income	65.1	24.3
Other comprehensive income, net of reclassification adjustments:
Payment of dividends to stockholders	(11.5)	(11.9)
Purchases and retirement of common stock	(30.0)	0.0
Adjustment related to the adoption of ASU 2016-09		(0.4)
Balance end of period	4,491.0	4,266.6
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	(1,555.4)	(1,361.6)
Other comprehensive income, net of reclassification adjustments:
Foreign currency translation adjustments	10.7	9.6
Defined benefit pension plans, net of tax	3.0	3.1
Unrealized loss on derivatives, net of tax	(4.1)	(0.9)
Balance end of period	(1,545.8)	(1,349.8)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	60.6	65.7
Comprehensive income:
Net income	0.6	0.7
Other comprehensive income, net of reclassification adjustments:
Foreign currency translation adjustments	1.5	0.1
Investment by noncontrolling interests	0.6
Balance end of period	$ 63.3	$ 66.5

Changes in Stockholders' Equity (Schedule of Comprehensive Income for Noncontrolling Interest) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest [Abstract]
Net income	$ 0.6	$ 0.7
Other comprehensive income:
Foreign currency translation adjustments	1.5	0.1
Total comprehensive income	$ 2.1	$ 0.8

Changes in Stockholders' Equity (Changes in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance beginning of period	$ 2,993.5	$ 3,095.3
Net losses reclassified from accumulated other comprehensive loss	3.6	4.3
Other comprehensive income, net of reclassification adjustments	11.1	11.9
Balance end of period	3,019.0	3,119.4
Defined Benefit Pension Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance beginning of period	(282.4)
Other comprehensive (loss) income before reclassifications	0.0
Net losses reclassified from accumulated other comprehensive loss	3.0	3.1
Other comprehensive income, net of reclassification adjustments	3.0
Balance end of period	(279.4)
Deferred Net Gains (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance beginning of period	1.4
Other comprehensive (loss) income before reclassifications	(4.7)
Net losses reclassified from accumulated other comprehensive loss	0.6
Other comprehensive income, net of reclassification adjustments	(4.1)
Balance end of period	(2.7)
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance beginning of period	(1,274.4)
Other comprehensive (loss) income before reclassifications	10.7
Net losses reclassified from accumulated other comprehensive loss	0.0
Other comprehensive income, net of reclassification adjustments	10.7
Balance end of period	(1,263.7)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance beginning of period	(1,555.4)	(1,361.6)
Other comprehensive (loss) income before reclassifications	6.0
Net losses reclassified from accumulated other comprehensive loss	3.6
Other comprehensive income, net of reclassification adjustments	9.6
Balance end of period	$ (1,545.8)	$ (1,349.8)

Changes in Stockholders' Equity (Reclassifications out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cost of goods sold	$ 1,539.1	$ 1,579.5
Interest expense, net	3.5	10.3
Income before income taxes and equity in net earnings of affiliates	(74.3)	(28.7)
Income tax provision	19.4	11.4
Net income attributable to AGCO Corporation and subsidiaries	(65.1)	(24.3)
Net losses reclassified from accumulated other comprehensive loss into income	3.6	4.3
Deferred Net Gains (Losses) on Derivatives
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Net losses reclassified from accumulated other comprehensive loss into income	0.6
Reclassification from AOCI, Current Period, Tax	0.0
Net losses reclassified from accumulated other comprehensive loss into income	0.6
Amortization of net actuarial losses
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Net losses reclassified from accumulated other comprehensive loss into income	3.1	3.1
Amortization of prior service cost
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Net losses reclassified from accumulated other comprehensive loss into income	0.4	0.4
Defined Benefit Pension Plans
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Net losses reclassified from accumulated other comprehensive loss into income	3.5	3.5
Reclassification from AOCI, Current Period, Tax	(0.5)	(0.4)
Net losses reclassified from accumulated other comprehensive loss into income	3.0	3.1
Reclassification out of Accumulated Other Comprehensive Income \| Deferred Net Gains (Losses) on Derivatives
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes and equity in net earnings of affiliates	0.6	1.2
Income tax provision	0.0	0.0
Net income attributable to AGCO Corporation and subsidiaries	0.6	1.2
Foreign currency contracts (1) \| Reclassification out of Accumulated Other Comprehensive Income \| Deferred Net Gains (Losses) on Derivatives
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cost of goods sold	0.6	0.6
Interest rate swap contract \| Reclassification out of Accumulated Other Comprehensive Income \| Deferred Net Gains (Losses) on Derivatives
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	$ 0.0	$ 0.6

Changes in Stockholders' Equity (Narrative) (Details) - USD ($) $ in Millions		3 Months Ended
	May 09, 2019	Mar. 31, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, outstanding balance authorized to be repurchased		$ 117.1
Stock repurchase program, value of remaining number of shares authorized to be repurchased		1.4
ASR Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated Share Repurchases, Settlement (Payment) or Receipt		$ 30.0
Stock Repurchased and Retired During Period, Shares		379,927
Subsequent Event \| ASR Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchased and Retired During Period, Shares	59,394
Scenario, Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, outstanding balance authorized to be repurchased			$ 115.7

Employee Benefit Plans (Narrative) (Details) $ in Millions	3 Months Ended
Employee Benefit Plans (Narrative) (Details) $ in Millions	Mar. 31, 2019 USD ($)
Defined Benefit Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 9.4
Estimated minimum contributions	30.4
Postretirement Health Coverage [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	0.5
Estimated minimum contributions	$ 1.5

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, fair value	$ 34.8	$ 24.7
Derivative liability, fair value	7.7	6.6
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, fair value	0.0	0.0
Derivative liability, fair value	0.0	0.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, fair value	34.8	24.7
Derivative liability, fair value	7.7	6.6
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, fair value	0.0	0.0
Derivative liability, fair value	$ 0.0	$ 0.0
1.056% Senior term loan due 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate, percent	1.056%

Segment Reporting (Sales Information By Reportable Segments) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019 USD ($) reportable_segment	Mar. 31, 2018 USD ($)	Dec. 31, 2018 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments, segments \| reportable_segment	4
Net sales	$ 1,995.8	$ 2,007.5
Income (loss) from operations	92.4	50.5
Depreciation	53.0	59.2
Capital expenditures	60.9	46.1
Assets	8,204.3		$ 7,626.4
Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,995.8	2,007.5
Income (loss) from operations	153.2	113.9
Depreciation	53.0	59.2
Capital expenditures	60.9	46.1
Assets	4,804.9		4,175.1
North America \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	496.2	502.9
Income (loss) from operations	30.6	26.8
Depreciation	15.6	17.2
Capital expenditures	18.3	12.1
Assets	1,235.2		1,032.1
South America \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	156.1	182.1
Income (loss) from operations	(8.5)	(16.6)
Depreciation	8.5	8.0
Capital expenditures	12.1	6.9
Assets	825.0		736.1
Europe/Middle East \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,210.6	1,163.7
Income (loss) from operations	127.7	99.0
Depreciation	26.0	30.0
Capital expenditures	29.5	25.1
Assets	2,259.3		1,905.8
Asia/Pacific/Africa \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	132.9	158.8
Income (loss) from operations	3.4	4.7
Depreciation	2.9	4.0
Capital expenditures	1.0	$ 2.0
Assets	$ 485.4		$ 501.1

Commitments and Contingencies (Details) - 3 months ended Mar. 31, 2019 R$ in Millions, $ in Millions	USD ($)	BRL (R$)
Guarantees
Guaranteed indebtedness owed to third parties	$ 44.3
Legal Claims and Other Matters
Tax disallowance not including interest and penalties	33.8	R$ 131.5
Leasing Arrangement [Member]
Guarantees
Guaranteed indebtedness owed to third parties	15.0
Retail Finance Joint Venture [Member]
Loss Contingencies [Line Items]
Guarantor Obligations, Maximum Inventory Exposure per Calendar Year, Undiscounted	$ 6.0

Revenue (Significant Changes in Contract Assets and Liabilities) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Change in Contract with Customer, Liability [Abstract]
Balance at beginning of period	$ 76.8	$ 82.6
Advance consideration received	25.4	34.5
Revenue recognized during the period for extended warranty contracts	(6.1)	(6.4)
Advance consideration received applied to accounts receivable, net related to the installation of grain storage and protein production systems	(11.4)	(14.9)
Foreign currency translation	(0.2)	1.1
Balance at end of period	$ 84.5	$ 96.9

Revenue (Remaining Performance Obligation Narrative) (Details) $ in Millions	Mar. 31, 2019 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2018-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 24.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 24.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 14.7
Remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 7.5
Remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction, period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: (nil)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 3.1