Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2019	Nov. 04, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-12930
Entity Registrant Name	AGCO CORP /DE
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-1960019
Entity Address, Address Line One	4205 River Green Parkway
Entity Address, Postal Zip Code	30096
Entity Address, City or Town	Duluth,
Entity Address, State or Province	GA
City Area Code	(770)
Local Phone Number	813-9200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common stock
Trading Symbol	AGCO
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding (in shares)		75,522,341
Entity Central Index Key	0000880266
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 282.0	$ 326.1
Accounts and notes receivable, net	918.1	880.3
Inventories, net	2,311.3	1,908.7
Other current assets	445.2	422.3
Total current assets	3,956.6	3,537.4
Property, plant and equipment, net	1,349.8	1,373.1
Right-of-use lease assets	193.5	0.0
Investment in affiliates	399.2	400.0
Deferred tax assets	71.3	104.9
Other assets	134.1	142.4
Intangible assets, net	518.7	573.1
Goodwill	1,456.0	1,495.5
Total assets	8,079.2	7,626.4
Current Liabilities:
Current portion of long-term debt	63.6	72.6
Short-term borrowings	229.7	138.0
Senior term loan	218.0	0.0
Accounts payable	817.3	865.9
Accrued expenses	1,530.8	1,522.4
Other current liabilities	168.3	167.8
Total current liabilities	3,027.7	2,766.7
Long-term debt, less current portion and debt issuance costs	1,269.2	1,275.3
Operating lease liabilities	154.8	0.0
Pension and postretirement health care benefits	202.9	223.2
Deferred tax liabilities	113.6	116.3
Other noncurrent liabilities	272.2	251.4
Total liabilities	5,040.4	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, 75,915,726 and 76,536,755 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	0.8	0.8
Additional paid-in capital	3.9	10.2
Retained earnings	4,567.0	4,477.3
Accumulated other comprehensive loss	(1,595.1)	(1,555.4)
Total AGCO Corporation stockholders’ equity	2,976.6	2,932.9
Noncontrolling interests	62.2	60.6
Total stockholders’ equity	3,038.8	2,993.5
Total liabilities and stockholders’ equity	$ 8,079.2	$ 7,626.4

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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 (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	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 (in shares)	75,915,726	76,536,755
Common stock, shares outstanding (in shares)	75,915,726	76,536,755

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Net sales	$ 2,109.4	$ 2,214.7	$ 6,527.8	$ 6,759.8
Cost of goods sold	1,659.2	1,741.0	5,057.0	5,301.8
Gross profit	450.2	473.7	1,470.8	1,458.0
Selling, general and administrative expenses	245.0	260.5	767.9	796.9
Engineering expenses	82.3	83.3	254.3	267.2
Restructuring expenses	1.3	1.5	3.0	10.1
Amortization of intangibles	14.9	15.3	45.6	49.2
Bad debt expense	0.8	1.8	2.1	4.7
Income from operations	105.9	111.3	397.9	329.9
Interest expense, net	6.4	7.0	15.9	38.5
Other expense, net	20.8	19.1	47.0	57.8
Income before income taxes and equity in net earnings of affiliates	78.7	85.2	335.0	233.6
Income tax provision	83.2	23.9	155.8	73.8
(Loss) income before equity in net earnings of affiliates	(4.5)	61.3	179.2	159.8
Equity in net earnings of affiliates	10.8	9.4	33.2	26.3
Net income	6.3	70.7	212.4	186.1
Net loss attributable to noncontrolling interests	1.3	0.4	1.1	0.7
Net Income (Loss) Attributable to Parent	$ 7.6	$ 71.1	$ 213.5	$ 186.8
Net income per common share attributable to AGCO Corporation and subsidiaries:
Basic (in dollars per share)	$ 0.10	$ 0.90	$ 2.79	$ 2.36
Diluted (in dollars per share)	0.10	0.89	2.77	2.33
Cash dividends declared and paid per common share (in dollars per share)	$ 0.16	$ 0.15	$ 0.47	$ 0.45
Weighted average number of common and common equivalent shares outstanding:
Basic (in shares)	76.1	78.7	76.4	79.2
Diluted (in shares)	76.7	79.7	77.1	80.1

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 6.3	$ 70.7	$ 212.4	$ 186.1
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments	(62.7)	(53.1)	(46.1)	(233.8)
Defined benefit pension plans, net of tax	2.8	2.9	8.8	9.0
Deferred gains and losses on derivatives, net of tax	(1.6)	0.9	(0.9)	1.5
Other comprehensive (income) loss, net of reclassification adjustments	(61.5)	(49.3)	(38.2)	(223.3)
Comprehensive (loss) income	(55.2)	21.4	174.2	(37.2)
Comprehensive income (loss)	2.0	1.3	(0.4)	3.7
Comprehensive income (loss)	$ (53.2)	$ 22.7	$ 173.8	$ (33.5)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income	$ 212.4	$ 186.1
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	159.2	170.1
Amortization of intangibles	45.6	49.2
Stock compensation expense	32.9	33.0
Equity in net earnings of affiliates, net of cash received	(26.3)	(21.8)
Deferred income tax provision (benefit)	43.1	(17.7)
Loss on extinguishment of debt	0.0	15.7
Other	1.9	(2.2)
Changes in operating assets and liabilities:
Accounts and notes receivable, net	(85.1)	(59.8)
Inventories, net	(503.4)	(398.0)
Other current and noncurrent assets	(47.0)	(67.3)
Accounts payable	(4.1)	(18.4)
Accrued expenses	23.7	55.9
Other current and noncurrent liabilities	66.9	71.2
Total adjustments	(292.6)	(190.1)
Net cash used in operating activities	(80.2)	(4.0)
Cash flows from investing activities:
Purchases of property, plant and equipment	(188.1)	(138.5)
Proceeds from sale of property, plant and equipment	0.9	2.6
Investments in unconsolidated affiliates	0.0	(5.8)
Other	0.0	0.4
Net cash used in investing activities	(187.2)	(141.3)
Cash flows from financing activities:
Proceeds from indebtedness	1,998.3	3,262.5
Repayments of indebtedness	(1,600.5)	(3,046.1)
Purchases and retirement of common stock	(100.0)	(84.3)
Payment of dividends to stockholders	(35.9)	(35.6)
Payment of minimum tax withholdings on stock compensation	(27.5)	(3.7)
Payment of debt issuance costs	(0.5)	(1.6)
Investment by noncontrolling interests	1.2	0.8
Net cash provided by financing activities	235.1	92.0
Effects of exchange rate changes on cash and cash equivalents	(11.8)	(21.7)
Decrease in cash and cash equivalents	(44.1)	(75.0)
Cash and cash equivalents, beginning of period	326.1	367.7
Cash and cash equivalents, end of period	$ 282.0	$ 292.7

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 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. 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 February 2018, the Financial Accounting Standards Board (“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. In October 2019, the FASB voted to delay the effective date of ASU 2016-13 for smaller reporting companies and other non-SEC reporting entities. The approval applies to the Company’s equity method finance joint ventures who will now be required to adopt ASU 2016-13 for annual periods beginning after December 15, 2022 and interim periods within those annual periods. In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments” (“ASU 2019-04”), which provides, among other things, targeted improvements to certain aspects of accounting for credit losses addressed by ASU 2016-13. The effective dates for ASU 2019-04 are the same as the effective dates for ASU 2016-03. The standard, and its subsequent modification, is not expected to have a material impact on the Company’s results of operations, financial condition and cash flows as it relates to the Company’s financial assets; however, it will likely impact the results of operations and financial condition of the Company’s finance joint ventures. Therefore, adoption of the standard by the Company’s finance joint ventures will likely impact the Company’s “Investment in affiliates” and “Equity in net earnings of affiliates.” 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. The primary change under ASU 2016-02 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. See Note 19 for additional information and related disclosures.

Stock Compensation Plans

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement, Noncash Expense [Abstract]

Stock Compensation Plans

STOCK COMPENSATION PLANS

The Company recorded stock compensation expense as follows for the three and nine months ended September 30, 2019 and 2018 (in millions):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Cost of goods sold	$	0.3	$	0.8	$	1.3	$	2.7
Selling, general and administrative expenses	7.8		9.7		32.0		30.6
Total stock compensation expense	$	8.1	$	10.5	$	33.3	$	33.3

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 September 30, 2019, of the 10,000,000 shares reserved for issuance under the Plan, approximately 3,500,240 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 nine months ended September 30, 2019 and 2018 was $61.01 and $71.40, respectively.

During the nine months ended September 30, 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 nine months ended September 30, 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	(43,856	)
Shares earned	(11,200	)
Shares awarded but not earned at September 30	1,425,986

As of September 30, 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 $37.0 million, and the weighted average period over which it is expected to be recognized was 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 nine months ended September 30, 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 nine months ended September 30, 2019 and 2018 was $61.01 and $63.99, respectively. RSU transactions during the nine months ended September 30, 2019 were as follows:



RSUs awarded but not vested at January 1	352,975
RSUs awarded	165,160
RSUs forfeited	(7,604	)
RSUs vested	(111,419	)
RSUs awarded but not vested at September 30	399,112

As of September 30, 2019, the total compensation cost related to the unvested RSUs not yet recognized was approximately $15.4 million, and the weighted average period over which it is expected to be recognized was approximately one and one-half years.

Stock-Settled Appreciation Rights

Compensation expense associated with the stock-settled appreciation rights (“SSARs”) is amortized ratably over the requisite service period for the awards that are expected to vest. The Company estimates the fair value of the grants using the Black-Scholes option pricing model. SSAR transactions during the nine months ended September 30, 2019 were as follows:



SSARs outstanding at January 1	1,099,592
SSARs granted	243,600
SSARs exercised	(452,552	)
SSARs canceled or forfeited	(21,077	)
SSARs outstanding at September 30	869,563

As of September 30, 2019, the total compensation cost related to the unvested SSARs not yet recognized was approximately $4.5 million, and the weighted average period over which it is expected to be recognized was approximately two and one-half 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 nine months ended September 30, 2019 associated with these grants.

Indebtedness

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Indebtedness

INDEBTEDNESS

Long-term debt consisted of the following at September 30, 2019 and December 31, 2018 (in millions):



	September 30, 2019			December 31, 2018
1.056% Senior term loan due 2020	$	218.0		$	228.7
Senior term loan due 2022	163.5			171.5
Credit facility, expires 2023	109.0			114.4
1.002% Senior term loan due 2025	272.6			—
Senior term loans due between 2019 and 2028	777.3			815.3
Other long-term debt	12.7			20.6
Debt issuance costs	(2.3		)	(2.6		)
	1,550.8			1,347.9
Less: 1.056% Senior term loan due 2020	(218.0		)	—
Senior term loans due 2019	(61.1		)	(63.8		)
Current portion of other long-term debt	(2.5		)	(8.8		)
Total long-term indebtedness, less current portion	$	1,269.2		$	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 $218.0 million as of September 30, 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 $163.5 million as of September 30, 2019). The Company has the ability to prepay the term loan before its maturity date of October 28, 2022. Interest is payable on the term loan quarterly in arrears at an annual rate equal to the Euro Interbank Offered Rate (“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) London Interbank Offered Rate (“LIBOR”) plus a margin ranging from 0.875% to 1.875% based on the Company’s credit rating, or (2) the base rate, which is equal to the higher of (i) the administrative agent’s base lending rate for the applicable currency, (ii) the federal funds rate plus 0.5%, and (iii) one-month LIBOR for loans denominated in U.S. dollars plus 1.0%, plus a margin ranging from 0.0% to 0.875% based on the Company’s credit rating. As of September 30, 2019, the Company had approximately $109.0 million of outstanding borrowings under the credit facility and the ability to borrow approximately $691.0 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 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 $272.6 million as of September 30, 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 €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 $777.3 million as of September 30, 2019) through this group of fourteen related term loan agreements. 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.

Of the 2016 term loans, an aggregate amount of €56.0 million (or approximately $61.1 million as of September 30, 2019) was repaid upon maturity in October 2019.

Short-Term Borrowings

As of September 30, 2019 and December 31, 2018, the Company had short-term borrowings due within one year of approximately $229.7 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 September 30, 2019 and December 31, 2018, outstanding letters of credit totaled approximately $13.9 million and $14.1 million, respectively.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES At September 30, 2019 and December 31, 2018, the Company had approximately $179.4 million and $166.1 million, respectively, of unrecognized tax benefits, all of which would affect the Company’s effective tax rate if recognized. At September 30, 2019 and December 31, 2018, the Company had approximately $56.2 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 September 30, 2019 and December 31, 2018, the Company had accrued interest and penalties related to unrecognized tax benefits of approximately $31.0 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 and its subsidiaries are routinely examined by tax authorities in the United States and in various state, local and foreign jurisdictions. As of September 30, 2019, a number of income tax examinations in foreign jurisdictions are ongoing. During the third quarter of 2019, the Company recorded a non-cash deferred income tax charge of approximately $53.7 million to establish a valuation allowance against its Brazilian net deferred income tax assets. In addition, the Company maintains a valuation allowance to fully reserve against its net deferred tax assets in the United States and certain other 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

9 Months Ended

Sep. 30, 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 as well as in Japan and India. The Company also sells products in approximately 140 countries throughout the world. The Company’s most significant transactional foreign currency exposures are the Euro, Brazilian real and the Canadian dollar in relation to the United States dollar, and the British pound in relation to the Euro. The Company attempts to manage its transactional foreign exchange exposure by hedging foreign currency cash flow forecasts and commitments arising from the anticipated settlement of receivables and payables and from future purchases and sales. Where naturally offsetting currency positions do not occur, the Company hedges certain, but not all, of its exposures through the use of foreign currency contracts. The Company’s translation exposure resulting from translating the financial statements of foreign subsidiaries into United States dollars may be partially hedged from time to time. The Company’s most significant translation exposures are the Euro, the British pound and the Brazilian real in relation to the United States dollar. When practical, the translation impact is reduced by financing local operations with local borrowings.

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

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

designated foreign operations driven by changes in foreign exchange rates are economically offset by movements in the fair value of the cross currency swap contracts.

The Company’s senior management establishes the Company’s foreign currency and interest rate risk management policies. These policies are reviewed periodically by the Finance Committee of the Company’s Board of Directors. The policies allow for the use of derivative instruments to hedge exposures to movements in foreign currency and interest rates. The Company’s policies prohibit the use of derivative instruments for speculative purposes.

All derivatives are recognized on the Company’s 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 $78.4 million and $127.0 million as of September 30, 2019 and December 31, 2018, respectively.

The following tables summarize 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 and nine months ended September 30, 2019 and 2018 (in millions):



				Recognized in Net Income
Three Months Ended September 30,	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	$	0.1		Cost of goods sold	$	1.7		$	1,659.2
2018
Foreign currency contracts	$	(0.1	)	Cost of goods sold	$	(0.3	)	$	1,741.0
Interest rate swap contract	0.2			Interest expense, net	(0.5		)	7.0
Total	$	0.1			$	(0.8	)



				Recognized in Net Income
Nine Months Ended September 30,	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⁾	$	(0.3	)	Cost of goods sold	$	0.6		$	5,057.0
2018
Foreign currency contracts	$	(1.3	)	Cost of goods sold	$	(1.7	)	$	5,301.8
Interest rate swap contract	(0.7		)	Interest expense, net	(1.8		)	38.5
Total	$	(2.0	)		$	(3.5	)

(1) The outstanding contracts as of September 30, 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 nine months ended September 30, 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	(0.5		)	(0.2		)	(0.3		)
Net gains reclassified from accumulated other comprehensive loss into income	(0.5		)	0.1			(0.6		)
Accumulated derivative net gains as of September 30, 2019	$	0.6		$	0.1		$	0.5

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 $267.9 million as of September 30, 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.

In January 2019 and September 2019, the Company designated €160.0 million and €30.0 million, respectively, 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. During the nine months ended September 30, 2019, the Company repaid the designated amount outstanding under its multi-currency revolving credit facility and the foreign currency denominated debt was de-designated as a net investment hedge.

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



	Notional Amount as of
	September 30, 2019		December 31, 2018
Cross currency swap contract	$	300.0	$	300.0

The following table summarizes the after-tax impact of changes in the fair value of the instrument designated as a net investment hedge during the three and nine months ended September 30, 2019 and 2018 (in millions):



	Gain Recognized in Accumulated Other Comprehensive Loss for the Three Months Ended				Gain Recognized in Accumulated Other Comprehensive Loss for the Nine Months Ended
	September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Cross currency swap contract	$	12.0	$	0.1	$	16.8	$	11.7
Foreign currency denominated debt	0.5		1.9		2.5		12.8

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 September 30, 2019 and December 31, 2018, the Company had outstanding foreign currency contracts with a notional amount of approximately $2,425.5 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 net income (in millions):



		Gain (Loss) Recognized in Net Income for the Three Months Ended					Gain Recognized in Net Income for the Nine Months Ended
	Classification of Gain (Loss)	September 30, 2019		September 30, 2018			September 30, 2019		September 30, 2018
Foreign currency contracts	Other expense, net	$	25.6	$	(0.8	)	$	31.3	$	1.6

The table below sets forth the fair value of derivative instruments as of September 30, 2019 (in millions):



	Asset Derivatives as of September 30, 2019			Liability Derivatives as of September 30, 2019
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	0.9	Other current liabilities	$	0.3
Cross currency swap contract	Other noncurrent assets	34.5		Other noncurrent liabilities	—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts	Other current assets	15.5		Other current liabilities	4.9
Total derivative instruments		$	50.9		$	5.2

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

9 Months Ended

Sep. 30, 2019

Stockholders' Equity Note [Abstract]

Changes in Stockholders' Equity

CHANGES IN STOCKHOLDERS’ EQUITY

The following tables set forth changes in stockholders’ equity attributed to AGCO Corporation and its subsidiaries and to noncontrolling interests for the three and nine months ended September 30, 2019 (in millions):



	Common Stock		Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Loss			Noncontrolling Interests			Total Stockholders’ Equity
Balance, June 30, 2019	$	0.8	$	7.1		$	4,591.1		$	(1,534.3	)	$	64.0		$	3,128.7
Stock compensation	—		8.1			—			—			—			8.1
Issuance of stock awards	—		—			(0.1		)	—			—			(0.1		)
SSARs exercised	—		—			(0.7		)	—			—			(0.7		)
Comprehensive income:
Net income (loss)	—		—			7.6			—			(1.3		)	6.3
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments	—		—			—			(62.0		)	(0.7		)	(62.7		)
Defined benefit pension plans, net of tax	—		—			—			2.8			—			2.8
Deferred gains and losses on derivatives, net of tax	—		—			—			(1.6		)	—			(1.6		)
Payment of dividends to stockholders	—		—			(12.2		)	—			—			(12.2		)
Purchases and retirement of common stock	—		(11.3		)	(18.7		)	—			—			(30.0		)
Investment by noncontrolling interests	—		—			—			—			0.2			0.2
Balance, September 30, 2019	$	0.8	$	3.9		$	4,567.0		$	(1,595.1	)	$	62.2		$	3,038.8



	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	—		32.9			—			—			—			32.9
Issuance of stock awards	—		(13.2		)	(9.8		)	—			—			(23.0		)
SSARs exercised	—		(3.1		)	(1.0		)	—			—			(4.1		)
Comprehensive income:
Net income (loss)	—		—			213.5			—			(1.1		)	212.4
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments	—		—			—			(47.6		)	1.5			(46.1		)
Defined benefit pension plans, net of tax	—		—			—			8.8			—			8.8
Deferred gains and losses on derivatives, net of tax	—		—			—			(0.9		)	—			(0.9		)
Payment of dividends to stockholders	—		—			(35.9		)	—			—			(35.9		)
Purchases and retirement of common stock	—		(22.9		)	(77.1		)	—			—			(100.0		)
Investment by noncontrolling interests	—		—			—			—			1.2			1.2
Balance, September 30, 2019	$	0.8	$	3.9		$	4,567.0		$	(1,595.1	)	$	62.2		$	3,038.8



	Common Stock		Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Loss			Noncontrolling Interests			Total Stockholders’ Equity
Balance, June 30, 2018	$	0.8	$	121.4		$	4,346.1		$	(1,533.5	)	$	63.3		$	2,998.1
Stock compensation	—		10.5			—			—			—			10.5
Issuance of stock awards	—		(0.1		)	—			—			—			(0.1		)
SSARs exercised	—		—			—			—			—			—
Comprehensive income:
Net income (loss)	—		—			71.1			—			(0.4		)	70.7
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments	—		—			—			(52.2		)	(0.9		)	(53.1		)
Defined benefit pension plans, net of tax	—		—			—			2.9			—			2.9
Deferred gains and losses on derivatives, net of tax	—		—			—			0.9			—			0.9
Payment of dividends to stockholders	—		—			(11.8		)	—			—			(11.8		)
Purchases and retirement of common stock	—		(50.0		)	—			—			—			(50.0		)
Investment by noncontrolling interests	—		—			—			—			0.8			0.8
Balance, September 30, 2018	$	0.8	$	81.8		$	4,405.4		$	(1,581.9	)	$	62.8		$	2,968.9



	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	—		33.0			—			—			—			33.0
Issuance of stock awards	—		(3.1		)	—			—			—			(3.1		)
SSARs exercised	—		(0.4		)	—			—			—			(0.4		)
Comprehensive income:
Net income (loss)	—		—			186.8			—			(0.7		)	186.1
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments	—		—			—			(230.8		)	(3.0		)	(233.8		)
Defined benefit pension plans, net of tax	—		—			—			9.0			—			9.0
Deferred gains and losses on derivatives, net of tax	—		—			—			1.5			—			1.5
Payment of dividends to stockholders	—		—			(35.6		)	—			—			(35.6		)
Purchases and retirement of common stock	—		(84.3		)	—			—			—			(84.3		)
Investment by noncontrolling interests	—		—			—			—			0.8			0.8
Adjustment related to the adoption of ASU 2014-09	—		—			0.4			—			—			0.4
Balance, September 30, 2018	$	0.8	$	81.8		$	4,405.4		$	(1,581.9	)	$	62.8		$	2,968.9

Total comprehensive (loss) income attributable to noncontrolling interests for the three and nine months ended September 30, 2019 and 2018 was as follows (in millions):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Net loss	$	(1.3	)	$	(0.4	)	$	(1.1	)	$	(0.7	)
Other comprehensive (loss) income:
Foreign currency translation adjustments	(0.7		)	(0.9		)	1.5			(3.0		)
Total comprehensive (loss) income	$	(2.0	)	$	(1.3	)	$	0.4		$	(3.7	)

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 nine months ended September 30, 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 before reclassifications	—			(0.3		)	(47.6		)	(47.9		)
Net losses (gains) reclassified from accumulated other comprehensive loss	8.8			(0.6		)	—			8.2
Other comprehensive income (loss), net of reclassification adjustments	8.8			(0.9		)	(47.6		)	(39.7		)
Accumulated other comprehensive loss, September 30, 2019	$	(273.6	)	$	0.5		$	(1,322.0	)	$	(1,595.1	)

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 September 30, 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 September 30, 2019⁽¹⁾			Three Months Ended September 30, 2018⁽¹⁾
Derivatives:
Net (gains) losses on foreign currency contracts	$	(1.6	)	$	0.4		Cost of goods sold
Net losses on interest rate swap contract	—			0.5			Interest expense, net
Reclassification before tax	(1.6		)	0.9
	(0.1		)	(0.1		)	Income tax provision
Reclassification net of tax	$	(1.7	)	$	0.8

Defined benefit pension plans:
Amortization of net actuarial losses	$	2.9		$	3.0		Other expense, net⁽²⁾
Amortization of prior service cost	0.4			0.3			Other expense, net⁽²⁾
Reclassification before tax	3.3			3.3
	(0.5		)	(0.4		)	Income tax provision
Reclassification net of tax	$	2.8		$	2.9

Net losses reclassified from accumulated other comprehensive loss	$	1.1		$	3.7

(1) (Gains) losses included within the Condensed Consolidated Statements of Operations for the three months ended September 30, 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 for additional information on the Company’s defined benefit pension plans.

The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the nine months ended September 30, 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	Nine Months Ended September 30, 2019⁽¹⁾			Nine Months Ended September 30, 2018⁽¹⁾
Derivatives:
Net (gains) losses on foreign currency contracts	$	(0.5	)	$	1.9		Cost of goods sold
Net losses on interest rate swap contract	—			1.8			Interest expense, net
Reclassification before tax	(0.5		)	3.7
	(0.1		)	(0.2		)	Income tax provision
Reclassification net of tax	$	(0.6	)	$	3.5

Defined benefit pension plans:
Amortization of net actuarial losses	$	9.0		$	9.3		Other expense, net⁽²⁾
Amortization of prior service cost	1.3			1.0			Other expense, net⁽²⁾
Reclassification before tax	10.3			10.3
	(1.5		)	(1.3		)	Income tax provision
Reclassification net of tax	$	8.8		$	9.0

Net losses reclassified from accumulated other comprehensive loss	$	8.2		$	12.5

(1) (Gains) losses included within the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2019 and 2018.

Share Repurchase Program

During the nine months ended September 30, 2019, the Company entered into accelerated share repurchase (“ASR”) agreements with a financial institution to repurchase an aggregate of $100.0 million of shares of its common stock. The Company received approximately 1,328,515 shares during the nine months ended September 30, 2019 related to the ASR agreements. The specific number of shares the Company ultimately repurchased was determined at the completion of the term of the ASR agreements 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 agreements, the Company was entitled to receive additional shares of common stock or, under certain circumstances, was required to remit a settlement amount. In October 2019, the Company received an additional 84,570 shares of common stock upon final settlement of an ASR agreement. All shares received under the ASR agreements were retired upon receipt, and the excess of the purchase price over par value per share was recorded to a combination of “Additional paid-in capital” and “Retained earnings” within the Company’s Condensed Consolidated Balance Sheets.

In November 2019, the Company entered into an ASR agreement with a financial institution to repurchase an aggregate of $30.0 million shares of its common stock. The Company received approximately 308,880 shares to date in this transaction. The specific number of shares the Company will ultimately repurchase will be determined at the completion of the term of the ASR based on the daily volume-weighted average share price of the Company’s common stock less an agreed upon discount. Upon settlement of the ASR, the Company may be entitled to receive additional shares of common stock or, under certain circumstances, be required to remit a settlement amount. The Company expects that additional shares will be received by the Company upon final settlement of its current ASR agreement, which expires during the first quarter of 2020. 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 a combination of “Additional paid-in capital” and “Retained earnings” within the Company’s Condensed Consolidated Balance Sheets.

As of September 30, 2019, the remaining amount authorized to be repurchased was approximately $47.1 million, which expires in December 2019.

Accounts Receivable Sales Agreements Accounts Receivable Sales Agreements	9 Months Ended
	Sep. 30, 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 September 30, 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 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 $10.6 million and $30.3 million, respectively, during the three and nine months ended September 30, 2019. 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 $6.7 million and $24.2 million, respectively, during the three and nine months ended September 30, 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 September 30, 2019 and December 31, 2018, these finance joint ventures had approximately $76.2 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.

Pension and Postretirement Benefit Plans

9 Months Ended

Sep. 30, 2019

Retirement Benefits [Abstract]

Pension and Postretirement Benefit Plans

PENSION AND POSTRETIREMENT BENEFIT PLANS

Net periodic pension and postretirement benefit cost for the Company’s defined pension and postretirement benefit plans for the three and nine months ended September 30, 2019 and 2018 are set forth below (in millions):



	Three Months Ended September 30,						Nine Months Ended September 30,
Pension benefits	2019			2018			2019			2018
Service cost	$	3.9		$	4.7		$	11.7		$	14.4
Interest cost	5.1			4.9			15.7			15.1
Expected return on plan assets	(6.8		)	(9.0		)	(21.1		)	(27.7		)
Amortization of net actuarial losses	2.9			3.0			9.0			9.2
Amortization of prior service cost	0.4			0.3			1.2			0.9
Net periodic pension cost	$	5.5		$	3.9		$	16.5		$	11.9



	Three Months Ended September 30,				Nine Months Ended September 30,
Postretirement benefits	2019		2018		2019		2018
Service cost	$	0.1	$	—	$	0.1	$	0.1
Interest cost	0.3		0.4		1.0		1.1
Amortization of net actuarial losses	—		—		—		0.1
Amortization of prior service cost	—		—		0.1		0.1
Net periodic postretirement benefit cost	$	0.4	$	0.4	$	1.2	$	1.4

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 nine months ended September 30, 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	9.0			1.4			7.6
Amortization of prior service cost	1.3			0.1			1.2
Accumulated other comprehensive loss as of September 30, 2019	$	(369.5	)	$	(95.9	)	$	(273.6	)

During the nine months ended September 30, 2019, approximately $23.1 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 $30.1 million.

During the nine months ended September 30, 2019, the Company made approximately $1.2 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

9 Months Ended

Sep. 30, 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 additional information on the Company’s derivative instruments and hedging activities.

Assets and liabilities measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018 are summarized below (in millions):



	As of September 30, 2019
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	50.9	$	—	$	50.9
Derivative liabilities	—		5.2		—		5.2



	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 due 2020, senior term loan due 2022, 1.002% senior term loan due 2025 and senior term loans due between 2019 and 2028 approximate fair value based on the borrowing rates currently available to the Company for loans with similar terms and average maturities. See Note 5 for additional information on the Company’s long-term debt.

- 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

9 Months Ended

Sep. 30, 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 generally 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 and nine months ended September 30, 2019 and 2018 and assets as of September 30, 2019 and December 31, 2018 based on the Company’s reportable segments were as follows (in millions):



Three Months Ended September 30,	North America		South America			Europe/Middle East		Asia/Pacific/Africa		Consolidated
2019
Net sales	$	536.2	$	239.4		$	1,145.7	$	188.1	$	2,109.4
Income (loss) from operations	32.5		(5.6		)	122.0		11.5		160.4
Depreciation	15.0		8.0			25.4		3.7		52.1
Capital expenditures	11.4		7.7			51.2		2.9		73.2
2018
Net sales	$	545.5	$	281.1		$	1,164.5	$	223.6	$	2,214.7
Income from operations	32.5		12.6			108.6		17.6		171.3
Depreciation	17.4		7.2			26.4		4.0		55.0
Capital expenditures	8.6		7.0			30.3		2.8		48.7



Nine Months Ended September 30,	North America		South America			Europe/ Middle East		Asia/ Pacific/Africa		Consolidated
2019
Net sales	$	1,651.3	$	581.3		$	3,813.5	$	481.7	$	6,527.8
Income (loss) from operations	114.5		(21.2		)	458.5		21.9		573.7
Depreciation	46.7		24.7			77.8		10.0		159.2
Capital expenditures	41.3		24.8			116.1		5.9		188.1
2018
Net sales	$	1,648.9	$	682.8		$	3,873.4	$	554.7	$	6,759.8
Income (loss) from operations	96.9		(20.7		)	416.1		26.9		519.2
Depreciation	51.4		22.5			84.8		11.4		170.1
Capital expenditures	30.8		21.2			79.7		6.8		138.5
Assets
As of September 30, 2019	$	1,228.3	$	810.9		$	2,245.7	$	502.9	$	4,787.8
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 September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Segment income from operations	$	160.4		$	171.3		$	573.7		$	519.2
Corporate expenses	(30.5		)	(33.5		)	(95.2		)	(99.4		)
Stock compensation expense	(7.8		)	(9.7		)	(32.0		)	(30.6		)
Restructuring expenses	(1.3		)	(1.5		)	(3.0		)	(10.1		)
Amortization of intangibles	(14.9		)	(15.3		)	(45.6		)	(49.2		)
Consolidated income from operations	$	105.9		$	111.3		$	397.9		$	329.9



	September 30, 2019		December 31, 2018
Segment assets	$	4,787.8	$	4,175.1
Cash and cash equivalents	282.0		326.1
Investments in affiliates	399.2		400.0
Deferred tax assets, other current and noncurrent assets	635.5		656.6
Intangible assets, net	518.7		573.1
Goodwill	1,456.0		1,495.5
Consolidated total assets	$	8,079.2	$	7,626.4

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 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 September 30, 2019, the Company had outstanding guarantees of indebtedness owed to third parties of approximately $27.5 million, primarily related to dealer and end-user financing of equipment. Such guarantees generally obligate the Company to repay outstanding finance obligations owed to financial institutions if dealers or end users default on such loans through 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 September 30, 2019, the Company had accrued approximately $17.2 million of outstanding guarantees of minimum residual value 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 September 30, 2019, not including interest and penalties, was approximately 131.5 million Brazilian reais (or approximately $31.6 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, are material to its business or financial statements as a whole, including its results of operations and financial condition.

Revenue (Notes)

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

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

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

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

Dealers or distributors may not return equipment or replacement parts while their contracts with the Company are in force, except for under established promotional and annual replacement parts return programs. At the time of sale, the Company estimates the amount of returns based on the terms of promotional and annual return programs and anticipated returns in the future. The Company estimates replacement parts returns based on historical experience and recognizes an asset within “Other current assets” and “Other assets,” which represents the Company’s right to recover the parts it expects to be returned. When the refund for the returned replacement part is settled with the dealer or distributor, the asset is then transferred to inventory. The Company also recognizes a refund liability in “Accrued expenses” and “Other noncurrent liabilities” for the refund the Company expects to pay for returned parts. If actual replacement parts return differ from those estimated, the difference in the replacement asset and refunded liability is recognized in “Cost of goods sold” and “Net sales,” respectively.

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

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

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

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

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

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

Contract Liabilities

Contract liabilities relate to the following: (1) unrecognized revenues where advance payment of consideration precedes the Company’s performance with respect to extended warranty contracts and where the performance obligation is satisfied over time, (2) unrecognized revenues where advance payment of consideration precedes the Company’s performance with respect to certain grain storage and protein production systems and where the performance obligation is satisfied over time and (3) unrecognized revenues where advance payment of consideration precedes the Company’s performance with respect to technology services and where the performance obligation is satisfied over time.

Significant changes in the balance of contract liabilities for the three and nine months ended as of September 30, 2019 and 2018 were as follows (in millions):



	Three Months Ended September 30,
	2019			2018
Balance at beginning of period	$	88.0		$	77.8
Advance consideration received	45.2			43.0
Revenue recognized during the period for extended warranty contracts, maintenance services and technology services	(8.7		)	(7.2		)
Revenue recognized during the period related to installation of grain storage and protein production systems	(32.0		)	(33.3		)
Foreign currency translation	(2.2		)	0.6
Balance at September 30	$	90.3		$	80.9



	Nine Months Ended September 30,
	2019			2018
Balance at beginning of period	$	76.8		$	82.6
Advance consideration received	108.9			100.9
Revenue recognized during the period for extended warranty contracts, maintenance services and technology services	(22.7		)	(19.9		)
Revenue recognized during the period related to installation of grain storage and protein production systems	(70.6		)	(82.9		)
Foreign currency translation	(2.1		)	0.2
Balance at September 30	$	90.3		$	80.9

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

Remaining Performance Obligations

The estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of September 30, 2019 were $10.0 million for the remainder of 2019, $31.4 million in 2020, $21.8 million in 2021, $12.0 million in 2022 and $6.5 million thereafter, and relate primarily to extended warranty contracts. The Company applied the practical expedient in ASU 2014-09 and has not disclosed information about remaining performance obligations that have original expected durations of 12 months or less.

Disaggregated Revenue

Net sales for the three months ended September 30, 2019 disaggregated by primary geographical markets and major products consisted of the following (in millions):



	North America⁽¹⁾		South America		Europe/Middle East		Asia/Pacific/Africa⁽¹⁾		Consolidated
Primary geographical markets:
United States	$	431.7	$	—	$	—	$	—	$	431.7
Canada	79.8		—		—		—		79.8
South America	—		236.3		—		—		236.3
Germany	—		—		255.4		—		255.4
France	—		—		237.8		—		237.8
United Kingdom and Ireland	—		—		115.3		—		115.3
Finland and Scandinavia	—		—		176.5		—		176.5
Other Europe	—		—		343.8		—		343.8
Middle East and Algeria	—		—		16.9		—		16.9
Africa	—		—		—		26.7		26.7
Asia	—		—		—		79.4		79.4
Australia and New Zealand	—		—		—		82.1		82.1
Mexico, Central America and Caribbean	24.6		3.1		—		—		27.7
	$	536.2	$	239.4	$	1,145.7	$	188.1	$	2,109.4

Major products:
Tractors	$	166.1	$	135.2	$	772.0	$	70.2	$	1,143.5
Replacement parts	87.2		22.1		233.6		19.7		362.6
Grain storage and protein production systems	165.6		19.0		39.3		58.7		282.6
Combines, application equipment and other machinery	117.2		63.1		100.8		39.6		320.7
	$	536.2	$	239.4	$	1,145.7	$	188.1	$	2,109.4

(1) Rounding may impact the summation of amounts.

Net sales for the three months ended September 30, 2018 disaggregated by primary geographical markets and major products consisted of the following (in millions):



	North America		South America⁽¹⁾		Europe/Middle East⁽¹⁾		Asia/Pacific/Africa⁽¹⁾		Consolidated
Primary geographical markets:
United States	$	430.6	$	—	$	—	$	—	$	430.6
Canada	82.3		—		—		—		82.3
South America	—		275.8		—		—		275.8
Germany	—		—		273.0		—		273.0
France	—		—		198.1		—		198.1
United Kingdom and Ireland	—		—		140.4		—		140.4
Finland and Scandinavia	—		—		172.8		—		172.8
Other Europe	—		—		360.9		—		360.9
Middle East and Algeria	—		—		19.3		—		19.3
Africa	—		—		—		32.0		32.0
Asia	—		—		—		104.4		104.4
Australia and New Zealand	—		—		—		87.2		87.2
Mexico, Central America and Caribbean	32.6		5.3		—		—		37.9
	$	545.5	$	281.1	$	1,164.5	$	223.6	$	2,214.7

Major products:
Tractors	$	168.3	$	174.3	$	775.5	$	91.4	$	1,209.5
Replacement parts	79.0		23.7		224.7		19.1		346.5
Grain storage and protein production systems	168.2		20.8		56.8		72.0		317.8
Combines, application equipment and other machinery	130.0		62.2		107.7		41.0		340.9
	$	545.5	$	281.1	$	1,164.5	$	223.6	$	2,214.7

(1) Rounding may impact the summation of amounts.

Net sales for the nine months ended September 30, 2019 disaggregated by primary geographical markets and major products consisted of the following (in millions):



	North America		South America		Europe/Middle East		Asia/Pacific/Africa⁽¹⁾		Consolidated⁽¹⁾
Primary geographical markets:
United States	$	1,344.5	$	—	$	—	$	—	$	1,344.5
Canada	232.9		—		—		—		232.9
South America	—		571.3		—		—		571.3
Germany	—		—		916.3		—		916.3
France	—		—		743.4		—		743.4
United Kingdom and Ireland	—		—		405.5		—		405.5
Finland and Scandinavia	—		—		545.1		—		545.1
Other Europe	—		—		1,151.3		—		1,151.3
Middle East and Algeria	—		—		51.9		—		51.9
Africa	—		—		—		76.7		76.7
Asia	—		—		—		216.2		216.2
Australia and New Zealand	—		—		—		188.9		188.9
Mexico, Central America and Caribbean	73.9		10.0		—		—		83.9
	$	1,651.3	$	581.3	$	3,813.5	$	481.7	$	6,527.8

Major products:
Tractors	$	493.7	$	325.8	$	2,595.8	$	197.2	$	3,612.5
Replacement parts	247.4		65.4		681.9		53.6		1,048.3
Grain storage and protein production systems	435.8		56.4		143.4		157.0		792.6
Combines, application equipment and other machinery	474.4		133.7		392.4		73.9		1,074.4
	$	1,651.3	$	581.3	$	3,813.5	$	481.7	$	6,527.8

(1) Rounding may impact the summation of amounts.

Net sales for the nine months ended September 30, 2018 disaggregated by primary geographical markets and major products consisted of the following (in millions):



	North America		South America⁽¹⁾		Europe/Middle East⁽¹⁾		Asia/Pacific/Africa		Consolidated
Primary geographical markets:
United States	$	1,298.1	$	—	$	—	$	—	$	1,298.1
Canada	257.2		—		—		—		257.2
South America	—		670.0		—		—		670.0
Germany	—		—		950.6		—		950.6
France	—		—		644.9		—		644.9
United Kingdom and Ireland	—		—		453.5		—		453.5
Finland and Scandinavia	—		—		581.6		—		581.6
Other Europe	—		—		1,162.0		—		1,162.0
Middle East and Algeria	—		—		80.8		—		80.8
Africa	—		—		—		76.2		76.2
Asia	—		—		—		266.0		266.0
Australia and New Zealand	—		—		—		212.5		212.5
Mexico, Central America and Caribbean	93.6		12.8		—		—		106.4
	$	1,648.9	$	682.8	$	3,873.4	$	554.7	$	6,759.8

Major products:
Tractors	$	496.6	$	429.3	$	2,603.4	$	240.8	$	3,770.1
Replacement parts	237.5		67.3		687.9		54.7		1,047.4
Grain storage and protein production systems	450.1		50.2		149.6		176.1		826.0
Combines, application equipment and other machinery	464.7		135.9		432.6		83.1		1,116.3
	$	1,648.9	$	682.8	$	3,873.4	$	554.7	$	6,759.8

(1) Rounding may impact the summation of amounts.

Leases

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Leases

LEASES

The Company leases certain land, buildings, machinery, equipment, vehicles and office and computer equipment under finance and operating leases. As previously discussed in Note 1, the Company adopted ASU 2016-02 effective January 1, 2019. Under the new standard, lessees are required to record an asset (ROU asset or finance lease asset) and a lease liability. The new standard continues to allow for two types of leases for income statement recognition purposes: operating leases and finance leases. Operating leases result in the recognition of a single lease expense on a straight-line basis over the lease term, similar to the treatment for operating leases under previous U.S. GAAP. Finance leases result in an accelerated expense also similar to previous U.S. GAAP. ASU 2016-02 also contains amended guidance regarding the identification of embedded leases in service and supply contracts, as well as the identification of lease and nonlease components of an arrangement. ROU assets represent the Company’s right to use an underlying asset for the lease term while lease liabilities represent the Company’s obligation to make lease payments for the lease term. All leases greater than 12 months result in the recognition of an ROU asset and liability at the lease commencement date based on the present value of the lease payments over the lease term. The present value of the lease payments is calculated using the applicable weighted-average discount rate. The weighted-average discount rate is based on the discount rate implicit in the lease, or if the implicit rate is not readily determinable from the lease, then the Company estimates an applicable incremental borrowing rate. The incremental borrowing rate is estimated using the currency denomination of the lease, the contractual lease term and the Company’s applicable borrowing rate.

The Company does not recognize a ROU asset or lease liability with respect to operating leases with an initial term of 12 months or less and recognizes expense on such leases on a straight-line basis over the lease term. The Company accounts for lease components separately from nonlease components other than for real estate and office equipment. The Company evaluated its supplier agreements for the existence of leases and determined these leases comprised an insignificant portion of its supplier agreements. As such, these leases were not material to the Company’s Condensed Consolidated Balance Sheets. The Company has certain leases that include one or more options to renew, with renewal terms that can extend the lease term from one to ten years. The exercise of the lease renewal options is at the Company’s discretion and are included in the determination of the ROU asset and lease liability when the option is reasonably certain of being exercised. The depreciable life of ROU assets and leasehold improvements are limited by the expected lease term. The Company has certain lease agreements that include variable rental payments that are adjusted periodically for inflation based on the index rate as defined by the applicable government authority. Generally, the Company’s lease agreements do not contain any residual value guarantees or restrictive covenants.

Total lease assets and liabilities at September 30, 2019 were as follows (in millions):



Lease Assets	Classification	As of September 30, 2019
Operating ROU assets	Right-of-use lease assets	$	193.5
Finance lease assets	Property, plant and equipment, net⁽¹⁾	14.6
Total leased assets		$	208.1

Lease Liabilities	Classification	As of September 30, 2019
Current:
Operating	Accrued expenses	$	42.2
Finance	Other current liabilities	4.2

Noncurrent:
Operating	Operating lease liabilities	154.8
Finance	Other noncurrent liabilities	7.9
Total leased liabilities		$	209.1

(1) Finance lease assets are recorded net of accumulated depreciation of $17.9 million as of September 30, 2019.

Total lease cost for the three and nine months ended September 30, 2019 is set forth below (in millions):



	Classification	Three months ended September 30, 2019		Nine Months Ended September 30, 2019
Operating lease cost	Selling, general and administrative expenses	$	13.8	$	41.8
Variable lease cost	Selling, general and administrative expenses	0.3		0.4
Short-term lease cost	Selling, general and administrative expenses	2.0		5.7
Finance lease cost:
Amortization of leased assets	Depreciation expense⁽¹⁾	1.1		3.6
Interest on leased liabilities	Interest expense, net	0.2		0.6
Total lease cost		$	17.4	$	52.1

(1) Depreciation expense is a component of both cost of sales and selling, general and administrative expenses.

The total lease expense under noncancelable operating leases was approximately $72.1 million for the year ended December 31, 2018.

The aggregate future minimum lease payments under noncancelable operating and finance leases with remaining terms greater than one year as of September 30, 2019 and December 31, 2018 were as follows (in millions):



	September 30, 2019						December 31, 2018
	Operating Leases⁽¹⁾⁽²⁾			Finance Leases			Operating Leases⁽⁵⁾		Finance Leases⁽⁵⁾
2019	$	12.7		$	1.3		$	46.7	$	4.9
2020	46.1			4.1			39.5		3.5
2021	38.9			2.2			32.6		2.8
2022	29.7			0.9			26.0		0.9
2023	23.0			0.6			21.7		0.7
Thereafter	80.3			4.1			85.5		3.7
Total lease payments	230.7			13.2			252.0		16.5
Less: imputed interest⁽³⁾⁽⁴⁾	(33.7		)	(1.1		)	—		(1.0		)
Present value of leased liabilities	$	197.0		$	12.1		$	252.0	$	15.5

(1) Operating lease payments include $12.3 million related to options to extend leases that are reasonably certain of being exercised.

(2) This amount excludes lease payments for the nine months ended September 30, 2019.

(3) Calculated using the implicit interest rate for each lease.

(4) Imputed interest for operating leases as of December 31, 2018 is not applicable as the Company adopted ASC 842 on January 1, 2019.

(5) As determined under ASC 840, “Leases.”

For leases related to real estate and office equipment, the minimum lease payments exclude payments for nonlease components.

The following table summarizes the weighted-average remaining lease term and weighted-average discount rate:



	As of September 30, 2019
Weighted-average remaining lease term:
Operating leases	8 years
Finance leases	9 years

Weighted-average discount rate:
Operating leases	4.0	%
Finance leases	2.8	%

The following table summarizes the supplemental cash flow information for the nine months September 30, 2019 (in millions):



	Nine Months Ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	41.8
Operating cash flows from finance leases	3.6
Financing cash flows from finance leases	0.6

Leased assets obtained in exchange for lease obligations:
Operating leases	$	27.2
Finance leases	0.6

Leases

LEASES

Total lease assets and liabilities at September 30, 2019 were as follows (in millions):



Lease Assets	Classification	As of September 30, 2019
Operating ROU assets	Right-of-use lease assets	$	193.5
Finance lease assets	Property, plant and equipment, net⁽¹⁾	14.6
Total leased assets		$	208.1

Lease Liabilities	Classification	As of September 30, 2019
Current:
Operating	Accrued expenses	$	42.2
Finance	Other current liabilities	4.2

Noncurrent:
Operating	Operating lease liabilities	154.8
Finance	Other noncurrent liabilities	7.9
Total leased liabilities		$	209.1

(1) Finance lease assets are recorded net of accumulated depreciation of $17.9 million as of September 30, 2019.

Total lease cost for the three and nine months ended September 30, 2019 is set forth below (in millions):



	Classification	Three months ended September 30, 2019		Nine Months Ended September 30, 2019
Operating lease cost	Selling, general and administrative expenses	$	13.8	$	41.8
Variable lease cost	Selling, general and administrative expenses	0.3		0.4
Short-term lease cost	Selling, general and administrative expenses	2.0		5.7
Finance lease cost:
Amortization of leased assets	Depreciation expense⁽¹⁾	1.1		3.6
Interest on leased liabilities	Interest expense, net	0.2		0.6
Total lease cost		$	17.4	$	52.1

(1) Depreciation expense is a component of both cost of sales and selling, general and administrative expenses.

The total lease expense under noncancelable operating leases was approximately $72.1 million for the year ended December 31, 2018.



	September 30, 2019						December 31, 2018
	Operating Leases⁽¹⁾⁽²⁾			Finance Leases			Operating Leases⁽⁵⁾		Finance Leases⁽⁵⁾
2019	$	12.7		$	1.3		$	46.7	$	4.9
2020	46.1			4.1			39.5		3.5
2021	38.9			2.2			32.6		2.8
2022	29.7			0.9			26.0		0.9
2023	23.0			0.6			21.7		0.7
Thereafter	80.3			4.1			85.5		3.7
Total lease payments	230.7			13.2			252.0		16.5
Less: imputed interest⁽³⁾⁽⁴⁾	(33.7		)	(1.1		)	—		(1.0		)
Present value of leased liabilities	$	197.0		$	12.1		$	252.0	$	15.5

(1) Operating lease payments include $12.3 million related to options to extend leases that are reasonably certain of being exercised.

(2) This amount excludes lease payments for the nine months ended September 30, 2019.

(3) Calculated using the implicit interest rate for each lease.

(4) Imputed interest for operating leases as of December 31, 2018 is not applicable as the Company adopted ASC 842 on January 1, 2019.

(5) As determined under ASC 840, “Leases.”

For leases related to real estate and office equipment, the minimum lease payments exclude payments for nonlease components.

The following table summarizes the weighted-average remaining lease term and weighted-average discount rate:



	As of September 30, 2019
Weighted-average remaining lease term:
Operating leases	8 years
Finance leases	9 years

Weighted-average discount rate:
Operating leases	4.0	%
Finance leases	2.8	%

The following table summarizes the supplemental cash flow information for the nine months September 30, 2019 (in millions):



	Nine Months Ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	41.8
Operating cash flows from finance leases	3.6
Financing cash flows from finance leases	0.6

Leased assets obtained in exchange for lease obligations:
Operating leases	$	27.2
Finance leases	0.6

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Pronouncements	In February 2018, the Financial Accounting Standards Board (“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. In October 2019, the FASB voted to delay the effective date of ASU 2016-13 for smaller reporting companies and other non-SEC reporting entities. The approval applies to the Company’s equity method finance joint ventures who will now be required to adopt ASU 2016-13 for annual periods beginning after December 15, 2022 and interim periods within those annual periods. In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments” (“ASU 2019-04”), which provides, among other things, targeted improvements to certain aspects of accounting for credit losses addressed by ASU 2016-13. The effective dates for ASU 2019-04 are the same as the effective dates for ASU 2016-03. The standard, and its subsequent modification, is not expected to have a material impact on the Company’s results of operations, financial condition and cash flows as it relates to the Company’s financial assets; however, it will likely impact the results of operations and financial condition of the Company’s finance joint ventures. Therefore, adoption of the standard by the Company’s finance joint ventures will likely impact the Company’s “Investment in affiliates” and “Equity in net earnings of affiliates.” 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. The primary change under ASU 2016-02 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. See Note 19 for additional information and related disclosures.
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. 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.

Stock Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement, Noncash Expense [Abstract]

Schedule of stock compensation expense

The Company recorded stock compensation expense as follows for the three and nine months ended September 30, 2019 and 2018 (in millions):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Cost of goods sold	$	0.3	$	0.8	$	1.3	$	2.7
Selling, general and administrative expenses	7.8		9.7		32.0		30.6
Total stock compensation expense	$	8.1	$	10.5	$	33.3	$	33.3

Schedule of LTIP and Performance Awards activity

Performance award transactions during the nine months ended September 30, 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	(43,856	)
Shares earned	(11,200	)
Shares awarded but not earned at September 30	1,425,986

Schedule of RSU activity

RSU transactions during the nine months ended September 30, 2019 were as follows:



RSUs awarded but not vested at January 1	352,975
RSUs awarded	165,160
RSUs forfeited	(7,604	)
RSUs vested	(111,419	)
RSUs awarded but not vested at September 30	399,112

Schedule of SARS activity

SSAR transactions during the nine months ended September 30, 2019 were as follows:



SSARs outstanding at January 1	1,099,592
SSARs granted	243,600
SSARs exercised	(452,552	)
SSARs canceled or forfeited	(21,077	)
SSARs outstanding at September 30	869,563

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets by Major Class

Changes in the carrying amount of acquired intangible assets during the nine months ended September 30, 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	(4.1		)	(9.4		)	(3.8		)	(0.3		)	(17.6		)
Balance as of September 30, 2019	$	199.3		$	576.9		$	152.0		$	8.3		$	936.5



	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	8.3			29.8			7.4			0.1			45.6
Foreign currency translation	(1.4		)	(6.3		)	(2.5		)	(0.1		)	(10.3		)
Balance as of September 30, 2019	$	80.3		$	334.3		$	85.6		$	3.0		$	503.2

Schedule of Indefinite-lived Intangible Assets by Major Class



	Trademarks and Tradenames
Indefinite-lived intangible assets:
Balance as of December 31, 2018	$	86.9
Foreign currency translation	(1.5		)
Balance as of September 30, 2019	$	85.4

Schedule of Goodwill

Changes in the carrying amount of goodwill during the nine months ended September 30, 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	—		(7.9		)	(27.7		)	(3.9		)	(39.5		)
Balance as of September 30, 2019	$	611.1	$	108.8		$	621.9		$	114.2		$	1,456.0

Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Accumulated Other Comprehensive Loss Related to Derivatives



				Recognized in Net Income
Three Months Ended September 30,	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	$	0.1		Cost of goods sold	$	1.7		$	1,659.2
2018
Foreign currency contracts	$	(0.1	)	Cost of goods sold	$	(0.3	)	$	1,741.0
Interest rate swap contract	0.2			Interest expense, net	(0.5		)	7.0
Total	$	0.1			$	(0.8	)



				Recognized in Net Income
Nine Months Ended September 30,	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⁾	$	(0.3	)	Cost of goods sold	$	0.6		$	5,057.0
2018
Foreign currency contracts	$	(1.3	)	Cost of goods sold	$	(1.7	)	$	5,301.8
Interest rate swap contract	(0.7		)	Interest expense, net	(1.8		)	38.5
Total	$	(2.0	)		$	(3.5	)

(1) The outstanding contracts as of September 30, 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 nine months ended September 30, 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	(0.5		)	(0.2		)	(0.3		)
Net gains reclassified from accumulated other comprehensive loss into income	(0.5		)	0.1			(0.6		)
Accumulated derivative net gains as of September 30, 2019	$	0.6		$	0.1		$	0.5

Schedule of Derivative Instruments

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



	Notional Amount as of
	September 30, 2019		December 31, 2018
Cross currency swap contract	$	300.0	$	300.0



	Gain Recognized in Accumulated Other Comprehensive Loss for the Three Months Ended				Gain Recognized in Accumulated Other Comprehensive Loss for the Nine Months Ended
	September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Cross currency swap contract	$	12.0	$	0.1	$	16.8	$	11.7
Foreign currency denominated debt	0.5		1.9		2.5		12.8

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location

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



		Gain (Loss) Recognized in Net Income for the Three Months Ended					Gain Recognized in Net Income for the Nine Months Ended
	Classification of Gain (Loss)	September 30, 2019		September 30, 2018			September 30, 2019		September 30, 2018
Foreign currency contracts	Other expense, net	$	25.6	$	(0.8	)	$	31.3	$	1.6

Fair Value of Derivative Instruments

The table below sets forth the fair value of derivative instruments as of September 30, 2019 (in millions):



	Asset Derivatives as of September 30, 2019			Liability Derivatives as of September 30, 2019
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	0.9	Other current liabilities	$	0.3
Cross currency swap contract	Other noncurrent assets	34.5		Other noncurrent liabilities	—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts	Other current assets	15.5		Other current liabilities	4.9
Total derivative instruments		$	50.9		$	5.2

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

Assets and liabilities measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018 are summarized below (in millions):



	As of September 30, 2019
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	50.9	$	—	$	50.9
Derivative liabilities	—		5.2		—		5.2



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

- Definition

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

+ References

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

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

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

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

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959

+ Details

Changes in Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2019

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity



	Common Stock		Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Loss			Noncontrolling Interests			Total Stockholders’ Equity
Balance, June 30, 2019	$	0.8	$	7.1		$	4,591.1		$	(1,534.3	)	$	64.0		$	3,128.7
Stock compensation	—		8.1			—			—			—			8.1
Issuance of stock awards	—		—			(0.1		)	—			—			(0.1		)
SSARs exercised	—		—			(0.7		)	—			—			(0.7		)
Comprehensive income:
Net income (loss)	—		—			7.6			—			(1.3		)	6.3
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments	—		—			—			(62.0		)	(0.7		)	(62.7		)
Defined benefit pension plans, net of tax	—		—			—			2.8			—			2.8
Deferred gains and losses on derivatives, net of tax	—		—			—			(1.6		)	—			(1.6		)
Payment of dividends to stockholders	—		—			(12.2		)	—			—			(12.2		)
Purchases and retirement of common stock	—		(11.3		)	(18.7		)	—			—			(30.0		)
Investment by noncontrolling interests	—		—			—			—			0.2			0.2
Balance, September 30, 2019	$	0.8	$	3.9		$	4,567.0		$	(1,595.1	)	$	62.2		$	3,038.8



	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	—		32.9			—			—			—			32.9
Issuance of stock awards	—		(13.2		)	(9.8		)	—			—			(23.0		)
SSARs exercised	—		(3.1		)	(1.0		)	—			—			(4.1		)
Comprehensive income:
Net income (loss)	—		—			213.5			—			(1.1		)	212.4
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments	—		—			—			(47.6		)	1.5			(46.1		)
Defined benefit pension plans, net of tax	—		—			—			8.8			—			8.8
Deferred gains and losses on derivatives, net of tax	—		—			—			(0.9		)	—			(0.9		)
Payment of dividends to stockholders	—		—			(35.9		)	—			—			(35.9		)
Purchases and retirement of common stock	—		(22.9		)	(77.1		)	—			—			(100.0		)
Investment by noncontrolling interests	—		—			—			—			1.2			1.2
Balance, September 30, 2019	$	0.8	$	3.9		$	4,567.0		$	(1,595.1	)	$	62.2		$	3,038.8



	Common Stock		Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Loss			Noncontrolling Interests			Total Stockholders’ Equity
Balance, June 30, 2018	$	0.8	$	121.4		$	4,346.1		$	(1,533.5	)	$	63.3		$	2,998.1
Stock compensation	—		10.5			—			—			—			10.5
Issuance of stock awards	—		(0.1		)	—			—			—			(0.1		)
SSARs exercised	—		—			—			—			—			—
Comprehensive income:
Net income (loss)	—		—			71.1			—			(0.4		)	70.7
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments	—		—			—			(52.2		)	(0.9		)	(53.1		)
Defined benefit pension plans, net of tax	—		—			—			2.9			—			2.9
Deferred gains and losses on derivatives, net of tax	—		—			—			0.9			—			0.9
Payment of dividends to stockholders	—		—			(11.8		)	—			—			(11.8		)
Purchases and retirement of common stock	—		(50.0		)	—			—			—			(50.0		)
Investment by noncontrolling interests	—		—			—			—			0.8			0.8
Balance, September 30, 2018	$	0.8	$	81.8		$	4,405.4		$	(1,581.9	)	$	62.8		$	2,968.9



	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	—		33.0			—			—			—			33.0
Issuance of stock awards	—		(3.1		)	—			—			—			(3.1		)
SSARs exercised	—		(0.4		)	—			—			—			(0.4		)
Comprehensive income:
Net income (loss)	—		—			186.8			—			(0.7		)	186.1
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments	—		—			—			(230.8		)	(3.0		)	(233.8		)
Defined benefit pension plans, net of tax	—		—			—			9.0			—			9.0
Deferred gains and losses on derivatives, net of tax	—		—			—			1.5			—			1.5
Payment of dividends to stockholders	—		—			(35.6		)	—			—			(35.6		)
Purchases and retirement of common stock	—		(84.3		)	—			—			—			(84.3		)
Investment by noncontrolling interests	—		—			—			—			0.8			0.8
Adjustment related to the adoption of ASU 2014-09	—		—			0.4			—			—			0.4
Balance, September 30, 2018	$	0.8	$	81.8		$	4,405.4		$	(1,581.9	)	$	62.8		$	2,968.9

Schedule of Comprehensive Income (Loss)

Total comprehensive (loss) income attributable to noncontrolling interests for the three and nine months ended September 30, 2019 and 2018 was as follows (in millions):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Net loss	$	(1.3	)	$	(0.4	)	$	(1.1	)	$	(0.7	)
Other comprehensive (loss) income:
Foreign currency translation adjustments	(0.7		)	(0.9		)	1.5			(3.0		)
Total comprehensive (loss) income	$	(2.0	)	$	(1.3	)	$	0.4		$	(3.7	)

Summary of Accumulated Other Comprehensive (Loss) Income



	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 before reclassifications	—			(0.3		)	(47.6		)	(47.9		)
Net losses (gains) reclassified from accumulated other comprehensive loss	8.8			(0.6		)	—			8.2
Other comprehensive income (loss), net of reclassification adjustments	8.8			(0.9		)	(47.6		)	(39.7		)
Accumulated other comprehensive loss, September 30, 2019	$	(273.6	)	$	0.5		$	(1,322.0	)	$	(1,595.1	)



	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	9.0			1.4			7.6
Amortization of prior service cost	1.3			0.1			1.2
Accumulated other comprehensive loss as of September 30, 2019	$	(369.5	)	$	(95.9	)	$	(273.6	)

Reclassification Out of Accumulated Other Comprehensive Loss



	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 September 30, 2019⁽¹⁾			Three Months Ended September 30, 2018⁽¹⁾
Derivatives:
Net (gains) losses on foreign currency contracts	$	(1.6	)	$	0.4		Cost of goods sold
Net losses on interest rate swap contract	—			0.5			Interest expense, net
Reclassification before tax	(1.6		)	0.9
	(0.1		)	(0.1		)	Income tax provision
Reclassification net of tax	$	(1.7	)	$	0.8

Defined benefit pension plans:
Amortization of net actuarial losses	$	2.9		$	3.0		Other expense, net⁽²⁾
Amortization of prior service cost	0.4			0.3			Other expense, net⁽²⁾
Reclassification before tax	3.3			3.3
	(0.5		)	(0.4		)	Income tax provision
Reclassification net of tax	$	2.8		$	2.9

Net losses reclassified from accumulated other comprehensive loss	$	1.1		$	3.7

(1) (Gains) losses included within the Condensed Consolidated Statements of Operations for the three months ended September 30, 2019 and 2018.

The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the nine months ended September 30, 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	Nine Months Ended September 30, 2019⁽¹⁾			Nine Months Ended September 30, 2018⁽¹⁾
Derivatives:
Net (gains) losses on foreign currency contracts	$	(0.5	)	$	1.9		Cost of goods sold
Net losses on interest rate swap contract	—			1.8			Interest expense, net
Reclassification before tax	(0.5		)	3.7
	(0.1		)	(0.2		)	Income tax provision
Reclassification net of tax	$	(0.6	)	$	3.5

Defined benefit pension plans:
Amortization of net actuarial losses	$	9.0		$	9.3		Other expense, net⁽²⁾
Amortization of prior service cost	1.3			1.0			Other expense, net⁽²⁾
Reclassification before tax	10.3			10.3
	(1.5		)	(1.3		)	Income tax provision
Reclassification net of tax	$	8.8		$	9.0

Net losses reclassified from accumulated other comprehensive loss	$	8.2		$	12.5

(1) (Gains) losses included within the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2019 and 2018.

Pension and Postretirement Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2019

Retirement Benefits [Abstract]

Net Pension and Postretirement Cost



	Three Months Ended September 30,						Nine Months Ended September 30,
Pension benefits	2019			2018			2019			2018
Service cost	$	3.9		$	4.7		$	11.7		$	14.4
Interest cost	5.1			4.9			15.7			15.1
Expected return on plan assets	(6.8		)	(9.0		)	(21.1		)	(27.7		)
Amortization of net actuarial losses	2.9			3.0			9.0			9.2
Amortization of prior service cost	0.4			0.3			1.2			0.9
Net periodic pension cost	$	5.5		$	3.9		$	16.5		$	11.9



	Three Months Ended September 30,				Nine Months Ended September 30,
Postretirement benefits	2019		2018		2019		2018
Service cost	$	0.1	$	—	$	0.1	$	0.1
Interest cost	0.3		0.4		1.0		1.1
Amortization of net actuarial losses	—		—		—		0.1
Amortization of prior service cost	—		—		0.1		0.1
Net periodic postretirement benefit cost	$	0.4	$	0.4	$	1.2	$	1.4

Summary of Accumulated Other Comprehensive Income



	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 before reclassifications	—			(0.3		)	(47.6		)	(47.9		)
Net losses (gains) reclassified from accumulated other comprehensive loss	8.8			(0.6		)	—			8.2
Other comprehensive income (loss), net of reclassification adjustments	8.8			(0.9		)	(47.6		)	(39.7		)
Accumulated other comprehensive loss, September 30, 2019	$	(273.6	)	$	0.5		$	(1,322.0	)	$	(1,595.1	)



	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	9.0			1.4			7.6
Amortization of prior service cost	1.3			0.1			1.2
Accumulated other comprehensive loss as of September 30, 2019	$	(369.5	)	$	(95.9	)	$	(273.6	)

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Sales Information By Reportable Segments

Segment results for the three and nine months ended September 30, 2019 and 2018 and assets as of September 30, 2019 and December 31, 2018 based on the Company’s reportable segments were as follows (in millions):



Three Months Ended September 30,	North America		South America			Europe/Middle East		Asia/Pacific/Africa		Consolidated
2019
Net sales	$	536.2	$	239.4		$	1,145.7	$	188.1	$	2,109.4
Income (loss) from operations	32.5		(5.6		)	122.0		11.5		160.4
Depreciation	15.0		8.0			25.4		3.7		52.1
Capital expenditures	11.4		7.7			51.2		2.9		73.2
2018
Net sales	$	545.5	$	281.1		$	1,164.5	$	223.6	$	2,214.7
Income from operations	32.5		12.6			108.6		17.6		171.3
Depreciation	17.4		7.2			26.4		4.0		55.0
Capital expenditures	8.6		7.0			30.3		2.8		48.7



Nine Months Ended September 30,	North America		South America			Europe/ Middle East		Asia/ Pacific/Africa		Consolidated
2019
Net sales	$	1,651.3	$	581.3		$	3,813.5	$	481.7	$	6,527.8
Income (loss) from operations	114.5		(21.2		)	458.5		21.9		573.7
Depreciation	46.7		24.7			77.8		10.0		159.2
Capital expenditures	41.3		24.8			116.1		5.9		188.1
2018
Net sales	$	1,648.9	$	682.8		$	3,873.4	$	554.7	$	6,759.8
Income (loss) from operations	96.9		(20.7		)	416.1		26.9		519.2
Depreciation	51.4		22.5			84.8		11.4		170.1
Capital expenditures	30.8		21.2			79.7		6.8		138.5
Assets
As of September 30, 2019	$	1,228.3	$	810.9		$	2,245.7	$	502.9	$	4,787.8
As of December 31, 2018	1,032.1		736.1			1,905.8		501.1		4,175.1

Reconciliation of Income from Operations from Segment to Consolidated

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Segment income from operations	$	160.4		$	171.3		$	573.7		$	519.2
Corporate expenses	(30.5		)	(33.5		)	(95.2		)	(99.4		)
Stock compensation expense	(7.8		)	(9.7		)	(32.0		)	(30.6		)
Restructuring expenses	(1.3		)	(1.5		)	(3.0		)	(10.1		)
Amortization of intangibles	(14.9		)	(15.3		)	(45.6		)	(49.2		)
Consolidated income from operations	$	105.9		$	111.3		$	397.9		$	329.9

Reconciliation of Assets from Segment to Consolidated



	September 30, 2019		December 31, 2018
Segment assets	$	4,787.8	$	4,175.1
Cash and cash equivalents	282.0		326.1
Investments in affiliates	399.2		400.0
Deferred tax assets, other current and noncurrent assets	635.5		656.6
Intangible assets, net	518.7		573.1
Goodwill	1,456.0		1,495.5
Consolidated total assets	$	8,079.2	$	7,626.4

Revenue (Tables)

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Contract with Customer, Asset and Liability

Significant changes in the balance of contract liabilities for the three and nine months ended as of September 30, 2019 and 2018 were as follows (in millions):



	Three Months Ended September 30,
	2019			2018
Balance at beginning of period	$	88.0		$	77.8
Advance consideration received	45.2			43.0
Revenue recognized during the period for extended warranty contracts, maintenance services and technology services	(8.7		)	(7.2		)
Revenue recognized during the period related to installation of grain storage and protein production systems	(32.0		)	(33.3		)
Foreign currency translation	(2.2		)	0.6
Balance at September 30	$	90.3		$	80.9



	Nine Months Ended September 30,
	2019			2018
Balance at beginning of period	$	76.8		$	82.6
Advance consideration received	108.9			100.9
Revenue recognized during the period for extended warranty contracts, maintenance services and technology services	(22.7		)	(19.9		)
Revenue recognized during the period related to installation of grain storage and protein production systems	(70.6		)	(82.9		)
Foreign currency translation	(2.1		)	0.2
Balance at September 30	$	90.3		$	80.9

Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area and by Product

Net sales for the three months ended September 30, 2019 disaggregated by primary geographical markets and major products consisted of the following (in millions):



	North America⁽¹⁾		South America		Europe/Middle East		Asia/Pacific/Africa⁽¹⁾		Consolidated
Primary geographical markets:
United States	$	431.7	$	—	$	—	$	—	$	431.7
Canada	79.8		—		—		—		79.8
South America	—		236.3		—		—		236.3
Germany	—		—		255.4		—		255.4
France	—		—		237.8		—		237.8
United Kingdom and Ireland	—		—		115.3		—		115.3
Finland and Scandinavia	—		—		176.5		—		176.5
Other Europe	—		—		343.8		—		343.8
Middle East and Algeria	—		—		16.9		—		16.9
Africa	—		—		—		26.7		26.7
Asia	—		—		—		79.4		79.4
Australia and New Zealand	—		—		—		82.1		82.1
Mexico, Central America and Caribbean	24.6		3.1		—		—		27.7
	$	536.2	$	239.4	$	1,145.7	$	188.1	$	2,109.4

Major products:
Tractors	$	166.1	$	135.2	$	772.0	$	70.2	$	1,143.5
Replacement parts	87.2		22.1		233.6		19.7		362.6
Grain storage and protein production systems	165.6		19.0		39.3		58.7		282.6
Combines, application equipment and other machinery	117.2		63.1		100.8		39.6		320.7
	$	536.2	$	239.4	$	1,145.7	$	188.1	$	2,109.4

(1) Rounding may impact the summation of amounts.

Net sales for the three months ended September 30, 2018 disaggregated by primary geographical markets and major products consisted of the following (in millions):



	North America		South America⁽¹⁾		Europe/Middle East⁽¹⁾		Asia/Pacific/Africa⁽¹⁾		Consolidated
Primary geographical markets:
United States	$	430.6	$	—	$	—	$	—	$	430.6
Canada	82.3		—		—		—		82.3
South America	—		275.8		—		—		275.8
Germany	—		—		273.0		—		273.0
France	—		—		198.1		—		198.1
United Kingdom and Ireland	—		—		140.4		—		140.4
Finland and Scandinavia	—		—		172.8		—		172.8
Other Europe	—		—		360.9		—		360.9
Middle East and Algeria	—		—		19.3		—		19.3
Africa	—		—		—		32.0		32.0
Asia	—		—		—		104.4		104.4
Australia and New Zealand	—		—		—		87.2		87.2
Mexico, Central America and Caribbean	32.6		5.3		—		—		37.9
	$	545.5	$	281.1	$	1,164.5	$	223.6	$	2,214.7

Major products:
Tractors	$	168.3	$	174.3	$	775.5	$	91.4	$	1,209.5
Replacement parts	79.0		23.7		224.7		19.1		346.5
Grain storage and protein production systems	168.2		20.8		56.8		72.0		317.8
Combines, application equipment and other machinery	130.0		62.2		107.7		41.0		340.9
	$	545.5	$	281.1	$	1,164.5	$	223.6	$	2,214.7

(1) Rounding may impact the summation of amounts.

Net sales for the nine months ended September 30, 2019 disaggregated by primary geographical markets and major products consisted of the following (in millions):



	North America		South America		Europe/Middle East		Asia/Pacific/Africa⁽¹⁾		Consolidated⁽¹⁾
Primary geographical markets:
United States	$	1,344.5	$	—	$	—	$	—	$	1,344.5
Canada	232.9		—		—		—		232.9
South America	—		571.3		—		—		571.3
Germany	—		—		916.3		—		916.3
France	—		—		743.4		—		743.4
United Kingdom and Ireland	—		—		405.5		—		405.5
Finland and Scandinavia	—		—		545.1		—		545.1
Other Europe	—		—		1,151.3		—		1,151.3
Middle East and Algeria	—		—		51.9		—		51.9
Africa	—		—		—		76.7		76.7
Asia	—		—		—		216.2		216.2
Australia and New Zealand	—		—		—		188.9		188.9
Mexico, Central America and Caribbean	73.9		10.0		—		—		83.9
	$	1,651.3	$	581.3	$	3,813.5	$	481.7	$	6,527.8

Major products:
Tractors	$	493.7	$	325.8	$	2,595.8	$	197.2	$	3,612.5
Replacement parts	247.4		65.4		681.9		53.6		1,048.3
Grain storage and protein production systems	435.8		56.4		143.4		157.0		792.6
Combines, application equipment and other machinery	474.4		133.7		392.4		73.9		1,074.4
	$	1,651.3	$	581.3	$	3,813.5	$	481.7	$	6,527.8

(1) Rounding may impact the summation of amounts.

Net sales for the nine months ended September 30, 2018 disaggregated by primary geographical markets and major products consisted of the following (in millions):



	North America		South America⁽¹⁾		Europe/Middle East⁽¹⁾		Asia/Pacific/Africa		Consolidated
Primary geographical markets:
United States	$	1,298.1	$	—	$	—	$	—	$	1,298.1
Canada	257.2		—		—		—		257.2
South America	—		670.0		—		—		670.0
Germany	—		—		950.6		—		950.6
France	—		—		644.9		—		644.9
United Kingdom and Ireland	—		—		453.5		—		453.5
Finland and Scandinavia	—		—		581.6		—		581.6
Other Europe	—		—		1,162.0		—		1,162.0
Middle East and Algeria	—		—		80.8		—		80.8
Africa	—		—		—		76.2		76.2
Asia	—		—		—		266.0		266.0
Australia and New Zealand	—		—		—		212.5		212.5
Mexico, Central America and Caribbean	93.6		12.8		—		—		106.4
	$	1,648.9	$	682.8	$	3,873.4	$	554.7	$	6,759.8

Major products:
Tractors	$	496.6	$	429.3	$	2,603.4	$	240.8	$	3,770.1
Replacement parts	237.5		67.3		687.9		54.7		1,047.4
Grain storage and protein production systems	450.1		50.2		149.6		176.1		826.0
Combines, application equipment and other machinery	464.7		135.9		432.6		83.1		1,116.3
	$	1,648.9	$	682.8	$	3,873.4	$	554.7	$	6,759.8

(1) Rounding may impact the summation of amounts.

Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Assets and Liabilities, Lessee

Total lease assets and liabilities at September 30, 2019 were as follows (in millions):



Lease Assets	Classification	As of September 30, 2019
Operating ROU assets	Right-of-use lease assets	$	193.5
Finance lease assets	Property, plant and equipment, net⁽¹⁾	14.6
Total leased assets		$	208.1

Lease Liabilities	Classification	As of September 30, 2019
Current:
Operating	Accrued expenses	$	42.2
Finance	Other current liabilities	4.2

Noncurrent:
Operating	Operating lease liabilities	154.8
Finance	Other noncurrent liabilities	7.9
Total leased liabilities		$	209.1

(1) Finance lease assets are recorded net of accumulated depreciation of $17.9 million as of September 30, 2019.

Lease, Cost

The following table summarizes the weighted-average remaining lease term and weighted-average discount rate:



	As of September 30, 2019
Weighted-average remaining lease term:
Operating leases	8 years
Finance leases	9 years

Weighted-average discount rate:
Operating leases	4.0	%
Finance leases	2.8	%

Total lease cost for the three and nine months ended September 30, 2019 is set forth below (in millions):



	Classification	Three months ended September 30, 2019		Nine Months Ended September 30, 2019
Operating lease cost	Selling, general and administrative expenses	$	13.8	$	41.8
Variable lease cost	Selling, general and administrative expenses	0.3		0.4
Short-term lease cost	Selling, general and administrative expenses	2.0		5.7
Finance lease cost:
Amortization of leased assets	Depreciation expense⁽¹⁾	1.1		3.6
Interest on leased liabilities	Interest expense, net	0.2		0.6
Total lease cost		$	17.4	$	52.1

(1) Depreciation expense is a component of both cost of sales and selling, general and administrative expenses.

The following table summarizes the supplemental cash flow information for the nine months September 30, 2019 (in millions):



	Nine Months Ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	41.8
Operating cash flows from finance leases	3.6
Financing cash flows from finance leases	0.6

Leased assets obtained in exchange for lease obligations:
Operating leases	$	27.2
Finance leases	0.6

Lessee, Operating Lease, Liability, Maturity



	September 30, 2019						December 31, 2018
	Operating Leases⁽¹⁾⁽²⁾			Finance Leases			Operating Leases⁽⁵⁾		Finance Leases⁽⁵⁾
2019	$	12.7		$	1.3		$	46.7	$	4.9
2020	46.1			4.1			39.5		3.5
2021	38.9			2.2			32.6		2.8
2022	29.7			0.9			26.0		0.9
2023	23.0			0.6			21.7		0.7
Thereafter	80.3			4.1			85.5		3.7
Total lease payments	230.7			13.2			252.0		16.5
Less: imputed interest⁽³⁾⁽⁴⁾	(33.7		)	(1.1		)	—		(1.0		)
Present value of leased liabilities	$	197.0		$	12.1		$	252.0	$	15.5

(1) Operating lease payments include $12.3 million related to options to extend leases that are reasonably certain of being exercised.

(2) This amount excludes lease payments for the nine months ended September 30, 2019.

(3) Calculated using the implicit interest rate for each lease.

(4) Imputed interest for operating leases as of December 31, 2018 is not applicable as the Company adopted ASC 842 on January 1, 2019.

(5) As determined under ASC 840, “Leases.”

Finance Lease, Liability, Maturity



	September 30, 2019						December 31, 2018
	Operating Leases⁽¹⁾⁽²⁾			Finance Leases			Operating Leases⁽⁵⁾		Finance Leases⁽⁵⁾
2019	$	12.7		$	1.3		$	46.7	$	4.9
2020	46.1			4.1			39.5		3.5
2021	38.9			2.2			32.6		2.8
2022	29.7			0.9			26.0		0.9
2023	23.0			0.6			21.7		0.7
Thereafter	80.3			4.1			85.5		3.7
Total lease payments	230.7			13.2			252.0		16.5
Less: imputed interest⁽³⁾⁽⁴⁾	(33.7		)	(1.1		)	—		(1.0		)
Present value of leased liabilities	$	197.0		$	12.1		$	252.0	$	15.5

(1) Operating lease payments include $12.3 million related to options to extend leases that are reasonably certain of being exercised.

(2) This amount excludes lease payments for the nine months ended September 30, 2019.

(3) Calculated using the implicit interest rate for each lease.

(4) Imputed interest for operating leases as of December 31, 2018 is not applicable as the Company adopted ASC 842 on January 1, 2019.

(5) As determined under ASC 840, “Leases.”

Restructuring Expenses (Details) $ in Millions	3 Months Ended				9 Months Ended		60 Months Ended
Restructuring Expenses (Details) $ in Millions	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) employee	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($) employee
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, headcount reduction (approximately) \| employee					140		3,890
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning of period	$ 5.0	$ 5.8	$ 7.1		$ 7.1
Restructuring provision	1.3	0.0	1.7	$ 1.5	3.0	$ 10.1
Less: Non-cash activity			(0.3)
Cash expense			1.4
Restructuring cash activity	(1.1)	(0.8)	(2.6)
Foreign currency translation	(0.4)	0.0	(0.1)
Restructuring reserve, end of period	4.8	5.0	5.8		4.8		$ 7.1
Write-down of Property, Plant and Equipment
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning of period	0.0	0.0	0.0		0.0
Restructuring provision	0.0	0.0	0.3
Less: Non-cash activity			(0.3)
Cash expense			0.0
Restructuring cash activity	0.0	0.0	0.0
Foreign currency translation	0.0	0.0	0.0
Restructuring reserve, end of period	0.0	0.0	0.0		0.0		0.0
Employee Severance
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning of period	5.0	5.8	7.1		7.1
Restructuring provision	1.3	0.0	1.4
Less: Non-cash activity			0.0
Cash expense			1.4
Restructuring cash activity	(1.1)	(0.8)	(2.6)
Foreign currency translation	(0.4)	0.0	(0.1)
Restructuring reserve, end of period	$ 4.8	$ 5.0	$ 5.8		$ 4.8		$ 7.1

Stock Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended		9 Months Ended
	Sep. 30, 2019	Apr. 25, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 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		150,000,000		150,000,000
Total stock compensation expense			$ 8.1	$ 10.5	$ 33.3	$ 33.3
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		10,000,000		10,000,000
Shares available for grant (in shares)	3,500,240		3,500,240		3,500,240
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	$ 37.0		$ 37.0		$ 37.0
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	$ 63.99
Shares awarded (in shares)					165,160
Share-based compensation cost not yet recognized	$ 15.4		15.4		$ 15.4
Share-based compensation, recognition period of unrecognized compensation cost, years	1 year 6 months
Shares received for every restricted stock unit award given					1
Stock-Settled Appreciation Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation cost not yet recognized	$ 4.5		$ 4.5		$ 4.5
Share-based compensation, recognition period of unrecognized compensation cost, years	2 years 6 months
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
Total stock compensation expense					$ 1.4
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%

Stock Compensation Plans (Performance Award Transactions) (Details) - Performance Awards	9 Months Ended
	Sep. 30, 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)	(43,856)
Shares earned (in shares)	(11,200)
Shares awarded but not earned, end of period (in shares)	1,425,986

Stock Compensation Plans (Restricted Stock Unit Award Transactions) (Details) - Restricted Stock Unit Awards	9 Months Ended
	Sep. 30, 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)	352,975
Shares awarded (in shares)	165,160
Shares forfeited (in shares)	(7,604)
Shares earned (in shares)	(111,419)
Shares awarded but not earned, end of period (in shares)	399,112

Stock Compensation Plans (SSAR Activity) (Details) - Stock-Settled Appreciation Rights	9 Months Ended
	Sep. 30, 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)	(452,552)
SSARs canceled or forfeited (in shares)	(21,077)
SSARs outstanding, end of period (in shares)	869,563

Goodwill and Other Intangible Assets (Schedule of Change in Carrying Amount) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($)
Gross carrying amounts:
Balance at beginning of period	$ 954.1
Foreign currency translation	(17.6)
Balance at end of period	936.5
Accumulated amortization:
Balance at beginning of period	467.9
Amortization expense	45.6
Foreign currency translation	(10.3)
Balance at end of period	503.2
Trademarks and Tradenames
Gross carrying amounts:
Balance at beginning of period	203.4
Foreign currency translation	(4.1)
Balance at end of period	199.3
Accumulated amortization:
Balance at beginning of period	73.4
Amortization expense	8.3
Foreign currency translation	(1.4)
Balance at end of period	80.3
Customer Relationships
Gross carrying amounts:
Balance at beginning of period	586.3
Foreign currency translation	(9.4)
Balance at end of period	576.9
Accumulated amortization:
Balance at beginning of period	310.8
Amortization expense	29.8
Foreign currency translation	(6.3)
Balance at end of period	334.3
Patents and Technology
Gross carrying amounts:
Balance at beginning of period	155.8
Foreign currency translation	(3.8)
Balance at end of period	152.0
Accumulated amortization:
Balance at beginning of period	80.7
Amortization expense	7.4
Foreign currency translation	(2.5)
Balance at end of period	85.6
Land Use Rights
Gross carrying amounts:
Balance at beginning of period	8.6
Foreign currency translation	(0.3)
Balance at end of period	8.3
Accumulated amortization:
Balance at beginning of period	3.0
Amortization expense	0.1
Foreign currency translation	(0.1)
Balance at end of period	$ 3.0
Minimum
Accumulated amortization:
Estimated useful life, years	3 years
Maximum
Accumulated amortization:
Estimated useful life, years	50 years

Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($)
Goodwill
Goodwill at beginning of period	$ 1,495.5
Foreign currency translation	(39.5)
Goodwill at end of period	1,456.0
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	(7.9)
Goodwill at end of period	108.8
Europe/Middle East
Goodwill
Goodwill at beginning of period	649.6
Foreign currency translation	(27.7)
Goodwill at end of period	621.9
Asia/Pacific/Africa
Goodwill
Goodwill at beginning of period	118.1
Foreign currency translation	(3.9)
Goodwill at end of period	$ 114.2

Indebtedness (Components of Indebtedness) (Details) € in Millions, $ in Millions	Sep. 30, 2019 USD ($)	Sep. 30, 2019 EUR (€)	Dec. 31, 2018 USD ($)	Dec. 31, 2014
Debt Instrument [Line Items]
Other long-term debt	$ 12.7		$ 20.6
Debt issuance costs	(2.3)		(2.6)
Long-term Debt	1,550.8		1,347.9
Current portion of long term debt	(63.6)		(72.6)
Total long-term indebtedness, less current portion	1,269.2		1,275.3
1.056% Senior term loan due 2020
Debt Instrument [Line Items]
Senior notes	218.0		228.7
Current portion of long term debt	$ (218.0)		0.0
Debt instrument, interest rate, percent	1.056%	1.056%		1.056%
Senior term loan due 2022
Debt Instrument [Line Items]
Senior notes	$ 163.5		171.5
Credit facility, expires 2023
Debt Instrument [Line Items]
Credit facility	109.0		114.4
1.002% Senior term loan due 2025
Debt Instrument [Line Items]
Senior notes	$ 272.6		$ 0.0
Debt instrument, interest rate, percent	1.002%	1.002%	1.002%
Senior term loans due between 2019 and 2028
Debt Instrument [Line Items]
Senior notes	$ 777.3		$ 815.3
Current portion of long term debt	(61.1)	€ (56.0)	(63.8)
Current portion of other long-term debt
Debt Instrument [Line Items]
Current portion of long term debt	$ (2.5)		$ (8.8)

Indebtedness (Narrative) (Details)	1 Months Ended		9 Months Ended
Indebtedness (Narrative) (Details)	Oct. 31, 2018 USD ($)	Aug. 31, 2018 EUR (€)	Sep. 30, 2019 USD ($) loan_agreement	Sep. 30, 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			$ 691,000,000.0
Number of loan agreements entered \| loan_agreement							7
Current portion of long-term debt			63,600,000		$ 72,600,000
Short-term borrowings			229,700,000		138,000,000.0
Outstanding letters of credit			$ 13,900,000		14,100,000
Credit facility, expires 2023
Debt Instrument [Line Items]
Credit facility					114,400,000
Remaining borrowing capacity on line of credit facility					685,600,000
Credit Facility \| Interest Accrual, Option Two
Debt Instrument [Line Items]
Margin on variable rate	0.50%
Credit Facility \| Interest Accrual, Option Three
Debt Instrument [Line Items]
Margin on variable rate	1.00%
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 \| Minimum \| Interest Accrual, Option Three \| Variable Basis, Additional Margin
Debt Instrument [Line Items]
Margin on variable rate	0.00%
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 \| Maximum \| Interest Accrual, Option Three \| Variable Basis, Additional Margin
Debt Instrument [Line Items]
Margin on variable rate	0.875%
Credit Facility \| Credit facility, expires 2023
Debt Instrument [Line Items]
Maximum borrowing capacity on line of credit facility	$ 800,000,000.0
1.002% Senior term loan due 2025
Debt Instrument [Line Items]
Senior notes			$ 272,600,000		$ 0
Debt instrument, interest rate, percent			1.002%	1.002%	1.002%
Debt instrument, face amount \| €				€ 250,000,000.0
Term Loans Due 2019 and 2028
Debt Instrument [Line Items]
Debt instrument, face amount \| €							€ 375,000,000.0
Credit facility, expires 2023
Debt Instrument [Line Items]
Credit facility			$ 109,000,000.0		$ 114,400,000
Term Loans Due Between 2021 and 2028
Debt Instrument [Line Items]
Amount borrowed \| €		€ 338,000,000.0
1.056% Senior term loan due 2020
Debt Instrument [Line Items]
Senior notes			$ 218,000,000.0		228,700,000
Debt instrument, interest rate, percent			1.056%	1.056%				1.056%
Current portion of long-term debt			$ 218,000,000.0		0
Senior Term Loan Due October 28, 2022
Debt Instrument [Line Items]
Debt instrument, face amount			163,500,000			€ 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
Debt Instrument [Line Items]
Senior notes			777,300,000		815,300,000
Current portion of long-term debt			61,100,000	€ 56,000,000.0	$ 63,800,000
Senior term loans due between 2019 and 2028 \| Term Loan Facility
Debt Instrument [Line Items]
Senior notes			$ 777,300,000	€ 713,000,000.0
Number of loan agreements entered \| loan_agreement			14	14
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			$ 218,000,000.0

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Finished goods	$ 887.1	$ 660.4
Repair and replacement parts	612.9	587.3
Work in process	285.2	217.5
Raw materials	526.1	443.5
Inventories, net	$ 2,311.3	$ 1,908.7

Product Warranty (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Product Warranty (Details) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Warranty reserve activity:
Balance at beginning of period	$ 371.9	$ 324.8	$ 360.9	$ 316.0
Accruals for warranties issued during the period	46.8	55.6	145.9	164.3
Settlements made (in cash or in kind) during the period	(46.0)	(49.7)	(133.6)	(139.7)
Foreign currency translation	(13.3)	(0.7)	(13.8)	(10.6)
Balance at end of period	359.4	$ 330.0	$ 359.4	$ 330.0
Product warranty period, minimum, years			1 year
Product warranty period, maximum, years			4 years
Product warranty accrual, current	301.8		$ 301.8		$ 308.6
Product warranty accrual, noncurrent	$ 57.6		$ 57.6		$ 52.3

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net Income (Loss) Attributable to Parent	$ 7.6	$ 71.1	$ 213.5	$ 186.8
Basic net income per share:
Weighted average number of common shares outstanding (in shares)	76.1	78.7	76.4	79.2
Basic net income per share attributable to AGCO Corporation and subsidiaries (in dollars per share)	$ 0.10	$ 0.90	$ 2.79	$ 2.36
Diluted net income per share:
Dilutive SSARs, performance share awards and RSUs (in shares)	0.6	1.0	0.7	0.9
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted income per share (in shares)	76.7	79.7	77.1	80.1
Diluted net income per share attributable to AGCO Corporation and subsidiaries (in dollars per share)	$ 0.10	$ 0.89	$ 2.77	$ 2.33
Stock-Settled Appreciation Rights
Diluted net income per share:
SSARs excluded from earnings per share computation (in shares)	0.2	0.5	0.4	0.4

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Unrecognized income tax benefits that would affect effective tax rate	$ 179.4	$ 166.1
Accrued or deferred taxes relating to uncertain income tax positions	56.2	58.5
Accrued interest and penalties relating to unrecognized tax benefits	31.0	$ 27.2
Non-cash deferred income tax charge	$ 53.7

Derivative Instruments and Hedging Activities (Narrative) (Details) € in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($) country	Sep. 30, 2019 EUR (€)	Jan. 31, 2019 EUR (€)	Dec. 31, 2018 USD ($)	Jan. 31, 2018 USD ($)	Jan. 31, 2018 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
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 78.4			$ 127.0
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	267.9					€ 245.7
Designated as Hedging Instrument \| Net Investment Hedging \| Credit facility, expires 2023
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount \| €		€ 30.0	€ 160.0
Not Designated as Hedging Instrument \| Foreign currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 2,425.5			$ 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative [Line Items]
Cost of goods sold	$ 1,659.2	$ 1,741.0	$ 5,057.0	$ 5,301.8
Interest expense, net	6.4	7.0	15.9	38.5
Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss		0.1		(2.0)
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income		(0.8)		(3.5)
Foreign currency contracts \| Cash Flow Hedging \| Designated as Hedging Instrument \| Foreign currency contracts
Derivative [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	0.1	(0.1)	(0.3)	(1.3)
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	$ 1.7	(0.3)	$ 0.6	(1.7)
Interest rate swap contract \| Cash Flow Hedging \| Designated as Hedging Instrument \| Interest rate swap contract
Derivative [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss		0.2		(0.7)
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income		$ (0.5)		$ (1.8)

Derivative Instruments and Hedging Activities (Summary Of Accumulated Other Comprehensive Loss Related To Derivatives) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
After-Tax Amount
Balance beginning of period	$ 3,128.7	$ 2,998.1	$ 2,993.5	$ 3,095.3
Net gains reclassified from accumulated other comprehensive loss into income	1.1	3.7	8.2	12.5
Balance end of period	3,038.8	$ 2,968.9	3,038.8	$ 2,968.9
Deferred Net Gains (Losses) on Derivatives
Before-Tax Amount
Accumulated derivative net gains as the beginning of the period			1.6
Net changes in fair value of derivatives			(0.5)
Net gains reclassified from accumulated other comprehensive loss into income			(0.5)
Accumulated derivative net gains as of the end of the period	0.6		0.6
Income Tax
Accumulated derivative net gains as of the beginning of the period			0.2
Net changes in fair value of derivatives			(0.2)
Net gains reclassified from accumulated other comprehensive loss into income			0.1
Accumulated derivative net gains as of the end of the period	0.1		0.1
After-Tax Amount
Balance beginning of period			1.4
Net changes in fair value of derivatives			(0.3)
Net gains reclassified from accumulated other comprehensive loss into income			(0.6)
Balance end of period	$ 0.5		$ 0.5

Derivative Instruments and Hedging Activities (Notional Values and After-Tax Impact of Changes in Fair Value) (Details) - Designated as Hedging Instrument - Net Investment Hedging - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Jan. 31, 2018
Cross currency swap contract
Derivative [Line Items]
Derivative, notional amount	$ 300.0		$ 300.0		$ 300.0	$ 300.0
Gain (loss) on derivative used in net investment hedge, net of tax	12.0	$ 0.1	16.8	$ 11.7
Foreign currency denominated debt
Derivative [Line Items]
Gain (loss) on derivative used in net investment hedge, net of tax	$ 0.5	$ 1.9	$ 2.5	$ 12.8

Derivative Instruments and Hedging Activities (Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Derivative [Line Items]
Derivative asset, fair value	$ 50.9		$ 50.9		$ 24.7
Derivative liability, fair value	5.2		5.2		6.6
Foreign currency contracts \| Designated as Hedging Instrument \| Other current assets
Derivative [Line Items]
Derivative asset, fair value	0.9		0.9		1.9
Foreign currency contracts \| Designated as Hedging Instrument \| Other current liabilities
Derivative [Line Items]
Derivative liability, fair value	0.3		0.3		0.4
Foreign currency contracts \| Not Designated as Hedging Instrument \| Other current assets
Derivative [Line Items]
Derivative asset, fair value	15.5		15.5		5.1
Foreign currency contracts \| Not Designated as Hedging Instrument \| Other current liabilities
Derivative [Line Items]
Derivative liability, fair value	4.9		4.9		6.2
Cross currency swap contract \| Designated as Hedging Instrument \| Other noncurrent assets
Derivative [Line Items]
Derivative asset, fair value	34.5		34.5		17.7
Cross currency swap contract \| Designated as Hedging Instrument \| Other noncurrent liabilities
Derivative [Line Items]
Derivative liability, fair value	0.0		0.0		$ 0.0
Other expense, net \| Foreign currency contracts \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	$ 25.6	$ (0.8)	$ 31.3	$ 1.6

Changes in Stockholders' Equity (Schedule of Stockholders' Equity) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jan. 01, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	$ 3,128.7	$ 2,998.1	$ 2,993.5	$ 3,095.3
Stock compensation	8.1	10.5	32.9	33.0
Issuance of stock awards	(0.1)	(0.1)	(23.0)	(3.1)
Net income (loss)		70.7		186.1
SSARs exercised	(0.7)		(4.1)	(0.4)
Net income	6.3	70.7	212.4	186.1
Net income (loss)	7.6	71.1	213.5	186.8
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments	(62.7)	(53.1)	(46.1)	(233.8)
Defined benefit pension plans, net of tax	2.8	2.9	8.8	9.0
Deferred gains and losses on derivatives, net of tax	(1.6)	0.9	(0.9)	1.5
Payment of dividends to stockholders	(12.2)	(11.8)	(35.9)	(35.6)
Purchases and retirement of common stock	(30.0)	(50.0)	(100.0)	(84.3)
Investment by noncontrolling interests	0.2	0.8	1.2	0.8
Balance end of period	3,038.8	2,968.9	3,038.8	2,968.9
Adjustment related to the adoption of ASU 2014-09					$ 0.4
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	0.8	0.8	0.8	0.8
Other comprehensive loss, net of reclassification adjustments:
Balance end of period	0.8	0.8	0.8	0.8
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	7.1	121.4	10.2	136.6
Stock compensation	8.1	10.5	32.9	33.0
Issuance of stock awards		(0.1)	(13.2)	(3.1)
SSARs exercised			(3.1)	(0.4)
Other comprehensive loss, net of reclassification adjustments:
Purchases and retirement of common stock	(11.3)	(50.0)	(22.9)	(84.3)
Balance end of period	3.9	81.8	3.9	81.8
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	4,591.1	4,346.1	4,477.3	4,253.8
Issuance of stock awards	(0.1)		(9.8)
Net income (loss)		71.1		186.8
SSARs exercised	(0.7)		(1.0)
Net income	7.6		213.5
Other comprehensive loss, net of reclassification adjustments:
Payment of dividends to stockholders	(12.2)	(11.8)	(35.9)	(35.6)
Purchases and retirement of common stock	(18.7)	0.0	(77.1)	0.0
Balance end of period	4,567.0	4,405.4	4,567.0	4,405.4
Adjustment related to the adoption of ASU 2014-09					$ 0.4
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	(1,534.3)	(1,533.5)	(1,555.4)	(1,361.6)
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments	(62.0)	(52.2)	(47.6)	(230.8)
Defined benefit pension plans, net of tax	2.8	2.9	8.8	9.0
Deferred gains and losses on derivatives, net of tax	(1.6)	0.9	(0.9)	1.5
Balance end of period	(1,595.1)	(1,581.9)	(1,595.1)	(1,581.9)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	64.0	63.3	60.6	65.7
Net income (loss)		(0.4)		(0.7)
Net income	(1.3)		(1.1)
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments	(0.7)	(0.9)	1.5	(3.0)
Investment by noncontrolling interests	0.2	0.8	1.2	0.8
Balance end of period	$ 62.2	$ 62.8	$ 62.2	$ 62.8

Changes in Stockholders' Equity (Schedule of Comprehensive Income for Noncontrolling Interest) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest [Abstract]
Net loss	$ (1.3)	$ (0.4)	$ (1.1)	$ (0.7)
Other comprehensive (loss) income:
Foreign currency translation adjustments	(0.7)	(0.9)	1.5	(3.0)
Total comprehensive (loss) income	$ (2.0)	$ (1.3)	$ 0.4	$ (3.7)

Changes in Stockholders' Equity (Changes in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance beginning of period	$ 3,128.7	$ 2,998.1	$ 2,993.5	$ 3,095.3
Net losses (gains) reclassified from accumulated other comprehensive loss	1.1	3.7	8.2	12.5
Other comprehensive (income) loss, net of reclassification adjustments	(61.5)	(49.3)	(38.2)	(223.3)
Balance end of period	3,038.8	2,968.9	3,038.8	2,968.9
Defined Benefit Pension Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance beginning of period			(282.4)
Other comprehensive loss before reclassifications			0.0
Net losses (gains) reclassified from accumulated other comprehensive loss	2.8	2.9	8.8	9.0
Other comprehensive (income) loss, net of reclassification adjustments			8.8
Balance end of period	(273.6)		(273.6)
Deferred Net Gains (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance beginning of period			1.4
Other comprehensive loss before reclassifications			(0.3)
Net losses (gains) reclassified from accumulated other comprehensive loss			(0.6)
Other comprehensive (income) loss, net of reclassification adjustments			(0.9)
Balance end of period	0.5		0.5
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance beginning of period			(1,274.4)
Other comprehensive loss before reclassifications			(47.6)
Net losses (gains) reclassified from accumulated other comprehensive loss			0.0
Other comprehensive (income) loss, net of reclassification adjustments			(47.6)
Balance end of period	(1,322.0)		(1,322.0)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance beginning of period	(1,534.3)	(1,533.5)	(1,555.4)	(1,361.6)
Other comprehensive loss before reclassifications			(47.9)
Net losses (gains) reclassified from accumulated other comprehensive loss			8.2
Other comprehensive (income) loss, net of reclassification adjustments			(39.7)
Balance end of period	$ (1,595.1)	$ (1,581.9)	$ (1,595.1)	$ (1,581.9)

Changes in Stockholders' Equity (Reclassifications out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cost of goods sold	$ 1,659.2	$ 1,741.0	$ 5,057.0	$ 5,301.8
Interest expense, net	6.4	7.0	15.9	38.5
Reclassification before tax	(78.7)	(85.2)	(335.0)	(233.6)
Income tax provision	83.2	23.9	155.8	73.8
Reclassification net of tax	(7.6)	(71.1)	(213.5)	(186.8)
Net losses reclassified from accumulated other comprehensive loss into income	1.1	3.7	8.2	12.5
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			(0.5)
Income tax provision			(0.1)
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	2.9	3.0	9.0	9.3
Income tax provision			1.4
Net losses reclassified from accumulated other comprehensive loss into income			(7.6)
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	0.3	1.3	1.0
Income tax provision			0.1
Net losses reclassified from accumulated other comprehensive loss into income			(1.2)
Defined Benefit Pension Plans
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Net losses reclassified from accumulated other comprehensive loss into income	3.3	3.3	10.3	10.3
Income tax provision	(0.5)	(0.4)	(1.5)	(1.3)
Net losses reclassified from accumulated other comprehensive loss into income	2.8	2.9	8.8	9.0
Reclassification out of Accumulated Other Comprehensive Income \| Deferred Net Gains (Losses) on Derivatives
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Reclassification before tax	(1.6)	0.9	(0.5)	3.7
Income tax provision	(0.1)	(0.1)	(0.1)	(0.2)
Reclassification net of tax	(1.7)	0.8	(0.6)	3.5
Foreign currency contracts \| 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	(1.6)	0.4	(0.5)	1.9
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	$ 0.5	$ 0.0	$ 1.8

Changes in Stockholders' Equity (Narrative) (Details) - USD ($) $ in Millions		1 Months Ended	9 Months Ended
	Nov. 08, 2019	Oct. 31, 2019	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, outstanding balance authorized to be repurchased			$ 47.1
ASR Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated share repurchases, settlement (payment) or receipt			$ 100.0
Stock repurchased and retired during period (in shares)			1,328,515
ASR Program \| Subsequent Event
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 (in shares)	308,880	84,570

Pension and Postretirement Benefit Plans (Net Pension And Postretirement Cost) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 3.9	$ 4.7	$ 11.7	$ 14.4
Interest cost	5.1	4.9	15.7	15.1
Expected return on plan assets	(6.8)	(9.0)	(21.1)	(27.7)
Amortization of net actuarial losses	2.9	3.0	9.0	9.2
Amortization of prior service cost	0.4	0.3	1.2	0.9
Net periodic pension cost	5.5	3.9	16.5	11.9
Postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.1	0.0	0.1	0.1
Interest cost	0.3	0.4	1.0	1.1
Amortization of net actuarial losses	0.0	0.0	0.0	0.1
Amortization of prior service cost	0.0	0.0	0.1	0.1
Net periodic pension cost	$ 0.4	$ 0.4	$ 1.2	$ 1.4

Pension and Postretirement Benefit Plans (Net Periodic Pension Costs Included in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
After-Tax Amount
Net losses reclassified from accumulated other comprehensive loss into income	$ 1.1	$ 3.7	$ 8.2	$ 12.5
Defined Benefit Pension Plans
Before-Tax Amount
Accumulated other comprehensive loss, beginning of period			(379.8)
Net gains reclassified from accumulated other comprehensive loss into income	3.3	3.3	10.3	10.3
Accumulated other comprehensive, end of period	(369.5)		(369.5)
Income Tax
Accumulated other comprehensive loss, beginning of period			(97.4)
Amortization of prior service cost and net actual loss	(0.5)	(0.4)	(1.5)	(1.3)
Accumulated other comprehensive loss, end of period	(95.9)		(95.9)
After-Tax Amount
Accumulated other comprehensive loss, beginning of period			(282.4)
Net losses reclassified from accumulated other comprehensive loss into income	2.8	2.9	8.8	9.0
Accumulated other comprehensive loss, end of period	(273.6)		(273.6)
Amortization of net actuarial losses
Before-Tax Amount
Net gains reclassified from accumulated other comprehensive loss into income	2.9	3.0	9.0	9.3
Income Tax
Amortization of prior service cost and net actual loss			1.4
After-Tax Amount
Net losses reclassified from accumulated other comprehensive loss into income			(7.6)
Amortization of prior service cost
Before-Tax Amount
Net gains reclassified from accumulated other comprehensive loss into income	$ 0.4	$ 0.3	1.3	$ 1.0
Income Tax
Amortization of prior service cost and net actual loss			0.1
After-Tax Amount
Net losses reclassified from accumulated other comprehensive loss into income			$ (1.2)

Pension and Postretirement Benefit Plans (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($)
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 23.1
Estimated minimum contributions	30.1
Postretirement Health Coverage
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	1.2
Estimated minimum contributions	$ 1.5

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, fair value	$ 50.9	$ 24.7
Derivative liability, fair value	5.2	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	50.9	24.7
Derivative liability, fair value	5.2	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%		1.056%
1.002% Senior term loan due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate, percent	1.002%	1.002%

Segment Reporting (Sales Information By Reportable Segments) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) reportable_segment	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments, segments \| reportable_segment			4
Net sales	$ 2,109.4	$ 2,214.7	$ 6,527.8	$ 6,759.8
Income (loss) from operations	105.9	111.3	397.9	329.9
Depreciation			159.2	170.1
Capital expenditures			188.1	138.5
Assets	8,079.2		8,079.2		$ 7,626.4
Operating Segments
Segment Reporting Information [Line Items]
Net sales	2,109.4	2,214.7	6,527.8	6,759.8
Income (loss) from operations	160.4	171.3	573.7	519.2
Depreciation	52.1	55.0	159.2	170.1
Capital expenditures	73.2	48.7	188.1	138.5
Assets	4,787.8		4,787.8		4,175.1
North America \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	536.2	545.5	1,651.3	1,648.9
Income (loss) from operations	32.5	32.5	114.5	96.9
Depreciation	15.0	17.4	46.7	51.4
Capital expenditures	11.4	8.6	41.3	30.8
Assets	1,228.3		1,228.3		1,032.1
South America \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	239.4	281.1	581.3	682.8
Income (loss) from operations	(5.6)	12.6	(21.2)	(20.7)
Depreciation	8.0	7.2	24.7	22.5
Capital expenditures	7.7	7.0	24.8	21.2
Assets	810.9		810.9		736.1
Europe/Middle East \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,145.7	1,164.5	3,813.5	3,873.4
Income (loss) from operations	122.0	108.6	458.5	416.1
Depreciation	25.4	26.4	77.8	84.8
Capital expenditures	51.2	30.3	116.1	79.7
Assets	2,245.7		2,245.7		1,905.8
Asia/Pacific/Africa \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	188.1	223.6	481.7	554.7
Income (loss) from operations	11.5	17.6	21.9	26.9
Depreciation	3.7	4.0	10.0	11.4
Capital expenditures	2.9	$ 2.8	5.9	$ 6.8
Assets	$ 502.9		$ 502.9		$ 501.1

Segment Reporting (Income From Operations and Total Assets) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Income from Operations
Income from operations	$ 105.9	$ 111.3	$ 397.9	$ 329.9
Amortization of intangibles	(14.9)	(15.3)	(45.6)	(49.2)
Income (loss) from operations	105.9	111.3	397.9	329.9
Total Assets
Total assets	8,079.2		8,079.2		$ 7,626.4
Cash and cash equivalents	282.0		282.0		326.1
Investments in affiliates	399.2		399.2		400.0
Intangible assets, net	518.7		518.7		573.1
Goodwill	1,456.0		1,456.0		1,495.5
Consolidated total assets	8,079.2		8,079.2		7,626.4
Operating Segments
Income from Operations
Income from operations	160.4	171.3	573.7	519.2
Income (loss) from operations	160.4	171.3	573.7	519.2
Total Assets
Total assets	4,787.8		4,787.8		4,175.1
Consolidated total assets	4,787.8		4,787.8		4,175.1
Segment Reconciling Items
Income from Operations
Corporate expenses	(30.5)	(33.5)	(95.2)	(99.4)
Stock compensation expense	(7.8)	(9.7)	(32.0)	(30.6)
Restructuring expenses	(1.3)	(1.5)	(3.0)	(10.1)
Amortization of intangibles	(14.9)	$ (15.3)	(45.6)	$ (49.2)
Total Assets
Cash and cash equivalents	282.0		282.0		326.1
Investments in affiliates	399.2		399.2		400.0
Deferred tax assets, other current and noncurrent assets	635.5		635.5		656.6
Intangible assets, net	518.7		518.7		573.1
Goodwill	$ 1,456.0		$ 1,456.0		$ 1,495.5

Commitments and Contingencies (Details) - 9 months ended Sep. 30, 2019 R$ in Millions	USD ($)	BRL (R$)
Guarantees
Guaranteed indebtedness owed to third parties	$ 27,500,000
Legal Claims and Other Matters
Tax disallowance not including interest and penalties	31,600,000	R$ 131.5
Leasing Arrangement
Guarantees
Guaranteed indebtedness owed to third parties	17,200,000
Retail Finance Joint Venture
Loss Contingencies [Line Items]
Guarantor obligations, maximum inventory exposure per calendar year, undiscounted	$ 6,000,000.0

Revenue (Significant Changes in Contract Assets and Liabilities) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Change in Contract with Customer, Liability [Abstract]
Balance at beginning of period	$ 88.0	$ 77.8	$ 76.8	$ 82.6
Advance consideration received	45.2	43.0	108.9	100.9
Revenue recognized during the period for extended warranty contracts	(8.7)	(7.2)	(22.7)	(19.9)
Advance consideration received applied to accounts receivable, net related to the installation of grain storage and protein production systems	(32.0)	(33.3)	(70.6)	(82.9)
Foreign currency translation	(2.2)	0.6	(2.1)	0.2
Balance at end of period	$ 90.3	$ 80.9	$ 90.3	$ 80.9

Revenue (Remaining Performance Obligation Narrative) (Details) $ in Millions	Sep. 30, 2019 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 10.0
Remaining performance obligation, expected timing of satisfaction, period	3 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	$ 31.4
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	$ 21.8
Remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 12.0
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	$ 6.5
Remaining performance obligation, expected timing of satisfaction, period

Leases (Assets and Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Lease Assets
Operating ROU assets	$ 193.5	$ 0.0
Finance lease assets	14.6
Total leased assets	208.1
Current:
Operating	42.2
Finance	4.2
Noncurrent:
Operating	154.8	$ 0.0
Finance	7.9
Total leased liabilities	209.1
Finance lease, right-of-use asset, accumulated depreciation	$ 17.9

Leases (Lease Cost) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
Leases (Lease Cost) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Operating lease cost	$ 13.8	$ 41.8
Variable lease cost	0.3	0.4
Short-term lease cost	2.0	5.7
Finance lease cost:
Amortization of leased assets	1.1	3.6
Interest on leased liabilities	0.2	0.6
Total lease cost	$ 17.4	$ 52.1

Leases (Future Minimum Lease Payments) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Operating Leases, After Adoption of 842
2019	$ 12.7
2020	46.1
2021	38.9
2022	29.7
2023	23.0
Thereafter	80.3
Total lease payments	230.7
Less: imputed interest	(33.7)
Finance Leases, After Adoption of 842
2019	1.3
2020	4.1
2021	2.2
2022	0.9
2023	0.6
Thereafter	4.1
Total lease payments	13.2
Less: imputed interest	(1.1)
Present value of leased liabilities	12.1
Operating Leases, Before Adoption of 842
2019		$ 46.7
2020		39.5
2021		32.6
2022		26.0
2023		21.7
Thereafter		85.5
Total lease payments		252.0
Capital Leases, Before Adoption of 842
2019		4.9
2020		3.5
2021		2.8
2022		0.9
2023		0.7
Thereafter		3.7
Total lease payments		16.5
Less: imputed interest		(1.0)
Present value of leased liabilities		$ 15.5
Operating lease, liability	197.0
Operating lease payments related to options to extend leases that are reasonably certain of being exercised	$ 12.3

Leases (Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate) (Details)	Sep. 30, 2019
Weighted-average remaining lease term:
Operating leases	8 years
Finance leases	9 years
Weighted-average discount rate:
Operating leases	4.00%
Finance leases	2.80%

Leases (Supplemental Cash Flow Information) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 41.8
Operating cash flows from finance leases	3.6
Financing cash flows from finance leases	0.6
Leased assets obtained in exchange for lease obligations:
Operating leases	27.2
Finance leases	$ 0.6

Recoverable Indirect Taxes	9 Months Ended
Recoverable Indirect Taxes	Sep. 30, 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 $157.3 million and $156.0 million, respectively, of VAT tax credits, net of reserves, as of September 30, 2019 and December 31, 2018.

Recoverable Indirect Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Recoverable Indirect Taxes [Abstract]
Value added tax credit	$ 157.3	$ 156.0

Accounts Receivable Sales Agreements (Details) - USD ($) $ in Millions			3 Months Ended		9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net cash received from receivables sold	$ 1,400.0	$ 1,400.0
Outstanding accounts receivable associated with retail finance joint ventures in Brazil and Australia	$ 76.2	$ 82.5	$ 76.2		$ 76.2
Other expense, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loss on sales of receivables			$ 10.6	$ 6.7	$ 30.3	$ 24.2

Leases (Narrative) (Details) $ in Millions	Sep. 30, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Lease expense, noncancelable operating leases	$ 72.1
Minimum
Lessee, Lease, Description [Line Items]
Lessor, operating lease, renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessor, operating lease, renewal term	10 years

Basis of Presentation (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating ROU assets	$ 193.5		$ 0.0
Operating lease, liability	$ 197.0
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating ROU assets		$ 194.2
Operating lease, liability		$ 196.4

Goodwill and Other Intangible Assets (Indefinite-Lived Intangible Assets) (Details) - Trademarks and Tradenames $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($)
Indefinite-lived intangible assets:
Balance at beginning of period	$ 86.9
Foreign currency translation	(1.5)
Balance at end of period	$ 85.4