0000880266-21-000035 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2021	Aug. 02, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		75,385,755
Entity Registrant Name	AGCO CORP /DE
Entity Central Index Key	0000880266
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 500.2	$ 1,119.1
Accounts and notes receivable, net	1,099.0	856.0
Inventories, net	2,667.0	1,974.4
Other current assets	462.0	418.9
Total current assets	4,728.2	4,368.4
Property, plant and equipment, net	1,474.6	1,508.5
Right-of-use lease assets	156.9	165.1
Investment in affiliates	475.4	442.7
Deferred tax assets	118.8	77.6
Other assets	197.6	179.8
Intangible assets, net	417.5	455.6
Goodwill	1,294.3	1,306.5
Total assets	8,863.3	8,504.2
Current Liabilities:
Current portion of long-term debt	315.7	325.9
Short-term borrowings	55.8	33.8
Accounts payable	1,141.2	855.1
Accrued expenses	1,882.6	1,916.7
Other current liabilities	224.0	231.3
Total current liabilities	3,619.3	3,362.8
Long-term debt, less current portion and debt issuance costs	1,206.4	1,256.7
Operating lease liabilities	117.7	125.9
Pension and postretirement health care benefits	219.8	253.4
Deferred tax liabilities	115.0	112.4
Other noncurrent liabilities	420.3	375.0
Total liabilities	5,698.5	5,486.2
Commitments and contingencies (Note 17.)
AGCO Corporation stockholders’ equity:
Preferred stock; $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding in 2021 and 2020	0.0	0.0
Common stock; $0.01 par value, 150,000,000 shares authorized, 75,385,755 and 74,962,231 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	0.8	0.8
Additional paid-in capital	11.7	30.9
Retained earnings	4,864.1	4,759.1
Accumulated other comprehensive loss	(1,738.3)	(1,810.8)
Total AGCO Corporation stockholders’ equity	3,138.3	2,980.0
Noncontrolling interests	26.5	38.0
Total stockholders’ equity	3,164.8	3,018.0
Total liabilities and stockholders’ equity	$ 8,863.3	$ 8,504.2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	75,385,755	74,962,231
Common stock, shares outstanding (in shares)	75,385,755	74,962,231

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net sales	$ 2,879.3	$ 2,006.8	$ 5,258.0	$ 3,935.1
Cost of goods sold	2,186.9	1,574.1	3,995.1	3,051.9
Gross profit	692.4	432.7	1,262.9	883.2
Selling, general and administrative expenses	276.3	219.5	536.9	467.1
Engineering expenses	107.2	75.8	203.5	160.7
Amortization of intangibles	14.2	14.9	31.7	29.9
Goodwill impairment charge	0.0	20.0	0.0	20.0
Restructuring expenses	4.7	3.8	6.0	4.6
Bad debt (credit) expense	(0.3)	1.4	(0.7)	3.2
Income from operations	290.3	97.3	485.5	197.7
Interest expense, net	2.2	6.1	5.6	9.5
Other expense, net	14.6	10.0	26.1	22.5
Income before income taxes and equity in net earnings of affiliates	273.5	81.2	453.8	165.7
Income tax provision	7.7	31.3	51.3	60.7
Income before equity in net earnings of affiliates	265.8	49.9	402.5	105.0
Equity in net earnings of affiliates	18.6	10.1	33.3	21.3
Net income	284.4	60.0	435.8	126.3
Net (income) loss attributable to noncontrolling interests	(1.6)	9.7	(2.2)	8.1
Net income attributable to AGCO Corporation and subsidiaries	$ 282.8	$ 69.7	$ 433.6	$ 134.4
Net income per common share attributable to AGCO Corporation and subsidiaries:
Basic (in dollars per share)	$ 3.74	$ 0.93	$ 5.75	$ 1.79
Diluted (in dollars per share)	3.73	0.93	5.71	1.78
Cash dividends declared and paid per common share (in dollars per share)	$ 4.17	$ 0.16	$ 4.33	$ 0.32
Weighted average number of common and common equivalent shares outstanding:
Basic (in shares)	75.5	74.9	75.4	75.1
Diluted (in shares)	75.9	75.2	75.9	75.6

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 284.4	$ 60.0	$ 435.8	$ 126.3
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation adjustments	80.8	(30.3)	33.5	(245.1)
Defined benefit pension plans, net of tax	(6.0)	3.4	29.1	6.9
Deferred gains and losses on derivatives, net of tax	5.6	(4.4)	10.3	5.0
Other comprehensive income (loss), net of reclassification adjustments	80.4	(31.3)	72.9	(233.2)
Comprehensive income (loss)	364.8	28.7	508.7	(106.9)
Comprehensive (income) loss attributable to noncontrolling interests	(2.4)	7.2	(2.6)	11.3
Comprehensive income (loss) attributable to AGCO Corporation and subsidiaries	$ 362.4	$ 35.9	$ 506.1	$ (95.6)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income	$ 435.8	$ 126.3
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	109.9	102.3
Amortization of intangibles	31.7	29.9
Stock compensation expense	15.2	12.7
Goodwill impairment charge	0.0	20.0
Equity in net earnings of affiliates, net of cash received	(32.6)	(20.7)
Deferred income tax (benefit) provision	(65.5)	2.8
Other	9.2	11.2
Changes in operating assets and liabilities:
Accounts and notes receivable, net	(265.5)	(181.0)
Inventories, net	(721.5)	(210.6)
Other current and noncurrent assets	(73.3)	(62.3)
Accounts payable	320.5	(60.9)
Accrued expenses	(0.8)	(67.9)
Other current and noncurrent liabilities	112.0	76.6
Total adjustments	(560.7)	(347.9)
Net cash used in operating activities	(124.9)	(221.6)
Cash flows from investing activities:
Purchases of property, plant and equipment	(120.6)	(117.5)
Proceeds from sale of property, plant and equipment	2.4	0.5
Investments in unconsolidated affiliates	(1.0)	(3.1)
(Purchase) sale of businesses, net of cash acquired	5.4	0.0
Other	(2.4)	0.0
Net cash used in investing activities	(116.2)	(120.1)
Cash flows from financing activities:
Proceeds from indebtedness	909.4	1,136.5
Repayments of indebtedness	(905.4)	(708.9)
Purchases and retirement of common stock	0.0	(55.0)
Payment of dividends to stockholders	(328.6)	(24.0)
Payment of minimum tax withholdings on stock compensation	(33.6)	(16.1)
Payment of debt issuance costs	0.0	(1.4)
Distributions to noncontrolling interest	(3.5)	0.0
Net cash (used in) provided by financing activities	(361.7)	331.1
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(16.1)	(17.8)
Decrease in cash, cash equivalents and restricted cash	(618.9)	(28.4)
Cash, cash equivalents and restricted cash, beginning of period	1,119.1	432.8
Cash, cash equivalents and restricted cash, end of period	$ 500.2	$ 404.4

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The condensed consolidated financial statements of AGCO Corporation and its subsidiaries (the “Company” or “AGCO”) included herein have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to present fairly the Company’s financial position, results of operations, comprehensive income (loss) and cash flows at the dates and for the periods presented. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Results for interim periods are not necessarily indicative of the results for the year. Certain prior period amounts have been reclassified to conform to the current period presentation. The Company cannot predict the future impact of the COVID-19 pandemic on its business, including any related impacts of the increased volatility in global economic and political environments, uncertain market demand for its products, supply chain disruptions, possible workforce unavailability, exchange rate and commodity 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. Recently Adopted Accounting Pronouncements During the six months ended June 30, 2021, the Company adopted the following pronouncements, which did not have a material impact to the Company’s results of operations, financial condition and cash flows. •ASU 2019-12 – “Simplifying the Accounting for Income Taxes” was adopted as of January 1, 2021. •ASU 2021-01 – “Reference Rate Reform: Scope” was adopted as of January 1, 2021. New Accounting Pronouncements to be Adopted In June 2016, the FASB issued ASU 2016-13 “Financial Instruments - Credit Losses (Topic 326):Measurement of Credit Losses on Financial Instruments”, which requires measurement and recognition of expected versus incurred credit losses for financial assets. 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 likely will impact the Company’s “Investment in affiliates” and “Equity in net earnings of affiliates.” The Company’s finance joint ventures currently are evaluating the impact of ASU 2016-13 to their results of operations and financial condition.

Restructuring Expenses

6 Months Ended

Jun. 30, 2021

Restructuring and Related Activities [Abstract]

Restructuring Expenses

RESTRUCTURING EXPENSES In recent years, the Company has announced and initiated several actions to rationalize employee headcount in various manufacturing facilities and administrative offices located in the U.S., Europe, South America, Africa and China in order to reduce costs in response to softening global demand. Restructuring expenses activity during the three and six months ended June 30, 2021 is summarized as follows (in millions):


	Employee Severance		Facility Closure Costs		Other Related Closure Costs		Total
Balance as of December 31, 2020	$	11.1	$	3.9	$	1.8	$	16.8
First quarter 2021 provision	1.3		—		—		1.3


First quarter 2021 cash activity	(2.3)		(3.9)		—		(6.2)
Foreign currency translation	(0.1)		—		(0.2)		(0.3)
Balance as of March 31, 2021	$	10.0	$	—	$	1.6	$	11.6
Second quarter 2021 provision	3.9		—		1.5		5.4
Second quarter 2021 cash activity	(1.9)		—		(0.7)		(2.6)
Second quarter 2021 provision reversal	(0.7)		—		—		(0.7)
Foreign currency translation	—		—		0.2		0.2
Balance as of June 30, 2021	$	11.3	$	—	$	2.6	$	13.9

Stock Compensation Plans

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement, Noncash Expense [Abstract]

Stock Compensation Plans

STOCK COMPENSATION PLANS

The Company recorded stock compensation expense as follows for the three and six months ended June 30, 2021 and 2020 (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Cost of goods sold	$	0.3	$	0.3	$	0.6	$	0.4
Selling, general and administrative expenses	8.2		10.1		14.7		12.6
Total stock compensation expense	$	8.5	$	10.4	$	15.3	$	13.0

Stock Incentive Plan

Under the Company’s Long-Term Incentive Plan (the “Plan”), up to 10,000,000 shares of AGCO common stock may be issued. As of June 30, 2021, of the 10,000,000 shares reserved for issuance under the Plan, approximately 3,859,466 shares were available for grant, assuming the maximum number of shares are earned related to the performance award grants discussed below. The Plan allows the Company, under the direction of the Board of Directors’ Talent and Compensation Committee, to make grants of performance shares, stock appreciation rights, restricted stock units and restricted stock awards to employees, officers and non-employee directors of the Company.

Long-Term Incentive Plan and Related Performance Awards

The weighted average grant-date fair value of performance awards granted under the Plan during the six months ended June 30, 2021 and 2020 was $123.26 and $70.84, respectively.

During the six months ended June 30, 2021, the Company granted 269,508 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. The 2021 grant of performance award shares is subject to a total shareholder return modifier.

Performance award transactions during the six months ended June 30, 2021 are presented as if the Company were to achieve its maximum levels of performance and assume the 2021 performance awards subject to the total shareholder return modifier are achieved at target levels under the plan awards, and were as follows:


Shares awarded but not earned at January 1			582,952
Shares awarded			269,508
Shares forfeited			(8,760)
Shares earned			(142)
Shares awarded but not earned at June 30			843,558

As of June 30, 2021, 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 $35.3 million, and the weighted average period over which it is expected to be recognized is approximately two years. The compensation cost not yet recognized could be higher or lower based on actual achieved levels of performance.

Restricted Stock Unit Awards

The weighted average grant-date fair value of the restricted stock units ("RSUs") granted under the Plan during the six months ended June 30, 2021 and 2020 was $113.63 and $70.83, respectively.

During the six months ended June 30, 2021, the Company granted 89,892 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 had a three-year cliff vesting requirement subject to adjustment based on total shareholders return metric relative to the Company's defined peer group. The compensation expense associated with these awards is being amortized ratably over the requisite service period for the awards that are expected to vest.

RSU transactions during the six months ended June 30, 2021 assume the 2020 RSUs subject to the total shareholder return modifier are achieved at target levels, and were as follows:


RSUs awarded but not vested at January 1			143,287
RSUs awarded			89,892
RSUs forfeited			(1,615)
RSUs vested			(63,397)
RSUs awarded but not vested at June 30			168,167

As of June 30, 2021, the total compensation cost related to the unvested RSUs not yet recognized was approximately $12.0 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

The compensation expense associated with the stock-settled appreciation rights (“SSARs”) is amortized ratably over the requisite service period for the awards that are expected to vest. The Company estimates the fair value of the grants using the Black-Scholes option pricing model. SSAR transactions during the six months ended June 30, 2021 were as follows:


SSARs outstanding at January 1			403,150
SSARs granted			—
SSARs exercised			(173,243)
SSARs canceled or forfeited			(754)
SSARs outstanding at June 30			229,153

The Company did not grant any SSARs during the six months ended June 30, 2021, and does not currently anticipate granting any SSARs in the future. As of June 30, 2021, the total compensation cost related to the unvested SSARs not yet

recognized was approximately $1.3 million, and the weighted average period over which it is expected to be recognized is approximately two years.

Director Restricted Stock Grants

The Plan provides for annual restricted stock grants of the Company’s common stock to all non-employee directors. The 2021 grant was made on April 22, 2021 and equated to 9,117 shares of common stock, of which 7,899 shares of common stock were issued after shares were withheld for taxes. The Company recorded stock compensation expense of approximately $1.4 million during the six months ended June 30, 2021 associated with these grants.

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill during the six months ended June 30, 2021 are summarized as follows (in millions):


	North America		South America		Europe/Middle East		Asia/Pacific/Africa		Consolidated
Balance as of December 31, 2020	$	593.4	$	87.5	$	501.3	$	124.3	$	1,306.5


Foreign currency translation	0.2		3.4		(13.5)		(2.3)		(12.2)
Balance as of June 30, 2021	$	593.6	$	90.9	$	487.8	$	122.0	$	1,294.3

Goodwill is tested for impairment on an annual basis and more often if indications of impairment exist. The Company conducts its annual impairment analyses as of October 1 each fiscal year. 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 joint venture. As a result, 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, a non-cash impairment charge of approximately $20.0 million was recorded as "Impairment charges" within the Company's Condensed Consolidated Statements of Operations, with an offsetting benefit of approximately $10.0 million included within "Net loss attributable to noncontrolling interests." During the three months ended June 30, 2021, the Company sold its 50% interest in the joint venture.

Changes in the carrying amount of acquired intangible assets during the six months ended June 30, 2021 are summarized as follows (in millions):


Gross carrying amounts:	Trademarks and Tradenames		Customer Relationships		Patents and Technology		Land Use Rights		Total
Balance as of December 31, 2020	$	206.0	$	585.4	$	158.0	$	9.1	$	958.5

Sale of business	(1.3)		(4.4)		(17.1)		—		(22.8)

Foreign currency translation	(2.1)		(2.7)		(2.6)		0.1		(7.3)
Balance as of June 30, 2021	$	202.6	$	578.3	$	138.3	$	9.2	$	928.4


Accumulated amortization:	Trademarks and Tradenames		Customer Relationships		Patents and Technology		Land Use Rights		Total
Balance as of December 31, 2020	$	95.4	$	390.3	$	103.2	$	3.4	$	592.3
Amortization expense	5.0		18.6		8.0		0.1		31.7
Sale of business	(1.3)		(4.4)		(15.2)		—		(20.9)
Foreign currency translation	(0.5)		(1.6)		(2.0)		0.1		(4.0)
Balance as of June 30, 2021	$	98.6	$	402.9	$	94.0	$	3.6	$	599.1


Indefinite-lived intangible assets:	Trademarks and Tradenames

Balance as of December 31, 2020	$	89.4
Foreign currency translation	(1.2)
Balance as of June 30, 2021	$	88.2

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

Indebtedness

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Indebtedness

INDEBTEDNESS

Long-term debt consisted of the following at June 30, 2021 and December 31, 2020 (in millions):


	June 30, 2021		December 31, 2020
Senior term loan due 2022	$	178.1	$	184.0
Credit facility, expires 2023	260.0		277.9
1.002% Senior term loan due 2025	296.8		306.7
Senior term loans due between 2021 and 2028	779.9		806.0
Other long-term debt	9.1		10.5
Debt issuance costs	(1.8)		(2.5)
	1,522.1		1,582.6
Senior term loans due 2021, net of debt issuance costs	(313.4)		(323.6)
Current portion of other long-term debt	(2.3)		(2.3)
Total long-term indebtedness, less current portion	$	1,206.4	$	1,256.7

Senior Term Loan Due 2022

In October 2018, the Company entered into a term loan agreement with Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (“Rabobank”) in the amount of €150.0 million (or approximately $178.1 million as of June 30, 2021). 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 Euro Interbank Offered Rate (“EURIBOR”) plus a margin ranging from 0.875% to 1.875% based on the Company’s credit rating.

Credit Facility

In October 2018, the Company entered into a multi-currency revolving credit facility of $800.0 million. The credit facility expires on October 17, 2023. Interest accrues on amounts outstanding under the credit facility, at the Company’s option, at either (1) LIBOR plus a margin ranging from 0.875% to 1.875% based on the Company’s credit rating, or (2) the base rate, which is equal to the higher of (i) the administrative agent’s base lending rate for the applicable currency, (ii) the federal funds rate plus 0.5%, and (iii) one-month LIBOR for loans denominated in U.S. dollars plus 1.0%, plus a margin ranging from 0.0% to 0.875% based on the Company’s credit rating. As of June 30, 2021 the Company had $260.0 million outstanding borrowings under the revolving credit facility and had the ability to borrow approximately $540.0 million under the revolving credit facility. As of December 31, 2020 the Company had no outstanding borrowings under the revolving credit facility and had the ability to borrow approximately $800.0 million under the facility.

On April 9, 2020, the Company entered into an amendment to its credit facility to include incremental term loans (“2020 term loans”) that allow the Company to borrow aggregate principal amounts of €235.0 million and $267.5 million (or an aggregate of approximately $546.5 million as of June 30, 2021). 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 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. On February 16, 2021, the Company repaid the 2020 term loans of €117.5 million and $133.8 million (or an aggregate of

approximately $276.0 million as of February 16, 2021). As of June 30, 2021, the Company had the ability to borrow €117.5 million and $133.7 million (or an aggregate of approximately $273.2 million) of the 2020 term loans.

Interest on U.S. dollar borrowings under the Company’s credit facility and the 2020 term loans 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.

1.002% Senior Term Loan Due 2025

On January 25, 2019, the Company borrowed €250.0 million (or approximately $296.8 million as of June 30, 2021) from the European Investment Bank. The loan matures on January 24, 2025. The Company is permitted to prepay the term loan before its maturity date. Interest is payable on the term loan at 1.002% per annum, payable semi-annually in arrears.

Senior Term Loans Due Between 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 $779.9 million as of June 30, 2021) through this group of twelve remaining related term loan agreements. The provisions of the term loan agreements are substantially identical, with the exception of interest rate terms and maturities. The Company is permitted to prepay the term loans before their maturity dates. For the term loans with a fixed interest rate, interest is payable in arrears on an annual basis, with interest rates ranging from 0.70% to 2.26% and maturity dates 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 maturity dates between August 2021 and August 2025.

Short-Term Borrowings

As of June 30, 2021 and December 31, 2020, the Company had short-term borrowings due within one year of approximately $55.8 million and $33.8 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 June 30, 2021 and December 31, 2020, outstanding letters of credit totaled approximately $14.6 million and $14.4 million, respectively.

Recoverable Indirect Taxes	6 Months Ended
Recoverable Indirect Taxes	Jun. 30, 2021
Recoverable Indirect Taxes [Abstract]
Recoverable Indirect Taxes	RECOVERABLE INDIRECT TAXES The Company’s Brazilian operations incur value added taxes (“VAT”) on certain purchases of raw materials, components and services. These taxes are accumulated as tax credits and create assets that are reduced by the VAT collected from the Company’s sales in the Brazilian market. The Company regularly assesses the recoverability of these tax credits, and establishes reserves when necessary against them, through analyses that include, amongst others, the history of realization, the transfer of tax credits to third parties as authorized by the government, anticipated changes in the supply chain and the future expectation of tax debits from the Company’s ongoing operations. The Company believes that these tax credits, net of established reserves, are realizable. The Company had recorded approximately $114.9 million and $91.2 million, respectively, of VAT tax credits, net of reserves, as of June 30, 2021 and December 31, 2020.

Inventories

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories at June 30, 2021 and December 31, 2020 were as follows (in millions):


	June 30, 2021		December 31, 2020
Finished goods	$	778.6	$	641.3
Repair and replacement parts	706.2		652.3
Work in process	424.3		175.1
Raw materials	757.9		505.7
Inventories, net	$	2,667.0	$	1,974.4

Product Warranty

6 Months Ended

Jun. 30, 2021

Product Warranties Disclosures [Abstract]

Product Warranty

PRODUCT WARRANTY

The warranty reserve activity for the three and six months ended June 30, 2021 and 2020, including deferred revenue associated with the Company's extended warranties that have been sold, was as follows (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Balance at beginning of period	$	542.0	$	384.6	$	521.8	$	392.8

Accruals for warranties issued during the period	76.8		57.6		170.1		113.9
Settlements made (in cash or in kind) during the period	(47.4)		(38.2)		(102.7)		(87.6)
Foreign currency translation	7.9		5.0		(9.9)		(10.1)
Balance at June 30	$	579.3	$	409.0	$	579.3	$	409.0

The Company’s agricultural equipment products generally are warranted against defects in material and workmanship for a period of one to four years. The Company accrues for future warranty costs at the time of sale based on historical warranty experience. Approximately $482.2 million, $431.6 million and $334.3 million of warranty reserves are included in “Accrued expenses” in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2021, December 31, 2020 and June 30, 2020, respectively. Approximately $97.1 million, $90.2 million and $74.7 million of warranty reserves are included in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2021, December 31, 2020, and June 30, 2020, 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.”

Net Income Per Common Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net Income Per Common Share

NET INCOME PER COMMON SHARE

Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted net income per common share assumes the exercise of outstanding SSARs and the vesting of performance share awards and RSUs using the treasury stock method when the effects of such assumptions are dilutive.

A reconciliation of net income attributable to AGCO Corporation and subsidiaries and weighted average common shares outstanding for purposes of calculating basic and diluted net income per share for the three and six months ended June 30, 2021 and 2020 is as follows (in millions, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Basic net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$	282.8	$	69.7	$	433.6	$	134.4
Weighted average number of common shares outstanding	75.5		74.9		75.4		75.1
Basic net income per share attributable to AGCO Corporation and subsidiaries	$	3.74	$	0.93	$	5.75	$	1.79
Diluted net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$	282.8	$	69.7	$	433.6	$	134.4
Weighted average number of common shares outstanding	75.5		74.9		75.4		75.1
Dilutive SSARs, performance share awards and RSUs	0.4		0.3		0.5		0.5
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share	75.9		75.2		75.9		75.6
Diluted net income per share attributable to AGCO Corporation and subsidiaries	$	3.73	$	0.93	$	5.71	$	1.78

There were no SSARs outstanding for the three and six months ended June 30, 2021 that had an antidilutive impact. SSARs to purchase approximately 0.7 million shares of the Company's common stock for both three and six months ended June 30, 2020 were outstanding but not included in the calculation of weighted average common and common equivalent shares outstanding because they had an antidilutive impact.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES At June 30, 2021 and December 31, 2020, the Company had approximately $251.1 million and $227.9 million, respectively, of gross unrecognized income tax benefits, all of which would affect the Company’s effective tax rate if recognized. Gross unrecognized income tax benefits as of June 30, 2021 and December 31, 2020 exclude certain indirect favorable effects that relate to other tax jurisdictions of approximately $63.7 million and $64.1 million, respectively. At June 30, 2021 and December 31, 2020, the Company had approximately $54.9 million and $57.1 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, reflected in “Other current liabilities” in the Company’s Condensed Consolidated Balance Sheets. At June 30, 2021 and December 31, 2020, the Company had approximately $193.4 million and $163.8 million, respectively, of accrued taxes and approximately $2.8 million and $7.0 million, respectively, of deferred taxes related to uncertain tax positions that it expects to settle or pay beyond 12 months, reflected in “Other noncurrent liabilities” and “Deferred tax liabilities,” respectively, in the Company’s Condensed Consolidated Balance Sheets. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes. At June 30, 2021 and December 31, 2020, the Company had accrued interest and penalties related to unrecognized tax benefits of approximately $41.6 million and $39.4 million, respectively. Generally, tax years 2015 through 2020 remain open to examination by taxing authorities in the United States and certain other foreign tax jurisdictions. The Company and its subsidiaries are routinely examined by tax authorities in the United States and in various state, local and foreign jurisdictions. As of June 30, 2021, a number of income tax examinations in foreign jurisdictions are ongoing. During the three months ended June 30, 2021, the Company’s income tax provision includes the benefit of a reversal of approximately $67.8 million related to a valuation allowance previously established against the Company’s net deferred tax assets in the United States. Improvements in income in the United States during 2020 and year-to-date 2021, along with updated future projected income levels, supported the reversal of the valuation allowance. The Company maintains a valuation allowance to fully reserve against its net deferred tax assets Brazil and certain other foreign jurisdictions. A valuation allowance is established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company regularly assesses the likelihood that its deferred tax assets will be recovered from estimated future taxable income and available tax planning strategies and has determined that all adjustments to the valuation allowances have been appropriate. In making this assessment, all available evidence was considered including the current economic climate, as well as reasonable tax planning strategies. The Company believes it is more likely than not that the Company will realize its remaining net deferred tax assets, net of the valuation allowance, in future years.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

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 2021 and 2020, 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 approximately $382.0 million and $395.8 million as of June 30, 2021 and December 31, 2020, respectively.

Steel Commodity Contracts

During 2021 and 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 $16.5 million and $14.7 million as of June 30, 2021 and December 31, 2020, respectively.

The following tables summarize the after-tax impact that changes in the fair value of derivatives designated as cash flow hedges had on accumulated other comprehensive loss and net income during the three and six months ended June 30, 2021 and 2020 (in millions):


			Recognized in Net Income
Three Months Ended June 30,	Gain (Loss) Recognized in Accumulated Other Comprehensive Loss		Classification of Gain (Loss)	Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income		Total Amount of the Line Item in the Condensed Consolidated Statements of Operations Containing Hedge Gains (Losses)
2021
Foreign currency contracts(1)	$	(0.8)	Cost of goods sold	$	(2.4)	$	2,186.9
Commodity contracts(2)	5.9		Cost of goods sold	1.9		$	2,186.9
Total	$	5.1		$	(0.5)
2020
Foreign currency contracts	$	(1.3)	Cost of goods sold	$	3.1	$	1,574.1



			Recognized in Net Income
Six Months Ended June 30,	Gain (Loss) Recognized in Accumulated Other Comprehensive Loss		Classification of Gain (Loss)	Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income		Total Amount of the Line Item in the Condensed Consolidated Statements of Operations Containing Hedge Gains (Losses)
2021
Foreign currency contracts(1)	$	(7.6)	Cost of goods sold	$	(6.1)	$	3,995.1
Commodity contracts(2)	13.7		Cost of goods sold	1.9		$	3,995.1
Total	$	6.1		$	(4.2)
2020
Foreign currency contracts	$	8.2	Cost of goods sold	$	3.2	$	3,051.9

(1) The outstanding contracts as of June 30, 2021 range in maturity through December 2021.

(2) The outstanding contracts as of June 30, 2021 range in maturity through January 2022.

The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the six months ended June 30, 2021 (in millions):


	Before-Tax Amount		Income Tax		After-Tax Amount
Accumulated derivative net losses as of December 31, 2020	$	(3.0)	$	(0.5)	$	(2.5)
Net changes in fair value of derivatives	9.6		3.5		6.1
Net losses reclassified from accumulated other comprehensive loss into income	5.0		0.8		4.2
Accumulated derivative net gains as of June 30, 2021	$	11.6	$	3.8	$	7.8

As of June 30, 2021, approximately $0.5 million of derivative net losses and approximately $5.0 million of derivatives net gains, before taxes, remain in accumulated other comprehensive loss held by the Company related to foreign currency contracts and commodity contracts, respectively, as the inventory associated with the losses and gains had not yet been sold.

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 the 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 $294.3 million as of June 30, 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 the 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.

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


	Notional Amount as of
	June 30, 2021		December 31, 2020
Cross currency swap contract	$	300.0	$	300.0

The following table summarizes the after-tax impact of changes in the fair value of the instrument designated as a net investment hedge during the three and six months ended June 30, 2021 and 2020 (in millions):


	Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Three Months Ended				Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Cross currency swap contract	$	3.8	$	(5.8)	$	(0.3)	$	1.5
Foreign currency denominated debt	—		1.1		—		1.7

Derivative Transactions Not Designated as Hedging Instruments

During 2021 and 2020, 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 June 30, 2021 and December 31, 2020, the Company had outstanding foreign currency contracts with a notional amount of approximately $3,107.2 million and $3,326.6 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):


		Loss Recognized in Net Income for the Three Months Ended				Gain Recognized in Net Income for the Six Months Ended
	Classification of Gain (Loss)	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Foreign currency contracts	Other expense, net	$	(5.1)	$	(9.0)	$	29.3	$	23.1

The table below sets forth the fair value of derivative instruments as of June 30, 2021 (in millions):


	Asset Derivatives as of June 30, 2021			Liability Derivatives as of June 30, 2021
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	2.4	Other current liabilities	$	6.8
Commodity contracts	Other current assets	11.5		Other current liabilities	—

Cross currency swap contract	Other noncurrent assets	1.2		Other noncurrent liabilities	—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts	Other current assets	16.0		Other current liabilities	6.0
Total derivative instruments		$	31.1		$	12.8

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 assets	—
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

Changes in Stockholders' Equity

6 Months Ended

Jun. 30, 2021

Stockholders' Equity Note [Abstract]

Changes in Stockholders' Equity

CHANGES IN STOCKHOLDERS’ EQUITY

The following tables set forth changes in stockholders’ equity attributed to AGCO Corporation and its subsidiaries and to noncontrolling interests for the three and six months ended June 30, 2021 (in millions):


	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Stockholders’ Equity
Balance, March 31, 2021	$	0.8	$	5.7	$	4,897.9	$	(1,817.9)	$	38.2	$	3,124.7
Stock compensation	—		8.4		—		—		—		8.4

SSARs exercised	—		(2.4)		—		—		—		(2.4)
Comprehensive income:
Net income	—		—		282.8		—		1.6		284.4
Other comprehensive income, net of reclassification adjustments:
Foreign currency translation adjustments	—		—		—		80.0		0.8		80.8
Defined benefit pension plans, net of tax	—		—		—		(6.0)		—		(6.0)
Deferred gains and losses on derivatives, net of tax	—		—		—		5.6		—		5.6
Payment of dividends to stockholders	—		—		(316.6)		—		—		(316.6)

Distributions to noncontrolling interest	—		—		—		—		(3.5)		(3.5)
Change in noncontrolling interest	—		—		—		—		(10.6)		(10.6)
Balance, June 30, 2021	$	0.8	$	11.7	$	4,864.1	$	(1,738.3)	$	26.5	$	3,164.8


	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Stockholders’ Equity
Balance, December 31, 2020	$	0.8	$	30.9	$	4,759.1	$	(1,810.8)	$	38.0	$	3,018.0
Stock compensation	—		15.2		—		—		—		15.2
Issuance of stock awards	—		(29.5)		—		—		—		(29.5)
SSARs exercised	—		(4.9)		—		—		—		(4.9)
Comprehensive income:
Net income	—		—		433.6		—		2.2		435.8
Other comprehensive income, net of reclassification adjustments:
Foreign currency translation adjustments	—		—		—		33.1		0.4		33.5
Defined benefit pension plans, net of tax	—		—		—		29.1		—		29.1
Deferred gains and losses on derivatives, net of tax	—		—		—		10.3		—		10.3
Payment of dividends to stockholders	—		—		(328.6)		—		—		(328.6)

Distributions to noncontrolling interest	—		—		—		—		(3.5)		(3.5)
Change in noncontrolling interest	—		—		—		—		(10.6)		(10.6)
Balance, June 30, 2021	$	0.8	$	11.7	$	4,864.1	$	(1,738.3)	$	26.5	$	3,164.8


	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Stockholders’ Equity
Balance, March 31, 2020	$	0.8	$	—	$	4,432.7	$	(1,791.4)	$	48.5	$	2,690.6
Stock compensation	—		10.2		(0.1)		—		—		10.1
Issuance of stock awards	—		(0.1)		—		—		—		(0.1)

Comprehensive loss:
Net income (loss)	—		—		69.7		—		(9.7)		60.0
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments	—		—		—		(32.8)		2.5		(30.3)
Defined benefit pension plans, net of tax	—		—		—		3.4		—		3.4
Deferred gains and losses on derivatives, net of tax	—		—		—		(4.4)		—		(4.4)
Payment of dividends to stockholders	—		—		(11.9)		—		—		(11.9)

Changes in noncontrolling interests	—		—		—		—		0.1		0.1

Balance, June 30, 2020	$	0.8	$	10.1	$	4,490.4	$	(1,825.2)	$	41.4	$	2,717.5


	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Stockholders’ Equity
Balance, December 31, 2019	$	0.8	$	4.7	$	4,443.5	$	(1,595.2)	$	53.2	$	2,907.0
Stock compensation	—		16.1		(3.4)		—		—		12.7
Issuance of stock awards	—		(7.3)		(8.4)		—		—		(15.7)
SSARs exercised	—		—		(0.1)		—		—		(0.1)
Comprehensive loss:
Net income (loss)	—		—		134.4		—		(8.1)		126.3
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments	—		—		—		(241.9)		(3.2)		(245.1)
Defined benefit pension plans, net of tax	—		—		—		6.9		—		6.9
Deferred gains and losses on derivatives, net of tax	—		—		—		5.0		—		5.0
Payment of dividends to stockholders	—		—		(24.0)		—		—		(24.0)
Purchases and retirement of common stock	—		(3.4)		(51.6)		—		—		(55.0)
Change in noncontrolling interest	—		—		—		—		(0.5)		(0.5)

Balance, June 30, 2020	$	0.8	$	10.1	$	4,490.4	$	(1,825.2)	$	41.4	$	2,717.5

Total comprehensive income (loss) attributable to noncontrolling interests for the three and six months ended June 30, 2021 and 2020 was as follows (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net income (loss)	$	1.6	$	(9.7)	$	2.2	$	(8.1)
Other comprehensive income (loss):
Foreign currency translation adjustments	0.8		2.5		0.4		(3.2)
Total comprehensive income (loss)	$	2.4	$	(7.2)	$	2.6	$	(11.3)

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 six months ended June 30, 2021 (in millions):


	Defined Benefit Pension Plans		Deferred Net Gains (Losses) on Derivatives		Cumulative Translation Adjustment		Total
Accumulated other comprehensive loss, December 31, 2020	$	(313.3)	$	(2.5)	$	(1,495.0)	$	(1,810.8)
Other comprehensive income (loss) before reclassifications	23.2		6.1		33.1		62.4
Net losses reclassified from accumulated other comprehensive loss	5.9		4.2		—		10.1
Other comprehensive income (loss), net of reclassification adjustments	29.1		10.3		33.1		72.5
Accumulated other comprehensive loss, June 30, 2021	$	(284.2)	$	7.8	$	(1,461.9)	$	(1,738.3)

The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the three months ended June 30, 2021 and 2020 (in millions):


	Amount Reclassified from Accumulated Other Comprehensive Loss				Affected Line Item within the Condensed Consolidated Statements of Operations
Details about Accumulated Other Comprehensive Loss Components	Three Months Ended June 30, 2021(1)		Three Months Ended June 30, 2020(1)
Derivatives:
Net losses (gains) on foreign currency contracts	$	3.5	$	(3.1)	Cost of goods sold
Net gains on commodity contracts	$	(1.9)	$	—	Cost of goods sold

Reclassification before tax	1.6		(3.1)
	(1.1)		—		Income tax benefit (provision)
Reclassification net of tax	$	0.5	$	(3.1)

Defined benefit pension plans:
Amortization of net actuarial losses	$	3.4	$	3.2	Other expense, net(2)
Amortization of prior service cost	0.1		0.7		Other expense, net(2)
Reclassification before tax	3.5		3.9
	(1.5)		(0.5)		Income tax provision
Reclassification net of tax	$	2.0	$	3.4

Net losses reclassified from accumulated other comprehensive loss	$	2.5	$	0.3

(1) Losses (gains) included within the Condensed Consolidated Statements of Operations for the three months ended June 30, 2021 and 2020, respectively.

(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 14 for additional information on the Company’s defined benefit pension plans.

The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the six months ended June 30, 2021 and 2020 (in millions):


	Amount Reclassified from Accumulated Other Comprehensive Loss				Affected Line Item within the Condensed Consolidated Statements of Operations
Details about Accumulated Other Comprehensive Loss Components	Six Months Ended June 30, 2021(1)		Six Months Ended June 30, 2020(1)
Derivatives:
Net losses (gains) on foreign currency contracts	$	6.9	$	(3.2)	Cost of goods sold
Net gains on commodity contracts	(1.9)		—		Cost of goods sold

Reclassification before tax	5.0		(3.2)
	(0.8)		—		Income tax provision
Reclassification net of tax	$	4.2	$	(3.2)

Defined benefit pension plans:
Amortization of net actuarial losses	$	7.4	$	6.7	Other expense, net(2)
Amortization of prior service cost	0.6		1.2		Other expense, net(2)
Reclassification before tax	8.0		7.9
	(2.1)		(1.0)		Income tax provision
Reclassification net of tax	$	5.9	$	6.9

Net losses (gains) reclassified from accumulated other comprehensive loss	$	10.1	$	3.7

(1) Losses (gains) included within the Condensed Consolidated Statements of Operations for the six months ended June 30, 2021 and 2020, respectively.

Share Repurchase Program

During the three and six months ended June 30, 2021, the Company did not purchase any shares directly or enter into any accelerated share repurchase agreements. As of June 30, 2021, the remaining amount authorized to be repurchased under board-approved share repurchase authorizations was approximately $245.0 million, which has no expiration date.

In August 2021, the Company entered into an ASR agreement with a financial institution to repurchase an aggregate of $75.0 million of shares of its common stock. The Company received approximately 455,000 shares to date in this transaction. Upon settlement of the ASR, the Company may be entitled to receive additional shares of common stock or, under certain circumstances, be required to remit a settlement amount. The Company expects that the additional shares will be received by the Company upon final settlement of its current ASR agreement, which expires during the fourth quarter of 2021.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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

Accounts Receivable Sales Agreements Accounts Receivable Sales Agreements	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 and December 31, 2020, the cash received from receivables sold under the U.S., Canadian, European and Brazilian accounts receivable sales agreements was approximately $1.4 billion and $1.5 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 receivable sales agreements. These fees are reflected within losses on the sales of receivables included within “Other expense, net” in the Company’s Condensed Consolidated Statements of Operations. The Company does not service the receivables after the sales occur and does not maintain any direct retained interest in the receivables. The Company accounts for the receivable sales agreements as off-balance sheet transactions. Losses on sales of receivables associated with the accounts receivable sales agreements discussed above, reflected within “Other expense, net” in the Company’s Condensed Consolidated Statements of Operations, were approximately $5.1 million and $9.7 million, respectively, during the three and six months ended June 30, 2021. Losses on sales of receivables associated with the accounts receivable sales agreements discussed above, reflected within “Other expense, net” in the Company’s Condensed Consolidated Statements of Operations, were approximately $4.3 million and $12.4 million, respectively, during the three and six ended June 30, 2020. 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 June 30, 2021 and December 31, 2020, these finance joint ventures had approximately $82.7 million and $85.2 million, respectively, of outstanding accounts receivable associated with these arrangements. The Company accounts for these arrangements 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 accounts for the sale of such receivables as off-balance sheet transactions.

Pension and Postretirement Benefit Plans

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Pension and Postretirement Benefit Plans

PENSION AND POSTRETIREMENT BENEFIT PLANS

Net periodic pension and postretirement benefit cost for the Company’s defined pension and postretirement benefit plans for the three and six months ended June 30, 2021 and 2020 are set forth below (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
Pension benefits	2021		2020		2021		2020
Service cost	$	3.7	$	4.0	$	7.8	$	8.0
Interest cost	3.2		4.1		6.4		8.2
Expected return on plan assets	(7.9)		(7.0)		(15.7)		(14.1)
Amortization of net actuarial losses	3.4		3.2		7.4		6.6
Amortization of prior service cost	0.1		0.6		0.6		1.1
Curtailment(1)	—		—		(1.2)		$	—
Net periodic pension cost	$	2.5	$	4.9	$	5.3	$	9.8

(1) During the six months ended June 30, 2021, the Company amended its Executive Nonqualified Pension Plan (“ENPP”) to freeze the plan as of December 31, 2024 to future salary benefit accruals, and to eliminate a life-time annuity feature for participants reaching age 65 subsequent to December 31, 2022. This amendment resulted in a curtailment gain related to the ENPP's net prior service credit.


	Three Months Ended June 30,				Six Months Ended June 30,
Postretirement benefits	2021		2020		2021		2020
Service cost	$	—	$	—	$	0.1	$	—
Interest cost	0.2		0.3		0.4		0.6
Amortization of net actuarial losses	—		—		—		0.1
Amortization of prior service cost	—		0.1		—		0.1
Net periodic postretirement benefit cost	$	0.2	$	0.4	$	0.5	$	0.8

The components of net periodic pension and postretirement benefits cost, other than the service cost component, are included in “Other expense, net” in the Company’s Condensed Consolidated Statements of Operations.

The following table summarizes the activity in accumulated other comprehensive loss related to the Company’s defined pension and postretirement benefit plans during the six months ended June 30, 2021 (in millions):


	Before-Tax Amount		Income Tax		After-Tax Amount
Accumulated other comprehensive loss as of December 31, 2020	$	(412.5)	$	(99.2)	$	(313.3)
Amortization of net actuarial losses	7.4		1.9		5.5
Amortization of prior service cost	0.6		0.2		0.4
Plan amendment(1)	31.2		8.0		23.2
Accumulated other comprehensive loss as of June 30, 2021	$	(373.3)	$	(89.1)	$	(284.2)

(1) During the six months ended June 30, 2021, the Company amended its ENPP. The amendment resulted in a remeasurement gain of approximately $10.5 million as well as the impacts of approximately $12.2 million due to the elimination a life-time annuity feature and approximately $9.7 million due to the freezing of future salary benefits, partially offset by a curtailment gain of approximately $1.2 million.

During the six months ended June 30, 2021, the Company made approximately $20.0 million of contributions to its defined pension benefit plans. The Company currently estimates its minimum contributions for 2021 to its defined pension benefit plans will aggregate approximately $36.9 million.

During the six months ended June 30, 2021, the Company made approximately $0.6 million of contributions to its postretirement health care and life insurance benefit plans. The Company currently estimates that it will make approximately $1.5 million of contributions to its postretirement health care and life insurance benefit plans during 2021.

- Definition

The entire disclosure for retirement benefits.

+ References

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

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS

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

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

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

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

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

The Company enters into foreign currency, 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 11 for additional information on the Company’s derivative instruments and hedging activities.

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 are summarized below (in millions):


	As of June 30, 2021
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	31.1	$	—	$	31.1
Derivative liabilities	—		12.8		—		12.8


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

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 5 for additional information on the Company’s long-term debt.

- Definition

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

+ References + Details

Segment Reporting

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Reporting

SEGMENT REPORTING

The Company’s four reportable segments distribute a full range of agricultural equipment and related replacement parts. The Company evaluates segment performance primarily based on income from operations. Sales for each segment are based on the location of the third-party customer. The Company’s selling, general and administrative expenses and engineering expenses are generally charged to each segment based on the region and division where the expenses are incurred. As a result, the components of income from operations for one segment may not be comparable to another segment. Segment results for the three and six months ended June 30, 2021 and 2020 and assets as of June 30, 2021 and December 31, 2020 based on the Company’s reportable segments are as follows (in millions):


Three Months Ended June 30,	North America		South America		Europe/Middle East		Asia/Pacific/Africa		Consolidated
2021
Net sales	$	734.7	$	278.3	$	1,635.2	$	231.1	$	2,879.3
Income from operations	103.7		23.1		201.5		26.6		354.9
Depreciation	15.2		6.7		29.6		3.6		55.1
Capital expenditures	8.8		5.0		40.3		3.0		57.1
2020
Net sales	$	555.8	$	178.5	$	1,125.0	$	147.5	$	2,006.8
Income from operations	64.7		5.5		91.0		14.0		175.2
Depreciation	15.2		6.1		26.4		3.0		50.7
Capital expenditures	8.2		3.3		42.8		2.6		56.9



Six Months Ended June 30,	North America		South America		Europe/Middle East		Asia/Pacific/Africa		Consolidated
2021
Net sales	$	1,345.8	$	518.8	$	2,962.4	$	431.0	$	5,258.0
Income from operations	178.6		39.3		345.8		47.6		611.3
Depreciation	30.8		13.3		58.0		7.8		109.9
Capital expenditures	21.1		11.6		83.8		4.1		120.6
2020
Net sales	$	1,107.7	$	332.4	$	2,238.3	$	256.7	$	3,935.1
Income (loss) from operations	125.6		(3.3)		193.3		12.7		328.3
Depreciation	30.8		13.5		52.4		5.6		102.3
Capital expenditures	18.3		10.4		84.5		4.3		117.5
Assets
As of June 30, 2021	$	1,289.6	$	833.3	$	2,695.0	$	587.0	$	5,404.9
As of December 31, 2020	1,051.9		687.6		2,238.7		536.2		4,514.4

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Segment income from operations	$	354.9	$	175.2	$	611.3	$	328.3
Corporate expenses	(37.5)		(29.1)		(73.4)		(63.5)
Amortization of intangibles	(14.2)		(14.9)		(31.7)		(29.9)
Goodwill impairment charge	—		(20.0)		—		(20.0)
Stock compensation expense	(8.2)		(10.1)		(14.7)		(12.6)
Restructuring expenses	(4.7)		(3.8)		(6.0)		(4.6)
Consolidated income from operations	$	290.3	$	97.3	$	485.5	$	197.7


	June 30, 2021		December 31, 2020
Segment assets	$	5,404.9	$	4,514.4
Cash and cash equivalents	500.2		1,119.1
Investments in affiliates	475.4		442.7
Deferred tax assets, other current and noncurrent assets	771.0		665.9
Intangible assets, net	417.5		455.6
Goodwill	1,294.3		1,306.5
Consolidated total assets	$	8,863.3	$	8,504.2

- 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=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Off-Balance Sheet Arrangements

Guarantees

The Company maintains a remarketing agreement with its U.S. finance joint venture, AGCO Finance LLC, whereby the Company is obligated to repurchase up to $6.0 million of repossessed equipment each calendar year. The Company believes that any losses that it might incur on the resale of this equipment will not be material, due to the fair value of the underlying equipment.

At June 30, 2021, the Company has outstanding guarantees of indebtedness owed to related and third parties of approximately $19.3 million, primarily related to dealer and end-user financing of equipment. Such guarantees generally obligate the Company to repay outstanding finance obligations owed to financial institutions if dealers or end users default on such loans through 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 June 30, 2021, the Company had accrued approximately $24.9 million of outstanding guarantees of 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 guarantees is approximately $130.6 million.

Leases

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of June 30, 2021 and December 31, 2020 were as follows (in millions):


	June 30, 2021				December 31, 2020
	Operating Leases(1)		Finance Leases		Operating Leases(1)		Finance Leases
2021	$	24.9	$	1.6	$	47.6	$	3.3
2022	42.0		1.4		37.7		1.4
2023	32.6		1.2		28.6		1.1
2024	21.7		0.9		18.9		0.8
2025	15.3		0.7		13.6		0.6
Thereafter	45.2		9.0		44.5		9.1
Total lease payments	181.7		14.8		190.9		16.3
Less: imputed interest(2)	(20.6)		(3.2)		(21.5)		(3.5)

Present value of leased liabilities	$	161.1	$	11.6	$	169.4	$	12.8

(1) Operating lease payments include options to extend or terminate at the Company's sole discretion, which are included in the determination of lease term when they are reasonably certain to be exercised.

(2) Calculated for each lease using either the implicit interest rate or the incremental borrowing rate when the implicit interest rate is not readily available.

Other

At June 30, 2021, the Company had outstanding designated and non-designated foreign exchange contracts with a gross notional amount of approximately $3,489.2 million. The outstanding contracts as of June 30, 2021 range in maturity through December 2021. The Company also had outstanding designated steel commodity contracts with a gross notional amount of approximately $16.5 million that range in maturity through January 2022.

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 accounts for the sale of such receivables 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 June 30, 2021, not including interest and penalties, was approximately 131.5 million Brazilian reais (or approximately $26.3 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, are material to its business or financial statements as a whole, including its results of operations and financial condition.

Revenue (Notes)

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue

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

Significant changes in the balance of contract liabilities for the three and six months ended June 30, 2021 and 2020 were as follows (in millions):


	Three Months Ended June 30,
	2021		2020
Balance at beginning of period	$	186.3	$	111.6
Advance consideration received	59.0		35.7
Revenue recognized during the period for extended warranty contracts, maintenance services and technology services	(13.3)		(12.0)
Revenue recognized during the period related to grain storage and protein production systems	(32.6)		(17.2)
Foreign currency translation	1.8		0.6
Balance at June 30	$	201.2	$	118.7


	Six Months Ended June 30,
	2021		2020
Balance at beginning of period	$	172.0	$	104.0
Advance consideration received	116.1		69.6
Revenue recognized during the period for extended warranty contracts, maintenance services and technology services	(26.3)		(22.1)
Revenue recognized during the period related to grain storage and protein production systems	(59.8)		(29.0)
Foreign currency translation	(0.8)		(3.8)
Balance at June 30	$	201.2	$	118.7

The contract liabilities are classified as either “Accrued expenses” or “Other current liabilities” and “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets. During the three and six months ended June 30, 2021, we recognized approximately $17.4 million and $43.2 million, respectively, of revenue that was recorded as a contract liability at the beginning of 2021. During the three and six months ended June 30, 2020, we recognized approximately $13.8 million and $25.8 million, respectively, of revenue that was recorded as a contract liability at the beginning of 2020.

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 June 30, 2021 are $30.6 million for the remainder of 2021, $63.0 million in 2022, $44.6 million in 2023, $21.4 million in 2024 and $12.9 million thereafter, and relate primarily to extended warranty contracts. The Company applied the practical expedient in ASU 2014-09 and has not disclosed information about remaining performance obligations that have original expected durations of 12 months or less.

Disaggregated Revenue

Net sales for the three months ended June 30, 2021 disaggregated by primary geographical markets and major products consisted of the following (in millions):


	North America (1)		South America (1)		Europe/Middle East(1)		Asia/Pacific/Africa		Consolidated(1)
Primary geographical markets:
United States	$	570.9	$	—	$	—	$	—	$	570.9
Canada	138.9		—		—		—		138.9
South America	—		276.0		—		—		276.0
Germany	—		—		348.4		—		348.4
France	—		—		294.8		—		294.8
United Kingdom and Ireland	—		—		167.0		—		167.0
Finland and Scandinavia	—		—		221.2		—		221.2
Other Europe	—		—		558.8		—		558.8
Middle East and Algeria	—		—		45.0		—		45.0
Africa	—		—		—		36.1		36.1
Asia	—		—		—		116.6		116.6
Australia and New Zealand	—		—		—		78.4		78.4
Mexico, Central America and Caribbean	25.0		2.3		—		—		27.3
	$	734.7	$	278.3	$	1,635.2	$	231.1	$	2,879.3

Major products:
Tractors	$	243.2	$	126.3	$	1,069.1	$	96.1	$	1,534.7
Replacement parts	122.4		33.5		298.2		25.4		479.5
Grain storage and protein production systems	158.0		32.1		56.9		68.8		315.8
Combines, application equipment and other machinery	211.1		86.5		210.9		40.8		549.3
	$	734.7	$	278.3	$	1,635.2	$	231.1	$	2,879.3

(1) Rounding may impact the summation of amounts.

Net sales for the three months ended June 30, 2020 disaggregated by primary geographical markets and major products consisted of the following (in millions):


	North America		South America(1)		Europe/Middle East		Asia/Pacific/Africa		Consolidated(1)
Primary geographical markets:
United States	$	447.4	$	—	$	—	$	—	$	447.4
Canada	87.4		—		—		—		87.4
South America	—		177.3		—		—		177.3
Germany	—		—		294.3		—		294.3
France	—		—		221.0		—		221.0
United Kingdom and Ireland	—		—		111.1		—		111.1
Finland and Scandinavia	—		—		144.6		—		144.6
Other Europe	—		—		325.4		—		325.4
Middle East and Algeria	—		—		28.6		—		28.6
Africa	—		—		—		2.6		2.6
Asia	—		—		—		85.9		85.9
Australia and New Zealand	—		—		—		59.0		59.0
Mexico, Central America and Caribbean	21.0		1.2		—		—		22.2
	$	555.8	$	178.5	$	1,125.0	$	147.5	$	2,006.8

Major products:
Tractors	$	148.6	$	101.0	$	682.2	$	60.5	$	992.3
Replacement parts	105.8		16.8		257.4		19.3		399.3
Grain storage and protein production systems	142.8		16.9		33.3		48.4		241.4
Combines, application equipment and other machinery	158.6		43.9		152.1		19.3		373.9
	$	555.8	$	178.5	$	1,125.0	$	147.5	$	2,006.8

(1) Rounding may impact the summation of amounts.

Net sales for the six months ended June 30, 2021 disaggregated by primary geographical markets and major products consisted of the following (in millions):


	North America (1)		South America		Europe/Middle East		Asia/Pacific/Africa		Consolidated (1)
Primary geographical markets:
United States	$	1,069.6	$	—	$	—	$	—	$	1,069.6
Canada	230.5		—		—		—		230.5
South America	—		514.6		—		—		514.6
Germany	—		—		693.9		—		693.9
France	—		—		510.3		—		510.3
United Kingdom and Ireland	—		—		295.4		—		295.4
Finland and Scandinavia	—		—		378.6		—		378.6
Other Europe	—		—		982.3		—		982.3
Middle East and Algeria	—		—		101.9		—		101.9
Africa	—		—		—		61.9		61.9
Asia	—		—		—		218.9		218.9
Australia and New Zealand	—		—		—		150.2		150.2
Mexico, Central America and Caribbean	45.8		4.2		—		—		50.0
	$	1,345.8	$	518.8	$	2,962.4	$	431.0	$	5,258.0

Major products:
Tractors	$	433.5	$	237.4	$	1,950.5	$	190.1	$	2,811.5
Replacement parts	207.5		62.5		559.2		48.9		878.2
Grain storage and protein production systems	264.4		53.7		85.9		125.7		529.7
Combines, application equipment and other machinery	440.4		165.2		366.7		66.3		1,038.6
	$	1,345.8	$	518.8	$	2,962.4	$	431.0	$	5,258.0

(1) Rounding may impact the summation of amounts.

Net sales for the six months ended June 30, 2020 disaggregated by primary geographical markets and major products consisted of the following (in millions):


	North America		South America		Europe/Middle East(1)		Asia/Pacific/Africa(1)		Consolidated
Primary geographical markets:
United States	$	909.7	$	—	$	—	$	—	$	909.7
Canada	154.2		—		—		—		154.2
South America	—		329.2		—		—		329.2
Germany	—		—		594.4		—		594.4
France	—		—		435.7		—		435.7
United Kingdom and Ireland	—		—		223.6		—		223.6
Finland and Scandinavia	—		—		276.9		—		276.9
Other Europe	—		—		649.6		—		649.6
Middle East and Algeria	—		—		58.1		—		58.1
Africa	—		—		—		16.0		16.0
Asia	—		—		—		133.9		133.9
Australia and New Zealand	—		—		—		106.8		106.8
Mexico, Central America and Caribbean	43.8		3.2		—		—		47.0
	$	1,107.7	$	332.4	$	2,238.3	$	256.7	$	3,935.1

Major products:
Tractors	$	317.0	$	176.9	$	1,452.5	$	107.4	$	2,053.8
Replacement parts	178.0		36.8		458.0		36.6		709.4
Grain storage and protein production systems	239.6		38.8		60.8		77.4		416.6
Combines, application equipment and other machinery	373.1		79.9		266.9		35.4		755.3
	$	1,107.7	$	332.4	$	2,238.3	$	256.7	$	3,935.1

- 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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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements During the six months ended June 30, 2021, the Company adopted the following pronouncements, which did not have a material impact to the Company’s results of operations, financial condition and cash flows. •ASU 2019-12 – “Simplifying the Accounting for Income Taxes” was adopted as of January 1, 2021. •ASU 2021-01 – “Reference Rate Reform: Scope” was adopted as of January 1, 2021. New Accounting Pronouncements to be Adopted In June 2016, the FASB issued ASU 2016-13 “Financial Instruments - Credit Losses (Topic 326):Measurement of Credit Losses on Financial Instruments”, which requires measurement and recognition of expected versus incurred credit losses for financial assets. 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 likely will impact the Company’s “Investment in affiliates” and “Equity in net earnings of affiliates.” The Company’s finance joint ventures currently are evaluating the impact of ASU 2016-13 to their results of operations and financial condition.

Restructuring Expenses (Tables)

6 Months Ended

Jun. 30, 2021

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

Restructuring expenses activity during the three and six months ended June 30, 2021 is summarized as follows (in millions):


	Employee Severance		Facility Closure Costs		Other Related Closure Costs		Total
Balance as of December 31, 2020	$	11.1	$	3.9	$	1.8	$	16.8
First quarter 2021 provision	1.3		—		—		1.3


First quarter 2021 cash activity	(2.3)		(3.9)		—		(6.2)
Foreign currency translation	(0.1)		—		(0.2)		(0.3)
Balance as of March 31, 2021	$	10.0	$	—	$	1.6	$	11.6
Second quarter 2021 provision	3.9		—		1.5		5.4
Second quarter 2021 cash activity	(1.9)		—		(0.7)		(2.6)
Second quarter 2021 provision reversal	(0.7)		—		—		(0.7)
Foreign currency translation	—		—		0.2		0.2
Balance as of June 30, 2021	$	11.3	$	—	$	2.6	$	13.9

Stock Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement, Noncash Expense [Abstract]

Schedule of stock compensation expense

The Company recorded stock compensation expense as follows for the three and six months ended June 30, 2021 and 2020 (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Cost of goods sold	$	0.3	$	0.3	$	0.6	$	0.4
Selling, general and administrative expenses	8.2		10.1		14.7		12.6
Total stock compensation expense	$	8.5	$	10.4	$	15.3	$	13.0

Schedule of LTIP and Performance Awards activity


Shares awarded but not earned at January 1			582,952
Shares awarded			269,508
Shares forfeited			(8,760)
Shares earned			(142)
Shares awarded but not earned at June 30			843,558

Schedule of RSU activity

RSU transactions during the six months ended June 30, 2021 assume the 2020 RSUs subject to the total shareholder return modifier are achieved at target levels, and were as follows:


RSUs awarded but not vested at January 1			143,287
RSUs awarded			89,892
RSUs forfeited			(1,615)
RSUs vested			(63,397)
RSUs awarded but not vested at June 30			168,167

Schedule of SARS activity

SSAR transactions during the six months ended June 30, 2021 were as follows:


SSARs outstanding at January 1			403,150
SSARs granted			—
SSARs exercised			(173,243)
SSARs canceled or forfeited			(754)
SSARs outstanding at June 30			229,153

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill during the six months ended June 30, 2021 are summarized as follows (in millions):


	North America		South America		Europe/Middle East		Asia/Pacific/Africa		Consolidated
Balance as of December 31, 2020	$	593.4	$	87.5	$	501.3	$	124.3	$	1,306.5


Foreign currency translation	0.2		3.4		(13.5)		(2.3)		(12.2)
Balance as of June 30, 2021	$	593.6	$	90.9	$	487.8	$	122.0	$	1,294.3

Schedule of Finite-Lived Intangible Assets by Major Class

Changes in the carrying amount of acquired intangible assets during the six months ended June 30, 2021 are summarized as follows (in millions):


Gross carrying amounts:	Trademarks and Tradenames		Customer Relationships		Patents and Technology		Land Use Rights		Total
Balance as of December 31, 2020	$	206.0	$	585.4	$	158.0	$	9.1	$	958.5

Sale of business	(1.3)		(4.4)		(17.1)		—		(22.8)

Foreign currency translation	(2.1)		(2.7)		(2.6)		0.1		(7.3)
Balance as of June 30, 2021	$	202.6	$	578.3	$	138.3	$	9.2	$	928.4


Accumulated amortization:	Trademarks and Tradenames		Customer Relationships		Patents and Technology		Land Use Rights		Total
Balance as of December 31, 2020	$	95.4	$	390.3	$	103.2	$	3.4	$	592.3
Amortization expense	5.0		18.6		8.0		0.1		31.7
Sale of business	(1.3)		(4.4)		(15.2)		—		(20.9)
Foreign currency translation	(0.5)		(1.6)		(2.0)		0.1		(4.0)
Balance as of June 30, 2021	$	98.6	$	402.9	$	94.0	$	3.6	$	599.1

Schedule of Indefinite-lived Intangible Assets by Major Class


Indefinite-lived intangible assets:	Trademarks and Tradenames

Balance as of December 31, 2020	$	89.4
Foreign currency translation	(1.2)
Balance as of June 30, 2021	$	88.2

Indebtedness (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Debt

Long-term debt consisted of the following at June 30, 2021 and December 31, 2020 (in millions):


	June 30, 2021		December 31, 2020
Senior term loan due 2022	$	178.1	$	184.0
Credit facility, expires 2023	260.0		277.9
1.002% Senior term loan due 2025	296.8		306.7
Senior term loans due between 2021 and 2028	779.9		806.0
Other long-term debt	9.1		10.5
Debt issuance costs	(1.8)		(2.5)
	1,522.1		1,582.6
Senior term loans due 2021, net of debt issuance costs	(313.4)		(323.6)
Current portion of other long-term debt	(2.3)		(2.3)
Total long-term indebtedness, less current portion	$	1,206.4	$	1,256.7

Inventories (Tables)

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories at June 30, 2021 and December 31, 2020 were as follows (in millions):


	June 30, 2021		December 31, 2020
Finished goods	$	778.6	$	641.3
Repair and replacement parts	706.2		652.3
Work in process	424.3		175.1
Raw materials	757.9		505.7
Inventories, net	$	2,667.0	$	1,974.4

Product Warranty (Tables)

6 Months Ended

Jun. 30, 2021

Product Warranties Disclosures [Abstract]

Schedule of Warranty Reserve Activity


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Balance at beginning of period	$	542.0	$	384.6	$	521.8	$	392.8

Accruals for warranties issued during the period	76.8		57.6		170.1		113.9
Settlements made (in cash or in kind) during the period	(47.4)		(38.2)		(102.7)		(87.6)
Foreign currency translation	7.9		5.0		(9.9)		(10.1)
Balance at June 30	$	579.3	$	409.0	$	579.3	$	409.0

Net Income Per Common Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Calculation of Basic and Diluted Earnings Per Share


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Basic net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$	282.8	$	69.7	$	433.6	$	134.4
Weighted average number of common shares outstanding	75.5		74.9		75.4		75.1
Basic net income per share attributable to AGCO Corporation and subsidiaries	$	3.74	$	0.93	$	5.75	$	1.79
Diluted net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$	282.8	$	69.7	$	433.6	$	134.4
Weighted average number of common shares outstanding	75.5		74.9		75.4		75.1
Dilutive SSARs, performance share awards and RSUs	0.4		0.3		0.5		0.5
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share	75.9		75.2		75.9		75.6
Diluted net income per share attributable to AGCO Corporation and subsidiaries	$	3.73	$	0.93	$	5.71	$	1.78

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Accumulated Other Comprehensive Loss Related to Derivatives


			Recognized in Net Income
Three Months Ended June 30,	Gain (Loss) Recognized in Accumulated Other Comprehensive Loss		Classification of Gain (Loss)	Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income		Total Amount of the Line Item in the Condensed Consolidated Statements of Operations Containing Hedge Gains (Losses)
2021
Foreign currency contracts(1)	$	(0.8)	Cost of goods sold	$	(2.4)	$	2,186.9
Commodity contracts(2)	5.9		Cost of goods sold	1.9		$	2,186.9
Total	$	5.1		$	(0.5)
2020
Foreign currency contracts	$	(1.3)	Cost of goods sold	$	3.1	$	1,574.1



			Recognized in Net Income
Six Months Ended June 30,	Gain (Loss) Recognized in Accumulated Other Comprehensive Loss		Classification of Gain (Loss)	Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income		Total Amount of the Line Item in the Condensed Consolidated Statements of Operations Containing Hedge Gains (Losses)
2021
Foreign currency contracts(1)	$	(7.6)	Cost of goods sold	$	(6.1)	$	3,995.1
Commodity contracts(2)	13.7		Cost of goods sold	1.9		$	3,995.1
Total	$	6.1		$	(4.2)
2020
Foreign currency contracts	$	8.2	Cost of goods sold	$	3.2	$	3,051.9

(1) The outstanding contracts as of June 30, 2021 range in maturity through December 2021.

(2) The outstanding contracts as of June 30, 2021 range in maturity through January 2022.

The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the six months ended June 30, 2021 (in millions):


	Before-Tax Amount		Income Tax		After-Tax Amount
Accumulated derivative net losses as of December 31, 2020	$	(3.0)	$	(0.5)	$	(2.5)
Net changes in fair value of derivatives	9.6		3.5		6.1
Net losses reclassified from accumulated other comprehensive loss into income	5.0		0.8		4.2
Accumulated derivative net gains as of June 30, 2021	$	11.6	$	3.8	$	7.8

Schedule of Derivative Instruments

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


	Notional Amount as of
	June 30, 2021		December 31, 2020
Cross currency swap contract	$	300.0	$	300.0


	Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Three Months Ended				Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Cross currency swap contract	$	3.8	$	(5.8)	$	(0.3)	$	1.5
Foreign currency denominated debt	—		1.1		—		1.7

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

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


		Loss Recognized in Net Income for the Three Months Ended				Gain Recognized in Net Income for the Six Months Ended
	Classification of Gain (Loss)	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Foreign currency contracts	Other expense, net	$	(5.1)	$	(9.0)	$	29.3	$	23.1

Fair Value of Derivative Instruments

The table below sets forth the fair value of derivative instruments as of June 30, 2021 (in millions):


	Asset Derivatives as of June 30, 2021			Liability Derivatives as of June 30, 2021
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	2.4	Other current liabilities	$	6.8
Commodity contracts	Other current assets	11.5		Other current liabilities	—

Cross currency swap contract	Other noncurrent assets	1.2		Other noncurrent liabilities	—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts	Other current assets	16.0		Other current liabilities	6.0
Total derivative instruments		$	31.1		$	12.8

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 assets	—
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

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 are summarized below (in millions):


	As of June 30, 2021
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	31.1	$	—	$	31.1
Derivative liabilities	—		12.8		—		12.8


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

- 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
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Topic 815
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959

Reference 7: 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=125515794&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=125515794&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
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-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

Changes in Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2021

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity


	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Stockholders’ Equity
Balance, March 31, 2021	$	0.8	$	5.7	$	4,897.9	$	(1,817.9)	$	38.2	$	3,124.7
Stock compensation	—		8.4		—		—		—		8.4

SSARs exercised	—		(2.4)		—		—		—		(2.4)
Comprehensive income:
Net income	—		—		282.8		—		1.6		284.4
Other comprehensive income, net of reclassification adjustments:
Foreign currency translation adjustments	—		—		—		80.0		0.8		80.8
Defined benefit pension plans, net of tax	—		—		—		(6.0)		—		(6.0)
Deferred gains and losses on derivatives, net of tax	—		—		—		5.6		—		5.6
Payment of dividends to stockholders	—		—		(316.6)		—		—		(316.6)

Distributions to noncontrolling interest	—		—		—		—		(3.5)		(3.5)
Change in noncontrolling interest	—		—		—		—		(10.6)		(10.6)
Balance, June 30, 2021	$	0.8	$	11.7	$	4,864.1	$	(1,738.3)	$	26.5	$	3,164.8


	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Stockholders’ Equity
Balance, December 31, 2020	$	0.8	$	30.9	$	4,759.1	$	(1,810.8)	$	38.0	$	3,018.0
Stock compensation	—		15.2		—		—		—		15.2
Issuance of stock awards	—		(29.5)		—		—		—		(29.5)
SSARs exercised	—		(4.9)		—		—		—		(4.9)
Comprehensive income:
Net income	—		—		433.6		—		2.2		435.8
Other comprehensive income, net of reclassification adjustments:
Foreign currency translation adjustments	—		—		—		33.1		0.4		33.5
Defined benefit pension plans, net of tax	—		—		—		29.1		—		29.1
Deferred gains and losses on derivatives, net of tax	—		—		—		10.3		—		10.3
Payment of dividends to stockholders	—		—		(328.6)		—		—		(328.6)

Distributions to noncontrolling interest	—		—		—		—		(3.5)		(3.5)
Change in noncontrolling interest	—		—		—		—		(10.6)		(10.6)
Balance, June 30, 2021	$	0.8	$	11.7	$	4,864.1	$	(1,738.3)	$	26.5	$	3,164.8


	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Stockholders’ Equity
Balance, March 31, 2020	$	0.8	$	—	$	4,432.7	$	(1,791.4)	$	48.5	$	2,690.6
Stock compensation	—		10.2		(0.1)		—		—		10.1
Issuance of stock awards	—		(0.1)		—		—		—		(0.1)

Comprehensive loss:
Net income (loss)	—		—		69.7		—		(9.7)		60.0
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments	—		—		—		(32.8)		2.5		(30.3)
Defined benefit pension plans, net of tax	—		—		—		3.4		—		3.4
Deferred gains and losses on derivatives, net of tax	—		—		—		(4.4)		—		(4.4)
Payment of dividends to stockholders	—		—		(11.9)		—		—		(11.9)

Changes in noncontrolling interests	—		—		—		—		0.1		0.1

Balance, June 30, 2020	$	0.8	$	10.1	$	4,490.4	$	(1,825.2)	$	41.4	$	2,717.5


	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Stockholders’ Equity
Balance, December 31, 2019	$	0.8	$	4.7	$	4,443.5	$	(1,595.2)	$	53.2	$	2,907.0
Stock compensation	—		16.1		(3.4)		—		—		12.7
Issuance of stock awards	—		(7.3)		(8.4)		—		—		(15.7)
SSARs exercised	—		—		(0.1)		—		—		(0.1)
Comprehensive loss:
Net income (loss)	—		—		134.4		—		(8.1)		126.3
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments	—		—		—		(241.9)		(3.2)		(245.1)
Defined benefit pension plans, net of tax	—		—		—		6.9		—		6.9
Deferred gains and losses on derivatives, net of tax	—		—		—		5.0		—		5.0
Payment of dividends to stockholders	—		—		(24.0)		—		—		(24.0)
Purchases and retirement of common stock	—		(3.4)		(51.6)		—		—		(55.0)
Change in noncontrolling interest	—		—		—		—		(0.5)		(0.5)

Balance, June 30, 2020	$	0.8	$	10.1	$	4,490.4	$	(1,825.2)	$	41.4	$	2,717.5

Schedule of Comprehensive Income (Loss)

Total comprehensive income (loss) attributable to noncontrolling interests for the three and six months ended June 30, 2021 and 2020 was as follows (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net income (loss)	$	1.6	$	(9.7)	$	2.2	$	(8.1)
Other comprehensive income (loss):
Foreign currency translation adjustments	0.8		2.5		0.4		(3.2)
Total comprehensive income (loss)	$	2.4	$	(7.2)	$	2.6	$	(11.3)

Summary of Accumulated Other Comprehensive (Loss) Income


	Defined Benefit Pension Plans		Deferred Net Gains (Losses) on Derivatives		Cumulative Translation Adjustment		Total
Accumulated other comprehensive loss, December 31, 2020	$	(313.3)	$	(2.5)	$	(1,495.0)	$	(1,810.8)
Other comprehensive income (loss) before reclassifications	23.2		6.1		33.1		62.4
Net losses reclassified from accumulated other comprehensive loss	5.9		4.2		—		10.1
Other comprehensive income (loss), net of reclassification adjustments	29.1		10.3		33.1		72.5
Accumulated other comprehensive loss, June 30, 2021	$	(284.2)	$	7.8	$	(1,461.9)	$	(1,738.3)


	Before-Tax Amount		Income Tax		After-Tax Amount
Accumulated other comprehensive loss as of December 31, 2020	$	(412.5)	$	(99.2)	$	(313.3)
Amortization of net actuarial losses	7.4		1.9		5.5
Amortization of prior service cost	0.6		0.2		0.4
Plan amendment(1)	31.2		8.0		23.2
Accumulated other comprehensive loss as of June 30, 2021	$	(373.3)	$	(89.1)	$	(284.2)

Reclassification Out of Accumulated Other Comprehensive Loss


	Amount Reclassified from Accumulated Other Comprehensive Loss				Affected Line Item within the Condensed Consolidated Statements of Operations
Details about Accumulated Other Comprehensive Loss Components	Three Months Ended June 30, 2021(1)		Three Months Ended June 30, 2020(1)
Derivatives:
Net losses (gains) on foreign currency contracts	$	3.5	$	(3.1)	Cost of goods sold
Net gains on commodity contracts	$	(1.9)	$	—	Cost of goods sold

Reclassification before tax	1.6		(3.1)
	(1.1)		—		Income tax benefit (provision)
Reclassification net of tax	$	0.5	$	(3.1)

Defined benefit pension plans:
Amortization of net actuarial losses	$	3.4	$	3.2	Other expense, net(2)
Amortization of prior service cost	0.1		0.7		Other expense, net(2)
Reclassification before tax	3.5		3.9
	(1.5)		(0.5)		Income tax provision
Reclassification net of tax	$	2.0	$	3.4

Net losses reclassified from accumulated other comprehensive loss	$	2.5	$	0.3

(1) Losses (gains) included within the Condensed Consolidated Statements of Operations for the three months ended June 30, 2021 and 2020, respectively.

The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the six months ended June 30, 2021 and 2020 (in millions):


	Amount Reclassified from Accumulated Other Comprehensive Loss				Affected Line Item within the Condensed Consolidated Statements of Operations
Details about Accumulated Other Comprehensive Loss Components	Six Months Ended June 30, 2021(1)		Six Months Ended June 30, 2020(1)
Derivatives:
Net losses (gains) on foreign currency contracts	$	6.9	$	(3.2)	Cost of goods sold
Net gains on commodity contracts	(1.9)		—		Cost of goods sold

Reclassification before tax	5.0		(3.2)
	(0.8)		—		Income tax provision
Reclassification net of tax	$	4.2	$	(3.2)

Defined benefit pension plans:
Amortization of net actuarial losses	$	7.4	$	6.7	Other expense, net(2)
Amortization of prior service cost	0.6		1.2		Other expense, net(2)
Reclassification before tax	8.0		7.9
	(2.1)		(1.0)		Income tax provision
Reclassification net of tax	$	5.9	$	6.9

Net losses (gains) reclassified from accumulated other comprehensive loss	$	10.1	$	3.7

(1) Losses (gains) included within the Condensed Consolidated Statements of Operations for the six months ended June 30, 2021 and 2020, respectively.

Pension and Postretirement Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Net Pension and Postretirement Cost


	Three Months Ended June 30,				Six Months Ended June 30,
Pension benefits	2021		2020		2021		2020
Service cost	$	3.7	$	4.0	$	7.8	$	8.0
Interest cost	3.2		4.1		6.4		8.2
Expected return on plan assets	(7.9)		(7.0)		(15.7)		(14.1)
Amortization of net actuarial losses	3.4		3.2		7.4		6.6
Amortization of prior service cost	0.1		0.6		0.6		1.1
Curtailment(1)	—		—		(1.2)		$	—
Net periodic pension cost	$	2.5	$	4.9	$	5.3	$	9.8


	Three Months Ended June 30,				Six Months Ended June 30,
Postretirement benefits	2021		2020		2021		2020
Service cost	$	—	$	—	$	0.1	$	—
Interest cost	0.2		0.3		0.4		0.6
Amortization of net actuarial losses	—		—		—		0.1
Amortization of prior service cost	—		0.1		—		0.1
Net periodic postretirement benefit cost	$	0.2	$	0.4	$	0.5	$	0.8

Summary of Accumulated Other Comprehensive Income


	Defined Benefit Pension Plans		Deferred Net Gains (Losses) on Derivatives		Cumulative Translation Adjustment		Total
Accumulated other comprehensive loss, December 31, 2020	$	(313.3)	$	(2.5)	$	(1,495.0)	$	(1,810.8)
Other comprehensive income (loss) before reclassifications	23.2		6.1		33.1		62.4
Net losses reclassified from accumulated other comprehensive loss	5.9		4.2		—		10.1
Other comprehensive income (loss), net of reclassification adjustments	29.1		10.3		33.1		72.5
Accumulated other comprehensive loss, June 30, 2021	$	(284.2)	$	7.8	$	(1,461.9)	$	(1,738.3)


	Before-Tax Amount		Income Tax		After-Tax Amount
Accumulated other comprehensive loss as of December 31, 2020	$	(412.5)	$	(99.2)	$	(313.3)
Amortization of net actuarial losses	7.4		1.9		5.5
Amortization of prior service cost	0.6		0.2		0.4
Plan amendment(1)	31.2		8.0		23.2
Accumulated other comprehensive loss as of June 30, 2021	$	(373.3)	$	(89.1)	$	(284.2)

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value of Derivative Instruments

The table below sets forth the fair value of derivative instruments as of June 30, 2021 (in millions):


	Asset Derivatives as of June 30, 2021			Liability Derivatives as of June 30, 2021
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	2.4	Other current liabilities	$	6.8
Commodity contracts	Other current assets	11.5		Other current liabilities	—

Cross currency swap contract	Other noncurrent assets	1.2		Other noncurrent liabilities	—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts	Other current assets	16.0		Other current liabilities	6.0
Total derivative instruments		$	31.1		$	12.8

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 assets	—
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

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 are summarized below (in millions):


	As of June 30, 2021
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	31.1	$	—	$	31.1
Derivative liabilities	—		12.8		—		12.8


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

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Sales Information By Reportable Segments

Segment results for the three and six months ended June 30, 2021 and 2020 and assets as of June 30, 2021 and December 31, 2020 based on the Company’s reportable segments are as follows (in millions):


Three Months Ended June 30,	North America		South America		Europe/Middle East		Asia/Pacific/Africa		Consolidated
2021
Net sales	$	734.7	$	278.3	$	1,635.2	$	231.1	$	2,879.3
Income from operations	103.7		23.1		201.5		26.6		354.9
Depreciation	15.2		6.7		29.6		3.6		55.1
Capital expenditures	8.8		5.0		40.3		3.0		57.1
2020
Net sales	$	555.8	$	178.5	$	1,125.0	$	147.5	$	2,006.8
Income from operations	64.7		5.5		91.0		14.0		175.2
Depreciation	15.2		6.1		26.4		3.0		50.7
Capital expenditures	8.2		3.3		42.8		2.6		56.9



Six Months Ended June 30,	North America		South America		Europe/Middle East		Asia/Pacific/Africa		Consolidated
2021
Net sales	$	1,345.8	$	518.8	$	2,962.4	$	431.0	$	5,258.0
Income from operations	178.6		39.3		345.8		47.6		611.3
Depreciation	30.8		13.3		58.0		7.8		109.9
Capital expenditures	21.1		11.6		83.8		4.1		120.6
2020
Net sales	$	1,107.7	$	332.4	$	2,238.3	$	256.7	$	3,935.1
Income (loss) from operations	125.6		(3.3)		193.3		12.7		328.3
Depreciation	30.8		13.5		52.4		5.6		102.3
Capital expenditures	18.3		10.4		84.5		4.3		117.5
Assets
As of June 30, 2021	$	1,289.6	$	833.3	$	2,695.0	$	587.0	$	5,404.9
As of December 31, 2020	1,051.9		687.6		2,238.7		536.2		4,514.4

Reconciliation of Income from Operations from Segment to Consolidated

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Segment income from operations	$	354.9	$	175.2	$	611.3	$	328.3
Corporate expenses	(37.5)		(29.1)		(73.4)		(63.5)
Amortization of intangibles	(14.2)		(14.9)		(31.7)		(29.9)
Goodwill impairment charge	—		(20.0)		—		(20.0)
Stock compensation expense	(8.2)		(10.1)		(14.7)		(12.6)
Restructuring expenses	(4.7)		(3.8)		(6.0)		(4.6)
Consolidated income from operations	$	290.3	$	97.3	$	485.5	$	197.7

Reconciliation of Assets from Segment to Consolidated


	June 30, 2021		December 31, 2020
Segment assets	$	5,404.9	$	4,514.4
Cash and cash equivalents	500.2		1,119.1
Investments in affiliates	475.4		442.7
Deferred tax assets, other current and noncurrent assets	771.0		665.9
Intangible assets, net	417.5		455.6
Goodwill	1,294.3		1,306.5
Consolidated total assets	$	8,863.3	$	8,504.2

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Lessee, Operating Lease, Liability, Maturity

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of June 30, 2021 and December 31, 2020 were as follows (in millions):


	June 30, 2021				December 31, 2020
	Operating Leases(1)		Finance Leases		Operating Leases(1)		Finance Leases
2021	$	24.9	$	1.6	$	47.6	$	3.3
2022	42.0		1.4		37.7		1.4
2023	32.6		1.2		28.6		1.1
2024	21.7		0.9		18.9		0.8
2025	15.3		0.7		13.6		0.6
Thereafter	45.2		9.0		44.5		9.1
Total lease payments	181.7		14.8		190.9		16.3
Less: imputed interest(2)	(20.6)		(3.2)		(21.5)		(3.5)

Present value of leased liabilities	$	161.1	$	11.6	$	169.4	$	12.8

(2) Calculated for each lease using either the implicit interest rate or the incremental borrowing rate when the implicit interest rate is not readily available.

Finance Lease, Liability, Maturity

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of June 30, 2021 and December 31, 2020 were as follows (in millions):


	June 30, 2021				December 31, 2020
	Operating Leases(1)		Finance Leases		Operating Leases(1)		Finance Leases
2021	$	24.9	$	1.6	$	47.6	$	3.3
2022	42.0		1.4		37.7		1.4
2023	32.6		1.2		28.6		1.1
2024	21.7		0.9		18.9		0.8
2025	15.3		0.7		13.6		0.6
Thereafter	45.2		9.0		44.5		9.1
Total lease payments	181.7		14.8		190.9		16.3
Less: imputed interest(2)	(20.6)		(3.2)		(21.5)		(3.5)

Present value of leased liabilities	$	161.1	$	11.6	$	169.4	$	12.8

(2) Calculated for each lease using either the implicit interest rate or the incremental borrowing rate when the implicit interest rate is not readily available.

Revenue (Tables)

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Contract with Customer, Asset and Liability

Significant changes in the balance of contract liabilities for the three and six months ended June 30, 2021 and 2020 were as follows (in millions):


	Three Months Ended June 30,
	2021		2020
Balance at beginning of period	$	186.3	$	111.6
Advance consideration received	59.0		35.7
Revenue recognized during the period for extended warranty contracts, maintenance services and technology services	(13.3)		(12.0)
Revenue recognized during the period related to grain storage and protein production systems	(32.6)		(17.2)
Foreign currency translation	1.8		0.6
Balance at June 30	$	201.2	$	118.7


	Six Months Ended June 30,
	2021		2020
Balance at beginning of period	$	172.0	$	104.0
Advance consideration received	116.1		69.6
Revenue recognized during the period for extended warranty contracts, maintenance services and technology services	(26.3)		(22.1)
Revenue recognized during the period related to grain storage and protein production systems	(59.8)		(29.0)
Foreign currency translation	(0.8)		(3.8)
Balance at June 30	$	201.2	$	118.7

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

Net sales for the three months ended June 30, 2021 disaggregated by primary geographical markets and major products consisted of the following (in millions):


	North America (1)		South America (1)		Europe/Middle East(1)		Asia/Pacific/Africa		Consolidated(1)
Primary geographical markets:
United States	$	570.9	$	—	$	—	$	—	$	570.9
Canada	138.9		—		—		—		138.9
South America	—		276.0		—		—		276.0
Germany	—		—		348.4		—		348.4
France	—		—		294.8		—		294.8
United Kingdom and Ireland	—		—		167.0		—		167.0
Finland and Scandinavia	—		—		221.2		—		221.2
Other Europe	—		—		558.8		—		558.8
Middle East and Algeria	—		—		45.0		—		45.0
Africa	—		—		—		36.1		36.1
Asia	—		—		—		116.6		116.6
Australia and New Zealand	—		—		—		78.4		78.4
Mexico, Central America and Caribbean	25.0		2.3		—		—		27.3
	$	734.7	$	278.3	$	1,635.2	$	231.1	$	2,879.3

Major products:
Tractors	$	243.2	$	126.3	$	1,069.1	$	96.1	$	1,534.7
Replacement parts	122.4		33.5		298.2		25.4		479.5
Grain storage and protein production systems	158.0		32.1		56.9		68.8		315.8
Combines, application equipment and other machinery	211.1		86.5		210.9		40.8		549.3
	$	734.7	$	278.3	$	1,635.2	$	231.1	$	2,879.3

(1) Rounding may impact the summation of amounts.

Net sales for the three months ended June 30, 2020 disaggregated by primary geographical markets and major products consisted of the following (in millions):


	North America		South America(1)		Europe/Middle East		Asia/Pacific/Africa		Consolidated(1)
Primary geographical markets:
United States	$	447.4	$	—	$	—	$	—	$	447.4
Canada	87.4		—		—		—		87.4
South America	—		177.3		—		—		177.3
Germany	—		—		294.3		—		294.3
France	—		—		221.0		—		221.0
United Kingdom and Ireland	—		—		111.1		—		111.1
Finland and Scandinavia	—		—		144.6		—		144.6
Other Europe	—		—		325.4		—		325.4
Middle East and Algeria	—		—		28.6		—		28.6
Africa	—		—		—		2.6		2.6
Asia	—		—		—		85.9		85.9
Australia and New Zealand	—		—		—		59.0		59.0
Mexico, Central America and Caribbean	21.0		1.2		—		—		22.2
	$	555.8	$	178.5	$	1,125.0	$	147.5	$	2,006.8

Major products:
Tractors	$	148.6	$	101.0	$	682.2	$	60.5	$	992.3
Replacement parts	105.8		16.8		257.4		19.3		399.3
Grain storage and protein production systems	142.8		16.9		33.3		48.4		241.4
Combines, application equipment and other machinery	158.6		43.9		152.1		19.3		373.9
	$	555.8	$	178.5	$	1,125.0	$	147.5	$	2,006.8

(1) Rounding may impact the summation of amounts.

Net sales for the six months ended June 30, 2021 disaggregated by primary geographical markets and major products consisted of the following (in millions):


	North America (1)		South America		Europe/Middle East		Asia/Pacific/Africa		Consolidated (1)
Primary geographical markets:
United States	$	1,069.6	$	—	$	—	$	—	$	1,069.6
Canada	230.5		—		—		—		230.5
South America	—		514.6		—		—		514.6
Germany	—		—		693.9		—		693.9
France	—		—		510.3		—		510.3
United Kingdom and Ireland	—		—		295.4		—		295.4
Finland and Scandinavia	—		—		378.6		—		378.6
Other Europe	—		—		982.3		—		982.3
Middle East and Algeria	—		—		101.9		—		101.9
Africa	—		—		—		61.9		61.9
Asia	—		—		—		218.9		218.9
Australia and New Zealand	—		—		—		150.2		150.2
Mexico, Central America and Caribbean	45.8		4.2		—		—		50.0
	$	1,345.8	$	518.8	$	2,962.4	$	431.0	$	5,258.0

Major products:
Tractors	$	433.5	$	237.4	$	1,950.5	$	190.1	$	2,811.5
Replacement parts	207.5		62.5		559.2		48.9		878.2
Grain storage and protein production systems	264.4		53.7		85.9		125.7		529.7
Combines, application equipment and other machinery	440.4		165.2		366.7		66.3		1,038.6
	$	1,345.8	$	518.8	$	2,962.4	$	431.0	$	5,258.0

(1) Rounding may impact the summation of amounts.

Net sales for the six months ended June 30, 2020 disaggregated by primary geographical markets and major products consisted of the following (in millions):


	North America		South America		Europe/Middle East(1)		Asia/Pacific/Africa(1)		Consolidated
Primary geographical markets:
United States	$	909.7	$	—	$	—	$	—	$	909.7
Canada	154.2		—		—		—		154.2
South America	—		329.2		—		—		329.2
Germany	—		—		594.4		—		594.4
France	—		—		435.7		—		435.7
United Kingdom and Ireland	—		—		223.6		—		223.6
Finland and Scandinavia	—		—		276.9		—		276.9
Other Europe	—		—		649.6		—		649.6
Middle East and Algeria	—		—		58.1		—		58.1
Africa	—		—		—		16.0		16.0
Asia	—		—		—		133.9		133.9
Australia and New Zealand	—		—		—		106.8		106.8
Mexico, Central America and Caribbean	43.8		3.2		—		—		47.0
	$	1,107.7	$	332.4	$	2,238.3	$	256.7	$	3,935.1

Major products:
Tractors	$	317.0	$	176.9	$	1,452.5	$	107.4	$	2,053.8
Replacement parts	178.0		36.8		458.0		36.6		709.4
Grain storage and protein production systems	239.6		38.8		60.8		77.4		416.6
Combines, application equipment and other machinery	373.1		79.9		266.9		35.4		755.3
	$	1,107.7	$	332.4	$	2,238.3	$	256.7	$	3,935.1

Restructuring Expenses (Details) - USD ($) $ in Millions	3 Months Ended
Restructuring Expenses (Details) - USD ($) $ in Millions	Jun. 30, 2021	Mar. 31, 2021
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning of period	$ 11.6	$ 16.8
Quarterly Provision	5.4	1.3
Quarterly Cash Activities	(2.6)	(6.2)
Foreign currency translation	0.2	(0.3)
Provision Reversal	(0.7)
Restructuring reserve, end of period	13.9	11.6
Employee Severance
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning of period	10.0	11.1
Quarterly Provision	3.9	1.3
Quarterly Cash Activities	(1.9)	(2.3)
Foreign currency translation	0.0	(0.1)
Provision Reversal	(0.7)
Restructuring reserve, end of period	11.3	10.0
Facility Closure Costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning of period	0.0	3.9
Quarterly Provision	0.0	0.0
Quarterly Cash Activities	0.0	(3.9)
Foreign currency translation	0.0	0.0
Provision Reversal	0.0
Restructuring reserve, end of period	0.0	0.0
Other Related Closure Costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning of period	1.6	1.8
Quarterly Provision	1.5	0.0
Quarterly Cash Activities	(0.7)	0.0
Foreign currency translation	0.2	(0.2)
Provision Reversal	0.0
Restructuring reserve, end of period	$ 2.6	$ 1.6

Stock Compensation Plans (Schedule of Employee Service Share-based Compensation, Allocation of Recognized Costs) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock compensation expense	$ 8.5	$ 10.4	$ 15.3	$ 13.0
Cost of goods sold
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock compensation expense	0.3	0.3	0.6	0.4
Selling, general and administrative expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock compensation expense	$ 8.2	$ 10.1	$ 14.7	$ 12.6

Stock Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended		6 Months Ended
	Jun. 30, 2021	Apr. 22, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)	150,000,000		150,000,000		150,000,000		150,000,000
Total stock compensation expense			$ 8.5	$ 10.4	$ 15.3	$ 13.0
2006 Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)	10,000,000		10,000,000		10,000,000
Shares available for grant (in shares)	3,859,466		3,859,466		3,859,466
Restricted Stock Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value of performance awards granted (in dollars per share)					$ 113.63	$ 70.83
Shares awarded (in shares)					89,892
Share-based compensation cost not yet recognized	$ 12.0		$ 12.0		$ 12.0
Shares received for every restricted stock unit award given					1
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	1 year 6 months
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded (in shares)		9,117
Shares awarded after shares with held for taxes (in shares)		7,899
Total stock compensation expense					$ 1.4
Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value of performance awards granted (in dollars per share)					$ 123.26	$ 70.84
Shares awarded (in shares)					269,508
Share-based compensation cost not yet recognized	$ 35.3		35.3		$ 35.3
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years
Stock-Settled Appreciation Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation cost not yet recognized	$ 1.3		$ 1.3		$ 1.3
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years
Vesting Year One \| Restricted Stock Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					33.33%
Vesting Year Two \| Restricted Stock Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					33.33%
Vesting Year Three \| Restricted Stock Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					33.33%

Stock Compensation Plans (Performance Award Transactions) (Details) - Performance Awards	6 Months Ended
	Jun. 30, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding [Roll Forward]
Shares awarded but not earned, beginning of period (in shares)	582,952
Shares awarded (in shares)	269,508
Shares forfeited (in shares)	(8,760)
Shares earned (in shares)	(142)
Shares awarded but not earned, end of period (in shares)	843,558

Stock Compensation Plans (Restricted Stock Unit Award Transactions) (Details) - Restricted Stock Unit Awards	6 Months Ended
	Jun. 30, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding [Roll Forward]
Shares awarded but not earned, beginning of period (in shares)	143,287
Shares awarded (in shares)	89,892
Shares forfeited (in shares)	(1,615)
Shares earned (in shares)	(63,397)
Shares awarded but not earned, end of period (in shares)	168,167

Stock Compensation Plans (SSAR Activity) (Details) - Stock-Settled Appreciation Rights	6 Months Ended
	Jun. 30, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding [Roll Forward]
SSARs outstanding, beginning of period (in shares)	403,150
SSARs granted (in shares)	0
SSARs exercised (in shares)	(173,243)
SSARs canceled or forfeited (in shares)	(754)
SSARs outstanding, end of period (in shares)	229,153

Goodwill and Other Intangible Assets (Schedule of Change in Carrying Amount) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Gross carrying amounts:
Balance at beginning of period			$ 958.5
Sale of business			(22.8)
Foreign currency translation			(7.3)
Balance at end of period	$ 928.4		928.4
Accumulated amortization:
Balance at beginning of period			592.3
Amortization expense			31.7
Sale of business			(20.9)
Foreign currency translation			(4.0)
Balance at end of period	$ 599.1		599.1
Ownership percentage in joint venture	50.00%
Goodwill impairment charge	$ 0.0	$ 20.0	0.0	$ 20.0
Trademarks and Tradenames
Gross carrying amounts:
Balance at beginning of period			206.0
Sale of business			(1.3)
Foreign currency translation			(2.1)
Balance at end of period	202.6		202.6
Accumulated amortization:
Balance at beginning of period			95.4
Amortization expense			5.0
Sale of business			(1.3)
Foreign currency translation			(0.5)
Balance at end of period	98.6		98.6
Customer Relationships
Gross carrying amounts:
Balance at beginning of period			585.4
Sale of business			(4.4)
Foreign currency translation			(2.7)
Balance at end of period	578.3		578.3
Accumulated amortization:
Balance at beginning of period			390.3
Amortization expense			18.6
Sale of business			(4.4)
Foreign currency translation			(1.6)
Balance at end of period	402.9		402.9
Patents and Technology
Gross carrying amounts:
Balance at beginning of period			158.0
Sale of business			(17.1)
Foreign currency translation			(2.6)
Balance at end of period	138.3		138.3
Accumulated amortization:
Balance at beginning of period			103.2
Amortization expense			8.0
Sale of business			(15.2)
Foreign currency translation			(2.0)
Balance at end of period	94.0		94.0
Land Use Rights
Gross carrying amounts:
Balance at beginning of period			9.1
Sale of business			0.0
Foreign currency translation			0.1
Balance at end of period	9.2		9.2
Accumulated amortization:
Balance at beginning of period			3.4
Amortization expense			0.1
Sale of business			0.0
Foreign currency translation			0.1
Balance at end of period	$ 3.6		$ 3.6
Minimum
Accumulated amortization:
Estimated useful life, years			5 years
Maximum
Accumulated amortization:
Estimated useful life, years			50 years
Goodwill Impairment Loss
Accumulated amortization:
Goodwill impairment charge		20.0
Net Income (Loss) Attributable to Noncontrolling Interest
Accumulated amortization:
Goodwill impairment charge		$ 10.0

Goodwill and Other Intangible Assets (Indefinite-Lived Intangible Assets) (Details) - Trademarks and Tradenames $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Indefinite-lived intangible assets:
Balance at beginning of period	$ 89.4
Foreign currency translation	(1.2)
Balance at end of period	$ 88.2

Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Goodwill
Goodwill at beginning of period		$ 1,306.5
Foreign currency translation		(12.2)
Goodwill at end of period	$ 1,294.3	1,294.3
Ownership percentage in joint venture	50.00%
North America (1)
Goodwill
Goodwill at beginning of period		593.4
Foreign currency translation		0.2
Goodwill at end of period	$ 593.6	593.6
South America
Goodwill
Goodwill at beginning of period		87.5
Foreign currency translation		3.4
Goodwill at end of period	90.9	90.9
Europe/Middle East(1)
Goodwill
Goodwill at beginning of period		501.3
Foreign currency translation		(13.5)
Goodwill at end of period	487.8	487.8
Asia/Pacific/Africa
Goodwill
Goodwill at beginning of period		124.3
Foreign currency translation		(2.3)
Goodwill at end of period	$ 122.0	$ 122.0

Indebtedness (Components of Indebtedness) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Other long-term debt	$ 9.1	$ 10.5
Debt issuance costs	(1.8)	(2.5)
Current portion of long term debt	(315.7)	(325.9)
Total long-term indebtedness, less current portion	1,206.4	1,256.7
Long-term Debt, Total	1,522.1	1,582.6
Senior term loan due 2022
Debt Instrument [Line Items]
Senior notes	178.1	184.0
Credit facility, expires 2023
Debt Instrument [Line Items]
Credit facility	260.0	277.9
1.002% Senior term loan due 2025
Debt Instrument [Line Items]
Senior notes	296.8	306.7
Senior term loans due between 2021 and 2028
Debt Instrument [Line Items]
Senior notes	779.9	806.0
Senior term loans due 2021, net of debt issuance costs
Debt Instrument [Line Items]
Current portion of long term debt	(313.4)	(323.6)
Current portion of other long-term debt
Debt Instrument [Line Items]
Current portion of long term debt	$ (2.3)	$ (2.3)

Indebtedness (Narrative) (Details)				1 Months Ended		6 Months Ended
Indebtedness (Narrative) (Details)	Apr. 15, 2020 USD ($)	Apr. 15, 2020 EUR (€)	Apr. 09, 2020 USD ($)	Oct. 31, 2018 USD ($)	Aug. 31, 2018 EUR (€) loan_agreement	Jun. 30, 2021 USD ($) loan_agreement	Jun. 30, 2020 USD ($)	Jun. 30, 2021 EUR (€) loan_agreement	Feb. 16, 2021 USD ($)	Feb. 16, 2021 EUR (€)	Dec. 31, 2020 USD ($)	Apr. 15, 2020 EUR (€)	Apr. 09, 2020 EUR (€)	Oct. 31, 2019 USD ($) loan_agreement	Oct. 31, 2019 EUR (€) loan_agreement	Jan. 25, 2019 EUR (€)	Oct. 31, 2018 EUR (€)	Oct. 31, 2016 EUR (€) loan_agreement
Debt Instrument [Line Items]
Repayments of Debt						$ 905,400,000	$ 708,900,000
Number of loan agreements entered \| loan_agreement					7									2	2			7
Current portion of long-term debt						315,700,000					$ 325,900,000
Short-term borrowings						55,800,000					33,800,000
Outstanding letters of credit						14,600,000					14,400,000
Credit facility, expires 2023
Debt Instrument [Line Items]
Remaining borrowing capacity on line of credit facility						540,000,000.0					800,000,000.0
Credit facility, expires 2023
Debt Instrument [Line Items]
Credit facility						$ 260,000,000.0					277,900,000
Credit Facility \| Interest Accrual, Option Two
Debt Instrument [Line Items]
Margin on variable rate				0.50%
Credit Facility \| Interest Accrual, Option Three
Debt Instrument [Line Items]
Margin on variable rate				1.00%
Credit Facility \| Minimum
Debt Instrument [Line Items]
Margin on variable rate						0.70%
Credit Facility \| Minimum \| Variable Basis, Additional Margin
Debt Instrument [Line Items]
Margin on variable rate						0.70%
Credit Facility \| Minimum \| Interest Accrual, Option One
Debt Instrument [Line Items]
Margin on variable rate				0.875%
Credit Facility \| Minimum \| Interest Accrual, Option Three \| Variable Basis, Additional Margin
Debt Instrument [Line Items]
Margin on variable rate				0.00%
Credit Facility \| Maximum
Debt Instrument [Line Items]
Margin on variable rate						2.26%
Credit Facility \| Maximum \| Variable Basis, Additional Margin
Debt Instrument [Line Items]
Margin on variable rate						1.25%
Credit Facility \| Maximum \| Interest Accrual, Option One
Debt Instrument [Line Items]
Margin on variable rate				1.875%
Credit Facility \| Maximum \| Interest Accrual, Option Three \| Variable Basis, Additional Margin
Debt Instrument [Line Items]
Margin on variable rate				0.875%
Credit Facility \| Credit facility, expires 2023
Debt Instrument [Line Items]
Maximum borrowing capacity on line of credit facility				$ 800,000,000.0
Credit facility, expires 2023 \| Credit facility, expires 2023
Debt Instrument [Line Items]
Line of Credit Facility, Fair Value of Amount Outstanding						$ 260,000,000.0					0
Term Loan [Member]
Debt Instrument [Line Items]
Credit facility									$ 276,000,000.0
Repayments of Debt	$ 108,700,000	€ 100,000,000.0
Remaining borrowing capacity on line of credit facility						273,200,000
Senior Notes Due 2025, 1.002%
Debt Instrument [Line Items]
Debt instrument, interest rate, percent																1.002%
1.002% Senior term loan due 2025
Debt Instrument [Line Items]
Senior notes						296,800,000					306,700,000
Debt instrument, face amount \| €																€ 250,000,000.0
Term Loans Due Between 2021 and 2028
Debt Instrument [Line Items]
Senior notes						$ 779,900,000					$ 806,000,000.0
Debt instrument, face amount \| €																		€ 375,000,000.0
Amount borrowed \| €					€ 338,000,000.0
Number of loan agreements entered \| loan_agreement						12		12
Senior Term Loan Due October 28, 2022
Debt Instrument [Line Items]
Debt instrument, face amount						$ 178,100,000											€ 150,000,000.0
Senior Term Loan Due October 28, 2022 \| Minimum
Debt Instrument [Line Items]
Margin on variable rate				0.875%
Senior Term Loan Due October 28, 2022 \| Maximum
Debt Instrument [Line Items]
Margin on variable rate				1.875%
Senior term loans due between 2021 and 2028
Debt Instrument [Line Items]
Current portion of long-term debt														$ 61,100,000	€ 56,000,000.0
Multi-Currency Loan, EUR \| Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount \| €													€ 235,000,000.0
Credit facility \| €								€ 117,500,000		€ 117,500,000		€ 117,500,000
Multi-Currency Loan, USD \| Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			$ 267,500,000
Credit facility	$ 133,800,000								$ 133,800,000
Remaining borrowing capacity on line of credit facility						133,700,000
Incremental Term Loans \| Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount						546,500,000
Draw Down, Minimum Principal Amount			100,000,000.0
Draw Down, Minimum Integral Multiple Limit			$ 50,000,000.0
Incremental Term Loans \| Term Loan [Member] \| Interest Accrual, Option Two
Debt Instrument [Line Items]
Margin on variable rate			0.50%
Incremental Term Loans \| Term Loan [Member] \| Interest Accrual, Option Three
Debt Instrument [Line Items]
Margin on variable rate			1.00%
Incremental Term Loans \| Term Loan [Member] \| Minimum
Debt Instrument [Line Items]
Margin on variable rate			1.125%
Incremental Term Loans \| Term Loan [Member] \| Minimum \| Interest accrual, Option One, Thereafter
Debt Instrument [Line Items]
Margin on variable rate			1.375%
Incremental Term Loans \| Term Loan [Member] \| Minimum \| Interest Accrual, Option Three
Debt Instrument [Line Items]
Margin on variable rate			0.125%
Incremental Term Loans \| Term Loan [Member] \| Minimum \| Interest Accrual, Option Three, Thereafter
Debt Instrument [Line Items]
Margin on variable rate			0.375%
Incremental Term Loans \| Term Loan [Member] \| Maximum
Debt Instrument [Line Items]
Margin on variable rate			2.125%
Incremental Term Loans \| Term Loan [Member] \| Maximum \| Interest accrual, Option One, Thereafter
Debt Instrument [Line Items]
Margin on variable rate			2.375%
Incremental Term Loans \| Term Loan [Member] \| Maximum \| Interest Accrual, Option Three
Debt Instrument [Line Items]
Margin on variable rate			1.375%
Incremental Term Loans \| Term Loan [Member] \| Maximum \| Interest Accrual, Option Three, Thereafter
Debt Instrument [Line Items]
Margin on variable rate			1.375%
Senior term loans due between 2021 and 2028 \| Term Loan Facility
Debt Instrument [Line Items]
Senior notes						$ 779,900,000		€ 657,000,000.0

Recoverable Indirect Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Recoverable Indirect Taxes [Abstract]
Value added tax credit	$ 114.9	$ 91.2

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 778.6	$ 641.3
Repair and replacement parts	706.2	652.3
Work in process	424.3	175.1
Raw materials	757.9	505.7
Inventories, net	$ 2,667.0	$ 1,974.4

Product Warranty (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Product Warranty (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Warranty reserve activity:
Balance at beginning of period	$ 542.0	$ 384.6	$ 521.8	$ 392.8
Accruals for warranties issued during the period	76.8	57.6	170.1	113.9
Settlements made (in cash or in kind) during the period	(47.4)	(38.2)	(102.7)	(87.6)
Foreign currency translation	7.9	5.0	(9.9)	(10.1)
Balance at end of period	579.3	409.0	$ 579.3	409.0
Product warranty period, minimum, years			1 year
Product warranty period, maximum, years			4 years
Product warranty accrual, current	482.2	334.3	$ 482.2	334.3	$ 431.6
Product warranty accrual, noncurrent	$ 97.1	$ 74.7	$ 97.1	$ 74.7	$ 90.2

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to AGCO Corporation and subsidiaries	$ 282.8	$ 69.7	$ 433.6	$ 134.4
Basic net income per share:
Weighted average number of common shares outstanding (in shares)	75.5	74.9	75.4	75.1
Basic net income per share attributable to AGCO Corporation and subsidiaries (in dollars per share)	$ 3.74	$ 0.93	$ 5.75	$ 1.79
Diluted net income per share:
Dilutive SSARs, performance share awards and RSUs (in shares)	0.4	0.3	0.5	0.5
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted income per share (in shares)	75.9	75.2	75.9	75.6
Diluted net income per share attributable to AGCO Corporation and subsidiaries (in dollars per share)	$ 3.73	$ 0.93	$ 5.71	$ 1.78
Stock-Settled Appreciation Rights
Diluted net income per share:
SSARs excluded from earnings per share computation (in shares)	0.0	0.7	0.0	0.7

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Unrecognized income tax benefits that would affect effective tax rate	$ 251.1	$ 227.9
Unrecognized tax benefits	63.7	64.1
Accrued or deferred taxes relating to uncertain income tax positions	54.9	57.1
Accrued interest and penalties relating to unrecognized tax benefits	41.6	39.4
Valuation Allowance [Abstract]
Decrease in valuation allowance	67.8
Other noncurrent liabilities
Income Tax Contingency [Line Items]
Noncurrent liability for uncertain tax positions	193.4	163.8
Deferred Income Tax Liabilities, Net
Income Tax Contingency [Line Items]
Noncurrent liability for uncertain tax positions	$ 2.8	$ 7.0

Derivative Instruments and Hedging Activities (Narrative) (Details) € in Millions, $ in Millions	Jan. 19, 2021 USD ($)	Jan. 29, 2028 USD ($)	Jan. 29, 2028 EUR (€)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jan. 19, 2021 EUR (€)	Dec. 31, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2020 EUR (€)	Dec. 31, 2019 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Balance beginning of period				$ 3,164.8	$ 3,124.7		$ 3,018.0	$ 2,717.5	$ 2,690.6		$ 2,907.0
Deferred Net Gains (Losses) on Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Balance beginning of period				7.8			(2.5)
AOCI before Tax				11.6			(3.0)
Foreign currency contracts(1)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount				3,489.2
Foreign currency contracts(1) \| Deferred Net Gains (Losses) on Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Balance beginning of period				0.5
Commodity Contract \| Deferred Net Gains (Losses) on Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
AOCI before Tax				5.0
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency contracts(1)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount				382.0			395.8
Designated as Hedging Instrument \| Cash Flow Hedging \| Commodity Contract
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount				16.5			14.7
Designated as Hedging Instrument \| Net Investment Hedging \| Cross currency swap contract
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 300.0			300.0			300.0
Designated as Hedging Instrument \| Net Investment Hedging \| Cross Currency Interest Rate Contract, Payment
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	297.1			294.3		€ 245.7
Designated as Hedging Instrument \| Net Investment Hedging \| Cross Currency Interest Rate Contract, Payment \| Forecast
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount \| €			€ 247.9
Designated as Hedging Instrument \| Net Investment Hedging \| Credit facility, expires 2023
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount \| €										€ 110.0
Designated as Hedging Instrument \| Net Investment Hedging \| Cross Currency Interest Rate Contract, Receipt
Derivative Instruments, Gain (Loss) [Line Items]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss)	$ 2.9
Designated as Hedging Instrument \| Net Investment Hedging \| Cross Currency Interest Rate Contract, Receipt \| Forecast
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount		$ 300.0
Not Designated as Hedging Instrument \| Foreign currency contracts(1)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount				$ 3,107.2			$ 3,326.6

Derivative Instruments and Hedging Activities (After-Tax Impact of Changes in Fair Value and Derivatives Designated as Cash) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative [Line Items]
Cost of goods sold	$ 2,186.9	$ 1,574.1	$ 3,995.1	$ 3,051.9
Foreign currency contracts(1) \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	5.1		6.1
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	(0.5)		(4.2)
Foreign currency contracts(1) \| Cash Flow Hedging \| Designated as Hedging Instrument \| Foreign currency contracts(1)
Derivative [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	(0.8)	(1.3)	(7.6)	8.2
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	(2.4)	$ 3.1	(6.1)	$ 3.2
Foreign currency contracts(1) \| Cash Flow Hedging \| Designated as Hedging Instrument \| Commodity Contract
Derivative [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	5.9		13.7
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	$ 1.9		$ 1.9

Derivative Instruments and Hedging Activities (Summary Of Accumulated Other Comprehensive Loss Related To Derivatives) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
After-Tax Amount
Total stockholders’ equity	$ 3,164.8	$ 3,124.7	$ 3,018.0	$ 2,717.5	$ 2,690.6	$ 2,907.0
Balance end of period	3,164.8
Deferred Net Gains (Losses) on Derivatives
Before-Tax Amount
Accumulated derivative net gains (losses) as the beginning of the period	(3.0)
Net changes in fair value of derivatives	9.6
Net losses reclassified from accumulated other comprehensive loss into income	5.0
Accumulated derivative net gains (losses) as of the end of the period	11.6
Income Tax
Accumulated derivative net gains (losses) as of the beginning of the period	(0.5)
Net changes in fair value of derivatives	3.5
Net losses reclassified from accumulated other comprehensive loss into income	0.8
Accumulated derivative net gains (losses) as of the end of the period	3.8
After-Tax Amount
Total stockholders’ equity	7.8		$ (2.5)
Net changes in fair value of derivatives	6.1
Net losses reclassified from accumulated other comprehensive loss into income	4.2
Balance end of period	$ 7.8

Derivative Instruments and Hedging Activities (Notional Values and After-Tax Impact of Changes in Fair Value) (Details) € in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jan. 29, 2028 USD ($)	Jan. 29, 2028 EUR (€)	Jan. 19, 2021 USD ($)	Jan. 19, 2021 EUR (€)	Dec. 31, 2020 USD ($)	Mar. 31, 2020 EUR (€)
Cross currency swap contract \| Designated as Hedging Instrument \| Net Investment Hedging
Derivative [Line Items]
Derivative, notional amount	$ 300.0		$ 300.0				$ 300.0		$ 300.0
Gain (loss) on derivative used in net investment hedge, net of tax	3.8	$ (5.8)	(0.3)	$ 1.5
Foreign currency denominated debt
Derivative [Line Items]
Derivative, notional amount	3,489.2		3,489.2
Foreign currency denominated debt \| Designated as Hedging Instrument \| Net Investment Hedging
Derivative [Line Items]
Gain (loss) on derivative used in net investment hedge, net of tax	0.0	$ 1.1	0.0	$ 1.7
Revolving Credit Facility \| Designated as Hedging Instrument \| Net Investment Hedging
Derivative [Line Items]
Derivative, notional amount \| €										€ 110.0
Cross Currency Interest Rate Contract, Receipt \| Designated as Hedging Instrument \| Net Investment Hedging \| Forecast
Derivative [Line Items]
Derivative, notional amount					$ 300.0
Cross Currency Interest Rate Contract, Payment \| Designated as Hedging Instrument \| Net Investment Hedging
Derivative [Line Items]
Derivative, notional amount	$ 294.3		$ 294.3				$ 297.1	€ 245.7
Cross Currency Interest Rate Contract, Payment \| Designated as Hedging Instrument \| Net Investment Hedging \| Forecast
Derivative [Line Items]
Derivative, notional amount \| €						€ 247.9

Derivative Instruments and Hedging Activities (Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Derivative [Line Items]
Derivative asset, fair value	$ 31.1		$ 31.1		$ 15.3
Derivative liability, fair value	12.8		12.8		26.7
Level 2
Derivative [Line Items]
Derivative asset, fair value	31.1		31.1		15.3
Derivative liability, fair value	12.8		12.8		26.7
Foreign currency contracts(1) \| Designated as Hedging Instrument \| Other current assets
Derivative [Line Items]
Derivative asset, fair value	2.4		2.4		1.0
Foreign currency contracts(1) \| Designated as Hedging Instrument \| Other current liabilities
Derivative [Line Items]
Derivative liability, fair value	6.8		6.8		4.5
Foreign currency contracts(1) \| Not Designated as Hedging Instrument \| Other current assets
Derivative [Line Items]
Derivative asset, fair value	16.0		16.0		12.3
Foreign currency contracts(1) \| Not Designated as Hedging Instrument \| Other current liabilities
Derivative [Line Items]
Derivative liability, fair value	6.0		6.0		22.2
Commodity Contract \| Designated as Hedging Instrument \| Other current assets
Derivative [Line Items]
Derivative asset, fair value	11.5		11.5		0.5
Commodity Contract \| Designated as Hedging Instrument \| Other current liabilities
Derivative [Line Items]
Derivative liability, fair value	0.0		0.0		0.0
Currency Swap \| Designated as Hedging Instrument \| Other noncurrent assets
Derivative [Line Items]
Derivative asset, fair value	1.2		1.2		1.5
Currency Swap \| Designated as Hedging Instrument \| Other noncurrent liabilities
Derivative [Line Items]
Derivative liability, fair value	0.0		0.0		$ 0.0
Other expense, net \| Foreign currency contracts(1) \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	$ (5.1)	$ (9.0)	$ 29.3	$ 23.1

Changes in Stockholders' Equity (Schedule of Stockholders' Equity) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	$ 3,124.7	$ 2,690.6	$ 3,018.0	$ 2,907.0
Stock compensation	8.4	10.1	15.2	12.7
SSARs exercised	(2.4)		(4.9)	(0.1)
Issuance of stock awards		(0.1)	(29.5)	(15.7)
Net income	284.4	60.0	435.8	126.3
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation adjustments	80.8	(30.3)	33.5	(245.1)
Defined benefit pension plans, net of tax	(6.0)	3.4	29.1	6.9
Deferred gains and losses on derivatives, net of tax	5.6	(4.4)	10.3	5.0
Payment of dividends to stockholders	(316.6)	(11.9)	(328.6)	(24.0)
Distributions to noncontrolling interest	(3.5)		(3.5)
Purchases and retirement of common stock				(55.0)
Change in noncontrolling interest	(10.6)	0.1	(10.6)	(0.5)
Balance end of period	3,164.8	2,717.5	3,164.8	2,717.5
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	0.8	0.8	0.8	0.8
Other comprehensive income (loss), net of reclassification adjustments:
Balance end of period	0.8	0.8	0.8	0.8
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	5.7	0.0	30.9	4.7
Stock compensation	8.4	10.2	15.2	16.1
SSARs exercised	(2.4)		(4.9)
Issuance of stock awards		(0.1)	(29.5)	(7.3)
Other comprehensive income (loss), net of reclassification adjustments:
Purchases and retirement of common stock				(3.4)
Balance end of period	11.7	10.1	11.7	10.1
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	4,897.9	4,432.7	4,759.1	4,443.5
Stock compensation		(0.1)		(3.4)
SSARs exercised				(0.1)
Issuance of stock awards				(8.4)
Net income	282.8	69.7	433.6	134.4
Other comprehensive income (loss), net of reclassification adjustments:
Payment of dividends to stockholders	(316.6)	(11.9)	(328.6)	(24.0)
Purchases and retirement of common stock				(51.6)
Balance end of period	4,864.1	4,490.4	4,864.1	4,490.4
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	(1,817.9)	(1,791.4)	(1,810.8)	(1,595.2)
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation adjustments	80.0	(32.8)	33.1	(241.9)
Defined benefit pension plans, net of tax	(6.0)	3.4	29.1	6.9
Deferred gains and losses on derivatives, net of tax	5.6	(4.4)	10.3	5.0
Balance end of period	(1,738.3)	(1,825.2)	(1,738.3)	(1,825.2)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	38.2	48.5	38.0	53.2
Net income	1.6	(9.7)	2.2	(8.1)
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation adjustments	0.8	2.5	0.4	(3.2)
Distributions to noncontrolling interest	(3.5)		(3.5)
Change in noncontrolling interest	(10.6)	0.1	(10.6)	(0.5)
Balance end of period	$ 26.5	$ 41.4	$ 26.5	$ 41.4

Changes in Stockholders' Equity (Schedule of Comprehensive Income for Noncontrolling Interest) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest [Abstract]
Net income (loss)	$ 1.6	$ (9.7)	$ 2.2	$ (8.1)
Other comprehensive income (loss):
Foreign currency translation adjustments	0.8	2.5	0.4	(3.2)
Total comprehensive income (loss)	$ 2.4	$ (7.2)	$ 2.6	$ (11.3)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

Changes in Stockholders' Equity (Changes in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance beginning of period	$ 3,124.7	$ 2,690.6	$ 3,018.0	$ 2,907.0
Other comprehensive income (loss), net of reclassification adjustments	80.4	(31.3)	72.9	(233.2)
Balance end of period	3,164.8	2,717.5	3,164.8	2,717.5
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance beginning of period			(313.3)
Other comprehensive income (loss) before reclassifications			23.2
Net losses reclassified from accumulated other comprehensive loss			5.9
Other comprehensive income (loss), net of reclassification adjustments			29.1
Balance end of period	(284.2)		(284.2)
Deferred Net Gains (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance beginning of period			(2.5)
Other comprehensive income (loss) before reclassifications			6.1
Net losses reclassified from accumulated other comprehensive loss			4.2
Other comprehensive income (loss), net of reclassification adjustments			10.3
Balance end of period	7.8		7.8
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance beginning of period			(1,495.0)
Other comprehensive income (loss) before reclassifications			33.1
Net losses reclassified from accumulated other comprehensive loss			0.0
Other comprehensive income (loss), net of reclassification adjustments			33.1
Balance end of period	(1,461.9)		(1,461.9)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance beginning of period	(1,817.9)	(1,791.4)	(1,810.8)	(1,595.2)
Other comprehensive income (loss) before reclassifications			62.4
Net losses reclassified from accumulated other comprehensive loss			10.1
Other comprehensive income (loss), net of reclassification adjustments			72.5
Balance end of period	$ (1,738.3)	$ (1,825.2)	$ (1,738.3)	$ (1,825.2)

- Definition

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

+ References

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+ 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

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+ Details

Changes in Stockholders' Equity (Reclassifications out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cost of goods sold	$ 2,186.9	$ 1,574.1	$ 3,995.1	$ 3,051.9
Reclassification before tax	273.5	81.2	453.8	165.7
Income tax provision	7.7	31.3	51.3	60.7
Other Nonoperating Income (Expense)	14.6	10.0	26.1	22.5
Net income attributable to AGCO Corporation and subsidiaries	282.8	69.7	433.6	134.4
Reclassification out of Accumulated Other Comprehensive Income
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Net income attributable to AGCO Corporation and subsidiaries	2.5	0.3	10.1	3.7
Reclassification out of Accumulated Other Comprehensive Income \| Deferred Net Gains (Losses) on Derivatives
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Reclassification before tax	1.6	(3.1)	5.0	(3.2)
Income tax provision	(1.1)	0.0	(0.8)	0.0
Net income attributable to AGCO Corporation and subsidiaries	0.5	(3.1)	4.2	(3.2)
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of net actuarial losses
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Other Nonoperating Income (Expense)	3.4	3.2	7.4	6.7
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of prior service cost
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Other Nonoperating Income (Expense)	0.1	0.7	0.6	1.2
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Reclassification before tax	3.5	3.9	8.0	7.9
Income tax provision	(1.5)	(0.5)	(2.1)	(1.0)
Net income attributable to AGCO Corporation and subsidiaries	2.0	3.4	5.9	6.9
Foreign currency contracts(1) \| Reclassification out of Accumulated Other Comprehensive Income \| Deferred Net Gains (Losses) on Derivatives
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cost of goods sold	3.5	(3.1)	6.9	(3.2)
Commodity Contract \| Reclassification out of Accumulated Other Comprehensive Income \| Deferred Net Gains (Losses) on Derivatives
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cost of goods sold	$ (1.9)	$ 0.0	$ (1.9)	$ 0.0

Changes in Stockholders' Equity (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions	Aug. 06, 2021	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, outstanding balance authorized to be repurchased		$ 245.0
Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated share repurchases, settlement (payment) or receipt	$ 75.0
Stock repurchased and retired during period (in shares)	455

Accounts Receivable Sales Agreements (Details) - USD ($) $ in Millions			3 Months Ended		6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net cash received from receivables sold	$ 1,400.0	$ 1,500.0
Outstanding accounts receivable associated with retail finance joint ventures in Brazil and Australia	$ 82.7	$ 85.2	$ 82.7		$ 82.7
Other expense, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loss on sales of receivables			$ 5.1	$ 4.3	$ 9.7	$ 12.4

Pension and Postretirement Benefit Plans (Net Pension And Postretirement Cost) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 3.7	$ 4.0	$ 7.8	$ 8.0
Interest cost	3.2	4.1	6.4	8.2
Expected return on plan assets	(7.9)	(7.0)	(15.7)	(14.1)
Amortization of net actuarial losses	3.4	3.2	7.4	6.6
Amortization of prior service cost	0.1	0.6	0.6	1.1
Curtailment	0.0	0.0	(1.2)	0.0
Net periodic pension cost	2.5	4.9	5.3	9.8
Postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.0	0.0	0.1	0.0
Interest cost	0.2	0.3	0.4	0.6
Amortization of net actuarial losses	0.0	0.0	0.0	0.1
Amortization of prior service cost	0.0	0.1	0.0	0.1
Net periodic pension cost	$ 0.2	$ 0.4	$ 0.5	$ 0.8
ENPP
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Minimum Age to Receive Benefits					65 years

Pension and Postretirement Benefit Plans (Net Periodic Pension Costs Included in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Before-Tax Amount
Accumulated other comprehensive loss, beginning of period		$ (412.5)
Accumulated other comprehensive, end of period	$ (373.3)	(373.3)
Income Tax
Accumulated other comprehensive loss, beginning of period		(99.2)
Accumulated other comprehensive loss, end of period	(89.1)	(89.1)
After-Tax Amount
Accumulated other comprehensive loss, beginning of period		(313.3)
Net losses reclassified from accumulated other comprehensive loss into income		5.9
Other comprehensive income for plan amendment		23.2
Accumulated other comprehensive loss, end of period	(284.2)	(284.2)
Amortization of net actuarial losses
Before-Tax Amount
Net losses reclassified from accumulated other comprehensive loss into income		7.4
Income Tax
Amortization of prior service cost and net actual loss		1.9
After-Tax Amount
Net losses reclassified from accumulated other comprehensive loss into income		5.5
Amortization of prior service cost
Before-Tax Amount
Net losses reclassified from accumulated other comprehensive loss into income		0.6
Income Tax
Amortization of prior service cost and net actual loss		0.2
After-Tax Amount
Net losses reclassified from accumulated other comprehensive loss into income		0.4
Remeasurement
Before-Tax Amount
Other comprehensive income for plan amendment		31.2
Income Tax
Other Comprehensive Income for plan amendment		8.0
After-Tax Amount
Other comprehensive income for plan amendment		$ 23.2
Remeasurement gain driven by higher discount rate	10.5
Remeasurement gain due to elimination of life-time annuity feature	12.2
Remeasurement gain due to freezing benefits	9.7
Curtailment gain	$ 1.2

Pension and Postretirement Benefit Plans (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 20.0
Estimated minimum contributions	36.9
Postretirement Health Coverage
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	0.6
Estimated minimum contributions	$ 1.5

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jan. 25, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, fair value	$ 31.1	$ 15.3
Derivative liability, fair value	12.8	26.7
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, fair value	0.0	0.0
Derivative liability, fair value	0.0	0.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, fair value	31.1	15.3
Derivative liability, fair value	12.8	26.7
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, fair value	0.0	0.0
Derivative liability, fair value	$ 0.0	$ 0.0
Senior Notes Due 2025, 1.002%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate, percent			1.002%

Segment Reporting (Sales Information By Reportable Segments) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) reportable_segment	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments, segments \| reportable_segment			4
Net sales	$ 2,879.3	$ 2,006.8	$ 5,258.0	$ 3,935.1
Income from operations	290.3	97.3	485.5	197.7
Depreciation			109.9	102.3
Capital expenditures			120.6	117.5
Assets	8,863.3		8,863.3		$ 8,504.2
Operating Segments
Segment Reporting Information [Line Items]
Net sales	2,879.3	2,006.8	5,258.0	3,935.1
Income from operations	354.9	175.2	611.3	328.3
Depreciation	55.1	50.7	109.9	102.3
Capital expenditures	57.1	56.9	120.6	117.5
Assets	5,404.9		5,404.9		4,514.4
North America Segment \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	734.7	555.8	1,345.8	1,107.7
Income from operations	103.7	64.7	178.6	125.6
Depreciation	15.2	15.2	30.8	30.8
Capital expenditures	8.8	8.2	21.1	18.3
Assets	1,289.6		1,289.6		1,051.9
South America Segment \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	278.3	178.5	518.8	332.4
Income from operations	23.1	5.5	39.3	(3.3)
Depreciation	6.7	6.1	13.3	13.5
Capital expenditures	5.0	3.3	11.6	10.4
Assets	833.3		833.3		687.6
EME Segment \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,635.2	1,125.0	2,962.4	2,238.3
Income from operations	201.5	91.0	345.8	193.3
Depreciation	29.6	26.4	58.0	52.4
Capital expenditures	40.3	42.8	83.8	84.5
Assets	2,695.0		2,695.0		2,238.7
APA Segment \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	231.1	147.5	431.0	256.7
Income from operations	26.6	14.0	47.6	12.7
Depreciation	3.6	3.0	7.8	5.6
Capital expenditures	3.0	$ 2.6	4.1	$ 4.3
Assets	$ 587.0		$ 587.0		$ 536.2

Segment Reporting (Income From Operations and Total Assets) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income from Operations
Income from operations	$ 290.3	$ 97.3	$ 485.5	$ 197.7
Amortization of intangibles	(14.2)	(14.9)	(31.7)	(29.9)
Goodwill impairment charge	0.0	(20.0)	0.0	(20.0)
Income from operations	290.3	97.3	485.5	197.7
Total Assets
Consolidated total assets	8,863.3		8,863.3		$ 8,504.2
Cash and cash equivalents	500.2		500.2		1,119.1
Investments in affiliates	475.4		475.4		442.7
Intangible assets, net	417.5		417.5		455.6
Goodwill	1,294.3		1,294.3		1,306.5
Operating Segments
Income from Operations
Income from operations	354.9	175.2	611.3	328.3
Income from operations	354.9	175.2	611.3	328.3
Total Assets
Consolidated total assets	5,404.9		5,404.9		4,514.4
Segment Reconciling Items
Income from Operations
Corporate expenses	(37.5)	(29.1)	(73.4)	(63.5)
Amortization of intangibles	(14.2)	(14.9)	(31.7)	(29.9)
Stock compensation expense	(8.2)	(10.1)	(14.7)	(12.6)
Restructuring expenses	(4.7)	$ (3.8)	(6.0)	$ (4.6)
Total Assets
Cash and cash equivalents	500.2		500.2		1,119.1
Investments in affiliates	475.4		475.4		442.7
Deferred tax assets, other current and noncurrent assets	771.0		771.0		665.9
Intangible assets, net	417.5		417.5		455.6
Goodwill	$ 1,294.3		$ 1,294.3		$ 1,306.5

Commitments and Contingencies (Details) R$ in Millions	6 Months Ended
Commitments and Contingencies (Details) R$ in Millions	Jun. 30, 2021 USD ($)	Jun. 30, 2021 BRL (R$)	Dec. 31, 2020 USD ($)
Leases, Operating [Abstract]
2021	$ 24,900,000		$ 47,600,000
2022	42,000,000.0		37,700,000
2023	32,600,000		28,600,000
2024	21,700,000		18,900,000
2025	15,300,000		13,600,000
Thereafter	45,200,000		44,500,000
Total lease payments	181,700,000		190,900,000
Less: imputed interest	(20,600,000)		(21,500,000)
Operating Lease, Liability	161,100,000		169,400,000
Leases, Capital [Abstract]
2021	1,600,000		3,300,000
2022	1,400,000		1,400,000
2023	1,200,000		1,100,000
2024	900,000		800,000
2025	700,000		600,000
Thereafter	9,000,000.0		9,100,000
Total lease payments	14,800,000		16,300,000
Less: imputed interest	(3,200,000)		(3,500,000)
Present value of leased liabilities	11,600,000		12,800,000
Guarantees
Guaranteed indebtedness owed to third parties	19,300,000
Guarantor Obligations, Maximum Exposure, Undiscounted	130,600,000
Legal Claims and Other Matters
Tax disallowance not including interest and penalties	26,300,000	R$ 131.5
Leasing Arrangement
Guarantees
Guaranteed indebtedness owed to third parties	24,900,000
Retail Finance Joint Venture
Leases, Capital [Abstract]
Guarantor obligations, maximum inventory exposure per calendar year, undiscounted	6,000,000.0
Foreign currency contracts(1)
Guarantees
Derivative, Notional Amount	3,489,200,000
Foreign currency contracts(1) \| Cash Flow Hedging \| Designated as Hedging Instrument
Guarantees
Derivative, Notional Amount	382,000,000.0		395,800,000
Commodity Contract \| Cash Flow Hedging \| Designated as Hedging Instrument
Guarantees
Derivative, Notional Amount	$ 16,500,000		$ 14,700,000

Revenue (Significant Changes in Contract Assets and Liabilities) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Change in Contract with Customer, Liability [Abstract]
Balance at beginning of period	$ 186.3	$ 111.6	$ 172.0	$ 104.0
Advance consideration received	59.0	35.7	116.1	69.6
Revenue recognized during the period for extended warranty contracts	17.4	13.8	43.2	25.8
Foreign currency translation	1.8	0.6	(0.8)	(3.8)
Balance at end of period	201.2	118.7	201.2	118.7
Extended Warrant Contracts, Maintenance Services, Technology Services
Change in Contract with Customer, Liability [Abstract]
Revenue recognized during the period for extended warranty contracts	(13.3)	(12.0)	(26.3)	(22.1)
Grain storage and protein production systems
Change in Contract with Customer, Liability [Abstract]
Revenue recognized during the period for extended warranty contracts	$ (32.6)	$ (17.2)	$ (59.8)	$ (29.0)

Revenue (Remaining Performance Obligation Narrative) (Details) $ in Millions	Jun. 30, 2021 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 30.6
Remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 63.0
Remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 44.6
Remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 21.4
Remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 12.9
Remaining performance obligation, expected timing of satisfaction, period

Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 2,879.3	$ 2,006.8	$ 5,258.0	$ 3,935.1
United States
Disaggregation of Revenue [Line Items]
Revenue	570.9	447.4	1,069.6	909.7
Canada
Disaggregation of Revenue [Line Items]
Revenue	138.9	87.4	230.5	154.2
South America
Disaggregation of Revenue [Line Items]
Revenue	276.0	177.3	514.6	329.2
Germany
Disaggregation of Revenue [Line Items]
Revenue	348.4	294.3	693.9	594.4
France
Disaggregation of Revenue [Line Items]
Revenue	294.8	221.0	510.3	435.7
United Kingdom and Ireland
Disaggregation of Revenue [Line Items]
Revenue	167.0	111.1	295.4	223.6
Finland and Scandinavia
Disaggregation of Revenue [Line Items]
Revenue	221.2	144.6	378.6	276.9
Other Europe
Disaggregation of Revenue [Line Items]
Revenue	558.8	325.4	982.3	649.6
Middle East and Algeria
Disaggregation of Revenue [Line Items]
Revenue	45.0	28.6	101.9	58.1
Africa
Disaggregation of Revenue [Line Items]
Revenue	36.1	2.6	61.9	16.0
Asia
Disaggregation of Revenue [Line Items]
Revenue	116.6	85.9	218.9	133.9
Australia and New Zealand
Disaggregation of Revenue [Line Items]
Revenue	78.4	59.0	150.2	106.8
Mexico, Central America and Caribbean
Disaggregation of Revenue [Line Items]
Revenue	27.3	22.2	50.0	47.0
Tractors
Disaggregation of Revenue [Line Items]
Revenue	1,534.7	992.3	2,811.5	2,053.8
Replacement parts
Disaggregation of Revenue [Line Items]
Revenue	479.5	399.3	878.2	709.4
Grain storage and protein production systems
Disaggregation of Revenue [Line Items]
Revenue	315.8	241.4	529.7	416.6
Combines, application equipment and other machinery
Disaggregation of Revenue [Line Items]
Revenue	549.3	373.9	1,038.6	755.3
North America Segment
Disaggregation of Revenue [Line Items]
Revenue	734.7	555.8	1,345.8	1,107.7
North America Segment \| United States
Disaggregation of Revenue [Line Items]
Revenue	570.9	447.4	1,069.6	909.7
North America Segment \| Canada
Disaggregation of Revenue [Line Items]
Revenue	138.9	87.4	230.5	154.2
North America Segment \| South America
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
North America Segment \| Germany
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
North America Segment \| France
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
North America Segment \| United Kingdom and Ireland
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
North America Segment \| Finland and Scandinavia
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
North America Segment \| Other Europe
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
North America Segment \| Middle East and Algeria
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
North America Segment \| Africa
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
North America Segment \| Asia
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
North America Segment \| Australia and New Zealand
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
North America Segment \| Mexico, Central America and Caribbean
Disaggregation of Revenue [Line Items]
Revenue	25.0	21.0	45.8	43.8
North America Segment \| Tractors
Disaggregation of Revenue [Line Items]
Revenue	243.2	148.6	433.5	317.0
North America Segment \| Replacement parts
Disaggregation of Revenue [Line Items]
Revenue	122.4	105.8	207.5	178.0
North America Segment \| Grain storage and protein production systems
Disaggregation of Revenue [Line Items]
Revenue	158.0	142.8	264.4	239.6
North America Segment \| Combines, application equipment and other machinery
Disaggregation of Revenue [Line Items]
Revenue	211.1	158.6	440.4	373.1
South America Segment
Disaggregation of Revenue [Line Items]
Revenue	278.3	178.5	518.8	332.4
South America Segment \| United States
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
South America Segment \| Canada
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
South America Segment \| South America
Disaggregation of Revenue [Line Items]
Revenue	276.0	177.3	514.6	329.2
South America Segment \| Germany
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
South America Segment \| France
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
South America Segment \| United Kingdom and Ireland
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
South America Segment \| Finland and Scandinavia
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
South America Segment \| Other Europe
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
South America Segment \| Middle East and Algeria
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
South America Segment \| Africa
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
South America Segment \| Asia
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
South America Segment \| Australia and New Zealand
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
South America Segment \| Mexico, Central America and Caribbean
Disaggregation of Revenue [Line Items]
Revenue	2.3	1.2	4.2	3.2
South America Segment \| Tractors
Disaggregation of Revenue [Line Items]
Revenue	126.3	101.0	237.4	176.9
South America Segment \| Replacement parts
Disaggregation of Revenue [Line Items]
Revenue	33.5	16.8	62.5	36.8
South America Segment \| Grain storage and protein production systems
Disaggregation of Revenue [Line Items]
Revenue	32.1	16.9	53.7	38.8
South America Segment \| Combines, application equipment and other machinery
Disaggregation of Revenue [Line Items]
Revenue	86.5	43.9	165.2	79.9
EME Segment
Disaggregation of Revenue [Line Items]
Revenue	1,635.2	1,125.0	2,962.4	2,238.3
EME Segment \| United States
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
EME Segment \| Canada
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
EME Segment \| South America
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
EME Segment \| Germany
Disaggregation of Revenue [Line Items]
Revenue	348.4	294.3	693.9	594.4
EME Segment \| France
Disaggregation of Revenue [Line Items]
Revenue	294.8	221.0	510.3	435.7
EME Segment \| United Kingdom and Ireland
Disaggregation of Revenue [Line Items]
Revenue	167.0	111.1	295.4	223.6
EME Segment \| Finland and Scandinavia
Disaggregation of Revenue [Line Items]
Revenue	221.2	144.6	378.6	276.9
EME Segment \| Other Europe
Disaggregation of Revenue [Line Items]
Revenue	558.8	325.4	982.3	649.6
EME Segment \| Middle East and Algeria
Disaggregation of Revenue [Line Items]
Revenue	45.0	28.6	101.9	58.1
EME Segment \| Africa
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
EME Segment \| Asia
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
EME Segment \| Australia and New Zealand
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
EME Segment \| Mexico, Central America and Caribbean
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
EME Segment \| Tractors
Disaggregation of Revenue [Line Items]
Revenue	1,069.1	682.2	1,950.5	1,452.5
EME Segment \| Replacement parts
Disaggregation of Revenue [Line Items]
Revenue	298.2	257.4	559.2	458.0
EME Segment \| Grain storage and protein production systems
Disaggregation of Revenue [Line Items]
Revenue	56.9	33.3	85.9	60.8
EME Segment \| Combines, application equipment and other machinery
Disaggregation of Revenue [Line Items]
Revenue	210.9	152.1	366.7	266.9
APA Segment
Disaggregation of Revenue [Line Items]
Revenue	231.1	147.5	431.0	256.7
APA Segment \| United States
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
APA Segment \| Canada
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
APA Segment \| South America
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
APA Segment \| Germany
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
APA Segment \| France
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
APA Segment \| United Kingdom and Ireland
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
APA Segment \| Finland and Scandinavia
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
APA Segment \| Other Europe
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
APA Segment \| Middle East and Algeria
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
APA Segment \| Africa
Disaggregation of Revenue [Line Items]
Revenue	36.1	2.6	61.9	16.0
APA Segment \| Asia
Disaggregation of Revenue [Line Items]
Revenue	116.6	85.9	218.9	133.9
APA Segment \| Australia and New Zealand
Disaggregation of Revenue [Line Items]
Revenue	78.4	59.0	150.2	106.8
APA Segment \| Mexico, Central America and Caribbean
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
APA Segment \| Tractors
Disaggregation of Revenue [Line Items]
Revenue	96.1	60.5	190.1	107.4
APA Segment \| Replacement parts
Disaggregation of Revenue [Line Items]
Revenue	25.4	19.3	48.9	36.6
APA Segment \| Grain storage and protein production systems
Disaggregation of Revenue [Line Items]
Revenue	68.8	48.4	125.7	77.4
APA Segment \| Combines, application equipment and other machinery
Disaggregation of Revenue [Line Items]
Revenue	$ 40.8	$ 19.3	$ 66.3	$ 35.4