0000880266-21-000009 | 10-K | XBRL Viewer

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Cover Page Document - USD ($) $ in Billions	12 Months Ended
Cover Page Document - USD ($) $ in Billions	Dec. 31, 2020	Feb. 22, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	001-12930
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-1960019
Entity Address, Address Line One	4205 River Green Parkway
Entity Address, City or Town	Duluth,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30096
City Area Code	(770)
Local Phone Number	813-9200
Title of 12(b) Security	Common stock
Trading Symbol	AGCO
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 3.4
Entity Common Stock, Shares Outstanding		75,220,142
Documents Incorporated by Reference	Documents Incorporated by Reference Portions of AGCO Corporation’s Proxy Statement for the 2021 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K.
Entity Registrant Name	AGCO CORP /DE
Entity Central Index Key	0000880266
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Net sales	$ 9,149.7	$ 9,041.4	$ 9,352.0
Cost of goods sold	7,092.2	7,057.1	7,355.3
Gross profit	2,057.5	1,984.3	1,996.7
Selling, general and administrative expenses	1,001.5	1,040.3	1,069.4
Engineering expenses	342.6	343.4	355.2
Amortization of intangibles	59.5	61.1	64.7
Impairment charges	20.0	176.6	0.0
Restructuring expenses	19.7	9.0	12.0
Bad debt expense	14.5	5.8	6.4
Income from operations	599.7	348.1	489.0
Interest expense, net	15.0	19.9	53.8
Other expense, net	22.7	67.1	74.9
Income before income taxes and equity in net earnings of affiliates	562.0	261.1	360.3
Income tax provision	187.7	180.8	110.9
Income before equity in net earnings of affiliates	374.3	80.3	249.4
Equity in net earnings of affiliates	45.5	42.5	34.3
Net income	419.8	122.8	283.7
Net loss attributable to noncontrolling interests	7.3	2.4	1.8
Net income attributable to AGCO Corporation and subsidiaries	$ 427.1	$ 125.2	$ 285.5
Net income per common share attributable to AGCO Corporation and subsidiaries:
Basic (in dollars per share)	$ 5.69	$ 1.64	$ 3.62
Diluted (in dollars per share)	5.65	1.63	3.58
Cash dividends declared and paid per common share (in dollars per share)	$ 0.63	$ 0.63	$ 0.60
Weighted average number of common and common equivalent shares outstanding:
Basic (in shares)	75.0	76.2	78.8
Diluted (in shares)	75.6	77.0	79.7

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 419.8	$ 122.8	$ 283.7
Defined benefit pension plans, net of taxes:
Prior service credit (cost) arising during the year	0.3	(4.7)	(7.0)
Net loss recognized due to settlement	0.3	0.6	0.9
Net actuarial loss arising during the year	(32.7)	(23.3)	(4.2)
Amortization of prior service cost included in net periodic pension cost	2.1	1.6	1.3
Amortization of net actuarial losses included in net periodic pension cost	13.1	11.8	11.7
Derivative adjustments:
Net changes in fair value of derivatives	5.1	(2.6)	(1.1)
Net (gains) losses reclassified from accumulated other comprehensive loss into income	(6.3)	(0.1)	7.2
Foreign currency translation adjustments	(201.8)	(20.6)	(206.8)
Other comprehensive loss, net of reclassification adjustments	(219.9)	(37.3)	(198.0)
Comprehensive income	199.9	85.5	85.7
Comprehensive loss (income) attributable to noncontrolling interests	11.6	(0.1)	6.0
Comprehensive income attributable to AGCO Corporation and subsidiaries	$ 211.5	$ 85.4	$ 91.7

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current Assets:
Cash and cash equivalents	$ 1,119.1	$ 432.8
Accounts and notes receivable, net	856.0	800.5
Inventories, net	1,974.4	2,078.7
Other current assets	418.9	417.1
Total current assets	4,368.4	3,729.1
Property, plant and equipment, net	1,508.5	1,416.3
Right-of-use lease assets	165.1	187.3
Investment in affiliates	442.7	380.2
Deferred tax assets	77.6	93.8
Other assets	179.8	153.0
Intangible assets, net	455.6	501.7
Goodwill	1,306.5	1,298.3
Total assets	8,504.2	7,759.7
Current Liabilities:
Current portion of long-term debt	325.9	2.9
Short-term borrowings	33.8	150.5
Accounts payable	855.1	914.8
Accrued expenses	1,916.7	1,654.2
Other current liabilities	231.3	162.1
Total current liabilities	3,362.8	2,884.5
Long-term debt, less current portion and debt issuance costs	1,256.7	1,191.8
Operating lease liabilities	125.9	148.6
Pensions and postretirement health care benefits	253.4	232.1
Deferred tax liabilities	112.4	107.0
Other noncurrent liabilities	375.0	288.7
Total liabilities	5,486.2	4,852.7
Commitments and contingencies (Note 11)
AGCO Corporation stockholders’ equity:
Preferred stock; $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding in 2020 and 2019	0.0	0.0
Common stock; $0.01 par value, 150,000,000 shares authorized, 74,962,231 and 75,471,562 shares issued and outstanding at December 31, 2020 and 2019, respectively	0.8	0.8
Additional paid-in capital	30.9	4.7
Retained earnings	4,759.1	4,443.5
Accumulated other comprehensive loss	(1,810.8)	(1,595.2)
Total AGCO Corporation stockholders’ equity	2,980.0	2,853.8
Noncontrolling interests	38.0	53.2
Total stockholders’ equity	3,018.0	2,907.0
Total liabilities and stockholders’ equity	$ 8,504.2	$ 7,759.7

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	74,962,231	75,471,562
Common stock, shares outstanding (in shares)	74,962,231	75,471,562
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Defined Benefit Pension Plans	Cumulative Translation Adjustment	Deferred Net Gains (Losses) on Derivatives	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2017			79,553,825
Stockholders' equity, beginning of period at Dec. 31, 2017			$ 0.8	$ 136.6	$ 4,253.8		$ (1,361.6)	$ (285.1)	$ (1,071.8)	$ (4.7)
Noncontrolling interests, beginning of period at Dec. 31, 2017											$ 65.7
Total Stockholderss Equity, Including Noncontrolling Interest, Beginning balance at Dec. 31, 2017	$ 3,095.3									(4.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to AGCO Corporation and subsidiaries	285.5				285.5
Net income (loss) attributable to nonredeemable noncontrolling interest											(1.8)
Net income (loss)	283.7
Payment of dividends to shareholders	(47.1)				(47.1)
Issuance of restricted stock (in shares)			12,629
Issuance of restricted stock	0.8			0.8
Issuance of performance award stock (in shares)			75,604
Issuance of stock awards	(3.1)			(3.1)
SSARs exercised (in shares)			14,881
SSARs exercised	(0.6)			(0.6)
Stock compensation	45.5			45.5
Investment by noncontrolling interest	1.0										1.0
Distribution to noncontrolling interest	(0.1)										(0.1)
Purchases and retirement of common stock (in shares)			(3,120,184)
Purchases and retirement of common stock	(184.3)			(169.0)	(15.3)
Prior service credit (cost) arising during the year	(7.0)						(7.0)	(7.0)
Net loss recognized due to settlement	0.9						0.9	0.9
Net actuarial loss arising during the year	(4.2)						(4.2)	(4.2)
Amortization of prior service cost included in net periodic pension cost	1.3						1.3	1.3
Amortization of net actuarial losses included in net periodic pension cost	11.7						11.7	11.7
Deferred gains and losses on derivatives, net	6.1						6.1			6.1
Change in cumulative translation adjustment							(202.6)		(202.6)
Change in cumulative translation adjustment, attributable to noncontrolling Interest											(4.2)
Change in cumulative translation adjustment	(206.8)
Ending balance (in shares) at Dec. 31, 2018			76,536,755
Stockholders' equity, beginning of period at Dec. 31, 2018			$ 0.8	10.2	4,477.3		(1,555.4)	(282.4)	(1,274.4)	1.4
Stockholders' equity, beginning of period (Accounting Standards Update 2014-09) at Dec. 31, 2018		$ 0.4				$ 0.4
Noncontrolling interests, end of period at Dec. 31, 2018											60.6
Total Stockholders' Equity, Including Noncontrolling Interest, Ending balance at Dec. 31, 2018	2,993.5						(1,555.4)	(282.4)	(1,274.4)	1.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to AGCO Corporation and subsidiaries	125.2				125.2
Net income (loss) attributable to nonredeemable noncontrolling interest											(2.4)
Net income (loss)	122.8
Payment of dividends to shareholders	(48.0)				(48.0)
Issuance of restricted stock (in shares)			14,105
Issuance of restricted stock	1.0			1.0
Issuance of performance award stock (in shares)			608,444
Issuance of stock awards	(23.0)			(13.3)	(9.7)
SSARs exercised (in shares)			106,514
SSARs exercised	(4.8)			(3.1)	(1.7)
Stock compensation	40.3			40.3
Investment by noncontrolling interest	2.0										2.0
Distribution to noncontrolling interest	(0.4)										(0.4)
Changes in noncontrolling interest	(9.1)										(9.1)
Purchases and retirement of common stock (in shares)			(1,794,256)
Purchases and retirement of common stock	(130.0)			(30.4)	(99.6)
Prior service credit (cost) arising during the year	(4.7)						(4.7)	(4.7)
Net loss recognized due to settlement	0.6						0.6	0.6
Net actuarial loss arising during the year	(23.3)						(23.3)	(23.3)
Amortization of prior service cost included in net periodic pension cost	1.6						1.6	1.6
Amortization of net actuarial losses included in net periodic pension cost	11.8						11.8	11.8
Deferred gains and losses on derivatives, net	(2.7)						(2.7)			(2.7)
Change in cumulative translation adjustment							(23.1)		(23.1)
Change in cumulative translation adjustment, attributable to noncontrolling Interest											2.5
Change in cumulative translation adjustment	(20.6)
Ending balance (in shares) at Dec. 31, 2019			75,471,562
Stockholders' equity, beginning of period at Dec. 31, 2019	2,853.8		$ 0.8	4.7	4,443.5		(1,595.2)	(296.4)	(1,297.5)	(1.3)
Noncontrolling interests, end of period at Dec. 31, 2019	53.2										53.2
Total Stockholders' Equity, Including Noncontrolling Interest, Ending balance at Dec. 31, 2019	2,907.0						(1,595.2)	(296.4)	(1,297.5)	(1.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to AGCO Corporation and subsidiaries	427.1				427.1
Net income (loss) attributable to nonredeemable noncontrolling interest											(7.3)
Net income (loss)	419.8
Payment of dividends to shareholders	(48.0)				(48.0)
Issuance of restricted stock (in shares)			19,862
Issuance of restricted stock	1.1			1.1
Issuance of performance award stock (in shares)			374,212
Issuance of stock awards	(15.7)			(7.3)	(8.4)
SSARs exercised (in shares)			66,736
SSARs exercised	(4.2)			(4.1)	(0.1)
Stock compensation	36.5			39.9	(3.4)
Investment by noncontrolling interest	0.2										0.2
Distribution to noncontrolling interest	(3.3)										(3.3)
Changes in noncontrolling interest	(0.5)										(0.5)
Purchases and retirement of common stock (in shares)			(970,141)
Purchases and retirement of common stock	(55.0)			(3.4)	(51.6)
Prior service credit (cost) arising during the year	0.3						0.3	0.3
Net loss recognized due to settlement	0.3						0.3	0.3
Net actuarial loss arising during the year	(32.7)						(32.7)	(32.7)
Amortization of prior service cost included in net periodic pension cost	2.1						2.1	2.1
Amortization of net actuarial losses included in net periodic pension cost	13.1						13.1	13.1
Deferred gains and losses on derivatives, net	(1.2)						(1.2)			(1.2)
Change in cumulative translation adjustment							(197.5)		(197.5)
Change in cumulative translation adjustment, attributable to noncontrolling Interest											(4.3)
Change in cumulative translation adjustment	(201.8)
Ending balance (in shares) at Dec. 31, 2020			74,962,231
Stockholders' equity, beginning of period at Dec. 31, 2020	2,980.0		$ 0.8	$ 30.9	$ 4,759.1		(1,810.8)	(313.3)	(1,495.0)	(2.5)
Noncontrolling interests, end of period at Dec. 31, 2020	38.0										$ 38.0
Total Stockholders' Equity, Including Noncontrolling Interest, Ending balance at Dec. 31, 2020	$ 3,018.0						$ (1,810.8)	$ (313.3)	$ (1,495.0)	$ (2.5)

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 419.8	$ 122.8	$ 283.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	212.5	210.9	225.2
Impairment charges	20.0	176.6	0.0
Amortization of intangibles	59.5	61.1	64.7
Stock compensation expense	37.6	41.3	46.3
Equity in net earnings of affiliates, net of cash received	(43.7)	0.0	(3.2)
Deferred income tax provision (benefit)	3.4	15.1	(14.7)
Loss on extinguishment of debt	0.0	0.0	24.5
Other	(7.4)	6.9	2.6
Changes in operating assets and liabilities, net of effects from purchase of businesses:
Accounts and notes receivable, net	(90.5)	63.8	63.3
Inventories, net	119.7	(216.3)	(214.3)
Other current and noncurrent assets	(49.8)	(14.4)	(85.6)
Accounts payable	(59.1)	35.7	(24.3)
Accrued expenses	185.3	114.5	161.3
Other current and noncurrent liabilities	89.2	77.9	66.4
Total adjustments	476.7	573.1	312.2
Net cash provided by operating activities	896.5	695.9	595.9
Cash flows from investing activities:
Purchases of property, plant and equipment	(269.9)	(273.4)	(203.3)
Proceeds from sale of property, plant and equipment	1.9	4.9	3.2
Purchase of businesses, net of cash acquired	(2.8)	0.0	0.0
Sale of (investments in) unconsolidated affiliates, net	29.1	(3.1)	(5.8)
Other	0.0	0.0	0.4
Net cash used in investing activities	(241.7)	(271.6)	(205.5)
Cash flows from financing activities:
Proceeds from indebtedness	1,195.6	2,082.7	5,257.5
Repayments of indebtedness	(1,045.6)	(2,191.1)	(5,433.6)
Purchases and retirement of common stock	(55.0)	(130.0)	(184.3)
Payment of dividends to stockholders	(48.0)	(48.0)	(47.1)
Payment of minimum tax withholdings on stock compensation	(19.8)	(28.1)	(4.0)
Payment of debt issuance costs	(1.4)	(0.5)	(2.7)
(Distributions to) investments by noncontrolling interests, net	(3.1)	1.6	0.9
Net cash provided by (used in) financing activities	22.7	(313.4)	(413.3)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	8.8	(4.2)	(18.7)
Increase (decrease) in cash, cash equivalents and restricted cash	686.3	106.7	(41.6)
Cash, cash equivalents and restricted cash, beginning of year	432.8	326.1	367.7
Cash, cash equivalents and restricted cash, end of year	$ 1,119.1	$ 432.8	$ 326.1

Operations and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Operations and Summary of Significant Accounting Policies

Business

AGCO Corporation and subsidiaries (“AGCO” or the “Company”) is a leading manufacturer and distributor of agricultural equipment and related replacement parts throughout the world. The Company sells a full range of agricultural equipment, including tractors, combines, hay tools, sprayers, forage equipment, seeding and tillage equipment, implements, and grain storage and protein production systems. The Company’s products are widely recognized in the agricultural equipment industry and are marketed under a number of well-known brand names including: Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra®. The Company distributes most of its products through a combination of approximately 3,250 independent dealers and distributors as well as the Company utilizes associates and licensees to provide a distribution channel for its products. In addition, the Company provides retail financing through its finance joint ventures with Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., or “Rabobank.”

Basis of Presentation and Consolidation

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

Use of Estimates

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

The Company cannot predict the ongoing impact of the COVID-19 pandemic due to increased volatility in global economic and political environments, uncertain market demand for its products, supply chain disruptions, possible workforce unavailability, exchange rate and commodity and protein price volatility and availability of financing, and their impact to the Company’s net sales, production volumes, costs and overall financial condition and available funding. The Company may be required to record significant impairment charges in the future with respect to noncurrent assets such as goodwill and other intangible assets and equity method investments, whose fair values may be negatively affected by the COVID-19 pandemic. The Company also may be required to write-down obsolete inventory due to decreased customer demand and sales orders. The Company is closely monitoring the collection of accounts receivable, as well as the operating results of its finance joint ventures around the world. If economic conditions around the world continue to deteriorate, the Company and its finance joint ventures may not collect accounts receivable at expected levels, and the operating results of its finance joint ventures may be negatively impacted, thus negatively impacting the Company’s results of operations and financial condition. The Company also is closely assessing its compliance with debt covenants, the recognition of any future insurance recoveries, cash flow hedging forecasts as compared to actual transactions, the fair value of pension assets, accounting for incentive and stock compensation accruals, revenue recognition and discount reserve setting as well as the realization of deferred tax assets in light of the COVID-19 pandemic.

Foreign Currency Translation

The financial statements of the Company’s foreign subsidiaries are translated into United States currency in accordance with Accounting Standards Codification (“ASC”) 830, “Foreign Currency Matters.” Assets and liabilities are translated to United States dollars at period-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the period. Translation adjustments are included in “Accumulated other comprehensive loss” in stockholders’ equity within the Company’s Consolidated Balance Sheets. Gains and losses, which result from foreign currency transactions, are included in the accompanying Consolidated Statements of Operations. The Company changed the functional currency of its wholly-owned subsidiary from the Argentinian peso to the U.S. dollar effective July 1, 2018.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents reported in the Consolidated Balance Sheets as of December 31, 2020, 2019 and 2018 and cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows for the years ended December 31, 2020, 2019 and 2018 are as follows (in millions):


	December 31, 2020		December 31, 2019		December 31, 2018
Cash(1)	$	1,022.0	$	412.3	$	290.5
Cash equivalents(2)	89.7		17.3		35.6
Restricted cash(3)	7.4		3.2		—
Total	$	1,119.1	$	432.8	$	326.1

____________________________________

(1) Consisted primarily of cash on hand and bank deposits.

(2) Consisted primarily of money market deposits, certificates of deposits and overnight investments. The Company considers all investments with an original maturity of three months or less to be cash equivalents.

(3) Consisted primarily of cash in escrow or held as guarantee to support specific requirements.

Accounts and Notes Receivable

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

In other international markets, equipment sales generally are payable in full within 30 days to 180 days of shipment or delivery. Payment terms for some highly seasonal products have a specified due date during the year regardless of the shipment or delivery date. For sales in most markets outside of the United States and Canada, the Company generally does not charge

interest on outstanding receivables with its dealers and distributors. Sales of replacement parts generally are payable within 30 days to 90 days of shipment, with terms for some larger, seasonal stock orders generally payable within six months of shipment.

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

Sales of grain storage and protein production systems both in the United States and in other countries generally are payable within 30 days of shipment. In certain countries, sales of such systems for which the Company is responsible for construction or installation may be contingent upon customer acceptance. Payment terms vary by market and product, with fixed payment schedules on all sales. When sales of installation services occur, fixed payment schedules may include upfront deposits, progress payments and final payment upon customer acceptance.

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


Year Ended December 31, 2020	North America		South America		Europe/ Middle East		Asia/ Pacific/Africa		Consolidated
0 to 6 months	$	1,506.5	$	873.8	$	5,361.4	$	734.0	$	8,475.7	92.6	%
7 to 12 months	645.0		—		5.5		—		650.5		7.1	%
13 to 24 months	23.5		—		—		—		23.5		0.3	%

	$	2,175.0	$	873.8	$	5,366.9	$	734.0	$	9,149.7	100.0	%

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

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

Accounts and notes receivable are shown net of allowances for sales incentive discounts available to dealers and for doubtful accounts. Cash flows related to the collection of receivables are reported within “Cash flows from operating activities” within the Company’s Consolidated Statements of Cash Flows. Accounts and notes receivable allowances at December 31, 2020 and 2019 were as follows (in millions):


	2020		2019
Sales incentive discounts	$	12.9	$	25.7
Doubtful accounts	36.4		28.8
	$	49.3	$	54.5

The Company accounts for its provision for doubtful accounts in accordance with ASU 2016-13, “Measurement of Credit Losses on Financial Instruments,” (“ASU 2016-13”).

In the United States and Canada, sales incentives can be paid through future cash settlements of receivables and through credit memos to Company’s dealers or through reductions in retail financing rates paid to the Company’s finance joint ventures. Outside of the United States and Canada, sales incentives can be paid through cash or credit memos to the Company’s dealers or through reductions in retail financing rates paid to the Company’s finance joint ventures. The Company transfers certain accounts receivable under its accounts receivable sales agreements with its finance joint ventures (see Note 3). The Company records such transfers as sales of accounts receivable when it is considered to have surrendered control of such receivables under the provisions of Accounting Standards Update (“ASU”) 2009-16, “Transfers and Servicing (Topic 860): Accounting for Transfers of Financial Assets.” Cash payments made to the Company’s finance joint ventures for sales incentive discounts provided to dealers related to outstanding accounts receivables sold are recorded within “Accrued expenses.”

Inventories

Inventories are valued at the lower of cost or net realizable value, using the first-in, first-out method. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. At December 31, 2020 and 2019, the Company had recorded $209.2 million and $178.6 million, respectively, as an adjustment for surplus and obsolete inventories. These adjustments are reflected within “Inventories, net” within the Company’s Consolidated Balance Sheets.

Inventories, net at December 31, 2020 and 2019 were as follows (in millions):


	2020		2019
Finished goods	$	641.3	$	780.1
Repair and replacement parts	652.3		611.5
Work in process	175.1		213.4
Raw materials	505.7		473.7
Inventories, net	$	1,974.4	$	2,078.7

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

Recoverable Indirect Taxes

The Company’s Brazilian operations incur value added taxes (“VAT”) on certain purchases of raw materials, components and services. These taxes are accumulated as tax credits and create assets that are reduced by the VAT collected from the Company’s sales in the Brazilian market. The Company regularly assesses the recoverability of these tax credits, and establishes reserves when necessary against them, through analyses that include, amongst others, the history of realization, the transfer of tax credits to third parties as authorized by the government, anticipated changes in the supply chain and the future expectation of tax debits from the Company’s ongoing operations. The Company believes that these tax credits, net of established reserves, are realizable. The Company had recorded approximately $91.2 million and $142.3 million, respectively, of VAT tax credits, net of reserves, as of December 31, 2020 and 2019.

Property, Plant and Equipment

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

Property, plant and equipment, net at December 31, 2020 and 2019 consisted of the following (in millions):


	2020		2019
Land	$	147.2	$	142.5
Buildings and improvements	899.7		808.1
Machinery and equipment	2,772.0		2,522.0
Furniture and fixtures	168.0		153.4
Gross property, plant and equipment	3,986.9		3,626.0
Accumulated depreciation and amortization	(2,478.4)		(2,209.7)
Property, plant and equipment, net	$	1,508.5	$	1,416.3

Goodwill, Other Intangible Assets and Long-Lived Assets

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

Goodwill is evaluated annually as of October 1 for impairment using a qualitative assessment or a quantitative one-step assessment. If the Company elects to perform a qualitative assessment and determines the fair value of its reporting units more likely than not exceed the carrying value of their net assets, no further evaluation is necessary. For reporting units where the Company performs a one-step quantitative assessment, the Company compares the fair value of each reporting unit, which is determined based on a combination of a discounted cash flow valuation approach and a market multiple valuation approach, to its respective carrying value of net assets, including goodwill. If the fair value of the reporting unit exceeds its carrying value of net assets, the goodwill is not considered impaired. If the carrying value of net assets is higher than the fair value of the reporting unit, an impairment charge is recorded in the amount by which the carrying value exceeds the reporting unit’s fair value in accordance with ASU 2017-04.

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

The COVID-19 pandemic has adversely impacted the global economy as a whole. Based on current macroeconomic conditions, the Company assessed its goodwill and other intangible assets for indications of impairment as of March 31, 2020, June 30, 2020 and September 30, 2020. As of June 30,2020, the Company concluded there were indicators of impairment during the three months ended June 30, 2020 related to one of its smaller reporting units, which is a 50%-owned tillage and seeding equipment joint venture. The Company consolidates the reporting unit as it was determined to be the primary beneficiary of the joint venture. Deteriorating market conditions for the products the joint venture sells were negatively impacted by the COVID-19 pandemic in the second quarter, greater than initially expected. As a result, updated strategic reviews with revised forecasts indicated an impairment of the entire goodwill balance of this reporting unit was necessary as

of June 30, 2020. During the three months ended June 30, 2020, an impairment charge of approximately $20.0 million was recorded as “Impairment charge” within the Company’s Consolidated Statements of Operations, with an offsetting benefit of approximately $10.0 million included within “Net loss attributable to noncontrolling interests.”

The Company’s goodwill impairment analysis conducted as of October 1, 2020 indicated that no other indicators of impairment existed and no reduction in the carrying amount of goodwill and long-lived assets was required related to the Company’s other reporting units.

The Company’s goodwill impairment analysis conducted as of October 1, 2019, indicated that the carrying value of the net assets of the Company’s grain storage and protein production systems operations in Europe/Middle East was in excess of the fair value of the reporting unit, and therefore, the Company recorded a non-cash impairment charge of approximately $173.6 million within “Impairment charges” in the Company’s Consolidated Statements of Operations.

During the three months ended December 31, 2019, the Company also recorded a non-cash impairment charge of approximately $3.0 million within “Impairment charge” in the Company’s Consolidated Statements of Operations. The impairment charge related to certain long-lived assets associated with the Company’s grain storage and protein production systems operations within North America, due to the discontinuation of a certain brand name and related product, and customers.

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

The Company’s accumulated goodwill impairment is approximately $374.1 million related to impairment charges the Company recorded during 2020, 2019, 2012 and 2006 pertaining to its 50%-owned tillage and seeding equipment joint venture, its grain storage and protein production systems business in Europe/Middle East, its Chinese harvesting reporting unit and its former sprayer reporting unit, respectively. The tillage and seeding equipment joint venture operates within the North American geographical reportable segment. The Company’s grain storage and protein production systems Europe/Middle East reporting unit operates within the Europe/Middle East geographical reportable segment. The Chinese harvesting business operates within the Asia/Pacific/Africa geographical reportable segment and the former sprayer reporting unit operates within the North American geographical reportable segment.

Changes in the carrying amount of goodwill during the years ended December 31, 2020, 2019 and 2018 are summarized as follows (in millions):


	North America		South America		Europe/ Middle East		Asia/ Pacific/Africa		Consolidated
Balance as of December 31, 2017	$	611.1	$	136.4	$	671.0	$	122.9	$	1,541.4


Adjustments	—		—		8.4		—		8.4
Foreign currency translation	—		(19.7)		(29.8)		(4.8)		(54.3)
Balance as of December 31, 2018	611.1		116.7		649.6		118.1		1,495.5

Impairment charge	—		—		(173.6)		—		(173.6)
Sale of a joint venture	(5.1)		—		—		—		(5.1)

Foreign currency translation	—		(4.5)		(12.7)		(1.3)		(18.5)
Balance as of December 31, 2019	606.0		112.2		463.3		116.8		1,298.3
Foreign currency translation	0.2		(24.7)		38.0		7.5		21.0
Impairment charge	(20.0)		—		—		—		(20.0)

Acquisition	7.2		—		—		—		7.2
Balance as of December 31, 2020	$	593.4	$	87.5	$	501.3	$	124.3	$	1,306.5

On September 10, 2020, the Company acquired 151 Research, Inc., a company specializing in agricultural technology, for approximately $2.8 million. The Company agreed to further contingent consideration related to the acquisition, and therefore recorded a liability of approximately $4.4 million to reflect estimated achievement of agreed upon targets. The acquisition did not have a material impact on the Company.

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


Intangible Assets						Weighted-Average Useful Life
Patents and technology						12 years
Customer relationships						13 years
Trademarks and trade names						20 years
Land use rights						45 years

For the years ended December 31, 2020, 2019 and 2018, acquired intangible asset amortization was $59.5 million, $61.1 million and $64.7 million, respectively. The Company estimates amortization of existing intangible assets will be $57.8 million in 2021, $57.5 million in 2022, $55.4 million in 2023, $54.0 million in 2024, and $49.8 million in 2025.

The Company has previously determined that two of its trademarks have an indefinite useful life. The Massey Ferguson trademark has been in existence since 1952 and was formed from the merger of Massey-Harris (established in the 1890’s) and Ferguson (established in the 1930’s). The Massey Ferguson brand is currently sold in approximately 110 countries worldwide, making it one of the most widely sold tractor brands in the world. The Company also has identified the Valtra trademark as an indefinite-lived asset. The Valtra trademark has been in existence since the late 1990’s, but is a derivative of the Valmet trademark which has been in existence since 1951. The Valmet name transitioned to the Valtra name over a period of time in the marketplace. The Valtra brand is currently sold in over 70 countries around the world. Both the Massey Ferguson brand and the Valtra brand are primary product lines of the Company’s business, and the Company plans to use these trademarks for an indefinite period of time. The Company plans to continue to make investments in product development to enhance the value of these brands into the future. There are no legal, regulatory, contractual, competitive, economic or other factors that the Company is aware of or that the Company believes would limit the useful lives of the trademarks. The Massey Ferguson and Valtra trademark registrations can be renewed at a nominal cost in the countries in which the Company operates.

Changes in the carrying amount of acquired intangible assets during 2020 and 2019 are summarized as follows (in millions):


	Trademarks and Trade Names		Customer Relationships		Patents and Technology		Land Use Rights		Total
Gross carrying amounts:
Balance as of December 31, 2018	$	203.4	$	586.3	$	155.8	$	8.6	$	954.1


Sale of a joint venture	(1.3)		(2.9)		(1.9)		—		(6.1)
Impairment charge	(1.1)		(0.8)		(1.1)		—		(3.0)
Foreign currency translation	(1.7)		(3.6)		(1.7)		(0.1)		(7.1)
Balance as of December 31, 2019	199.3		579.0		151.1		8.5		937.9


Foreign currency translation	6.7		6.4		6.9		0.6		20.6
Balance as of December 31, 2020	$	206.0	$	585.4	$	158.0	$	9.1	$	958.5


Accumulated Amortization	Trademarks and Trade Names		Customer Relationships		Patents and Technology		Land Use Rights		Total

Balance as of December 31, 2018	$	73.4	$	310.8	$	80.7	$	3.0	$	467.9
Amortization expense	11.0		40.1		9.9		0.1		61.1
Sale of a joint venture	(0.5)		(1.2)		(0.7)		—		(2.4)
Foreign currency translation	(0.6)		(2.3)		(1.2)		—		(4.1)
Balance as of December 31, 2019	83.3		347.4		88.7		3.1		522.5
Amortization expense	10.1		39.9		9.4		0.1		59.5

Foreign currency translation	2.0		3.0		5.1		0.2		10.3
Balance as of December 31, 2020	$	95.4	$	390.3	$	103.2	$	3.4	$	592.3


Indefinite-Lived Intangible Assets	Trademarks and Trade Names

Balance as of December 31, 2018	$	86.9
Foreign currency translation	(0.6)
Balance as of December 31, 2019	86.3
Foreign currency translation	3.1
Balance as of December 31, 2020	$	89.4

Accrued Expenses

Accrued expenses at December 31, 2020 and 2019 consisted of the following (in millions):


	2020		2019
Reserve for volume discounts and sales incentives	$	582.9	$	580.4
Warranty reserves	431.6		331.9
Accrued employee compensation and benefits	329.2		290.8
Accrued taxes	249.6		170.3
Other	323.4		280.8
	$	1,916.7	$	1,654.2

Warranty Reserves

The warranty reserve activity for the years ended December 31, 2020, 2019 and 2018 consisted of the following (in millions):


	2020		2019		2018
Balance at beginning of the year	$	392.8	$	360.9	$	316.0
Acquisitions	0.2		—		—
Accruals for warranties issued during the year	310.2		234.1		230.5
Settlements made (in cash or in kind) during the year	(204.3)		(198.7)		(174.7)
Foreign currency translation	22.9		(3.5)		(10.9)
Balance at the end of the year	$	521.8	$	392.8	$	360.9

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

Insurance Reserves

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

Revenue

The Company accounts for revenue recognition pursuant to ASU 2014-09, “Revenue from Contracts with Customers.” 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.

As previously discussed, 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 expected incentive programs using the expected value method. These estimates are revised in the event of subsequent modification to the incentive program. All incentive programs are recorded and presented as a reduction of revenue, due to the fact that the Company does not receive a distinct good or service in exchange for the consideration provided.

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

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

As afforded under the practical expedient in ASU 2014-09, the Company does 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 and maintenance contracts and certain precision technology services. Generally, almost all of the grain storage and protein production systems contracts with customers that relate to “over time” revenue recognition have contract durations of less than 12 months.

Extended warranty, maintenance services contracts and certain precision technology services generally have contract durations of more than 12 months.

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

Extended Warranty Contracts. The Company sells separately priced extended warranty contracts and maintenance contracts, which extends coverage beyond the base warranty period, or covers maintenance over a specified period. Revenue is recognized for the extended warranty contract on a straight-line basis, which the Company believes approximates the costs expected to be incurred in satisfying the obligations, over the extended warranty period. The extended warranty period ranges from one to five years. Payment is received or revenue is deferred for free contracts at the inception of the extended warranty contract or maintenance 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.

Precision Technology Services Revenue. The Company sells a combination of precision technology products and services. When the bundled package of technology products and services is sold, the portion of the consideration received related to the services component is recognized over time as the Company satisfies the future performance obligation. Revenue is recognized for the hardware component when control is transferred to the dealer or distributor. Payment is received or revenue is deferred for free subscriptions at inception of the precision technology subscription period, which is recognized as a contract liability for the amount in excess of the revenue recognized. The revenue associated with the sale of precision technology services is insignificant.

See Note 15 for additional information regarding the Company’s sources of revenue and associated contract liabilities and performance obligations.

Stock Incentive Plans

Stock compensation expense was recorded as follows (in millions). Refer to Note 9 for additional information regarding the Company’s stock incentive plans during 2020, 2019 and 2018:


	Years Ended December 31,
	2020		2019		2018
Cost of goods sold	$	1.1	$	1.7	$	2.3
Selling, general and administrative expenses	36.8		40.0		44.3
Total stock compensation expense	$	37.9	$	41.7	$	46.6

Research and Development Expenses

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

Advertising Costs

The Company expenses all advertising costs as incurred. Cooperative advertising costs normally are expensed at the time the revenue is earned. Advertising expenses for the years ended December 31, 2020, 2019 and 2018 totaled approximately $45.3 million, $42.3 million and $42.4 million, respectively.

Shipping and Handling Expenses

All shipping and handling fees charged to customers are included as a component of net sales, and are associated with freight activities after the customer has obtained control. Shipping and handling costs are accounted for as fulfillment costs and are expensed and accrued at the time revenue is recognized within “Cost of goods sold,” with the exception of certain handling costs included in “Selling, general and administrative expenses” in the amount of $38.0 million, $38.9 million and $37.9 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Interest Expense, Net

Interest expense, net for the years ended December 31, 2020, 2019 and 2018 consisted of the following (in millions):


	2020		2019		2018
Interest expense	$	24.9	$	28.8	$	61.9
Interest income	(9.9)		(8.9)		(8.1)
	$	15.0	$	19.9	$	53.8

During 2018, the Company repurchased its 57/8% senior notes due December 1, 2021, and as a result, recorded approximately $24.5 million in a loss on extinguishment of debt reflected in “Interest expense, net.” This was offset by approximately $4.7 million of accelerated amortization of a deferred gain related to a terminated interest rate swap agreement associated with the senior notes. Refer to Note 6 for further information.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. See Note 5 for additional information regarding the Company’s income taxes.

Net Income Per Common Share

Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted net income per common share assumes the exercise of outstanding stock-settled stock appreciation rights (“SSARs”) and the vesting of performance share awards and restricted stock units using the treasury stock method when the effects of such assumptions are dilutive.

A reconciliation of net income attributable to AGCO Corporation and subsidiaries and weighted average common shares outstanding for purposes of calculating basic and diluted net income per share during the years ended December 31, 2020, 2019 and 2018 is as follows (in millions, except per share data):


	2020		2019		2018
Basic net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$	427.1	$	125.2	$	285.5
Weighted average number of common shares outstanding	75.0		76.2		78.8
Basic net income per share attributable to AGCO Corporation and subsidiaries	$	5.69	$	1.64	$	3.62
Diluted net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$	427.1	$	125.2	$	285.5
Weighted average number of common shares outstanding	75.0		76.2		78.8
Dilutive SSARs, performance share awards and restricted stock units	0.6		0.8		0.9
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share	75.6		77.0		79.7
Diluted net income per share attributable to AGCO Corporation and subsidiaries	$	5.65	$	1.63	$	3.58

SSARs to purchase approximately 0.3 million shares, 0.2 million shares and 0.5 million shares of the Company’s common stock for the years ended December 31, 2020, 2019 and 2018, respectively, were outstanding but not included in the calculation of weighted average common and common equivalent shares outstanding because they had an antidilutive impact.

Comprehensive Income (Loss)

The Company reports comprehensive income (loss), defined as the total of net in

come (loss) and all other non-owner changes in equity, and the components thereof in its Consolidated Statements of Stockholders’ Equity and Consolidated Statements of Comprehensive Income (Loss). The components of other comprehensive (loss) income and the related tax effects for the years ended December 31, 2020, 2019 and 2018 are as follows (in millions):


	AGCO Corporation and Subsidiaries						Noncontrolling Interests
	2020						2020
	Before-tax Amount		Income Taxes		After-tax Amount		After-tax Amount
Defined benefit pension plans	$	(19.3)	$	2.4	$	(16.9)	$	—
Net loss on derivatives	(1.5)		0.3		(1.2)		—
Foreign currency translation adjustments	(197.5)		—		(197.5)		(4.3)
Total components of other comprehensive loss	$	(218.3)	$	2.7	$	(215.6)	$	(4.3)


	AGCO Corporation and Subsidiaries						Noncontrolling Interests
	2019						2019
	Before-tax Amount		Income Taxes		After-tax Amount		After-tax Amount
Defined benefit pension plans	$	(13.4)	$	(0.6)	$	(14.0)	$	—
Net loss on derivatives	(3.1)		0.4		(2.7)		—
Foreign currency translation adjustments	(23.1)		—		(23.1)		2.5
Total components of other comprehensive loss	$	(39.6)	$	(0.2)	$	(39.8)	$	2.5


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

Derivatives

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

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

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

The Company’s gross profit is sensitive to the cost of steel and other raw materials. From time to time, the Company enters into derivative instruments to hedge a portion of its commodity purchases against adverse movements in commodity prices.

The Company’s hedging policy prohibits it from entering into any foreign currency contracts for speculative trading purposes. See Note 10 for additional information regarding the Company’s derivative instruments and hedging activities.

Recent Accounting Pronouncements

In June 2016, the FASB issued 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 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. In November 2019, the FASB issued ASU 2019-11, “Codification Improvements to Topic 326), Financial Instruments - Credit Losses,” which clarifies the treatment of expected recoveries for amounts previously written-off on purchased receivables, provides transition relief for troubled debt restructurings and allows for certain disclosure simplifications of accrued interest. The effective dates for both ASU 2019-04 and ASU 2019-11 were the same as the effective dates for ASU 2016-13. The Company adopted this standard, and its subsequent modifications, as of January 1, 2020. The adoption did not have a material impact to the Company’s results of operations, financial condition and cash flows.

The Company also adopted the following pronouncements, none of which had a material impact to the Company’s results of operations, financial condition and cash flows.

•ASU 2020-04 – “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” was adopted in 2020. See Note 6 for additional information.

•ASU 2018-15 – “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” was adopted in 2020.

•ASU 2019-12 – “Simplifying the Accounting for Income Taxes” was adopted as of January 1, 2021.

New Accounting Pronouncements to be Adopted

As discussed above, in June 2016, the FASB issued ASU 2016-13, which requires measurement and recognition of expected versus incurred credit losses for financial assets held. In November 2019, the FASB issued ASU 2019-10, “Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates,” which delays the effective date of ASU 2016-13 for smaller reporting companies and other non-SEC reporting entities. This applies to the Company’s equity method finance joint ventures who are now required to adopt ASU 2016-13 for annual periods beginning after December 15, 2022 and interim periods within those annual periods. The standard, and its subsequent modification, 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 impact of ASU 2016-13 to their results of operations and financial condition.

Restructuring Expenses

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Restructuring Expenses

The Company has announced and initiated actions over the course of several years to rationalize employee headcount at various manufacturing facilities and various administrative offices located in Europe, South America, Africa, China and the United States, as well as the rationalization of its grain storage and protein production system operations. These rationalizations were taken to reduce costs in response to softening global market demand and lower production volumes. During 2020, the Company recorded severance and related costs associated with these rationalizations in connection with the termination of approximately 350 employees.

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


	Employee Severance		Facility Closure Costs		Write-down of Property, Plant and Equipment		Other Related Closure Costs		Loss on Sale of Joint Venture		Total
Balance as of December 31, 2017	$	10.9	$	—	$	—	$	—	$	—	$	10.9
2018 provision	13.8		—		0.3		—		—		14.1
Less: Non-cash expense	—		—		(0.3)		—		—		(0.3)
Cash expense	13.8		—		—		—		—		13.8
2018 provision reversal	(2.1)		—		—		—		—		(2.1)
2018 cash activity	(14.4)		—		—		—		—		(14.4)
Foreign currency translation	(1.1)		—		—		—		—		(1.1)
Balance as of December 31, 2018	7.1		—		—		—		—		7.1
2019 provision	5.6		0.5		1.5		—		2.1		9.7
Less: Non-cash expense	—		—		(1.5)		—		(2.1)		(3.6)
Cash expense	5.6		0.5		—		—		—		6.1
2019 provision reversal	(0.7)		—		—		—		—		(0.7)
2019 cash activity	(6.8)		(0.5)		—		—		—		(7.3)
Foreign currency translation	(0.4)		—		—		—		—		(0.4)
Balance as of December 31, 2019	4.8		—		—		—		—		4.8
2020 provision	11.3		4.5		2.5		1.8		—		20.1
Less: Non-cash expense	—		—		(2.5)		—		—		(2.5)
Cash expense	11.3		4.5		—		1.8		—		17.6
2020 provision reversal	(0.4)		—		—		—		—		(0.4)
2020 cash activity	(4.5)		(0.6)		—		—		—		(5.1)
Foreign currency translation	(0.1)		—		—		—		—		(0.1)
Balance as of December 31, 2020	$	11.1	$	3.9	$	—	$	1.8	$	—	$	16.8

During the three months ended December 31, 2019, the Company exited and sold its 50% interest in its USC, LLC joint venture to its joint venture partner for approximately $5.1 million. The operations of the joint venture were part of the Company's grain storage and production system operations, and the decision to sell the joint venture was as a result of the overall rationalization of the business. The Company recorded a loss of approximately $2.1 million associated with the sale, which was reflected within “Restructuring expenses” in the Company’s Consolidated Statements of Operations.

Accounts Receivable Sales Agreements	12 Months Ended
Accounts Receivable Sales Agreements	Dec. 31, 2020
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 December 31, 2020 and 2019, the cash received from receivables sold under the U.S., Canadian, European and Brazilian accounts receivable sales agreements was approximately $1.5 billion and $1.6 billion, respectively. 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 receivables sales agreements. These fees are reflected within losses on the sales of receivables included within “Other expense, net” in the Company’s Consolidated Statements of Operations. The Company does not service the receivables after the sale occurs and does not maintain any direct retained interest in the receivables. The Company reviewed its accounting for the accounts receivable sales agreements and determined that these facilities should be accounted for as off-balance sheet transactions. Losses on sales of receivables associated with the accounts receivable financing facilities discussed above, reflected within “Other expense, net” in the Company’s Consolidated Statements of Operations, were approximately $24.1 million, $42.4 million and $36.0 million during 2020, 2019 and 2018, respectively. The Company’s finance joint ventures in Europe, Brazil and Australia also provide wholesale financing directly to the Company’s dealers. The receivables associated with these arrangements are without recourse to the Company. The Company does not service the receivables after the sale occurs and does not maintain any direct retained interest in the receivables. As of December 31, 2020 and 2019, these finance joint ventures had approximately $85.2 million and $104.3 million, respectively, of outstanding accounts receivable associated with these arrangements. The Company reviewed its accounting for these arrangements and determined that these arrangements should be accounted for as off-balance sheet transactions. In addition, the Company sells certain trade receivables under factoring arrangements to other financial institutions around the world. The Company reviewed the sale of such receivables and determined that these arrangements should be accounted for as off-balance sheet transactions.

Investments in Affiliates

12 Months Ended

Dec. 31, 2020

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

Investments in Affiliates

Investments in affiliates as of December 31, 2020 and 2019 were as follows (in millions):


	2020		2019
Finance joint ventures	$	395.3	$	339.0
Manufacturing joint ventures	31.8		26.8
Other affiliates	15.6		14.4
	$	442.7	$	380.2

The Company's finance joint ventures provide retail financing and wholesale financing to its dealers. The majority of the assets of the Company’s finance joint ventures represent finance receivables. The majority of the liabilities represent notes payable and accrued interest. Under the various joint venture agreements, Rabobank or its affiliates provide financing to the joint venture companies. AGCO has a 49% interest in the Company’s finance joint ventures (Note 13).

The Company’s manufacturing joint ventures consist of Groupement International De Mecanique Agricole SA (“GIMA”) (a joint venture with a third-party manufacturer to purchase, design and manufacture components for agricultural equipment in France) and a joint venture with a third-party manufacturer to manufacture protein production equipment in China. The other joint ventures represent investments in farm equipment manufacturers, an electronic and software system manufacturer, distributors and licensees.

The Company’s equity in net earnings of affiliates for the years ended December 31, 2020, 2019 and 2018 were as follows (in millions):


	2020		2019		2018
Finance joint ventures	$	45.0	$	41.5	$	34.7
Manufacturing and other joint ventures	0.5		1.0		(0.4)
	$	45.5	$	42.5	$	34.3

Summarized combined financial information of the Company’s finance joint ventures as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018 were as follows (in millions):


	As of December 31,
	2020		2019
Total assets	$	8,033.4	$	7,773.7
Total liabilities	7,226.7		7,081.9
Partners’ equity	806.7		691.8


	For the Years Ended December 31,
	2020		2019		2018
Revenues	$	402.2	$	417.6	$	390.8
Costs	274.0		299.9		286.7
Income before income taxes	$	128.2	$	117.7	$	104.1

At December 31, 2020 and 2019, the Company’s receivables from affiliates were approximately $47.5 million and $15.2 million, respectively. The receivables from affiliates are reflected within “Accounts and notes receivable, net” within the Company’s Consolidated Balance Sheets.

The portion of the Company’s retained earnings balance that represents undistributed retained earnings of equity method investees was approximately $375.5 million and $310.8 million as of December 31, 2020 and 2019, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

The sources of income before income taxes and equity in net earnings of affiliates were as follows for the years ended December 31, 2020, 2019 and 2018 (in millions):


	2020		2019		2018
United States	$	(73.4)	$	(53.1)	$	(126.0)
Foreign	635.4		314.2		486.3
Income before income taxes and equity in net earnings of affiliates	$	562.0	$	261.1	$	360.3

The provision for income taxes by location of the taxing jurisdiction for the years ended December 31, 2020, 2019 and 2018 consisted of the following (in millions):


	2020		2019		2018
Current:
United States:
Federal	$	1.0	$	(6.5)	$	(9.1)
State	3.1		2.1		1.2
Foreign	180.2		170.1		133.5
	184.3		165.7		125.6
Deferred:
United States:
Federal	1.3		1.3		—
State	—		—		—
Foreign	2.1		13.8		(14.7)
	3.4		15.1		(14.7)
	$	187.7	$	180.8	$	110.9

On March 27, 2020, the CARES Act (the “Act”) was enacted in the United States in response to the COVID-19 pandemic to, among other things, provide tax relief to businesses. Tax provisions of the Act include the deferral of certain payroll taxes, relief for retaining employees and other provisions. Other governments around the world have also enacted similar measures and may enact further measures in the future. To date, the Act and other similar worldwide measures have not had a material impact to the Company’s results of operations or financial condition.

Swiss tax reform was enacted during 2019 and eliminated certain preferential tax items as well as implemented new tax rates at both the federal and cantonal levels. During the three months ended December 31, 2019, the Company recognized a one-time income tax gain of approximately $21.8 million associated with the changing of Swiss federal and cantonal tax rates as well as recognition of a deferred tax asset associated with the estimated value of a tax basis step-up of the Company’s Swiss subsidiary’s assets.

On December 22, 2017, The Tax Cuts and Jobs Act (“the 2017 Tax Act”) was enacted in the United States. The primary provisions of the 2017 Tax Act affecting the Company in 2018 were a reduction to the corporate tax rate from 35% to 21%, and a transition from a worldwide corporate tax system to a primarily territorial tax system. Beginning in 2018, the Company was also subject to additional provisions of the 2017 Tax Act. The main provisions include a tax on global intangible low-taxed income (“GILTI”) and a limitation on the deductibility of certain executive compensation. The combined effect of these and other provisions did not have a material effect on the Company’s provision for income taxes in 2020 or 2019. During the three months ended December 31, 2018, the Company finalized its calculations related to the 2017 Tax Act’s one-time transition tax associated with the mandatory deemed repatriation of unremitted foreign earnings, and recorded an income tax benefit of approximately $8.4 million.

A reconciliation of income taxes computed at the United States federal statutory income tax rate (21% for 2020, 2019, and 2018 (from 35% for 2017)) to the provision for income taxes reflected in the Company’s Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018 is as follows (in millions):


	2020		2019		2018
Provision for income taxes at United States federal statutory rate	$	118.0	$	54.8	$	75.7
State and local income taxes, net of federal income tax effects	(3.5)		(2.5)		(6.0)
Taxes on foreign income which differ from the United States statutory rate	13.9		6.7		(0.3)
Tax effect of permanent differences	13.4		63.9		26.7
Change in valuation allowance	16.3		84.6		24.6
Change in tax contingency reserves	37.2		3.2		8.5
Research and development tax credits	(9.0)		(7.1)		(8.5)
Impacts related to changes in tax laws	—		(21.8)		(8.4)
Other	1.4		(1.0)		(1.4)
	$	187.7	$	180.8	$	110.9

The significant components of the deferred tax assets and liabilities at December 31, 2020 and 2019 were as follows (in millions):


	2020		2019
Deferred Tax Assets:
Net operating loss carryforwards	$	62.9	$	72.0
Sales incentive discounts	50.8		61.9
Inventory valuation reserves	35.9		41.1
Pensions and postretirement health care benefits	55.8		51.6
Warranty and other reserves	126.3		128.5
Research and development tax credits	12.9		17.3
Foreign tax credits	5.9		6.4
Other	10.4		17.2
Total gross deferred tax assets	360.9		396.0
Valuation allowance	(181.0)		(169.1)
Total deferred tax assets	179.9		226.9
Deferred Tax Liabilities:
Tax over book depreciation and amortization	167.5		164.3
Investment in affiliates	33.1		50.3
Other	14.1		25.5
Total deferred tax liabilities	214.7		240.1
Net deferred tax liabilities	$	(34.8)	$	(13.2)
Amounts recognized in Consolidated Balance Sheets:

Deferred tax assets - noncurrent	$	77.6	$	93.8

Deferred tax liabilities - noncurrent	(112.4)		(107.0)
	$	(34.8)	$	(13.2)

As reflected in the preceding table, the Company recorded a net deferred tax liability of $34.8 million and $13.2 million as of December 31, 2020 and December 31, 2019, respectively, and had a valuation allowance against its gross deferred tax assets of approximately $181.0 million and $169.1 million as of December 31, 2020 and 2019, respectively.

During the three months ended September 30, 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 its net deferred tax assets in the United States and certain foreign jurisdictions. A valuation allowance is established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company assessed the likelihood that its deferred tax assets would be recovered from estimated future taxable income and available tax planning strategies and determined that all adjustments to the valuation allowance were appropriate. In making this assessment, all available evidence was considered including the current economic climate, as well as reasonable tax planning strategies. The Company believes it is more likely than not that it will realize its remaining net deferred tax assets, net of the valuation allowance, in future years.

The Company had net operating loss carryforwards of $219.7 million as of December 31, 2020, with expiration dates as follows: 2021 - $24.0 million; 2022 - $15.0 million; 2023 - $46.7 million and thereafter or unlimited - $134.0 million. The net operating loss carryforwards of $219.7 million are entirely in tax jurisdictions outside of the United States. The Company does not have any material U.S. state net operating loss carryforwards.

The Company paid income taxes of $181.4 million, $144.4 million and $101.6 million for the years ended December 31, 2020, 2019 and 2018, respectively.

The Company recognizes income tax benefits from uncertain tax positions only when there is a more than 50% likelihood that the tax positions will be sustained upon examination by the taxing authorities based on the technical merits of the positions. At December 31, 2020 and 2019, the Company had $227.9 million and $210.7 million, respectively, of unrecognized income tax benefits, all of which would affect the Company’s effective tax rate if recognized. At December 31, 2020 and 2019, the Company had approximately $57.1 million and $51.0 million, respectively, of accrued or deferred taxes related to uncertain income tax positions connected with ongoing income tax audits in various jurisdictions that it expects to settle or pay in the next 12 months. The Company accrued approximately $7.1 million and $1.8 million of interest and penalties related to unrecognized tax benefits in its provision for income taxes during 2020 and 2019, respectively. At December 31, 2020 and 2019, the Company had accrued interest and penalties related to unrecognized tax benefits of $39.4 million and $28.4 million, respectively.

A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits as of and during the years ended December 31, 2020 and 2019 is as follows (in millions):


	2020		2019
Gross unrecognized income tax benefits at the beginning of the year	$	210.7	$	166.1
Additions for tax positions of the current year	32.0		32.8
Additions for tax positions of prior years	9.4		20.7

Reductions for tax positions of prior years for:
Changes in judgments	9.1		(4.6)
Settlements during the year	(52.9)		(0.7)
Lapses of applicable statute of limitations	(0.2)		(0.8)
Foreign currency translation and other	19.8		(2.8)
Gross unrecognized income tax benefits at the end of the year	$	227.9	$	210.7

The reconciliation of gross unrecognized tax benefits above for 2020 and 2019 excludes certain indirect favorable effects that relate to other tax jurisdictions of approximately $64.1 million and $44.9 million, respectively. The change in certain indirect favorable effects between 2020 and 2019 includes approximately $13.1 million related to additions and reductions for tax positions of current and prior years, changes in judgments and lapses of statutes of limitations.

The Company and its subsidiaries file income tax returns in the United States and in various state, local and foreign jurisdictions. The Company and its subsidiaries are routinely examined by tax authorities in these jurisdictions. As of December 31, 2020, a number of income tax examinations in foreign jurisdictions, as well as the United States, were ongoing. It is possible that certain of these ongoing examinations may be resolved within 12 months. Due to the potential for resolution of federal, state and foreign examinations, and the expiration of various statutes of limitation, it is reasonably possible that the Company’s gross unrecognized income tax benefits balance may materially change within the next 12 months. In certain

foreign jurisdictions, there is either statutory expirations or the Company’s settlement expectations such that approximately $57.1 million could be concluded within the next 12 months. Although there are ongoing examinations in various federal and state jurisdictions, the 2017 through 2020 tax years generally remain subject to examination in the United States by applicable authorities. In the Company’s significant foreign jurisdictions, primarily the United Kingdom, France, Germany, Switzerland, Finland and Brazil, the 2015 through 2020 tax years generally remain subject to examination by their respective tax authorities. In Brazil, the Company is contesting disallowed deductions related to amortization of certain goodwill amounts (see Note 11).

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Indebtedness

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Indebtedness

Long-term debt consisted of the following at December 31, 2020 and 2019 (in millions):


	December 31, 2020		December 31, 2019
Senior term loan due 2022(1)	$	184.0	$	168.1
Credit facility, expires 2023(1)	277.9		—
1.002% Senior term loan due 2025	306.7		280.2
Senior term loans due between 2021 and 2028(1)	806.0		736.2




Other long-term debt	10.5		12.5
Debt issuance costs	(2.5)		(2.3)
	1,582.6		1,194.7

Less: Senior term loans due 2021, net of debt issuance costs	(323.6)		—
Current portion of other long-term debt	(2.3)		(2.9)
Total long-term indebtedness, less current portion	$	1,256.7	$	1,191.8

____________________________________

(1) Maturity dates are reflected as of December 31, 2020.

At December 31, 2020, the aggregate scheduled maturities of long-term debt, excluding the current portion of long-term debt, are as follows (in millions):


2022	$	463.5
2023	304.3
2024	2.5
2025	383.8
Thereafter	102.6
	$	1,256.7

Cash payments for interest were approximately $23.6 million, $26.3 million and $35.2 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Current Indebtedness

Senior Term Loan Due 2022

In October 2018, the Company entered in a term loan agreement with Rabobank in the amount of €150.0 million (or approximately $184.0 million as of December 31, 2020). The Company is permitted 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 EURIBOR plus a margin ranging from 0.875% to 1.875% based on the Company’s credit rating. The Company also has to fulfill financial covenants with respect to a total debt to EBITDA ratio and an interest coverage ratio.

Credit Facility

In October 2018, the Company entered into a multi-currency revolving credit facility of $800.0 million. The maturity date of the credit facility is October 17, 2023. Interest accrues on amounts outstanding under the credit facility, at the Company’s option, at either (1) LIBOR plus a margin ranging from 0.875% to 1.875% based on the Company’s credit rating, or (2) the base rate, which is equal to the higher of (i) the administrative agent’s base lending rate for the applicable currency, (ii) the federal funds rate plus 0.5%, and (iii) one-month LIBOR for loans denominated in U.S. dollars plus 1.0%, plus a margin ranging from 0.0% to 0.875% based on the Company’s credit rating. The credit facility contains covenants restricting, among other things, the incurrence of indebtedness and the making of certain payments, including dividends. The Company also has to fulfill financial covenants with respect to a total debt to EBITDA ratio and an interest coverage ratio. As of December 31, 2020 and 2019, the Company had no outstanding borrowings under the revolving credit facility and the ability to borrow approximately $800.0 million under the facility.

On April 9, 2020, the Company entered into an amendment to its $800.0 million multi-currency revolving credit facility to include incremental term loans (“2020 term loans”) that allow the Company to borrow an aggregate principal amount of €235.0 million and $267.5 million, respectively (or an aggregate of approximately $555.8 million as of December 31, 2020). Amounts can be drawn incrementally at any time prior to maturity, but must be drawn down proportionately. Amounts drawn must be in a minimum principal amount of $100.0 million and integral multiples of $50.0 million in excess thereof. Once amounts have been repaid, those amounts are not permitted to be re-drawn. The maturity date of the 2020 term loans is April 8, 2022. Interest accrues on amounts outstanding under the 2020 term loans, at the Company’s option, at either (1) LIBOR plus a margin based on the Company’s credit rating ranging from 1.125% to 2.125% until April 8, 2021 and ranging from 1.375% to 2.375% thereafter, 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 based on the Company’s credit rating ranging from 0.125% to 1.375% until April 8, 2021 and ranging from 0.375% to 1.375% thereafter. The 2020 term loans contain covenants restricting, among other things, the incurrence of indebtedness and the making of certain payments, including dividends. The Company also has to fulfill financial covenants with respect to a total debt to EBITDA ratio and an interest coverage ratio. On April 15, 2020, the Company borrowed €117.5 million and $133.8 million (or an aggregate of approximately $277.9 million as of December 31, 2020) of 2020 term loans. The Company simultaneously repaid €100.0 million (or approximately $108.7 million) of its revolving credit facility from the borrowings received. There were no other borrowings on the 2020 term loans subsequent to the initial borrowings in April 2020. As of December 31, 2020, the Company had the ability to borrow approximately $277.9 million of 2020 term loans.

Interest on U.S. dollar borrowings under the Company’s credit facility is calculated based upon LIBOR. In the event that LIBOR is no longer published, interest will be calculated upon either a base rate or the secured overnight financing rate depending on cost. The credit facility and 2020 term loans also provide for an expedited amendment process once a replacement for LIBOR is established.

The Company’s former revolving credit and term loan facility consisted of an $800.0 million multi-currency revolving credit facility and a €312.0 million term loan facility. The maturity date of the former credit facility was June 26, 2020. As is more fully described in Note 10, the Company entered into an interest rate swap in 2015 to convert the term loan facility’s floating interest rate to a fixed interest rate of 0.33% plus the applicable margin over the remaining life of the term loan facility. In connection with the closing of new credit facility in October 2018, the Company repaid its outstanding €312.0 million (or approximately $360.8 million) term loan under the former revolving credit and term loan facility. The Company recorded approximately $0.9 million in “Interest expense, net,” associated with the write-off of deferred debt issuance costs associated with the repayment. The Company also recorded a loss of approximately $3.9 million which was recorded in “Interest expense, net” for the year ended December 31, 2018 associated with the termination of the interest rate swap instrument.

1.002% Senior Term Loan

In December 2018, the Company entered into a term loan with the European Investment Bank (“EIB”), which provided the Company with the ability to borrow up to €250.0 million. The €250.0 million (or approximately $306.7 million as of December 31, 2020) 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. The term loan contains covenants regarding, among other things, the incurrence of indebtedness and the making of certain payments, as well as commitments regarding amounts of future research and development expenses in

Europe, and is subject to acceleration in the events of default. The Company also has to fulfill financial covenants with respect to a net leverage ratio and interest coverage ratio.

Senior Term Loans Due Between 2021 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. Of the 2016 term loans, an aggregate amount of €56.0 million (or approximately $61.1 million) was repaid upon maturity of two term loan agreements in October 2019.

In aggregate, the Company has indebtedness of €657.0 million (or approximately $806.0 million as of December 31, 2020) through a group of twelve related term loan agreements. Four of the term loan agreements in the aggregate amount of €264.0 million (or approximately $323.60 million net of debt issuance costs, as of December 31, 2020) will mature in August and October 2021. 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 August 2021 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 August 2021 and August 2025. The term loans contain covenants restricting, among other things, the incurrence of indebtedness and the making of certain payments, including dividends, and is subject to acceleration in the event of default.

Former Indebtedness

1.056% Senior Term Loan

In December 2014, the Company entered into a term loan with the EIB, which provided the Company with the ability to borrow up to €200.0 million. The €200.0 million of funding was received on January 15, 2015 and had a maturity date of January 15, 2020. The Company repaid the €200.0 million (or approximately $220.0 million) term loan in December 2019.

Senior Term Loans Due 2021

In April 2016, the Company entered into two term loan agreements with Rabobank, in the amount of €100.0 million and €200.0 million, respectively. The provisions of the two term loans were identical in nature. In December 2017, the Company repaid its €200.0 million (or approximately $239.8 million) term loan and in October 2018, in connection with the term loan agreement due 2022 with Rabobank discussed above, the Company repaid its €100.0 million (or approximately $113.2 million) term loan.

57/8% Senior Notes

The Company’s 57/8% senior notes due December 1, 2021 constituted senior unsecured indebtedness. At any time prior to September 1, 2021, the Company could redeem the notes, in whole or in part from time to time, at its option, at a redemption price equal to the greater of (i) 100% of the principal amount plus accrued and unpaid interest, including additional interest, if any, to, but excluding, the redemption date, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of interest accrued to the date of redemption) discounted to the redemption date at the treasury rate plus 0.5%, plus accrued and unpaid interest, including additional interest, if any.

In May 2018, the Company completed a cash tender offer to purchase any and all of its outstanding 57/8% senior notes at a cash purchase price of $1,077.50 per $1,000.00 of senior notes. As a result of the tender offer, the Company repurchased approximately $185.9 million of principal amount of the senior notes for approximately $200.3 million, plus accrued interest. In October 2018, the Company repurchased the remaining principal amount of the senior notes of approximately $114.1 million for approximately $122.5 million, plus accrued interest. Both repurchases resulted in total losses on extinguishment of debt of approximately $24.5 million, including associated fees. As a result of the repurchase of the 57/8% senior notes, the Company recorded a cumulative amount of approximately $4.7 million of accelerated amortization of a deferred gain related to a terminated interest rate swap instrument associated with the senior notes. The losses on extinguishment as well as the accelerated amortization were reflected in “Interest expense, net,” for the year ended December 31, 2018.

Short-Term Borrowings

As of December 31, 2020 and 2019, the Company had short-term borrowings due within one year of approximately $33.8 million and $150.5 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 December 31, 2020 and 2019, outstanding letters of credit totaled $14.4 million and $13.9 million, respectively.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2020

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

Employee Benefit Plans

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

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

Net annual pension costs for the years ended December 31, 2020, 2019 and 2018 for the Company’s defined benefit pension plans and ENPP are set forth below (in millions):


Pension benefits	2020		2019		2018
Service cost	$	16.2	$	15.5	$	16.6
Interest cost	16.5		20.7		19.9
Expected return on plan assets	(28.4)		(28.1)		(34.0)
Amortization of net actuarial losses	15.5		14.3		13.8
Amortization of prior service cost	2.1		1.6		1.2
Net loss recognized due to settlement	0.2		0.5		0.9


Net annual pension cost	$	22.1	$	24.5	$	18.4

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 Consolidated Statements of Operations.

The weighted average assumptions used to determine the net annual pension costs for the Company’s defined benefit pension plans and ENPP for the years ended December 31, 2020, 2019 and 2018 are as follows:


	2020		2019		2018
All plans:
Weighted average discount rate	2.0	%	2.8	%	2.5	%
Weighted average expected long-term rate of return on plan assets	4.1	%	4.6	%	5.4	%
Rate of increase in future compensation	1.8%-5.0%		1.8%-5.0%		1.8%-5.0%
U.S.-based plans:
Weighted average discount rate	3.45	%	4.35	%	3.70	%
Weighted average expected long-term rate of return on plan assets(1)	5.0	%	5.5	%	6.0	%
Rate of increase in future compensation(2)	5.0	%	5.0	%	5.0	%

___________________________________

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

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

For the Company’s Swiss cash balance plan, the interest crediting rate of 1.0% for both 2020 and 2019 was set equal to the current annual minimum rate set by the government for the mandatory portion of the account balance. Above mandatory amounts have an interest crediting rate of 0.0% for 2020 and 0.25% for 2019.

Net annual postretirement benefit costs, and the weighted average discount rate used to determine them, for the years ended December 31, 2020, 2019 and 2018 are set forth below (in millions, except percentages):


Postretirement benefits	2020			2019			2018
Service cost	$	0.1		$	0.1		$	0.1
Interest cost	1.2			1.3			1.4
Amortization of net actuarial losses	0.1			—			0.1
Amortization of prior service cost	0.1			0.1			0.2

Net annual postretirement benefit cost	$	1.5		$	1.5		$	1.8
Weighted average discount rate	4.5		%	5.2		%	4.9		%

The following tables set forth reconciliations of the changes in benefit obligation, plan assets and funded status as of December 31, 2020 and 2019 (in millions):


	Pension and ENPP Benefits				Postretirement Benefits
Change in benefit obligation	2020		2019		2020		2019
Benefit obligation at beginning of year	$	917.3	$	823.1	$	29.4	$	25.3
Service cost	16.2		15.5		0.1		0.1
Interest cost	16.5		20.7		1.2		1.3
Plan participants’ contributions	1.3		1.2		—		—
Actuarial losses (gains)	86.8		83.3		(1.1)		4.5

Amendments	(0.3)		4.7		—		—
Settlements	(0.3)		(0.8)		—		—

Benefits paid	(44.6)		(44.8)		(1.5)		(1.5)

Foreign currency exchange rate changes	40.8		14.4		(1.7)		(0.3)
Benefit obligation at end of year	$	1,033.7	$	917.3	$	26.4	$	29.4

	Pension and ENPP Benefits				Postretirement Benefits
Change in plan assets	2020		2019		2020		2019
Fair value of plan assets at beginning of year	$	711.0	$	617.1	$	—	$	—
Actual return on plan assets	76.6		91.2		—		—
Employer contributions	32.4		30.6		1.5		1.5
Plan participants’ contributions	1.3		1.2		—		—
Benefits paid	(44.6)		(44.8)		(1.5)		(1.5)
Settlements	(0.3)		(0.8)		—		—

Foreign currency exchange rate changes	32.2		16.5		—		—
Fair value of plan assets at end of year	$	808.6	$	711.0	$	—	$	—
Funded status	$	(225.1)	$	(206.3)	$	(26.4)	$	(29.4)
Unrecognized net actuarial losses	385.1		362.2		2.6		3.9
Unrecognized prior service cost	20.1		22.5		2.9		3.0
Accumulated other comprehensive loss	(405.2)		(384.7)		(5.5)		(6.9)
Net amount recognized	$	(225.1)	$	(206.3)	$	(26.4)	$	(29.4)


Amounts recognized in Consolidated Balance Sheets:
Other long-term asset	$	13.2	$	6.2	$	—	$	—
Other current liabilities	(6.7)		(4.9)		(1.4)		(1.6)
Accrued expenses	(3.2)		(3.3)		—		—
Pensions and postretirement health care benefits (noncurrent)	(228.4)		(204.3)		(25.0)		(27.8)
Net amount recognized	$	(225.1)	$	(206.3)	$	(26.4)	$	(29.4)

The following table summarizes the activity in accumulated other comprehensive loss related to the Company’s ENPP and defined pension and postretirement benefit plans during the years ended December 31, 2020 and 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)
Prior service cost arising during the year	(4.7)		—		(4.7)
Net loss recognized due to settlement	0.6		—		0.6

Net actuarial loss arising during the year	(25.3)		(2.0)		(23.3)
Amortization of prior service cost	1.7		0.1		1.6
Amortization of net actuarial losses	14.3		2.5		11.8
Accumulated other comprehensive loss as of December 31, 2019	$	(393.2)	$	(96.8)	$	(296.4)
Prior service cost arising during the year	0.3		—		0.3
Net loss recognized due to settlement	0.3		—		0.3

Net actuarial loss arising during the year	(37.8)		(5.1)		(32.7)
Amortization of prior service cost	2.2		0.1		2.1
Amortization of net actuarial losses	15.7		2.6		13.1
Accumulated other comprehensive loss as of December 31, 2020	$	(412.5)	$	(99.2)	$	(313.3)

The unrecognized net actuarial losses included in accumulated other comprehensive loss related to the Company’s defined benefit pension plans and ENPP as of December 31, 2020 and 2019 are set forth below (in millions):


	2020		2019
Unrecognized net actuarial losses	$	385.1	$	362.2

The increase in unrecognized net actuarial losses between years primarily resulted from lower discount rates at December 31, 2020 compared to December 31, 2019. The unrecognized net actuarial losses will be impacted in future periods by actual asset returns, discount rate changes, currency exchange rate fluctuations, actual demographic experience and certain other factors. For some of the Company’s defined benefit pension plans, these losses, to the extent they exceed 10% of the greater of the plan’s liabilities or the fair value of assets (“the gain/loss corridor”), will be amortized on a straight-line basis over the periods discussed as follows. For the Company’s U.S. salaried, U.S. hourly and U.K. defined benefit pension plans, the population covered is predominantly inactive participants, and losses related to those plans, to the extent they exceed the gain/loss corridor, will be amortized over the average remaining lives of those participants while covered by the respective plan. For the Company’s ENPP, the population is predominantly active participants, and losses related to the plan will be amortized over the average future working lifetime of the active participants expected to receive benefits. As of December 31, 2020, the average amortization periods were as follows:

ENPP

U.S. Plans

U.K. Plan

Average amortization period of losses related to defined benefit pension plans

7 years

14 years

19 years

The following table summarizes the unrecognized prior service cost related to the Company’s defined benefit pension plans as of December 31, 2020 and 2019 (in millions):


	2020		2019
Unrecognized prior service cost	$	20.1	$	22.5

The decrease in the unrecognized prior service cost between years is due primarily to the amortization of unrecognized prior service cost related to prior plan amendments. The amortization of unrecognized prior service cost during 2020 also included the initial amortization impacts of an amendment to the Company’s ENPP during 2019.

The following table summarizes the unrecognized net actuarial losses included in the Company’s accumulated other comprehensive loss related to the Company’s U.S. and Brazilian postretirement health care benefit plans as of December 31, 2020 and 2019 (in millions):


	2020		2019
Unrecognized net actuarial losses(1)	$	2.6	$	3.9

___________________________________

(1) Includes a loss of approximately $1.0 million and $1.6 million, respectively, related to the Company’s U.S. postretirement benefit plans.

The decrease in unrecognized net actuarial losses related to the Company’s U.S. and Brazilian postretirement benefit plans was primarily due to liability gain due to the experience of the plans as of December 31, 2020 as compared to December 31, 2019. The unrecognized net actuarial gains or losses will be impacted in future periods by discount rate changes, actual demographic experience, actual health care inflation and certain other factors. These gains or losses, to the extent they exceed the gain/loss corridor, will be amortized on a straight-line basis over the average remaining service period of active employees expected to receive benefits, or the average remaining lives of inactive participants, covered under the postretirement benefit plans. As of December 31, 2020, the average amortization period was 10 years for the Company’s U.S. postretirement benefit plans.

As of December 31, 2020 and 2019, the net prior service cost related to the Company’s U.S. and Brazilian postretirement health care benefit plans was as follows (in millions):


	2020		2019
Net prior service cost	$	2.9	$	3.0

The following table summarizes the fair value of plan assets, aggregate projected benefit obligation and accumulated benefit obligation as of December 31, 2020 and 2019 for defined benefit pension plans, ENPP and other postretirement plans with accumulated benefit obligations in excess of plan assets (in millions):


	2020		2019
All plans:
Fair value of plan assets	$	41.6	$	67.8
Projected benefit obligation	306.2		309.3
Accumulated benefit obligation	269.4		275.2
U.S.-based plans and ENPP:
Fair value of plan assets	$	5.1	$	38.3
Projected benefit obligation	157.4		172.5
Accumulated benefit obligation	135.4		151.9

The 2020 amounts disclosed above do not include balances related to the Company’s U.K. plan. The Company’s U.K. plan’s fair value of plan assets was in excess of the plan’s accumulated benefit obligation as of December 31, 2020. The amounts for 2019 disclosed above do not include the fair value of plan assets, the projected benefit obligation or the accumulated benefit obligation related to the Company’s U.K. plan. The Company’s U.K. plan’s fair value of plan assets was in excess of the plan’s accumulated benefit obligation as of December 31, 2019.

The Company’s accumulated comprehensive loss as of December 31, 2020 and 2019 reflects a reduction in equity related to the following items (in millions):


	2020		2019
All plans:(1)
Reduction in equity, net of taxes of $98.6 and $96.3 at December 31, 2020 and 2019, respectively	$	410.8	$	391.6
GIMA joint venture:(2)
Reduction in equity, net of taxes of $0.6 and $0.5 at December 31, 2020 and 2019, respectively	1.7		1.6

______________________________________

(1) Primarily related to the Company’s U.K. pension plan.

(2) These amounts represented 50% of GIMA’s unrecognized net actuarial losses and unrecognized prior service cost associated with its pension plan. In addition, GIMA recognized a net actuarial loss due to settlements of approximately $0.1 million for both of 2020 and 2019, respectively.

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

The weighted average assumptions used to determine the benefit obligation for the Company’s defined benefit pension plans and ENPP as of December 31, 2020 and 2019 are as follows:


	2020		2019
All plans:
Weighted average discount rate	1.5	%	2.0	%
Rate of increase in future compensation	1.50%-5.0%		1.75%-5.0%
U.S.-based plans:
Weighted average discount rate	2.75	%	3.45	%
Rate of increase in future compensation(1)	5.0	%	5.0	%

____________________________________

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

The weighted average discount rate used to determine the benefit obligation for the Company’s postretirement benefit plans for the years ended December 31, 2020 and 2019 was 3.8% and 4.5%, respectively.

For the years ended December 31, 2020, 2019 and 2018, the Company used a globally consistent methodology to set the discount rate in the countries where its largest benefit obligations exist. In the United States, the United Kingdom and the Euro Zone, the Company constructed a hypothetical bond portfolio of high-quality corporate bonds and then applied the cash flows of the Company’s benefit plans to those bond yields to derive a discount rate. The bond portfolio and plan-specific cash flows vary by country, but the methodology in which the portfolio is constructed is consistent. In the United States, the bond portfolio is large enough to result in taking a “settlement approach” to derive the discount rate, in which high-quality corporate bonds are assumed to be purchased and the resulting coupon payments and maturities are used to satisfy the Company’s U.S. pension plans’ projected benefit payments. In the United Kingdom and the Euro Zone, the discount rate is derived using a “yield curve approach,” in which an individual spot rate, or zero coupon bond yield, for each future annual period is developed to discount each future benefit payment and, thereby, determine the present value of all future payments. The Company uses a spot yield curve to determine the discount rate applicable in the United Kingdom to measure the U.K. pension plan’s service cost and interest cost. Under the settlement and yield curve approaches, the discount rate is set to equal the single discount rate that produces the same present value of all future payments.

For measuring the expected U.S. postretirement benefit obligation at December 31, 2020, the Company assumed a 7.0% health care cost trend rate for 2021 decreasing to 5.0% by 2029. For measuring the expected U.S. postretirement benefit obligation at December 31, 2019, the Company assumed a 6.25% health care cost trend rate for 2020 decreasing to 5.0% by 2025. For measuring the Brazilian postretirement benefit plan obligation at December 31, 2020, the Company assumed a 9.96% health care cost trend rate for 2021, decreasing to 4.28% by 2032. For measuring the Brazilian postretirement benefit plan obligation at December 31, 2019, the Company assumed a 10.55% health care cost trend rate for 2020, decreasing to 4.8% by 2031.

The Company currently estimates its minimum contributions and benefit payments to its U.S.-based underfunded defined benefit pension plans and unfunded ENPP for 2021 will aggregate approximately $4.4 million. The Company currently estimates its minimum contributions for underfunded plans and benefit payments for unfunded plans for 2021 to its non-U.S.-based defined benefit pension plans will aggregate approximately $31.3 million, of which approximately $20.9 million relates to its U.K. pension plan. The Company currently estimates its benefit payments for 2021 to its U.S.-based postretirement health care and life insurance benefit plans will aggregate approximately $1.5 million and its benefit payments for 2021 to its Brazilian postretirement health care benefit plans will aggregate less than $0.1 million.

During 2020, approximately $44.9 million of benefit payments were made related to the Company’s defined benefit pension plans and ENPP. At December 31, 2020, the aggregate expected benefit payments for the Company’s defined benefit pension plans and ENPP are as follows (in millions):


2021	$	50.5
2022	51.0
2023	51.9
2024	51.4
2025	52.6
2026 through 2030	283.6
	$	541.0

During 2020, approximately $1.5 million of benefit payments were made related to the Company’s U.S. and Brazilian postretirement benefit plans. At December 31, 2020, the aggregate expected benefit payments for the Company’s U.S. and Brazilian postretirement benefit plans are as follows (in millions):


2021	$	1.5
2022	1.5
2023	1.6
2024	1.6
2025	1.6
2026 through 2030	7.8
	$	15.6

Investment Strategy and Concentration of Risk

The weighted average asset allocation of the Company’s U.S. pension benefit plans as of December 31, 2020 and 2019 are as follows:


Asset Category	2020		2019
Equity securities	36	%	34	%
Fixed income securities	57	%	59	%
Other investments	7	%	7	%
Total	100	%	100	%

The weighted average asset allocation of the Company’s non-U.S. pension benefit plans as of December 31, 2020 and 2019 are as follows:


Asset Category	2020		2019
Equity securities	41	%	39	%
Fixed income securities	53	%	54	%
Other investments	6	%	7	%
Total	100	%	100	%

The Company categorizes its pension plan assets into one of three levels based on the assumptions used in valuing the asset. See Note 12 for a discussion of the fair value hierarchy as per the guidance in ASC 820, “Fair Value Measurements” (“ASC 820”). The Company’s valuation techniques are designed to maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses the following valuation methodologies to measure the fair value of its pension plan assets:

•Equity Securities: Equity securities are valued on the basis of the closing price per unit on each business day as reported on the applicable exchange. Equity funds are valued using the net asset value of the fund, which is based on the fair value of the underlying securities.

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

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

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

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

The fair value of the Company’s pension assets as of December 31, 2020 is as follows (in millions):


	Total		Level 1		Level 2		Level 3
Equity securities:
Global equities	$	235.3	$	156.5	$	78.8	$	—
Non-U.S. equities	4.7		4.7		—		—
U.K. equities	65.2		65.2		—		—
U.S. large cap equities	5.2		5.2		—		—
U.S. small cap equities	3.9		3.9		—		—
Total equity securities	314.3		235.5		78.8		—
Fixed income:
Aggregate fixed income	162.9		162.9		—		—
International fixed income	249.5		249.5		—		—
Total fixed income share(1)	412.4		412.4		—		—
Alternative investments:
Private equity fund	2.1		—		—		2.1
Hedge funds measured at net asset value(4)	38.5		—		—		—
Total alternative investments(2)	40.6		—		—		2.1
Miscellaneous funds(3)	36.6		—		—		36.6
Cash and equivalents measured at net asset value(4)	4.7		—		—		—
Total assets	$	808.6	$	647.9	$	78.8	$	38.7

______________________________________

(1) 44% of “fixed income” securities are in investment-grade corporate bonds; 20% are in government treasuries; 11% are in high-yield securities; 10% are in foreign securities; 6% are in asset-backed and mortgage-backed securities; and 9% are in other various fixed income securities.

(2) 42% of “alternative investments” are in relative value funds; 25% are in long-short equity funds; 14% are in event-driven funds; 14% are in credit funds; and 5% are distributed in hedged and non-hedged funds.

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

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

The following is a reconciliation of Level 3 assets as of December 31, 2020 (in millions):


	Total		Alternative Investments		Miscellaneous Funds
Beginning balance as of December 31, 2019	$	33.1	$	2.3	$	30.8
Actual return on plan assets:
(a) Relating to assets still held at reporting date	0.1		(0.2)		0.3
(b) Relating to assets sold during period	—		—		—
Purchases, sales and /or settlements	2.4		—		2.4

Foreign currency exchange rate changes	3.1		—		3.1
Ending balance as of December 31, 2020	$	38.7	$	2.1	$	36.6

The fair value of the Company’s pension assets as of December 31, 2019 is as follows (in millions):


	Total		Level 1		Level 2		Level 3
Equity securities:
Global equities	$	183.4	$	116.5	$	66.9	$	—
Non-U.S. equities	3.8		3.8		—		—
U.K. equities	65.2		65.2		—		—
U.S. large cap equities	5.9		5.9		—		—
U.S. small cap equities	3.4		3.4		—		—

Total equity securities	261.7		194.8		66.9		—
Fixed income:
Aggregate fixed income	150.1		150.1		—		—
International fixed income	220.0		220.0		—		—
Total fixed income share(1)	370.1		370.1		—		—
Alternative investments:
Private equity fund	2.3		—		—		2.3
Hedge funds measured at net asset value(4)	33.3		—		—		—
Total alternative investments(2)	35.6		—		—		2.3
Miscellaneous funds(3)	30.8		—		—		30.8
Cash and equivalents measured at net asset value(4)	12.8		—		—		—
Total assets	$	711.0	$	564.9	$	66.9	$	33.1

_______________________________________

(1) 43% of “fixed income” securities are in investment-grade corporate bonds; 18% are in government treasuries; 14% are in high-yield securities; 10% are in foreign securities; 9% are in asset-backed and mortgage-backed securities; and 6% are in other various fixed income securities.

(2) 42% of “alternative investments” are in relative value funds; 24% are in long-short equity funds; 21% are in event-driven funds; 7% are distributed in hedged and non-hedged funds; and 6% are in credit funds.

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

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

The following is a reconciliation of Level 3 assets as of December 31, 2019 (in millions):


	Total		Alternative Investments		Miscellaneous Funds
Beginning balance as of December 31, 2018	$	30.5	$	2.3	$	28.2
Actual return on plan assets:
(a) Relating to assets still held at reporting date	1.9		(0.1)		2.0
(b) Relating to assets sold during period	—		—		—
Purchases, sales and /or settlements	1.3		0.1		1.2

Foreign currency exchange rate changes	(0.6)		—		(0.6)
Ending balance as of December 31, 2019	$	33.1	$	2.3	$	30.8

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

The investment strategy for the plans’ portfolio of assets balances the requirement to generate returns with the need to control risk. The asset mix is recognized as the primary mechanism to influence the reward and risk structure of the pension fund investments in an effort to accomplish the plans’ funding objectives. The overall investment strategies and target allocations of retirement fund investments for the Company’s U.S.-based pension plans and the non-U.S. based pension plans are as follow:


	U.S. Pension Plans		Non-U.S. Pension Plans(1)
Overall investment strategies:(2)
Assets for the near-term benefit payments	60.0	%	55.0	%
Assets for longer-term growth	40.0	%	45.0	%
Total	100.0	%	100.0	%

Target allocations:
Equity securities	30.0	%	40.0	%
Fixed income securities	55.0	%	55.0	%
Alternative investments	10.0	%	5.0	%
Cash and cash equivalents	5.0	%	—	%
Total	100.0	%	100.0	%

_______________________________________

(1) The majority of the Company’s non-U.S. pension fund investments are related to the Company’s pension plan in the United Kingdom.

(2) The overall U.S. and non-U.S. pension funds invest in a broad diversification of assets types.

The Company has noted that over very long periods, this mix of investments would achieve an average return on its U.S.-based pension plans of approximately 5.5%. In arriving at the choice of an expected return assumption of 5.0% for its U.S. plans for the year ended December 31, 2021, the Company has tempered this historical indicator with lower expectations for returns and changes to investments in the future as well as the administrative costs of the plans. The Company has noted that over very long periods, this mix of investments would achieve an average return on its non-U.S. based pension plans of approximately 4.25%. In arriving at the choice of an expected return assumption of 4.0% for its U.K.-based plans for the year ended December 31, 2021, the Company has tempered this historical indicator with lower expectations for returns and changes to investments in the future as well as the administrative costs of the plans.

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

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

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

The Company maintains separate defined contribution plans covering certain employees, primarily in the United States, the United Kingdom and Brazil. Under the plans, the Company contributes a specified percentage of each eligible employee’s compensation. The Company contributed approximately $15.4 million for the year ended December 31, 2020 and $15.8 million for both the years ended December 31, 2019 and 2018.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

At December 31, 2020, the Company had 150,000,000 authorized shares of common stock with a par value of $0.01 per share, with approximately 74,962,231 shares of common stock outstanding and approximately 3,853,244 shares reserved for issuance under the Company’s 2006 Long-Term Incentive Plan (the “Plan”) (See Note 9).

Share Repurchase Program

During the three months ended March 31, 2020 and throughout 2019, the Company repurchased approximately 970,141 and 1,794,256 shares of its common stock, respectively, for approximately $55.0 million and $130.0 million, respectively, either through accelerated share repurchase agreements with financial institutions or through open market transactions. All shares received 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 Consolidated Balance Sheets. The Company suspended share repurchases subsequent to March 31, 2020 in light of the COVID-19 pandemic and has not repurchased shares since that period.

As of December 31, 2020, the remaining amount authorized to be repurchased under board-approved share repurchase authorizations was approximately $245.0 million, which has no expiration date.

Dividends

The Company’s Board of Directors has declared and the Company has paid quarterly cash dividends per common share generally beginning in the first quarter of the following years:


	2020(1)		2019(1)		2018
Dividends declared and paid per common share	$	0.16	$	0.15	$	0.15

____________________________________

(1) The Company’s Board of Directors declared and the Company has paid quarterly cash dividends of $0.16 per common share beginning in the second quarter of 2019, from $0.15 per common share in the first quarter of 2019. On January 21, 2021, the Company’s Board of Directors approved a quarterly dividend of $0.16 per common share commencing in the first quarter of 2021.

Accumulated Other Comprehensive Loss

The following table sets forth changes in accumulated other comprehensive loss by component, net of tax, attributed to AGCO Corporation and its subsidiaries for the years ended December 31, 2020 and 2019 (in millions):


	Defined Benefit Pension Plans		Cumulative Translation Adjustment		Deferred Net Gains (Losses) on Derivatives		Total
Accumulated other comprehensive loss, December 31, 2018	$	(282.4)	$	(1,274.4)	$	1.4	$	(1,555.4)
Other comprehensive loss before reclassifications	(27.4)		(23.1)		(2.6)		(53.1)
Net losses (gains) reclassified from accumulated other comprehensive loss	13.4		—		(0.1)		13.3
Other comprehensive loss, net of reclassification adjustments	(14.0)		(23.1)		(2.7)		(39.8)
Accumulated other comprehensive loss, December 31, 2019	(296.4)		(1,297.5)		(1.3)		(1,595.2)
Other comprehensive loss (gain) before reclassifications	(32.1)		(197.5)		5.1		(224.5)
Net losses (gains) reclassified from accumulated other comprehensive loss	15.2		—		(6.3)		8.9
Other comprehensive loss, net of reclassification adjustments	(16.9)		(197.5)		(1.2)		(215.6)
Accumulated other comprehensive loss, December 31, 2020	$	(313.3)	$	(1,495.0)	$	(2.5)	$	(1,810.8)

The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the years ended December 31, 2020 and 2019 (in millions):


Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss				Affected Line Item within the Consolidated Statements of Operations
	Year ended December 31, 2020(1)		Year ended December 31, 2019(1)
Derivatives:
Net gains on foreign currency contracts	$	(6.4)	$	(0.1)	Cost of goods sold

Reclassification before tax	(6.4)		(0.1)
	0.1		—		Income tax provision
Reclassification net of tax	$	(6.3)	$	(0.1)

Defined benefit pension plans:
Amortization of net actuarial losses	$	15.7	$	14.3	Other expense, net(2)
Amortization of prior service cost	2.2		1.7		Other expense, net(2)
Reclassification before tax	17.9		16.0
	(2.7)		(2.6)		Income tax provision
Reclassification net of tax	$	15.2	$	13.4

Net losses reclassified from accumulated other comprehensive loss	$	8.9	$	13.3

____________________________________

(1) (Gains) losses included within the Consolidated Statements of Operations for the years ended December 31, 2020 and 2019, respectively.

(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 7 to the Company’s Consolidated Financial Statements.

Stock Incentive Plan

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement, Noncash Expense [Abstract]

Stock Incentive Plan

Under the Plan, up to 10,000,000 shares of AGCO’s common stock may be issued. As of December 31, 2020, of the 10,000,000 shares reserved for issuance under the Plan, approximately 3,853,244 shares remained 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 Company’s primary long-term incentive plan is a performance share plan that provides for awards of shares of the Company’s common stock based on achieving financial targets, such as targets for earnings per share, return on invested capital and operating margins, as determined by the Company’s Board of Directors. The stock awards under the Plan are earned over a performance period, and the number of shares earned is determined based on annual cumulative or average results for the specified period, depending on the measurement. Performance periods for the Company’s primary long-term incentive plan are consecutive and overlapping three-year cycles, and performance targets are set at the beginning of each cycle. The primary long-term incentive plan provides for participants to earn 33% to 200% of the target awards depending on the actual performance achieved, with no shares earned if performance is below the established minimum target. Awards earned under the Plan are paid in shares of common stock at the end of each three-year performance period. The percentage level achievement is determined annually, with the ultimate award that is earned determined based upon the average of the three annual percentages. The compensation expense associated with these awards is amortized ratably over the vesting or performance period based on the Company’s projected assessment of the level of performance that will be achieved and earned.

Compensation expense recorded during 2020, 2019 and 2018 with respect to awards granted was based upon the stock price as of the grant date. The weighted average grant-date fair value of performance awards granted under the Plan during 2020, 2019 and 2018 was as follows:


	Years Ended December 31,
	2020		2019		2018
Weighted average grant-date fair value	$	70.84	$	61.01	$	71.40

During 2020, the Company granted 425,440 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 2020 were as follows and are presented as if the Company were to achieve its maximum levels of performance under the plan:


Shares awarded but not earned at January 1			932,182
Shares awarded			425,440
Shares forfeited			(221,586)
Shares earned			(553,084)
Shares awarded but not earned at December 31			582,952

Based on the level of performance achieved as of December 31, 2020, 553,084 shares were earned under the related performance period and 233,668 shares were issued in February 2021, net of 149,434 shares that were withheld for taxes related to the earned awards. The Plan allows for the participant to have the option of forfeiting a portion of the shares awarded in lieu of a cash payment contributed to the participant’s tax withholding to satisfy the participant’s statutory minimum federal, state and employment taxes which would be payable at the time of grant. In addition, there were 169,982 shares earned as of December 31, 2020 related to certain retirees and other individuals that will be issued at the end of the relevant performance periods based on the ultimate level of performance achieved with respect to those periods.

As of December 31, 2020, 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 $17.1 million, and the weighted average period over which it is expected to be recognized is approximately one and one-half years. This estimate is based on the current projected levels of performance of outstanding awards. The compensation cost not yet recognized could be higher or lower based on actual achieved levels of performance.

Restricted Stock Units

During the year ended December 31, 2020, the Company granted 95,593 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 2020 grant of RSU’s to certain executives was and had a three-year cliff vesting requirement. The compensation expense associated with all RSU 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 years ended December 31, 2020, 2019 and 2018 were $70.83, $61.01 and $63.99, respectively. RSU transactions during the year ended December 31, 2020 were as follows:


Shares awarded but not vested at January 1			396,529
Shares awarded			95,593
Shares forfeited			(67,914)
Shares vested			(280,921)
Shares awarded but not vested at December 31			143,287

As of December 31, 2020, the total compensation cost related to the unvested RSUs not yet recognized was approximately $5.1 million, and the weighted average period over which it is expected to be recognized is approximately one and one-half years.

Stock-settled Appreciation Rights

Certain executives and key managers were eligible to receive grants of SSARs through the year ended December 31, 2020. The SSARs provide a participant with the right to receive the aggregate appreciation in stock price over the market price of the Company’s common stock at the date of grant, payable in shares of the Company’s common stock. The participant may exercise his or her SSARs at any time after the grant is vested but no later than seven years after the date of grant. The SSARs vest ratably over a four-year period from the date of grant. SSAR awards made to certain executives and key managers under the Plan are made with the base price equal to the price of the Company’s common stock on the date of grant. The Company recorded stock compensation expense of approximately $1.9 million, $2.4 million and $2.4 million associated with SSAR awards during 2020, 2019 and 2018, respectively. The compensation expense associated with these awards is being amortized ratably over the vesting period. The Company estimated the fair value of the grants using the Black-Scholes option pricing model.

The weighted average grant-date fair value of SSAR awards granted under the Plan and the weighted average assumptions under the Black-Scholes option model were as follows for the years ended December 31, 2020, 2019 and 2018:


	Years Ended December 31,
	2020			2019			2018
Weighted average grant-date fair value	$	12.31		$	11.34		$	12.88
Weighted average assumptions under Black-Scholes option model:
Expected life of awards (years)	3.0			3.0			3.0
Risk-free interest rate	1.5		%	2.6		%	2.2		%
Expected volatility	24.1		%	24.2		%	23.7		%
Expected dividend yield	0.9		%	1.0		%	0.8		%

SSAR transactions during the year ended December 31, 2020 were as follows:


SSARs outstanding at January 1	759,675
SSARs granted	187,100
SSARs exercised	(311,200)
SSARs canceled or forfeited	(232,425)
SSARs outstanding at December 31	403,150
SSAR price ranges per share:
Granted	$	72.74
Exercised	43.88 - 73.14
Canceled or forfeited	43.88 - 73.14
Weighted average SSAR exercise prices per share:
Granted	$	72.74
Exercised	56.61
Canceled or forfeited	67.87
Outstanding at December 31	66.44

At December 31, 2020, the weighted average remaining contractual life of SSARs outstanding was approximately four years. As of December 31, 2020, the total compensation cost related to unvested SSARs not yet recognized was approximately $1.7 million and the weighted-average period over which it is expected to be recognized is approximately two and one-half years.

The following table sets forth the exercise price range, number of shares, weighted average exercise price, and remaining contractual lives by groups of similar price as of December 31, 2020:


	SSARs Outstanding				SSARs Exercisable
Range of Exercise Prices	Number of Shares	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price		Exercisable as of December 31, 2020	Weighted Average Exercise Price
$43.88 - $62.85	142,106	3.73	$	60.52	68,756	$	58.04
$63.47 - $73.14	261,044	4.21	$	69.66	101,369	$	67.56

	403,150				170,125	$	63.71

The total fair value of SSARs vested during 2020 was approximately $3.1 million. There were 233,025 SSARs that were not vested as of December 31, 2020. The total intrinsic value of outstanding and exercisable SSARs as of December 31, 2020 was $14.8 million and $6.7 million, respectively. The total intrinsic value of SSARs exercised during 2020 was approximately $10.2 million.

The excess tax benefit realized for tax deductions in the United States related to the exercise of SSARs, vesting of RSU awards and vesting of performance awards under the Plan was approximately $2.5 million for the year ended December 31, 2020. The excess tax benefit realized for tax deductions in the United States related to the exercise of SSARs and vesting of RSU awards and vesting of performance awards under the Plan was approximately $2.7 million for the year ended December 31, 2019. The excess tax benefit realized for tax deductions in the United States related to the exercise of SSARs and vesting of RSU awards and vesting of performance awards under the Plan was approximately $1.6 million for the year ended December 31, 2018. The Company realized an insignificant tax benefit from the exercise of SSARs, vesting of performance awards and vesting of RSU awards in certain foreign jurisdictions during the years ended December 31, 2020, 2019 and 2018.

On January 20, 2021, the Company granted 134,754 performance award shares (subject to the Company achieving future target levels of performance) and 89,775 RSUs under the Plan. The 2021 grant of performance award shares is subject to a total shareholder return modifier.

Director Restricted Stock Grants

Pursuant to the Plan, all non-employee directors receive annual restricted stock grants of the Company’s common stock. All restricted stock grants made to the Company’s directors are restricted as to transferability for a period of one year. In the event a director departs from the Company’s Board of Directors, the non-transferability period expires immediately. The plan allows each director to have the option of forfeiting a portion of the shares awarded in lieu of a cash payment contributed to the participant’s tax withholding to satisfy the statutory minimum federal, state and employment taxes that would be payable at the time of grant. The 2020 grant was made on April 30, 2020 and equated to 25,542 shares of common stock, of which 19,862 shares of common stock were issued, after shares were withheld for taxes. The Company recorded stock compensation expense of approximately $1.4 million during 2020 associated with these grants.

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedges, Assets [Abstract]

Derivative Instruments and Hedging Activities

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. 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 is exposed to commodity risk from steel and other raw material purchases where a portion of the contractual purchase price is linked to a variable rate based on publicly available market data. From time to time, the Company enters into cash flow hedges to mitigate its exposure to variability in commodity prices.

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

All derivatives are recognized on the Company’s Consolidated Balance Sheets at fair value. On the date the derivative contract is entered into, the Company designates the derivative as either (1) a cash flow hedge of a forecasted transaction, (2) a fair value hedge of a recognized liability, (3) a hedge of a net investment in a foreign operation, or (4) a non-designated derivative instrument.

The Company categorizes its derivative assets and liabilities into one of three levels based on the assumptions used in valuing the asset or liability. See Note 12 for a discussion of the fair value hierarchy as per the guidance in ASC 820. The Company’s valuation techniques are designed to maximize the use of observable inputs and minimize the use of unobservable inputs.

Counterparty Risk

The Company regularly monitors the counterparty risk and credit ratings of all the counterparties to the derivative instruments. The Company believes that its exposures are appropriately diversified across counterparties and that these counterparties are creditworthy financial institutions. If the Company perceives any risk with a counterparty, then the Company would cease to do business with that counterparty. There have been no negative impacts to the Company from any non-performance of any counterparties.

Derivative Transactions Designated as Hedging Instruments

Cash Flow Hedges

Foreign Currency Contracts

The Company uses cash flow hedges to minimize the variability in cash flows of assets or liabilities or forecasted transactions caused by fluctuations in foreign currency exchange rates. The changes in the fair values of these cash flow hedges are recorded in accumulated other comprehensive loss and are subsequently reclassified into “Cost of goods sold” during the period the sales and purchases are recognized. These amounts offset the effect of the changes in foreign currency rates on the related sale and purchase transactions.

During 2020, 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 $395.8 million and $332.7 million as of December 31, 2020 and 2019, respectively.

Steel Commodity Contracts

In December 2020, the Company designated certain steel commodity contracts as cash flow hedges of expected future purchases of steel. The total notional value of derivatives that were designated as cash flow hedges was approximately $14.7 million as of December 31, 2020.

The following table summarizes the after-tax impact that changes in the fair value of derivatives designated as cash flow hedges had on accumulated other comprehensive loss and net income during 2020, 2019 and 2018 (in millions):


			Recognized in Net Income
	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 Consolidated Statements of Operations Containing Hedge Gains (Losses)
2020
Foreign currency contracts(1)	$	4.6	Cost of goods sold	$	6.3	$	7,092.2
Commodity contracts(2)	0.5			—
Total	$	5.1		$	6.3
2019
Foreign currency contracts	$	(2.6)	Cost of goods sold	$	0.1	$	7,057.1


2018
Foreign currency contracts	$	0.4	Cost of goods sold	$	(2.2)	$	7,355.3
Interest rate swap contract	(1.5)		Interest expense, net	(5.0)		53.8
Total	$	(1.1)		$	(7.2)

(1) The outstanding contracts as of December 31, 2020 range in maturity through December 2021.

(2) The outstanding contracts as of December 31, 2020 range in maturity through May 2021.

The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the years ended December 31, 2020, 2019 and 2018 (in millions):


	Before-Tax Amount		Income Tax		After-Tax Amount
Accumulated derivative net losses as of December 31, 2017	$	(6.0)	$	(1.3)	$	(4.7)
Net changes in fair value of derivatives	(1.0)		0.1		(1.1)
Net losses reclassified from accumulated other comprehensive loss into income	8.6		1.4		7.2
Accumulated derivative net gains as of December 31, 2018	$	1.6	$	0.2	$	1.4
Net changes in fair value of derivatives	(3.0)		(0.4)		(2.6)
Net gains reclassified from accumulated other comprehensive loss into income	(0.1)		—		(0.1)
Accumulated derivative net losses as of December 31, 2019	$	(1.5)	$	(0.2)	$	(1.3)
Net changes in fair value of derivatives	4.9		(0.2)		5.1
Net gains reclassified from accumulated other comprehensive loss into income	(6.4)		(0.1)		(6.3)
Accumulated derivative net losses as of December 31, 2020	$	(3.0)	$	(0.5)	$	(2.5)

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 expired on January 19, 2021. At maturity of the cross currency swap contract, the Company delivered the notional amount of approximately €245.7 million (or approximately $297.1 million as of January 19, 2021) and received $300.0 million from the counterparties, resulting in a gain of approximately $2.9 million that was recognized in accumulated other comprehensive loss. The Company received quarterly interest payments from the counterparties based on a fixed interest rate until maturity of the cross currency swap.

On January 29, 2021, the Company entered into a new 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 29, 2028. At maturity of the cross currency swap contract, the Company will deliver the notional amount of approximately €247.9 million (or approximately $300.9 million as of January 29, 2021) and will receive $300.0 million from the counterparties. The Company will receive quarterly interest payments from the counterparties based on a fixed interest rate until maturity of the cross currency swap.

During the three months ended March 31, 2020, the Company designated €110.0 million 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. In May 2020, 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.

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 September 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
	December 31, 2020		December 31, 2019
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 (in millions):


	Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Years Ended
	December 31, 2020		December 31, 2019		December 31, 2018
Foreign currency denominated debt	$	1.7	$	2.5	$	(14.4)
Cross currency swap contract	(25.5)		9.3		17.7

Derivative Transactions Not Designated as Hedging Instruments

During 2020, 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 December 31, 2020 and 2019, the Company had outstanding foreign currency contracts with a notional amount of approximately $3,326.6 million and $2,800.3 million, respectively.

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


		For the Years Ended
	Classification of Gain (Loss)	December 31, 2020		December 31, 2019		December 31, 2018
Foreign currency contracts	Other expense, net	$	3.7	$	20.4	$	(1.4)

The table below sets forth the fair value of derivative instruments as of December 31, 2020 (in millions):


	Asset Derivatives as of December 31, 2020			Liability Derivatives as of December 31, 2020
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	1.0	Other current liabilities	$	4.5
Commodity contracts	Other current assets	0.5		Other current liabilities	—
Cross currency swap contract	Other noncurrent assets	1.5		Other noncurrent liabilities	—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts	Other current assets	12.3		Other current liabilities	22.2
Total derivative instruments		$	15.3		$	26.7

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


	Asset Derivatives as of December 31, 2019			Liability Derivatives as of December 31, 2019
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	0.6	Other current liabilities	$	1.9

Cross currency swap contract	Other noncurrent assets	27.0		Other noncurrent liabilities	—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts	Other current assets	11.7		Other current liabilities	13.1
Total derivative instruments		$	39.3		$	15.0

Former Interest Rate Swap Contract

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

terminated the interest rate swap instrument and recorded a loss of approximately $3.9 million which was recorded in “Interest expense, net” for the year ended December 31, 2018. Refer to Note 6 for further information.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

The future payments required under the Company’s significant commitments, excluding indebtedness, as of December 31, 2020 are as follows (in millions):


	Payments Due By Period
	2021		2022		2023		2024		2025		Thereafter		Total
Interest payments related to indebtedness(1)	$	16.8	$	12.5	$	8.7	$	6.4	$	3.0	$	3.2	$	50.6
Unconditional purchase obligations(2)	106.2		9.9		0.6		0.2		—		—		116.9
Other short-term and long-term obligations(3)	95.8		19.6		141.7		22.3		8.9		49.2		337.5
Total contractual cash obligations	$	218.8	$	42.0	$	151.0	$	28.9	$	11.9	$	52.4	$	505.0

____________________________________

(1) Estimated interest payments are calculated assuming current interest rates over minimum maturity periods specified in debt agreements. Debt may be repaid sooner or later than such minimum maturity periods (unaudited). Refer to Note 6 for more information on the Company's commitments with respect to indebtedness.

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

(3) Other short-term and long-term obligations include estimates of future minimum contribution requirements under the Company’s U.S. and non-U.S. defined benefit pension and postretirement plans. These estimates are based on current legislation in the countries the Company operates within and are subject to change. Other short-term and long-term obligations also include income tax liabilities related to uncertain income tax positions connected with ongoing income tax audits in various jurisdictions, based on the years of statutory expiration. The uncertain income tax positions included above are gross of certain indirect favorable effects that relate to other tax jurisdictions (unaudited). See Note 5 for further information.


	Amount of Commitment Expiration Per Period
	2021		2022		2023		2024		2025		Thereafter		Total
Guarantees	$	13.8	$	12.2	$	31.7	$	18.4	$	24.9	$	2.3	$	103.3

Off-Balance Sheet Arrangements

Guarantees

The Company maintains a remarketing agreement with its U.S. finance joint venture, AGCO Finance LLC, whereby the Company is obligated to repurchase up to $6.0 million of repossessed equipment each calendar year. The Company believes that any losses that might be incurred on the resale of this equipment will not materially impact the Company’s financial position or results of operations, due to the fair value of the underlying equipment.

At December 31, 2020, the Company has outstanding guarantees of indebtedness owed to related and third parties of approximately $17.9 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 2026. 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 also has obligations to guarantee indebtedness owed to certain of its finance joint ventures if dealers or end users default on loans. Losses under such guarantees historically have been insignificant and the guarantees are not material. The Company believes the credit risk associated with these guarantees is not material.

In addition, at December 31, 2020, the Company had accrued approximately $25.3 million of outstanding guarantees of minimum residual values that may be owed to its finance joint ventures in the United States and Canada due upon expiration of certain eligible operating leases between the finance joint ventures and end users. The maximum potential amount of future payments under the guarantee is approximately $85.4 million.

Other

At December 31, 2020, the Company had outstanding designated and non-designated foreign exchange contracts with a gross notional amount of approximately $3,722.4 million. The outstanding contracts as of December 31, 2020 range in maturity through December 2021. The Company also had outstanding designated steel commodity contracts with a gross notional amount of approximately $14.7 million that range in maturity through May 2021 (see Note 10).

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.

Contingencies

In August 2008, as part of routine audits, the Brazilian taxing authorities disallowed deductions relating to the amortization of certain goodwill recognized in connection with a reorganization of the Company’s Brazilian operations and the related transfer of certain assets to the Company’s Brazilian subsidiaries. The amount of the tax disallowance through December 31, 2020, not including interest and penalties, was approximately 131.5 million Brazilian reais (or approximately $25.3 million). The amount ultimately in dispute will be significantly greater because of interest and penalties. The Company has been advised by its legal and tax advisors that its position with respect to the deductions is allowable under the tax laws of Brazil. The Company is contesting the disallowance and believes that it is not likely that the assessment, interest or penalties will be required to be paid. However, the ultimate outcome will not be determined until the Brazilian tax appeal process is complete, which could take several years.

The Company is a party to various other legal claims and actions incidental to its business. The Company believes that none of these claims or actions, either individually or in the aggregate, is material to its business or financial statements as a whole, including its results of operations and financial condition.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

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

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

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

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

The Company categorizes its pension plan assets into one of the three levels of the fair value hierarchy. See Note 7 for a discussion of the valuation methods used to measure the fair value of the Company’s pension plan assets.

The Company enters into foreign currency, commodity and interest rate swap contracts. The fair values of the Company’s derivative instruments are determined using discounted cash flow valuation models. The significant inputs used in these models are readily available in public markets, or can be derived from observable market transactions, and therefore have been classified as Level 2. Inputs used in these discounted cash flow valuation models for derivative instruments include the applicable exchange rates, forward rates or interest rates. Such models used for option contracts also use implied volatility. See Note 10 for a discussion of the Company’s derivative instruments and hedging activities.

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019 are summarized below (in millions):


	As of December 31, 2020
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	15.3	$	—	$	15.3
Derivative liabilities	—		26.7		—		26.7


	As of December 31, 2019
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	39.3	$	—	$	39.3
Derivative liabilities	—		15.0		—		15.0

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

The carrying amounts of long-term debt under the Company’s senior term loan due 2022, 1.002% senior term loan due 2025 and senior term loans due between 2021 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 6 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

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Rabobank, a financial institution based in the Netherlands, is a 51% owner in the Company’s finance joint ventures, which are located in the United States, Canada, Europe, Brazil, Argentina and Australia. Rabobank is also the principal agent and participant in the Company’s revolving credit facility (see Note 6). The majority of the assets of the Company’s finance joint ventures represents finance receivables. The majority of the liabilities represents notes payable and accrued interest. Under the various joint venture agreements, Rabobank or its affiliates provide financing to the joint venture companies, primarily through lines of credit. During 2020, the Company made a total of approximately $1.9 million of additional investments in its finance joint venture in the Netherlands. During 2019 and 2018, the Company did not make additional investments in its finance joint ventures. During 2020, the Company did not receive dividends from its finance joint ventures. During 2019 and 2018, the Company received approximately $40.5 million and $29.4 million, respectively, dividends from certain of the its finance joint ventures. The Company’s finance joint ventures provide retail financing and wholesale financing to its dealers. The terms of the financing arrangements offered to the Company’s dealers are similar to arrangements the finance joint ventures provide to unaffiliated third parties. In addition, the Company transfers, on an ongoing basis, a majority of its wholesale receivables in North America, Europe and Brazil to its U.S., Canadian, European and Brazilian finance joint ventures (see Note 3). The Company maintains a remarketing agreement with its U.S. finance joint venture and has outstanding guarantees of minimum residual values that may be owed to its finance joint ventures in the U.S. and Canada upon the expiration of certain eligible operating leases and has guarantees with its other finance joint ventures which were not material (see Note 11). In addition, as part of sales incentives provided to end users, the Company may from time to time subsidize interest rates of retail financing provided by its finance joint ventures. The cost of those programs is recognized at the time of sale to the Company’s dealers (see Note 1). The Company has a minority equity interest in Tractors and Farm Equipment Limited (“TAFE”), which manufactures and sells Massey Ferguson-branded equipment primarily in India, and also supplies tractors and components to the Company for sale in other markets. On October 15, 2020, TAFE repurchased 461,000 shares of its common stock from the Company for approximately $33.9 million, resulting in an approximate remaining 20.7% ownership interest. Mallika Srinivasan, who is the Chairman and Managing Director of TAFE, is currently a member of the Company’s Board of Directors. As of December 31, 2020, TAFE beneficially owned 12,150,152 shares of the Company’s common stock, not including shares of the Company’s common stock received by Ms. Srinivasan for service as a director. The Company and TAFE are parties to an agreement pursuant to which, among other things, TAFE has agreed not to purchase in excess of 12,150,152 shares of the Company’s common stock, subject to certain adjustments, and the Company has agreed to annually nominate a TAFE representative to its Board of Directors. During 2020, 2019 and 2018, the Company purchased approximately $78.9 million, $92.7 million and $109.6 million, respectively, of tractors and components from TAFE. During 2020, 2019 and 2018, the Company sold approximately $1.3 million, $1.5 million and $1.8 million, respectively, of parts to TAFE. The Company received dividends from TAFE of approximately $1.8 million, $2.0 million and $1.8 million during 2020, 2019 and 2018, respectively. During 2020, 2019 and 2018, the Company paid approximately $3.3 million, $4.4 million and $3.5 million, respectively, to PPG Industries, Inc. for painting materials used in the Company’s manufacturing processes. The Company’s Chairman, President and Chief Executive Officer, who retired effective on December 31, 2020, serves as a member of the board of directors of PPG Industries, Inc. During 2020, 2019 and 2018, the Company paid approximately $5.6 million, $6.2 million and $1.6 million, respectively, to Linde PLC (the parent company of Praxair, Inc.) for propane, gas and welding, and laser consumables used in the Company’s manufacturing processes. The Company’s Chairman, President and Chief Executive Officer, who retired effective on December 31, 2020, served as a member of the board of directors of Praxair, Inc. until the business combination of Praxair, Inc. and Linde AG, and is currently a member of the board of directors of Linde PLC, the holding company for the combined business.

Segment Reporting

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

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 years ended December 31, 2020, 2019 and 2018 based on the Company’s reportable segments are as follows (in millions):


Years Ended December 31,	North America		South America		Europe/Middle East		Asia/Pacific/Africa		Consolidated
2020
Net sales	$	2,175.0	$	873.8	$	5,366.9	$	734.0	$	9,149.7
Income from operations	193.7		29.3		585.3		62.1		870.4
Depreciation	61.3		25.8		110.5		14.9		212.5
Assets	1,051.9		687.6		2,238.7		536.2		4,514.4
Capital expenditures	42.2		18.8		201.8		7.1		269.9
2019
Net sales	$	2,191.8	$	802.2	$	5,328.8	$	718.6	$	9,041.4
Income (loss) from operations	121.6		(39.4)		638.2		43.4		763.8
Depreciation	61.6		32.4		102.7		14.2		210.9
Assets	1,125.6		758.0		2,187.7		430.2		4,501.5
Capital expenditures	52.1		32.9		173.5		14.9		273.4
2018
Net sales	$	2,180.1	$	959.0	$	5,385.1	$	827.8	$	9,352.0
Income (loss) from operations	103.1		(10.1)		601.1		49.6		743.7
Depreciation	67.6		30.5		111.3		15.8		225.2
Assets	1,032.1		736.1		1,905.8		501.1		4,175.1
Capital expenditures	43.3		30.4		120.3		9.3		203.3

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


	2020		2019		2018
Segment income from operations	$	870.4	$	763.8	$	743.7
Corporate expenses	(134.7)		(129.0)		(133.7)
Amortization of intangibles	(59.5)		(61.1)		(64.7)
Stock compensation expense	(36.8)		(40.0)		(44.3)
Impairment charges	(20.0)		(176.6)		—
Restructuring expenses	(19.7)		(9.0)		(12.0)
Consolidated income from operations	$	599.7	$	348.1	$	489.0

Segment assets	$	4,514.4	$	4,501.5	$	4,175.1
Cash and cash equivalents	1,119.1		432.8		326.1

Investments in affiliates	442.7		380.2		400.0
Deferred tax assets, other current and noncurrent assets	665.9		645.2		656.6
Intangible assets, net	455.6		501.7		573.1
Goodwill	1,306.5		1,298.3		1,495.5
Consolidated total assets	$	8,504.2	$	7,759.7	$	7,626.4

Property, plant and equipment, right-of-use lease assets and amortizable intangible assets by country as of December 31, 2020 and 2019 was as follows (in millions):


	2020		2019
United States	$	541.2	$	604.2
Germany	456.6		392.7
Finland	191.4		156.1
Brazil	150.4		199.9
France	137.6		123.4
Italy	129.0		112.3
Denmark	101.9		99.2
China	98.9		99.8
Other	232.8		231.4
	$	2,039.8	$	2,019.0

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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+ Details

Revenue

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue

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 and maintenance 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 consideration precedes the Company’s performance with respect to precision technology services and where the performance obligation is satisfied over time.

Significant changes in the balance of contract liabilities for the years ended December 31, 2020 and 2019 were as follows (in millions):



	Year Ended December 31, 2020		Year Ended December 31, 2019
Balance at beginning of period	$	104.0	$	76.8

Advance consideration received	192.7		147.7

Revenue recognized during the period for extended warranty contracts, maintenance services and technology services	(46.6)		(33.8)
Revenue recognized during the period related to grain storage and protein production systems	(85.6)		(87.4)


Foreign currency translation	7.5		0.7
Balance as of December 31	$	172.0	$	104.0

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

Remaining Performance Obligations

The estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of December 31, 2020 are $52.4 million in 2021, $46.2 million in 2022, $27.6 million in 2023, $11.9 million in 2024 and $3.8 million thereafter, and relate primarily to extended warranty contracts. The Company applied the practical expedient in ASU 2014-09 and has not disclosed information about remaining performance obligations that have original expected durations of 12 months or less.

Disaggregated Revenue

Net sales for the year ended December 31, 2020 disaggregated by primary geographical markets and major products consisted of the following (in millions):


	North America		South America		Europe/ Middle East		Asia/ Pacific/Africa		Consolidated
Primary geographical markets:
United States	$	1,781.7	$	—	$	—	$	—	$	1,781.7
Canada	307.4		—		—		—		307.4
Germany	—		—		1,280.6		—		1,280.6
France	—		—		1,080.2		—		1,080.2
United Kingdom and Ireland	—		—		557.8		—		557.8
Finland and Scandinavia	—		—		698.5		—		698.5
Other Europe	—		—		1,613.1		—		1,613.1
South America	—		865.4		—		—		865.4
Middle East and Algeria	—		—		136.7		—		136.7
Africa	—		—		—		58.3		58.3
Asia	—		—		—		373.1		373.1
Australia and New Zealand	—		—		—		302.6		302.6
Mexico, Central America and Caribbean	85.9		8.4		—		—		94.3
	$	2,175.0	$	873.8	$	5,366.9	$	734.0	$	9,149.7

Major products:
Tractors	$	692.0	$	469.8	$	3,814.3	$	296.1	$	5,272.2
Replacement parts	338.4		84.0		936.1		87.2		1,445.7
Grain storage and protein production systems	471.0		82.8		122.2		226.0		902.0
Combines, application equipment and other machinery	673.6		237.2		494.3		124.7		1,529.8
	$	2,175.0	$	873.8	$	5,366.9	$	734.0	$	9,149.7

Net sales for the year ended December 31, 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		Consolidated
Primary geographical markets:
United States	$	1,799.7	$	—	$	—	$	—	$	1,799.7
Canada	289.7		—		—		—		289.7
Germany	—		—		1,194.3		—		1,194.3
France	—		—		1,097.6		—		1,097.6
United Kingdom and Ireland	—		—		561.9		—		561.9
Finland and Scandinavia	—		—		772.8		—		772.8
Other Europe	—		—		1,629.0		—		1,629.0
South America	—		789.7		—		—		789.7
Middle East and Algeria	—		—		73.2		—		73.2
Africa	—		—		—		116.2		116.2
Asia	—		—		—		344.7		344.7
Australia and New Zealand	—		—		—		257.7		257.7
Mexico, Central America and Caribbean	102.4		12.5		—		—		114.9
	$	2,191.8	$	802.2	$	5,328.8	$	718.6	$	9,041.4

Major products:
Tractors	$	662.4	$	447.7	$	3,772.0	$	300.6	$	5,182.7
Replacement parts	310.2		88.2		874.8		74.6		1,347.8
Grain storage and protein production systems	547.9		79.5		172.8		234.6		1,034.8
Combines, application equipment and other machinery	671.3		186.8		509.2		108.8		1,476.1
	$	2,191.8	$	802.2	$	5,328.8	$	718.6	$	9,041.4

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


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

Major products:
Tractors	$	665.8	$	599.1	$	3,743.0	$	353.2	$	5,361.1
Replacement parts	298.7		91.0		880.3		76.0		1,346.0
Grain storage and protein production systems	570.3		70.1		187.6		285.5		1,113.5
Combines, application equipment and other machinery	645.3		198.8		574.3		113.1		1,531.5
	$	2,180.1	$	959.0	$	5,385.1	$	827.8	$	9,352.0

___________________________________

(1)Rounding may impact summation of amounts.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

The Company leases certain land, buildings, machinery, equipment, vehicles and office and computer equipment under finance and operating leases. The Company adopted ASU 2016-02, “Leases” 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 Consolidated Balance Sheets. The Company has certain leases that contain one or more options to terminate or renew that can extend the lease term up to 17 years. Options that the company is reasonably certain to exercise are included in the lease term. 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 December 31, 2020 and 2019 were as follows (in millions):


Lease Assets	Classification	As of December 31, 2020		As of December 31, 2019
Operating ROU assets	Right-of-use lease assets	$	165.1	$	187.3
Finance lease assets	Property, plant and equipment, net(1)	15.1		19.1
Total leased assets		$	180.2	$	206.4

Lease Liabilities	Classification	As of December 31, 2020		As of December 31, 2019
Current:
Operating	Accrued expenses	$	43.5	$	42.3
Finance	Other current liabilities	3.0		4.5

Noncurrent:
Operating	Operating lease liabilities	125.9		148.6
Finance	Other noncurrent liabilities	9.8		12.0
Total leased liabilities		$	182.2	$	207.4

____________________________________

(1) Finance lease assets are recorded net of accumulated depreciation of $15.6 million and $15.2 million as of December 31, 2020 and 2019, respectively.

Total lease cost for 2020 and 2019 are set forth below (in millions):


	Classification	Year Ended December 31, 2020		Year Ended December 31, 2019
Operating lease cost	Selling, general and administrative expenses	$	54.0	$	55.0
Variable lease cost	Selling, general and administrative expenses	1.7		0.6
Short-term lease cost	Selling, general and administrative expenses	11.0		8.1
Finance lease cost:
Amortization of leased assets	Depreciation expense(1)	3.7		4.7
Interest on leased liabilities	Interest expense, net	0.6		0.7
Total lease cost		$	71.0	$	69.1

____________________________________

(1) Depreciation expense was included in both cost of sales and selling, general and administrative expenses.

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of December 31, 2020 were as follows (in millions):


	December 31, 2020
		Operating Leases		Finance Leases


2021		$	47.6	$	3.3
2022		37.7		1.4
2023		28.6		1.1
2024		18.9		0.8
2025		13.6		0.6
Thereafter		44.5		9.1
Total lease payments		190.9		16.3
Less: imputed interest(1)		(21.5)		(3.5)

Present value of leased liabilities		$	169.4	$	12.8

____________________________________

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

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of December 31, 2019 were as follows (in millions):


	December 31, 2019
		Operating Leases		Finance Leases

2020		$	48.3	$	4.8
2021		40.8		2.7
2022		31.5		1.2
2023		24.1		0.9
2024		16.7		0.6
Thereafter		61.6		8.7
Total lease payments		223.0		18.9
Less: imputed interest(1)		(32.1)		(2.4)

Present value of leased liabilities		$	190.9	$	16.5

____________________________________

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

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


	As of December 31, 2020			As of December 31, 2019
Weighted-average remaining lease term:
Operating leases	7 years		7 years
Finance leases	15 years		14 years

Weighted-average discount rate:
Operating leases	3.5	%	4.1		%
Finance leases	2.7	%	2.9		%

The following table summarizes the supplemental cash flow information for 2020 and 2019 (in millions):


	Year Ended December 31, 2020		Year Ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	54.1	$	51.9
Operating cash flows from finance leases	0.4		0.6
Financing cash flows from finance leases	3.8		5.3

Leased assets obtained in exchange for lease obligations:
Operating leases	$	30.8	$	34.8
Finance leases	0.9		1.5

Leases

Total lease assets and liabilities at December 31, 2020 and 2019 were as follows (in millions):


Lease Assets	Classification	As of December 31, 2020		As of December 31, 2019
Operating ROU assets	Right-of-use lease assets	$	165.1	$	187.3
Finance lease assets	Property, plant and equipment, net(1)	15.1		19.1
Total leased assets		$	180.2	$	206.4

Lease Liabilities	Classification	As of December 31, 2020		As of December 31, 2019
Current:
Operating	Accrued expenses	$	43.5	$	42.3
Finance	Other current liabilities	3.0		4.5

Noncurrent:
Operating	Operating lease liabilities	125.9		148.6
Finance	Other noncurrent liabilities	9.8		12.0
Total leased liabilities		$	182.2	$	207.4

____________________________________

(1) Finance lease assets are recorded net of accumulated depreciation of $15.6 million and $15.2 million as of December 31, 2020 and 2019, respectively.

Total lease cost for 2020 and 2019 are set forth below (in millions):


	Classification	Year Ended December 31, 2020		Year Ended December 31, 2019
Operating lease cost	Selling, general and administrative expenses	$	54.0	$	55.0
Variable lease cost	Selling, general and administrative expenses	1.7		0.6
Short-term lease cost	Selling, general and administrative expenses	11.0		8.1
Finance lease cost:
Amortization of leased assets	Depreciation expense(1)	3.7		4.7
Interest on leased liabilities	Interest expense, net	0.6		0.7
Total lease cost		$	71.0	$	69.1

____________________________________

(1) Depreciation expense was included in both cost of sales and selling, general and administrative expenses.

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of December 31, 2020 were as follows (in millions):


	December 31, 2020
		Operating Leases		Finance Leases


2021		$	47.6	$	3.3
2022		37.7		1.4
2023		28.6		1.1
2024		18.9		0.8
2025		13.6		0.6
Thereafter		44.5		9.1
Total lease payments		190.9		16.3
Less: imputed interest(1)		(21.5)		(3.5)

Present value of leased liabilities		$	169.4	$	12.8

____________________________________

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

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of December 31, 2019 were as follows (in millions):


	December 31, 2019
		Operating Leases		Finance Leases

2020		$	48.3	$	4.8
2021		40.8		2.7
2022		31.5		1.2
2023		24.1		0.9
2024		16.7		0.6
Thereafter		61.6		8.7
Total lease payments		223.0		18.9
Less: imputed interest(1)		(32.1)		(2.4)

Present value of leased liabilities		$	190.9	$	16.5

____________________________________

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

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


	As of December 31, 2020			As of December 31, 2019
Weighted-average remaining lease term:
Operating leases	7 years		7 years
Finance leases	15 years		14 years

Weighted-average discount rate:
Operating leases	3.5	%	4.1		%
Finance leases	2.7	%	2.9		%

The following table summarizes the supplemental cash flow information for 2020 and 2019 (in millions):


	Year Ended December 31, 2020		Year Ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	54.1	$	51.9
Operating cash flows from finance leases	0.4		0.6
Financing cash flows from finance leases	3.8		5.3

Leased assets obtained in exchange for lease obligations:
Operating leases	$	30.8	$	34.8
Finance leases	0.9		1.5

Schedule II - Valuation and Qualifying Account

12 Months Ended

Dec. 31, 2020

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

Valuation and Qualifying Accounts Disclosure

SCHEDULE II

AGCO CORPORATION AND SUBSIDIARIES

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS

(in millions)


			Additions
Description	Balance at Beginning of Period		Acquired Businesses		Charged to Costs and Expenses		Deductions		Foreign Currency Translation		Balance at End of Period
Year ended December 31, 2020
Allowances for doubtful accounts	$	28.8	$	—	$	14.5	$	(6.8)	$	(0.1)	$	36.4
Year ended December 31, 2019
Allowances for doubtful accounts	$	31.7	$	—	$	5.8	$	(8.3)	$	(0.4)	$	28.8
Year ended December 31, 2018
Allowances for doubtful accounts	$	38.7	$	—	$	6.4	$	(11.4)	$	(2.0)	$	31.7


			Additions
Description	Balance at Beginning of Period		Charged to Costs and Expenses		Reversal of Accrual		Deductions		Foreign Currency Translation		Balance at End of Period
Year ended December 31, 2020
Accruals of severance, relocation and other closure costs	$	4.8	$	17.6	$	(0.4)	$	(5.1)	$	(0.1)	$	16.8
Year ended December 31, 2019
Accruals of severance, relocation and other closure costs	$	7.1	$	6.1	$	(0.7)	$	(7.3)	$	(0.4)	$	4.8
Year ended December 31, 2018
Accruals of severance, relocation and other closure costs	$	10.9	$	13.8	$	(2.1)	$	(14.4)	$	(1.1)	$	7.1


			Additions
Description	Balance at Beginning of Period		Acquired Businesses		Charged to Costs and Expenses(1)		Deductions		Foreign Currency Translation		Balance at End of Period
Year ended December 31, 2020
Deferred tax valuation allowance	$	169.1	$	0.9	$	28.7	$	—	$	(17.7)	$	181.0
Year ended December 31, 2019
Deferred tax valuation allowance	$	83.9	$	—	$	87.1	$	—	$	(1.9)	$	169.1
Year ended December 31, 2018
Deferred tax valuation allowance	$	81.9	$	—	$	6.3	$	—	$	(4.3)	$	83.9

(1) Amounts (credited) charged through other comprehensive income during the years ended December 31, 2020, 2019 and 2018 were $(12.4) million, $(2.5) million and $18.3 million, respectively.

Operations and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Basis of Presentation and Consolidation

Use of Estimates

Foreign Currency Transaction

Foreign Currency Translation

Accounts and Notes Receivable

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


Year Ended December 31, 2020	North America		South America		Europe/ Middle East		Asia/ Pacific/Africa		Consolidated
0 to 6 months	$	1,506.5	$	873.8	$	5,361.4	$	734.0	$	8,475.7	92.6	%
7 to 12 months	645.0		—		5.5		—		650.5		7.1	%
13 to 24 months	23.5		—		—		—		23.5		0.3	%

	$	2,175.0	$	873.8	$	5,366.9	$	734.0	$	9,149.7	100.0	%


	2020		2019
Sales incentive discounts	$	12.9	$	25.7
Doubtful accounts	36.4		28.8
	$	49.3	$	54.5

The Company accounts for its provision for doubtful accounts in accordance with ASU 2016-13, “Measurement of Credit Losses on Financial Instruments,” (“ASU 2016-13”).

Inventories

Inventories Inventories are valued at the lower of cost or net realizable value, using the first-in, first-out method. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.

Recoverable Indirect Taxes [Text Block]

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 $91.2 million and $142.3 million, respectively, of VAT tax credits, net of reserves, as of December 31, 2020 and 2019.

Property, Plant and Equipment

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

Goodwill, Other Intangible Assets and Long-Lived Assets

Warranty Reserves

The Company’s agricultural equipment products generally are under warranty against defects in materials and workmanship for a period of one to four years. The Company accrues for future warranty costs at the time of sale based on historical warranty experience. Approximately $90.2 million and $60.9 million of warranty reserves are included in “Other noncurrent liabilities” in the Company’s Consolidated Balance Sheets as of December 31, 2020 and 2019, respectively. The Company recognizes recoveries of the costs associated with warranties it provides when the collection is probable. When specifics of the recovery have been agreed upon with the Company’s suppliers through confirmation of liability for the recovery, the Company records the recovery within “Accounts and notes receivable, net.” Estimates of the amount of warranty claim recoveries to be received from the Company’s suppliers based upon contractual supplier arrangements are recorded within “Other current assets.”

Insurance Reserves

Revenue

Extended warranty, maintenance services contracts and certain precision technology services generally have contract durations of more than 12 months.

See Note 15 for additional information regarding the Company’s sources of revenue and associated contract liabilities and performance obligations.

Research and Development Expenses

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

Advertising Costs

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

Shipping and Handling Expenses

Income Taxes

Net Income Per Common Share

Comprehensive Income (Loss)

The Company reports comprehensive income (loss), defined as the total of net in

come (loss) and all other non-owner changes in equity, and the components thereof in its Consolidated Statements of Stockholders’ Equity and Consolidated Statements of Comprehensive Income (Loss).

Derivatives

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

Recent Accounting Pronouncements

The Company also adopted the following pronouncements, none of which had a material impact to the Company’s results of operations, financial condition and cash flows.

•ASU 2020-04 – “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” was adopted in 2020. See Note 6 for additional information.

•ASU 2018-15 – “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” was adopted in 2020.

•ASU 2019-12 – “Simplifying the Accounting for Income Taxes” was adopted as of January 1, 2021.

New Accounting Pronouncements to be Adopted

Operations and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents [Table Text Block]


	December 31, 2020		December 31, 2019		December 31, 2018
Cash(1)	$	1,022.0	$	412.3	$	290.5
Cash equivalents(2)	89.7		17.3		35.6
Restricted cash(3)	7.4		3.2		—
Total	$	1,119.1	$	432.8	$	326.1

____________________________________

(1) Consisted primarily of cash on hand and bank deposits.

(3) Consisted primarily of cash in escrow or held as guarantee to support specific requirements.

Accounts Receivable Outstanding as a Percent of Net Sales

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


Year Ended December 31, 2020	North America		South America		Europe/ Middle East		Asia/ Pacific/Africa		Consolidated
0 to 6 months	$	1,506.5	$	873.8	$	5,361.4	$	734.0	$	8,475.7	92.6	%
7 to 12 months	645.0		—		5.5		—		650.5		7.1	%
13 to 24 months	23.5		—		—		—		23.5		0.3	%

	$	2,175.0	$	873.8	$	5,366.9	$	734.0	$	9,149.7	100.0	%

Trade Allowances and Sales Incentive Discounts

Accounts and notes receivable allowances at December 31, 2020 and 2019 were as follows (in millions):


	2020		2019
Sales incentive discounts	$	12.9	$	25.7
Doubtful accounts	36.4		28.8
	$	49.3	$	54.5

Schedule of Inventory, Current

Inventories, net at December 31, 2020 and 2019 were as follows (in millions):


	2020		2019
Finished goods	$	641.3	$	780.1
Repair and replacement parts	652.3		611.5
Work in process	175.1		213.4
Raw materials	505.7		473.7
Inventories, net	$	1,974.4	$	2,078.7

Property, Plant and Equipment

Property, plant and equipment, net at December 31, 2020 and 2019 consisted of the following (in millions):


	2020		2019
Land	$	147.2	$	142.5
Buildings and improvements	899.7		808.1
Machinery and equipment	2,772.0		2,522.0
Furniture and fixtures	168.0		153.4
Gross property, plant and equipment	3,986.9		3,626.0
Accumulated depreciation and amortization	(2,478.4)		(2,209.7)
Property, plant and equipment, net	$	1,508.5	$	1,416.3

Schedule of Goodwill

Changes in the carrying amount of goodwill during the years ended December 31, 2020, 2019 and 2018 are summarized as follows (in millions):


	North America		South America		Europe/ Middle East		Asia/ Pacific/Africa		Consolidated
Balance as of December 31, 2017	$	611.1	$	136.4	$	671.0	$	122.9	$	1,541.4


Adjustments	—		—		8.4		—		8.4
Foreign currency translation	—		(19.7)		(29.8)		(4.8)		(54.3)
Balance as of December 31, 2018	611.1		116.7		649.6		118.1		1,495.5

Impairment charge	—		—		(173.6)		—		(173.6)
Sale of a joint venture	(5.1)		—		—		—		(5.1)

Foreign currency translation	—		(4.5)		(12.7)		(1.3)		(18.5)
Balance as of December 31, 2019	606.0		112.2		463.3		116.8		1,298.3
Foreign currency translation	0.2		(24.7)		38.0		7.5		21.0
Impairment charge	(20.0)		—		—		—		(20.0)

Acquisition	7.2		—		—		—		7.2
Balance as of December 31, 2020	$	593.4	$	87.5	$	501.3	$	124.3	$	1,306.5

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

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


Intangible Assets						Weighted-Average Useful Life
Patents and technology						12 years
Customer relationships						13 years
Trademarks and trade names						20 years
Land use rights						45 years

Changes in the carrying amount of acquired intangible assets during 2020 and 2019 are summarized as follows (in millions):


	Trademarks and Trade Names		Customer Relationships		Patents and Technology		Land Use Rights		Total
Gross carrying amounts:
Balance as of December 31, 2018	$	203.4	$	586.3	$	155.8	$	8.6	$	954.1


Sale of a joint venture	(1.3)		(2.9)		(1.9)		—		(6.1)
Impairment charge	(1.1)		(0.8)		(1.1)		—		(3.0)
Foreign currency translation	(1.7)		(3.6)		(1.7)		(0.1)		(7.1)
Balance as of December 31, 2019	199.3		579.0		151.1		8.5		937.9


Foreign currency translation	6.7		6.4		6.9		0.6		20.6
Balance as of December 31, 2020	$	206.0	$	585.4	$	158.0	$	9.1	$	958.5


Accumulated Amortization	Trademarks and Trade Names		Customer Relationships		Patents and Technology		Land Use Rights		Total

Balance as of December 31, 2018	$	73.4	$	310.8	$	80.7	$	3.0	$	467.9
Amortization expense	11.0		40.1		9.9		0.1		61.1
Sale of a joint venture	(0.5)		(1.2)		(0.7)		—		(2.4)
Foreign currency translation	(0.6)		(2.3)		(1.2)		—		(4.1)
Balance as of December 31, 2019	83.3		347.4		88.7		3.1		522.5
Amortization expense	10.1		39.9		9.4		0.1		59.5

Foreign currency translation	2.0		3.0		5.1		0.2		10.3
Balance as of December 31, 2020	$	95.4	$	390.3	$	103.2	$	3.4	$	592.3

Schedule of Indefinite-lived Intangible Assets by Major Class


Indefinite-Lived Intangible Assets	Trademarks and Trade Names

Balance as of December 31, 2018	$	86.9
Foreign currency translation	(0.6)
Balance as of December 31, 2019	86.3
Foreign currency translation	3.1
Balance as of December 31, 2020	$	89.4

Schedule of Accrued Liabilities

Accrued expenses at December 31, 2020 and 2019 consisted of the following (in millions):


	2020		2019
Reserve for volume discounts and sales incentives	$	582.9	$	580.4
Warranty reserves	431.6		331.9
Accrued employee compensation and benefits	329.2		290.8
Accrued taxes	249.6		170.3
Other	323.4		280.8
	$	1,916.7	$	1,654.2

Schedule of Product Warranty Liability

The warranty reserve activity for the years ended December 31, 2020, 2019 and 2018 consisted of the following (in millions):


	2020		2019		2018
Balance at beginning of the year	$	392.8	$	360.9	$	316.0
Acquisitions	0.2		—		—
Accruals for warranties issued during the year	310.2		234.1		230.5
Settlements made (in cash or in kind) during the year	(204.3)		(198.7)		(174.7)
Foreign currency translation	22.9		(3.5)		(10.9)
Balance at the end of the year	$	521.8	$	392.8	$	360.9

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

Stock compensation expense was recorded as follows (in millions). Refer to Note 9 for additional information regarding the Company’s stock incentive plans during 2020, 2019 and 2018:


	Years Ended December 31,
	2020		2019		2018
Cost of goods sold	$	1.1	$	1.7	$	2.3
Selling, general and administrative expenses	36.8		40.0		44.3
Total stock compensation expense	$	37.9	$	41.7	$	46.6

Schedule of Components of Interest Expense, Net

Interest expense, net for the years ended December 31, 2020, 2019 and 2018 consisted of the following (in millions):


	2020		2019		2018
Interest expense	$	24.9	$	28.8	$	61.9
Interest income	(9.9)		(8.9)		(8.1)
	$	15.0	$	19.9	$	53.8

Schedule of Earnings Per Share, Basic and Diluted


	2020		2019		2018
Basic net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$	427.1	$	125.2	$	285.5
Weighted average number of common shares outstanding	75.0		76.2		78.8
Basic net income per share attributable to AGCO Corporation and subsidiaries	$	5.69	$	1.64	$	3.62
Diluted net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$	427.1	$	125.2	$	285.5
Weighted average number of common shares outstanding	75.0		76.2		78.8
Dilutive SSARs, performance share awards and restricted stock units	0.6		0.8		0.9
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share	75.6		77.0		79.7
Diluted net income per share attributable to AGCO Corporation and subsidiaries	$	5.65	$	1.63	$	3.58

Schedule of Comprehensive Income (Loss)

The components of other comprehensive (loss) income and the related tax effects for the years ended December 31, 2020, 2019 and 2018 are as follows (in millions):


	AGCO Corporation and Subsidiaries						Noncontrolling Interests
	2020						2020
	Before-tax Amount		Income Taxes		After-tax Amount		After-tax Amount
Defined benefit pension plans	$	(19.3)	$	2.4	$	(16.9)	$	—
Net loss on derivatives	(1.5)		0.3		(1.2)		—
Foreign currency translation adjustments	(197.5)		—		(197.5)		(4.3)
Total components of other comprehensive loss	$	(218.3)	$	2.7	$	(215.6)	$	(4.3)


	AGCO Corporation and Subsidiaries						Noncontrolling Interests
	2019						2019
	Before-tax Amount		Income Taxes		After-tax Amount		After-tax Amount
Defined benefit pension plans	$	(13.4)	$	(0.6)	$	(14.0)	$	—
Net loss on derivatives	(3.1)		0.4		(2.7)		—
Foreign currency translation adjustments	(23.1)		—		(23.1)		2.5
Total components of other comprehensive loss	$	(39.6)	$	(0.2)	$	(39.8)	$	2.5


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

Recoverable Indirect Taxes [Text Block]

Restructuring Expenses (Tables)

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

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


	Employee Severance		Facility Closure Costs		Write-down of Property, Plant and Equipment		Other Related Closure Costs		Loss on Sale of Joint Venture		Total
Balance as of December 31, 2017	$	10.9	$	—	$	—	$	—	$	—	$	10.9
2018 provision	13.8		—		0.3		—		—		14.1
Less: Non-cash expense	—		—		(0.3)		—		—		(0.3)
Cash expense	13.8		—		—		—		—		13.8
2018 provision reversal	(2.1)		—		—		—		—		(2.1)
2018 cash activity	(14.4)		—		—		—		—		(14.4)
Foreign currency translation	(1.1)		—		—		—		—		(1.1)
Balance as of December 31, 2018	7.1		—		—		—		—		7.1
2019 provision	5.6		0.5		1.5		—		2.1		9.7
Less: Non-cash expense	—		—		(1.5)		—		(2.1)		(3.6)
Cash expense	5.6		0.5		—		—		—		6.1
2019 provision reversal	(0.7)		—		—		—		—		(0.7)
2019 cash activity	(6.8)		(0.5)		—		—		—		(7.3)
Foreign currency translation	(0.4)		—		—		—		—		(0.4)
Balance as of December 31, 2019	4.8		—		—		—		—		4.8
2020 provision	11.3		4.5		2.5		1.8		—		20.1
Less: Non-cash expense	—		—		(2.5)		—		—		(2.5)
Cash expense	11.3		4.5		—		1.8		—		17.6
2020 provision reversal	(0.4)		—		—		—		—		(0.4)
2020 cash activity	(4.5)		(0.6)		—		—		—		(5.1)
Foreign currency translation	(0.1)		—		—		—		—		(0.1)
Balance as of December 31, 2020	$	11.1	$	3.9	$	—	$	1.8	$	—	$	16.8

Investments in Affiliates (Tables)

12 Months Ended

Dec. 31, 2020

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

Investments in and Advances to Affiliates

Investments in affiliates as of December 31, 2020 and 2019 were as follows (in millions):


	2020		2019
Finance joint ventures	$	395.3	$	339.0
Manufacturing joint ventures	31.8		26.8
Other affiliates	15.6		14.4
	$	442.7	$	380.2

Schedule of Equity Method Investments

The Company’s equity in net earnings of affiliates for the years ended December 31, 2020, 2019 and 2018 were as follows (in millions):


	2020		2019		2018
Finance joint ventures	$	45.0	$	41.5	$	34.7
Manufacturing and other joint ventures	0.5		1.0		(0.4)
	$	45.5	$	42.5	$	34.3


	As of December 31,
	2020		2019
Total assets	$	8,033.4	$	7,773.7
Total liabilities	7,226.7		7,081.9
Partners’ equity	806.7		691.8


	For the Years Ended December 31,
	2020		2019		2018
Revenues	$	402.2	$	417.6	$	390.8
Costs	274.0		299.9		286.7
Income before income taxes	$	128.2	$	117.7	$	104.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The sources of income before income taxes and equity in net earnings of affiliates were as follows for the years ended December 31, 2020, 2019 and 2018 (in millions):


	2020		2019		2018
United States	$	(73.4)	$	(53.1)	$	(126.0)
Foreign	635.4		314.2		486.3
Income before income taxes and equity in net earnings of affiliates	$	562.0	$	261.1	$	360.3

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes by location of the taxing jurisdiction for the years ended December 31, 2020, 2019 and 2018 consisted of the following (in millions):


	2020		2019		2018
Current:
United States:
Federal	$	1.0	$	(6.5)	$	(9.1)
State	3.1		2.1		1.2
Foreign	180.2		170.1		133.5
	184.3		165.7		125.6
Deferred:
United States:
Federal	1.3		1.3		—
State	—		—		—
Foreign	2.1		13.8		(14.7)
	3.4		15.1		(14.7)
	$	187.7	$	180.8	$	110.9

Schedule of Effective Income Tax Rate Reconciliation


	2020		2019		2018
Provision for income taxes at United States federal statutory rate	$	118.0	$	54.8	$	75.7
State and local income taxes, net of federal income tax effects	(3.5)		(2.5)		(6.0)
Taxes on foreign income which differ from the United States statutory rate	13.9		6.7		(0.3)
Tax effect of permanent differences	13.4		63.9		26.7
Change in valuation allowance	16.3		84.6		24.6
Change in tax contingency reserves	37.2		3.2		8.5
Research and development tax credits	(9.0)		(7.1)		(8.5)
Impacts related to changes in tax laws	—		(21.8)		(8.4)
Other	1.4		(1.0)		(1.4)
	$	187.7	$	180.8	$	110.9

Schedule of Deferred Tax Assets and Liabilities

The significant components of the deferred tax assets and liabilities at December 31, 2020 and 2019 were as follows (in millions):


	2020		2019
Deferred Tax Assets:
Net operating loss carryforwards	$	62.9	$	72.0
Sales incentive discounts	50.8		61.9
Inventory valuation reserves	35.9		41.1
Pensions and postretirement health care benefits	55.8		51.6
Warranty and other reserves	126.3		128.5
Research and development tax credits	12.9		17.3
Foreign tax credits	5.9		6.4
Other	10.4		17.2
Total gross deferred tax assets	360.9		396.0
Valuation allowance	(181.0)		(169.1)
Total deferred tax assets	179.9		226.9
Deferred Tax Liabilities:
Tax over book depreciation and amortization	167.5		164.3
Investment in affiliates	33.1		50.3
Other	14.1		25.5
Total deferred tax liabilities	214.7		240.1
Net deferred tax liabilities	$	(34.8)	$	(13.2)
Amounts recognized in Consolidated Balance Sheets:

Deferred tax assets - noncurrent	$	77.6	$	93.8

Deferred tax liabilities - noncurrent	(112.4)		(107.0)
	$	(34.8)	$	(13.2)

Summary of Income Tax Contingencies

A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits as of and during the years ended December 31, 2020 and 2019 is as follows (in millions):


	2020		2019
Gross unrecognized income tax benefits at the beginning of the year	$	210.7	$	166.1
Additions for tax positions of the current year	32.0		32.8
Additions for tax positions of prior years	9.4		20.7

Reductions for tax positions of prior years for:
Changes in judgments	9.1		(4.6)
Settlements during the year	(52.9)		(0.7)
Lapses of applicable statute of limitations	(0.2)		(0.8)
Foreign currency translation and other	19.8		(2.8)
Gross unrecognized income tax benefits at the end of the year	$	227.9	$	210.7

Indebtedness (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Components of Indebtedness

Long-term debt consisted of the following at December 31, 2020 and 2019 (in millions):


	December 31, 2020		December 31, 2019
Senior term loan due 2022(1)	$	184.0	$	168.1
Credit facility, expires 2023(1)	277.9		—
1.002% Senior term loan due 2025	306.7		280.2
Senior term loans due between 2021 and 2028(1)	806.0		736.2




Other long-term debt	10.5		12.5
Debt issuance costs	(2.5)		(2.3)
	1,582.6		1,194.7

Less: Senior term loans due 2021, net of debt issuance costs	(323.6)		—
Current portion of other long-term debt	(2.3)		(2.9)
Total long-term indebtedness, less current portion	$	1,256.7	$	1,191.8

Maturities of Long-term Debt

At December 31, 2020, the aggregate scheduled maturities of long-term debt, excluding the current portion of long-term debt, are as follows (in millions):


2022	$	463.5
2023	304.3
2024	2.5
2025	383.8
Thereafter	102.6
	$	1,256.7

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

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

Net Pension And Postretirement Cost

As of December 31, 2020 and 2019, the net prior service cost related to the Company’s U.S. and Brazilian postretirement health care benefit plans was as follows (in millions):


	2020		2019
Net prior service cost	$	2.9	$	3.0

Reconciliation of Changes in Benefit Obligations, Plan Assets and Funded Status

The following tables set forth reconciliations of the changes in benefit obligation, plan assets and funded status as of December 31, 2020 and 2019 (in millions):


	Pension and ENPP Benefits				Postretirement Benefits
Change in benefit obligation	2020		2019		2020		2019
Benefit obligation at beginning of year	$	917.3	$	823.1	$	29.4	$	25.3
Service cost	16.2		15.5		0.1		0.1
Interest cost	16.5		20.7		1.2		1.3
Plan participants’ contributions	1.3		1.2		—		—
Actuarial losses (gains)	86.8		83.3		(1.1)		4.5

Amendments	(0.3)		4.7		—		—
Settlements	(0.3)		(0.8)		—		—

Benefits paid	(44.6)		(44.8)		(1.5)		(1.5)

Foreign currency exchange rate changes	40.8		14.4		(1.7)		(0.3)
Benefit obligation at end of year	$	1,033.7	$	917.3	$	26.4	$	29.4

	Pension and ENPP Benefits				Postretirement Benefits
Change in plan assets	2020		2019		2020		2019
Fair value of plan assets at beginning of year	$	711.0	$	617.1	$	—	$	—
Actual return on plan assets	76.6		91.2		—		—
Employer contributions	32.4		30.6		1.5		1.5
Plan participants’ contributions	1.3		1.2		—		—
Benefits paid	(44.6)		(44.8)		(1.5)		(1.5)
Settlements	(0.3)		(0.8)		—		—

Foreign currency exchange rate changes	32.2		16.5		—		—
Fair value of plan assets at end of year	$	808.6	$	711.0	$	—	$	—
Funded status	$	(225.1)	$	(206.3)	$	(26.4)	$	(29.4)
Unrecognized net actuarial losses	385.1		362.2		2.6		3.9
Unrecognized prior service cost	20.1		22.5		2.9		3.0
Accumulated other comprehensive loss	(405.2)		(384.7)		(5.5)		(6.9)
Net amount recognized	$	(225.1)	$	(206.3)	$	(26.4)	$	(29.4)


Amounts recognized in Consolidated Balance Sheets:
Other long-term asset	$	13.2	$	6.2	$	—	$	—
Other current liabilities	(6.7)		(4.9)		(1.4)		(1.6)
Accrued expenses	(3.2)		(3.3)		—		—
Pensions and postretirement health care benefits (noncurrent)	(228.4)		(204.3)		(25.0)		(27.8)
Net amount recognized	$	(225.1)	$	(206.3)	$	(26.4)	$	(29.4)

Schedule of Accumulated Other Comprehensive Income (Loss)

The Company’s accumulated comprehensive loss as of December 31, 2020 and 2019 reflects a reduction in equity related to the following items (in millions):


	2020		2019
All plans:(1)
Reduction in equity, net of taxes of $98.6 and $96.3 at December 31, 2020 and 2019, respectively	$	410.8	$	391.6
GIMA joint venture:(2)
Reduction in equity, net of taxes of $0.6 and $0.5 at December 31, 2020 and 2019, respectively	1.7		1.6

______________________________________

(1) Primarily related to the Company’s U.K. pension plan.


	Defined Benefit Pension Plans		Cumulative Translation Adjustment		Deferred Net Gains (Losses) on Derivatives		Total
Accumulated other comprehensive loss, December 31, 2018	$	(282.4)	$	(1,274.4)	$	1.4	$	(1,555.4)
Other comprehensive loss before reclassifications	(27.4)		(23.1)		(2.6)		(53.1)
Net losses (gains) reclassified from accumulated other comprehensive loss	13.4		—		(0.1)		13.3
Other comprehensive loss, net of reclassification adjustments	(14.0)		(23.1)		(2.7)		(39.8)
Accumulated other comprehensive loss, December 31, 2019	(296.4)		(1,297.5)		(1.3)		(1,595.2)
Other comprehensive loss (gain) before reclassifications	(32.1)		(197.5)		5.1		(224.5)
Net losses (gains) reclassified from accumulated other comprehensive loss	15.2		—		(6.3)		8.9
Other comprehensive loss, net of reclassification adjustments	(16.9)		(197.5)		(1.2)		(215.6)
Accumulated other comprehensive loss, December 31, 2020	$	(313.3)	$	(1,495.0)	$	(2.5)	$	(1,810.8)

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)


	2020		2019
Unrecognized net actuarial losses	$	385.1	$	362.2

The following table summarizes the unrecognized prior service cost related to the Company’s defined benefit pension plans as of December 31, 2020 and 2019 (in millions):


	2020		2019
Unrecognized prior service cost	$	20.1	$	22.5

Schedule of Defined Benefit Plan Amortizationn Losses

As of December 31, 2020, the average amortization periods were as follows:

ENPP

U.S. Plans

U.K. Plan

Average amortization period of losses related to defined benefit pension plans

7 years

14 years

19 years

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year


	2020		2019
Unrecognized net actuarial losses(1)	$	2.6	$	3.9

___________________________________

(1) Includes a loss of approximately $1.0 million and $1.6 million, respectively, related to the Company’s U.S. postretirement benefit plans.

Defined Benefit Plan, Plan Assets, Category


	2020		2019
All plans:
Fair value of plan assets	$	41.6	$	67.8
Projected benefit obligation	306.2		309.3
Accumulated benefit obligation	269.4		275.2
U.S.-based plans and ENPP:
Fair value of plan assets	$	5.1	$	38.3
Projected benefit obligation	157.4		172.5
Accumulated benefit obligation	135.4		151.9

Allocation of Plan Assets

The fair value of the Company’s pension assets as of December 31, 2019 is as follows (in millions):


	Total		Level 1		Level 2		Level 3
Equity securities:
Global equities	$	183.4	$	116.5	$	66.9	$	—
Non-U.S. equities	3.8		3.8		—		—
U.K. equities	65.2		65.2		—		—
U.S. large cap equities	5.9		5.9		—		—
U.S. small cap equities	3.4		3.4		—		—

Total equity securities	261.7		194.8		66.9		—
Fixed income:
Aggregate fixed income	150.1		150.1		—		—
International fixed income	220.0		220.0		—		—
Total fixed income share(1)	370.1		370.1		—		—
Alternative investments:
Private equity fund	2.3		—		—		2.3
Hedge funds measured at net asset value(4)	33.3		—		—		—
Total alternative investments(2)	35.6		—		—		2.3
Miscellaneous funds(3)	30.8		—		—		30.8
Cash and equivalents measured at net asset value(4)	12.8		—		—		—
Total assets	$	711.0	$	564.9	$	66.9	$	33.1

_______________________________________

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

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

The overall investment strategies and target allocations of retirement fund investments for the Company’s U.S.-based pension plans and the non-U.S. based pension plans are as follow:


	U.S. Pension Plans		Non-U.S. Pension Plans(1)
Overall investment strategies:(2)
Assets for the near-term benefit payments	60.0	%	55.0	%
Assets for longer-term growth	40.0	%	45.0	%
Total	100.0	%	100.0	%

Target allocations:
Equity securities	30.0	%	40.0	%
Fixed income securities	55.0	%	55.0	%
Alternative investments	10.0	%	5.0	%
Cash and cash equivalents	5.0	%	—	%
Total	100.0	%	100.0	%

_______________________________________

(1) The majority of the Company’s non-U.S. pension fund investments are related to the Company’s pension plan in the United Kingdom.

(2) The overall U.S. and non-U.S. pension funds invest in a broad diversification of assets types.

Reconciliation of Significant Unobservable Inputs, Changes in Plan Assets

The following is a reconciliation of Level 3 assets as of December 31, 2019 (in millions):


	Total		Alternative Investments		Miscellaneous Funds
Beginning balance as of December 31, 2018	$	30.5	$	2.3	$	28.2
Actual return on plan assets:
(a) Relating to assets still held at reporting date	1.9		(0.1)		2.0
(b) Relating to assets sold during period	—		—		—
Purchases, sales and /or settlements	1.3		0.1		1.2

Foreign currency exchange rate changes	(0.6)		—		(0.6)
Ending balance as of December 31, 2019	$	33.1	$	2.3	$	30.8

Pension Benefits

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

Assumptions Used


	2020		2019		2018
All plans:
Weighted average discount rate	2.0	%	2.8	%	2.5	%
Weighted average expected long-term rate of return on plan assets	4.1	%	4.6	%	5.4	%
Rate of increase in future compensation	1.8%-5.0%		1.8%-5.0%		1.8%-5.0%
U.S.-based plans:
Weighted average discount rate	3.45	%	4.35	%	3.70	%
Weighted average expected long-term rate of return on plan assets(1)	5.0	%	5.5	%	6.0	%
Rate of increase in future compensation(2)	5.0	%	5.0	%	5.0	%

___________________________________

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

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

The weighted average assumptions used to determine the benefit obligation for the Company’s defined benefit pension plans and ENPP as of December 31, 2020 and 2019 are as follows:


	2020		2019
All plans:
Weighted average discount rate	1.5	%	2.0	%
Rate of increase in future compensation	1.50%-5.0%		1.75%-5.0%
U.S.-based plans:
Weighted average discount rate	2.75	%	3.45	%
Rate of increase in future compensation(1)	5.0	%	5.0	%

____________________________________

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

Net Pension And Postretirement Cost

Net annual pension costs for the years ended December 31, 2020, 2019 and 2018 for the Company’s defined benefit pension plans and ENPP are set forth below (in millions):


Pension benefits	2020		2019		2018
Service cost	$	16.2	$	15.5	$	16.6
Interest cost	16.5		20.7		19.9
Expected return on plan assets	(28.4)		(28.1)		(34.0)
Amortization of net actuarial losses	15.5		14.3		13.8
Amortization of prior service cost	2.1		1.6		1.2
Net loss recognized due to settlement	0.2		0.5		0.9


Net annual pension cost	$	22.1	$	24.5	$	18.4

Schedule of Accumulated Other Comprehensive Income (Loss)


	Before-Tax Amount		Income Tax		After-Tax Amount
Accumulated other comprehensive loss as of December 31, 2018	$	(379.8)	$	(97.4)	$	(282.4)
Prior service cost arising during the year	(4.7)		—		(4.7)
Net loss recognized due to settlement	0.6		—		0.6

Net actuarial loss arising during the year	(25.3)		(2.0)		(23.3)
Amortization of prior service cost	1.7		0.1		1.6
Amortization of net actuarial losses	14.3		2.5		11.8
Accumulated other comprehensive loss as of December 31, 2019	$	(393.2)	$	(96.8)	$	(296.4)
Prior service cost arising during the year	0.3		—		0.3
Net loss recognized due to settlement	0.3		—		0.3

Net actuarial loss arising during the year	(37.8)		(5.1)		(32.7)
Amortization of prior service cost	2.2		0.1		2.1
Amortization of net actuarial losses	15.7		2.6		13.1
Accumulated other comprehensive loss as of December 31, 2020	$	(412.5)	$	(99.2)	$	(313.3)

Expected Benefit Payments

At December 31, 2020, the aggregate expected benefit payments for the Company’s defined benefit pension plans and ENPP are as follows (in millions):


2021	$	50.5
2022	51.0
2023	51.9
2024	51.4
2025	52.6
2026 through 2030	283.6
	$	541.0

Allocation of Plan Assets

The fair value of the Company’s pension assets as of December 31, 2020 is as follows (in millions):


	Total		Level 1		Level 2		Level 3
Equity securities:
Global equities	$	235.3	$	156.5	$	78.8	$	—
Non-U.S. equities	4.7		4.7		—		—
U.K. equities	65.2		65.2		—		—
U.S. large cap equities	5.2		5.2		—		—
U.S. small cap equities	3.9		3.9		—		—
Total equity securities	314.3		235.5		78.8		—
Fixed income:
Aggregate fixed income	162.9		162.9		—		—
International fixed income	249.5		249.5		—		—
Total fixed income share(1)	412.4		412.4		—		—
Alternative investments:
Private equity fund	2.1		—		—		2.1
Hedge funds measured at net asset value(4)	38.5		—		—		—
Total alternative investments(2)	40.6		—		—		2.1
Miscellaneous funds(3)	36.6		—		—		36.6
Cash and equivalents measured at net asset value(4)	4.7		—		—		—
Total assets	$	808.6	$	647.9	$	78.8	$	38.7

______________________________________

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

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

Reconciliation of Significant Unobservable Inputs, Changes in Plan Assets

The following is a reconciliation of Level 3 assets as of December 31, 2020 (in millions):


	Total		Alternative Investments		Miscellaneous Funds
Beginning balance as of December 31, 2019	$	33.1	$	2.3	$	30.8
Actual return on plan assets:
(a) Relating to assets still held at reporting date	0.1		(0.2)		0.3
(b) Relating to assets sold during period	—		—		—
Purchases, sales and /or settlements	2.4		—		2.4

Foreign currency exchange rate changes	3.1		—		3.1
Ending balance as of December 31, 2020	$	38.7	$	2.1	$	36.6

Postretirement Benefits

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

Net Pension And Postretirement Cost


Postretirement benefits	2020			2019			2018
Service cost	$	0.1		$	0.1		$	0.1
Interest cost	1.2			1.3			1.4
Amortization of net actuarial losses	0.1			—			0.1
Amortization of prior service cost	0.1			0.1			0.2

Net annual postretirement benefit cost	$	1.5		$	1.5		$	1.8
Weighted average discount rate	4.5		%	5.2		%	4.9		%

Expected Benefit Payments

At December 31, 2020, the aggregate expected benefit payments for the Company’s U.S. and Brazilian postretirement benefit plans are as follows (in millions):


2021	$	1.5
2022	1.5
2023	1.6
2024	1.6
2025	1.6
2026 through 2030	7.8
	$	15.6

Foreign Plan [Member] | Pension Benefits

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

Allocation of Plan Assets

The weighted average asset allocation of the Company’s non-U.S. pension benefit plans as of December 31, 2020 and 2019 are as follows:


Asset Category	2020		2019
Equity securities	41	%	39	%
Fixed income securities	53	%	54	%
Other investments	6	%	7	%
Total	100	%	100	%

UNITED STATES | Pension Benefits

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

Allocation of Plan Assets

The weighted average asset allocation of the Company’s U.S. pension benefit plans as of December 31, 2020 and 2019 are as follows:


Asset Category	2020		2019
Equity securities	36	%	34	%
Fixed income securities	57	%	59	%
Other investments	7	%	7	%
Total	100	%	100	%

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Common Stock, Quarterly Dividends, Per Share, Declared [Table Text Block]

The Company’s Board of Directors has declared and the Company has paid quarterly cash dividends per common share generally beginning in the first quarter of the following years:


	2020(1)		2019(1)		2018
Dividends declared and paid per common share	$	0.16	$	0.15	$	0.15

____________________________________

Schedule of Accumulated Other Comprehensive Income (Loss)

The Company’s accumulated comprehensive loss as of December 31, 2020 and 2019 reflects a reduction in equity related to the following items (in millions):


	2020		2019
All plans:(1)
Reduction in equity, net of taxes of $98.6 and $96.3 at December 31, 2020 and 2019, respectively	$	410.8	$	391.6
GIMA joint venture:(2)
Reduction in equity, net of taxes of $0.6 and $0.5 at December 31, 2020 and 2019, respectively	1.7		1.6

______________________________________

(1) Primarily related to the Company’s U.K. pension plan.


	Defined Benefit Pension Plans		Cumulative Translation Adjustment		Deferred Net Gains (Losses) on Derivatives		Total
Accumulated other comprehensive loss, December 31, 2018	$	(282.4)	$	(1,274.4)	$	1.4	$	(1,555.4)
Other comprehensive loss before reclassifications	(27.4)		(23.1)		(2.6)		(53.1)
Net losses (gains) reclassified from accumulated other comprehensive loss	13.4		—		(0.1)		13.3
Other comprehensive loss, net of reclassification adjustments	(14.0)		(23.1)		(2.7)		(39.8)
Accumulated other comprehensive loss, December 31, 2019	(296.4)		(1,297.5)		(1.3)		(1,595.2)
Other comprehensive loss (gain) before reclassifications	(32.1)		(197.5)		5.1		(224.5)
Net losses (gains) reclassified from accumulated other comprehensive loss	15.2		—		(6.3)		8.9
Other comprehensive loss, net of reclassification adjustments	(16.9)		(197.5)		(1.2)		(215.6)
Accumulated other comprehensive loss, December 31, 2020	$	(313.3)	$	(1,495.0)	$	(2.5)	$	(1,810.8)

Schedule of reclassifications out of AOCI


Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss				Affected Line Item within the Consolidated Statements of Operations
	Year ended December 31, 2020(1)		Year ended December 31, 2019(1)
Derivatives:
Net gains on foreign currency contracts	$	(6.4)	$	(0.1)	Cost of goods sold

Reclassification before tax	(6.4)		(0.1)
	0.1		—		Income tax provision
Reclassification net of tax	$	(6.3)	$	(0.1)

Defined benefit pension plans:
Amortization of net actuarial losses	$	15.7	$	14.3	Other expense, net(2)
Amortization of prior service cost	2.2		1.7		Other expense, net(2)
Reclassification before tax	17.9		16.0
	(2.7)		(2.6)		Income tax provision
Reclassification net of tax	$	15.2	$	13.4

Net losses reclassified from accumulated other comprehensive loss	$	8.9	$	13.3

____________________________________

(1) (Gains) losses included within the Consolidated Statements of Operations for the years ended December 31, 2020 and 2019, respectively.

Stock Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement, Noncash Expense [Abstract]

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

The weighted average grant-date fair value of performance awards granted under the Plan during 2020, 2019 and 2018 was as follows:


	Years Ended December 31,
	2020		2019		2018
Weighted average grant-date fair value	$	70.84	$	61.01	$	71.40

Performance Award Transactions

Performance award transactions during 2020 were as follows and are presented as if the Company were to achieve its maximum levels of performance under the plan:


Shares awarded but not earned at January 1			932,182
Shares awarded			425,440
Shares forfeited			(221,586)
Shares earned			(553,084)
Shares awarded but not earned at December 31			582,952

Restricted Stock Unit Award Transactions

RSU transactions during the year ended December 31, 2020 were as follows:


Shares awarded but not vested at January 1			396,529
Shares awarded			95,593
Shares forfeited			(67,914)
Shares vested			(280,921)
Shares awarded but not vested at December 31			143,287

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


	Years Ended December 31,
	2020			2019			2018
Weighted average grant-date fair value	$	12.31		$	11.34		$	12.88
Weighted average assumptions under Black-Scholes option model:
Expected life of awards (years)	3.0			3.0			3.0
Risk-free interest rate	1.5		%	2.6		%	2.2		%
Expected volatility	24.1		%	24.2		%	23.7		%
Expected dividend yield	0.9		%	1.0		%	0.8		%

SSAR Activity

SSAR transactions during the year ended December 31, 2020 were as follows:


SSARs outstanding at January 1	759,675
SSARs granted	187,100
SSARs exercised	(311,200)
SSARs canceled or forfeited	(232,425)
SSARs outstanding at December 31	403,150
SSAR price ranges per share:
Granted	$	72.74
Exercised	43.88 - 73.14
Canceled or forfeited	43.88 - 73.14
Weighted average SSAR exercise prices per share:
Granted	$	72.74
Exercised	56.61
Canceled or forfeited	67.87
Outstanding at December 31	66.44

Schedule Of SSAR Exercise Price Range, Number Of Shares, Weighted Average Exercise Price And Remaining Contractual Lives

The following table sets forth the exercise price range, number of shares, weighted average exercise price, and remaining contractual lives by groups of similar price as of December 31, 2020:


	SSARs Outstanding				SSARs Exercisable
Range of Exercise Prices	Number of Shares	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price		Exercisable as of December 31, 2020	Weighted Average Exercise Price
$43.88 - $62.85	142,106	3.73	$	60.52	68,756	$	58.04
$63.47 - $73.14	261,044	4.21	$	69.66	101,369	$	67.56

	403,150				170,125	$	63.71

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosures [Line Items]

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


			Recognized in Net Income
	Gain (Loss) Recognized in Accumulated Other Comprehensive Loss		Classification of Gain (Loss)	Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income		Total Amount of the Line Item in the Consolidated Statements of Operations Containing Hedge Gains (Losses)
2020
Foreign currency contracts(1)	$	4.6	Cost of goods sold	$	6.3	$	7,092.2
Commodity contracts(2)	0.5			—
Total	$	5.1		$	6.3
2019
Foreign currency contracts	$	(2.6)	Cost of goods sold	$	0.1	$	7,057.1


2018
Foreign currency contracts	$	0.4	Cost of goods sold	$	(2.2)	$	7,355.3
Interest rate swap contract	(1.5)		Interest expense, net	(5.0)		53.8
Total	$	(1.1)		$	(7.2)

(1) The outstanding contracts as of December 31, 2020 range in maturity through December 2021.

(2) The outstanding contracts as of December 31, 2020 range in maturity through May 2021.

Summary Of Accumulated Other Comprehensive Loss Related To Derivatives


	Before-Tax Amount		Income Tax		After-Tax Amount
Accumulated derivative net losses as of December 31, 2017	$	(6.0)	$	(1.3)	$	(4.7)
Net changes in fair value of derivatives	(1.0)		0.1		(1.1)
Net losses reclassified from accumulated other comprehensive loss into income	8.6		1.4		7.2
Accumulated derivative net gains as of December 31, 2018	$	1.6	$	0.2	$	1.4
Net changes in fair value of derivatives	(3.0)		(0.4)		(2.6)
Net gains reclassified from accumulated other comprehensive loss into income	(0.1)		—		(0.1)
Accumulated derivative net losses as of December 31, 2019	$	(1.5)	$	(0.2)	$	(1.3)
Net changes in fair value of derivatives	4.9		(0.2)		5.1
Net gains reclassified from accumulated other comprehensive loss into income	(6.4)		(0.1)		(6.3)
Accumulated derivative net losses as of December 31, 2020	$	(3.0)	$	(0.5)	$	(2.5)

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

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


	Notional Amount as of
	December 31, 2020		December 31, 2019
Cross currency swap contract	$	300.0	$	300.0

Schedule of Derivative Instruments [Table Text Block]

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


	Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Years Ended
	December 31, 2020		December 31, 2019		December 31, 2018
Foreign currency denominated debt	$	1.7	$	2.5	$	(14.4)
Cross currency swap contract	(25.5)		9.3		17.7

Derivatives Not Designated as Hedging Instruments [Table Text Block]

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


		For the Years Ended
	Classification of Gain (Loss)	December 31, 2020		December 31, 2019		December 31, 2018
Foreign currency contracts	Other expense, net	$	3.7	$	20.4	$	(1.4)

Fair Value Of Derivative Instruments

The table below sets forth the fair value of derivative instruments as of December 31, 2020 (in millions):


	Asset Derivatives as of December 31, 2020			Liability Derivatives as of December 31, 2020
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	1.0	Other current liabilities	$	4.5
Commodity contracts	Other current assets	0.5		Other current liabilities	—
Cross currency swap contract	Other noncurrent assets	1.5		Other noncurrent liabilities	—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts	Other current assets	12.3		Other current liabilities	22.2
Total derivative instruments		$	15.3		$	26.7

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


	Asset Derivatives as of December 31, 2019			Liability Derivatives as of December 31, 2019
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	0.6	Other current liabilities	$	1.9

Cross currency swap contract	Other noncurrent assets	27.0		Other noncurrent liabilities	—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts	Other current assets	11.7		Other current liabilities	13.1
Total derivative instruments		$	39.3		$	15.0

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=121590274&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=121590274&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=121590274&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=121590274&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=121590274&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=121590274&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=121590274&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959

Reference 9: 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=121590274&loc=SL5579240-113959

+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of future payments required for significant commitments

The future payments required under the Company’s significant commitments, excluding indebtedness, as of December 31, 2020 are as follows (in millions):


	Payments Due By Period
	2021		2022		2023		2024		2025		Thereafter		Total
Interest payments related to indebtedness(1)	$	16.8	$	12.5	$	8.7	$	6.4	$	3.0	$	3.2	$	50.6
Unconditional purchase obligations(2)	106.2		9.9		0.6		0.2		—		—		116.9
Other short-term and long-term obligations(3)	95.8		19.6		141.7		22.3		8.9		49.2		337.5
Total contractual cash obligations	$	218.8	$	42.0	$	151.0	$	28.9	$	11.9	$	52.4	$	505.0

____________________________________

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

Schedule of guarantor obligations


	Amount of Commitment Expiration Per Period
	2021		2022		2023		2024		2025		Thereafter		Total
Guarantees	$	13.8	$	12.2	$	31.7	$	18.4	$	24.9	$	2.3	$	103.3

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities measured at fair value

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019 are summarized below (in millions):


	As of December 31, 2020
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	15.3	$	—	$	15.3
Derivative liabilities	—		26.7		—		26.7


	As of December 31, 2019
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	39.3	$	—	$	39.3
Derivative liabilities	—		15.0		—		15.0

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Sales Information By Reportable Segments

Segment results for the years ended December 31, 2020, 2019 and 2018 based on the Company’s reportable segments are as follows (in millions):


Years Ended December 31,	North America		South America		Europe/Middle East		Asia/Pacific/Africa		Consolidated
2020
Net sales	$	2,175.0	$	873.8	$	5,366.9	$	734.0	$	9,149.7
Income from operations	193.7		29.3		585.3		62.1		870.4
Depreciation	61.3		25.8		110.5		14.9		212.5
Assets	1,051.9		687.6		2,238.7		536.2		4,514.4
Capital expenditures	42.2		18.8		201.8		7.1		269.9
2019
Net sales	$	2,191.8	$	802.2	$	5,328.8	$	718.6	$	9,041.4
Income (loss) from operations	121.6		(39.4)		638.2		43.4		763.8
Depreciation	61.6		32.4		102.7		14.2		210.9
Assets	1,125.6		758.0		2,187.7		430.2		4,501.5
Capital expenditures	52.1		32.9		173.5		14.9		273.4
2018
Net sales	$	2,180.1	$	959.0	$	5,385.1	$	827.8	$	9,352.0
Income (loss) from operations	103.1		(10.1)		601.1		49.6		743.7
Depreciation	67.6		30.5		111.3		15.8		225.2
Assets	1,032.1		736.1		1,905.8		501.1		4,175.1
Capital expenditures	43.3		30.4		120.3		9.3		203.3

Income From Operations And Total Assets

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


	2020		2019		2018
Segment income from operations	$	870.4	$	763.8	$	743.7
Corporate expenses	(134.7)		(129.0)		(133.7)
Amortization of intangibles	(59.5)		(61.1)		(64.7)
Stock compensation expense	(36.8)		(40.0)		(44.3)
Impairment charges	(20.0)		(176.6)		—
Restructuring expenses	(19.7)		(9.0)		(12.0)
Consolidated income from operations	$	599.7	$	348.1	$	489.0

Segment assets	$	4,514.4	$	4,501.5	$	4,175.1
Cash and cash equivalents	1,119.1		432.8		326.1

Investments in affiliates	442.7		380.2		400.0
Deferred tax assets, other current and noncurrent assets	665.9		645.2		656.6
Intangible assets, net	455.6		501.7		573.1
Goodwill	1,306.5		1,298.3		1,495.5
Consolidated total assets	$	8,504.2	$	7,759.7	$	7,626.4

Schedule of Segment Reporting Information, Property, Plant And Equipment and Amortizable Intangible Assets By Country

Property, plant and equipment, right-of-use lease assets and amortizable intangible assets by country as of December 31, 2020 and 2019 was as follows (in millions):


	2020		2019
United States	$	541.2	$	604.2
Germany	456.6		392.7
Finland	191.4		156.1
Brazil	150.4		199.9
France	137.6		123.4
Italy	129.0		112.3
Denmark	101.9		99.2
China	98.9		99.8
Other	232.8		231.4
	$	2,039.8	$	2,019.0

Revenue (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

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

Significant changes in the balance of contract liabilities for the years ended December 31, 2020 and 2019 were as follows (in millions):



	Year Ended December 31, 2020		Year Ended December 31, 2019
Balance at beginning of period	$	104.0	$	76.8

Advance consideration received	192.7		147.7

Revenue recognized during the period for extended warranty contracts, maintenance services and technology services	(46.6)		(33.8)
Revenue recognized during the period related to grain storage and protein production systems	(85.6)		(87.4)


Foreign currency translation	7.5		0.7
Balance as of December 31	$	172.0	$	104.0

Disaggregation of Revenue [Table Text Block]

Net sales for the year ended December 31, 2020 disaggregated by primary geographical markets and major products consisted of the following (in millions):


	North America		South America		Europe/ Middle East		Asia/ Pacific/Africa		Consolidated
Primary geographical markets:
United States	$	1,781.7	$	—	$	—	$	—	$	1,781.7
Canada	307.4		—		—		—		307.4
Germany	—		—		1,280.6		—		1,280.6
France	—		—		1,080.2		—		1,080.2
United Kingdom and Ireland	—		—		557.8		—		557.8
Finland and Scandinavia	—		—		698.5		—		698.5
Other Europe	—		—		1,613.1		—		1,613.1
South America	—		865.4		—		—		865.4
Middle East and Algeria	—		—		136.7		—		136.7
Africa	—		—		—		58.3		58.3
Asia	—		—		—		373.1		373.1
Australia and New Zealand	—		—		—		302.6		302.6
Mexico, Central America and Caribbean	85.9		8.4		—		—		94.3
	$	2,175.0	$	873.8	$	5,366.9	$	734.0	$	9,149.7

Major products:
Tractors	$	692.0	$	469.8	$	3,814.3	$	296.1	$	5,272.2
Replacement parts	338.4		84.0		936.1		87.2		1,445.7
Grain storage and protein production systems	471.0		82.8		122.2		226.0		902.0
Combines, application equipment and other machinery	673.6		237.2		494.3		124.7		1,529.8
	$	2,175.0	$	873.8	$	5,366.9	$	734.0	$	9,149.7

Net sales for the year ended December 31, 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		Consolidated
Primary geographical markets:
United States	$	1,799.7	$	—	$	—	$	—	$	1,799.7
Canada	289.7		—		—		—		289.7
Germany	—		—		1,194.3		—		1,194.3
France	—		—		1,097.6		—		1,097.6
United Kingdom and Ireland	—		—		561.9		—		561.9
Finland and Scandinavia	—		—		772.8		—		772.8
Other Europe	—		—		1,629.0		—		1,629.0
South America	—		789.7		—		—		789.7
Middle East and Algeria	—		—		73.2		—		73.2
Africa	—		—		—		116.2		116.2
Asia	—		—		—		344.7		344.7
Australia and New Zealand	—		—		—		257.7		257.7
Mexico, Central America and Caribbean	102.4		12.5		—		—		114.9
	$	2,191.8	$	802.2	$	5,328.8	$	718.6	$	9,041.4

Major products:
Tractors	$	662.4	$	447.7	$	3,772.0	$	300.6	$	5,182.7
Replacement parts	310.2		88.2		874.8		74.6		1,347.8
Grain storage and protein production systems	547.9		79.5		172.8		234.6		1,034.8
Combines, application equipment and other machinery	671.3		186.8		509.2		108.8		1,476.1
	$	2,191.8	$	802.2	$	5,328.8	$	718.6	$	9,041.4

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


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

Major products:
Tractors	$	665.8	$	599.1	$	3,743.0	$	353.2	$	5,361.1
Replacement parts	298.7		91.0		880.3		76.0		1,346.0
Grain storage and protein production systems	570.3		70.1		187.6		285.5		1,113.5
Combines, application equipment and other machinery	645.3		198.8		574.3		113.1		1,531.5
	$	2,180.1	$	959.0	$	5,385.1	$	827.8	$	9,352.0

___________________________________

(1)Rounding may impact summation of amounts.

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Assets and Liabilities, Lessee

Total lease assets and liabilities at December 31, 2020 and 2019 were as follows (in millions):


Lease Assets	Classification	As of December 31, 2020		As of December 31, 2019
Operating ROU assets	Right-of-use lease assets	$	165.1	$	187.3
Finance lease assets	Property, plant and equipment, net(1)	15.1		19.1
Total leased assets		$	180.2	$	206.4

Lease Liabilities	Classification	As of December 31, 2020		As of December 31, 2019
Current:
Operating	Accrued expenses	$	43.5	$	42.3
Finance	Other current liabilities	3.0		4.5

Noncurrent:
Operating	Operating lease liabilities	125.9		148.6
Finance	Other noncurrent liabilities	9.8		12.0
Total leased liabilities		$	182.2	$	207.4

____________________________________

(1) Finance lease assets are recorded net of accumulated depreciation of $15.6 million and $15.2 million as of December 31, 2020 and 2019, respectively.

Lease, Cost

Total lease cost for 2020 and 2019 are set forth below (in millions):


	Classification	Year Ended December 31, 2020		Year Ended December 31, 2019
Operating lease cost	Selling, general and administrative expenses	$	54.0	$	55.0
Variable lease cost	Selling, general and administrative expenses	1.7		0.6
Short-term lease cost	Selling, general and administrative expenses	11.0		8.1
Finance lease cost:
Amortization of leased assets	Depreciation expense(1)	3.7		4.7
Interest on leased liabilities	Interest expense, net	0.6		0.7
Total lease cost		$	71.0	$	69.1

____________________________________

(1) Depreciation expense was included in both cost of sales and selling, general and administrative expenses.

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


	As of December 31, 2020			As of December 31, 2019
Weighted-average remaining lease term:
Operating leases	7 years		7 years
Finance leases	15 years		14 years

Weighted-average discount rate:
Operating leases	3.5	%	4.1		%
Finance leases	2.7	%	2.9		%

The following table summarizes the supplemental cash flow information for 2020 and 2019 (in millions):


	Year Ended December 31, 2020		Year Ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	54.1	$	51.9
Operating cash flows from finance leases	0.4		0.6
Financing cash flows from finance leases	3.8		5.3

Leased assets obtained in exchange for lease obligations:
Operating leases	$	30.8	$	34.8
Finance leases	0.9		1.5

Lessee, Operating Lease, Liability, Maturity

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of December 31, 2020 were as follows (in millions):


	December 31, 2020
		Operating Leases		Finance Leases


2021		$	47.6	$	3.3
2022		37.7		1.4
2023		28.6		1.1
2024		18.9		0.8
2025		13.6		0.6
Thereafter		44.5		9.1
Total lease payments		190.9		16.3
Less: imputed interest(1)		(21.5)		(3.5)

Present value of leased liabilities		$	169.4	$	12.8

____________________________________

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

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of December 31, 2019 were as follows (in millions):


	December 31, 2019
		Operating Leases		Finance Leases

2020		$	48.3	$	4.8
2021		40.8		2.7
2022		31.5		1.2
2023		24.1		0.9
2024		16.7		0.6
Thereafter		61.6		8.7
Total lease payments		223.0		18.9
Less: imputed interest(1)		(32.1)		(2.4)

Present value of leased liabilities		$	190.9	$	16.5

____________________________________

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

Finance Lease, Liability, Maturity

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of December 31, 2020 were as follows (in millions):


	December 31, 2020
		Operating Leases		Finance Leases


2021		$	47.6	$	3.3
2022		37.7		1.4
2023		28.6		1.1
2024		18.9		0.8
2025		13.6		0.6
Thereafter		44.5		9.1
Total lease payments		190.9		16.3
Less: imputed interest(1)		(21.5)		(3.5)

Present value of leased liabilities		$	169.4	$	12.8

____________________________________

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

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of December 31, 2019 were as follows (in millions):


	December 31, 2019
		Operating Leases		Finance Leases

2020		$	48.3	$	4.8
2021		40.8		2.7
2022		31.5		1.2
2023		24.1		0.9
2024		16.7		0.6
Thereafter		61.6		8.7
Total lease payments		223.0		18.9
Less: imputed interest(1)		(32.1)		(2.4)

Present value of leased liabilities		$	190.9	$	16.5

____________________________________

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

Operations and Summary of Significant Accounting Policies - Business (Details)	Dec. 31, 2020 Independent_Dealers_Distributors
Accounting Policies [Abstract]
Number of Independent Dealers and Distributors (more than)	3,250

Operations and Summary of Significant Accounting Policies - Basis of Presentation and Consolidation (Details)	Dec. 31, 2020
Minimum
Schedule of Equity Method Investments [Line Items]
Ownership percentage	20.00%

Operations and Summary of Significant Accounting Policies - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash	$ 1,022.0	$ 412.3	$ 290.5
Cash Equivalents	89.7	17.3	35.6
Restricted Cash	7.4	3.2	0.0
Total	$ 1,119.1	$ 432.8	$ 326.1	$ 367.7

Operations and Summary of Significant Accounting Policies - Accounts and Notes Receivable Narrative (Details)	12 Months Ended
	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Free Period on Receivables	12 months
Time period in which remaining installment balance is generally due	12 months
Equipment Sales [Member] \| United States and Canada [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment period on product sales	12 months
Replacement Part Sales [Member] \| United States and Canada [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment period on product sales	30 days
Grain Storage and Protein Production Systems [Member] \| United States and Canada [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment period on product sales	30 days
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Free Period on Receivables	12 months
Payment period on product sales	6 months
Maximum \| Equipment Sales [Member] \| International [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment period on product sales	180 days
Maximum \| Replacement Part Sales [Member] \| International [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment period on product sales	90 days
Maximum \| Large Seasonal Products [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Free Period on Receivables	24 months
Maximum \| Large Seasonal Products [Member] \| International [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment period on product sales	6 months
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Free Period on Receivables	1 month
Minimum \| Equipment Sales [Member] \| International [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment period on product sales	30 days
Minimum \| Replacement Part Sales [Member] \| International [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment period on product sales	30 days

Operations and Summary of Significant Accounting Policies - Summary of Geographic Region (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
0 to 6 months	$ 8,475.7
0 to 6 months, percent	92.60%
7 to 12 months	$ 650.5
7 to 12 months, percent	7.10%
13 to 24 months	$ 23.5
13 to 24 months, percent	0.30%
Revenue from Contract with Customer, Including Assessed Tax	$ 9,149.7	$ 9,041.4	$ 9,352.0
Percent of Net Sales with Maximum Interest-free Periods	100.00%
North America
Accounts, Notes, Loans and Financing Receivable [Line Items]
0 to 6 months	$ 1,506.5
7 to 12 months	645.0
13 to 24 months	23.5
Revenue from Contract with Customer, Including Assessed Tax	2,175.0
South America
Accounts, Notes, Loans and Financing Receivable [Line Items]
0 to 6 months	873.8
7 to 12 months	0.0
13 to 24 months	0.0
Revenue from Contract with Customer, Including Assessed Tax	873.8
Europe/ Middle East
Accounts, Notes, Loans and Financing Receivable [Line Items]
0 to 6 months	5,361.4
7 to 12 months	5.5
13 to 24 months	0.0
Revenue from Contract with Customer, Including Assessed Tax	5,366.9
Asia/ Pacific/Africa
Accounts, Notes, Loans and Financing Receivable [Line Items]
0 to 6 months	734.0
7 to 12 months	0.0
13 to 24 months	0.0
Revenue from Contract with Customer, Including Assessed Tax	$ 734.0

Operations and Summary of Significant Accounting Policies - Summary of Accounts and Notes Receivable Allowances (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Allowances for doubtful accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Valuation allowances and reserves	$ 36.4	$ 28.8	$ 31.7	$ 38.7
Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Valuation allowances and reserves	49.3	54.5
Accounts Receivable \| Sales incentive discounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Valuation allowances and reserves	12.9	25.7
Accounts Receivable \| Allowances for doubtful accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Valuation allowances and reserves	$ 36.4	$ 28.8

Operations and Summary of Significant Accounting Policies - Inventories Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Inventory Valuation Reserves	$ 209.2	$ 178.6

Operations and Summary of Significant Accounting Policies - Summary of Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Finished goods	$ 641.3	$ 780.1
Repair and replacement parts	652.3	611.5
Work in process	175.1	213.4
Raw materials	505.7	473.7
Inventories, net	$ 1,974.4	$ 2,078.7

Operations and Summary of Significant Accounting Policies - Recoverable Indirect Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Value Added Tax Credits	$ 91.2	$ 142.3

Operations and Summary of Significant Accounting Policies - Property Plant and Equipment Narrative (Details)	12 Months Ended
	Dec. 31, 2020
Minimum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Minimum \| Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Minimum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Maximum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Maximum \| Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	15 years
Maximum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years

Operations and Summary of Significant Accounting Policies - Summary of Property Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Gross property, plant and equipment	$ 3,986.9	$ 3,626.0
Accumulated depreciation and amortization	(2,478.4)	(2,209.7)
Property, plant and equipment, net	1,508.5	1,416.3
Land
Property, Plant and Equipment [Abstract]
Gross property, plant and equipment	147.2	142.5
Buildings and improvements
Property, Plant and Equipment [Abstract]
Gross property, plant and equipment	899.7	808.1
Machinery and equipment
Property, Plant and Equipment [Abstract]
Gross property, plant and equipment	2,772.0	2,522.0
Furniture and fixtures
Property, Plant and Equipment [Abstract]
Gross property, plant and equipment	$ 168.0	$ 153.4

Operations and Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets and Long Lived Assets Narrative (Details) $ in Millions			3 Months Ended		12 Months Ended
	Sep. 10, 2020 USD ($)	Oct. 01, 2019 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2020 USD ($) country	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Goodwill [Line Items]
Ownership Percentage In Joint Venture			50.00%
Goodwill, Impairment Loss					$ 20.0	$ 173.6
Impairment of Intangible Assets (Excluding Goodwill)				$ 3.0		3.0
Accumulated goodwill impairment loss					374.1
Business Combination, Consideration Transferred	$ 2.8
Business Combination, Contingent Consideration, Liability	$ 4.4
Amortization of intangibles					59.5	$ 61.1	$ 64.7
2021					57.8
2022					57.5
2023					55.4
2024					54.0
2025					$ 49.8
Goodwill Impairment Loss [Member]
Goodwill [Line Items]
Goodwill, Impairment Loss		$ 173.6	$ 20.0
Net Income (Loss) Attributable to Noncontrolling Interest [Member]
Goodwill [Line Items]
Goodwill, Impairment Loss			$ 10.0
Massey Ferguson
Goodwill [Line Items]
Number of countries where products sold (over) \| country					110
Valtra Brand
Goodwill [Line Items]
Number of countries where products sold (over) \| country					70
Minimum
Goodwill [Line Items]
Intangible assets useful life					5 years
Maximum
Goodwill [Line Items]
Intangible assets useful life					50 years

Operations and Summary of Significant Accounting Policies - Summary of Changes in Carrying Amount (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Roll Forward]
Goodwill beginning of period	$ 1,298.3	$ 1,495.5	$ 1,541.4
Acquisition	7.2
Sale of a joint venture		(5.1)
Impairment charge	(20.0)	(173.6)
Goodwill, Period Increase (Decrease)			8.4
Goodwill, foreign currency translation	21.0	(18.5)	(54.3)
Goodwill end of period	1,306.5	1,298.3	1,495.5
North America
Goodwill [Roll Forward]
Goodwill beginning of period	606.0	611.1	611.1
Acquisition	7.2
Sale of a joint venture		(5.1)
Impairment charge	(20.0)
Goodwill, foreign currency translation	0.2	0.0	0.0
Goodwill end of period	593.4	606.0	611.1
South America
Goodwill [Roll Forward]
Goodwill beginning of period	112.2	116.7	136.4
Goodwill, foreign currency translation	(24.7)	(4.5)	(19.7)
Goodwill end of period	87.5	112.2	116.7
Europe/ Middle East
Goodwill [Roll Forward]
Goodwill beginning of period	463.3	649.6	671.0
Impairment charge	0.0	(173.6)
Goodwill, Period Increase (Decrease)			8.4
Goodwill, foreign currency translation	38.0	(12.7)	(29.8)
Goodwill end of period	501.3	463.3	649.6
Asia/ Pacific/Africa
Goodwill [Roll Forward]
Goodwill beginning of period	116.8	118.1	122.9
Goodwill, foreign currency translation	7.5	(1.3)	(4.8)
Goodwill end of period	$ 124.3	$ 116.8	$ 118.1

Operations and Summary of Significant Accounting Policies - Acquired Intangible Assets Useful Life (Details)	12 Months Ended
	Dec. 31, 2020
Patents and Technology
Finite-lived Intangible Assets [Roll Forward]
Weighted average useful life	12 years
Customer relationships
Finite-lived Intangible Assets [Roll Forward]
Weighted average useful life	13 years
Trademarks and Trade Names
Finite-lived Intangible Assets [Roll Forward]
Weighted average useful life	20 years
Land Use Rights
Finite-lived Intangible Assets [Roll Forward]
Weighted average useful life	45 years

Operations and Summary of Significant Accounting Policies - Carrying Amount of Acquired Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Finite-lived Intangible Assets [Roll Forward]
Finite-lived intangible assets, beginning of period		$ 937.9	$ 954.1
Sale of a joint venture			(6.1)
Impairment charge	$ (3.0)		(3.0)
Foreign currency translation		20.6	(7.1)
Finite-lived intangible assets, end of period	937.9	958.5	937.9
Trademarks and Trade Names
Finite-lived Intangible Assets [Roll Forward]
Finite-lived intangible assets, beginning of period		199.3	203.4
Sale of a joint venture			(1.3)
Impairment charge			(1.1)
Foreign currency translation		6.7	(1.7)
Finite-lived intangible assets, end of period	199.3	206.0	199.3
Customer relationships
Finite-lived Intangible Assets [Roll Forward]
Finite-lived intangible assets, beginning of period		579.0	586.3
Sale of a joint venture			(2.9)
Impairment charge			(0.8)
Foreign currency translation		6.4	(3.6)
Finite-lived intangible assets, end of period	579.0	585.4	579.0
Patents and Technology
Finite-lived Intangible Assets [Roll Forward]
Finite-lived intangible assets, beginning of period		151.1	155.8
Sale of a joint venture			(1.9)
Impairment charge			(1.1)
Foreign currency translation		6.9	(1.7)
Finite-lived intangible assets, end of period	151.1	158.0	151.1
Land Use Rights
Finite-lived Intangible Assets [Roll Forward]
Finite-lived intangible assets, beginning of period		8.5	8.6
Sale of a joint venture			0.0
Impairment charge			0.0
Foreign currency translation		0.6	(0.1)
Finite-lived intangible assets, end of period	$ 8.5	$ 9.1	$ 8.5

Operations and Summary of Significant Accounting Policies - Accumulated Amortization of Acquired Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-lived Intangible Assets [Roll Forward]
Finite-lived intangible assets, accumulated amortization, beginning of period	$ 522.5	$ 467.9
Amortization of intangibles	59.5	61.1	$ 64.7
Sale of a joint venture		(2.4)
Foreign currency translation	10.3	(4.1)
Finite-lived intangible assets, accumulated amortization, end of period	592.3	522.5	467.9
Trademarks and Trade Names
Finite-lived Intangible Assets [Roll Forward]
Finite-lived intangible assets, accumulated amortization, beginning of period	83.3	73.4
Amortization of intangibles	10.1	11.0
Sale of a joint venture		(0.5)
Foreign currency translation	2.0	(0.6)
Finite-lived intangible assets, accumulated amortization, end of period	95.4	83.3	73.4
Customer relationships
Finite-lived Intangible Assets [Roll Forward]
Finite-lived intangible assets, accumulated amortization, beginning of period	347.4	310.8
Amortization of intangibles	39.9	40.1
Sale of a joint venture		(1.2)
Foreign currency translation	3.0	(2.3)
Finite-lived intangible assets, accumulated amortization, end of period	390.3	347.4	310.8
Patents and Technology
Finite-lived Intangible Assets [Roll Forward]
Finite-lived intangible assets, accumulated amortization, beginning of period	88.7	80.7
Amortization of intangibles	9.4	9.9
Sale of a joint venture		(0.7)
Foreign currency translation	5.1	(1.2)
Finite-lived intangible assets, accumulated amortization, end of period	103.2	88.7	80.7
Land Use Rights
Finite-lived Intangible Assets [Roll Forward]
Finite-lived intangible assets, accumulated amortization, beginning of period	3.1	3.0
Amortization of intangibles	0.1	0.1
Sale of a joint venture		0.0
Foreign currency translation	0.2	0.0
Finite-lived intangible assets, accumulated amortization, end of period	$ 3.4	$ 3.1	$ 3.0

Operations and Summary of Significant Accounting Policies - Indefinite-Lived Intangible Assets (Details) - Trademarks and Trade Names - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Indefinite-lived Intangible Assets [Roll Forward]
Indefinite-lived intangible assets, beginning of period	$ 86.3	$ 86.9
Indefinite-lived intangible assets, foreign currency translation	3.1	(0.6)
Indefinite-lived intangible assets, end of period	$ 89.4	$ 86.3

Operations and Summary of Significant Accounting Policies - Accrued Expense and Reserves (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Reserve for volume discounts and sales incentives	$ 582.9	$ 580.4
Warranty reserves	431.6	331.9
Accrued employee compensation and benefits	329.2	290.8
Accrued taxes	249.6	170.3
Other	323.4	280.8
Accrued expenses	$ 1,916.7	$ 1,654.2

Operations and Summary of Significant Accounting Policies - Warranty Reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty reserves, beginning of period	$ 392.8	$ 360.9	$ 316.0
Acquisitions	0.2	0.0	0.0
Accruals for warranties issued during the year	310.2	234.1	230.5
Settlements made (in cash or in kind) during the year	(204.3)	(198.7)	(174.7)
Foreign currency translation	22.9	(3.5)	(10.9)
Warranty reserves, end of period	$ 521.8	$ 392.8	$ 360.9

Operations and Summary of Significant Accounting Policies - Warranty Reserves Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Minimum product warranty period	1 year
Maximum product warranty period	4 years
Warranty reserves included in other noncurrent liabilities	$ 90.2	$ 60.9

Operations and Summary of Significant Accounting Policies - Revenue Narrative (Details)	12 Months Ended
	Dec. 31, 2020
Minimum
Accounting Policies [Line Items]
Extended product warrant, period	1 year
Maximum
Accounting Policies [Line Items]
Extended product warrant, period	5 years

Operations and Summary of Significant Accounting Policies - Stock Incentive Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Line Items]
Share-based Payment Arrangement, Expense	$ 37.9	$ 41.7	$ 46.6
Cost of goods sold
Accounting Policies [Line Items]
Share-based Payment Arrangement, Expense	1.1	1.7	2.3
Selling, general and administrative expenses
Accounting Policies [Line Items]
Share-based Payment Arrangement, Expense	$ 36.8	$ 40.0	$ 44.3

Operations and Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Advertising expense	$ 45.3	$ 42.3	$ 42.4

Operations and Summary of Significant Accounting Policies - Shipping and Handling Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Selling, general and administrative expenses
Accounting Policies [Line Items]
Shipping Handling And Transportation Cost	$ 38.0	$ 38.9	$ 37.9

Operations and Summary of Significant Accounting Policies - Summary of Interest Expense, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Interest expense	$ 24.9	$ 28.8	$ 61.9
Interest income	(9.9)	(8.9)	(8.1)
Interest expense, net	$ 15.0	$ 19.9	$ 53.8

Operations and Summary of Significant Accounting Policies - Interest Expense, Net Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Gain (Loss) on Extinguishment of Debt	$ 0.0	$ 0.0	$ 24.5
Amortization of Deferred Hedge Gains			$ 4.7

Operations and Summary of Significant Accounting Policies - Summary of Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share, Basic [Abstract]
Net income attributable to AGCO Corporation and subsidiaries	$ 427.1	$ 125.2	$ 285.5
Weighted average number of common shares outstanding (in shares)	75.0	76.2	78.8
Basic net income per share attributable to AGCO Corporation and subsidiaries (in dollars per share)	$ 5.69	$ 1.64	$ 3.62
Diluted net income per share:
Dilutive SSARs, performance share awards and restricted stock units (in shares)	0.6	0.8	0.9
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share (in shares)	75.6	77.0	79.7
Diluted net income per share attributable to AGCO Corporation and subsidiaries (in dollars per share)	$ 5.65	$ 1.63	$ 3.58

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Operations and Summary of Significant Accounting Policies - Net Income Per Common Share Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock Appreciation Rights (SARs)
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0.3	0.2	0.5

Operations and Summary of Significant Accounting Policies - Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive loss, net of reclassification adjustments	$ (219.9)	$ (37.3)	$ (198.0)
AOCI Attributable To Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before tax	(218.3)	(39.6)	(194.2)
Other comprehensive income (loss), income taxes	2.7	(0.2)	0.4
Other comprehensive loss, net of reclassification adjustments	(215.6)	(39.8)	(193.8)
Defined Benefit Pension Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before tax	(19.3)	(13.4)	0.8
Other comprehensive income (loss), income taxes	2.4	(0.6)	1.9
Other comprehensive loss, net of reclassification adjustments	(16.9)	(14.0)	2.7
Net gain on derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before tax	(1.5)	(3.1)	7.6
Other comprehensive income (loss), income taxes	0.3	0.4	(1.5)
Other comprehensive loss, net of reclassification adjustments	(1.2)	(2.7)	6.1
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before tax	(197.5)	(23.1)	(202.6)
Other comprehensive income (loss), income taxes	0.0	0.0	0.0
Other comprehensive loss, net of reclassification adjustments	(197.5)	(23.1)	(202.6)
AOCI Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive loss, net of reclassification adjustments	(4.3)	2.5	(4.2)
Defined benefit pension plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive loss, net of reclassification adjustments	0.0	0.0	0.0
Net gain on derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive loss, net of reclassification adjustments	0.0	0.0	0.0
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive loss, net of reclassification adjustments	$ (4.3)	$ 2.5	$ (4.2)

Restructuring Expenses Restructing Expenses - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020 USD ($) employees	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Restructuring Cost and Reserve [Line Items]
Ownership Interest of Controlling Interest	50.00%
Restructuring Charges Excluding Adjustments		$ 20.1	$ 9.7	$ 14.1
Restructuring and Related Cost, Number of Positions Eliminated \| employees		350
Loss on Sale of Joint Venture
Restructuring Cost and Reserve [Line Items]
Restructuring Charges Excluding Adjustments		$ 0.0	$ 2.1	$ 0.0

Restructuring Expenses (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Restructuring Expenses (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Proceeds from Divestiture of Interest in Joint Venture	$ 5.1
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Beginning Balance		$ 4.8	$ 7.1	$ 10.9
Provision		20.1	9.7	14.1
Less: Non-cash expense		(2.5)	(3.6)	(0.3)
Cash expense		17.6	6.1	13.8
Provision reversal		(0.4)	(0.7)	(2.1)
Cash activity		(5.1)	(7.3)	(14.4)
Foreign currency translation		(0.1)	(0.4)	(1.1)
Restructuring Reserve, Ending Balance	4.8	16.8	4.8	7.1
Employee Severance
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Beginning Balance		4.8	7.1	10.9
Provision		11.3	5.6	13.8
Less: Non-cash expense		0.0	0.0	0.0
Cash expense		11.3	5.6	13.8
Provision reversal		(0.4)	(0.7)	(2.1)
Cash activity		(4.5)	(6.8)	(14.4)
Foreign currency translation		(0.1)	(0.4)	(1.1)
Restructuring Reserve, Ending Balance	4.8	11.1	4.8	7.1
Facility Closure Costs
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Beginning Balance		0.0	0.0	0.0
Provision		4.5	0.5	0.0
Less: Non-cash expense		0.0	0.0	0.0
Cash expense		4.5	0.5	0.0
Provision reversal		0.0	0.0	0.0
Cash activity		(0.6)	(0.5)	0.0
Foreign currency translation		0.0	0.0	0.0
Restructuring Reserve, Ending Balance	0.0	3.9	0.0	0.0
Write-down of Property, Plant and Equipment
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Beginning Balance		0.0	0.0	0.0
Provision		2.5	1.5	0.3
Less: Non-cash expense		(2.5)	(1.5)	(0.3)
Cash expense		0.0	0.0	0.0
Provision reversal		0.0	0.0	0.0
Cash activity		0.0	0.0	0.0
Foreign currency translation		0.0	0.0	0.0
Restructuring Reserve, Ending Balance	0.0	0.0	0.0	0.0
Other Related Closure Costs
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Beginning Balance		0.0	0.0	0.0
Provision		1.8	0.0	0.0
Less: Non-cash expense		0.0	0.0	0.0
Cash expense		1.8	0.0	0.0
Provision reversal		0.0	0.0	0.0
Cash activity		0.0	0.0	0.0
Foreign currency translation		0.0	0.0	0.0
Restructuring Reserve, Ending Balance	0.0	1.8	0.0	0.0
Loss on Sale of Joint Venture
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Beginning Balance		0.0	0.0	0.0
Provision		0.0	2.1	0.0
Less: Non-cash expense		0.0	(2.1)	0.0
Cash expense		0.0	0.0	0.0
Provision reversal		0.0	0.0	0.0
Cash activity		0.0	0.0	0.0
Foreign currency translation		0.0	0.0	0.0
Restructuring Reserve, Ending Balance	$ 0.0	$ 0.0	$ 0.0	$ 0.0

Accounts Receivable Sales Agreements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Resale Agreement Counterparty [Line Items]
Outstanding funding received from receivable securitization	$ 85.2	$ 104.3
United States, Canada, Europe, and Brazil
Resale Agreement Counterparty [Line Items]
Cash received from receivables sold	1,500.0	1,600.0
Other Expense
Resale Agreement Counterparty [Line Items]
Loss on sales of receivables	$ 24.1	$ 42.4	$ 36.0

Investments in Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
Investments in Affiliates (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Investment in affiliates	$ 442.7	$ 380.2
Equity in net earnings of affiliates	45.5	42.5	$ 34.3
Total assets	8,504.2	7,759.7	7,626.4
Total liabilities	5,486.2	4,852.7
Partners’ equity	2,980.0	2,853.8
Income before income taxes	128.2	117.7	104.1
Receivables from affiliates	47.5	15.2
Undistributed earnings	$ 375.5	310.8
Finance Joint Ventures
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage by parent	49.00%
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Total assets	$ 8,033.4	7,773.7
Total liabilities	7,226.7	7,081.9
Partners’ equity	806.7	691.8
Revenues	402.2	417.6	390.8
Costs	274.0	299.9	286.7
Finance joint ventures
Schedule of Equity Method Investments [Line Items]
Investment in affiliates	395.3	339.0
Equity in net earnings of affiliates	45.0	41.5	34.7
Manufacturing joint ventures
Schedule of Equity Method Investments [Line Items]
Investment in affiliates	31.8	26.8
Other affiliates
Schedule of Equity Method Investments [Line Items]
Investment in affiliates	15.6	14.4
Manufacturing and other joint ventures
Schedule of Equity Method Investments [Line Items]
Equity in net earnings of affiliates	$ 0.5	$ 1.0	$ (0.4)

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes [Line Items]
Foreign currency transaction gain	$ 21.8
Deferred tax liability	13.2		$ 34.8	$ 13.2
Valuation allowance	169.1		181.0	169.1
Other Noncash Income Tax Expense		$ 53.7
Net operating loss carryforwards			219.7
Net operating loss carryforwards not subject to expiration			134.0
Income taxes paid			181.4	144.4	$ 101.6
Unrecognized income tax benefits that would affect effective tax rate	210.7		227.9	210.7
Accrued or deferred taxes relating to uncertain income tax positions	51.0		57.1	51.0
Interest and penalties related to unrecognized tax benefits			7.1	1.8
Accrued interest and penalties relating to unrecognized tax benefits	$ 28.4		39.4	28.4
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Income Tax Expense (Benefit)			187.7	180.8	110.9
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount			37.2	3.2	8.5
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Amount			0.0	21.8	$ 8.4
Indirect favorable effects relating to other tax jurisdictions			64.1	$ 44.9
Guarantees [Abstract]
Income tax examination, penalties and interest accrued			57.1
Change In tax Positions And Judgements And Lapses Of Statutes Of Limitations
Income Taxes [Line Items]
Indirect favorable effects relating to other tax jurisdictions			13.1
Foreign
Income Taxes [Line Items]
Net operating loss carryforwards			219.7
2021
Income Taxes [Line Items]
Net operating loss carryforwards, by expiration date			24.0
2022
Income Taxes [Line Items]
Net operating loss carryforwards, by expiration date			15.0
2023
Income Taxes [Line Items]
Net operating loss carryforwards, by expiration date			$ 46.7

Income Taxes (Schedule of Income before Income Tax, Domestic and Foreign) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Sources of income (loss) before income taxes and equity in net earnings of affiliates
United States	$ (73.4)	$ (53.1)	$ (126.0)
Foreign	635.4	314.2	486.3
Income before income taxes and equity in net earnings of affiliates	$ 562.0	$ 261.1	$ 360.3

Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ 1.0	$ (6.5)	$ (9.1)
State	3.1	2.1	1.2
Foreign	180.2	170.1	133.5
Current income tax expense (benefit)	184.3	165.7	125.6
Deferred:
Federal	1.3	1.3	0.0
State	0.0	0.0	0.0
Foreign	2.1	13.8	(14.7)
Deferred income tax expense (benefit)	3.4	15.1	(14.7)
Income tax provision	$ 187.7	$ 180.8	$ 110.9

Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Provision for income taxes at United States federal statutory rate	$ 118.0	$ 54.8	$ 75.7
State and local income taxes, net of federal income tax effects	(3.5)	(2.5)	(6.0)
Taxes on foreign income which differ from the United States statutory rate	13.9	6.7	(0.3)
Tax effect of permanent differences	13.4	63.9	26.7
Change in valuation allowance	16.3	84.6	24.6
Change in tax contingency reserves	37.2	3.2	8.5
Research and development tax credits	(9.0)	(7.1)	(8.5)
Impacts related to changes in tax laws	0.0	(21.8)	(8.4)
Other	1.4	(1.0)	(1.4)
Income tax provision	$ 187.7	$ 180.8	$ 110.9

Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax Assets:
Net operating loss carryforwards	$ 62.9	$ 72.0
Sales incentive discounts	50.8	61.9
Inventory valuation reserves	35.9	41.1
Pensions and postretirement health care benefits	55.8	51.6
Warranty and other reserves	126.3	128.5
Research and development tax credits	12.9	17.3
Foreign tax credits	5.9	6.4
Other	10.4	17.2
Total gross deferred tax assets	360.9	396.0
Valuation allowance	(181.0)	(169.1)
Total deferred tax assets	179.9	226.9
Deferred Tax Liabilities:
Tax over book depreciation and amortization	167.5	164.3
Investment in affiliates	33.1	50.3
Other	14.1	25.5
Total deferred tax liabilities	214.7	240.1
Deferred tax liability	(34.8)	(13.2)
Amounts recognized in Consolidated Balance Sheets:
Deferred tax liability	(34.8)	(13.2)
Deferred tax assets - noncurrent	77.6	93.8
Deferred tax liabilities - noncurrent	$ (112.4)	$ (107.0)

Income Taxes (Summary of Income Tax Contingencies) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Gross unrecognized tax benefits:
Gross unrecognized income tax benefits, beginning of period	$ 210.7	$ 166.1
Additions for tax positions of the current year	32.0	32.8
Additions for tax positions of prior years	9.4	20.7
Reductions for tax positions of prior years for:
Changes in judgments	9.1	(4.6)
Settlements during the year	(52.9)	(0.7)
Lapses of applicable statute of limitations	(0.2)	(0.8)
Foreign currency translation and other	19.8	(2.8)
Gross unrecognized income tax benefits, end of period	$ 227.9	$ 210.7

Indebtedness (Components Of Indebtedness) (Details) € in Millions, $ in Millions	Dec. 31, 2020 USD ($)	Dec. 31, 2020 EUR (€)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Other long-term debt	$ 10.5		$ 12.5
Debt issuance costs	(2.5)		(2.3)
Total indebtedness	1,582.6		1,194.7
Less: Current portion of long-term debt	(325.9)		(2.9)
Other Long-term Debt, Current	(2.3)		(2.9)
Total long-term indebtedness, less current portion	1,256.7		1,191.8
Senior Notes Due 2022
Debt Instrument [Line Items]
Senior Notes	184.0		168.1
Credit facility, expires 2023(1)
Debt Instrument [Line Items]
Senior Notes	277.9		0.0
Senior Notes Due 2025, 1.002% [Member] [Member]
Debt Instrument [Line Items]
Senior Notes	306.7		280.2
Senior term loans due between 2021 and 2028
Debt Instrument [Line Items]
Senior Notes	806.0		736.2
Less: Current portion of long-term debt	$ (323.6)	€ (264.0)	$ 0.0
Senior Notes Due 2025, 1.002% [Member] [Member]
Debt Instrument [Line Items]
Debt Interest Rate	1.002%	1.002%	1.002%

Indebtedness (Maturities of Long-term Debt) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Aggregate scheduled maturities of long-term debt, excluding current maturities
2022	$ 463.5
2023	304.3
2024	2.5
2025	383.8
Thereafter	102.6
Total indebtedness, less current portion	$ 1,256.7	$ 1,191.8

Indebtedness (Narrative) (Details)										1 Months Ended		12 Months Ended
Indebtedness (Narrative) (Details)	Apr. 15, 2020 USD ($)	Apr. 15, 2020 EUR (€)	Apr. 09, 2020 USD ($)	Oct. 31, 2019 USD ($)	Oct. 31, 2019 EUR (€)	Dec. 31, 2018 USD ($)	Oct. 31, 2018 USD ($) loan_agreement	Aug. 31, 2018 EUR (€) loan_agreement	May 09, 2018	Oct. 31, 2018 USD ($) loan_agreement	Oct. 31, 2016 EUR (€) loan_agreement	Dec. 31, 2020 USD ($) loan_agreement	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2020 EUR (€) loan_agreement	Apr. 15, 2020 EUR (€)	Apr. 09, 2020 EUR (€)	Dec. 31, 2019 EUR (€)	Dec. 31, 2018 EUR (€)	Oct. 31, 2018 EUR (€) loan_agreement	Sep. 30, 2018 USD ($)	May 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 EUR (€)	Apr. 30, 2016 EUR (€) loan_agreement	Dec. 31, 2015	Aug. 31, 2015 USD ($)	Dec. 31, 2014 EUR (€)
Debt Instrument [Line Items]
Interest Paid, Including Capitalized Interest, Operating and Investing Activities												$ 23,600,000	$ 26,300,000	$ 35,200,000
Repayments of Debt												$ 1,045,600,000	2,191,100,000	5,433,600,000
Write off of Deferred Debt Issuance Cost							$ 900,000
Gain (Loss) on Contract Termination						$ 3,900,000
Number of Term Loan Agreements \| loan_agreement							2	7		2	7	12			12					2					2
Long-term Debt, Current Maturities												$ (325,900,000)	(2,900,000)
Debt Instrument, Unused Borrowing Capacity, Amount \| €																		€ 200,000,000.0										€ 200,000,000.0
Loss on extinguishment of debt												0	0	24,500,000
Amortization of deferred hedge gains														$ 4,700,000
Outstanding letters of credit												$ 14,400,000	13,900,000
Number of Term Loan Agreements, Maturing Current Year \| loan_agreement												4			4
Debt instrument, Repurchase Amount, Principal Amount																						$ 185,900,000
Debt Instrument, Purchase Price of Repurchased Debt																						$ 200,300,000
Short-term borrowings												$ 33,800,000	150,500,000
Debt Repurchase, Convertible, Conversion Ratio									1.0775
Cash Flow Hedging \| Interest Rate Swap \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Derivative, fixed interest rate							0.33%			0.33%										0.33%						0.33%
1.056% Senior term loan due 2020(1)
Debt Instrument [Line Items]
Debt Instrument, Face Amount													220,000,000.0
Debt Interest Rate												1.056%			1.056%
Line of Credit \| Interest Accrual, Option Two
Debt Instrument [Line Items]
Variable rate										0.50%
Line of Credit \| Interest Accrual, Option Three
Debt Instrument [Line Items]
Variable rate										1.00%
Line of Credit \| Minimum \| Interest Accrual, Option Three \| Variable Basis, Additional Margin
Debt Instrument [Line Items]
Variable rate										0.00%	0.70%
Line of Credit \| Minimum \| Interest Accrual, Option Three \| Variable Basis, Additional Margin \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Variable rate										0.875%
Line of Credit \| Minimum \| Interest Accrual, Option Three \| Variable Basis, Additional Margin \| EURIBOR [Member]
Debt Instrument [Line Items]
Variable rate											0.70%
Line of Credit \| Maximum \| Interest Accrual, Option Three \| Variable Basis, Additional Margin
Debt Instrument [Line Items]
Variable rate										0.875%	2.26%
Line of Credit \| Maximum \| Interest Accrual, Option Three \| Variable Basis, Additional Margin \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Variable rate										1.875%
Line of Credit \| Maximum \| Interest Accrual, Option Three \| Variable Basis, Additional Margin \| EURIBOR [Member]
Debt Instrument [Line Items]
Variable rate											1.25%
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 800,000,000.0				$ 800,000,000.0			$ 800,000,000.0											$ 800,000,000.0
Remaining borrowing capacity												$ 800,000,000.0	800,000,000.0
Line of credit												0	0
Credit facility, expires 2023(1)
Debt Instrument [Line Items]
Senior Notes												277,900,000	$ 0
Maximum borrowing capacity																											$ 312,000,000.0
Line of credit \| €																				€ 312,000,000.0
Proceeds from issuance of debt \| €								€ 338,000,000.0
Credit facility, expires 2023(1) \| Senior term loans due between 2021 and 2028
Debt Instrument [Line Items]
Senior Notes												$ 806,000,000.0			€ 657,000,000.0
5 7/8% Senior notes due 2021
Debt Instrument [Line Items]
Debt Interest Rate												5.875%			5.875%
Redemption percentage												100.00%
Debt instrument, Repurchase Amount, Principal Amount							114,100,000			114,100,000
Debt Instrument, Purchase Price of Repurchased Debt							122,500,000			122,500,000
5 7/8% Senior notes due 2021 \| Interest Accrual, Option Two
Debt Instrument [Line Items]
Variable rate												0.50%
Senior Unsecured Term Loan Due April 26, 2021, First Loan
Debt Instrument [Line Items]
Debt Instrument, Face Amount							113,200,000			113,200,000										100,000,000.0					€ 100,000,000.0
Senior Unsecured Term Loan Due April 26, 2021, Second Loan
Debt Instrument [Line Items]
Debt Instrument, Face Amount																							$ 239,800,000
Senior Notes Due 2025, 1.002% [Member] [Member]
Debt Instrument [Line Items]
Debt Interest Rate												1.002%	1.002%		1.002%			1.002%
Term Loan [Member]
Debt Instrument [Line Items]
Remaining borrowing capacity												$ 277,900,000
Long-term line of credit												277,900,000
Repayments of Debt	$ 108,700,000	€ 100,000,000.0
Term Loan [Member] \| Multi-Currency Loan, EUR [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount \| €																	€ 235,000,000.0
Long-term line of credit \| €																€ 117,500,000
Term Loan [Member] \| Multi-Currency Loan, USD [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			267,500,000
Long-term line of credit	$ 133,800,000
Term Loan [Member] \| Incremental Term Loans [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount												555,800,000
Draw Down, Minimum Principal Amount			100,000,000.0
Draw Down, Minimum Integral Multiple Limit			$ 50,000,000.0
Term Loan [Member] \| Incremental Term Loans [Member] \| Interest Accrual, Option Two
Debt Instrument [Line Items]
Variable rate			0.50%
Term Loan [Member] \| Incremental Term Loans [Member] \| Interest Accrual, Option Three
Debt Instrument [Line Items]
Variable rate			1.00%
Term Loan [Member] \| Incremental Term Loans [Member] \| Minimum
Debt Instrument [Line Items]
Variable rate			1.125%
Term Loan [Member] \| Incremental Term Loans [Member] \| Minimum \| Interest Accrual, Option Three
Debt Instrument [Line Items]
Variable rate			0.125%
Term Loan [Member] \| Incremental Term Loans [Member] \| Minimum \| Interest accrual, Option One, Thereafter [Member]
Debt Instrument [Line Items]
Variable rate			1.375%
Term Loan [Member] \| Incremental Term Loans [Member] \| Minimum \| Interest Accrual, Option Three, Thereafter [Member]
Debt Instrument [Line Items]
Variable rate			0.375%
Term Loan [Member] \| Incremental Term Loans [Member] \| Maximum
Debt Instrument [Line Items]
Variable rate			2.125%
Term Loan [Member] \| Incremental Term Loans [Member] \| Maximum \| Interest Accrual, Option Three
Debt Instrument [Line Items]
Variable rate			1.375%
Term Loan [Member] \| Incremental Term Loans [Member] \| Maximum \| Interest accrual, Option One, Thereafter [Member]
Debt Instrument [Line Items]
Variable rate			2.375%
Term Loan [Member] \| Incremental Term Loans [Member] \| Maximum \| Interest Accrual, Option Three, Thereafter [Member]
Debt Instrument [Line Items]
Variable rate			1.375%
Senior Unsecured Term Loan Due October 28, 2022 [Member]
Debt Instrument [Line Items]
Senior Notes \| €																				€ 150,000,000.0
Senior term loans due between 2021 and 2028
Debt Instrument [Line Items]
Senior Notes												806,000,000.0	$ 736,200,000
Debt Instrument, Face Amount \| €											€ 375,000,000.0
Repayments of Senior Debt				$ 61,100,000	€ 56,000,000.0
Long-term Debt, Current Maturities												(323,600,000)	0		€ (264,000,000.0)
Senior Notes Due 2022
Debt Instrument [Line Items]
Senior Notes												184,000,000.0	$ 168,100,000
Euro Member Countries, Euro
Debt Instrument [Line Items]
Long-term line of credit \| €																			€ 250,000,000.0
Euro Member Countries, Euro \| 1.056% Senior term loan due 2020(1)
Debt Instrument [Line Items]
Senior Notes \| €																									€ 200,000,000.0
Debt Instrument, Face Amount \| €																								€ 200,000,000.0
United States of America, Dollars
Debt Instrument [Line Items]
Long-term line of credit												$ 306,700,000
United States of America, Dollars \| Credit facility, expires 2023(1) \| Cash Flow Hedging \| Interest Rate Swap \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Line of credit							$ 360,800,000			$ 360,800,000

Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan, Weighted-Average Interest Crediting Rate	1.00%	1.00%
Defined Benefit Plan, Weighted-Average Interest Crediting Rate Above Minimum Government Rate	0.00%	0.25%
Defined benefit plan, assumptions used in investment strategy, expected return next fiscal year	5.00%
Company contributions	$ 15.4	$ 15.8	$ 15.8
ENPP [Member]
Defined Benefit Plan, Retirement Income, Maximum Period Over Which Benefits are Paid	15 years
Defined Benefit Plan, Vesting Age, Minimum	50 years
Defined Benefit Plan, Minimum Service Period For Qualification	10 years
Defined Benefit Plan, Minimum Service Period For Vesting	5 years
Defined Benefit Plan, Minimum Age to Receive Benefits	65 years
Defined Benefit Plan, Amortization Period	7 years
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan, Amortization Period	10 years
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	3.80%	4.50%
Benefit payments	$ 1.5
Benefits paid	$ 1.5	$ 1.5
Pension Benefits
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	1.50%	2.00%
Benefit payments	$ 50.5
Benefit payments made to defined benefit pension plans and ENPP	44.9
Benefits paid	$ 44.6	$ 44.8
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	4.10%	4.60%	5.40%
Brazilian Postretirement Benefit Obligation, Defined Benefit [Member]
Health care cost trend rate assumed	9.96%	10.55%
Ultimate health care cost trend rate	4.28%	4.80%
Benefit payments	$ 0.1
U.S Based Postretirement Health Care and Life Insurance Benefit Plans
Health care cost trend rate assumed	7.00%	6.25%
Ultimate health care cost trend rate	5.00%	5.00%
Benefit payments	$ 1.5
Foreign Plan [Member] \| U.K. Pension Plans, Defined Benefit
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 20.9
UNITED KINGDOM \| Pension Benefits
Defined Benefit Plan, Amortization Period	19 years
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 31.3
UNITED STATES \| Pension Benefits
Defined Benefit Plan, Amortization Period	14 years
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	2.75%	3.45%
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 4.4
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	5.00%	5.50%	6.00%
Defined benefit plan, historical average return on asset mix	5.50%
Non-US [Domain] \| U.K. Pension Plans, Defined Benefit
Defined benefit plan, assumptions used in investment strategy, expected return next fiscal year	4.00%
Non-US [Domain] \| Pension Benefits
Defined benefit plan, historical average return on asset mix	4.25%

Employee Benefit Plans (Net Pension And Postretirement Cost) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pension Benefits
Service cost	$ 16.2	$ 15.5	$ 16.6
Interest cost	16.5	20.7	19.9
Expected return on plan assets	(28.4)	(28.1)	(34.0)
Amortization of net actuarial losses	15.5	14.3	13.8
Amortization of prior service cost	2.1	1.6	1.2
Net loss recognized due to settlement	0.2	0.5	0.9
Net annual pension cost	$ 22.1	$ 24.5	$ 18.4
Weighted average discount rate	2.00%	2.80%	2.50%
Other Postretirement Benefits Plan [Member]
Service cost	$ 0.1	$ 0.1	$ 0.1
Interest cost	1.2	1.3	1.4
Amortization of net actuarial losses	0.1	0.0	0.1
Amortization of prior service cost	0.1	0.1	0.2
Net annual pension cost	$ 1.5	$ 1.5	$ 1.8
Weighted average discount rate	4.50%	5.20%	4.90%

Employee Benefit Plans (Assumptions for Pension and Postretirement Cost) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Rate of increase in future compensation	1.80%	1.80%	1.80%
Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Rate of increase in future compensation	5.00%	5.00%	5.00%
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average discount rate	2.00%	2.80%	2.50%
Weighted average expected long-term rate of return on plan assets	4.10%	4.60%	5.40%
UNITED STATES \| Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average discount rate	3.45%	4.35%	3.70%
Weighted average expected long-term rate of return on plan assets	5.00%	5.50%	6.00%
Rate of increase in future compensation	5.00%	5.00%	5.00%

Employee Benefit Plans (Net Funded Status) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in plan assets
Fair value of plan assets at beginning of year	$ 711.0
Fair value of plan assets at end of year		$ 711.0
Amounts recognized in Consolidated Balance Sheets:
Pensions and postretirement health care benefits (noncurrent)	(253.4)	(232.1)
Pension Benefits
Change in benefit obligation
Benefit obligation, beginning of period	917.3	823.1
Service cost	16.2	15.5	$ 16.6
Interest cost	16.5	20.7	19.9
Plan participants’ contributions	1.3	1.2
Actuarial losses (gains)	86.8	83.3
Amendments	(0.3)	4.7
Settlements	(0.3)	(0.8)
Benefits paid	(44.6)	(44.8)
Foreign currency exchange rate changes	40.8	14.4
Benefit obligation, end of period	1,033.7	917.3	823.1
Change in plan assets
Fair value of plan assets at beginning of year	711.0	617.1
Actual return on plan assets	76.6	91.2
Employer contributions	32.4	30.6
Plan participants’ contributions	1.3	1.2
Benefits paid	(44.6)	(44.8)
Settlements	(0.3)	(0.8)
Foreign currency exchange rate changes	32.2	16.5
Fair value of plan assets at end of year	808.6	711.0	617.1
Funded status	(225.1)	(206.3)
Unrecognized net actuarial losses	385.1	362.2
Unrecognized prior service cost	20.1	22.5
Accumulated other comprehensive loss	(405.2)	(384.7)
Net amount recognized	(225.1)	(206.3)
Amounts recognized in Consolidated Balance Sheets:
Assets for Plan Benefits, Defined Benefit Plan	13.2	6.2
Other current liabilities	(6.7)	(4.9)
Accrued expenses	(3.2)	(3.3)
Pensions and postretirement health care benefits (noncurrent)	(228.4)	(204.3)
Postretirement Benefits
Change in benefit obligation
Benefit obligation, beginning of period	29.4	25.3
Service cost	0.1	0.1	0.1
Interest cost	1.2	1.3	1.4
Plan participants’ contributions	0.0	0.0
Actuarial losses (gains)	(1.1)	4.5
Amendments	0.0	0.0
Settlements	0.0	0.0
Benefits paid	(1.5)	(1.5)
Foreign currency exchange rate changes	(1.7)	(0.3)
Benefit obligation, end of period	26.4	29.4	25.3
Change in plan assets
Fair value of plan assets at beginning of year	0.0	0.0
Actual return on plan assets	0.0	0.0
Employer contributions	1.5	1.5
Plan participants’ contributions	0.0	0.0
Benefits paid	(1.5)	(1.5)
Settlements	0.0	0.0
Foreign currency exchange rate changes	0.0	0.0
Fair value of plan assets at end of year	0.0	0.0	$ 0.0
Funded status	(26.4)	(29.4)
Unrecognized net actuarial losses	2.6	3.9
Unrecognized prior service cost	2.9	3.0
Accumulated other comprehensive loss	(5.5)	(6.9)
Net amount recognized	(26.4)	(29.4)
Amounts recognized in Consolidated Balance Sheets:
Assets for Plan Benefits, Defined Benefit Plan	0.0	0.0
Other current liabilities	(1.4)	(1.6)
Accrued expenses	0.0	0.0
Pensions and postretirement health care benefits (noncurrent)	$ (25.0)	$ (27.8)

Employee Benefit Plans (Net Periodic Pension Costs Included in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
After-Tax Amount
Prior service credit (cost) arising during the year	$ 0.3	$ (4.7)	$ (7.0)
Net loss recognized due to settlement	0.3	0.6	0.9
Net actuarial (loss) gain arising during the year, after tax	(32.7)	(23.3)	(4.2)
Amortization of prior service costs, after tax	2.1	1.6	1.3
Amortization of net actuarial losses included in net periodic pension cost	13.1	11.8	11.7
Defined Benefit Pension Plans
After-Tax Amount
Prior service credit (cost) arising during the year	0.3	(4.7)	(7.0)
Net loss recognized due to settlement	0.3	0.6	0.9
Net actuarial (loss) gain arising during the year, after tax	(32.7)	(23.3)	(4.2)
Amortization of prior service costs, after tax	2.1	1.6	1.3
Amortization of net actuarial losses included in net periodic pension cost	13.1	11.8	11.7
Other Postretirement Benefits Plan [Member]
Before-Tax Amount
Accumulated other comprehensive loss, before tax, beginning of period	(3.9)
Accumulated other comprehensive loss, before tax, end of period	(2.6)	(3.9)
Other Postretirement Benefits Plan [Member] \| Defined Benefit Pension Plans
Before-Tax Amount
Accumulated other comprehensive loss, before tax, beginning of period	(393.2)	(379.8)
Prior service cost arising during the year, before tax	0.3	(4.7)
Net loss recognized due to settlement, before tax	0.3	0.6
Net actuarial (loss) gain arising during the year, before tax	(37.8)	(25.3)
Amortization of prior service cost, before tax	2.2	1.7
Amortization of net actuarial losses	15.7	14.3
Accumulated other comprehensive loss, before tax, end of period	(412.5)	(393.2)	(379.8)
Income Tax
Accumulated other comprehensive loss, tax, beginning of period	(96.8)	(97.4)
Prior service cost arising during the year, tax	0.0	0.0
Net loss recognized due to settlement, tax	0.0	0.0
Net actuarial (loss) gain arising during the year, tax	(5.1)	(2.0)
Amortization of prior service costs, tax	0.1	0.1
Amortization of net actuarial losses, tax	2.6	2.5
Accumulated other comprehensive loss, tax, end of period	(99.2)	(96.8)	(97.4)
After-Tax Amount
Accumulated other comprehensive loss, after tax, beginning of period	(296.4)	(282.4)
Prior service credit (cost) arising during the year	0.3	(4.7)
Net loss recognized due to settlement	0.3	0.6
Net actuarial (loss) gain arising during the year, after tax	(32.7)	(23.3)
Amortization of prior service costs, after tax	2.1	1.6
Amortization of net actuarial losses included in net periodic pension cost	13.1	11.8
Accumulated other comprehensive loss, after tax, end of period	$ (313.3)	$ (296.4)	$ (282.4)

Employee Benefit Plans (Various Tables) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Unrecognized net actuarial losses (gains)	$ (385.1)	$ (362.2)
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax	$ 20.1	22.5
ENPP [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Amortization Period	7 years
Other Postretirement Benefits Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Unrecognized net actuarial losses (gains)	$ (2.6)	(3.9)
Defined Benefit Plan, Amortization Period	10 years
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax	$ 2.9	3.0
Pension and Other Postretirement Benefit Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets	41.6	67.8
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation	306.2	309.3
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation	269.4	275.2
U.S. and BRAZIL \| Other Postretirement Benefits Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Unrecognized net actuarial losses (gains)	$ 2.6	3.9
UNITED STATES \| Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Amortization Period	14 years
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets	$ 5.1	38.3
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation	157.4	172.5
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation	135.4	151.9
UNITED STATES \| Other Postretirement Benefits Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Unrecognized net actuarial losses (gains)	$ 1.0	$ 1.6

Employee Benefit Plans (Accumulated Comprehensive Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase	5.00%	5.00%
Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Ownership percentage	20.00%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase	1.50%	1.75%
GIMA \| Corporate Joint Venture
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax	$ 0.6	$ 0.5
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax	$ 1.7	1.6
Ownership percentage	50.00%
Net loss recognized due to settlement	$ 0.1	0.1
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net loss recognized due to settlement	$ 0.2	$ 0.5	$ 0.9
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	1.50%	2.00%
Pension and Other Postretirement Benefit Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax	$ 98.6	$ 96.3
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax	$ (410.8)	$ (391.6)
UNITED STATES \| Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	2.75%	3.45%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase	5.00%	5.00%

Employee Benefit Plans (Assumptions for Benefit Obligation) (Details)	Dec. 31, 2020	Dec. 31, 2019
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	1.50%	2.00%
Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase	1.50%	1.75%
Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase	5.00%	5.00%
UNITED STATES \| Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase	5.00%	5.00%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	2.75%	3.45%

Employee Benefit Plans (Expected Future Minimum Payments) (Details) $ in Millions	Dec. 31, 2020 USD ($)
Pension Benefits
Aggregate expected benefit payments
2021	$ 50.5
2022	51.0
2023	51.9
2024	51.4
2025	52.6
2026 through 2030	283.6
Total	541.0
Postretirement Benefits
Aggregate expected benefit payments
2021	1.5
2022	1.5
2023	1.6
2024	1.6
2025	1.6
2026 through 2030	7.8
Total	$ 15.6

Employee Benefit Plans (Weighted Average Asset Allocation) (Details) - Pension Benefits	Dec. 31, 2020	Dec. 31, 2019
Foreign Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Equity Securities	100.00%	100.00%
Foreign Plan [Member] \| Equity Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Equity Securities	41.00%	39.00%
Foreign Plan [Member] \| Fixed Income Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Equity Securities	53.00%	54.00%
Foreign Plan [Member] \| Other Investments [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Equity Securities	6.00%	7.00%
UNITED STATES
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Equity Securities	100.00%	100.00%
UNITED STATES \| Equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Equity Securities	36.00%	34.00%
UNITED STATES \| Fixed Income Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Equity Securities	57.00%	59.00%
UNITED STATES \| Other Investments [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Equity Securities	7.00%	7.00%

Employee Benefit Plans (Reconciliation of Level 3 Assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement [Abstract]
Fair value of plan assets		$ 711.0
Pension Benefits
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement [Abstract]
Foreign currency exchange rate changes	$ 32.2	16.5
Fair value of plan assets	808.6	711.0	$ 617.1
Pension Benefits \| Alternative Investments
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement [Abstract]
Fair value of plan assets	40.6	35.6
Pension Benefits \| Miscellaneous Funds
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement [Abstract]
Fair value of plan assets	36.6	30.8
Level 3
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement [Abstract]
Fair value of plan assets		33.1
Level 3 \| Pension Benefits
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement [Abstract]
Related to assets still held at reporting	0.1	1.9
Relating to assets sold during period	0.0	0.0
Purchases, sales and /or settlements	2.4	1.3
Foreign currency exchange rate changes	3.1	(0.6)
Fair value of plan assets	38.7	33.1	30.5
Level 3 \| Pension Benefits \| Alternative Investments
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement [Abstract]
Related to assets still held at reporting	(0.2)	(0.1)
Relating to assets sold during period	0.0	0.0
Purchases, sales and /or settlements	0.0	0.1
Foreign currency exchange rate changes	0.0	0.0
Fair value of plan assets	2.1	2.3	2.3
Level 3 \| Pension Benefits \| Miscellaneous Funds
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement [Abstract]
Related to assets still held at reporting	0.3	2.0
Relating to assets sold during period	0.0	0.0
Purchases, sales and /or settlements	2.4	1.2
Foreign currency exchange rate changes	3.1	(0.6)
Fair value of plan assets	$ 36.6	$ 30.8	$ 28.2

Employee Benefit Plans (Investment Strategies and Target Allocation) (Details)	12 Months Ended
	Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target allocation percentage of assets, long-term growth	45.00%
Defined benefit plan, target allocation percentage of assets, near-term benefit payments	55.00%
Alternative Investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations	5.00%
Fixed Income Investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations	55.00%
Equity Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations	40.00%
Foreign Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations	100.00%
Foreign Plan [Member] \| Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations	100.00%
Foreign Plan [Member] \| Pension Benefits \| Defined Benefit Plan, Cash [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations	0.00%
UNITED STATES \| Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations	100.00%
Defined benefit plan, target allocation percentage of assets, long-term growth	40.00%
Defined benefit plan, target allocation percentage of assets, near-term benefit payments	60.00%
UNITED STATES \| Pension Benefits \| Alternative Investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations	10.00%
UNITED STATES \| Pension Benefits \| Fixed Income Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations	55.00%
UNITED STATES \| Pension Benefits \| Equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations	30.00%
UNITED STATES \| Pension Benefits \| Defined Benefit Plan, Cash [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations	5.00%

Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 21, 2021	Mar. 31, 2019	Mar. 31, 2018
Accelerated Share Repurchases [Line Items]
Cash dividends declared and paid per common share (in dollars per share)		$ 0.16	$ 0.63	$ 0.63	$ 0.60
Common stock, shares authorized (in shares)		150,000,000	150,000,000	150,000,000
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01	$ 0.01
Common stock, shares outstanding (in shares)		75,471,562	74,962,231	75,471,562
Shares available for grant (in shares)			3,853,244
Purchases and retirement of common stock			$ 55.0	$ 130.0	$ 184.3
Remaining authorized repurchase amount			$ 245.0
Common stock, quarterly dividends declared (in dollars per share)	$ 0.16						$ 0.15	$ 0.15
Accelerated Share Repurchase
Accelerated Share Repurchases [Line Items]
Purchases and retirement of common stock	$ 55.0			$ 130.0
Purchases and retirement of common stock (in shares)	970,141			1,794,256
Subsequent Event [Member]
Accelerated Share Repurchases [Line Items]
Common stock, quarterly dividends declared (in dollars per share)						$ 0.16

Stockholders' Equity (Changes in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Total Stockholderss Equity, Including Noncontrolling Interest, Beginning balance	$ 2,907.0	$ 2,993.5	$ 3,095.3
Net losses (gains) reclassified from accumulated other comprehensive loss	8.9	13.3
Other comprehensive loss, net of reclassification adjustments	(219.9)	(37.3)	(198.0)
Total Stockholders' Equity, Including Noncontrolling Interest, Ending balance	3,018.0	2,907.0	2,993.5
Defined Benefit Pension Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Total Stockholderss Equity, Including Noncontrolling Interest, Beginning balance	(296.4)	(282.4)
Other comprehensive loss (gain) before reclassifications	(32.1)	(27.4)
Net losses (gains) reclassified from accumulated other comprehensive loss	15.2	13.4
Other comprehensive loss, net of reclassification adjustments	(16.9)	(14.0)	2.7
Total Stockholders' Equity, Including Noncontrolling Interest, Ending balance	(313.3)	(296.4)	(282.4)
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Total Stockholderss Equity, Including Noncontrolling Interest, Beginning balance	(1,297.5)	(1,274.4)
Other comprehensive loss (gain) before reclassifications	(197.5)	(23.1)
Net losses (gains) reclassified from accumulated other comprehensive loss	0.0	0.0
Other comprehensive loss, net of reclassification adjustments	(197.5)	(23.1)	(202.6)
Total Stockholders' Equity, Including Noncontrolling Interest, Ending balance	(1,495.0)	(1,297.5)	(1,274.4)
Deferred Net Gains (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Total Stockholderss Equity, Including Noncontrolling Interest, Beginning balance	(1.3)	1.4	(4.7)
Other comprehensive loss (gain) before reclassifications	5.1	(2.6)	(1.1)
Net losses (gains) reclassified from accumulated other comprehensive loss	(6.3)	(0.1)	7.2
Other comprehensive loss, net of reclassification adjustments	(1.2)	(2.7)	6.1
Total Stockholders' Equity, Including Noncontrolling Interest, Ending balance	(2.5)	(1.3)	1.4
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Total Stockholderss Equity, Including Noncontrolling Interest, Beginning balance	(1,595.2)	(1,555.4)
Other comprehensive loss (gain) before reclassifications	(224.5)	(53.1)
Net losses (gains) reclassified from accumulated other comprehensive loss	8.9	13.3
Other comprehensive loss, net of reclassification adjustments	(215.6)	(39.8)	(193.8)
Total Stockholders' Equity, Including Noncontrolling Interest, Ending balance	$ (1,810.8)	$ (1,595.2)	$ (1,555.4)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 8
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+ Details

Stockholders' Equity (Reclassification Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of goods sold	$ 7,092.2	$ 7,057.1	$ 7,355.3
Interest expense, net	15.0	19.9	53.8
Income before income taxes and equity in net earnings of affiliates	(562.0)	(261.1)	(360.3)
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Income Tax Expense (Benefit)	187.7	180.8	110.9
Net income attributable to AGCO Corporation and subsidiaries	(427.1)	(125.2)	(285.5)
Net losses reclassified from accumulated other comprehensive loss	8.9	13.3
Deferred Net Gains (Losses) on Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Net losses reclassified from accumulated other comprehensive loss into income	(6.4)	(0.1)	8.6
Reclassification from AOCI, tax	0.1	0.0	(1.4)
Net losses reclassified from accumulated other comprehensive loss	(6.3)	(0.1)	$ 7.2
Defined Benefit Pension Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Net losses reclassified from accumulated other comprehensive loss into income	17.9	16.0
Reclassification from AOCI, tax	(2.7)	(2.6)
Net losses reclassified from accumulated other comprehensive loss	15.2	13.4
Amortization of net actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Net losses reclassified from accumulated other comprehensive loss into income	15.7	14.3
Amortization of prior service cost
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Net losses reclassified from accumulated other comprehensive loss into income	2.2	1.7
Reclassification out of Accumulated Other Comprehensive Income \| Deferred Net Gains (Losses) on Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Income before income taxes and equity in net earnings of affiliates	(6.4)	(0.1)
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Income Tax Expense (Benefit)	0.1	0.0
Net income attributable to AGCO Corporation and subsidiaries	(6.3)	(0.1)
Foreign Exchange Contract \| Reclassification out of Accumulated Other Comprehensive Income \| Deferred Net Gains (Losses) on Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of goods sold	$ (6.4)	$ (0.1)

Stockholders' Equity Dividends Declared and Paid (Details) - $ / shares	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Equity [Abstract]
Common stock, quarterly dividends declared (in dollars per share)	$ 0.16	$ 0.15	$ 0.15

Stock Incentive Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions				1 Months Ended	12 Months Ended
	Jan. 20, 2021	Dec. 31, 2020	Apr. 30, 2020	Feb. 28, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Common stock, shares issuable (in shares)		150,000,000			150,000,000	150,000,000
Compensation cost related to unearned performance awards		$ 17.1			$ 17.1
Total stock compensation expense					37.9	$ 41.7	$ 46.6
Excess tax benefit of stock awards					$ 2.5	$ 2.7	$ 1.6
Shares available for grant (in shares)		3,853,244			3,853,244
Shares earned (in shares)		(553,084)
Certain Retirees And Other Individuals
Shares earned (in shares)		(169,982)
Long Term Incentive Plan \| Minimum
Target award percentages					33.00%
Long Term Incentive Plan \| Maximum
Target award percentages					200.00%
Performance Shares
Shares awarded (in shares)					425,440
Recognition period		1 year 6 months
Weighted average grant-date fair value of performance awards granted (in dollars per share)					$ 70.84	$ 61.01	$ 71.40
Number of shares not vested (in shares)		582,952			582,952	932,182
Shares earned (in shares)					(553,084)
Restricted Stock Units (RSUs)
Shares awarded (in shares)					95,593
Compensation cost related to unearned performance awards		$ 5.1			$ 5.1
Recognition period		1 year 6 months
Weighted average grant-date fair value of performance awards granted (in dollars per share)					$ 70.83	$ 61.01	63.99
Number of shares not vested (in shares)		143,287			143,287	396,529
Shares earned (in shares)					(280,921)
Stock Appreciation Rights (SARs)
Vesting period					4 years
Compensation cost related to unearned performance awards		$ 1.7			$ 1.7
Recognition period		2 years 6 months
Weighted average grant-date fair value of performance awards granted (in dollars per share)					$ 12.31	$ 11.34	$ 12.88
SSAR Expiration Period					7 years
Total stock compensation expense					$ 1.9	$ 2.4	$ 2.4
Weighted average remaining contractual life of SSARs outstanding, in years					4 years
Total fair value of SSARs vested					$ 3.1
Number of shares not vested (in shares)		233,025			233,025
Total intrinsic value of outstanding SSARs		$ 14.8			$ 14.8
Total intrinsic value of exercisable of SSARs		$ 6.7			6.7
Total intrinsic value of SSARs exercised					$ 10.2
SSARs granted (in shares)					187,100
Restricted Stock
Total stock compensation expense					$ 1.4
Weighted-average period for compensation cost expected to be recognized, in years					1 year
Restricted common stocks issued (in shares)			25,542
Restricted common stocks issued after shares withheld for taxes (in shares)			19,862
Long Term Incentive Plan
Performance period					3 years
2006 Plan
Common stock, shares issuable (in shares)		10,000,000			10,000,000
Subsequent Event [Member]
Share-based compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Issued				233,668
Share-based compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Shares Withheld for Taxes				149,434
Subsequent Event [Member] \| Performance Shares
Shares awarded (in shares)	134,754
Subsequent Event [Member] \| Restricted Stock Units (RSUs)
Shares awarded (in shares)	89,775

Stock Incentive Plan (Performance Award Transactions) (Details) - shares		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020
Share Activity
Shares earned (in shares)	(553,084)
Performance Shares
Share Activity
Shares awarded but not earned at January 1 (in shares)		932,182
Shares awarded (in shares)		425,440
Shares forfeited or unearned (in shares)		(221,586)
Shares earned (in shares)		(553,084)
Shares awarded but not earned at December 31 (in shares)	582,952	582,952

Stock Incentive Plan Stock Incentive Plan (Restricted Stock Units) (Details) - $ / shares		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares earned (in shares)	(553,084)
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 6 months
Weighted average grant date fair value (in dollars per share)		$ 12.31	$ 11.34	$ 12.88
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares awarded but not earned at December 31 (in shares)	233,025	233,025
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	1 year 6 months
Weighted average grant date fair value (in dollars per share)		$ 70.84	$ 61.01	71.40
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares awarded but not earned at January 1 (in shares)		932,182
Shares awarded (in shares)		425,440
Shares forfeited (in shares)		(221,586)
Shares earned (in shares)		(553,084)
Shares awarded but not earned at December 31 (in shares)	582,952	582,952	932,182
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	1 year 6 months
Weighted average grant date fair value (in dollars per share)		$ 70.83	$ 61.01	$ 63.99
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares awarded but not earned at January 1 (in shares)		396,529
Shares awarded (in shares)		95,593
Shares forfeited (in shares)		(67,914)
Shares earned (in shares)		(280,921)
Shares awarded but not earned at December 31 (in shares)	143,287	143,287	396,529
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights, Share Conversion Ratio		1
Share-based Payment Arrangement, Tranche One [Member] \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		33.33%
Share-based Payment Arrangement, Tranche Two [Member] \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		33.33%
Share-based Payment Arrangement, Tranche Three [Member] \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		33.33%

Stock Incentive Plan (Weighted Average Grant-Date Fair Value Of SSARS And Assumptions Under Black-Scholes Option Model) (Details) - Stock Appreciation Rights (SARs) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)	$ 12.31	$ 11.34	$ 12.88
Expected life of awards (years)	3 years	3 years	3 years
Risk-free interest rate	1.50%	2.60%	2.20%
Expected volatility	24.10%	24.20%	23.70%
Expected dividend yield	0.90%	1.00%	0.80%

Stock Incentive Plan (SSAR Activity) (Details) - Stock Appreciation Rights (SARs)	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Share Activity
SSARs outstanding, beginning of period (in shares) \| shares	759,675
SSARs granted (in shares) \| shares	187,100
SSARs exercised (in shares) \| shares	(311,200)
SSARs canceled or forfeited (in shares) \| shares	(232,425)
SSARs outstanding, end of period (in shares) \| shares	403,150
Weighted average SSAR exercise prices per share, Granted (in dollars per share)	$ 72.74
Weighted average SSAR exercise prices per share, Exercised (in dollars per share)	56.61
Weighted average SSAR exercise prices per share, Canceled or forfeited (in dollars per share)	67.87
Weighted average SSAR exercise prices per share Outstanding at December 31 (in dollars per share)	$ 66.44
Minimum
Share Activity
SSAR price ranges per share, Granted (in dollars per share)	72.74
SSAR price ranges per share, Exercised (in dollars per share)	43.88
SSAR price ranges per share, Canceled (in dollars per share)	43.88
Maximum
Share Activity
SSAR price ranges per share, Granted (in dollars per share)	72.74
SSAR price ranges per share, Exercised (in dollars per share)	73.14
SSAR price ranges per share, Canceled (in dollars per share)	73.14

Stock Incentive Plan (Schedule Of SSAR Exercise Price Range, Number Of Shares, Weighted Average Exercise Price And Remaining Contractual Lives) (Details) - Stock Appreciation Rights (SARs) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
SSARs Outstanding (in shares)	403,150	759,675
SSARs Exercisable, Exercisable as of December 31 (in shares)	170,125
SSARs Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 63.71
Range of Exercise Prices
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, lower limit (in dollars per share)	43.88
Range of Exercise Prices, upper limit (in dollars per share)	$ 62.85
SSARs Outstanding (in shares)	142,106
SSAR Outstanding, Weighted Average Remaining Contractual Life (Years)	3 years 8 months 23 days
SSARs Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 60.52
SSARs Exercisable, Exercisable as of December 31 (in shares)	68,756
SSARs Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 58.04
Range of Exercise Prices
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, lower limit (in dollars per share)	63.47
Range of Exercise Prices, upper limit (in dollars per share)	$ 73.14
SSARs Outstanding (in shares)	261,044
SSAR Outstanding, Weighted Average Remaining Contractual Life (Years)	4 years 2 months 15 days
SSARs Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 69.66
SSARs Exercisable, Exercisable as of December 31 (in shares)	101,369
SSARs Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 67.56

Derivative Instruments and Hedging Activities (Narrative) (Details) € in Millions, $ in Millions			12 Months Ended
	Jan. 19, 2021 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jan. 29, 2028 USD ($)	Jan. 29, 2028 EUR (€)	Jan. 29, 2021 USD ($)	Jan. 19, 2021 EUR (€)	Mar. 31, 2020 EUR (€)	Sep. 30, 2019 EUR (€)	Jan. 31, 2019 EUR (€)	Oct. 31, 2018 USD ($)	Oct. 31, 2018 EUR (€)	Dec. 31, 2015 EUR (€)
Derivative Instruments, Gain (Loss) [Line Items]
Net (gains) losses reclassified from accumulated other comprehensive loss into income			$ (6.3)	$ (0.1)	$ 7.2
Designated as Hedging Instrument \| Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Net (gains) losses reclassified from accumulated other comprehensive loss into income					7.2
Derivative, Notional Amount			3,722.4
Designated as Hedging Instrument \| Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency gains included in cumulative translation adjustment			1.7	2.5	(14.4)
Cross Currency Interest Rate Contract [Member] \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount			300.0	300.0
Interest Rate Swap \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, fixed interest rate													0.33%	0.33%	0.33%
Derivative, loss on derivative		$ 3.9
Derivative, Notional Amount \| €														€ 312.0	€ 312.0
Foreign Exchange Contract \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount			395.8	332.7
Foreign Exchange Contract \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount			3,326.6	2,800.3
Cross Currency Interest Rate Contract, Payment [Member] \| Designated as Hedging Instrument \| Net Investment Hedging \| Forecast
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Liability \| €							€ 247.9
Cross Currency Interest Rate Contract, Payment [Member] \| Designated as Hedging Instrument \| Net Investment Hedging \| Subsequent Event [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Liability	$ 297.1							$ 300.9	€ 245.7
Cross Currency Interest Rate Contract, Receipt [Member] \| Designated as Hedging Instrument \| Net Investment Hedging \| Forecast
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Liability						$ 300.0
Cross Currency Interest Rate Contract, Receipt [Member] \| Designated as Hedging Instrument \| Net Investment Hedging \| Subsequent Event [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Liability	300.0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss)	$ 2.9
Revolving Credit Facility [Member] \| Designated as Hedging Instrument \| Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount \| €										€ 110.0	€ 30.0	€ 160.0
Commodity Contract \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount			14.7
Other Nonoperating Income (Expense) \| Foreign Exchange Contract \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments			$ 3.7	$ 20.4	$ (1.4)
Credit facility, expires 2023(1)
Derivative Instruments, Gain (Loss) [Line Items]
Line of Credit Facility, Fair Value of Amount Outstanding \| €														€ 312.0
United States of America, Dollars \| Credit facility, expires 2023(1) \| Interest Rate Swap \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Line of Credit Facility, Fair Value of Amount Outstanding													$ 360.8

Derivative Instruments and Hedging Activities (Summary Of Accumulated Other Comprehensive Loss Related To Derivatives) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
After-Tax Amount
Total Stockholderss Equity, Including Noncontrolling Interest, Beginning balance	$ 2,907.0	$ 2,993.5	$ 3,095.3
Net losses reclassified from accumulated other comprehensive loss into income	8.9	13.3
Total Stockholders' Equity, Including Noncontrolling Interest, Ending balance	3,018.0	2,907.0	2,993.5
Deferred Net Gains (Losses) on Derivatives
Before-Tax Amount
Accumulated derivative net gains, beginning of period	(1.5)	1.6	(6.0)
Net changes in fair value of derivatives	4.9	(3.0)	(1.0)
Net losses reclassified from accumulated other comprehensive loss into income	(6.4)	(0.1)	8.6
Accumulated derivative net gains, end of period	(3.0)	(1.5)	1.6
Income Tax
Accumulated derivative net gains, beginning of period	(0.2)	0.2	(1.3)
Net changes in fair value of derivatives	(0.2)	(0.4)	0.1
Net losses reclassified from accumulated other comprehensive loss into income	(0.1)	0.0	1.4
Accumulated derivative net gains, end of period	(0.5)	(0.2)	0.2
After-Tax Amount
Total Stockholderss Equity, Including Noncontrolling Interest, Beginning balance	(1.3)	1.4	(4.7)
Net changes in fair value of derivatives	5.1	(2.6)	(1.1)
Net losses reclassified from accumulated other comprehensive loss into income	(6.3)	(0.1)	7.2
Total Stockholders' Equity, Including Noncontrolling Interest, Ending balance	$ (2.5)	$ (1.3)	$ 1.4

Derivative Instruments and Hedging Activities ( Fair Value Of Derivative Instruments) (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Oct. 31, 2018 EUR (€)	Dec. 31, 2015 EUR (€)
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	$ 5.1	$ (2.6)	$ (1.1)
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	6.3	0.1	(7.2)
Interest Income (Expense), Net	(15.0)	(19.9)	(53.8)
Cost of goods sold	7,092.2	7,057.1	7,355.3
Derivative assets	15.3	39.3
Derivative liabilities	26.7	15.0
Designated as Hedging Instrument \| Cross Currency Interest Rate Contract [Member]
Derivative, Notional Amount	300.0	300.0
Designated as Hedging Instrument \| Foreign Exchange Contract \| Other current assets
Derivative assets	1.0	0.6
Designated as Hedging Instrument \| Foreign Exchange Contract \| Other current liabilities
Derivative liabilities	4.5	1.9
Designated as Hedging Instrument \| Interest Rate Contract \| Other noncurrent assets
Derivative assets	1.5	27.0
Designated as Hedging Instrument \| Interest Rate Contract \| Other noncurrent liabilities
Derivative liabilities	0.0	0.0
Designated as Hedging Instrument \| Commodity Contract \| Other current assets
Derivative assets	0.5
Designated as Hedging Instrument \| Commodity Contract \| Other current liabilities
Derivative liabilities	0.0
Not Designated as Hedging Instrument \| Foreign Exchange Contract
Derivative, Notional Amount	3,326.6	2,800.3
Not Designated as Hedging Instrument \| Foreign Exchange Contract \| Other current assets
Derivative assets	12.3	11.7
Not Designated as Hedging Instrument \| Foreign Exchange Contract \| Other current liabilities
Derivative liabilities	22.2	13.1
Net Investment Hedging \| Designated as Hedging Instrument
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax	1.7	2.5	(14.4)
Currency Swap \| Designated as Hedging Instrument
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax	(25.5)	9.3	17.7
Cash Flow Hedging \| Designated as Hedging Instrument
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss			(1.1)
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income			(7.2)
Derivative, Notional Amount	3,722.4
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest Rate Swap
Derivative, Notional Amount \| €				€ 312.0	€ 312.0
Cash Flow Hedging \| Designated as Hedging Instrument \| Foreign Exchange Contract
Derivative, Notional Amount	395.8	332.7
Cash Flow Hedging \| Designated as Hedging Instrument \| Commodity Contract
Derivative, Notional Amount	14.7
Other Nonoperating Income (Expense) \| Not Designated as Hedging Instrument \| Foreign Exchange Contract
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	3.7	20.4	(1.4)
Cost of Goods, Total \| Cash Flow Hedging \| Designated as Hedging Instrument
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	5.1
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	6.3
Cost of Goods, Total \| Cash Flow Hedging \| Designated as Hedging Instrument \| Foreign Exchange Contract
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	4.6	(2.6)	0.4
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	6.3	$ 0.1	(2.2)
Cost of Goods, Total \| Cash Flow Hedging \| Designated as Hedging Instrument \| Commodity Contract
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	0.5
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	$ 0.0
Interest Expense \| Cash Flow Hedging \| Designated as Hedging Instrument \| Interest Rate Swap
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss			(1.5)
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income			$ (5.0)

Commitments and Contingencies (Details) - 12 months ended Dec. 31, 2020 R$ in Millions	USD ($)	BRL (R$)
Other Commitments [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 85,400,000
Interest payments related to indebtedness
2021	16,800,000
2022	12,500,000
2023	8,700,000
2024	6,400,000
2025	3,000,000.0
Thereafter	3,200,000
Total	50,600,000
Unconditional purchase obligations
2021	106,200,000
2022	9,900,000
2023	600,000
2024	200,000
2025	0
Thereafter	0
Total	116,900,000
Other short-term and long-term obligations
2021	95,800,000
2022	19,600,000
2023	141,700,000
2024	22,300,000
2025	8,900,000
Thereafter	49,200,000
Total	337,500,000
Total contractual cash obligations
2021	218,800,000
2022	42,000,000.0
2023	151,000,000.0
2024	28,900,000
2025	11,900,000
Thereafter	52,400,000
Total	505,000,000.0
Guarantees
2021	13,800,000
2022	12,200,000
2023	31,700,000
2024	18,400,000
2025	24,900,000
Thereafter	2,300,000
Total	103,300,000
Loss Contingency [Abstract]
Tax disallowance not including interest and penalties	25,300,000	R$ 131.5
Retail Finance Joint Venture
Other Commitments [Line Items]
Guarantor Obligations, Maximum Inventory Exposure per Calendar Year, Undiscounted	6,000,000.0
Designated as Hedging Instrument \| Cash Flow Hedging
Off Balance Sheet Arrangements [Abstract]
Notional amount of foreign currency derivatives	3,722,400,000
Third-Party Payor [Member]
Guarantees
Total	17,900,000
Other Joint Ventures [Member]
Guarantees
Total	$ 25,300,000

Fair Value of Financial Instrument (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 15.3	$ 39.3
Derivative liabilities	$ 26.7	$ 15.0
Senior Notes Due 2025, 1.002% [Member] [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Interest Rate	1.002%	1.002%
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 0.0	$ 0.0
Derivative liabilities	0.0	0.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	15.3	39.3
Derivative liabilities	26.7	15.0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	$ 0.0	$ 0.0

Related Party Transactions (Details) - USD ($)		3 Months Ended	12 Months Ended
Related Party Transactions (Details) - USD ($)	Oct. 15, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Ownership interest of controlling interest		50.00%
Dividends from related parties			$ 0	$ 40,500,000	$ 29,400,000
Equity Method Investments and Joint Ventures [Abstract]
Payments to Acquire Interest in Joint Venture			$ 1,900,000
Rabobank \| AGCO
Equity Method Investments and Joint Ventures [Abstract]
Ownership percentage			51.00%
TAFE
Related Party Transaction [Line Items]
Dividends from related parties			$ 1,800,000	2,000,000.0	1,800,000
Cost method investment, ownership percentage	20.70%
Beneficial ownership of related parties (in shares)			12,150,152
Beneficial ownership of related parties, maximum shares allowed per letter agreement (in shares)			12,150,152
Purchases from related party			$ 78,900,000	92,700,000	109,600,000
Revenue from related parties			1,300,000	1,500,000	1,800,000
PPG Industries, Inc.
Related Party Transaction [Line Items]
Purchases from related party			3,300,000	4,400,000	3,500,000
Praxair Inc
Related Party Transaction [Line Items]
Purchases from related party			$ 5,600,000	$ 6,200,000	$ 1,600,000
Tractors and Farm Equipment Limited [Member]
Equity Method Investments and Joint Ventures [Abstract]
Stock Repurchased During Period, Shares	461,000
Stock Repurchased During Period, Value	$ 33,900,000

Segment Reporting (Sales Information By Reportable Segments) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) segments	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Number of reportable segments \| segments	4
Income (loss) from operations	$ 599.7	$ 348.1	$ 489.0
Depreciation	212.5	210.9	225.2
Total assets	8,504.2	7,759.7	7,626.4
Capital expenditures	269.9	273.4	203.3
Net sales	9,149.7	9,041.4	9,352.0
Operating Segments
Income (loss) from operations	870.4	763.8	743.7
Depreciation	212.5	210.9	225.2
Total assets	4,514.4	4,501.5	4,175.1
Capital expenditures	269.9	273.4	203.3
Net sales	9,149.7	9,041.4	9,352.0
North America
Income (loss) from operations	193.7	121.6	103.1
Depreciation	61.3	61.6	67.6
Total assets	1,051.9	1,125.6	1,032.1
Capital expenditures	42.2	52.1	43.3
Net sales	2,175.0	2,191.8	2,180.1
South America
Income (loss) from operations	29.3	(39.4)	(10.1)
Depreciation	25.8	32.4	30.5
Total assets	687.6	758.0	736.1
Capital expenditures	18.8	32.9	30.4
Net sales	873.8	802.2	959.0
Europe/ Middle East
Income (loss) from operations	585.3	638.2	601.1
Depreciation	110.5	102.7	111.3
Total assets	2,238.7	2,187.7	1,905.8
Capital expenditures	201.8	173.5	120.3
Net sales	5,366.9	5,328.8	5,385.1
Asia/ Pacific/Africa
Income (loss) from operations	62.1	43.4	49.6
Depreciation	14.9	14.2	15.8
Total assets	536.2	430.2	501.1
Capital expenditures	7.1	14.9	9.3
Net sales	$ 734.0	$ 718.6	$ 827.8

Segment Reporting (Income From Operations And Total Assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income from operations	$ 599.7	$ 348.1	$ 489.0
Amortization of intangibles	(59.5)	(61.1)	(64.7)
Impairment charges	(20.0)	(176.6)	0.0
Cash and cash equivalents	1,119.1	432.8
Investment in affiliates	442.7	380.2
Intangible assets, net	455.6	501.7
Goodwill	1,306.5	1,298.3	1,495.5	$ 1,541.4
Total assets	8,504.2	7,759.7	7,626.4
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income from operations	870.4	763.8	743.7
Total assets	4,514.4	4,501.5	4,175.1
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate expenses	(134.7)	(129.0)	(133.7)
Amortization of intangibles	(59.5)	(61.1)	(64.7)
Stock compensation (expense) credit	(36.8)	(40.0)	(44.3)
Restructuring and other infrequent expenses	(19.7)	(9.0)	(12.0)
Cash and cash equivalents	1,119.1	432.8	326.1
Investment in affiliates	442.7	380.2	400.0
Deferred tax assets, other current and noncurrent assets	665.9	645.2	656.6
Intangible assets, net	455.6	501.7	573.1
Goodwill	$ 1,306.5	$ 1,298.3	$ 1,495.5

Segment Reporting (Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Property Plant and Equipment, Right-of-Use Assets and Amortizable Intangible Assets	$ 2,039.8	$ 2,019.0
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Property Plant and Equipment, Right-of-Use Assets and Amortizable Intangible Assets	541.2	604.2
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Property Plant and Equipment, Right-of-Use Assets and Amortizable Intangible Assets	456.6	392.7
Brazil
Revenues from External Customers and Long-Lived Assets [Line Items]
Property Plant and Equipment, Right-of-Use Assets and Amortizable Intangible Assets	150.4	199.9
Finland
Revenues from External Customers and Long-Lived Assets [Line Items]
Property Plant and Equipment, Right-of-Use Assets and Amortizable Intangible Assets	191.4	156.1
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Property Plant and Equipment, Right-of-Use Assets and Amortizable Intangible Assets	98.9	99.8
Denmark
Revenues from External Customers and Long-Lived Assets [Line Items]
Property Plant and Equipment, Right-of-Use Assets and Amortizable Intangible Assets	101.9	99.2
Italy
Revenues from External Customers and Long-Lived Assets [Line Items]
Property Plant and Equipment, Right-of-Use Assets and Amortizable Intangible Assets	129.0	112.3
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Property Plant and Equipment, Right-of-Use Assets and Amortizable Intangible Assets	137.6	123.4
Non-US [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property Plant and Equipment, Right-of-Use Assets and Amortizable Intangible Assets	$ 232.8	$ 231.4

Revenue (Summary of Contract Assets and Liabilities) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Change in Contract with Customer, Liability [Abstract]
Balance beginning of period	$ 104.0	$ 76.8
Contract with Customer, Liability, Increase From Advance Consideration Received	192.7	147.7
Contract with Customer, Liability, Revenue Recognized	(46.6)	(33.8)
Contract with Customer, Liability, Advance Consideration Received Applied to Accounts Receivable, Net	(85.6)	(87.4)
Contract with Customer, Liability, Foreign Currency Translation	7.5	0.7
Balance end of period	$ 172.0	$ 104.0

Revenue (Performance Obligation) (Details) $ in Millions	Dec. 31, 2020 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 52.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 46.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 27.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 11.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 3.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

Leases (Narrative) (Details)	Dec. 31, 2020
Maximum
Lessee, Lease, Description [Line Items]
Lessor, operating lease, renewal term	17 years

Leases (Assets and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Lease Assets
Operating ROU assets	$ 165.1	$ 187.3
Finance lease assets	15.1	19.1
Total leased assets	$ 180.2	$ 206.4
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Current:
Operating	$ 43.5	$ 42.3
Finance	3.0	4.5
Noncurrent:
Operating	125.9	148.6
Finance	9.8	12.0
Total leased liabilities	182.2	207.4
Finance lease, right-of-use asset, accumulated depreciation	$ 15.6	$ 15.2

Leases (Lease Cost) (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Lease Cost) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Finance lease cost:
Amortization of leased assets	$ 3.7	$ 4.7
Interest on leased liabilities	0.6	0.7
Total lease cost	71.0	69.1
Operating lease cost	54.0	55.0
Variable lease cost	1.7	0.6
Short-term lease cost	$ 11.0	$ 8.1

Leases (Future Minimum Lease Payments) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Operating Leases, After Adoption of 842
Year 1	$ 47.6	$ 48.3
Year 2	37.7	40.8
Year 3	28.6	31.5
Year 4	18.9	24.1
Year 5	13.6	16.7
Thereafter	44.5	61.6
Total lease payments	190.9	223.0
Less: imputed interest	(21.5)	(32.1)
Operating lease, liability	169.4	190.9
Finance Leases, After Adoption of 842
Year 1	3.3	4.8
Year 2	1.4	2.7
Year 3	1.1	1.2
Year 4	0.8	0.9
Year 5	0.6	0.6
Thereafter	9.1	8.7
Total lease payments	16.3	18.9
Less: imputed interest	(3.5)	(2.4)
Present value of leased liabilities	$ 12.8	$ 16.5

Leases (Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate) (Details)	Dec. 31, 2020	Dec. 31, 2019
Weighted-average remaining lease term:
Operating leases	7 years	7 years
Finance leases	15 years	14 years
Weighted-average discount rate:
Operating leases	3.50%	4.10%
Finance leases	2.70%	2.90%

Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 54.1	$ 51.9
Operating cash flows from finance leases	0.4	0.6
Financing cash flows from finance leases	3.8	5.3
Leased assets obtained in exchange for lease obligations:
Operating leases	30.8	34.8
Finance leases	$ 0.9	$ 1.5

Schedule II - Valuation and Qualifying Account (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax	$ (219.9)	$ (37.3)	$ (198.0)
Allowances for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	28.8	31.7	38.7
Additions, Acquired Businesses	0.0	0.0	0.0
Additions, Charged (Credited) to Costs and Expenses	14.5	5.8	6.4
Deductions	(6.8)	(8.3)	(11.4)
Foreign Currency Translation	(0.1)	(0.4)	(2.0)
Balance at End of Period	36.4	28.8	31.7
Accruals of severance, relocation and other closure costs
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	4.8	7.1	10.9
Additions, Charged (Credited) to Costs and Expenses	17.6	6.1	13.8
Additions, Reversal of Accrual	(0.4)	(0.7)	(2.1)
Deductions	(5.1)	(7.3)	(14.4)
Foreign Currency Translation	(0.1)	(0.4)	(1.1)
Balance at End of Period	16.8	4.8	7.1
Deferred tax valuation allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	169.1	83.9	81.9
Additions, Acquired Businesses	0.9	0.0	0.0
Additions, Charged (Credited) to Costs and Expenses	28.7	87.1	6.3
Deductions	0.0	0.0	0.0
Foreign Currency Translation	(17.7)	(1.9)	(4.3)
Balance at End of Period	181.0	169.1	83.9
Other Comprehensive Income (Loss), Net of Tax	$ (12.4)	$ (2.5)	$ 18.3