0000880266-23-000038 | 10-Q | XBRL Viewer

Recoverable Indirect Taxes	3 Months Ended
Mar. 31, 2023
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 $101.6 million and $94.6 million, respectively, of VAT tax credits, net of reserves, as of March 31, 2023 and December 31, 2022.

Accounts Receivable Sales Agreements	3 Months Ended
Accounts Receivable Sales Agreements	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022, the cash received from receivables sold under the U.S., Canadian, European and Brazilian accounts receivable sales agreements was approximately $1.7 billion and $1.8 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 the interest rate charged by Rabobank to its affiliate, and such affiliate then lends to the AGCO Finance entities plus an agreed-upon margin. These fees are reflected within losses on the sales of receivables included within “Other expense, net” in the Company’s Consolidated Statements of Operations. The Company does not service the receivables after the sale occurs and does not maintain any direct retained interest in the receivables. The Company reviewed its accounting for the accounts receivable sales agreements and determined that these facilities should be accounted for as off-balance sheet transactions. In addition, the Company sells certain trade receivables under factoring arrangements to other financial institutions around the world. As of March 31, 2023 and December 31, 2022, the cash received from these arrangements was approximately $233.3 million and $226.0 million, respectively. 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 $28.5 million and $7.9 million for the three months ended March 31, 2023 and 2022, respectively. The Company’s finance joint ventures in Europe, Brazil and Australia also provide wholesale financing directly to the Company’s dealers. The receivables associated with these arrangements are without recourse to the Company. The Company does not service the receivables after the sale occurs and does not maintain any direct retained interest in the receivables. As of March 31, 2023 and December 31, 2022, these finance joint ventures had approximately $108.3 million and $69.5 million, respectively, of outstanding accounts receivable associated with these arrangements. The Company accounts for these arrangements as off-balance sheet transactions. In certain foreign countries, the Company invoices its finance joint ventures directly and the finance joint ventures retain a form of title to the goods delivered to dealers until the dealer makes payment so that the finance joint ventures can recover the goods in the event of dealer or end customer default on payment. This occurs as the laws of some foreign countries do not provide for a seller’s retention of a security interest in goods in the same manner as established in the United States Uniform Commercial Code. The only right the finance joint ventures retain with respect to the title are those enabling recovery of the goods in the event of customer default on payment. The dealer or distributor may not return equipment or replacement parts to the Company while its contract with the finance joint venture is in force, and can only return the equipment to the retail finance joint venture with penalties that would generally not make it economically beneficial to do so.

Recoverable Indirect Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Recoverable Indirect Taxes [Abstract]
Value added tax credit	$ 101.6	$ 94.6

Label	Element	Value
Amortization and Impairment of Intangible Assets, Finite-Lived	agco_AmortizationandImpairmentofIntangibleAssetsFiniteLived	$ 2,500,000
Amortization and Impairment of Intangible Assets, Finite-Lived	agco_AmortizationandImpairmentofIntangibleAssetsFiniteLived	9,600,000
Amortization and Impairment of Intangible Assets, Finite-Lived	agco_AmortizationandImpairmentofIntangibleAssetsFiniteLived	2,700,000
Amortization and Impairment of Intangible Assets, Finite-Lived	agco_AmortizationandImpairmentofIntangibleAssetsFiniteLived	0
Amortization and Impairment of Intangible Assets, Finite-Lived	agco_AmortizationandImpairmentofIntangibleAssetsFiniteLived	14,800,000
Finite Lived Intangible Assets, Accumulated Amortization, Foreign Currency Translation Gain (Loss)	agco_FiniteLivedIntangibleAssetsAccumulatedAmortizationForeignCurrencyTranslationGainLoss	(600,000)
Finite Lived Intangible Assets, Accumulated Amortization, Foreign Currency Translation Gain (Loss)	agco_FiniteLivedIntangibleAssetsAccumulatedAmortizationForeignCurrencyTranslationGainLoss	(3,000,000.0)
Finite Lived Intangible Assets, Accumulated Amortization, Foreign Currency Translation Gain (Loss)	agco_FiniteLivedIntangibleAssetsAccumulatedAmortizationForeignCurrencyTranslationGainLoss	(1,000,000.0)
Finite Lived Intangible Assets, Accumulated Amortization, Foreign Currency Translation Gain (Loss)	agco_FiniteLivedIntangibleAssetsAccumulatedAmortizationForeignCurrencyTranslationGainLoss	0
Finite Lived Intangible Assets, Accumulated Amortization, Foreign Currency Translation Gain (Loss)	agco_FiniteLivedIntangibleAssetsAccumulatedAmortizationForeignCurrencyTranslationGainLoss	(4,600,000)
Accounts Receivable, Sale, Proceeds Received	agco_AccountsReceivableSaleProceedsReceived	1,700,000,000
Accounts Receivable, Sale, Proceeds Received	agco_AccountsReceivableSaleProceedsReceived	1,800,000,000
Accounts Receivable, Sale, Proceeds Received	agco_AccountsReceivableSaleProceedsReceived	233,300,000
Accounts Receivable, Sale, Proceeds Received	agco_AccountsReceivableSaleProceedsReceived	226,000,000
Share-Based Payment Arrangement, Value, Shares Issued Net of Tax Withholdings	agco_ShareBasedPaymentArrangementValueSharesIssuedNetOfTaxWithholdings	(18,400,000)
Share-Based Payment Arrangement, Value, Shares Issued Net of Tax Withholdings	agco_ShareBasedPaymentArrangementValueSharesIssuedNetOfTaxWithholdings	0
Share-Based Payment Arrangement, Value, Shares Issued Net of Tax Withholdings	agco_ShareBasedPaymentArrangementValueSharesIssuedNetOfTaxWithholdings	(18,400,000)
Share-Based Payment Arrangement, Value, Shares Issued Net of Tax Withholdings	agco_ShareBasedPaymentArrangementValueSharesIssuedNetOfTaxWithholdings	(7,000,000.0)
Share-Based Payment Arrangement, Value, Shares Issued Net of Tax Withholdings	agco_ShareBasedPaymentArrangementValueSharesIssuedNetOfTaxWithholdings	(12,900,000)
Share-Based Payment Arrangement, Value, Shares Issued Net of Tax Withholdings	agco_ShareBasedPaymentArrangementValueSharesIssuedNetOfTaxWithholdings	(19,900,000)
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification, Tax	agco_OtherComprehensiveIncomeLossNetInvestmentHedgeGainLossBeforeReclassificationTax	(200,000)
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification, Tax	agco_OtherComprehensiveIncomeLossNetInvestmentHedgeGainLossBeforeReclassificationTax	0
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification, Tax	agco_OtherComprehensiveIncomeLossNetInvestmentHedgeGainLossBeforeReclassificationTax	1,100,000
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification, Tax	agco_OtherComprehensiveIncomeLossNetInvestmentHedgeGainLossBeforeReclassificationTax	0
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification, After Tax	agco_OtherComprehensiveIncomeLossNetInvestmentHedgeGainLossBeforeReclassificationAfterTax	(800,000)
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification, After Tax	agco_OtherComprehensiveIncomeLossNetInvestmentHedgeGainLossBeforeReclassificationAfterTax	900,000
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification, After Tax	agco_OtherComprehensiveIncomeLossNetInvestmentHedgeGainLossBeforeReclassificationAfterTax	3,100,000
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification, After Tax	agco_OtherComprehensiveIncomeLossNetInvestmentHedgeGainLossBeforeReclassificationAfterTax	0
Deferred Tax Assets, Uncertain Tax Positions	agco_DeferredTaxAssetsUncertainTaxPositions	2,900,000
Deferred Tax Assets, Uncertain Tax Positions	agco_DeferredTaxAssetsUncertainTaxPositions	2,800,000
Income (Loss) before Equity in Net Earnings of Affiliates	agco_IncomeLossBeforeEquityInNetEarningsOfAffiliates	216,200,000
Income (Loss) before Equity in Net Earnings of Affiliates	agco_IncomeLossBeforeEquityInNetEarningsOfAffiliates	125,900,000
Outstanding Accounts Receivables of Receivables Sold to Retail Finance Joint Ventures Who Provide Financing to Company Dealers	agco_OutstandingAccountsReceivablesOfReceivablesSoldToRetailFinanceJointVenturesWhoProvideFinancingToCompanyDealers	108,300,000
Outstanding Accounts Receivables of Receivables Sold to Retail Finance Joint Ventures Who Provide Financing to Company Dealers	agco_OutstandingAccountsReceivablesOfReceivablesSoldToRetailFinanceJointVenturesWhoProvideFinancingToCompanyDealers	$ 69,500,000
Debt Instrument, Number of Agreements Remaining	agco_DebtInstrumentNumberOfAgreementsRemaining	6
Debt Instrument, Face Amount, Issue Price, Percentage	agco_DebtInstrumentFaceAmountIssuePricePercentage	99.993%
Deferred tax assets, other current and noncurrent assets	agco_DeferredTaxAssetsOtherCurrentAndNoncurrentAssets	$ 1,105,600,000
Deferred tax assets, other current and noncurrent assets	agco_DeferredTaxAssetsOtherCurrentAndNoncurrentAssets	1,025,900,000
Lessee, Operating Lease, Liability, to be Paid, after Year Four	agco_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour	51,400,000
Lessee, Operating Lease, Liability, to be Paid, after Year Four	agco_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour	51,200,000
Adjustments to Additional Paid in Capital, Share-based Compensation Exercise of SSARs	agco_AdjustmentstoAdditionalPaidinCapitalSharebasedCompensationExerciseofSSARs	1,100,000
Adjustments to Additional Paid in Capital, Share-based Compensation Exercise of SSARs	agco_AdjustmentstoAdditionalPaidinCapitalSharebasedCompensationExerciseofSSARs	1,100,000
Adjustments to Additional Paid in Capital, Share-based Compensation Exercise of SSARs	agco_AdjustmentstoAdditionalPaidinCapitalSharebasedCompensationExerciseofSSARs	1,000,000.0
Adjustments to Additional Paid in Capital, Share-based Compensation Exercise of SSARs	agco_AdjustmentstoAdditionalPaidinCapitalSharebasedCompensationExerciseofSSARs	$ 1,000,000.0
Tax Disallowance Not Including Interest And Penalties	agco_TaxDisallowanceNotIncludingInterestAndPenalties	$ 131,500,000
Tax Disallowance Not Including Interest And Penalties	agco_TaxDisallowanceNotIncludingInterestAndPenalties	$ 25,800,000
Tax Disallowance Not Including Interest And Penalties	agco_TaxDisallowanceNotIncludingInterestAndPenalties	$ 131,500,000
Tax Disallowance Not Including Interest And Penalties	agco_TaxDisallowanceNotIncludingInterestAndPenalties	$ 25,800,000
Contract with Customer, Liability, Foreign Currency Translation Gain (Loss)	agco_ContractWithCustomerLiabilityForeignCurrencyTranslationGainLoss	(3,000,000.0)
Contract with Customer, Liability, Foreign Currency Translation Gain (Loss)	agco_ContractWithCustomerLiabilityForeignCurrencyTranslationGainLoss	3,600,000
Contract with Customer, Liability, Increase From Advance Consideration Received	agco_ContractwithCustomerLiabilityIncreaseFromAdvanceConsiderationReceived	58,500,000
Contract with Customer, Liability, Increase From Advance Consideration Received	agco_ContractwithCustomerLiabilityIncreaseFromAdvanceConsiderationReceived	43,000,000.0
Accumulated Other Comprehensive Income (Loss), Pension And Other Postretirement Benefit Plans, Tax	agco_AccumulatedOtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax	73,200,000
Accumulated Other Comprehensive Income (Loss), Pension And Other Postretirement Benefit Plans, Tax	agco_AccumulatedOtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax	72,600,000
Finance Lease, Liability, to be Paid, after Year Four	agco_FinanceLeaseLiabilityToBePaidAfterYearFour	5,800,000
Finance Lease, Liability, to be Paid, after Year Four	agco_FinanceLeaseLiabilityToBePaidAfterYearFour	6,000,000.0
Contract With Customer, Liability, Revenue Recognized, Including Opening Balance	agco_ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance	(24,900,000)
Contract With Customer, Liability, Revenue Recognized, Including Opening Balance	agco_ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance	(18,600,000)
Contract With Customer, Liability, Revenue Recognized, Including Opening Balance	agco_ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance	(16,000,000.0)
Contract With Customer, Liability, Revenue Recognized, Including Opening Balance	agco_ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance	$ (14,600,000)
Number Of Loan Agreements Entered	agco_NumberOfLoanAgreementsEntered	7
Number Of Loan Agreements Entered	agco_NumberOfLoanAgreementsEntered	7
Common Stock, Dividends, Per Share, Increase	agco_CommonStockDividendsPerShareIncrease	$ 0.21
Product Warranty Period Maximum	agco_ProductWarrantyPeriodMaximum	4 years
Guarantor Obligations, Maximum Inventory Exposure per Calendar Year, Undiscounted	agco_GuarantorObligationsMaximumInventoryExposurePerCalendarYearUndiscounted	$ 6,000,000
Line of Credit Facility, Maximum Borrowing Capacity, Increase (Decrease)	agco_LineOfCreditFacilityMaximumBorrowingCapacityIncreaseDecrease	$ 450,000,000
Product Warranty Period Minimum	agco_ProductWarrantyPeriodMinimum	1 year
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights, Share Conversion Ratio	agco_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsShareConversionRatio	1
Common Stock, Dividend Rate, Per Share	agco_CommonStockDividendRatePerShare	$ 0.29

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