0000880266-24-000013 | 10-K | XBRL Viewer

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Segment Reporting (Property, Plant and Equipment, Right-of-use Lease Assets and Amortizable Intangible Assets by Country) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, right-of-use lease assets and amortizable intangible assets	$ 2,320.0	$ 2,034.7
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, right-of-use lease assets and amortizable intangible assets	587.3	571.0
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, right-of-use lease assets and amortizable intangible assets	587.7	475.8
Brazil
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, right-of-use lease assets and amortizable intangible assets	271.2	206.0
Finland
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, right-of-use lease assets and amortizable intangible assets	232.3	192.6
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, right-of-use lease assets and amortizable intangible assets	143.2	125.8
Italy
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, right-of-use lease assets and amortizable intangible assets	109.4	102.7
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, right-of-use lease assets and amortizable intangible assets	68.8	77.5
Denmark
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, right-of-use lease assets and amortizable intangible assets	66.2	71.4
Other Countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, right-of-use lease assets and amortizable intangible assets	$ 253.9	$ 211.9

Pension and Postretirement Benefit Plans (Net Periodic Pension Costs Included in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
After-Tax Amount
Prior service (cost) credit arising during the year	$ 0.0	$ (19.1)	$ 10.0
Net loss (gain) recognized due to settlement	0.4	(0.4)	0.1
Net actuarial gain (loss) arising during the year	(16.1)	12.3	53.6
Amortization of prior service cost	1.3	0.0	0.6
Amortization of net actuarial losses	7.0	6.4	12.3
Defined Benefit Pension Plans
After-Tax Amount
Prior service (cost) credit arising during the year		(19.1)	10.0
Net loss (gain) recognized due to settlement	0.4	(0.4)	0.1
Net actuarial gain (loss) arising during the year	(16.1)	12.3	53.6
Amortization of prior service cost	1.3		0.6
Amortization of net actuarial losses	7.0	6.4	12.3
Postretirement benefits \| Defined Benefit Pension Plans
Before-Tax Amount
Accumulated other comprehensive loss, beginning of period	(304.4)	(302.4)
Prior service (cost) credit arising during the year	0.0	(25.5)
Net (gain) loss recognized due to settlement	0.4	(0.4)
Net actuarial gain (loss) arising during the year	(21.5)	15.0
Amortization of prior service cost	1.7	0.2
Amortization of net actuarial losses	9.4	8.7
Accumulated other comprehensive loss, end of period	(314.4)	(304.4)	(302.4)
Income Tax
Accumulated other comprehensive loss, beginning of period	(73.2)	(72.0)
Prior service (cost) credit arising during the year	0.0	(6.4)
Net (gain) loss recognized due to settlement	0.0	0.0
Net actuarial gain (loss) arising during the year	(5.4)	2.7
Amortization of prior service cost	0.4	0.2
Amortization of net actuarial losses	2.4	2.3
Accumulated other comprehensive loss, end of period	(75.8)	(73.2)	(72.0)
After-Tax Amount
Accumulated other comprehensive loss, beginning of period	(231.2)	(230.4)
Prior service (cost) credit arising during the year	0.0	(19.1)
Net loss (gain) recognized due to settlement	0.4	(0.4)
Net actuarial gain (loss) arising during the year	(16.1)	12.3
Amortization of prior service cost	1.3	0.0
Amortization of net actuarial losses	7.0	6.4
Accumulated other comprehensive loss, end of period	$ (238.6)	$ (231.2)	$ (230.4)

Pension and Postretirement Benefit Plans (Assumptions for Pension and Postretirement Cost) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Minimum
Defined Benefit Plan Disclosure [Line Items]
Rate of increase in future compensation	1.80%	1.50%	1.50%
Maximum
Defined Benefit Plan Disclosure [Line Items]
Rate of increase in future compensation	5.00%	5.00%	5.00%
Pension plan
Defined Benefit Plan Disclosure [Line Items]
Weighted average discount rate	4.90%	1.90%	1.50%
Weighted average expected long-term rate of return on plan assets	5.50%	2.30%	3.90%
Pension plan \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Weighted average discount rate	5.70%	3.05%	2.75%
Weighted average expected long-term rate of return on plan assets	5.80%	4.30%	5.00%
Rate of increase in future compensation	5.00%	5.00%	5.00%

Operations and Summary of Significant Accounting Policies (Goodwill and Other Intangible Assets and Long-Lived Assets) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) country	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accounting Policies [Line Items]
Goodwill impairment charge \| $	$ 0.0	$ 0.0	$ 0.0
Massey Ferguson
Accounting Policies [Line Items]
Number of countries where products are sold \| country	110
Valtra Brand
Accounting Policies [Line Items]
Number of countries where products are sold \| country	60
Minimum
Accounting Policies [Line Items]
Weighted-Average Useful Life	4 years
Maximum
Accounting Policies [Line Items]
Weighted-Average Useful Life	50 years
Impairment charges
Accounting Policies [Line Items]
Accumulated goodwill impairment \| $	$ 354.1

Pension and Postretirement Benefit Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Pension and Postretirement Benefit Plans

PENSION AND POSTRETIREMENT BENEFIT PLANS

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

The Company also maintains an Executive Nonqualified Pension Plan (“ENPP”) that provides certain senior executives with retirement income for a period of 15 years or up to a lifetime annuity, if certain requirements are met. Benefits under the ENPP vest if the participant has attained age 50 and has at least ten years of service (including five years as a participant in the ENPP), but are not payable until the participant reaches age 65. The lifetime annuity benefit generally is available only to vested participants who retire on or after reaching age 65 and was eliminated during 2021 for participants reaching age 65 subsequent to December 31, 2022. The ENPP is an unfunded, nonqualified defined benefit pension plan.

Net annual pension costs for the years ended December 31, 2023, 2022 and 2021 for the Company’s defined benefit pension plans and ENPP are set forth below (in millions):


Pension benefits	2023		2022		2021
Service cost	$	9.6	$	12.8	$	15.0
Interest cost	29.3		14.8		12.6
Expected return on plan assets	(30.4)		(16.9)		(31.3)
Amortization of net actuarial losses	9.4		8.7		16.5
Amortization of prior service cost	1.5		0.1		0.7
Net (gain) loss recognized due to settlement	0.4		(0.4)		0.1
Curtailment gain (1)	—		—		(1.2)

Net annual pension cost	$	19.8	$	19.1	$	12.4

___________________________________

(1) During 2021, the Company amended its Executive Nonqualified Pension Plan (“ENPP”) to freeze the plan as of December 31, 2024 to future benefit accruals, and to eliminate a lifetime annuity feature for participants working to age 65 subsequent to December 31, 2022. This amendment resulted in a curtailment gain as well as a net prior service credit.

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

The weighted average assumptions used to determine the net annual pension costs for the Company’s defined benefit pension plans and ENPP for the years ended December 31, 2023, 2022 and 2021 are as follows:


	2023		2022		2021
All plans:
Weighted average discount rate	4.9	%	1.9	%	1.5	%
Weighted average expected long-term rate of return on plan assets	5.5	%	2.3	%	3.9	%
Rate of increase in future compensation	1.8%-5.0%		1.5%-5.0%		1.5%-5.0%
U.S.-based plans:
Weighted average discount rate	5.70	%	3.05	%	2.75	%
Weighted average expected long-term rate of return on plan assets(1)	5.8	%	4.3	%	5.0	%
Rate of increase in future compensation(2)	5.0	%	5.0	%	5.0	%

___________________________________

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

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

Net annual postretirement benefit costs, and the weighted average discount rate used to determine them, for the years ended December 31, 2023, 2022 and 2021 are set forth below (in millions, except percentages):


Postretirement benefits	2023			2022			2021
Service cost	$	0.1		$	0.1		$	0.1
Interest cost	1.3			0.9			0.9
Amortization of net actuarial losses	—			—			0.1
Amortization of prior service cost	0.2			0.1			0.1

Net annual postretirement benefit cost	$	1.6		$	1.1		$	1.2
Weighted average discount rate	6.6		%	4.1		%	3.8		%

The following tables set forth reconciliations of the changes in benefit obligation, plan assets and funded status as of December 31, 2023 and 2022 (in millions):


	Pension and ENPP Benefits				Postretirement Benefits
Change in benefit obligation	2023		2022		2023		2022
Benefit obligation at beginning of year	$	611.6	$	904.8	$	21.2	$	22.6
Service cost	9.6		12.8		0.1		0.1
Interest cost	29.3		14.8		1.3		0.9
Plan participants’ contributions	1.3		1.2		—		—
Actuarial losses (gains)	21.6		(227.2)		1.7		(0.9)

Amendments	0.1		25.5		—		—

Settlements	(4.9)		(5.0)		—		—
Benefits paid	(46.1)		(44.0)		(1.8)		(1.7)

Foreign currency exchange rate changes	24.5		(71.3)		0.5		0.2
Benefit obligation at end of year	$	647.0	$	611.6	$	23.0	$	21.2

	Pension and ENPP Benefits				Postretirement Benefits
Change in plan assets	2023		2022		2023		2022
Fair value of plan assets at beginning of year	$	528.7	$	815.6	$	—	$	—
Actual return on plan assets	31.2		(197.1)		—		—
Employer contributions	35.1		34.1		1.8		1.7
Plan participants’ contributions	1.3		1.2		—		—
Benefits paid	(46.1)		(44.0)		(1.8)		(1.7)
Settlements	(4.9)		(5.0)		—		—

Foreign currency exchange rate changes	26.7		(76.1)		—		—
Fair value of plan assets at end of year	$	572.0	$	528.7	$	—	$	—
Funded status	$	(75.0)	$	(82.9)	$	(23.0)	$	(21.2)


Amounts recognized in Consolidated Balance Sheets:
Other long-term asset	$	85.0	$	66.3	$	—	$	—
Other current liabilities	(7.4)		(7.0)		(1.6)		(1.6)
Accrued expenses	(4.1)		(3.8)		—		—
Pensions and postretirement health care benefits (noncurrent)	(148.5)		(138.4)		(21.4)		(19.6)
Net amount recognized	$	(75.0)	$	(82.9)	$	(23.0)	$	(21.2)

The following table summarizes the activity in accumulated other comprehensive loss related to the Company’s ENPP and defined pension and postretirement benefit plans during the years ended December 31, 2023 and 2022 (in millions):


	Before-Tax Amount		Income Tax		After-Tax Amount
Accumulated other comprehensive loss as of December 31, 2021	$	(302.4)	$	(72.0)	$	(230.4)
Prior service (cost) credit arising during the year	(25.5)		(6.4)		(19.1)
Net (gain) loss recognized due to settlement	(0.4)		—		(0.4)

Net actuarial gain (loss) arising during the year	15.0		2.7		12.3
Amortization of prior service cost	0.2		0.2		—
Amortization of net actuarial losses	8.7		2.3		6.4
Accumulated other comprehensive loss as of December 31, 2022	$	(304.4)	$	(73.2)	$	(231.2)
Prior service (cost) credit arising during the year	—		—		—
Net (gain) loss recognized due to settlement	0.4		—		0.4

Net actuarial gain (loss) arising during the year	(21.5)		(5.4)		(16.1)
Amortization of prior service cost	1.7		0.4		1.3
Amortization of net actuarial losses	9.4		2.4		7.0
Accumulated other comprehensive loss as of December 31, 2023	$	(314.4)	$	(75.8)	$	(238.6)

The unrecognized net actuarial losses included in accumulated other comprehensive loss related to the Company’s defined benefit pension plans and ENPP as of December 31, 2023 and 2022 are set forth below (in millions):


	2023		2022
Unrecognized net actuarial losses	$	280.2	$	270.0

The increase in unrecognized net actuarial losses between years is primarily due to liability losses due to the total net impact of the changes in the assumptions, specifically the reduction in the discount rates, as well as the losses due to plan experience at December 31, 2023 compared to December 31, 2022. The unrecognized net actuarial losses will be impacted in future periods by actual asset returns, discount rate changes, currency exchange rate fluctuations, actual demographic experience and certain other factors. For some of the Company’s defined benefit pension plans, these losses, to the extent they exceed 10% of the greater of the plan’s liabilities or the fair value of assets (“the gain/loss corridor”), will be amortized on a straight-line basis over the periods discussed as follows. For the Company’s U.S. salaried, U.S. hourly and U.K. defined benefit pension plans, the population covered is predominantly inactive participants, and losses related to those plans, to the extent they exceed the gain/loss corridor, will be amortized over the average remaining lives of those participants while covered by the respective plan. For the Company’s ENPP, the population is predominantly active participants, and losses related to the plan will be amortized over the average future working lifetime of the active participants expected to receive benefits. As of December 31, 2023, the average amortization periods were as follows:

ENPP

U.S. Plans

U.K. Plan

Average amortization period of losses related to defined benefit pension plans

6 years

13 years

18 years

The following table summarizes the unrecognized prior service cost related to the Company’s defined benefit pension plans as of December 31, 2023 and 2022 (in millions):


	2023		2022
Unrecognized prior service cost	$	31.4	$	32.5

The decrease in the unrecognized prior service cost between years is due primarily to the amortization of unrecognized prior service cost related to prior plan amendments. The unrecognized prior service cost as of December 31, 2022 included

a revision of approximately $25.5 million due to the Company updating its estimate of current assumptions, interpretations and approach affecting the Company’s defined benefit pension obligations related to certain defined benefit plans.

The following table summarizes the unrecognized net actuarial gains included in the Company’s accumulated other comprehensive loss related to the Company’s U.S. and Brazilian postretirement health care benefit plans as of December 31, 2023 and 2022 (in millions):


	2023		2022
Unrecognized net actuarial gains(1)	$	(0.2)	$	(2.0)

___________________________________

(1) Includes a gain of approximately $1.2 million and $1.1 million, respectively, related to the Company’s U.S. postretirement benefit plans.

The change in unrecognized net actuarial gains related to the Company’s U.S. and Brazilian postretirement benefit plans is primarily resulting from lower discount rates at December 31, 2023. The unrecognized net actuarial gains or losses will be impacted in future periods by discount rate changes, actual demographic experience, actual health care inflation and certain other factors. These gains or losses, to the extent they exceed the gain/loss corridor, will be amortized on a straight-line basis over the average remaining service period of active employees expected to receive benefits, or the average remaining lives of inactive participants, covered under the postretirement benefit plans. As of December 31, 2023, the gains or losses did not exceed the corridor for the Company’s U.S. postretirement benefit plan and therefore, there will be no amortization of unrecognized gains or losses during 2024.

As of December 31, 2023 and 2022, the net prior service cost related to the Company’s Brazilian postretirement health care benefit plans was as follows (in millions):


	2023		2022
Net prior service cost	$	3.0	$	3.1

The following table summarizes the fair value of plan assets, aggregate projected benefit obligation and accumulated benefit obligation as of December 31, 2023 and 2022 for defined benefit pension plans, ENPP and other postretirement plans with accumulated benefit obligations in excess of plan assets (in millions):


	2023		2022
All plans:
Fair value of plan assets	$	37.3	$	39.4
Projected benefit obligation	220.2		209.8
Accumulated benefit obligation	209.3		199.0
U.S.-based plans and ENPP:
Fair value of plan assets	$	—	$	3.3
Projected benefit obligation	104.9		106.1
Accumulated benefit obligation	104.1		103.4

The amounts for 2023 and 2022 disclosed above do not include the fair value of plan assets, the projected benefit obligation or the accumulated benefit obligation related to the Company’s U.K. plan. The Company’s U.K. plan’s fair value of plan assets was in excess of the plan’s accumulated benefit obligation as of December 31, 2023 and 2022.

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

different from the Company’s current interpretations and approach, there could be material increases or decreases in the Company’s defined benefit pension obligation and related amounts such as prior service cost and actuarial gains and losses, as well as the related amount and timing of future contributions to be paid by the Company. As previously mentioned, during 2022, the Company updated its estimate of current assumptions, interpretations and approach affecting the Company’s defined benefit pension obligations related to certain defined benefit plans and recorded a revision of its estimate of prior service cost of approximately $25.5 million.

The weighted average assumptions used to determine the benefit obligation for the Company’s defined benefit pension plans and ENPP as of December 31, 2023 and 2022 are as follows:


	2023		2022
All plans:
Weighted average discount rate	4.5	%	4.9	%
Rate of increase in future compensation	1.70%-5.0%		1.75%-5.0%
U.S.-based plans:
Weighted average discount rate	5.30	%	5.70	%
Rate of increase in future compensation(1)	5.00	%	5.00	%

____________________________________

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

The weighted average discount rate used to determine the benefit obligation for the Company’s postretirement benefit plans for the years ended December 31, 2023 and 2022 was 6.7% and 6.6%, respectively.

For the years ended December 31, 2023, 2022 and 2021, the Company used a globally consistent methodology to set the discount rate in the countries where its largest benefit obligations exist. In the United States, the United Kingdom and the Euro Zone, the Company constructed a hypothetical bond portfolio of high-quality corporate bonds and then applied the cash flows of the Company’s benefit plans to those bond yields to derive a discount rate. The bond portfolio and plan-specific cash flows vary by country, but the methodology in which the portfolio is constructed is consistent. In the United States, the bond portfolio is large enough to result in taking a “settlement approach” to derive the discount rate, in which high-quality corporate bonds are assumed to be purchased and the resulting coupon payments and maturities are used to satisfy the Company’s U.S. pension plans’ projected benefit payments. Historically, the settlement approach was used for both the hourly and salaried plans and the ENPP. As a result of the termination of the Plan in 2023, the Company changed the discount rate methodology to align more closely with the expected termination liability of the Plan. The discount rate was derived using a "yield curve approach" consistent with the approach for the United Kingdom and Euro Zone as described below. The settlement approach used for the ENPP has not changed. In the United Kingdom and the Euro Zone, the discount rate is derived using a “yield curve approach,” in which an individual spot rate, or zero coupon bond yield, for each future annual period is developed to discount each future benefit payment and, thereby, determine the present value of all future payments. The Company uses a spot yield curve to determine the discount rate applicable in the United Kingdom to measure the U.K. pension plan’s service cost and interest cost. Under the settlement and yield curve approaches, the discount rate is set to equal the single discount rate that produces the same present value of all future payments.

For measuring the expected U.S. postretirement benefit obligation at December 31, 2023, the Company assumed a 7.8% health care cost trend rate for 2024 decreasing to 5.0% by 2035. For measuring the expected U.S. postretirement benefit obligation at December 31, 2022, the Company assumed a 8.0% health care cost trend rate for 2023 decreasing to 5.0% by 2035. For measuring the Brazilian postretirement benefit plan obligation at December 31, 2023, the Company assumed a 10.2% health care cost trend rate for 2024, decreasing to 4.5% by 2034. For measuring the Brazilian postretirement benefit plan obligation at December 31, 2022, the Company assumed a 10.2% health care cost trend rate for 2023, decreasing to 4.5% by 2033.

The Company currently estimates its minimum contributions and benefit payments to its U.S.-based underfunded defined benefit pension plans and unfunded ENPP for 2024 will aggregate approximately $5.0 million. The Company currently estimates its minimum contributions for underfunded plans and benefit payments for unfunded plans for 2024 to its non-U.S.-based defined benefit pension plans will aggregate approximately $24.4 million, of which approximately $13.9 million relates to its U.K. pension plan. The Company currently estimates its benefit payments for 2024 to its U.S.-based postretirement health

care and life insurance benefit plans will aggregate approximately $1.6 million and its benefit payments for 2024 to its Brazilian postretirement health care benefit plans will aggregate less than $0.1 million.

During 2023, approximately $51.0 million of benefit payments were made related to the Company’s defined benefit pension plans and ENPP. At December 31, 2023, the aggregate expected benefit payments for the Company’s defined benefit pension plans and ENPP are as follows (in millions):


2024	$	50.1
2025	46.8
2026	47.3
2027	47.6
2028	47.2
2029 through 2033	256.5
	$	495.5

During 2023, approximately $1.8 million of benefit payments were made related to the Company’s U.S. and Brazilian postretirement benefit plans. At December 31, 2023, the aggregate expected benefit payments for the Company’s U.S. and Brazilian postretirement benefit plans are as follows (in millions):


2024	$	1.7
2025	1.7
2026	1.7
2027	1.7
2028	1.8
2029 through 2033	8.6
	$	17.2

Investment Strategy and Concentration of Risk

The weighted average asset allocation of the Company’s U.S. pension benefit plans as of December 31, 2023 and 2022 are as follows:


Asset Category	2023		2022
Equity securities	—	%	10	%
Fixed income securities	89	%	79	%
Other investments	11	%	11	%
Total	100	%	100	%

The weighted average asset allocation of the Company’s U.K. pension benefit plans as of December 31, 2023 and 2022 are as follows:


Asset Category	2023		2022
Equity securities	11	%	11	%
Fixed income securities	82	%	80	%
Other investments	7	%	9	%
Total	100	%	100	%

The Company categorizes its pension plan assets into one of three levels based on the assumptions used in valuing the asset. See Note 21 for a discussion of the fair value hierarchy as per the guidance in ASC 820, “Fair Value Measurements” (“ASC 820”). The Company’s valuation techniques are designed to maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses the following valuation methodologies to measure the fair value of its pension plan assets:

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

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

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

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

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

The fair value of the Company’s pension assets as of December 31, 2023 is as follows (in millions):


	Total		Level 1		Level 2		Level 3
Equity securities:
Global equities	$	55.8			$	55.8	$	—




Total equity securities	55.8		—		55.8		—
Fixed income:
Aggregate fixed income	437.1		437.1		—		—

Total fixed income share(1)	437.1		437.1		—		—
Alternative investments:
Private equity fund	2.2				—		2.2
Hedge funds measured at net asset value(4)	33.2		—		—		—
Total alternative investments(2)	35.4		—		—		2.2
Miscellaneous funds(3)	38.8		—		—		38.8
Cash and equivalents measured at net asset value(4)	4.9		—		—		—
Total assets	$	572.0	$	437.1	$	55.8	$	41.0

______________________________________

(1) 67% of “fixed income” securities are in government treasuries; 27% are in foreign securities; 4% are in investment-grade corporate bonds; 2% are in high-yield securities.

(2) 53% of “alternative investments” are in relative value funds; 24% are in long-short equity funds; 8% are in event-driven funds; 9% are in credit funds; and 6% are distributed in hedged and non-hedged funds.

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

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

The following is a reconciliation of Level 3 assets as of December 31, 2023 (in millions):


	Total		Alternative Investments		Miscellaneous Funds
Beginning balance as of December 31, 2022	$	40.2	$	2.4	$	37.8
Actual return on plan assets:
(a) Relating to assets still held at reporting date	2.6		(0.2)		2.8

Purchases, sales and /or settlements	(3.0)		—		(3.0)

Foreign currency exchange rate changes	1.2		—		1.2
Ending balance as of December 31, 2023	$	41.0	$	2.2	$	38.8

The fair value of the Company’s pension assets as of December 31, 2022 is as follows (in millions):


	Total		Level 1		Level 2		Level 3
Equity securities:
Global equities	$	50.1	$	8.7	$	41.4	$	—


U.S. large cap equities	2.9		2.9		—		—


Total equity securities	53.0		11.6		41.4		—
Fixed income:
Aggregate fixed income	394.1		394.1		—		—

Total fixed income share(1)	394.1		394.1		—		—
Alternative investments:
Private equity fund	2.4		—		—		2.4
Hedge funds measured at net asset value(4)	32.2		—		—		—
Total alternative investments(2)	34.6		—		—		2.4
Miscellaneous funds(3)	37.8		—		—		37.8
Cash and equivalents measured at net asset value(4)	9.2		—		—		—
Total assets	$	528.7	$	405.7	$	41.4	$	40.2

______________________________________

(1) 57% of “fixed income” securities are in government treasuries; 21% are in foreign securities; 14% are in investment-grade corporate bonds; 7% are in high-yield securities and 1% are in other various fixed income securities.

(2) 51% of “alternative investments” are in relative value funds; 23% are in long-short equity funds; 11% are in event-driven funds; 9% are in credit funds; and 6% are distributed in hedged and non-hedged funds.

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

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

The following is a reconciliation of Level 3 assets as of December 31, 2022 (in millions):


	Total		Alternative Investments		Miscellaneous Funds
Beginning balance as of December 31, 2021	$	43.7	$	3.5	$	40.2
Actual return on plan assets:
(a) Relating to assets still held at reporting date	(0.9)		(1.1)		0.2

Purchases, sales and /or settlements	(0.2)		—		(0.2)

Foreign currency exchange rate changes	(2.4)		—		(2.4)
Ending balance as of December 31, 2022	$	40.2	$	2.4	$	37.8

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

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


	U.S. Pension Plans		Non-U.S. Pension Plans(1)
Overall investment strategies:(2)
Assets for the near-term benefit payments	80.0	%	85.0	%
Assets for longer-term growth	20.0	%	15.0	%
Total	100.0	%	100.0	%

Target allocations:
Equity securities	17.0	%	10.0	%
Fixed income securities	80.0	%	85.0	%
Alternative investments	3.0	%	5.0	%

Total	100.0	%	100.0	%

_______________________________________

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

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

The Company has noted that over very long periods, this mix of investments would achieve an average return on its U.S.-based pension plans of approximately 5.80%. In arriving at the choice of an expected return assumption of 5.75% for its U.S. plans for the year ending December 31, 2024, the Company has tempered this historical indicator with lower expectations for returns and changes to investments in the future as well as the administrative costs of the plans. The Company has noted that over very long periods, this mix of investments would achieve an average return on its non-U.S. based pension plans of approximately 7.10%. In arriving at the choice of an expected return assumption of 5.75% for its U.K.-based plans for the year ending December 31, 2024, the Company has tempered this historical indicator with lower expectations for returns and changes to investments in the future as well as the administrative costs of the plans.

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

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

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

The Company maintains separate defined contribution plans covering certain employees and executives, primarily in the United States, the United Kingdom and Brazil. Under the plans, the Company contributes a specified percentage of each eligible employee’s compensation. The Company contributed approximately $21.1 million, $17.9 million and $16.9 million for the years ended December 31, 2023, 2022 and 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Property, Plant, and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment

PROPERTY, PLANT, AND EQUIPMENT

Property, plant and equipment, net at December 31, 2023 and 2022 consisted of the following (in millions):


	2023		2022
Land	$	154.0	$	141.1
Buildings and improvements	1,042.5		920.7
Machinery and equipment	3,178.9		2,789.8
Furniture and fixtures	210.7		182.8
Gross property, plant and equipment	4,586.1		4,034.4
Accumulated depreciation and amortization	(2,665.2)		(2,443.2)
Property, plant and equipment, net	$	1,920.9	$	1,591.2

Income Taxes (Summary of Valuation Allowance) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax	$ 95.0	$ (31.3)	$ 39.5
Deferred tax valuation allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	47.3	47.4	181.0
Acquired Businesses	0.0	0.0	0.4
Charged (Credited) to Costs and Expenses	116.5	0.7	(130.8)
Deductions	(16.7)	0.0	0.0
Foreign Currency Translation	2.7	(0.8)	(3.2)
Balance at End of Period	149.8	47.3	47.4
Other Comprehensive Income (Loss), Net of Tax	$ 0.0	$ 0.0	$ 0.0

- Definition

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

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+ Details

Operations and Summary of Significant Accounting Policies (Accounts and Notes Receivable) (Details)	12 Months Ended
	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Time period in which remaining installment balance is generally due	12 months
Interest free period on receivables	12 months
Equipment sales \| United States and Canada
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment period on product sales	12 months
Replacement parts \| United States and Canada
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment period on product sales	30 days
Grain storage and protein production systems \| United States and Canada
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment period on product sales	30 days
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest free period on receivables	1 month
Minimum \| Equipment sales \| International
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment period on product sales	30 days
Minimum \| Replacement parts \| International
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment period on product sales	30 days
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest free period on receivables	12 months
Payment period on product sales	6 months
Maximum \| Large seasonal products
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest free period on receivables	24 months
Maximum \| Large seasonal products \| International
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment period on product sales	6 months
Maximum \| Equipment sales \| International
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment period on product sales	180 days
Maximum \| Replacement parts \| International
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment period on product sales	90 days

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2023	Feb. 20, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-12930
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-1960019
Entity Address, Address Line One	4205 River Green Parkway
Entity Address, City or Town	Duluth,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30096
City Area Code	(770)
Local Phone Number	813-9200
Title of 12(b) Security	Common stock
Trading Symbol	AGCO
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 8.2
Entity Common Stock, Shares Outstanding		74,617,874
Documents Incorporated by Reference	Documents Incorporated by Reference Portions of AGCO Corporation’s Proxy Statement for the 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K.
Entity Registrant Name	AGCO CORP /DE
Entity Central Index Key	0000880266
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Investments in Affiliates (Summarized Financial Information of Finance Joint Ventures) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Total assets	$ 11,421.2	$ 10,103.7	$ 9,182.1
Total liabilities	6,764.4	6,221.1
Partners’ equity	4,656.7	3,882.4
Income before income taxes	211.9	179.7	183.0
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Total assets	10,035.8	8,359.1
Total liabilities	9,088.3	7,562.8
Partners’ equity	947.5	796.3
Revenues	680.5	454.6	411.1
Costs	$ 468.6	$ 274.9	$ 228.1

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

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Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Fair Value of Financial Instrument (Details) € in Millions, $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Oct. 06, 2021	Jan. 25, 2019 EUR (€)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 38.7		$ 40.9
Derivative liabilities	14.0		40.4
Senior Notes \| 1.002% EIB Senior term loan due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate, percent					1.002%
Long-term debt, gross	276.7		267.3		€ 250.0
Senior Notes \| 0.800% Senior Notes Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate, percent				0.80%
Debt Instrument, Fair Value Disclosure	583.1	€ 526.9
Long-term debt, gross	664.0	€ 600.0	641.5
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0.0		0.0
Derivative liabilities	0.0		0.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	38.7		40.9
Derivative liabilities	14.0		40.4
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0.0		0.0
Derivative liabilities	$ 0.0		$ 0.0

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories, Net

Inventories, net at December 31, 2023 and 2022 were as follows (in millions):


	2023		2022
Finished goods	$	1,460.7	$	994.9
Repair and replacement parts	823.1		750.1
Work in process	255.2		369.8
Raw materials	901.7		1,074.9
Inventories, net	$	3,440.7	$	3,189.7

Operations and Summary of Significant Accounting Policies (Cash and Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash	$ 463.8	$ 656.7	$ 833.0
Cash Equivalents	131.2	130.8	49.2
Restricted cash	0.5	2.0	6.9
Total	$ 595.5	$ 789.5	$ 889.1	$ 1,119.1

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

Segment Reporting (Income From Operations and Total Assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income from operations	$ 1,700.4	$ 1,265.4	$ 1,001.4
Amortization of intangibles	(57.7)	(60.1)	(61.1)
Impairment charges	(4.1)	(36.0)	0.0
Restructuring expenses	(11.9)	(6.1)	(15.3)
Total assets	11,421.2	10,103.7	9,182.1
Cash and cash equivalents	595.5	789.5
Investments in affiliates	512.7	436.9
Intangible assets, net	308.8	364.4
Goodwill	1,333.4	1,310.8	1,280.8	$ 1,306.5
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income from operations	2,023.6	1,553.7	1,239.6
Total assets	7,170.7	6,176.2	5,210.1
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate expenses	(204.9)	(153.4)	(135.2)
Amortization of intangibles	(57.7)	(60.1)	(61.1)
Stock compensation expense	(44.6)	(32.7)	(26.6)
Impairment charges	(4.1)	(36.0)	0.0
Restructuring expenses	(11.9)	(6.1)	(15.3)
Cash and cash equivalents	595.5	789.5	889.1
Investments in affiliates	512.7	436.9	413.5
Deferred tax assets, other current and noncurrent assets	1,500.1	1,025.9	996.4
Intangible assets, net	308.8	364.4	392.2
Goodwill	$ 1,333.4	$ 1,310.8	$ 1,280.8

Pension and Postretirement Benefit Plans (Net Pension And Postretirement Cost) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 9.6	$ 12.8	$ 15.0
Interest cost	29.3	14.8	12.6
Expected return on plan assets	(30.4)	(16.9)	(31.3)
Amortization of net actuarial losses	9.4	8.7	16.5
Amortization of prior service cost	1.5	0.1	0.7
Net (gain) loss recognized due to settlement	0.4	(0.4)	0.1
Curtailment gain	0.0	0.0	(1.2)
Net annual postretirement benefit cost	$ 19.8	$ 19.1	$ 12.4
Weighted average discount rate	4.90%	1.90%	1.50%
Postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.1	$ 0.1	$ 0.1
Interest cost	1.3	0.9	0.9
Amortization of net actuarial losses	0.0	0.0	0.1
Amortization of prior service cost	0.2	0.1	0.1
Net annual postretirement benefit cost	$ 1.6	$ 1.1	$ 1.2
Weighted average discount rate	6.60%	4.10%	3.80%

Product Warranty (Warranty Reserves Activity) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at beginning of the year	$ 640.0	$ 592.5	$ 521.8
Accruals for warranties issued	464.9	338.8	344.9
Settlements made and deferred revenue recognized	(328.7)	(261.7)	(241.8)
Foreign currency translation	24.6	(29.6)	(32.4)
Balance at the end of the year	$ 800.8	$ 640.0	$ 592.5

Operations and Summary of Significant Accounting Policies (Acquired Intangible Assets Useful Life) (Details)	12 Months Ended
	Dec. 31, 2023
Patents and technology
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Life	10 years
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Life	13 years
Trademarks and trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Life	19 years
Land use rights
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Life	46 years

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses at December 31, 2023 and 2022 consisted of the following (in millions):


	2023		2022
Reserve for volume discounts and sales incentives	$	953.6	$	630.8
Warranty reserves	679.9		546.0
Accrued employee compensation and benefits	454.8		390.2
Accrued taxes	401.2		344.8
Other	414.3		359.5
Balance at the end of the year	$	2,903.8	$	2,271.3

Revenue (Disaggregated Revenue) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 14,412.4	$ 12,651.4	$ 11,138.3
United States
Disaggregation of Revenue [Line Items]
Net sales	2,961.5	2,546.9	2,116.2
Canada
Disaggregation of Revenue [Line Items]
Net sales	637.9	490.2	436.7
Germany
Disaggregation of Revenue [Line Items]
Net sales	1,749.5	1,394.9	1,332.0
France
Disaggregation of Revenue [Line Items]
Net sales	1,494.3	1,220.1	1,129.1
United Kingdom and Ireland
Disaggregation of Revenue [Line Items]
Net sales	703.1	664.1	635.3
Finland and Scandinavia
Disaggregation of Revenue [Line Items]
Net sales	837.3	838.8	836.3
Italy
Disaggregation of Revenue [Line Items]
Net sales	457.1	421.7	451.6
Other Europe
Disaggregation of Revenue [Line Items]
Net sales	1,871.5	1,691.5	1,653.0
Brazil
Disaggregation of Revenue [Line Items]
Net sales	1,860.3	1,748.8	1,017.8
Other South America
Disaggregation of Revenue [Line Items]
Net sales	358.1	358.0	277.0
Middle East and Algeria
Disaggregation of Revenue [Line Items]
Net sales	427.7	216.2	184.4
Africa
Disaggregation of Revenue [Line Items]
Net sales	144.3	157.0	152.3
Asia
Disaggregation of Revenue [Line Items]
Net sales	362.7	384.2	436.5
Australia and New Zealand
Disaggregation of Revenue [Line Items]
Net sales	378.0	366.2	360.9
Mexico, Central America and Caribbean
Disaggregation of Revenue [Line Items]
Net sales	169.1	152.9	119.2
Tractors
Disaggregation of Revenue [Line Items]
Net sales	8,711.0	7,424.1	6,386.9
Replacement parts
Disaggregation of Revenue [Line Items]
Net sales	1,816.0	1,687.2	1,687.9
Grain storage and protein production systems
Disaggregation of Revenue [Line Items]
Net sales	1,062.6	1,101.9	1,076.1
Combines, application equipment and other machinery
Disaggregation of Revenue [Line Items]
Net sales	2,822.8	2,438.3	1,987.4
North America
Disaggregation of Revenue [Line Items]
Net sales	3,752.7	3,175.1	2,659.2
North America \| United States
Disaggregation of Revenue [Line Items]
Net sales	2,961.5	2,546.9	2,116.2
North America \| Canada
Disaggregation of Revenue [Line Items]
Net sales	637.9	490.2	436.7
North America \| Germany
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
North America \| France
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
North America \| United Kingdom and Ireland
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
North America \| Finland and Scandinavia
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
North America \| Italy
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
North America \| Other Europe
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
North America \| Brazil
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
North America \| Other South America
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
North America \| Middle East and Algeria
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
North America \| Africa
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
North America \| Asia
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
North America \| Australia and New Zealand
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
North America \| Mexico, Central America and Caribbean
Disaggregation of Revenue [Line Items]
Net sales	153.3	138.0	106.3
North America \| Tractors
Disaggregation of Revenue [Line Items]
Net sales	1,402.3	1,191.1	940.4
North America \| Replacement parts
Disaggregation of Revenue [Line Items]
Net sales	421.0	405.6	379.1
North America \| Grain storage and protein production systems
Disaggregation of Revenue [Line Items]
Net sales	614.5	585.9	534.9
North America \| Combines, application equipment and other machinery
Disaggregation of Revenue [Line Items]
Net sales	1,314.9	992.5	804.8
South America
Disaggregation of Revenue [Line Items]
Net sales	2,234.2	2,121.6	1,307.7
South America \| United States
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
South America \| Canada
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
South America \| Germany
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
South America \| France
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
South America \| United Kingdom and Ireland
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
South America \| Finland and Scandinavia
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
South America \| Italy
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
South America \| Other Europe
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
South America \| Brazil
Disaggregation of Revenue [Line Items]
Net sales	1,860.3	1,748.8	1,017.8
South America \| Other South America
Disaggregation of Revenue [Line Items]
Net sales	358.1	358.0	277.0
South America \| Middle East and Algeria
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
South America \| Africa
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
South America \| Asia
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
South America \| Australia and New Zealand
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
South America \| Mexico, Central America and Caribbean
Disaggregation of Revenue [Line Items]
Net sales	15.8	14.9	12.9
South America \| Tractors
Disaggregation of Revenue [Line Items]
Net sales	1,288.4	1,147.2	664.6
South America \| Replacement parts
Disaggregation of Revenue [Line Items]
Net sales	167.5	154.5	131.8
South America \| Grain storage and protein production systems
Disaggregation of Revenue [Line Items]
Net sales	155.9	188.3	140.1
South America \| Combines, application equipment and other machinery
Disaggregation of Revenue [Line Items]
Net sales	622.4	631.7	371.2
Europe/ Middle East
Disaggregation of Revenue [Line Items]
Net sales	7,540.5	6,447.3	6,221.7
Europe/ Middle East \| United States
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
Europe/ Middle East \| Canada
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
Europe/ Middle East \| Germany
Disaggregation of Revenue [Line Items]
Net sales	1,749.5	1,394.9	1,332.0
Europe/ Middle East \| France
Disaggregation of Revenue [Line Items]
Net sales	1,494.3	1,220.1	1,129.1
Europe/ Middle East \| United Kingdom and Ireland
Disaggregation of Revenue [Line Items]
Net sales	703.1	664.1	635.3
Europe/ Middle East \| Finland and Scandinavia
Disaggregation of Revenue [Line Items]
Net sales	837.3	838.8	836.3
Europe/ Middle East \| Italy
Disaggregation of Revenue [Line Items]
Net sales	457.1	421.7	451.6
Europe/ Middle East \| Other Europe
Disaggregation of Revenue [Line Items]
Net sales	1,871.5	1,691.5	1,653.0
Europe/ Middle East \| Brazil
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
Europe/ Middle East \| Other South America
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
Europe/ Middle East \| Middle East and Algeria
Disaggregation of Revenue [Line Items]
Net sales	427.7	216.2	184.4
Europe/ Middle East \| Africa
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
Europe/ Middle East \| Asia
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
Europe/ Middle East \| Australia and New Zealand
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
Europe/ Middle East \| Mexico, Central America and Caribbean
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
Europe/ Middle East \| Tractors
Disaggregation of Revenue [Line Items]
Net sales	5,532.9	4,607.2	4,338.2
Europe/ Middle East \| Replacement parts
Disaggregation of Revenue [Line Items]
Net sales	1,124.7	1,021.5	1,070.5
Europe/ Middle East \| Grain storage and protein production systems
Disaggregation of Revenue [Line Items]
Net sales	155.3	172.3	174.0
Europe/ Middle East \| Combines, application equipment and other machinery
Disaggregation of Revenue [Line Items]
Net sales	727.6	646.3	639.0
Asia/ Pacific/Africa
Disaggregation of Revenue [Line Items]
Net sales	885.0	907.4	949.7
Asia/ Pacific/Africa \| United States
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
Asia/ Pacific/Africa \| Canada
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
Asia/ Pacific/Africa \| Germany
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
Asia/ Pacific/Africa \| France
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
Asia/ Pacific/Africa \| United Kingdom and Ireland
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
Asia/ Pacific/Africa \| Finland and Scandinavia
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
Asia/ Pacific/Africa \| Italy
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
Asia/ Pacific/Africa \| Other Europe
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
Asia/ Pacific/Africa \| Brazil
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
Asia/ Pacific/Africa \| Other South America
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
Asia/ Pacific/Africa \| Middle East and Algeria
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
Asia/ Pacific/Africa \| Africa
Disaggregation of Revenue [Line Items]
Net sales	144.3	157.0	152.3
Asia/ Pacific/Africa \| Asia
Disaggregation of Revenue [Line Items]
Net sales	362.7	384.2	436.5
Asia/ Pacific/Africa \| Australia and New Zealand
Disaggregation of Revenue [Line Items]
Net sales	378.0	366.2	360.9
Asia/ Pacific/Africa \| Mexico, Central America and Caribbean
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
Asia/ Pacific/Africa \| Tractors
Disaggregation of Revenue [Line Items]
Net sales	487.4	478.6	443.7
Asia/ Pacific/Africa \| Replacement parts
Disaggregation of Revenue [Line Items]
Net sales	102.8	105.6	106.5
Asia/ Pacific/Africa \| Grain storage and protein production systems
Disaggregation of Revenue [Line Items]
Net sales	136.9	155.4	227.1
Asia/ Pacific/Africa \| Combines, application equipment and other machinery
Disaggregation of Revenue [Line Items]
Net sales	$ 157.9	$ 167.8	$ 172.4

Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Provision for income taxes at United States federal statutory rate	$ 280.0	$ 232.5	$ 198.3
State and local income taxes, net of federal income tax effects	(3.0)	(2.9)	2.2
Taxes on foreign income which differ from the United States statutory rate	(193.9)	43.6	16.2
Tax effect of permanent differences	(20.5)	(0.2)	(6.4)
Change in valuation allowance	116.5	0.7	(130.8)
Change in tax contingency reserves	33.2	25.5	36.6
Research and development tax credits	(9.6)	(6.9)	(7.4)
Brazil Amnesty Program, net of United States foreign tax credit	26.4	0.0	0.0
Other	1.3	4.3	(0.3)
Income tax provision	230.4	296.6	$ 108.4
Income Taxes [Line Items]
Deferred tax asset for Swiss tax basis adjustment	197.7	0.0
Valuation allowance	149.8	$ 47.3
Foreign tax basis adjustment
Income Taxes [Line Items]
Valuation allowance	$ 85.4

Stock Compensation Plans (Narrative) (Details) - USD ($) $ in Millions			1 Months Ended		12 Months Ended
	Jan. 30, 2024	Apr. 27, 2023	Feb. 27, 2024	Jan. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common stock, shares issuable (in shares)					150,000,000	150,000,000
Stock compensation expense					$ 46.4	$ 34.0	$ 27.6
Tax benefit from share-based compensation arrangements					$ 0.5	$ 1.9	3.3
Performance Shares
Shares granted (in shares)					289,742
Shares earned (in share)					210,269
Compensation cost related to unearned performance awards					$ 39.3
Recognition period					1 year 6 months
Number of shares not vested (in shares)					571,382	543,904
Performance Shares \| Subsequent event
Shares granted (in shares)	170,735
Shares issued (in shares)			133,569
Shares withheld for taxes (in shares)			76,700
Performance Shares \| Certain retirees and other individuals
Shares earned (in share)						9,080
Restricted Stock Units (RSUs)
Service period					3 years
Shares granted (in shares)					117,840
Compensation cost related to unearned performance awards					$ 15.7
Recognition period					1 year 6 months
Award vesting rights, share conversion ratio					1
Number of shares not vested (in shares)					213,947	213,198
Restricted Stock Units (RSUs) \| Tranche one
Award vesting percentage					33.33%
Restricted Stock Units (RSUs) \| Tranche two
Award vesting percentage					33.33%
Restricted Stock Units (RSUs) \| Tranche three
Award vesting percentage					33.33%
Restricted Stock Units (RSUs) \| Subsequent event
Shares granted (in shares)	123,520
RSUs issued after shares withheld for taxes (in shares)				51,239
Shares withheld for taxes (in shares)				31,390
Stock Appreciation Rights (SSARs)
Stock compensation expense					$ 0.2	$ 0.5	$ 0.8
Total fair value of awards vested					$ 0.4
Awards outstanding (in shares)					56,350
Number of shares not vested (in shares)					16,900
Total intrinsic value of outstanding awards					$ 2.9
Total intrinsic value of exercisable of awards					2.1
Total intrinsic value of awards exercised					4.9
Restricted Stock
RSUs issued after shares withheld for taxes (in shares)		10,524
Stock compensation expense					$ 1.5
Weighted-average period for compensation cost expected to be recognized					1 year
Restricted common stocks issued (in shares)		12,069
2006 Long-Term Incentive Plan
Common stock, shares issuable (in shares)					10,000,000
Shares available for grant (in shares)					3,650,232
Long Term Incentive Plan
Service period					3 years
Long Term Incentive Plan \| Minimum
Target award percentages					16.50%
Long Term Incentive Plan \| Maximum
Target award percentages					200.00%

Pension and Postretirement Benefit Plans (Net Funded Status) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amounts recognized in Consolidated Balance Sheets:
Pensions and postretirement health care benefits (noncurrent)	$ (170.5)	$ (158.0)
Pension and ENPP Benefits
Change in benefit obligation
Benefit obligation at beginning of year	611.6	904.8
Service cost	9.6	12.8	$ 15.0
Interest cost	29.3	14.8	12.6
Plan participants’ contributions	1.3	1.2
Actuarial losses (gains)	21.6	(227.2)
Amendments	0.1	25.5
Settlements	(4.9)	(5.0)
Benefits paid	(46.1)	(44.0)
Foreign currency exchange rate changes	24.5	(71.3)
Benefit obligation at end of year	647.0	611.6	904.8
Change in plan assets
Fair value of plan assets at beginning of year	528.7	815.6
Actual return on plan assets	31.2	(197.1)
Employer contributions	35.1	34.1
Plan participants’ contributions	1.3	1.2
Benefits paid	(46.1)	(44.0)
Settlements	(4.9)	(5.0)
Foreign currency exchange rate changes	26.7	(76.1)
Fair value of plan assets at end of year	572.0	528.7	815.6
Funded status	(75.0)	(82.9)
Amounts recognized in Consolidated Balance Sheets:
Other long-term asset	85.0	66.3
Other current liabilities	(7.4)	(7.0)
Accrued expenses	(4.1)	(3.8)
Pensions and postretirement health care benefits (noncurrent)	(148.5)	(138.4)
Net amount recognized	(75.0)	(82.9)
Postretirement Benefits
Change in benefit obligation
Benefit obligation at beginning of year	21.2	22.6
Service cost	0.1	0.1	0.1
Interest cost	1.3	0.9	0.9
Plan participants’ contributions	0.0	0.0
Actuarial losses (gains)	1.7	(0.9)
Amendments	0.0	0.0
Settlements	0.0	0.0
Benefits paid	(1.8)	(1.7)
Foreign currency exchange rate changes	0.5	0.2
Benefit obligation at end of year	23.0	21.2	22.6
Change in plan assets
Fair value of plan assets at beginning of year	0.0	0.0
Actual return on plan assets	0.0	0.0
Employer contributions	1.8	1.7
Plan participants’ contributions	0.0	0.0
Benefits paid	(1.8)	(1.7)
Settlements	0.0	0.0
Foreign currency exchange rate changes	0.0	0.0
Fair value of plan assets at end of year	0.0	0.0	$ 0.0
Funded status	(23.0)	(21.2)
Amounts recognized in Consolidated Balance Sheets:
Other long-term asset	0.0	0.0
Other current liabilities	(1.6)	(1.6)
Accrued expenses	0.0	0.0
Pensions and postretirement health care benefits (noncurrent)	(21.4)	(19.6)
Net amount recognized	$ (23.0)	$ (21.2)

Operations and Summary of Significant Accounting Policies (Advertising Costs) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Advertising expense	$ 56.4	$ 50.9	$ 54.2

Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
United States	$ 61.2	$ 26.0	$ 3.4
Foreign	433.6	328.6	222.9
Current income tax expense (benefit)	494.8	354.6	226.3
Deferred:
United States	(82.8)	(55.3)	(70.0)
Foreign	(181.6)	(2.7)	(47.9)
Deferred income tax expense (benefit)	(264.4)	(58.0)	(117.9)
Income tax provision	$ 230.4	$ 296.6	$ 108.4

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

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 years ended December 31, 2023, 2022 and 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
Acquisitions	16.2		—		0.6		—		16.8



Foreign currency translation	—		(5.8)		(32.4)		(4.3)		(42.5)
Balance as of December 31, 2021	609.6		81.7		469.5		120.0		1,280.8
Acquisition	59.8		—		—		—		59.8



Foreign currency translation	(2.1)		4.3		(25.2)		(6.8)		(29.8)
Balance as of December 31, 2022	667.3		86.0		444.3		113.2		1,310.8



Foreign currency translation	0.9		7.5		14.2		—		22.6
Balance as of December 31, 2023	$	668.2	$	93.5	$	458.5	$	113.2	$	1,333.4

Changes in the carrying amount of acquired intangible assets during 2023 and 2022 are summarized as follows (in millions):


Gross Carrying Amounts	Trademarks and Trade Names		Customer Relationships		Patents and Technology		Land Use Rights		Total
Gross carrying amounts:
Balance as of December 31, 2021	$	189.0	$	568.6	$	139.9	$	7.0	$	904.5
Acquisitions	7.1		15.4		15.4		—		37.9



Foreign currency translation	(4.3)		(9.5)		(4.7)		(0.5)		(19.0)
Balance as of December 31, 2022	191.8		574.5		150.6		6.5		923.4


Impairment charge	—		—		(5.1)		—		(5.1)
Foreign currency translation	2.5		6.2		2.7		(0.2)		11.2
Balance as of December 31, 2023	$	194.3	$	580.7	$	148.2	$	6.3	$	929.5


Accumulated Amortization	Trademarks and Trade Names		Customer Relationships		Patents and Technology		Land Use Rights		Total
Accumulated amortization:
Balance as of December 31, 2021	$	93.1	$	409.7	$	94.7	$	1.5	$	599.0
Amortization expense	11.7		37.9		10.4		0.1		60.1

Foreign currency translation	(1.5)		(6.8)		(3.6)		—		(11.9)
Balance as of December 31, 2022	103.3		440.8		101.5		1.6		647.2
Amortization expense	10.0		36.8		10.8		0.1		57.7

Impairment charge	—		—		(1.0)		—		(1.0)
Foreign currency translation	1.2		5.8		2.0		—		9.0
Balance as of December 31, 2023	$	114.5	$	483.4	$	113.3	$	1.7	$	712.9


Indefinite-Lived Intangible Assets	Trademarks and Trade Names

Balance as of December 31, 2021	$	86.7
Foreign currency translation	(1.9)
Balance as of December 31, 2022	84.8
Foreign currency translation	1.1
Balance as of December 31, 2023	$	85.9

For the years ended December 31, 2023, 2022 and 2021, amortization expense related to acquired intangible assets was $57.7 million, $60.1 million and $60.9 million, respectively. The Company estimates amortization of existing intangible assets will be $57.5 million in 2024, $53.5 million in 2025, $24.9 million in 2026, $20.7 million in 2027, and $15.4 million in 2028. The estimated amounts do not include amortization related to any acquired intangible assets that would be recorded related to the planned Trimble Ag joint venture. External-use software, net, developed by the Company and marketed externally, was approximately $6.3 million and $3.4 million as of December 31, 2023 and 2022, respectively, and classified within “Intangible assets, net.” Amortization expense related to external-use software was approximately $1.8 million for the year ended December 31, 2023 and was classified within “Cost of goods sold.”

Operations and Summary of Significant Accounting Policies (Recent Accounting Pronouncements) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect to stockholders' equity	$ (4,656.8)	$ (3,882.6)	$ (3,443.8)	$ (3,018.0)
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect to stockholders' equity		5.5
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect to stockholders' equity	$ (6,360.0)	(5,654.6)	$ (5,182.2)	$ (4,759.1)
Retained Earnings \| Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect to stockholders' equity		$ 5.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 50
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147477123/405-50-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482477/820-10-65-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482477/820-10-65-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)
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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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

Product Warranty

12 Months Ended

Dec. 31, 2023

Guarantees and Product Warranties [Abstract]

Product Warranty

PRODUCT WARRANTY

The warranty reserve activity for the years ended December 31, 2023, 2022 and 2021, including deferred revenue associated with the Company's extended warranties that have been sold, was as follows (in millions):


	2023		2022		2021
Balance at beginning of the year	$	640.0	$	592.5	$	521.8

Accruals for warranties issued	464.9		338.8		344.9
Settlements made and deferred revenue recognized	(328.7)		(261.7)		(241.8)
Foreign currency translation	24.6		(29.6)		(32.4)
Balance at the end of the year	$	800.8	$	640.0	$	592.5

The Company’s agricultural equipment products generally are under warranty against defects in materials and workmanship for a period of one to four years. The Company accrues for future warranty costs at the time of sale based on historical warranty experience. The Company's extended warranty period for the majority of products ranges from three to five years. Revenue is recognized for the extended warranty contract on a straight-line basis, which the Company believes approximates the costs expected to be incurred in satisfying the obligations, over the extended warranty period. Approximately $679.9 million and $546.0 million of warranty reserves are included in “Accrued expenses” in the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022, respectively. Approximately $120.9 million and $94.0 million of warranty reserves are included in “Other noncurrent liabilities” in the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022, respectively.

The Company recognizes potential 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.”

Acquisitions

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

ACQUISITIONS

On September 28, 2023, the Company entered into a Sale and Contribution Agreement (the "Agreement") with Trimble Inc. ("Trimble") and its currently 100%-owned subsidiary Trimble Solutions, LLC. Among other things, the Agreement provides for (i) the contribution by Trimble to the Joint Venture of Trimble’s agricultural business, excluding certain Global Navigation Satellite System and guidance technologies, (ii) the contribution by the Company to the Joint Venture of the Company’s interest in JCA Industries, LLC d/b/a JCA Technologies ("JCA") in exchange for membership interests in the Joint Venture, and (iii) the purchase by the Company from Trimble of membership interests in exchange for the payment by the Company to Trimble of $2.0 billion in cash, subject to customary working capital and other adjustments. Immediately following the closing and as a result of the transaction, the Company will own an 85% interest in the Trimble Ag joint venture. The closing is expected in the first half of 2024. The closing is subject to customary conditions, including compliance with antitrust and similar laws.

In connection with the planned Trimble Ag joint venture, also on September 28, 2023, the Company entered into a bridge facility commitment letter with Morgan Stanley Senior Funding Inc. ("Morgan Stanley") pursuant to which Morgan Stanley has committed to provide, subject to the terms and conditions set forth therein, a $2.0 billion senior unsecured 364-day bridge facility (the "Bridge Facility"). The amount available under the the Bridge Facility was reduced by $250.0 million upon the Company's entry into a delayed term loan facility in December 2023. As of December 31, 2023, the amount available under the Bridge Facility was $1.75 billion. Refer to Note 11 for further information.

During the year ended December 31, 2023, the Company paid $9.5 million in fees related to the Bridge Facility commitment which were recorded as a deferred asset included within “Other current assets” in the Company’s Consolidated Balance Sheet and will be amortized to interest expense over the life of the commitment.

On May 2, 2022, the Company acquired JCA for 63.0 million Canadian dollars (or approximately $49.2 million as of May 2, 2022). JCA is located in Winnipeg, Manitoba, Canada, and specializes in the design of electronic systems and software development to automate and control agricultural equipment. The Company allocated the purchase price to the assets acquired and liabilities assumed based on their fair values as of the acquisition date. The acquired net assets primarily consisted of accounts receivable, inventories, other current and noncurrent assets, accounts payable, accrued expenses, other current and noncurrent liabilities, property, plant and equipment, deferred tax liabilities as well as customer relationship, technology and trademark identifiable intangible assets. The Company recorded approximately 43.9 million Canadian dollars (or approximately $34.0 million) of goodwill associated with the acquisition. The results of operations of JCA have been included in the Company’s Consolidated Financial Statements as of and from the date of acquisition. The associated goodwill has been included in the Company’s North America geographical reportable segment. Proforma financial information related to the acquisition of JCA was not material to the Company’s results of operations.

On January 1, 2022 the Company acquired Appareo Systems, LLC (“Appareo”) for approximately $62.1 million, net of approximately $0.5 million of cash. As a result of the acquisition of the remaining 50% interest in IAS, the Company’s previous operating joint venture with Appareo, the Company recorded a gain of approximately $3.4 million on the remeasurement of the previously held equity interest within “Other expense, net” in the Company’s Consolidated Statements of Operations. The fair value of the previously held 50% interest in the joint venture as of the acquisition date was approximately $11.2 million. Appareo is headquartered in Fargo, North Dakota and offers engineering, manufacturing, and technology for end-to-end product development. The Company allocated the purchase price to the assets acquired and liabilities assumed based on their fair values as of the acquisition date. The acquired net assets primarily consisted of accounts receivable, inventories, other current and noncurrent assets, assets held for sale, lease right-of-use assets and liabilities, accounts payable, accrued expenses, other current and noncurrent liabilities, property, plant and equipment, as well as customer relationship, technology, non-competition agreements and trademark identifiable intangible assets. The Company recorded approximately $25.8 million of goodwill associated with the acquisition. The results of operations of Appareo have been included in the Company's Consolidated Financial Statements as of and from the date of acquisition. The associated goodwill has been included in the

Company’s North America geographical reportable segment. Proforma financial information related to the acquisition of Appareo was not material to the Company's result of operations.

The acquired identifiable intangible assets of JCA and Appareo as of the date of their respective acquisitions during 2022 are summarized in the following table (in millions):

Intangible Asset

Amount

Weighted-Average Useful Life

Customer relationships

15.4

10 years

Technology

15.4

8 years

Trademarks

5.7

10 years

Non-competition agreements

1.4

5 years

37.9

Stock Compensation Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock Compensation Plans

STOCK COMPENSATION PLANS

The Company recorded stock compensation expense as follows for the years ended December 31, 2023, 2022 and 2021 (in millions):


	Years Ended December 31,
	2023		2022		2021
Cost of goods sold	$	1.8	$	1.3	$	1.0
Selling, general and administrative expenses	44.6		32.7		26.6
Total stock compensation expense	$	46.4	$	34.0	$	27.6

The Company recognizes the effect of award forfeitures as an adjustment to stock compensation expense in the period in which the forfeiture occurs.

Stock Incentive Plan

Under the Company's 2006 Long-Term Incentive Plan ("the Plan"), up to 10,000,000 shares of AGCO’s common stock may be issued. As of December 31, 2023, of the 10,000,000 shares reserved for issuance under the Plan, approximately 3,650,232 shares remained available for grant, assuming the maximum number of shares are earned related to the performance award grants discussed below. The Plan allows the Company, under the direction of the Board of Directors’ 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 Company’s primary long-term incentive plan is a performance share plan that provides for awards of shares of the Company’s common stock based on achieving financial targets, such as targets for return on net assets and revenue growth, as determined by the Company’s Board of Directors. Performance periods for the Company’s primary long-term incentive plan are consecutive and overlapping three-year cycles, and performance targets are set at the beginning of each cycle. The primary long-term incentive plan provides for participants to earn 16.5% to 200% of the target awards depending on the actual performance achieved, with no shares earned if performance is below the established minimum target. Awards earned under the Plan are paid in shares of common stock at the end of each three-year performance period. The percentage level achievement is determined annually or over the three-year cycle in aggregate, with the ultimate award that is earned determined based upon the average of the three annual percentages. The 2023 grant of performance award shares is subject to a total shareholder return modifier. The compensation expense associated with these awards is amortized ratably over the vesting or performance period based on the Company’s projected assessment of the level of performance that will be achieved and earned.

During 2023, the Company granted performance awards covering up to 289,742 shares, assuming the Company achieves maximum levels of performance related to varying performance periods. Compensation expense recorded during 2023, 2022 and 2021 with respect to awards granted was based upon the fair value as of the grant date. The award included a market condition and the Company measured the fair value using a Monte Carlo simulation. The weighted average grant-date fair value of performance awards granted under the Plan during 2023, 2022 and 2021 was as follows:


	Years Ended December 31,
	2023		2022		2021
Weighted average grant-date fair value	$	143.63	$	119.35	$	123.33

Performance award transactions during 2023 were as follows and are presented as if the Company were to achieve its maximum levels of performance under the plan:


	Performance awards	Weighted-Average Grant Date Fair Value
Shares awarded but not earned at January 1	543,904	$	120.94
Shares awarded	289,742	143.63
Shares forfeited	(29,786)	127.77
Shares vested or earned	(232,478)	123.28
Shares awarded but not earned at December 31	571,382	$	131.14

Based on the level of performance achieved as of December 31, 2023, 210,269 shares were earned under the related performance period, including 9,080 shares vested as of December 31, 2022 related to certain retirees and other individuals. 133,569 shares were issued in February 2024, net of 76,700 shares that were withheld for taxes related to the earned awards. The Plan allows for the participant to have the option of forfeiting a portion of the shares awarded in lieu of a cash payment contributed to the participant’s tax withholding to satisfy the participant’s statutory minimum federal, state and employment taxes which would be payable at the time of grant.

As of December 31, 2023, 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 $39.3 million, and the weighted average period over which it is expected to be recognized is approximately one and one-half years. This estimate is based on the current projected levels of performance of outstanding awards. The compensation cost not yet recognized could be higher or lower based on actual achieved levels of performance.

Restricted Stock Units ("RSUs")

RSU awards granted under Plan do not entitle recipients to vote or receive dividends during the vesting period and will be forfeited in the event of the recipient’s termination of employment, except for certain circumstances. The fair value of restricted stock and restricted stock units is the closing market price per share of the Company’s stock on the grant date less the present value of the expected dividends not received during the vesting period.

The weighted average grant-date fair value of the RSUs granted under the Plan during 2023, 2022 and 2021 was as follows:


	Years Ended December 31,
	2023		2022		2021
Weighted average grant-date fair value	$	134.63	$	109.09	$	113.91

During the year ended December 31, 2023, the Company granted 117,840 RSU awards. These awards entitle the participant to receive one share of the Company’s common stock for each RSU granted and vest one-third per year over a three-year requisite service period. The compensation expense associated with all RSU awards is being amortized ratably over the requisite service period for the awards that are expected to vest. RSU transactions during the year ended December 31, 2023 were as follows:


	RSUs	Weighted-Average Grant Date Fair Value
Shares awarded but not vested at January 1	213,198	$	104.62
Shares awarded (1)	117,840	134.63
Shares forfeited	(9,293)	120.39
Shares vested	(107,798)	98.95
Shares awarded but not vested at December 31	213,947	$	122.48

____________________________________

(1) RSUs shares awarded and shares vested include 5,017 shares related to the 25% additional shares issued to certain executives based on a total margin improvement metric relative to the Company’s defined peer group that applied to grants made in 2020.

During January 2024, 51,239 RSUs shares were issued, net of 31,390 shares that were withheld for taxes. The Plan allows for the participant to have the option of forfeiting a portion of the shares awarded in lieu of a cash payment contributed to the participant’s tax withholding to satisfy the participant’s statutory minimum federal, state and employment taxes which would be payable at the time of grant. As of December 31, 2023, the total compensation cost related to the unvested RSUs not yet recognized was approximately $15.7 million, and the weighted average period over which it is expected to be recognized is approximately one and one-half years.

2024 Awards

On January 30, 2024, the Company granted 170,735 performance award shares (subject to the Company achieving future target levels of performance) and 123,520 RSUs under the Plan. The 2024 grant of performance award shares is subject to a total shareholder return modifier.

Stock-settled Appreciation Rights ("SSARs")

Certain executives and key managers received grants of SSARs prior to December 31, 2020. The Company did not subsequently grant any SSARs since the year ended December 31, 2020. The Company recorded stock compensation expense of approximately $0.2 million, $0.5 million and $0.8 million associated with SSAR awards during 2023, 2022 and 2021, respectively. The compensation expense associated with these awards is being amortized ratably over the vesting period. The Company estimated the fair value of the grants using the Black-Scholes option pricing model.

The total fair value of SSARs vested during 2023 was approximately $0.4 million. There were 16,900 SSARs that were not vested and 56,350 SSARs outstanding as of December 31, 2023. The total intrinsic value of outstanding and

exercisable SSARs as of December 31, 2023 was $2.9 million and $2.1 million, respectively. The total intrinsic value of SSARs exercised during 2023 was approximately $4.9 million.

Excess Tax Benefit

The excess tax benefit realized for tax deductions in the United States related to the exercise of SSARs, vesting of RSU awards and vesting of performance awards under the Plan was approximately $0.5 million for the year ended December 31, 2023. The excess tax benefit realized for tax deductions in the United States related to the exercise of SSARs, vesting of RSU awards and vesting of performance awards under the Plan was approximately $1.9 million for the year ended December 31, 2022. The excess tax benefit realized for tax deductions in the United States related to the exercise of SSARs, vesting of RSU awards and vesting of performance awards under the Plan was approximately $3.3 million for the year ended December 31, 2021. The Company realized an insignificant tax benefit from the exercise of SSARs, vesting of performance awards and vesting of RSU awards in certain foreign jurisdictions during the years ended December 31, 2023, 2022 and 2021.

Director Restricted Stock Grants

Pursuant to the Plan, all non-employee directors receive annual restricted stock grants of the Company’s common stock. All restricted stock grants made to the Company’s directors are restricted as to transferability for a period of one year. In the event a director departs from the Company’s Board of Directors, the non-transferability period expires immediately. The plan allows each director to have the option of forfeiting a portion of the shares awarded in lieu of a cash payment contributed to the participant’s tax withholding to satisfy the statutory minimum federal, state and employment taxes that would be payable at the time of grant. The 2023 grant was made on April 27, 2023, and equated to 12,069 shares of common stock, of which 10,524 shares of common stock were issued, after shares were withheld for taxes. The Company recorded stock compensation expense of approximately $1.5 million during 2023 associated with these grants.

Investments in Affiliates (Investment in Affiliates) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	$ 512.7	$ 436.9
Finance joint ventures
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	464.3	390.2
Manufacturing joint ventures
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	30.6	29.9
Other affiliates
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	$ 17.8	$ 16.8

Revenue (Summary of Contract Assets and Liabilities) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Change in Contract with Customer, Liability [Roll Forward]
Balance beginning of period	$ 239.0	$ 226.2
Advance consideration received	228.8	193.8
Foreign currency translation	7.2	(13.8)
Balance end of period	310.7	239.0
Revenue recognized during the period for extended warranty contracts, maintenance services and technology services	132.2	115.6
Extended warranty contracts, maintenance services and technology services
Change in Contract with Customer, Liability [Roll Forward]
Revenue recognized during the period	(110.6)	(82.0)
Grain storage and protein production systems
Change in Contract with Customer, Liability [Roll Forward]
Revenue recognized during the period	$ (53.7)	$ (85.2)

Income Taxes (Schedule of Income before Income Tax, Domestic and Foreign) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
United States	$ (63.5)	$ (60.2)	$ 46.8
Foreign	1,397.0	1,167.4	897.5
Income before income taxes and equity in net earnings of affiliates	$ 1,333.5	$ 1,107.2	$ 944.3

Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets:
Net operating loss carryforwards	$ 42.1	$ 45.9
Sales incentive discounts	102.5	46.3
Inventory valuation reserves	50.0	34.4
Pensions and postretirement health care benefits	17.9	19.7
Warranty and other reserves	162.8	127.7
Research and development tax credits	5.1	6.9
Foreign tax credits	33.4	4.7
Swiss tax basis adjustment	197.7	0.0
Other	22.7	15.6
Total gross deferred tax assets	634.2	301.2
Valuation allowance	(149.8)	(47.3)
Total deferred tax assets	484.4	253.9
Deferred Tax Liabilities:
Tax over book depreciation and amortization	102.5	123.6
Investment in affiliates	3.9	11.3
Other	19.0	2.5
Total deferred tax liabilities	125.4	137.4
Net deferred tax assets	359.0	116.5
Amounts recognized in Consolidated Balance Sheets:
Deferred tax assets - noncurrent	481.6	228.5
Deferred tax liabilities - noncurrent	(122.6)	(112.0)
Net deferred tax assets	$ 359.0	$ 116.5

Stockholders' Equity (Reclassifications out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of goods sold	$ 10,635.0	$ 9,650.1	$ 8,566.0
Reclassification before tax	(1,333.5)	(1,107.2)	(944.3)
Income tax provision	230.4	296.6	108.4
Other expense, net	362.3	145.2	50.4
Net losses reclassified from accumulated other comprehensive loss	(1,171.4)	(889.6)	$ (897.0)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Net losses reclassified from accumulated other comprehensive loss	17.3	20.5
Reclassification out of Accumulated Other Comprehensive Income \| Deferred gains and losses on derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Reclassification before tax	11.2	19.2
Income tax provision	(2.2)	(5.1)
Net losses reclassified from accumulated other comprehensive loss	9.0	14.1
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of net actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other expense, net	9.4	8.7
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of prior service cost
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other expense, net	1.7	0.2
Reclassification out of Accumulated Other Comprehensive Income \| Defined Benefit Pension Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Reclassification before tax	11.1	8.9
Income tax provision	(2.8)	(2.5)
Net losses reclassified from accumulated other comprehensive loss	8.3	6.4
Foreign currency contracts \| Reclassification out of Accumulated Other Comprehensive Income \| Deferred gains and losses on derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of goods sold	11.1	14.5
Commodity contracts \| Reclassification out of Accumulated Other Comprehensive Income \| Deferred gains and losses on derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of goods sold	$ 0.1	$ 4.7

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Significant Changes in Contract Assets and Liabilities

Significant changes in the balance of contract liabilities for the years ended December 31, 2023 and 2022 were as follows (in millions):



	Year Ended December 31, 2023		Year Ended December 31, 2022
Balance at beginning of period	$	239.0	$	226.2

Advance consideration received	228.8		193.8

Revenue recognized during the period for extended warranty contracts, maintenance services and technology services	(110.6)		(82.0)
Revenue recognized during the period related to grain storage and protein production systems	(53.7)		(85.2)


Foreign currency translation	7.2		(13.8)
Balance as of December 31	$	310.7	$	239.0

Disaggregation of Revenue

Net sales for the year ended December 31, 2023 disaggregated by primary geographical markets and major products consisted of the following (in millions):


	North America		South America		Europe/ Middle East		Asia/ Pacific/Africa		Consolidated
Primary geographical markets:
United States	$	2,961.5	$	—	$	—	$	—	$	2,961.5
Canada	637.9		—		—		—		637.9
Germany	—		—		1,749.5		—		1,749.5
France	—		—		1,494.3		—		1,494.3
United Kingdom and Ireland	—		—		703.1		—		703.1
Finland and Scandinavia	—		—		837.3		—		837.3
Italy	—		—		457.1		—		457.1
Other Europe	—		—		1,871.5		—		1,871.5
Brazil	—		1,860.3		—		—		1,860.3
Other South America	—		358.1		—		—		358.1
Middle East and Algeria	—		—		427.7		—		427.7
Africa	—		—		—		144.3		144.3
Asia	—		—		—		362.7		362.7
Australia and New Zealand	—		—		—		378.0		378.0
Mexico, Central America and Caribbean	153.3		15.8		—		—		169.1
	$	3,752.7	$	2,234.2	$	7,540.5	$	885.0	$	14,412.4

Major products:
Tractors	$	1,402.3	$	1,288.4	$	5,532.9	$	487.4	$	8,711.0
Replacement parts	421.0		167.5		1,124.7		102.8		1,816.0
Grain storage and protein production systems	614.5		155.9		155.3		136.9		1,062.6
Combines, application equipment and other machinery	1,314.9		622.4		727.6		157.9		2,822.8
	$	3,752.7	$	2,234.2	$	7,540.5	$	885.0	$	14,412.4

Net sales for the year ended December 31, 2022 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	$	2,546.9	$	—	$	—	$	—	$	2,546.9
Canada	490.2		—		—		—		490.2
Germany	—		—		1,394.9		—		1,394.9
France	—		—		1,220.1		—		1,220.1
United Kingdom and Ireland	—		—		664.1		—		664.1
Finland and Scandinavia	—		—		838.8		—		838.8
Italy	—		—		421.7		—		421.7
Other Europe	—		—		1,691.5		—		1,691.5
Brazil	—		1,748.8		—		—		1,748.8
Other South America	—		358.0		—		—		358.0
Middle East and Algeria	—		—		216.2		—		216.2
Africa	—		—		—		157.0		157.0
Asia	—		—		—		384.2		384.2
Australia and New Zealand	—		—		—		366.2		366.2
Mexico, Central America and Caribbean	138.0		14.9		—		—		152.9
	$	3,175.1	$	2,121.6	$	6,447.3	$	907.4	$	12,651.4

Major products:
Tractors	$	1,191.1	$	1,147.2	$	4,607.2	$	478.6	$	7,424.1
Replacement parts	405.6		154.5		1,021.5		105.6		1,687.2
Grain storage and protein production systems	585.9		188.3		172.3		155.4		1,101.9
Combines, application equipment and other machinery	992.5		631.7		646.3		167.8		2,438.3
	$	3,175.1	$	2,121.6	$	6,447.3	$	907.4	$	12,651.4

___________________________________

(1) Rounding may impact the summation of amounts.

Net sales for the year ended December 31, 2021 disaggregated by primary geographical markets and major products consisted of the following (in millions):


	North America		South America		Europe/ Middle East		Asia/ Pacific/Africa		Consolidated
Primary geographical markets:
United States	$	2,116.2	$	—	$	—	$	—	$	2,116.2
Canada	436.7		—		—		—		436.7
Germany	—		—		1,332.0		—		1,332.0
France	—		—		1,129.1		—		1,129.1
United Kingdom and Ireland	—		—		635.3		—		635.3
Finland and Scandinavia	—		—		836.3		—		836.3
Italy	—		—		451.6		—		451.6
Other Europe	—		—		1,653.0		—		1,653.0
Brazil	—		1,017.8		—		—		1,017.8
Other South America	—		277.0		—		—		277.0
Middle East and Algeria	—		—		184.4		—		184.4
Africa	—		—		—		152.3		152.3
Asia	—		—		—		436.5		436.5
Australia and New Zealand	—		—		—		360.9		360.9
Mexico, Central America and Caribbean	106.3		12.9		—		—		119.2
	$	2,659.2	$	1,307.7	$	6,221.7	$	949.7	$	11,138.3

Major products:
Tractors	$	940.4	$	664.6	$	4,338.2	$	443.7	$	6,386.9
Replacement parts	379.1		131.8		1,070.5		106.5		1,687.9
Grain storage and protein production systems	534.9		140.1		174.0		227.1		1,076.1
Combines, application equipment and other machinery	804.8		371.2		639.0		172.4		1,987.4
	$	2,659.2	$	1,307.7	$	6,221.7	$	949.7	$	11,138.3

Property, Plant, and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment, net at December 31, 2023 and 2022 consisted of the following (in millions):


	2023		2022
Land	$	154.0	$	141.1
Buildings and improvements	1,042.5		920.7
Machinery and equipment	3,178.9		2,789.8
Furniture and fixtures	210.7		182.8
Gross property, plant and equipment	4,586.1		4,034.4
Accumulated depreciation and amortization	(2,665.2)		(2,443.2)
Property, plant and equipment, net	$	1,920.9	$	1,591.2

Operations and Summary of Significant Accounting Policies (Property Plant and Equipment) (Details)	Dec. 31, 2023
Minimum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	2 years
Minimum \| Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	3 years
Minimum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	3 years
Maximum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	40 years
Maximum \| Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	20 years
Maximum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	10 years

Pension and Postretirement Benefit Plans (Expected Future Minimum Payments) (Details) $ in Millions	Dec. 31, 2023 USD ($)
Pension plan
Defined Benefit Plan Disclosure [Line Items]
2024	$ 50.1
2025	46.8
2026	47.3
2027	47.6
2028	47.2
2029 through 2033	256.5
Total	495.5
Postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
2024	1.7
2025	1.7
2026	1.7
2027	1.7
2028	1.8
2029 through 2033	8.6
Total	$ 17.2

Revenue (Performance Obligation) (Details) $ in Millions	Dec. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 113.5
Revenue, remaining performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 91.6
Revenue, remaining performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 53.1
Revenue, remaining performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 26.4
Revenue, remaining performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 9.4
Revenue, remaining performance obligation, expected timing of satisfaction

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 595.5	$ 789.5
Accounts and notes receivable, net	1,605.3	1,221.3
Inventories, net	3,440.7	3,189.7
Other current assets	699.3	538.8
Total current assets	6,340.8	5,739.3
Property, plant and equipment, net	1,920.9	1,591.2
Right-of-use lease assets	176.2	163.9
Investments in affiliates	512.7	436.9
Deferred tax assets	481.6	228.5
Other assets	346.8	268.7
Intangible assets, net	308.8	364.4
Goodwill	1,333.4	1,310.8
Total assets	11,421.2	10,103.7
Current Liabilities:
Borrowings due within one year	15.0	196.0
Accounts payable	1,207.3	1,385.3
Accrued expenses	2,903.8	2,271.3
Other current liabilities	217.5	235.4
Total current liabilities	4,343.6	4,088.0
Long-term debt, less current portion and debt issuance costs	1,377.2	1,264.8
Operating lease liabilities	134.4	125.4
Pensions and postretirement health care benefits	170.5	158.0
Deferred tax liabilities	122.6	112.0
Other noncurrent liabilities	616.1	472.9
Total liabilities	6,764.4	6,221.1
Commitments and contingencies (Note 22)
AGCO Corporation stockholders’ equity:
Preferred stock; $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding in 2023 and 2022	0.0	0.0
Common stock; $0.01 par value, 150,000,000 shares authorized, 74,517,973 and 74,600,815 shares issued and outstanding at December 31, 2023 and 2022, respectively	0.7	0.7
Additional paid-in capital	4.1	30.2
Retained earnings	6,360.0	5,654.6
Accumulated other comprehensive loss	(1,708.1)	(1,803.1)
Total AGCO Corporation stockholders’ equity	4,656.7	3,882.4
Noncontrolling interests	0.1	0.2
Total stockholders’ equity	4,656.8	3,882.6
Total liabilities and stockholders’ equity	$ 11,421.2	$ 10,103.7

Restructuring Expenses and Impairment Charges (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Beginning Balance		$ 6.8	$ 14.7	$ 16.8
Provision		11.9	6.9	20.1
Less: Non-cash expense			0.0	(0.2)
Cash expense			6.9	19.9
Provision reversal			(0.8)	(4.8)
Cash activity				(16.6)
Cash activity		(9.2)	(12.8)
Foreign currency translation		(1.7)	(1.2)	(0.6)
Restructuring Reserve, Ending Balance		7.8	6.8	14.7
Employee Severance
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Beginning Balance		6.8	14.5	11.1
Provision		9.9	6.9	18.4
Less: Non-cash expense			0.0	0.0
Cash expense			6.9	18.4
Provision reversal			(0.8)	(2.2)
Cash activity				(12.3)
Cash activity		(7.2)	(12.6)
Foreign currency translation		(1.7)	(1.2)	(0.5)
Restructuring Reserve, Ending Balance		7.8	6.8	14.5
Facility Closure Costs
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Beginning Balance		0.0	0.0	3.9
Provision		0.0	0.0	0.0
Less: Non-cash expense			0.0	0.0
Cash expense			0.0	0.0
Provision reversal			0.0	0.0
Cash activity				(3.9)
Cash activity		0.0	0.0
Foreign currency translation		0.0	0.0	0.0
Restructuring Reserve, Ending Balance		0.0	0.0	0.0
Write-down of Property, Plant and Equipment
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Beginning Balance		0.0	0.0	0.0
Provision		0.0	0.0	0.2
Less: Non-cash expense			0.0	(0.2)
Cash expense			0.0	0.0
Provision reversal			0.0	0.0
Cash activity				0.0
Cash activity		0.0	0.0
Foreign currency translation		0.0	0.0	0.0
Restructuring Reserve, Ending Balance		0.0	0.0	0.0
Other Related Closure Costs
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Beginning Balance		0.0	0.2	1.8
Provision		2.0	0.0	1.5
Less: Non-cash expense			0.0	0.0
Cash expense			0.0	1.5
Provision reversal			0.0	(0.1)
Cash activity				(2.9)
Cash activity		(2.0)	(0.2)
Foreign currency translation		0.0	0.0	(0.1)
Restructuring Reserve, Ending Balance		0.0	0.0	0.2
Loss on Sale of Joint Venture
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Beginning Balance		0.0	0.0	0.0
Provision	$ 2.1	0.0	0.0	0.0
Less: Non-cash expense			0.0	0.0
Cash expense			0.0	0.0
Provision reversal			0.0	(2.5)
Cash activity				2.5
Cash activity		0.0	0.0
Foreign currency translation		0.0	0.0	0.0
Restructuring Reserve, Ending Balance		$ 0.0	$ 0.0	$ 0.0

Income Taxes (Narrative) (Details) R$ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 BRL (R$)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 BRL (R$)
Income Taxes [Line Items]
Benefit related to the Swiss Tax reform legislation enacted	$ 193.9		$ (43.6)	$ (16.2)
Deferred tax asset for Swiss tax basis adjustment	197.7		0.0
Valuation allowance	149.8		47.3
Brazil Amnesty Program, net of United States foreign tax credit	26.4		0.0	0.0
Net deferred tax assets	359.0		116.5
Net operating loss carryforwards	133.9
Net operating loss carryforwards, not subject to expiration	50.8
Income taxes paid	463.6		304.0	247.3
Accrued or deferred taxes relating to uncertain income tax positions	9.9		10.4
Uncertain tax positions recorded in Other noncurrent liabilities	344.2		274.1
Deferred tax assets related to uncertain tax positions	2.9		2.8
Interest and penalties related to unrecognized tax benefits	0.3		6.0
Accrued interest and penalties related to unrecognized tax benefits	27.9		25.8
Unrecognized income tax benefits that would affect effective tax rate	351.2		281.7
Indirect favorable effects relating to other tax jurisdictions	103.9		74.0
Deposits	463.8		656.7	$ 833.0
Tax disallowance not including interest and penalties	27.1				R$ 131.5
Amnesty program gross estimate recorded to income tax provision	34.8	R$ 182.6
U.S. tax credits associated with the Amnesty program estimate	8.4
Amnesty program payment	37.8	R$ 188.5
Amnesty program payment, interest	1.2
Amnesty program payment, foreign currency translation	1.8
Change in tax positions, judgements, and lapses of statutes of limitations
Income Taxes [Line Items]
Indirect favorable effects relating to other tax jurisdictions	22.4		26.7
Foreign
Income Taxes [Line Items]
Net operating loss carryforwards	133.9
Deposits	26.9		45.1
Refunds received	19.7
Amount of unrecognized tax benefits that could be concluded on in the next 12 months	9.9
United States
Income Taxes [Line Items]
Unrecognized tax benefits to be utilized			$ 15.7
2024
Income Taxes [Line Items]
Net operating loss carryforwards, subject to expiration	7.2
2025
Income Taxes [Line Items]
Net operating loss carryforwards, subject to expiration	2.0
2026
Income Taxes [Line Items]
Net operating loss carryforwards, subject to expiration	73.9
Foreign tax basis adjustment
Income Taxes [Line Items]
Valuation allowance	85.4
Switzerland
Income Taxes [Line Items]
Benefit related to the Swiss Tax reform legislation enacted	$ 112.3

Stock Compensation Plans (Schedule of Stock Compensation Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	$ 46.4	$ 34.0	$ 27.6
Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	1.8	1.3	1.0
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	$ 44.6	$ 32.7	$ 26.6

Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 57.0	$ 52.3
Operating cash flows from finance leases	0.1	0.2
Financing cash flows from finance leases	0.9	1.0
Leased assets obtained in exchange for lease obligations:
Operating leases	54.8	65.5
Finance leases	$ 1.1	$ 0.4

Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

Contract Liabilities

Contract liabilities relate to the following: (1) unrecognized revenues where 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 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 payment of consideration precedes the Company’s performance with respect to precision technology services and where the performance obligation is satisfied over time.

Significant changes in the balance of contract liabilities for the years ended December 31, 2023 and 2022 were as follows (in millions):



	Year Ended December 31, 2023		Year Ended December 31, 2022
Balance at beginning of period	$	239.0	$	226.2

Advance consideration received	228.8		193.8

Revenue recognized during the period for extended warranty contracts, maintenance services and technology services	(110.6)		(82.0)
Revenue recognized during the period related to grain storage and protein production systems	(53.7)		(85.2)


Foreign currency translation	7.2		(13.8)
Balance as of December 31	$	310.7	$	239.0

The contract liabilities are classified as either "Accrued Expenses" or “Other current liabilities” and “Other noncurrent liabilities” in the Company’s Consolidated Balance Sheets. In 2023, the Company recognized approximately $132.2 million of revenue that was recorded as a contract liability at the beginning of 2023. In 2022, the Company recognized approximately $115.6 million of revenue that was recorded as a contract liability at the beginning of 2022.

Remaining Performance Obligations

The estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of December 31, 2023 are $113.5 million in 2024, $91.6 million in 2025, $53.1 million in 2026, $26.4 million in 2027 and $9.4 million thereafter, and relate primarily to extended warranty contracts. The Company applied the practical expedient in ASU 2014-09 and has not disclosed information about remaining performance obligations that have original expected durations of 12 months or less.

Disaggregated Revenue

Net sales for the year ended December 31, 2023 disaggregated by primary geographical markets and major products consisted of the following (in millions):


	North America		South America		Europe/ Middle East		Asia/ Pacific/Africa		Consolidated
Primary geographical markets:
United States	$	2,961.5	$	—	$	—	$	—	$	2,961.5
Canada	637.9		—		—		—		637.9
Germany	—		—		1,749.5		—		1,749.5
France	—		—		1,494.3		—		1,494.3
United Kingdom and Ireland	—		—		703.1		—		703.1
Finland and Scandinavia	—		—		837.3		—		837.3
Italy	—		—		457.1		—		457.1
Other Europe	—		—		1,871.5		—		1,871.5
Brazil	—		1,860.3		—		—		1,860.3
Other South America	—		358.1		—		—		358.1
Middle East and Algeria	—		—		427.7		—		427.7
Africa	—		—		—		144.3		144.3
Asia	—		—		—		362.7		362.7
Australia and New Zealand	—		—		—		378.0		378.0
Mexico, Central America and Caribbean	153.3		15.8		—		—		169.1
	$	3,752.7	$	2,234.2	$	7,540.5	$	885.0	$	14,412.4

Major products:
Tractors	$	1,402.3	$	1,288.4	$	5,532.9	$	487.4	$	8,711.0
Replacement parts	421.0		167.5		1,124.7		102.8		1,816.0
Grain storage and protein production systems	614.5		155.9		155.3		136.9		1,062.6
Combines, application equipment and other machinery	1,314.9		622.4		727.6		157.9		2,822.8
	$	3,752.7	$	2,234.2	$	7,540.5	$	885.0	$	14,412.4

Net sales for the year ended December 31, 2022 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	$	2,546.9	$	—	$	—	$	—	$	2,546.9
Canada	490.2		—		—		—		490.2
Germany	—		—		1,394.9		—		1,394.9
France	—		—		1,220.1		—		1,220.1
United Kingdom and Ireland	—		—		664.1		—		664.1
Finland and Scandinavia	—		—		838.8		—		838.8
Italy	—		—		421.7		—		421.7
Other Europe	—		—		1,691.5		—		1,691.5
Brazil	—		1,748.8		—		—		1,748.8
Other South America	—		358.0		—		—		358.0
Middle East and Algeria	—		—		216.2		—		216.2
Africa	—		—		—		157.0		157.0
Asia	—		—		—		384.2		384.2
Australia and New Zealand	—		—		—		366.2		366.2
Mexico, Central America and Caribbean	138.0		14.9		—		—		152.9
	$	3,175.1	$	2,121.6	$	6,447.3	$	907.4	$	12,651.4

Major products:
Tractors	$	1,191.1	$	1,147.2	$	4,607.2	$	478.6	$	7,424.1
Replacement parts	405.6		154.5		1,021.5		105.6		1,687.2
Grain storage and protein production systems	585.9		188.3		172.3		155.4		1,101.9
Combines, application equipment and other machinery	992.5		631.7		646.3		167.8		2,438.3
	$	3,175.1	$	2,121.6	$	6,447.3	$	907.4	$	12,651.4

___________________________________

(1) Rounding may impact the summation of amounts.

Net sales for the year ended December 31, 2021 disaggregated by primary geographical markets and major products consisted of the following (in millions):


	North America		South America		Europe/ Middle East		Asia/ Pacific/Africa		Consolidated
Primary geographical markets:
United States	$	2,116.2	$	—	$	—	$	—	$	2,116.2
Canada	436.7		—		—		—		436.7
Germany	—		—		1,332.0		—		1,332.0
France	—		—		1,129.1		—		1,129.1
United Kingdom and Ireland	—		—		635.3		—		635.3
Finland and Scandinavia	—		—		836.3		—		836.3
Italy	—		—		451.6		—		451.6
Other Europe	—		—		1,653.0		—		1,653.0
Brazil	—		1,017.8		—		—		1,017.8
Other South America	—		277.0		—		—		277.0
Middle East and Algeria	—		—		184.4		—		184.4
Africa	—		—		—		152.3		152.3
Asia	—		—		—		436.5		436.5
Australia and New Zealand	—		—		—		360.9		360.9
Mexico, Central America and Caribbean	106.3		12.9		—		—		119.2
	$	2,659.2	$	1,307.7	$	6,221.7	$	949.7	$	11,138.3

Major products:
Tractors	$	940.4	$	664.6	$	4,338.2	$	443.7	$	6,386.9
Replacement parts	379.1		131.8		1,070.5		106.5		1,687.9
Grain storage and protein production systems	534.9		140.1		174.0		227.1		1,076.1
Combines, application equipment and other machinery	804.8		371.2		639.0		172.4		1,987.4
	$	2,659.2	$	1,307.7	$	6,221.7	$	949.7	$	11,138.3

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Leases (Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate) (Details)	Dec. 31, 2023	Dec. 31, 2022
Weighted-average remaining lease term:
Operating leases	6 years	7 years
Finance leases	17 years	17 years
Weighted-average discount rate:
Operating leases	5.50%	4.70%
Finance leases	2.70%	2.70%

Derivative Instruments and Hedging Activities (After-Tax Impact of Changes in Fair Value and Derivatives Designated as Cash Flow Hedges) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	$ (8.9)	$ (14.6)	$ 5.1
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	(9.0)	(14.1)	3.0
Cost of goods sold	10,635.0	9,650.1	8,566.0
Cash flow hedging \| Derivative instruments designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	(8.9)	(14.6)	5.1
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	(9.0)	(14.1)	3.0
Foreign currency contracts \| Cash flow hedging \| Derivative instruments designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	(9.1)	(11.1)	(7.4)
Foreign currency contracts \| Cash flow hedging \| Derivative instruments designated as hedging instruments \| Cost of goods sold
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	(8.9)	(10.6)	(10.2)
Commodity contracts \| Cash flow hedging \| Derivative instruments designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	0.2	(3.5)	12.5
Commodity contracts \| Cash flow hedging \| Derivative instruments designated as hedging instruments \| Cost of goods sold
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	$ (0.1)	$ (3.5)	$ 13.2

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill during the years ended December 31, 2023, 2022 and 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
Acquisitions	16.2		—		0.6		—		16.8



Foreign currency translation	—		(5.8)		(32.4)		(4.3)		(42.5)
Balance as of December 31, 2021	609.6		81.7		469.5		120.0		1,280.8
Acquisition	59.8		—		—		—		59.8



Foreign currency translation	(2.1)		4.3		(25.2)		(6.8)		(29.8)
Balance as of December 31, 2022	667.3		86.0		444.3		113.2		1,310.8



Foreign currency translation	0.9		7.5		14.2		—		22.6
Balance as of December 31, 2023	$	668.2	$	93.5	$	458.5	$	113.2	$	1,333.4

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

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


Intangible Assets						Weighted-Average Useful Life
Patents and technology						10 years
Customer relationships						13 years
Trademarks and trade names						19 years
Land use rights						46 years

Changes in the carrying amount of acquired intangible assets during 2023 and 2022 are summarized as follows (in millions):


Gross Carrying Amounts	Trademarks and Trade Names		Customer Relationships		Patents and Technology		Land Use Rights		Total
Gross carrying amounts:
Balance as of December 31, 2021	$	189.0	$	568.6	$	139.9	$	7.0	$	904.5
Acquisitions	7.1		15.4		15.4		—		37.9



Foreign currency translation	(4.3)		(9.5)		(4.7)		(0.5)		(19.0)
Balance as of December 31, 2022	191.8		574.5		150.6		6.5		923.4


Impairment charge	—		—		(5.1)		—		(5.1)
Foreign currency translation	2.5		6.2		2.7		(0.2)		11.2
Balance as of December 31, 2023	$	194.3	$	580.7	$	148.2	$	6.3	$	929.5


Accumulated Amortization	Trademarks and Trade Names		Customer Relationships		Patents and Technology		Land Use Rights		Total
Accumulated amortization:
Balance as of December 31, 2021	$	93.1	$	409.7	$	94.7	$	1.5	$	599.0
Amortization expense	11.7		37.9		10.4		0.1		60.1

Foreign currency translation	(1.5)		(6.8)		(3.6)		—		(11.9)
Balance as of December 31, 2022	103.3		440.8		101.5		1.6		647.2
Amortization expense	10.0		36.8		10.8		0.1		57.7

Impairment charge	—		—		(1.0)		—		(1.0)
Foreign currency translation	1.2		5.8		2.0		—		9.0
Balance as of December 31, 2023	$	114.5	$	483.4	$	113.3	$	1.7	$	712.9

Schedule of Indefinite-lived Intangible Assets by Major Class


Indefinite-Lived Intangible Assets	Trademarks and Trade Names

Balance as of December 31, 2021	$	86.7
Foreign currency translation	(1.9)
Balance as of December 31, 2022	84.8
Foreign currency translation	1.1
Balance as of December 31, 2023	$	85.9

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Indebtedness (Components of Indebtedness) (Details) € in Millions, $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Oct. 06, 2021	Jan. 25, 2019 EUR (€)
Debt Instrument [Line Items]
Debt issuance costs	$ (3.1)		$ (3.6)
Total long-term debt	1,379.5		1,451.9
Total long-term indebtedness	1,377.2		1,264.8
Line of Credit \| Credit facility, expires 2027 \| Revolving credit facility
Debt Instrument [Line Items]
Long-term debt, gross	0.0		200.0
Line of Credit \| EIB Senior Term Loan due 2029
Debt Instrument [Line Items]
Long-term debt, gross	276.7		0.0
Senior Notes \| 1.002% EIB Senior term loan due 2025
Debt Instrument [Line Items]
Debt instrument, interest rate, percent					1.002%
Long-term debt, gross	276.7		267.3		€ 250.0
Senior Notes \| Senior term loans due between 2023 and 2028
Debt Instrument [Line Items]
Long-term debt, gross	162.1	€ 146.5	341.6
Senior Notes \| 0.800% Senior Notes Due 2028
Debt Instrument [Line Items]
Debt instrument, interest rate, percent				0.80%
Long-term debt, gross	664.0	€ 600.0	641.5
Senior Notes \| Senior term loans due 2023
Debt Instrument [Line Items]
Less: Senior term loans due 2023, net of debt issuance costs	0.0		(184.9)
Other Long-term debt
Debt Instrument [Line Items]
Long-term debt, gross	3.1		5.1
Less: Senior term loans due 2023, net of debt issuance costs	$ (2.3)		$ (2.2)

Pension and Postretirement Benefit Plans (Investment Strategies and Target Allocation) (Details) - Pension plan	12 Months Ended
	Dec. 31, 2023
U.S.
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Assets for the near-term benefit payments	80.00%
Assets for longer-term growth	20.00%
Target allocations	100.00%
U.S. \| Equity securities
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Target allocations	17.00%
U.S. \| Fixed income securities
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Target allocations	80.00%
U.S. \| Alternative Investments
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Target allocations	3.00%
Non-U.S.
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Assets for the near-term benefit payments	85.00%
Assets for longer-term growth	15.00%
Target allocations	100.00%
Non-U.S. \| Equity securities
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Target allocations	10.00%
Non-U.S. \| Fixed income securities
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Target allocations	85.00%
Non-U.S. \| Alternative Investments
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Target allocations	5.00%

Accounts Receivable Sales Agreements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Resale Agreement Counterparty [Line Items]
Outstanding accounts receivable securitization	$ 211.3	$ 69.5
Other expense, net
Resale Agreement Counterparty [Line Items]
Loss on sales of receivables	148.4	71.1	$ 24.5
Trade Receivables
Resale Agreement Counterparty [Line Items]
Cash received from receivables sold	254.1	226.0
United States, Canada, Europe, and Brazil
Resale Agreement Counterparty [Line Items]
Cash received from receivables sold	$ 2,500.0	$ 1,800.0

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finance joint ventures
Related Party Transaction [Line Items]
Dividends from related parties	$ 28.9	$ 27.0	$ 84.4
Finance joint ventures \| Related Party
Related Party Transaction [Line Items]
Payments to acquire interest in joint venture	24.6	0.0	0.0
TAFE
Related Party Transaction [Line Items]
Dividends from related parties	2.9	2.1	2.0
Purchases from related party	171.6	148.7	137.6
TAFE \| Sale of Parts
Related Party Transaction [Line Items]
Sales to related party	$ 3.6	$ 1.2	$ 1.4
Rabobank \| Finance joint ventures
Related Party Transaction [Line Items]
Percentage of noncontrolling interest owned by parent	51.00%
TAFE \| AGCO Corporation
Related Party Transaction [Line Items]
Beneficial ownership of related parties (in shares)	12,150,152
Beneficial ownership of related parties, maximum shares allowed per letter agreement (in shares)	12,150,152

Stock Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Compensation Expense

The Company recorded stock compensation expense as follows for the years ended December 31, 2023, 2022 and 2021 (in millions):


	Years Ended December 31,
	2023		2022		2021
Cost of goods sold	$	1.8	$	1.3	$	1.0
Selling, general and administrative expenses	44.6		32.7		26.6
Total stock compensation expense	$	46.4	$	34.0	$	27.6

Schedule of weighted average grant-date fair value of performance awards

The weighted average grant-date fair value of performance awards granted under the Plan during 2023, 2022 and 2021 was as follows:


	Years Ended December 31,
	2023		2022		2021
Weighted average grant-date fair value	$	143.63	$	119.35	$	123.33

The weighted average grant-date fair value of the RSUs granted under the Plan during 2023, 2022 and 2021 was as follows:


	Years Ended December 31,
	2023		2022		2021
Weighted average grant-date fair value	$	134.63	$	109.09	$	113.91

Performance Award Transactions

Performance award transactions during 2023 were as follows and are presented as if the Company were to achieve its maximum levels of performance under the plan:


	Performance awards	Weighted-Average Grant Date Fair Value
Shares awarded but not earned at January 1	543,904	$	120.94
Shares awarded	289,742	143.63
Shares forfeited	(29,786)	127.77
Shares vested or earned	(232,478)	123.28
Shares awarded but not earned at December 31	571,382	$	131.14

Schedule of Nonvested Restricted Stock Units Activity

RSU transactions during the year ended December 31, 2023 were as follows:


	RSUs	Weighted-Average Grant Date Fair Value
Shares awarded but not vested at January 1	213,198	$	104.62
Shares awarded (1)	117,840	134.63
Shares forfeited	(9,293)	120.39
Shares vested	(107,798)	98.95
Shares awarded but not vested at December 31	213,947	$	122.48

____________________________________

Pension and Postretirement Benefit Plans (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, minimum contributions in the next fiscal year	$ 16.7
Company contributions to defined contribution plan	$ 21.1	$ 17.9	$ 16.9
U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected return next fiscal year	5.75%
U.K
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected return next fiscal year	5.75%
ENPP
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, retirement income, maximum period over which benefits are paid	15 years
Defined benefit plan, minimum vesting age	50 years
Defined benefit plan, minimum service period to qualify	10 years
Defined benefit plan, minimum service period for vesting	5 years
Defined benefit plan, minimum age to receive benefits	65 years		65 years
Postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, weighted average discount rate used to determine the benefit obligation	6.70%	6.60%
Health care cost trend rate assumed	7.80%
Estimated benefit payments in the next fiscal year	$ 1.7
Benefits payments	1.8	$ 1.7
Postretirement benefits \| Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Prior service cost arising during the year	0.0	$ 25.5
Postretirement benefits \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Expected amortization of prior service cost in the next fiscal year	$ 0.0
Health care cost trend rate assumed		8.00%
Ultimate health care cost trend rate	5.00%	5.00%
Estimated benefit payments in the next fiscal year	$ 1.6
Postretirement benefits \| Brazil
Defined Benefit Plan Disclosure [Line Items]
Health care cost trend rate assumed	10.20%	10.20%
Ultimate health care cost trend rate	4.50%	4.50%
Estimated benefit payments in the next fiscal year	$ 0.1
Pension plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, weighted average discount rate used to determine the benefit obligation	4.50%	4.90%
Estimated benefit payments in the next fiscal year	$ 50.1
Benefit payments made to defined benefit pension plans and ENPP	51.0
Benefits payments	$ 46.1	$ 44.0
Pension plan \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, weighted average discount rate used to determine the benefit obligation	5.30%	5.70%
Defined benefit plan, minimum contributions in the next fiscal year	$ 5.0
Defined benefit plan, historical average return on asset mix	5.80%
Pension plan \| Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, minimum contributions in the next fiscal year	$ 24.4
Defined benefit plan, historical average return on asset mix	7.10%
Pension plan \| U.K
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, minimum contributions in the next fiscal year	$ 13.9

Stock Compensation Plans (Performance Awards) (Details) - Performance Shares - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Activity
Shares awarded but not earned/ vested at January 1 (in shares)	543,904
Shares awarded (in shares)	289,742
Shares forfeited (in shares)	(29,786)
Shares vested or earned (in shares)	(232,478)
Shares awarded but not earned/ vested at December 31 (in shares)	571,382	543,904
Weighted-Average Grant Date Fair Value
Shares awarded but not earned/ vested at January 1 (in dollars per share)	$ 120.94
Shares awarded (in dollars per share)	143.63	$ 119.35	$ 123.33
Shares forfeited (in dollars per share)	127.77
Shares vested or earned (in dollars per share)	123.28
Shares awarded but not earned/ vested at December 31 (in dollars per share)	$ 131.14	$ 120.94

Operations and Summary of Significant Accounting Policies (Leases) (Details)	Dec. 31, 2023
Maximum
Accounting Policies [Line Items]
Lessor, operating lease, renewal term	13 years

Pension and Postretirement Benefit Plans (Fair Value of Pension Assets) (Details) - Pension plan - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	$ 572.0	$ 528.7	$ 815.6
Government treasuries
Defined Benefit Plan, Plan Assets, Category [Line Items]
Investment within plan asset category, percentage	67.00%	57.00%
Foreign
Defined Benefit Plan, Plan Assets, Category [Line Items]
Investment within plan asset category, percentage	27.00%	21.00%
Investment grade corporate bonds
Defined Benefit Plan, Plan Assets, Category [Line Items]
Investment within plan asset category, percentage	4.00%	14.00%
High-yield
Defined Benefit Plan, Plan Assets, Category [Line Items]
Investment within plan asset category, percentage	2.00%	7.00%
Other
Defined Benefit Plan, Plan Assets, Category [Line Items]
Investment within plan asset category, percentage		1.00%
Relative value funds
Defined Benefit Plan, Plan Assets, Category [Line Items]
Investment within plan asset category, percentage	53.00%	51.00%
Long-short equity funds
Defined Benefit Plan, Plan Assets, Category [Line Items]
Investment within plan asset category, percentage	24.00%	23.00%
Event-driven funds
Defined Benefit Plan, Plan Assets, Category [Line Items]
Investment within plan asset category, percentage	8.00%	11.00%
Credit funds
Defined Benefit Plan, Plan Assets, Category [Line Items]
Investment within plan asset category, percentage	9.00%	9.00%
Hedged and non-hedged funds
Defined Benefit Plan, Plan Assets, Category [Line Items]
Investment within plan asset category, percentage	6.00%	6.00%
Total of Level 1, Level 2, and Level 3 \| Total equity securities
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	$ 55.8	$ 53.0
Total of Level 1, Level 2, and Level 3 \| Global equities
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	55.8	50.1
Total of Level 1, Level 2, and Level 3 \| U.S. large cap equities
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets		2.9
Total of Level 1, Level 2, and Level 3 \| Total fixed income share
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	437.1	394.1
Total of Level 1, Level 2, and Level 3 \| Aggregate fixed income
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	437.1	394.1
Total of Level 1, Level 2, and Level 3 \| Total alternative investments
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	35.4	34.6
Total of Level 1, Level 2, and Level 3 \| Private equity fund
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	2.2	2.4
Total of Level 1, Level 2, and Level 3 \| Miscellaneous funds
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	38.8	37.8
Level 1
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	437.1	405.7
Level 1 \| Total equity securities
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	0.0	11.6
Level 1 \| Global equities
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets		8.7
Level 1 \| U.S. large cap equities
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets		2.9
Level 1 \| Total fixed income share
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	437.1	394.1
Level 1 \| Aggregate fixed income
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	437.1	394.1
Level 1 \| Total alternative investments
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	0.0	0.0
Level 1 \| Private equity fund
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets		0.0
Level 1 \| Miscellaneous funds
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	0.0	0.0
Level 2
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	55.8	41.4
Level 2 \| Total equity securities
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	55.8	41.4
Level 2 \| Global equities
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	55.8	41.4
Level 2 \| U.S. large cap equities
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets		0.0
Level 2 \| Total fixed income share
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	0.0	0.0
Level 2 \| Aggregate fixed income
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	0.0	0.0
Level 2 \| Total alternative investments
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	0.0	0.0
Level 2 \| Private equity fund
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	0.0	0.0
Level 2 \| Miscellaneous funds
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	0.0	0.0
Level 3
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	41.0	40.2	43.7
Level 3 \| Total equity securities
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	0.0	0.0
Level 3 \| Global equities
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	0.0	0.0
Level 3 \| U.S. large cap equities
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets		0.0
Level 3 \| Total fixed income share
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	0.0	0.0
Level 3 \| Aggregate fixed income
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	0.0	0.0
Level 3 \| Total alternative investments
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	2.2	2.4	3.5
Level 3 \| Private equity fund
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	2.2	2.4
Level 3 \| Miscellaneous funds
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	38.8	37.8	$ 40.2
Measured at net asset value per share \| Hedge funds
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	33.2	32.2
Measured at net asset value per share \| Cash and cash equivalents
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total assets	$ 4.9	$ 9.2

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 1,171.3	$ 874.7	$ 901.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	230.4	209.5	220.7
Asset Impairment Charges	4.1	36.0	0.0
Amortization of intangibles	57.7	60.1	61.1
Stock compensation expense	46.4	34.0	27.4
Equity in net earnings of affiliates, net of cash received	(36.4)	(40.8)	(1.9)
Deferred income tax benefit	(264.4)	(58.0)	(117.9)
Other	6.7	16.2	20.5
Changes in operating assets and liabilities:
Accounts and notes receivable, net	(443.8)	(306.1)	(207.7)
Inventories, net	(164.4)	(668.3)	(762.6)
Other current and noncurrent assets	(243.0)	20.1	(268.0)
Accounts payable	(191.6)	322.1	292.2
Accrued expenses	566.5	282.7	241.2
Other current and noncurrent liabilities	363.6	56.0	253.7
Total adjustments	(68.2)	(36.5)	(241.3)
Net cash provided by operating activities	1,103.1	838.2	660.2
Cash flows from investing activities:
Purchases of property, plant and equipment	(518.1)	(388.3)	(269.8)
Proceeds from sale of property, plant and equipment	11.8	2.6	6.3
Purchase of businesses, net of cash acquired	(9.8)	(111.3)	(22.6)
Sale of, distributions from (investments in) unconsolidated affiliates, net	(21.6)	4.0	13.1
Other	(8.0)	(3.8)	(15.4)
Net cash used in investing activities	(545.7)	(496.8)	(288.4)
Cash flows from financing activities:
Proceeds from indebtedness	329.8	410.5	2,497.6
Repayments of indebtedness	(458.6)	(377.5)	(2,501.4)
Purchases and retirement of common stock	(53.0)	0.0	(135.0)
Payment of dividends to stockholders	(457.4)	(404.3)	(358.5)
Payment of minimum tax withholdings on stock compensation	(21.6)	(20.6)	(34.9)
Payment of debt issuance costs	(10.9)	(3.6)	(3.8)
Distributions to noncontrolling interests, net	0.0	(11.5)	(3.5)
Net cash used in financing activities	(671.7)	(407.0)	(539.5)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(79.7)	(34.0)	(62.3)
Decrease in cash, cash equivalents and restricted cash	(194.0)	(99.6)	(230.0)
Cash, cash equivalents and restricted cash, beginning of year	789.5	889.1	1,119.1
Cash, cash equivalents and restricted cash, end of year	$ 595.5	$ 789.5	$ 889.1

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Lease Assets and Liabilities

Total lease assets and liabilities at December 31, 2023 and 2022 were as follows (in millions):


Lease Assets	Classification	As of December 31, 2023		As of December 31, 2022
Operating ROU assets	Right-of-use lease assets	$	176.2	$	163.9
Finance lease assets	Property, plant and equipment, net(1)	6.5		6.7
Total lease assets		$	182.7	$	170.6

Lease Liabilities	Classification	As of December 31, 2023		As of December 31, 2022
Current:
Operating	Accrued expenses	$	45.4	$	42.2
Finance	Other current liabilities	0.5		0.7

Noncurrent:
Operating	Operating lease liabilities	134.4		125.4
Finance	Other noncurrent liabilities	5.4		5.4
Total lease liabilities		$	185.7	$	173.7

____________________________________

(1) Finance lease assets are recorded net of accumulated depreciation of $3.1 million and $5.1 million as of December 31, 2023 and 2022, respectively.

Schedule of Lease Cost and Supplemental Information

Total lease costs for 2023 and 2022 are set forth below (in millions):


	Classification	Year Ended December 31, 2023		Year Ended December 31, 2022
Operating lease cost	Selling, general and administrative expenses	$	57.2	$	51.2
Variable lease cost	Selling, general and administrative expenses	2.3		1.7
Short-term lease cost	Selling, general and administrative expenses	24.1		17.5
Finance lease cost:
Amortization of lease assets	Depreciation expense(1)	0.7		1.0
Interest on lease liabilities	Interest expense, net	0.2		0.2
Total lease cost		$	84.5	$	71.6

____________________________________

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

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


	As of December 31, 2023		As of December 31, 2022
Weighted-average remaining lease term:
Operating leases	6 years		7 years
Finance leases	17 years		17 years

Weighted-average discount rate:
Operating leases	5.5	%	4.7	%
Finance leases	2.7	%	2.7	%

The following table summarizes the supplemental cash flow information for 2023 and 2022 (in millions):


	Year Ended December 31, 2023		Year Ended December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	57.0	$	52.3
Operating cash flows from finance leases	0.1		0.2
Financing cash flows from finance leases	0.9		1.0

Leased assets obtained in exchange for lease obligations:
Operating leases	$	54.8	$	65.5
Finance leases	1.1		0.4

Schedule of Lease Payment Amounts for Operating Leases

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of December 31, 2023 were as follows (in millions):


	December 31, 2023
		Operating Leases		Finance Leases


2024		$	52.8	$	0.7
2025		43.0		0.6
2026		32.6		0.4
2027		19.7		0.3
2028		14.7		0.1
Thereafter		46.5		5.8
Total lease payments		209.3		7.9
Less: imputed interest(1)		(29.5)		(2.0)

Present value of lease liabilities		$	179.8	$	5.9

____________________________________

(1) Calculated using the implicit interest rate for each lease or the Company’s incremental borrowing rate, when implicit rate is not available

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of December 31, 2022 were as follows (in millions):


	December 31, 2022
		Operating Leases		Finance Leases
2023		$	47.8	$	0.8
2024		36.6		0.6
2025		27.0		0.4
2026		19.1		0.2
2027		13.4		0.2
Thereafter		51.2		6.0
Total lease payments		195.1		8.2
Less: imputed interest(1)		(27.5)		(2.1)

Present value of lease liabilities		$	167.6	$	6.1

____________________________________

(1) Calculated using the implicit interest rate for each lease or the Company’s incremental borrowing rate, when implicit rate is not available

Schedule of Lease Payment Amounts for Finance Leases

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of December 31, 2023 were as follows (in millions):


	December 31, 2023
		Operating Leases		Finance Leases


2024		$	52.8	$	0.7
2025		43.0		0.6
2026		32.6		0.4
2027		19.7		0.3
2028		14.7		0.1
Thereafter		46.5		5.8
Total lease payments		209.3		7.9
Less: imputed interest(1)		(29.5)		(2.0)

Present value of lease liabilities		$	179.8	$	5.9

____________________________________

(1) Calculated using the implicit interest rate for each lease or the Company’s incremental borrowing rate, when implicit rate is not available

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of December 31, 2022 were as follows (in millions):


	December 31, 2022
		Operating Leases		Finance Leases
2023		$	47.8	$	0.8
2024		36.6		0.6
2025		27.0		0.4
2026		19.1		0.2
2027		13.4		0.2
Thereafter		51.2		6.0
Total lease payments		195.1		8.2
Less: imputed interest(1)		(27.5)		(2.1)

Present value of lease liabilities		$	167.6	$	6.1

____________________________________

(1) Calculated using the implicit interest rate for each lease or the Company’s incremental borrowing rate, when implicit rate is not available

Pension and Postretirement Benefit Plans (Weighted Average Asset Allocation) (Details) - Pension plan	Dec. 31, 2023	Dec. 31, 2022
U.S.
Defined Benefit Plan, Plan Assets, Category [Line Items]
Asset allocation	100.00%	100.00%
U.S. \| Equity securities
Defined Benefit Plan, Plan Assets, Category [Line Items]
Asset allocation	0.00%	10.00%
U.S. \| Fixed income securities
Defined Benefit Plan, Plan Assets, Category [Line Items]
Asset allocation	89.00%	79.00%
U.S. \| Other investments
Defined Benefit Plan, Plan Assets, Category [Line Items]
Asset allocation	11.00%	11.00%
U.K
Defined Benefit Plan, Plan Assets, Category [Line Items]
Asset allocation	100.00%	100.00%
U.K \| Equity securities
Defined Benefit Plan, Plan Assets, Category [Line Items]
Asset allocation	11.00%	11.00%
U.K \| Fixed income securities
Defined Benefit Plan, Plan Assets, Category [Line Items]
Asset allocation	82.00%	80.00%
U.K \| Other investments
Defined Benefit Plan, Plan Assets, Category [Line Items]
Asset allocation	7.00%	9.00%

Supplier Finance Programs	12 Months Ended
Supplier Finance Programs	Dec. 31, 2023
Payables and Accruals [Abstract]
Supplier Finance Programs	SUPPLIER FINANCE PROGRAMS The Company has supplier financing arrangements with certain banks or other intermediaries whereby a bank or intermediary purchases receivables held by the Company’s suppliers. Under the program, suppliers have the option to be paid by the bank or intermediary earlier than the payment due date. When the supplier receives an early payment, they receive discounted amounts, and the Company pays the bank or intermediary the face amount of the invoice on the payment due date. The Company does not reimburse suppliers for any costs incurred for participation in the program. The Company and its suppliers agree on the contractual terms, including prices, quantities and payment terms, regardless of whether the supplier elects to participate in the supplier finance programs. The suppliers’ voluntary inclusion in the supplier financing programs has no bearing on the Company’s payment terms. The Company has no economic interest in a supplier’s decision to participate in the programs, and the Company has no direct financial relationship with the banks or other intermediaries as it relates to the supplier finance programs. As of December 31, 2023, payment terms with the majority of the Company’s suppliers are generally 30 to 180 days, which correspond to the contractual terms, with rates that are based on market rates (such as SOFR) plus a credit spread. There are no assets pledged as security under the programs. As of December 31, 2023 and 2022, the amounts outstanding that remain unpaid to the banks or other intermediaries totaled $82.7 million and $121.5 million, respectively, and are reflected in “Accounts payable” in the Company’s Consolidated Balance Sheets.

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 1,171.3	$ 874.7	$ 901.5
Defined benefit pension plans, net of taxes:
Prior service (cost) credit arising during the year	0.0	(19.1)	10.0
Net loss (gain) recognized due to settlement	0.4	(0.4)	0.1
Net loss recognized due to curtailment	0.0	0.0	6.3
Net actuarial (loss) gain arising during the year	(16.1)	12.3	53.6
Amortization of prior service cost included in net periodic pension cost	1.3	0.0	0.6
Amortization of net actuarial losses included in net periodic pension cost	7.0	6.4	12.3
Derivative adjustments:
Net changes in fair value of derivatives	(8.9)	(14.6)	5.1
Net losses (gains) reclassified from accumulated other comprehensive loss into income	9.0	14.1	(3.0)
Foreign currency translation adjustments	102.3	(30.0)	(45.5)
Other comprehensive income (loss), net of reclassification adjustments	95.0	(31.3)	39.5
Comprehensive income	1,266.3	843.4	941.0
Comprehensive loss (income) attributable to noncontrolling interests	0.1	14.0	(4.1)
Comprehensive income attributable to AGCO Corporation and subsidiaries	$ 1,266.4	$ 857.4	$ 936.9

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accrued Expenses

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses

ACCRUED EXPENSES

Accrued expenses at December 31, 2023 and 2022 consisted of the following (in millions):


	2023		2022
Reserve for volume discounts and sales incentives	$	953.6	$	630.8
Warranty reserves	679.9		546.0
Accrued employee compensation and benefits	454.8		390.2
Accrued taxes	401.2		344.8
Other	414.3		359.5
Balance at the end of the year	$	2,903.8	$	2,271.3

Investments in Affiliates

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments in Affiliates

INVESTMENTS IN AFFILIATES

Investments in affiliates as of December 31, 2023 and 2022 were as follows (in millions):


	2023		2022
Finance joint ventures	$	464.3	$	390.2
Manufacturing joint ventures	30.6		29.9
Other affiliates	17.8		16.8
	$	512.7	$	436.9

The Company’s finance joint ventures provide retail financing and wholesale financing to its dealers. The majority of the assets of the Company’s finance joint ventures represents finance receivables. The majority of the liabilities represents notes payable and accrued interest. Under the various joint venture agreements, Rabobank or its affiliates provide financing to the joint venture companies. AGCO has a 49% interest in the Company’s finance joint ventures. Refer to Note 18 for further discussion of the Company's relationship with Rabobank.

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

The Company concluded it has significant influence over its finance and manufacturing joint ventures and accounted for these investments using the equity method of accounting. The Company records investments in affiliates at cost when it has concluded it does not have significant influence and has ownership interests below 20%.

The Company’s equity in net earnings of affiliates for the years ended December 31, 2023, 2022 and 2021 were as follows (in millions):


	2023		2022		2021
Finance joint ventures	$	66.9	$	63.0	$	64.4
Manufacturing and other joint ventures	1.3		1.1		1.2
	$	68.2	$	64.1	$	65.6

Summarized combined financial information of the Company’s finance joint ventures as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021 were as follows (in millions):


	As of December 31,
	2023		2022
Total assets	$	10,035.8	$	8,359.1
Total liabilities	9,088.3		7,562.8
Partners’ equity	947.5		796.3


	For the Years Ended December 31,
	2023		2022		2021
Revenues	$	680.5	$	454.6	$	411.1
Costs	468.6		274.9		228.1
Income before income taxes	$	211.9	$	179.7	$	183.0

At December 31, 2023 and 2022, the Company’s receivables from affiliates were approximately $146.9 million and $60.8 million, respectively. The receivables from affiliates are reflected within “Accounts and notes receivable, net” within the Company’s Consolidated Balance Sheets.

The portion of the Company’s retained earnings balance that represents undistributed retained earnings of equity method investees was approximately $445.1 million and $401.9 million as of December 31, 2023 and 2022, respectively. The Company received dividends from certain finance joint ventures of approximately $28.9 million and $27.0 million during 2023 and 2022, respectively. There were no returns on investment in excess of earnings in 2023. During 2022, approximately $5.7 million of these dividends were a return of investment in excess of earnings related to a certain finance joint venture, and were included within “Sale of, distributions from (investments in) unconsolidated affiliates, net” within the Company’s Consolidated Statements of Cash Flows. In addition, during the year ended December 31, 2022, the Company recorded a write-down of the investment in its Russian finance joint venture of approximately $4.8 million, reflected within “Equity in net earnings of affiliates” in the Consolidated Statements of Operations. The Russian finance joint venture was sold during the three months ended December 31, 2022.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES The future payments required under the Company’s significant commitments, excluding indebtedness, as of December 31, 2023 are as follows (in millions): Interest payments on indebtedness – The Company expects to make interest payments of approximately $56.1 million during the year ending December 31, 2024 related to indebtedness outstanding as of December 31, 2023. Indebtedness amounts reflect the principal amount of the Company’s EIB senior term loans, senior notes, credit facility and certain short-term borrowings, gross of any debt issuance costs. The projected amount of interest payments includes assumptions regarding the future fluctuations in interest rates, as well as borrowings under the Company’s revolving credit facility and other variable debt instruments. The projected amount does not include interest payments related to future indebtedness expected to finance the planned Trimble Ag joint venture. Refer to Note 11 of the Consolidated Financial Statements for additional information regarding indebtedness. Unconditional purchase obligations – As of December 31, 2023, the Company had approximately $263.7 million of outstanding purchase obligations payable during the year ending December 31, 2024. The Company's unconditional purchase obligations are primarily payable within 12 months. Other short-term and long-term obligations – As of December 31, 2023, the Company has approximately $9.9 million of income tax liabilities related to uncertain income tax provisions connected with ongoing income tax audits in various jurisdictions that it expects to pay or settle within the next 12 months. These liabilities and related income tax audits are subject to statutory expiration. Additionally, we had approximately $16.7 million of estimated future minimum contribution requirements under our U.S. and non-U.S. defined benefit pension and postretirement plans due during the year ending December 31, 2024. Refer to Notes 19 and 20 of the Consolidated Financial Statements for additional information regarding the Company’s uncertain tax positions and pension and postretirement plans, respectively. These obligations comprise a majority of the Company’s other short-term and long-term obligations. Off-Balance Sheet Arrangements Guarantees At December 31, 2023, the Company had outstanding guarantees issued to its Argentine finance joint venture, AGCO Capital Argentina S.A. (“AGCO Capital”) of approximately $42.2 million. Such guarantees generally obligate the Company to repay outstanding finance obligations owed to AGCO Capital if end users default on such loans to the extent that, due to non-Credit Risk, the end users are not able, or not required, to pay their loans, or are required to pay in a different currency than the one agreed in their loan. 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. The Company believes the credit risk associated with these guarantees is not material. In addition, at December 31, 2023, the Company accrued approximately $13.8 million of outstanding guarantees of residual values that may be owed to its finance joint ventures in the United States and Canada 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 $182.1 million. Other At December 31, 2023, the Company had outstanding designated and non-designated foreign exchange contracts with a gross notional amount of approximately $3,387.3 million. The outstanding contracts as of December 31, 2023 range in maturity through December 2024. The Company also had outstanding designated steel commodity contracts with a gross notional amount of approximately $2.5 million that range in maturity through June 2024. 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. Refer to Note 4 for discussion of the Company’s accounts receivable sales agreements. Contingencies During 2017, the Company purchased Precision Planting, which provides precision agricultural technology solutions. In 2018, Deere & Company (“Deere”) filed separate complaints in the U.S. District Court of Delaware against the Company and Precision Planting alleging that certain products of those entities infringed certain patents of Deere. The two complaints subsequently were consolidated into a single case, Case No. 1:18-cv-00827-CFC. In July 2022, the case was tried before a jury, which determined that the Company and Precision Planting had not infringed the Deere patents. Following customary post-trial procedures, the Court entered a judgement in the Company’s favor, and Deere appealed the judgment to the U.S. Court of Appeals for the Federal Circuit. The appeal is fully briefed and is awaiting oral arguments before the court. The Company has an indemnity right under the purchase agreement related to the acquisition of Precision Planting from its previous owner. Pursuant to that right, the previous owner of Precision Planting currently is responsible for the litigation costs associated with the complaint and is obligated to reimburse AGCO for some or all of the damages in the event of an adverse outcome in the litigation. The Company is a party to various other legal claims and actions incidental to its business. The Company believes that none of these claims or actions, either individually or in the aggregate, is material to its business or financial statements as a whole, including its results of operations and financial condition.

Goodwill and Other Intangible Assets (Schedule of Change in Carrying Amount of Intangible Assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Gross Carrying Amounts
Finite-lived intangible assets, beginning of period	$ 923.4	$ 904.5
Acquisitions		37.9
Impairment charge	(5.1)
Foreign currency translation	11.2	(19.0)
Finite-lived intangible assets, end of period	929.5	923.4	$ 904.5
Accumulated Amortization
Finite-lived intangible assets, accumulated amortization, beginning of period	647.2	599.0
Amortization expense	57.7	60.1	61.1
Impairment charge	(1.0)
Foreign currency translation	9.0	(11.9)
Finite-lived intangible assets, accumulated amortization, end of period	$ 712.9	647.2	599.0
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Asset Impairment Charges
Trademarks and Trade Names
Gross Carrying Amounts
Finite-lived intangible assets, beginning of period	$ 191.8	189.0
Acquisitions		7.1
Impairment charge	0.0
Foreign currency translation	2.5	(4.3)
Finite-lived intangible assets, end of period	194.3	191.8	189.0
Accumulated Amortization
Finite-lived intangible assets, accumulated amortization, beginning of period	103.3	93.1
Amortization expense	10.0	11.7
Impairment charge	0.0
Foreign currency translation	1.2	(1.5)
Finite-lived intangible assets, accumulated amortization, end of period	114.5	103.3	93.1
Customer Relationships
Gross Carrying Amounts
Finite-lived intangible assets, beginning of period	574.5	568.6
Acquisitions		15.4
Impairment charge	0.0
Foreign currency translation	6.2	(9.5)
Finite-lived intangible assets, end of period	580.7	574.5	568.6
Accumulated Amortization
Finite-lived intangible assets, accumulated amortization, beginning of period	440.8	409.7
Amortization expense	36.8	37.9
Impairment charge	0.0
Foreign currency translation	5.8	(6.8)
Finite-lived intangible assets, accumulated amortization, end of period	483.4	440.8	409.7
Patents and Technology
Gross Carrying Amounts
Finite-lived intangible assets, beginning of period	150.6	139.9
Acquisitions		15.4
Impairment charge	(5.1)
Foreign currency translation	2.7	(4.7)
Finite-lived intangible assets, end of period	148.2	150.6	139.9
Accumulated Amortization
Finite-lived intangible assets, accumulated amortization, beginning of period	101.5	94.7
Amortization expense	10.8	10.4
Impairment charge	(1.0)
Foreign currency translation	2.0	(3.6)
Finite-lived intangible assets, accumulated amortization, end of period	113.3	101.5	94.7
Land Use Rights
Gross Carrying Amounts
Finite-lived intangible assets, beginning of period	6.5	7.0
Acquisitions		0.0
Impairment charge	0.0
Foreign currency translation	(0.2)	(0.5)
Finite-lived intangible assets, end of period	6.3	6.5	7.0
Accumulated Amortization
Finite-lived intangible assets, accumulated amortization, beginning of period	1.6	1.5
Amortization expense	0.1	0.1
Impairment charge	0.0
Foreign currency translation	0.0	0.0
Finite-lived intangible assets, accumulated amortization, end of period	$ 1.7	$ 1.6	$ 1.5

Net Income Per Common Share

12 Months Ended

Dec. 31, 2023

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 stock-settled stock appreciation rights and the vesting of performance share awards and restricted stock units using the treasury stock method when there is no other circumstance other than the passage of time under which they would not be issued, and 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 years ended December 31, 2023, 2022 and 2021 is as follows (in millions, except per share data):


	2023		2022		2021
Basic net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$	1,171.4	$	889.6	$	897.0
Weighted average number of common shares outstanding	74.8		74.6		75.2
Basic net income per share attributable to AGCO Corporation and subsidiaries	$	15.66	$	11.92	$	11.93
Diluted net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$	1,171.4	$	889.6	$	897.0
Weighted average number of common shares outstanding	74.8		74.6		75.2
Dilutive SSARs, performance share awards and RSUs	0.1		0.3		0.5
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share	74.9		74.9		75.7
Diluted net income per share attributable to AGCO Corporation and subsidiaries	$	15.63	$	11.87	$	11.85

Leases (Assets and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Lease Assets
Operating ROU assets	$ 176.2	$ 163.9
Finance lease assets	6.5	6.7
Total lease assets	$ 182.7	$ 170.6
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Current:
Operating	$ 45.4	$ 42.2
Finance	$ 0.5	$ 0.7
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current	Accrued Liabilities, Current
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Noncurrent:
Operating	$ 134.4	$ 125.4
Finance	$ 5.4	$ 5.4
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities	Other noncurrent liabilities
Total lease liabilities	$ 185.7	$ 173.7
Finance lease asset, accumulated depreciation	$ 3.1	$ 5.1

Pension and Postretirement Benefit Plans (Various Tables) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair value of plan assets, aggregate projected benefit obligation and accumulated benefit obligation
Fair value of plan assets	$ 37.3	$ 39.4
Projected benefit obligation	220.2	209.8
Accumulated benefit obligation	209.3	199.0
Pension plan
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial (gains) losses	280.2	270.0
Net prior service cost	$ 31.4	32.5
Pension plan \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Average amortization period of losses related to defined benefit pension plans	13 years
Fair value of plan assets, aggregate projected benefit obligation and accumulated benefit obligation
Fair value of plan assets	$ 0.0	3.3
Projected benefit obligation	104.9	106.1
Accumulated benefit obligation	$ 104.1	103.4
Pension plan \| U.K
Defined Benefit Plan Disclosure [Line Items]
Average amortization period of losses related to defined benefit pension plans	18 years
ENPP
Defined Benefit Plan Disclosure [Line Items]
Average amortization period of losses related to defined benefit pension plans	6 years
Postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Net prior service cost	$ 3.0	3.1
Postretirement benefits \| U.S. and Brazil
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial (gains) losses	(0.2)	(2.0)
Postretirement benefits \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial (gains) losses	$ (1.2)	$ (1.1)

Investments in Affiliates (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Line Items]
Accounts and notes receivable, net		$ 1,605.3	$ 1,221.3
Undistributed earnings		445.1	401.9
Dividends from joint ventures		28.9	27.0
Return of investment in excess of earnings		0.0	5.7
Write-down of investment		(68.2)	(64.1)	$ (65.6)
Affiliates
Noncontrolling Interest [Line Items]
Accounts and notes receivable, net		$ 146.9	60.8
Finance joint ventures
Noncontrolling Interest [Line Items]
Ownership percentage		49.00%
Write-down of investment		$ (66.9)	(63.0)	$ (64.4)
Russian Finance Joint Venture
Noncontrolling Interest [Line Items]
Write-down of investment	$ 4.8		$ 4.8

Commitments and Contingencies (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Guarantor Obligations [Line Items]
Interest payments to be paid in the next fiscal year	$ 56.1
Unconditional purchase obligations to be paid in the next fiscal year	263.7
Uncertain income tax provisions to be paid in the next fiscal year	9.9	$ 10.4
Defined benefit plan, minimum contributions in the next fiscal year	16.7
Foreign currency contracts
Guarantor Obligations [Line Items]
Notional amount	3,387.3
Foreign currency contracts \| Cash flow hedging \| Derivative instruments designated as hedging instruments
Guarantor Obligations [Line Items]
Notional amount	262.2	364.8	$ 0.0
Commodity contracts \| Cash flow hedging \| Derivative instruments designated as hedging instruments
Guarantor Obligations [Line Items]
Notional amount	2.5	$ 0.9	$ 31.9
AGCO Capital Argentina S.A
Guarantor Obligations [Line Items]
Guarantor obligations, current carrying value	42.2
U.S. and Canada Finance Joint Ventures
Guarantor Obligations [Line Items]
Guarantor obligations, current carrying value	13.8
Guarantor obligation maximum exposure	$ 182.1

Leases (Future Lease Payments) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
Year 1	$ 52.8	$ 47.8
Year 2	43.0	36.6
Year 3	32.6	27.0
Year 4	19.7	19.1
Year 5	14.7	13.4
Thereafter	46.5	51.2
Total lease payments	209.3	195.1
Less: imputed interest	(29.5)	(27.5)
Present value of lease liabilities	179.8	167.6
Finance Leases
Year 1	0.7	0.8
Year 2	0.6	0.6
Year 3	0.4	0.4
Year 4	0.3	0.2
Year 5	0.1	0.2
Thereafter	5.8	6.0
Total lease payments	7.9	8.2
Less: imputed interest	(2.0)	(2.1)
Present value of lease liabilities	$ 5.9	$ 6.1

Pension and Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

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

Schedule of Net Pension and Postretirement Cost

As of December 31, 2023 and 2022, the net prior service cost related to the Company’s Brazilian postretirement health care benefit plans was as follows (in millions):


	2023		2022
Net prior service cost	$	3.0	$	3.1

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

The following tables set forth reconciliations of the changes in benefit obligation, plan assets and funded status as of December 31, 2023 and 2022 (in millions):


	Pension and ENPP Benefits				Postretirement Benefits
Change in benefit obligation	2023		2022		2023		2022
Benefit obligation at beginning of year	$	611.6	$	904.8	$	21.2	$	22.6
Service cost	9.6		12.8		0.1		0.1
Interest cost	29.3		14.8		1.3		0.9
Plan participants’ contributions	1.3		1.2		—		—
Actuarial losses (gains)	21.6		(227.2)		1.7		(0.9)

Amendments	0.1		25.5		—		—

Settlements	(4.9)		(5.0)		—		—
Benefits paid	(46.1)		(44.0)		(1.8)		(1.7)

Foreign currency exchange rate changes	24.5		(71.3)		0.5		0.2
Benefit obligation at end of year	$	647.0	$	611.6	$	23.0	$	21.2

	Pension and ENPP Benefits				Postretirement Benefits
Change in plan assets	2023		2022		2023		2022
Fair value of plan assets at beginning of year	$	528.7	$	815.6	$	—	$	—
Actual return on plan assets	31.2		(197.1)		—		—
Employer contributions	35.1		34.1		1.8		1.7
Plan participants’ contributions	1.3		1.2		—		—
Benefits paid	(46.1)		(44.0)		(1.8)		(1.7)
Settlements	(4.9)		(5.0)		—		—

Foreign currency exchange rate changes	26.7		(76.1)		—		—
Fair value of plan assets at end of year	$	572.0	$	528.7	$	—	$	—
Funded status	$	(75.0)	$	(82.9)	$	(23.0)	$	(21.2)


Amounts recognized in Consolidated Balance Sheets:
Other long-term asset	$	85.0	$	66.3	$	—	$	—
Other current liabilities	(7.4)		(7.0)		(1.6)		(1.6)
Accrued expenses	(4.1)		(3.8)		—		—
Pensions and postretirement health care benefits (noncurrent)	(148.5)		(138.4)		(21.4)		(19.6)
Net amount recognized	$	(75.0)	$	(82.9)	$	(23.0)	$	(21.2)

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table sets forth changes in accumulated other comprehensive loss by component, net of tax, attributed to AGCO Corporation and its subsidiaries for the years ended December 31, 2023 and 2022 (in millions):


	Defined Benefit Pension Plans		Cumulative Translation Adjustment		Deferred Net (Losses) Gains on Derivatives		Total
Accumulated other comprehensive loss, December 31, 2021	$	(230.4)	$	(1,540.1)	$	(0.4)	$	(1,770.9)
Other comprehensive loss before reclassifications	(7.2)		(30.9)		(14.6)		(52.7)
Net losses reclassified from accumulated other comprehensive loss	6.4		—		14.1		20.5
Other comprehensive loss, net of reclassification adjustments	(0.8)		(30.9)		(0.5)		(32.2)
Accumulated other comprehensive loss, December 31, 2022	(231.2)		(1,571.0)		(0.9)		(1,803.1)
Other comprehensive (loss) income before reclassifications	(15.7)		102.3		(8.9)		77.7
Net losses reclassified from accumulated other comprehensive loss	8.3		—		9.0		17.3
Other comprehensive (loss) income, net of reclassification adjustments	(7.4)		102.3		0.1		95.0
Accumulated other comprehensive loss, December 31, 2023	$	(238.6)	$	(1,468.7)	$	(0.8)	$	(1,708.1)

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


	2023		2022
Unrecognized net actuarial losses	$	280.2	$	270.0

The following table summarizes the unrecognized prior service cost related to the Company’s defined benefit pension plans as of December 31, 2023 and 2022 (in millions):


	2023		2022
Unrecognized prior service cost	$	31.4	$	32.5

Schedule of Defined Benefit Plan Amortization Losses

As of December 31, 2023, the average amortization periods were as follows:

ENPP

U.S. Plans

U.K. Plan

Average amortization period of losses related to defined benefit pension plans

6 years

13 years

18 years

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


	2023		2022
Unrecognized net actuarial gains(1)	$	(0.2)	$	(2.0)

___________________________________

(1) Includes a gain of approximately $1.2 million and $1.1 million, respectively, related to the Company’s U.S. postretirement benefit plans.

Schedule of Plans with Accumulated Benefit Obligation in Excess of Plan Assets


	2023		2022
All plans:
Fair value of plan assets	$	37.3	$	39.4
Projected benefit obligation	220.2		209.8
Accumulated benefit obligation	209.3		199.0
U.S.-based plans and ENPP:
Fair value of plan assets	$	—	$	3.3
Projected benefit obligation	104.9		106.1
Accumulated benefit obligation	104.1		103.4

Reconciliation of Level 3 Assets

The following is a reconciliation of Level 3 assets as of December 31, 2022 (in millions):


	Total		Alternative Investments		Miscellaneous Funds
Beginning balance as of December 31, 2021	$	43.7	$	3.5	$	40.2
Actual return on plan assets:
(a) Relating to assets still held at reporting date	(0.9)		(1.1)		0.2

Purchases, sales and /or settlements	(0.2)		—		(0.2)

Foreign currency exchange rate changes	(2.4)		—		(2.4)
Ending balance as of December 31, 2022	$	40.2	$	2.4	$	37.8

Pension plan

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

Schedule of Net Pension and Postretirement Cost

Net annual pension costs for the years ended December 31, 2023, 2022 and 2021 for the Company’s defined benefit pension plans and ENPP are set forth below (in millions):


Pension benefits	2023		2022		2021
Service cost	$	9.6	$	12.8	$	15.0
Interest cost	29.3		14.8		12.6
Expected return on plan assets	(30.4)		(16.9)		(31.3)
Amortization of net actuarial losses	9.4		8.7		16.5
Amortization of prior service cost	1.5		0.1		0.7
Net (gain) loss recognized due to settlement	0.4		(0.4)		0.1
Curtailment gain (1)	—		—		(1.2)

Net annual pension cost	$	19.8	$	19.1	$	12.4

___________________________________

Schedule of Assumptions Used


	2023		2022		2021
All plans:
Weighted average discount rate	4.9	%	1.9	%	1.5	%
Weighted average expected long-term rate of return on plan assets	5.5	%	2.3	%	3.9	%
Rate of increase in future compensation	1.8%-5.0%		1.5%-5.0%		1.5%-5.0%
U.S.-based plans:
Weighted average discount rate	5.70	%	3.05	%	2.75	%
Weighted average expected long-term rate of return on plan assets(1)	5.8	%	4.3	%	5.0	%
Rate of increase in future compensation(2)	5.0	%	5.0	%	5.0	%

___________________________________

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

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

The weighted average assumptions used to determine the benefit obligation for the Company’s defined benefit pension plans and ENPP as of December 31, 2023 and 2022 are as follows:


	2023		2022
All plans:
Weighted average discount rate	4.5	%	4.9	%
Rate of increase in future compensation	1.70%-5.0%		1.75%-5.0%
U.S.-based plans:
Weighted average discount rate	5.30	%	5.70	%
Rate of increase in future compensation(1)	5.00	%	5.00	%

____________________________________

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

Schedule of Accumulated Other Comprehensive Income (Loss)


	Before-Tax Amount		Income Tax		After-Tax Amount
Accumulated other comprehensive loss as of December 31, 2021	$	(302.4)	$	(72.0)	$	(230.4)
Prior service (cost) credit arising during the year	(25.5)		(6.4)		(19.1)
Net (gain) loss recognized due to settlement	(0.4)		—		(0.4)

Net actuarial gain (loss) arising during the year	15.0		2.7		12.3
Amortization of prior service cost	0.2		0.2		—
Amortization of net actuarial losses	8.7		2.3		6.4
Accumulated other comprehensive loss as of December 31, 2022	$	(304.4)	$	(73.2)	$	(231.2)
Prior service (cost) credit arising during the year	—		—		—
Net (gain) loss recognized due to settlement	0.4		—		0.4

Net actuarial gain (loss) arising during the year	(21.5)		(5.4)		(16.1)
Amortization of prior service cost	1.7		0.4		1.3
Amortization of net actuarial losses	9.4		2.4		7.0
Accumulated other comprehensive loss as of December 31, 2023	$	(314.4)	$	(75.8)	$	(238.6)

Schedule of Expected Benefit Payments

At December 31, 2023, the aggregate expected benefit payments for the Company’s defined benefit pension plans and ENPP are as follows (in millions):


2024	$	50.1
2025	46.8
2026	47.3
2027	47.6
2028	47.2
2029 through 2033	256.5
	$	495.5

Schedule of Allocation of Plan Assets

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


	U.S. Pension Plans		Non-U.S. Pension Plans(1)
Overall investment strategies:(2)
Assets for the near-term benefit payments	80.0	%	85.0	%
Assets for longer-term growth	20.0	%	15.0	%
Total	100.0	%	100.0	%

Target allocations:
Equity securities	17.0	%	10.0	%
Fixed income securities	80.0	%	85.0	%
Alternative investments	3.0	%	5.0	%

Total	100.0	%	100.0	%

_______________________________________

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

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

Schedule of Fair Value of Plan Assets

The fair value of the Company’s pension assets as of December 31, 2023 is as follows (in millions):


	Total		Level 1		Level 2		Level 3
Equity securities:
Global equities	$	55.8			$	55.8	$	—




Total equity securities	55.8		—		55.8		—
Fixed income:
Aggregate fixed income	437.1		437.1		—		—

Total fixed income share(1)	437.1		437.1		—		—
Alternative investments:
Private equity fund	2.2				—		2.2
Hedge funds measured at net asset value(4)	33.2		—		—		—
Total alternative investments(2)	35.4		—		—		2.2
Miscellaneous funds(3)	38.8		—		—		38.8
Cash and equivalents measured at net asset value(4)	4.9		—		—		—
Total assets	$	572.0	$	437.1	$	55.8	$	41.0

______________________________________

(1) 67% of “fixed income” securities are in government treasuries; 27% are in foreign securities; 4% are in investment-grade corporate bonds; 2% are in high-yield securities.

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

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

The fair value of the Company’s pension assets as of December 31, 2022 is as follows (in millions):


	Total		Level 1		Level 2		Level 3
Equity securities:
Global equities	$	50.1	$	8.7	$	41.4	$	—


U.S. large cap equities	2.9		2.9		—		—


Total equity securities	53.0		11.6		41.4		—
Fixed income:
Aggregate fixed income	394.1		394.1		—		—

Total fixed income share(1)	394.1		394.1		—		—
Alternative investments:
Private equity fund	2.4		—		—		2.4
Hedge funds measured at net asset value(4)	32.2		—		—		—
Total alternative investments(2)	34.6		—		—		2.4
Miscellaneous funds(3)	37.8		—		—		37.8
Cash and equivalents measured at net asset value(4)	9.2		—		—		—
Total assets	$	528.7	$	405.7	$	41.4	$	40.2

______________________________________

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

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

Reconciliation of Level 3 Assets

The following is a reconciliation of Level 3 assets as of December 31, 2023 (in millions):


	Total		Alternative Investments		Miscellaneous Funds
Beginning balance as of December 31, 2022	$	40.2	$	2.4	$	37.8
Actual return on plan assets:
(a) Relating to assets still held at reporting date	2.6		(0.2)		2.8

Purchases, sales and /or settlements	(3.0)		—		(3.0)

Foreign currency exchange rate changes	1.2		—		1.2
Ending balance as of December 31, 2023	$	41.0	$	2.2	$	38.8

Postretirement benefits

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

Schedule of Net Pension and Postretirement Cost


Postretirement benefits	2023			2022			2021
Service cost	$	0.1		$	0.1		$	0.1
Interest cost	1.3			0.9			0.9
Amortization of net actuarial losses	—			—			0.1
Amortization of prior service cost	0.2			0.1			0.1

Net annual postretirement benefit cost	$	1.6		$	1.1		$	1.2
Weighted average discount rate	6.6		%	4.1		%	3.8		%

Schedule of Expected Benefit Payments

At December 31, 2023, the aggregate expected benefit payments for the Company’s U.S. and Brazilian postretirement benefit plans are as follows (in millions):


2024	$	1.7
2025	1.7
2026	1.7
2027	1.7
2028	1.8
2029 through 2033	8.6
	$	17.2

U.S. | Pension plan

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

Schedule of Allocation of Plan Assets

The weighted average asset allocation of the Company’s U.S. pension benefit plans as of December 31, 2023 and 2022 are as follows:


Asset Category	2023		2022
Equity securities	—	%	10	%
Fixed income securities	89	%	79	%
Other investments	11	%	11	%
Total	100	%	100	%

U.K | Pension plan

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

Schedule of Allocation of Plan Assets

The weighted average asset allocation of the Company’s U.K. pension benefit plans as of December 31, 2023 and 2022 are as follows:


Asset Category	2023		2022
Equity securities	11	%	11	%
Fixed income securities	82	%	80	%
Other investments	7	%	9	%
Total	100	%	100	%

Product Warranty (Tables)

12 Months Ended

Dec. 31, 2023

Guarantees and Product Warranties [Abstract]

Schedule of Product Warranty Reserves


	2023		2022		2021
Balance at beginning of the year	$	640.0	$	592.5	$	521.8

Accruals for warranties issued	464.9		338.8		344.9
Settlements made and deferred revenue recognized	(328.7)		(261.7)		(241.8)
Foreign currency translation	24.6		(29.6)		(32.4)
Balance at the end of the year	$	800.8	$	640.0	$	592.5

Operations and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

Cash and cash equivalents reported in the Consolidated Balance Sheets as of December 31, 2023, 2022 and 2021 and cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021 are as follows (in millions):


	December 31, 2023		December 31, 2022		December 31, 2021
Cash(1)	$	463.8	$	656.7	$	833.0
Cash equivalents(2)	131.2		130.8		49.2
Restricted cash(3)	0.5		2.0		6.9
Total	$	595.5	$	789.5	$	889.1

____________________________________

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

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

(3) Consisted primarily of cash in escrow or held as a guarantee.

Accounts Receivable Outstanding as a Percent of Net Sales

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


Year Ended December 31, 2023	North America		South America		Europe/ Middle East		Asia/ Pacific/Africa		Consolidated
0 to 6 months	$	3,059.9	$	2,140.2	$	7,528.1	$	885.0	$	13,613.2	94.5	%
7 to 12 months	689.3		93.2		12.4		—		794.9		5.5	%
13 to 24 months	3.5		0.8		—		—		4.3		—	%

	$	3,752.7	$	2,234.2	$	7,540.5	$	885.0	$	14,412.4	100.0	%

Trade Allowances and Sales Incentive Discounts

Accounts and notes receivable allowances at December 31, 2023 and 2022 were as follows (in millions):


	2023		2022
Sales incentive discounts	$	54.7	$	7.6
Allowance for credit losses	31.9		31.3
	$	86.6	$	38.9

Schedule of Accounts Receivable Allowance for Credit Losses


			Additions
Description	Balance at Beginning of Period		Acquired Businesses		Charged to Costs and Expenses		Write-offs		Foreign Currency Translation		Balance at End of Period
Year ended December 31, 2023
Allowances for credit losses	$	31.3	$	—	$	4.2	$	(4.6)	$	1.0	$	31.9
Year ended December 31, 2022
Allowances for credit losses	$	32.6	$	0.1	$	3.3	$	(3.2)	$	(1.5)	$	31.3
Year ended December 31, 2021
Allowances for credit losses	$	36.4	$	0.2	$	0.5	$	(2.8)	$	(1.7)	$	32.6

Schedule of Notes Receivable Allowance for Credit Losses


			Additions
Description	Balance at Beginning of Period		Acquired Businesses		Charged to Costs and Expenses		Write-offs		Foreign Currency Translation		Balance at End of Period
Year ended December 31, 2023
Allowances for credit losses	$	31.3	$	—	$	4.2	$	(4.6)	$	1.0	$	31.9
Year ended December 31, 2022
Allowances for credit losses	$	32.6	$	0.1	$	3.3	$	(3.2)	$	(1.5)	$	31.3
Year ended December 31, 2021
Allowances for credit losses	$	36.4	$	0.2	$	0.5	$	(2.8)	$	(1.7)	$	32.6

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

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


Intangible Assets						Weighted-Average Useful Life
Patents and technology						10 years
Customer relationships						13 years
Trademarks and trade names						19 years
Land use rights						46 years

Changes in the carrying amount of acquired intangible assets during 2023 and 2022 are summarized as follows (in millions):


Gross Carrying Amounts	Trademarks and Trade Names		Customer Relationships		Patents and Technology		Land Use Rights		Total
Gross carrying amounts:
Balance as of December 31, 2021	$	189.0	$	568.6	$	139.9	$	7.0	$	904.5
Acquisitions	7.1		15.4		15.4		—		37.9



Foreign currency translation	(4.3)		(9.5)		(4.7)		(0.5)		(19.0)
Balance as of December 31, 2022	191.8		574.5		150.6		6.5		923.4


Impairment charge	—		—		(5.1)		—		(5.1)
Foreign currency translation	2.5		6.2		2.7		(0.2)		11.2
Balance as of December 31, 2023	$	194.3	$	580.7	$	148.2	$	6.3	$	929.5


Accumulated Amortization	Trademarks and Trade Names		Customer Relationships		Patents and Technology		Land Use Rights		Total
Accumulated amortization:
Balance as of December 31, 2021	$	93.1	$	409.7	$	94.7	$	1.5	$	599.0
Amortization expense	11.7		37.9		10.4		0.1		60.1

Foreign currency translation	(1.5)		(6.8)		(3.6)		—		(11.9)
Balance as of December 31, 2022	103.3		440.8		101.5		1.6		647.2
Amortization expense	10.0		36.8		10.8		0.1		57.7

Impairment charge	—		—		(1.0)		—		(1.0)
Foreign currency translation	1.2		5.8		2.0		—		9.0
Balance as of December 31, 2023	$	114.5	$	483.4	$	113.3	$	1.7	$	712.9

Schedule of Components of Interest Expense, Net

Interest expense, net for the years ended December 31, 2023, 2022 and 2021 consisted of the following (in millions):


	2023		2022		2021
Interest expense	$	68.8	$	46.0	$	25.4
Interest income	(64.2)		(33.0)		(18.7)
	$	4.6	$	13.0	$	6.7

Schedule of Comprehensive Income (Loss)

The components of other comprehensive income (loss) and the related tax effects for the years ended December 31, 2023, 2022 and 2021 are as follows (in millions):


	AGCO Corporation and Subsidiaries						Noncontrolling Interests
	2023						2023
	Before-tax Amount		Income Taxes		After-tax Amount		After-tax Amount
Defined benefit pension plans	$	(10.0)	$	2.6	$	(7.4)	$	—
Deferred gains and losses on derivatives	(0.3)		0.4		0.1		—
Foreign currency translation adjustments	102.3		—		102.3		—
Total components of other comprehensive income	$	92.0	$	3.0	$	95.0	$	—


	AGCO Corporation and Subsidiaries						Noncontrolling Interests
	2022						2022
	Before-tax Amount		Income Taxes		After-tax Amount		After-tax Amount
Defined benefit pension plans	$	(2.0)	$	1.2	$	(0.8)	$	—
Deferred gains and losses on derivatives	(0.5)		—		(0.5)		—
Foreign currency translation adjustments	(30.9)		—		(30.9)		0.9
Total components of other comprehensive loss	$	(33.4)	$	1.2	$	(32.2)	$	0.9


	AGCO Corporation and Subsidiaries						Noncontrolling Interests
	2021						2021
	Before-tax Amount		Income Taxes		After-tax Amount		After-tax Amount
Defined benefit pension plans	$	110.1	$	(27.2)	$	82.9	$	—
Deferred gains and losses on derivatives	2.5		(0.4)		2.1		—
Foreign currency translation adjustments	(45.1)		—		(45.1)		(0.4)
Total components of other comprehensive income	$	67.5	$	(27.6)	$	39.9	$	(0.4)

Restructuring Expenses and Impairment Charges (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Dec. 31, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Controlling interest ownership percentage		50.00%
Proceeds from divestiture of interest in joint venture		$ 5.1
Restructuring expenses			$ 11.9	$ 6.9	$ 20.1
Provision reversal				(0.8)	(4.8)
Asset Impairment Charges			4.1	36.0	0.0
Net Income (Loss) Attributable to Noncontrolling Interest			0.1	14.9	(4.5)
Write-down of investment			(68.2)	(64.1)	(65.6)
Russian Finance Joint Venture
Restructuring Cost and Reserve [Line Items]
Write-down of investment	$ 4.8			4.8
Entity Under Time-Limited General License \| Russian Finance Joint Venture
Restructuring Cost and Reserve [Line Items]
Asset Impairment Charges	36.0
Net Income (Loss) Attributable to Noncontrolling Interest	$ 12.2
Loss on sale of Joint Venture
Restructuring Cost and Reserve [Line Items]
Restructuring expenses		$ 2.1	$ 0.0	0.0	0.0
Provision reversal				$ 0.0	(2.5)
Gain on Sale of Joint Venture
Restructuring Cost and Reserve [Line Items]
Provision reversal					$ 2.5

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The sources of income before income taxes and equity in net earnings of affiliates were as follows for the years ended December 31, 2023, 2022 and 2021 (in millions):


	2023		2022		2021
United States	$	(63.5)	$	(60.2)	$	46.8
Foreign	1,397.0		1,167.4		897.5
Income before income taxes and equity in net earnings of affiliates	$	1,333.5	$	1,107.2	$	944.3

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes by location of the taxing jurisdiction for the years ended December 31, 2023, 2022 and 2021 consisted of the following (in millions):


	2023		2022		2021
Current:
United States	$	61.2	$	26.0	$	3.4
Foreign	433.6		328.6		222.9
	494.8		354.6		226.3
Deferred:
United States	(82.8)		(55.3)		(70.0)
Foreign	(181.6)		(2.7)		(47.9)
	(264.4)		(58.0)		(117.9)
	$	230.4	$	296.6	$	108.4

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income taxes computed at the United States federal statutory income tax rate (21% for 2023, 2022 and 2021) to the provision for income taxes reflected in the Company’s Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021 is as follows (in millions):


	2023		2022		2021
Provision for income taxes at United States federal statutory rate	$	280.0	$	232.5	$	198.3
State and local income taxes, net of federal income tax effects	(3.0)		(2.9)		2.2
Taxes on foreign income which differ from the United States statutory rate(1)	(193.9)		43.6		16.2
Tax effect of permanent differences	(20.5)		(0.2)		(6.4)
Change in valuation allowance(1)	116.5		0.7		(130.8)
Change in tax contingency reserves	33.2		25.5		36.6
Research and development tax credits	(9.6)		(6.9)		(7.4)

Brazil Amnesty Program, net of United States foreign tax credit	26.4		—		—
Other	1.3		4.3		(0.3)
	$	230.4	$	296.6	$	108.4

____________________________________

(1) In 2023, a gross deferred tax asset of $197.7 million less a valuation allowance of $85.4 million was recognized to reflect future Swiss tax incentives the Company anticipates it will be able to utilize by 2034 when the incentive expires.

Schedule of Deferred Tax Assets and Liabilities

The significant components of the deferred tax assets and liabilities at December 31, 2023 and 2022 were as follows (in millions):


	2023		2022
Deferred Tax Assets:
Net operating loss carryforwards	$	42.1	$	45.9
Sales incentive discounts	102.5		46.3
Inventory valuation reserves	50.0		34.4
Pensions and postretirement health care benefits	17.9		19.7
Warranty and other reserves	162.8		127.7
Research and development tax credits	5.1		6.9
Foreign tax credits	33.4		4.7
Swiss tax basis adjustment	197.7		—
Other	22.7		15.6
Total gross deferred tax assets	634.2		301.2
Valuation allowance	(149.8)		(47.3)
Total deferred tax assets	484.4		253.9
Deferred Tax Liabilities:
Tax over book depreciation and amortization	102.5		123.6
Investment in affiliates	3.9		11.3
Other	19.0		2.5
Total deferred tax liabilities	125.4		137.4
Net deferred tax assets	$	359.0	$	116.5
Amounts recognized in Consolidated Balance Sheets:

Deferred tax assets - noncurrent	$	481.6	$	228.5

Deferred tax liabilities - noncurrent	(122.6)		(112.0)
	$	359.0	$	116.5

Summary of Valuation Allowance

Changes in the valuation allowance during the years ended December 31, 2023, 2022 and 2021 are summarized as follows (in millions):


			Additions
Description	Balance at Beginning of Period		Acquired Businesses		Charged (Credited) to Costs and Expenses(1)		Deductions(2)		Foreign Currency Translation		Balance at End of Period
Year ended December 31, 2023
Deferred tax valuation allowance	$	47.3	$	—	$	116.5	$	(16.7)	$	2.7	$	149.8
Year ended December 31, 2022
Deferred tax valuation allowance	$	47.4	$	—	$	0.7	$	—	$	(0.8)	$	47.3
Year ended December 31, 2021
Deferred tax valuation allowance	$	181.0	$	0.4	$	(130.8)	$	—	$	(3.2)	$	47.4

(1) The amounts recorded to expense in 2023 are primarily related to Switzerland and the U.S. There were no amounts credited or charged through other comprehensive income during 2023, 2022 and 2021.

(2) The deductions are primarily related to reversal of valuation allowance from the effective utilization of certain tax losses in the Brazil amnesty program during 2023.

Summary of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits as of and during the years ended December 31, 2023 and 2022 is as follows (in millions):


	2023		2022
Gross unrecognized income tax benefits at the beginning of the year	$	281.7	$	246.4
Additions for tax positions of the current year	67.9		51.7
Additions for tax positions of prior years	5.5		3.9

Reductions for tax positions of prior years for:
Changes in judgments	2.8		(6.5)
Settlements during the year	(15.4)		(0.6)
Lapses of applicable statute of limitations	(2.0)		(1.2)
Foreign currency translation and other	10.7		(12.0)
Gross unrecognized income tax benefits at the end of the year	$	351.2	$	281.7

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Rabobank, a financial institution based in the Netherlands, is a 51% owner in the Company’s finance joint ventures, which are located in the United States, Canada, Europe, Brazil, Argentina and Australia. Rabobank is also the principal agent and participant in the Company’s revolving credit facility (see Note 11). The majority of the assets of the Company’s finance joint ventures represents finance receivables. The majority of the liabilities represents notes payable and accrued interest. Under the various joint venture agreements, Rabobank or its affiliates provide financing to the joint venture companies, primarily through lines of credit. During 2023, the Company made a total of approximately $24.6 million of additional investments in its finance joint venture in Brazil. During 2022 and 2021, the Company did not make additional investments in its finance joint ventures. During 2023, 2022, and 2021, the Company received approximately $28.9 million, $27.0 million and $84.4 million, respectively, of dividends from certain of its finance joint ventures. The Company’s finance joint ventures provide retail financing and wholesale financing to its dealers. The terms of the financing arrangements offered to the Company’s dealers are similar to arrangements the finance joint ventures provide to unaffiliated third parties. In addition, the Company transfers, on an ongoing basis, a majority of its wholesale receivables in North America, Europe and Brazil to its U.S., Canadian, European and Brazilian finance joint ventures (see Note 4). The Company maintains a remarketing agreement with its U.S. finance joint venture and has outstanding guarantees of residual values that may be owed to its finance joint ventures in the U.S. and Canada upon the expiration of certain eligible operating leases and also has guarantees with its other finance joint ventures (see Note 22). In addition, as part of sales incentives provided to end users, the Company may from time to time subsidize interest rates of retail financing provided by its finance joint ventures. The cost of those programs is recognized at the time of sale to the Company’s dealers (see Note 1). The Company has a minority equity interest in Tractors and Farm Equipment Limited (“TAFE”), which manufactures and sells Massey Ferguson-branded equipment primarily in India, and also supplies tractors and components to the Company for sale in other markets. Mallika Srinivasan, who is the Chairman and Managing Director of TAFE, is currently a member of the Company’s Board of Directors. As of December 31, 2023, TAFE beneficially owned 12,150,152 shares of the Company’s common stock, not including shares of the Company’s common stock received by Ms. Srinivasan for service as a director. The Company and TAFE are parties to an agreement pursuant to which, among other things, TAFE has agreed not to purchase in excess of 12,150,152 shares of the Company’s common stock, subject to certain adjustments, and the Company has agreed to annually nominate a TAFE representative to its Board of Directors. During 2023, 2022 and 2021, the Company purchased approximately $171.6 million, $148.7 million and $137.6 million, respectively, of tractors and components from TAFE. During 2023, 2022 and 2021, the Company sold approximately $3.6 million, $1.2 million and $1.4 million, respectively, of parts to TAFE. The Company received dividends from TAFE of approximately $2.9 million, $2.1 million and $2.0 million during 2023, 2022 and 2021, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
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-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Goodwill and Other Intangible Assets (Indefinite-Lived Intangible Assets) (Details) - Trademarks and Trade Names - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Indefinite-lived intangible assets:
Indefinite-lived intangible assets, beginning of period	$ 84.8	$ 86.7
Foreign currency translation	1.1	(1.9)
Indefinite-lived intangible assets, end of period	$ 85.9	$ 84.8

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Dividends Declared

The Company’s Board of Directors has declared and the Company has paid cash dividends per common share during the following years:


	2023(1)		2022(2)		2021(3)
Dividends declared and paid per common share	$	6.10	$	5.40	$	4.74

__________________________________

(1) On April 27, 2023, the Company’s Board of Directors approved a quarterly dividend of $0.29 per common share outstanding commencing in the second quarter of 2023. The Company’s Board of Directors declared and the Company has paid quarterly cash dividends of $0.29 per common share beginning in the second quarter of 2023, from $0.24 per common share in the first quarter of 2023. In addition, the Company's Board of Directors also declared and the Company paid a special variable dividend of $5.00 per common share during 2023 totaling approximately $374.4 million.

(2) On April 28, 2022, the Company’s Board of Directors approved a quarterly dividend of $0.24 per common share outstanding commencing in the second quarter of 2022. The Company’s Board of Directors declared and the Company has paid quarterly cash dividends of $0.24 per common share beginning in the second quarter of 2022, from $0.20 per common share in the first quarter of 2022. In addition, the Company's Board of Directors also declared and the Company paid a special variable dividend of $4.50 per common share during 2022 totaling approximately $335.7 million.

(3) The Company’s Board of Directors declared and the Company has paid quarterly cash dividends of $0.20 per common share beginning in the second quarter of 2021, from $0.16 per common share in the first quarter of 2021. In addition, the Company’s Board of Directors also declared and the Company paid a special variable dividend of $4.00 per common share during 2021 totaling approximately $301.5 million.

Schedule of Accumulated Other Comprehensive Income (Loss)


	Defined Benefit Pension Plans		Cumulative Translation Adjustment		Deferred Net (Losses) Gains on Derivatives		Total
Accumulated other comprehensive loss, December 31, 2021	$	(230.4)	$	(1,540.1)	$	(0.4)	$	(1,770.9)
Other comprehensive loss before reclassifications	(7.2)		(30.9)		(14.6)		(52.7)
Net losses reclassified from accumulated other comprehensive loss	6.4		—		14.1		20.5
Other comprehensive loss, net of reclassification adjustments	(0.8)		(30.9)		(0.5)		(32.2)
Accumulated other comprehensive loss, December 31, 2022	(231.2)		(1,571.0)		(0.9)		(1,803.1)
Other comprehensive (loss) income before reclassifications	(15.7)		102.3		(8.9)		77.7
Net losses reclassified from accumulated other comprehensive loss	8.3		—		9.0		17.3
Other comprehensive (loss) income, net of reclassification adjustments	(7.4)		102.3		0.1		95.0
Accumulated other comprehensive loss, December 31, 2023	$	(238.6)	$	(1,468.7)	$	(0.8)	$	(1,708.1)

Schedule of Reclassifications out of Accumulated Other Comprehensive Income (Loss)

The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the years ended December 31, 2023 and 2022 (in millions):


Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss				Affected Line Item within the Consolidated Statements of Operations
	Year ended December 31, 2023(1)		Year ended December 31, 2022(1)
Derivatives:
Net losses on foreign currency contracts	$	11.1	$	14.5	Cost of goods sold
Net losses on commodity contracts	0.1		4.7		Cost of goods sold

Reclassification before tax	11.2		19.2
	(2.2)		(5.1)		Income tax provision
Reclassification net of tax	$	9.0	$	14.1

Defined benefit pension plans:
Amortization of net actuarial losses	$	9.4	$	8.7	Other expense, net(2)
Amortization of prior service cost	1.7		0.2		Other expense, net(2)
Reclassification before tax	11.1		8.9
	(2.8)		(2.5)		Income tax provision
Reclassification net of tax	$	8.3	$	6.4

Net losses reclassified from accumulated other comprehensive loss	$	17.3	$	20.5

____________________________________

(1) Losses included within the Consolidated Statements of Operations for the years ended December 31, 2023 and 2022, respectively.

(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 20 to the Company’s Consolidated Financial Statements.

Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill beginning of period	$ 1,310.8	$ 1,280.8	$ 1,306.5
Acquisitions		59.8	16.8
Foreign currency translation	22.6	(29.8)	(42.5)
Goodwill end of period	1,333.4	1,310.8	1,280.8
North America
Goodwill [Roll Forward]
Goodwill beginning of period	667.3	609.6	593.4
Acquisitions		59.8	16.2
Foreign currency translation	0.9	(2.1)	0.0
Goodwill end of period	668.2	667.3	609.6
South America
Goodwill [Roll Forward]
Goodwill beginning of period	86.0	81.7	87.5
Acquisitions		0.0	0.0
Foreign currency translation	7.5	4.3	(5.8)
Goodwill end of period	93.5	86.0	81.7
Europe/ Middle East
Goodwill [Roll Forward]
Goodwill beginning of period	444.3	469.5	501.3
Acquisitions		0.0	0.6
Foreign currency translation	14.2	(25.2)	(32.4)
Goodwill end of period	458.5	444.3	469.5
Asia/ Pacific/Africa
Goodwill [Roll Forward]
Goodwill beginning of period	113.2	120.0	124.3
Acquisitions		0.0	0.0
Foreign currency translation	0.0	(6.8)	(4.3)
Goodwill end of period	$ 113.2	$ 113.2	$ 120.0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Stockholders' Equity (Dividends Declared and Paid) (Details) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended												12 Months Ended
	Jan. 18, 2024	Apr. 27, 2023	Apr. 28, 2022	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Dividends declared and paid per common share (in dollars per share)				$ 0.29	$ 0.29	$ 0.29	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.16	$ 6.10	$ 5.40	$ 4.74
Dividend rate (in dollars per share)		$ 0.29	$ 0.24
Dividends declared (in dollars per share)				$ 0.29	$ 0.29	$ 0.29	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.16
Subsequent event
Subsequent Event [Line Items]
Dividend rate (in dollars per share)	$ 0.29
Special Dividends
Subsequent Event [Line Items]
Dividends declared and paid per common share (in dollars per share)																5.00	4.50	4.00
Dividends declared (in dollars per share)																$ 5.00	$ 4.50	$ 4.00
Dividends paid																$ 374.4	$ 335.7	$ 301.5

Derivative Instruments and Hedging Activities (Notional Value and Change in Fair Value of Net Investment Hedges) (Details) - Derivative instruments designated as hedging instruments - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Foreign currency denominated debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss, Before-Tax Amount	$ (4.2)	$ 0.0	$ 0.0
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss, Income Tax	(1.1)	0.0	0.0
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss, After-Tax Amount	(3.1)	0.0	0.0
Cross currency swap contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	300.0	300.0
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss, Before-Tax Amount	(12.7)	20.5	11.0
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss, Income Tax	(3.3)	5.3	3.2
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss, After-Tax Amount	$ (9.4)	$ 15.2	$ 7.8

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2023

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. See Note 20 for a discussion of the valuation methods used to measure the fair value of the Company’s pension plan assets.

The Company enters into foreign currency, commodity and interest rate swap contracts. The fair values of the Company’s derivative instruments are determined using discounted cash flow valuation models. The significant inputs used in these models are readily available in public markets, or can be derived from observable market transactions, and therefore have been classified as Level 2. Inputs used in these discounted cash flow valuation models for derivative instruments include the applicable exchange rates, forward rates or interest rates. Such models used for option contracts also use implied volatility. See Note 14 for a discussion of the Company’s derivative instruments and hedging activities.

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022 are summarized below (in millions):


	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	38.7	$	—	$	38.7
Derivative liabilities	—		14.0		—		14.0


	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	40.9	$	—	$	40.9
Derivative liabilities	—		40.4		—		40.4

The carrying amounts of long-term debt under the Company’s 1.002% EIB senior term loan due 2025, EIB senior term loan due 2029 and senior term loans due between 2023 and 2028 approximate fair value based on the borrowing rates currently available to the Company for loans with similar terms and average maturities. At December 31, 2023, the estimated fair value of the Company’s 0.800% senior notes due 2028, based on listed market values, was approximately €526.9 million (or approximately $583.1 million), compared to the carrying value of €600.0 million (or approximately $664.0 million). See Note 11 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

Operations and Summary of Significant Accounting Policies (Allowance For Credit Losses Roll forward) (Details) - Allowances for credit losses - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 31.3	$ 32.6	$ 36.4
Acquired Businesses	0.0	0.1	0.2
Charged (Credited) to Costs and Expenses	4.2	3.3	0.5
Write-offs	(4.6)	(3.2)	(2.8)
Foreign Currency Translation	1.0	(1.5)	(1.7)
Balance at End of Period	$ 31.9	$ 31.3	$ 32.6

Product Warranty (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Product Warranty Liability [Line Items]
Minimum product warranty period	1 year
Maximum product warranty period	4 years
Warranty reserves included in accrued expenses	$ 679.9	$ 546.0
Warranty reserves included in other noncurrent liabilities	$ 120.9	$ 94.0
Minimum
Product Warranty Liability [Line Items]
Extended product warrant, period	3 years
Maximum
Product Warranty Liability [Line Items]
Extended product warrant, period	5 years

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 1,460.7	$ 994.9
Repair and replacement parts	823.1	750.1
Work in process	255.2	369.8
Raw materials	901.7	1,074.9
Inventories, net	3,440.7	3,189.7
Reserve for surplus and obsolete inventories	$ 238.9	$ 211.6

Investments in Affiliates (Equity in Net Earnings of Affiliates) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Equity in net earnings of affiliates	$ 68.2	$ 64.1	$ 65.6
Finance joint ventures
Schedule of Equity Method Investments [Line Items]
Equity in net earnings of affiliates	66.9	63.0	64.4
Manufacturing and other joint ventures
Schedule of Equity Method Investments [Line Items]
Equity in net earnings of affiliates	$ 1.3	$ 1.1	$ 1.2

Segment Reporting

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

SEGMENT REPORTING

The Company has four operating segments which are also its reportable segments which consist of the North America, South America, Europe/Middle East and Asia/Pacific/Africa regions. The Company’s reportable segments are geography based and distribute a full range of agricultural machinery and precision agriculture technology. The Company evaluates segment performance primarily based on income from operations. Sales for each segment are based on the location of the third-party customer. The Company’s selling, general and administrative expenses and engineering expenses are charged to each segment based on the region and division where the expenses are incurred. As a result, the components of income from operations for one segment may not be comparable to another segment. Segment results for the years ended December 31, 2023, 2022 and 2021 based on the Company’s reportable segments are as follows (in millions):


Years Ended December 31,	North America		South America		Europe/Middle East		Asia/Pacific/Africa		Total Segments
2023
Net sales	$	3,752.7	$	2,234.2	$	7,540.5	$	885.0	$	14,412.4
Income from operations	459.3		386.4		1,100.6		77.3		2,023.6
Depreciation	62.3		35.5		115.6		17.0		230.4
Assets	1,883.2		1,394.9		3,017.4		875.2		7,170.7
Capital expenditures	122.6		75.8		315.4		4.3		518.1
2022
Net sales	$	3,175.1	$	2,121.6	$	6,447.3	$	907.4	$	12,651.4
Income from operations	278.8		373.9		784.1		116.9		1,553.7
Depreciation	60.5		29.4		104.7		14.9		209.5
Assets	1,790.3		1,259.8		2,475.6		650.5		6,176.2
Capital expenditures	119.6		54.4		207.4		6.9		388.3
2021
Net sales	$	2,659.2	$	1,307.7	$	6,221.7	$	949.7	$	11,138.3
Income from operations	238.1		132.2		755.4		113.9		1,239.6
Depreciation	60.8		26.5		116.5		16.9		220.7
Assets	1,328.1		922.7		2,348.7		610.6		5,210.1
Capital expenditures	41.2		32.5		184.6		11.5		269.8

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


	2023		2022		2021
Segment income from operations	$	2,023.6	$	1,553.7	$	1,239.6
Corporate expenses	(204.9)		(153.4)		(135.2)
Amortization of intangibles	(57.7)		(60.1)		(61.1)
Stock compensation expense	(44.6)		(32.7)		(26.6)
Impairment charges	(4.1)		(36.0)		—
Restructuring expenses	(11.9)		(6.1)		(15.3)
Consolidated income from operations	$	1,700.4	$	1,265.4	$	1,001.4

Segment assets	$	7,170.7	$	6,176.2	$	5,210.1
Cash and cash equivalents	595.5		789.5		889.1

Investments in affiliates	512.7		436.9		413.5
Deferred tax assets, other current and noncurrent assets	1,500.1		1,025.9		996.4
Intangible assets, net	308.8		364.4		392.2
Goodwill	1,333.4		1,310.8		1,280.8
Consolidated total assets	$	11,421.2	$	10,103.7	$	9,182.1

Property, plant and equipment, right-of-use lease assets and amortizable intangible assets by country as of December 31, 2023 and 2022 was as follows (in millions):


	2023		2022
United States	$	587.3	$	571.0
Germany	587.7		475.8
Brazil	271.2		206.0
Finland	232.3		192.6
France	143.2		125.8
Italy	109.4		102.7
China	68.8		77.5
Denmark	66.2		71.4
Other	253.9		211.9
	$	2,320.0	$	2,034.7

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The sources of income before income taxes and equity in net earnings of affiliates were as follows for the years ended December 31, 2023, 2022 and 2021 (in millions):


	2023		2022		2021
United States	$	(63.5)	$	(60.2)	$	46.8
Foreign	1,397.0		1,167.4		897.5
Income before income taxes and equity in net earnings of affiliates	$	1,333.5	$	1,107.2	$	944.3

The provision for income taxes by location of the taxing jurisdiction for the years ended December 31, 2023, 2022 and 2021 consisted of the following (in millions):


	2023		2022		2021
Current:
United States	$	61.2	$	26.0	$	3.4
Foreign	433.6		328.6		222.9
	494.8		354.6		226.3
Deferred:
United States	(82.8)		(55.3)		(70.0)
Foreign	(181.6)		(2.7)		(47.9)
	(264.4)		(58.0)		(117.9)
	$	230.4	$	296.6	$	108.4

The Company's income tax provision as of December 31, 2023 includes a benefit of $112.3 million related to the recognition of a deferred tax asset of $197.7 million, net of a valuation allowance of $85.4 million, related to the finalization of negotiations surrounding the application of Swiss Tax reform legislation enacted in 2020. The provision also includes a charge of approximately $26.4 million associated with our enrollment in a Brazilian tax amnesty program, "Litigation Zero", discussed further below.


	2023		2022		2021
Provision for income taxes at United States federal statutory rate	$	280.0	$	232.5	$	198.3
State and local income taxes, net of federal income tax effects	(3.0)		(2.9)		2.2
Taxes on foreign income which differ from the United States statutory rate(1)	(193.9)		43.6		16.2
Tax effect of permanent differences	(20.5)		(0.2)		(6.4)
Change in valuation allowance(1)	116.5		0.7		(130.8)
Change in tax contingency reserves	33.2		25.5		36.6
Research and development tax credits	(9.6)		(6.9)		(7.4)

Brazil Amnesty Program, net of United States foreign tax credit	26.4		—		—
Other	1.3		4.3		(0.3)
	$	230.4	$	296.6	$	108.4

____________________________________

The significant components of the deferred tax assets and liabilities at December 31, 2023 and 2022 were as follows (in millions):


	2023		2022
Deferred Tax Assets:
Net operating loss carryforwards	$	42.1	$	45.9
Sales incentive discounts	102.5		46.3
Inventory valuation reserves	50.0		34.4
Pensions and postretirement health care benefits	17.9		19.7
Warranty and other reserves	162.8		127.7
Research and development tax credits	5.1		6.9
Foreign tax credits	33.4		4.7
Swiss tax basis adjustment	197.7		—
Other	22.7		15.6
Total gross deferred tax assets	634.2		301.2
Valuation allowance	(149.8)		(47.3)
Total deferred tax assets	484.4		253.9
Deferred Tax Liabilities:
Tax over book depreciation and amortization	102.5		123.6
Investment in affiliates	3.9		11.3
Other	19.0		2.5
Total deferred tax liabilities	125.4		137.4
Net deferred tax assets	$	359.0	$	116.5
Amounts recognized in Consolidated Balance Sheets:

Deferred tax assets - noncurrent	$	481.6	$	228.5

Deferred tax liabilities - noncurrent	(122.6)		(112.0)
	$	359.0	$	116.5

As reflected in the preceding table, the Company recorded a net deferred tax asset of $359.0 million and $116.5 million as of December 31, 2023 and 2022, respectively, and had a valuation allowance against its gross deferred tax assets of approximately $149.8 million and $47.3 million as of December 31, 2023 and 2022, respectively.

The Company maintains a valuation allowance to reserve a portion of its net deferred tax assets in the United States and certain foreign jurisdictions. A valuation allowance is established when it is more likely than not that some portion or all of the deferred tax assets may not be realized. The Company assessed the likelihood that its deferred tax assets would be recovered from estimated future taxable income and the current economic climate, as well as available tax planning strategies, and determined that all adjustments to the valuation allowance were appropriate. The Company believes it is more likely than not that it will realize its remaining net deferred tax assets, net of the valuation allowance, in future years.

Changes in the valuation allowance during the years ended December 31, 2023, 2022 and 2021 are summarized as follows (in millions):


			Additions
Description	Balance at Beginning of Period		Acquired Businesses		Charged (Credited) to Costs and Expenses(1)		Deductions(2)		Foreign Currency Translation		Balance at End of Period
Year ended December 31, 2023
Deferred tax valuation allowance	$	47.3	$	—	$	116.5	$	(16.7)	$	2.7	$	149.8
Year ended December 31, 2022
Deferred tax valuation allowance	$	47.4	$	—	$	0.7	$	—	$	(0.8)	$	47.3
Year ended December 31, 2021
Deferred tax valuation allowance	$	181.0	$	0.4	$	(130.8)	$	—	$	(3.2)	$	47.4

(1) The amounts recorded to expense in 2023 are primarily related to Switzerland and the U.S. There were no amounts credited or charged through other comprehensive income during 2023, 2022 and 2021.

(2) The deductions are primarily related to reversal of valuation allowance from the effective utilization of certain tax losses in the Brazil amnesty program during 2023.

The Company had net operating loss carryforwards of $133.9 million as of December 31, 2023, with expiration dates as follows: 2024 - $7.2 million; 2025 - $2.0 million; 2026 and thereafter - $73.9 million and unlimited - $50.8 million. The net operating loss carryforwards of $133.9 million are entirely in tax jurisdictions outside of the United States. The amount of the Company’s U.S. state net operating loss carryforwards is not material.

The Company paid income taxes of $463.6 million, $304.0 million and $247.3 million for the years ended December 31, 2023, 2022 and 2021, respectively.

The Company recognizes income tax benefits from uncertain tax positions only when there is a more than 50% likelihood that the tax positions will be sustained upon examination by the taxing authorities based on the technical merits of the positions. At December 31, 2023 and 2022, the Company had approximately $9.9 million and $10.4 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. At December 31, 2023 and 2022, the Company had approximately $344.2 million and $274.1 million, respectively, of accrued taxes reflected in “Other noncurrent liabilities”, and approximately $2.9 million and $2.8 million of deferred tax assets, respectively, related to uncertain tax positions that it expects to settle or pay beyond 12 months, reflected in “Deferred tax assets” in the Company’s Consolidated Balance Sheets. The Company accrued approximately $0.3 million and $6.0 million of interest and penalties related to unrecognized tax benefits in its provision for income taxes during 2023 and 2022, respectively. At December 31, 2023 and 2022, the Company had accrued interest and penalties related to unrecognized tax benefits of $27.9 million and $25.8 million, respectively.

A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits as of and during the years ended December 31, 2023 and 2022 is as follows (in millions):


	2023		2022
Gross unrecognized income tax benefits at the beginning of the year	$	281.7	$	246.4
Additions for tax positions of the current year	67.9		51.7
Additions for tax positions of prior years	5.5		3.9

Reductions for tax positions of prior years for:
Changes in judgments	2.8		(6.5)
Settlements during the year	(15.4)		(0.6)
Lapses of applicable statute of limitations	(2.0)		(1.2)
Foreign currency translation and other	10.7		(12.0)
Gross unrecognized income tax benefits at the end of the year	$	351.2	$	281.7

At December 31, 2023 and 2022, the Company had $351.2 million and $281.7 million, respectively, of unrecognized income tax benefits, which would affect the Company’s effective tax rate if recognized. The reconciliation of gross unrecognized income tax benefits above for 2023 and 2022 excludes certain indirect favorable effects that relate to other tax jurisdictions of approximately $103.9 million and $74.0 million, respectively. The change in certain indirect favorable effects between 2023 and 2022 includes approximately $26.7 million and $22.4 million, respectively, related to additions and reductions for tax positions of current and prior years, changes in judgments and lapses of statutes of limitations. During 2022, the Company made the determination that it will be able to utilize approximately $15.7 million of indirect favorable benefits in the United States related to the settlement of a foreign audit examination. In addition, the gross unrecognized income tax benefits as of December 31, 2023 and 2022 exclude certain deposits made in a foreign jurisdiction of approximately $26.9 million, net of $19.7 million refunds received, and $45.1 million, respectively, associated with an ongoing audit.

The Company and its subsidiaries file income tax returns in the United States and in various state, local and foreign jurisdictions. The Company and its subsidiaries are routinely examined by tax authorities in these jurisdictions. As of December 31, 2023, a number of income tax examinations in foreign jurisdictions, as well as the United States, were ongoing. It is possible that certain of these ongoing examinations may be resolved within 12 months. Due to the potential for resolution of federal, state and foreign examinations, and the expiration of various statutes of limitation, it is reasonably possible that the Company’s gross unrecognized income tax benefits balance may materially change within the next 12 months. In certain foreign jurisdictions, there are either statutory expirations or the Company’s settlement expectations such that approximately $9.9 million could be concluded within the next 12 months. Although there are ongoing examinations in various federal and state jurisdictions, the 2019 through 2023 tax years generally remain subject to examination in the United States by applicable authorities. In the Company’s significant foreign jurisdictions, primarily the United Kingdom, France, Germany, Switzerland, Finland and Brazil, the 2019 through 2023 tax years generally remain subject to examination by their respective tax authorities.

In 2008 and 2012, as part of routine audits, the Brazilian taxing authorities disallowed deductions relating to the amortization of certain goodwill recognized in connection with a reorganization of the Company’s Brazilian operations and the related transfer of certain assets to the Company’s Brazilian subsidiaries. The amount of the tax disallowance through December 31, 2023, not including interest and penalties, would have been approximately 131.5 million Brazilian reais (or approximately $27.1 million). The amount ultimately in dispute would have been significantly greater because of interest and penalties. The Company historically had been advised by its legal and tax advisors that its position with respect to the deductions was allowable under the tax laws of Brazil. The Company contested the disallowance and maintained that it was not likely that the assessment, interest or penalties would require payment. The ultimate outcome of the case would not have been determined until the Brazilian tax appeal process was completed.

On January 12, 2023, the Brazilian government issued a “Litigation Zero” tax amnesty program, whereby cases being disputed at the administrative court level of review for a period of more than ten years could be considered for amnesty. Enrollment in the amnesty program would not be considered an admission of guilt with respect to outstanding cases. The amnesty program allowed companies to settle outstanding contested cases at a significant monetary discount. After weighing various impacts involved with enrollment, including the avoidance of potential interest, penalties and legal costs, the Company enrolled in the program in the quarter ended March 31, 2023. The Company recorded approximately 182.6 million Brazilian reais (or approximately $34.8 million) within “Income tax provision” for the year ended December 31, 2023, net of associated U.S. income tax credits of approximately $8.4 million related to its enrollment in the program. The Company paid installment payments related to the program of 188.5 million Brazilian reais (or approximately $37.8 million) during the year ended December 31, 2023, inclusive of $1.2 million of interest on payments and approximately $1.8 million of foreign currency translation impacts. The final installment payment was made in October 2023.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Company attempts to manage its transactional foreign exchange exposure by hedging foreign currency cash flow forecasts and commitments arising from the anticipated settlement of receivables and payables and from future purchases and sales. Where naturally offsetting currency positions do not occur, the Company hedges certain, but not all, of its exposures through the use of foreign currency contracts. The Company’s translation exposure resulting from translating the financial statements of foreign subsidiaries into United States dollars may be partially hedged from time to time. When practical, the translation impact is reduced by financing local operations with local borrowings.

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

To protect the value of the Company’s investment in foreign operations against adverse changes in foreign currency exchange rates, the Company from time to time, may hedge a portion of the Company’s net investment in the foreign subsidiaries by using a cross currency swap or foreign currency denominated debt. The component of the gains and losses on the Company’s net investment in the designated foreign operations driven by changes in foreign exchange rates are economically offset by movements in the fair value of the cross currency swap contracts or foreign currency denominated debt.

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

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

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

The Company categorizes its derivative assets and liabilities into one of three levels based on the assumptions used in valuing the asset or liability. See Note 21 for a discussion of the fair value hierarchy as per the guidance in ASC 820, “Fair Value Measurements”. The Company’s valuation techniques are designed to maximize the use of observable inputs and minimize the use of unobservable inputs.

Counterparty Risk

The Company regularly monitors the counterparty risk and credit ratings of all the counterparties to the derivative instruments. The Company believes that its exposures are appropriately diversified across counterparties and that these

counterparties are creditworthy financial institutions. There have been no negative impacts to the Company from any non-performance of any counterparties.

Derivative Transactions Designated as Hedging Instruments

Cash Flow Hedges

Foreign Currency Contracts

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

The Company designates 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 $262.2 million and $364.8 million as of December 31, 2023 and 2022. The Company did not have any derivatives that were designated as cash flow hedges related to foreign currency contracts as of December 31, 2021.

Steel Commodity Contracts

The Company designates 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 $2.5 million, $0.9 million and $31.9 million as of December 31, 2023, 2022 and 2021, respectively.

The following table summarizes the after-tax impact that changes in the fair value of derivatives designated as cash flow hedges had on accumulated other comprehensive loss and net income during 2023, 2022 and 2021 (in millions):


			Recognized in Net Income
	Gain (Loss) Recognized in Accumulated Other Comprehensive Loss		Classification of Gain (Loss)	Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income		Total Amount of the Line Item in the Consolidated Statements of Operations Containing Hedge Gains (Losses)
2023
Foreign currency contracts(1)	$	(9.1)	Cost of goods sold	$	(8.9)	$	10,635.0
Commodity contracts(2)	0.2		Cost of goods sold	(0.1)		$	10,635.0
Total	$	(8.9)		$	(9.0)
2022
Foreign currency contracts	$	(11.1)	Cost of goods sold	$	(10.6)	$	9,650.1
Commodity contracts	(3.5)		Cost of goods sold	(3.5)		$	9,650.1
Total	$	(14.6)		$	(14.1)
2021
Foreign currency contracts	$	(7.4)	Cost of goods sold	$	(10.2)	$	8,566.0
Commodity contracts	12.5		Cost of goods sold	13.2		8,566.0
Total	$	5.1		$	3.0

____________________________________

(1) The outstanding contracts as of December 31, 2023 range in maturity through December 2024.

(2) The outstanding contracts as of December 31, 2023 range in maturity through June 2024.

The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the years ended December 31, 2023, 2022 and 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	8.3		3.2		5.1
Net gains reclassified from accumulated other comprehensive loss into income	(5.8)		(2.8)		(3.0)
Accumulated derivative net losses as of December 31, 2021	$	(0.5)	$	(0.1)	$	(0.4)
Net changes in fair value of derivatives	(19.7)		(5.1)		(14.6)
Net losses reclassified from accumulated other comprehensive loss into income	19.2		5.1		14.1
Accumulated derivative net losses as of December 31, 2022	$	(1.0)	$	(0.1)	$	(0.9)
Net changes in fair value of derivatives	(11.5)		(2.6)		(8.9)
Net losses reclassified from accumulated other comprehensive loss into income	11.2		2.2		9.0
Accumulated derivative net losses as of December 31, 2023(1)	$	(1.3)	$	(0.5)	$	(0.8)

____________________________________

(1) As of December 31, 2023, approximately $1.4 million of derivative realized net losses, before taxes, remain in accumulated other comprehensive loss related to foreign currency contracts associated with inventory that 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 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 $274.4 million as of December 31, 2023) and will receive $300.0 million from the counterparties. The Company will receive quarterly interest payments from the counterparties based on a fixed interest rate until maturity of the cross currency swap.

During 2023, the Company designated €150.0 million of its multi-currency revolving credit facility maturing in December 2027 as a hedge of its net investment in foreign operations to offset foreign currency translation gains or losses on the net investment. This portion of the multi-currency revolving credit facility was repaid in December 2023.

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


	Notional Amount as of
	December 31, 2023		December 31, 2022
Cross currency swap contract	$	300.0	$	300.0

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


	Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Years Ended
Foreign currency denominated debt:	Before-Tax Amount		Income Tax		After-Tax Amount
December 31, 2023	$	(4.2)	$	(1.1)	$	(3.1)
December 31, 2022	—		—		—
December 31, 2021	—		—		—

Cross currency swap contract:
December 31, 2023	(12.7)		(3.3)		(9.4)
December 31, 2022	20.5		5.3		15.2
December 31, 2021	11.0		3.2		7.8

Derivative Transactions Not Designated as Hedging Instruments

The Company enters into foreign currency contracts to economically hedge receivables and payables on the Company and its subsidiaries’ balance sheets that are denominated in foreign currencies other than the functional currency. These contracts were classified as non-designated derivative instruments. Gains and losses on such contracts are substantially offset by losses and gains on the remeasurement of the underlying asset or liability being hedged and are immediately recognized into earnings. As of December 31, 2023 and 2022, the Company had outstanding foreign currency contracts with a notional amount of approximately $3,125.1 million and $3,654.0 million, respectively.

The following table summarizes the results on net income of derivatives not designated as hedging instruments (in millions):


		Gain (Loss) Recognized in Net Income for the Years Ended
	Classification of Gain (Loss)	December 31, 2023		December 31, 2022		December 31, 2021
Foreign currency contracts	Other expense, net	$	29.9	$	(38.2)	$	54.8

The table below sets forth the fair value of derivative instruments as of December 31, 2023 (in millions):


	Asset Derivatives as of December 31, 2023			Liability Derivatives as of December 31, 2023
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	1.3	Other current liabilities	$	1.2
Commodity contracts	Other current assets	—		Other current liabilities	—
Cross currency swap contract	Other noncurrent assets	20.3		Other noncurrent liabilities	—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts (1)	Other current assets	17.1		Other current liabilities	12.8
Total derivative instruments		$	38.7		$	14.0

____________________________________

(1) The outstanding contracts as of December 31, 2023 range in maturity through February 2024.

The table below sets forth the fair value of derivative instruments as of December 31, 2022 (in millions):


	Asset Derivatives as of December 31, 2022			Liability Derivatives as of December 31, 2022
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	1.3	Other current liabilities	$	1.3
Commodity contracts	Other current assets	—		Other current liabilities	—

Cross currency swap contract	Other noncurrent assets	33.0		Other noncurrent liabilities	—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts	Other current assets	6.6		Other current liabilities	39.1
Total derivative instruments		$	40.9		$	40.4

Derivative Instruments and Hedging Activities (Narrative) (Details) € in Millions, $ in Millions	Jan. 19, 2021 USD ($)	Jan. 29, 2028 USD ($)	Jan. 29, 2028 EUR (€)	Dec. 31, 2023 USD ($)	Nov. 30, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 19, 2021 EUR (€)
Derivative Instruments, Gain (Loss) [Line Items]
Liability derivatives				$ 14.0		$ 40.4
Foreign currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount				3,387.3
Foreign currency contracts \| Derivative instruments designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Liability derivatives				1.2		1.3
Foreign currency contracts \| Derivative instruments not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount				3,125.1		3,654.0
Liability derivatives				12.8		39.1
Foreign currency contracts \| Cash flow hedging \| Derivative instruments designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount				262.2		364.8	$ 0.0
Commodity contracts \| Derivative instruments designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Liability derivatives				0.0		0.0
Commodity contracts \| Cash flow hedging \| Derivative instruments designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount				2.5		$ 0.9	$ 31.9
Cross currency interest rate contract, payment \| Net investment hedging \| Derivative instruments designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount				$ 274.4
Liability derivatives	$ 297.1							€ 245.7
Cross currency interest rate contract, payment \| Net investment hedging \| Derivative instruments designated as hedging instruments \| Forecast
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount \| €			€ 247.9
Cross currency interest rate contract, receipt \| Net investment hedging \| Derivative instruments designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Liability derivatives	300.0
Gain recognized in other comprehensive loss	$ 2.9
Cross currency interest rate contract, receipt \| Net investment hedging \| Derivative instruments designated as hedging instruments \| Forecast
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount		$ 300.0
Foreign currency denominated debt \| Net investment hedging \| Derivative instruments designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount \| €					€ 150.0

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles	$ 57.7	$ 60.1	$ 61.1
Estimated amortization of intangible assets for 2024	57.5
Estimated amortization of intangible assets for 2025	53.5
Estimated amortization of intangible assets for 2026	24.9
Estimated amortization of intangible assets for 2027	20.7
Estimated amortization of intangible assets for 2028	15.4
External-use software, net	6.3	3.4
Amortization costs of external-use software	1.8
Intangible Assets excluding Intellectual Property
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles	$ 57.7	$ 60.1	$ 60.9

Segment Reporting (Segment Results by Reportable Segments) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Number of reportable segments \| segment	4
Net sales	$ 14,412.4	$ 12,651.4	$ 11,138.3
Income from operations	1,700.4	1,265.4	1,001.4
Depreciation	230.4	209.5	220.7
Assets	11,421.2	10,103.7	9,182.1
North America
Net sales	3,752.7	3,175.1	2,659.2
South America
Net sales	2,234.2	2,121.6	1,307.7
Europe/ Middle East
Net sales	7,540.5	6,447.3	6,221.7
Asia/ Pacific/Africa
Net sales	885.0	907.4	949.7
Operating Segments
Net sales	14,412.4	12,651.4	11,138.3
Income from operations	2,023.6	1,553.7	1,239.6
Depreciation	230.4	209.5	220.7
Assets	7,170.7	6,176.2	5,210.1
Capital expenditures	518.1	388.3	269.8
Operating Segments \| North America
Net sales	3,752.7	3,175.1	2,659.2
Income from operations	459.3	278.8	238.1
Depreciation	62.3	60.5	60.8
Assets	1,883.2	1,790.3	1,328.1
Capital expenditures	122.6	119.6	41.2
Operating Segments \| South America
Net sales	2,234.2	2,121.6	1,307.7
Income from operations	386.4	373.9	132.2
Depreciation	35.5	29.4	26.5
Assets	1,394.9	1,259.8	922.7
Capital expenditures	75.8	54.4	32.5
Operating Segments \| Europe/ Middle East
Net sales	7,540.5	6,447.3	6,221.7
Income from operations	1,100.6	784.1	755.4
Depreciation	115.6	104.7	116.5
Assets	3,017.4	2,475.6	2,348.7
Capital expenditures	315.4	207.4	184.6
Operating Segments \| Asia/ Pacific/Africa
Net sales	885.0	907.4	949.7
Income from operations	77.3	116.9	113.9
Depreciation	17.0	14.9	16.9
Assets	875.2	650.5	610.6
Capital expenditures	$ 4.3	$ 6.9	$ 11.5

Indebtedness (Maturities of Long-term Debt) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2025	$ 346.3
2026	58.2
2027	0.2
2028	698.4
Thereafter	274.1
Total indebtedness, excluding the current portion	$ 1,377.2	$ 1,264.8

Accrued Expenses (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Reserve for volume discounts and sales incentives	$ 953.6	$ 630.8
Warranty reserves	679.9	546.0
Accrued employee compensation and benefits	454.8	390.2
Accrued taxes	401.2	344.8
Other	414.3	359.5
Balance at the end of the year	$ 2,903.8	$ 2,271.3

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS' EQUITY

Common Stock

At December 31, 2023, the Company had 150,000,000 authorized shares of common stock with a par value of $0.01 per share, with approximately 74,517,973 shares of common stock outstanding and approximately 3,650,232 shares reserved for issuance under the Company’s Plan (See Note 15).

Share Repurchase Program

In November 2023, the Company entered into an accelerated share repurchase ("ASR") agreement with a financial institution to repurchase $53.0 million of shares of its common stock. The Company received approximately 371,669 shares associated with this transaction as of December 31, 2023. In January 2024, the Company received an additional 82,883 shares upon final settlement of its November 2023 ASR agreement. In August and November 2021, the Company entered into two accelerated share repurchase (“ASR”) agreements with financial institutions to repurchase an aggregate of $135.0 million of shares of its common stock. The Company received approximately 952,204 shares associated with these transactions as of December 31, 2021. In January 2022, the Company received an additional 113,824 shares upon final settlement of its November 2021 ASR agreement. All shares received under the ASR agreements were retired upon receipt, and the excess of the purchase price over par value per share was recorded to a combination of “Additional paid-in capital” and “Retained earnings” within our Consolidated Balance Sheets.

As of December 31, 2023, the remaining amount authorized to be repurchased under board-approved share repurchase authorizations was approximately $57.0 million, which has no expiration date.

Dividends

The Company’s Board of Directors has declared and the Company has paid cash dividends per common share during the following years:


	2023(1)		2022(2)		2021(3)
Dividends declared and paid per common share	$	6.10	$	5.40	$	4.74

On January 18, 2024, the Company approved the quarterly dividend of $0.29 per common share to be paid on March 15, 2024, to all stockholders of record as of the close of business February 15, 2024.

____________________________________

Accumulated Other Comprehensive Loss


	Defined Benefit Pension Plans		Cumulative Translation Adjustment		Deferred Net (Losses) Gains on Derivatives		Total
Accumulated other comprehensive loss, December 31, 2021	$	(230.4)	$	(1,540.1)	$	(0.4)	$	(1,770.9)
Other comprehensive loss before reclassifications	(7.2)		(30.9)		(14.6)		(52.7)
Net losses reclassified from accumulated other comprehensive loss	6.4		—		14.1		20.5
Other comprehensive loss, net of reclassification adjustments	(0.8)		(30.9)		(0.5)		(32.2)
Accumulated other comprehensive loss, December 31, 2022	(231.2)		(1,571.0)		(0.9)		(1,803.1)
Other comprehensive (loss) income before reclassifications	(15.7)		102.3		(8.9)		77.7
Net losses reclassified from accumulated other comprehensive loss	8.3		—		9.0		17.3
Other comprehensive (loss) income, net of reclassification adjustments	(7.4)		102.3		0.1		95.0
Accumulated other comprehensive loss, December 31, 2023	$	(238.6)	$	(1,468.7)	$	(0.8)	$	(1,708.1)


Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss				Affected Line Item within the Consolidated Statements of Operations
	Year ended December 31, 2023(1)		Year ended December 31, 2022(1)
Derivatives:
Net losses on foreign currency contracts	$	11.1	$	14.5	Cost of goods sold
Net losses on commodity contracts	0.1		4.7		Cost of goods sold

Reclassification before tax	11.2		19.2
	(2.2)		(5.1)		Income tax provision
Reclassification net of tax	$	9.0	$	14.1

Defined benefit pension plans:
Amortization of net actuarial losses	$	9.4	$	8.7	Other expense, net(2)
Amortization of prior service cost	1.7		0.2		Other expense, net(2)
Reclassification before tax	11.1		8.9
	(2.8)		(2.5)		Income tax provision
Reclassification net of tax	$	8.3	$	6.4

Net losses reclassified from accumulated other comprehensive loss	$	17.3	$	20.5

____________________________________

(1) Losses included within the Consolidated Statements of Operations for the years ended December 31, 2023 and 2022, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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)	74,517,973	74,600,815
Common stock, shares outstanding (in shares)	74,517,973	74,600,815

Operations and Summary of Significant Accounting Policies (Research and Development Expenses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Research and development expense	$ 420.9	$ 315.4	$ 272.9

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net sales	$ 14,412.4	$ 12,651.4	$ 11,138.3
Cost of goods sold	10,635.0	9,650.1	8,566.0
Gross profit	3,777.4	3,001.3	2,572.3
Operating expenses:
Selling, general and administrative expenses	1,454.5	1,189.5	1,088.7
Engineering expenses	548.8	444.2	405.8
Amortization of intangibles	57.7	60.1	61.1
Asset Impairment Charges	4.1	36.0	0.0
Restructuring expenses	11.9	6.1	15.3
Income from operations	1,700.4	1,265.4	1,001.4
Interest expense, net	4.6	13.0	6.7
Other expense, net	362.3	145.2	50.4
Income before income taxes and equity in net earnings of affiliates	1,333.5	1,107.2	944.3
Income tax provision	230.4	296.6	108.4
Income before equity in net earnings of affiliates	1,103.1	810.6	835.9
Equity in net earnings of affiliates	68.2	64.1	65.6
Net income	1,171.3	874.7	901.5
Net loss (income) attributable to noncontrolling interests	0.1	14.9	(4.5)
Net income attributable to AGCO Corporation and subsidiaries	$ 1,171.4	$ 889.6	$ 897.0
Net income per common share attributable to AGCO Corporation and subsidiaries:
Basic (in dollars per share)	$ 15.66	$ 11.92	$ 11.93
Diluted (in dollars per share)	15.63	11.87	11.85
Cash dividends declared and paid per common share (in dollars per share)	$ 6.10	$ 5.40	$ 4.74
Weighted average number of common and common equivalent shares outstanding:
Basic (in shares)	74.8	74.6	75.2
Diluted (in shares)	74.9	74.9	75.7

Indebtedness

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Indebtedness

INDEBTEDNESS

Long-term debt consisted of the following at December 31, 2023 and 2022 (in millions):


	December 31, 2023		December 31, 2022

Credit facility, expires 2027	$	—	$	200.0
1.002% EIB Senior term loan due 2025	276.7		267.3
EIB Senior Term Loan due 2029	276.7		—
Senior term loans due between 2023 and 2028	162.1		341.6




0.800% Senior Notes Due 2028	664.0		641.5
Other long-term debt	3.1		5.1
Debt issuance costs	(3.1)		(3.6)
	1,379.5		1,451.9

Less: Senior term loans due 2023, net of debt issuance costs	—		(184.9)
Current portion of other long-term debt	(2.3)		(2.2)
Total long-term indebtedness	$	1,377.2	$	1,264.8

At December 31, 2023, the aggregate scheduled maturities of long-term debt, excluding the current portion of long-term debt, are as follows (in millions):


2025	$	346.3
2026	58.2
2027	0.2
2028	698.4
Thereafter	274.1
	$	1,377.2

Cash payments for interest were approximately $60.5 million, $45.1 million and $23.8 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Credit Facility and Term Loan Facility

In December 2022, the Company, certain of its subsidiaries and Rabobank, and other named lenders entered into an amendment to its credit facility providing for a $1.25 billion multi-currency unsecured revolving credit facility (“Credit Facility”), which replaced the Company’s former $800.0 million multi-currency unsecured revolving credit facility. The amendment provided an additional $450.0 million in borrowing capacity. An initial borrowing under the credit facility was used to repay and retire a $240.0 million short-term multi-currency revolving credit facility with Rabobank that matured on March 31, 2023. The credit facility consists of a $325.0 million United States dollar tranche and a $925.0 million multi-currency tranche for loans denominated in United States Dollars, Euros or other currencies to be agreed upon. The credit facility matures on December 19, 2027. Interest accrues on amounts outstanding for any borrowings denominated in United States dollars, at the Company’s option, at either (1) the Secured Overnight Financing Rate (“SOFR”) plus 0.1% plus a margin ranging from 0.875% to 1.875% based on the Company’s credit rating, or (2) the base rate, which is the highest of (i) the Prime Rate, (ii) the Federal Funds Effective Rate plus 0.5%, and (iii) Term SOFR for a one-month tenor plus 1.0%, plus a margin ranging from 0.000% to 0.875% based on the Company’s credit rating. Interest accrues on amounts outstanding for any borrowings denominated in Euros at the Euro Interbank Offered Rate (“EURIBOR”) plus a margin ranging from 0.875% to 1.875% based on the Company’s credit rating. As of December 31, 2023, the Company had no outstanding borrowings under the revolving credit facility and had the ability to borrow $1,155.0 million.

In December 2023, the Company amended the Credit Facility to allow for incremental borrowings in the form of a delayed draw term loan facility in an aggregate principal amount of $250.0 million ("Term Loan Facility"). Borrowings under

the Term Loan Facility bears interest at the same rate and margin as the Credit Facility. There are currently no amounts outstanding under the Term Loan Facility.

Uncommitted Credit Facility

In June 2022, the Company entered into an uncommitted revolving credit facility that allows the Company to borrow up to €100.0 million (or approximately $110.7 million as of December 31, 2023). The credit facility expires on December 31, 2026. Any loans will bear interest at the EURIBOR plus a credit spread. As of December 31, 2023 and December 31, 2022, the Company had no outstanding borrowings under the revolving credit facility and had the ability to borrow €100.0 million (or approximately $110.7 million).

0.800% Senior Notes Due 2028

On October 6, 2021, the Company issued €600.0 million (or approximately $664.0 million as of December 31, 2023) of senior notes at an issue price of 99.993%. The notes mature on October 6, 2028, and interest is payable annually, in arrears, at 0.800%. The senior notes contain covenants restricting, among other things, the incurrence of certain secured indebtedness. The senior notes are subject to both optional and mandatory redemption in certain events.

1.002% European Investment Bank ("EIB") Senior Term Loan Due 2025

On January 25, 2019, the Company borrowed €250.0 million (or approximately $276.7 million as of December 31, 2023) from the EIB. 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.

EIB Senior Term Loan due 2029

On September 29, 2023, the Company entered into a multi-currency Finance Contract with the EIB permitting the Company to borrow up to €250.0 million (or approximately $276.7 million as of December 31, 2023) to fund up to 50% of certain investments in research, development and innovation primarily in Germany, France and Finland during the period from 2023 through 2026. On October 26, 2023, the Company borrowed €250.0 million (approximately $263.7 million) under the arrangement. The loan matures on October 26, 2029. The loan generally can be prepaid at any time upon the election of the Company and must be prepaid upon the occurrence of certain events. Interest is payable on the term loan at 3.980% per annum, payable semi-annually in arrears. The Company also has to fulfill financial covenants with respect to a net leverage ratio and an interest coverage ratio.

Subsequent to the end of the year, on January 25, 2024, the Company entered into an additional multi-currency Finance Contract with EIB permitting the Company to borrow up to €170.0 million, for which the proceeds will be used in a similar manner as described for the EIB Senior Term Loan due 2029 above. On February 15, 2024, the Company borrowed €170.0 million (approximately $183.2 million) under the arrangement. The loan matures on February 15, 2030.

Senior Term Loans Due Between 2023 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, the Company repaid an aggregate amount of €249.0 million in October 2019, October 2021 and April 2022. On October 19, 2023, the Company repaid the €73.5 million (or approximately $77.7 million) 2016 senior term loan due October 2023. Of the 2018 senior loans, the Company repaid an aggregate amount of €144.5 million in August 2021 and February 2022, and on August 1, 2023, the Company repaid the 2018 senior term loan due August 2023 in the amount of €99.5 million (or approximately $109.2 million).

In aggregate, as of December 31, 2023, the Company had indebtedness of €146.5 million (or approximately $162.1 million) through a group of four remaining related term loan agreements. The provisions of the term loan agreements are substantially identical, with the exception of interest rate terms and maturities. As of December 31, 2023, for the term loans with a fixed interest rate, interest is payable in arrears on an annual basis, with interest rates ranging from 1.67% to 2.26% and maturity dates between August 2025 and and August 2028. For the term loan with a floating interest rate, interest is payable in arrears on a semi-annual basis, with an interest rate based on the EURIBOR plus a margin of 1.10% and a maturity date of August 2025.

Bridge Facility

As discussed in Note 2, in connection with the planned Trimble Ag joint venture, on September 28, 2023, the Company entered into a bridge facility commitment letter with Morgan Stanley pursuant to which Morgan Stanley has committed to provide a $2.0 billion senior unsecured 364-day bridge facility (the "Bridge Facility"). Amounts outstanding under the Bridge Facility will accrue interest at a rate equal to, at the Company's election, at either (1) the SOFR plus 0.1% plus a margin ranging from 0.875% to 2.625% based on the Company's credit rating, or (2) the base rate, which is the highest of (i) the Prime Rate, (ii) the Federal Funds Effective Rate plus 0.5%, and (iii) Term SOFR for a one-month tenor plus 1.0%, plus a margin ranging from 0.000% to 1.625% based on the Company's credit rating, together with a duration fee based on the closing date of the transaction. There are no amounts outstanding under the Bridge Facility as of December 31, 2023. The amount available under the the Bridge Facility was reduced by $250.0 million upon the Company's entry into the Term Loan Facility in December 2023. As of December 31, 2023, the amount available under the Bridge Facility was $1.75 billion.

Other Short-Term Borrowings

As of December 31, 2023 and 2022, the Company had short-term borrowings due within one year, excluding the current portion of long-term debt, of approximately $12.7 million and $8.9 million, respectively.

Standby Letters of Credit and Similar Instruments

The Company has arrangements with various banks to issue standby letters of credit or similar instruments, which guarantee the Company’s obligations for the purchase or sale of certain inventories and for potential claims exposure for insurance coverage. At December 31, 2023 and 2022, outstanding letters of credit totaled $14.7 million and $14.4 million, respectively.

Stock Compensation Plans (Restricted Stock Units) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock Units (RSUs)
Share Activity
Shares awarded but not earned/ vested at January 1 (in shares)	213,198
Shares awarded (in shares)	117,840
Shares forfeited (in shares)	(9,293)
Shares vested or earned (in shares)	(107,798)
Shares awarded but not earned/ vested at December 31 (in shares)	213,947	213,198
Weighted-Average Grant Date Fair Value
Shares awarded but not earned/ vested at January 1 (in dollars per share)	$ 104.62
Shares awarded (in dollars per share)	134.63	$ 109.09	$ 113.91
Shares forfeited (in dollars per share)	120.39
Shares vested or earned (in dollars per share)	98.95
Shares awarded but not earned/ vested at December 31 (in dollars per share)	$ 122.48	$ 104.62
Restricted Stock Units (RSUs) \| Certain executives based on a total margin improvement metric relative to defined peer group
Share Activity
Shares awarded (in shares)	5,017
Shares vested or earned (in shares)	(5,017)
Weighted-Average Grant Date Fair Value
Percentage of additional shares issued	25.00%
Performance Shares
Share Activity
Shares awarded but not earned/ vested at January 1 (in shares)	543,904
Shares awarded (in shares)	289,742
Shares forfeited (in shares)	(29,786)
Shares vested or earned (in shares)	(232,478)
Shares awarded but not earned/ vested at December 31 (in shares)	571,382	543,904
Weighted-Average Grant Date Fair Value
Shares awarded but not earned/ vested at January 1 (in dollars per share)	$ 120.94
Shares awarded (in dollars per share)	143.63	$ 119.35	$ 123.33
Shares forfeited (in dollars per share)	127.77
Shares vested or earned (in dollars per share)	123.28
Shares awarded but not earned/ vested at December 31 (in dollars per share)	$ 131.14	$ 120.94

Income Taxes (Summary of Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Gross unrecognized tax benefits:
Gross unrecognized income tax benefits, beginning of period	$ 281.7	$ 246.4
Additions for tax positions of the current year	67.9	51.7
Additions for tax positions of prior years	5.5	3.9
Reductions for tax positions of prior years for:
Changes in judgments	2.8
Changes in judgments		(6.5)
Settlements during the year	(15.4)	(0.6)
Lapses of applicable statute of limitations	(2.0)	(1.2)
Foreign currency translation and other	10.7
Foreign currency translation and other		(12.0)
Gross unrecognized income tax benefits, end of period	$ 351.2	$ 281.7

Supplier Finance Programs (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Supplier Finance Program [Line Items]
Amount outstanding reflected in Accounts payable	$ 82.7	$ 121.5
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration]	Accounts Payable, Current	Accounts Payable, Current
Minimum
Supplier Finance Program [Line Items]
Payment terms period	30 days
Maximum
Supplier Finance Program [Line Items]
Payment terms period	180 days

Derivative Instruments and Hedging Activities (Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other current assets, Other Assets, Noncurrent	Other current assets, Other Assets, Noncurrent
Asset derivatives	$ 38.7	$ 40.9
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other current liabilities, Other noncurrent liabilities	Other current liabilities, Other noncurrent liabilities
Liability derivatives	$ 14.0	$ 40.4
Foreign currency contracts \| Derivative instruments designated as hedging instruments
Derivatives, Fair Value [Line Items]
Asset derivatives	1.3	1.3
Liability derivatives	1.2	1.3
Foreign currency contracts \| Derivative instruments not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Asset derivatives	17.1	6.6
Liability derivatives	12.8	39.1
Commodity contracts \| Derivative instruments designated as hedging instruments
Derivatives, Fair Value [Line Items]
Asset derivatives	0.0	0.0
Liability derivatives	0.0	0.0
Cross currency swap contract \| Derivative instruments designated as hedging instruments
Derivatives, Fair Value [Line Items]
Asset derivatives	20.3	33.0
Liability derivatives	$ 0.0	$ 0.0

Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories, net at December 31, 2023 and 2022 were as follows (in millions):


	2023		2022
Finished goods	$	1,460.7	$	994.9
Repair and replacement parts	823.1		750.1
Work in process	255.2		369.8
Raw materials	901.7		1,074.9
Inventories, net	$	3,440.7	$	3,189.7

At December 31, 2023 and 2022, the Company had recorded $238.9 million and $211.6 million, respectively, as a reserve for surplus and obsolete inventories. These reserves are reflected within “Inventories, net” within the Company’s Consolidated Balance Sheets.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Atlanta, Georgia

Operations and Summary of Significant Accounting Policies (Interest Expense, Net) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Interest expense	$ 68.8	$ 46.0	$ 25.4
Interest income	(64.2)	(33.0)	(18.7)
Interest expense, net	$ 4.6	$ 13.0	$ 6.7

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

- Definition

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

+ References + Details

Net Income Per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Calculation of Basic and Diluted Earnings Per Share


	2023		2022		2021
Basic net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$	1,171.4	$	889.6	$	897.0
Weighted average number of common shares outstanding	74.8		74.6		75.2
Basic net income per share attributable to AGCO Corporation and subsidiaries	$	15.66	$	11.92	$	11.93
Diluted net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$	1,171.4	$	889.6	$	897.0
Weighted average number of common shares outstanding	74.8		74.6		75.2
Dilutive SSARs, performance share awards and RSUs	0.1		0.3		0.5
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share	74.9		74.9		75.7
Diluted net income per share attributable to AGCO Corporation and subsidiaries	$	15.63	$	11.87	$	11.85

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Results by Reportable Segments

Segment results for the years ended December 31, 2023, 2022 and 2021 based on the Company’s reportable segments are as follows (in millions):


Years Ended December 31,	North America		South America		Europe/Middle East		Asia/Pacific/Africa		Total Segments
2023
Net sales	$	3,752.7	$	2,234.2	$	7,540.5	$	885.0	$	14,412.4
Income from operations	459.3		386.4		1,100.6		77.3		2,023.6
Depreciation	62.3		35.5		115.6		17.0		230.4
Assets	1,883.2		1,394.9		3,017.4		875.2		7,170.7
Capital expenditures	122.6		75.8		315.4		4.3		518.1
2022
Net sales	$	3,175.1	$	2,121.6	$	6,447.3	$	907.4	$	12,651.4
Income from operations	278.8		373.9		784.1		116.9		1,553.7
Depreciation	60.5		29.4		104.7		14.9		209.5
Assets	1,790.3		1,259.8		2,475.6		650.5		6,176.2
Capital expenditures	119.6		54.4		207.4		6.9		388.3
2021
Net sales	$	2,659.2	$	1,307.7	$	6,221.7	$	949.7	$	11,138.3
Income from operations	238.1		132.2		755.4		113.9		1,239.6
Depreciation	60.8		26.5		116.5		16.9		220.7
Assets	1,328.1		922.7		2,348.7		610.6		5,210.1
Capital expenditures	41.2		32.5		184.6		11.5		269.8

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):


	2023		2022		2021
Segment income from operations	$	2,023.6	$	1,553.7	$	1,239.6
Corporate expenses	(204.9)		(153.4)		(135.2)
Amortization of intangibles	(57.7)		(60.1)		(61.1)
Stock compensation expense	(44.6)		(32.7)		(26.6)
Impairment charges	(4.1)		(36.0)		—
Restructuring expenses	(11.9)		(6.1)		(15.3)
Consolidated income from operations	$	1,700.4	$	1,265.4	$	1,001.4

Segment assets	$	7,170.7	$	6,176.2	$	5,210.1
Cash and cash equivalents	595.5		789.5		889.1

Investments in affiliates	512.7		436.9		413.5
Deferred tax assets, other current and noncurrent assets	1,500.1		1,025.9		996.4
Intangible assets, net	308.8		364.4		392.2
Goodwill	1,333.4		1,310.8		1,280.8
Consolidated total assets	$	11,421.2	$	10,103.7	$	9,182.1

Reconciliation of Assets 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):


	2023		2022		2021
Segment income from operations	$	2,023.6	$	1,553.7	$	1,239.6
Corporate expenses	(204.9)		(153.4)		(135.2)
Amortization of intangibles	(57.7)		(60.1)		(61.1)
Stock compensation expense	(44.6)		(32.7)		(26.6)
Impairment charges	(4.1)		(36.0)		—
Restructuring expenses	(11.9)		(6.1)		(15.3)
Consolidated income from operations	$	1,700.4	$	1,265.4	$	1,001.4

Segment assets	$	7,170.7	$	6,176.2	$	5,210.1
Cash and cash equivalents	595.5		789.5		889.1

Investments in affiliates	512.7		436.9		413.5
Deferred tax assets, other current and noncurrent assets	1,500.1		1,025.9		996.4
Intangible assets, net	308.8		364.4		392.2
Goodwill	1,333.4		1,310.8		1,280.8
Consolidated total assets	$	11,421.2	$	10,103.7	$	9,182.1

Schedule of Property, Plant and Equipment, Right-of-use Lease Assets and Amortizable Intangible Assets by Country

Property, plant and equipment, right-of-use lease assets and amortizable intangible assets by country as of December 31, 2023 and 2022 was as follows (in millions):


	2023		2022
United States	$	587.3	$	571.0
Germany	587.7		475.8
Brazil	271.2		206.0
Finland	232.3		192.6
France	143.2		125.8
Italy	109.4		102.7
China	68.8		77.5
Denmark	66.2		71.4
Other	253.9		211.9
	$	2,320.0	$	2,034.7

Stockholders' Equity (Changes in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Stockholders' equity, beginning of period	$ 3,882.6	$ 3,443.8	$ 3,018.0
Other comprehensive income (loss), net of reclassification adjustments	95.0	(31.3)	39.5
Stockholders' equity, end of period	4,656.8	3,882.6	3,443.8
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Stockholders' equity, beginning of period	(1,803.1)	(1,770.9)	(1,810.8)
Other comprehensive (loss) income before reclassifications	77.7	(52.7)
Net losses reclassified from accumulated other comprehensive loss	17.3	20.5
Other comprehensive income (loss), net of reclassification adjustments	95.0	(32.2)	39.9
Stockholders' equity, end of period	(1,708.1)	(1,803.1)	(1,770.9)
Defined Benefit Pension Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Stockholders' equity, beginning of period	(231.2)	(230.4)	(313.3)
Other comprehensive (loss) income before reclassifications	(15.7)	(7.2)
Net losses reclassified from accumulated other comprehensive loss	8.3	6.4
Other comprehensive income (loss), net of reclassification adjustments	(7.4)	(0.8)	82.9
Stockholders' equity, end of period	(238.6)	(231.2)	(230.4)
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Stockholders' equity, beginning of period	(1,571.0)	(1,540.1)	(1,495.0)
Other comprehensive (loss) income before reclassifications	102.3	(30.9)
Net losses reclassified from accumulated other comprehensive loss	0.0	0.0
Other comprehensive income (loss), net of reclassification adjustments	102.3	(30.9)	(45.1)
Stockholders' equity, end of period	(1,468.7)	(1,571.0)	(1,540.1)
Deferred gains and losses on derivatives
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Stockholders' equity, beginning of period	(0.9)	(0.4)	(2.5)
Other comprehensive (loss) income before reclassifications	(8.9)	(14.6)	5.1
Net losses reclassified from accumulated other comprehensive loss	9.0	14.1	(3.0)
Other comprehensive income (loss), net of reclassification adjustments	0.1	(0.5)	2.1
Stockholders' equity, end of period	$ (0.8)	$ (0.9)	$ (0.4)

- Definition

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

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

+ Details

Property, Plant, and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	$ 4,586.1	$ 4,034.4
Accumulated depreciation and amortization	(2,665.2)	(2,443.2)
Property, plant and equipment, net	1,920.9	1,591.2
Land
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	154.0	141.1
Buildings and improvements
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	1,042.5	920.7
Machinery and equipment
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	3,178.9	2,789.8
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	$ 210.7	$ 182.8

Restructuring Expenses and Impairment Charges (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

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


	Employee Severance		Facility Closure Costs		Write-down of Property, Plant and Equipment		Other Related Closure Costs		Loss on Sale of Joint Venture		Total
Balance as of December 31, 2020	$	11.1	$	3.9	$	—	$	1.8	$	—	$	16.8
2021 provision	18.4		—		0.2		1.5		—		20.1
Less: Non-cash expense	—		—		(0.2)		—		—		(0.2)
Cash expense	18.4		—		—		1.5		—		19.9
2021 provision reversal	(2.2)		—		—		(0.1)		(2.5)		(4.8)
2021 cash activity	(12.3)		(3.9)		—		(2.9)		2.5		(16.6)
Foreign currency translation	(0.5)		—		—		(0.1)		—		(0.6)
Balance as of December 31, 2021	14.5		—		—		0.2		—		14.7
2022 provision	6.9		—		—		—		—		6.9
Less: Non-cash expense	—		—		—		—		—		—
Cash expense	6.9		—		—		—		—		6.9
2022 provision reversal	(0.8)		—		—		—		—		(0.8)
2022 cash activity	(12.6)		—		—		(0.2)		—		(12.8)
Foreign currency translation	(1.2)		—		—		—		—		(1.2)
Balance as of December 31, 2022	6.8		—		—		—		—		6.8
2023 provision	9.9		—		—		2.0		—		11.9



2023 cash activity	(7.2)		—		—		(2.0)		—		(9.2)
Foreign currency translation	(1.7)		—		—		—		—		(1.7)
Balance as of December 31, 2023	$	7.8	$	—	$	—	$	—	$	—	$	7.8

Accounts Receivable Sales Agreements	12 Months Ended
Accounts Receivable Sales Agreements	Dec. 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. For the years ended ended December 31, 2023 and 2022, the cash received from receivables sold under the U.S., Canadian, European and Brazilian accounts receivable sales agreements was approximately $2.5 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 to its finance joint ventures 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. For the years ended December 31, 2023 and 2022, the cash received from these arrangements was approximately $254.1 million and $226.0 million, respectively. Under these arrangements, the Company is required to continue to service the sold receivables at market rates. The Company does not maintain any direct retained interest in the receivables. The Company reviewed its accounting for the accounts receivable sales agreements and determined that these facilities should be accounted for as off-balance sheet transactions. Losses on sales of receivables associated with the accounts receivable financing facilities discussed above, reflected within “Other expense, net” in the Company’s Consolidated Statements of Operations, were approximately $148.4 million, $71.1 million and $24.5 million during 2023, 2022 and 2021, respectively. The Company’s finance joint ventures in Europe, Brazil and Australia also provide wholesale financing directly to the Company’s dealers. As of December 31, 2023 and 2022, these finance joint ventures had approximately $211.3 million and $69.5 million, respectively, of outstanding accounts receivable associated with these arrangements. The Company reviewed its accounting for these arrangements and determined that these arrangements should be accounted for as off-balance sheet transactions. In 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.

Operations and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Operations and Summary of Significant Accounting Policies

OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Business

AGCO Corporation and subsidiaries (“AGCO” or the “Company”) is a global leader in the design, manufacture and distribution of agricultural machinery and precision agriculture technology. The Company sells a full range of agricultural equipment, including tractors, combines, hay tools, sprayers, forage equipment, seeding and tillage equipment, implements, and grain storage and protein production systems. The Company’s products are widely recognized in the agricultural equipment industry and are marketed under a number of well-known brand names including Fendt®, GSI®, Massey Ferguson®, Precision Planting® and Valtra®, supported by our FUSE® precision agriculture solutions. The Company distributes most of its products through a combination of approximately 3,100 independent dealers and distributors. The Company also utilizes associates and licensees to provide a distribution channel for its products. In addition, the Company provides retail financing through its finance joint ventures with Coöperatieve Rabobank U.A., or “Rabobank.”

On September 28, 2023, the Company entered into a Sale and Contribution Agreement with Trimble Inc. ("Trimble") to form a joint venture ("Trimble Ag joint venture") (i) to which Trimble will contribute its agricultural business (other than certain Global Navigation Satellite System and guidance technologies) and AGCO will contribute JCA Technologies, and (ii) AGCO will acquire an 85% interest in the joint venture for cash consideration of $2.0 billion. The Trimble Ag joint venture will be the exclusive provider of Trimble’s comprehensive technology offering, supporting the future development and distribution of next-generation agriculture technologies. The Company expects the transaction to close during the first half of 2024. The closing is subject to customary conditions, including compliance with antitrust and similar laws. See Note 2 for further information.

Basis of Presentation and Consolidation

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

Certain prior-period amounts have been reclassified in the accompanying Consolidated Financial Statements and Notes thereto in order to conform to the current period presentation.

Use of Estimates

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

Foreign Currency Translation

The financial statements of the Company’s foreign subsidiaries are translated into United States currency in accordance with Accounting Standards Codification (“ASC”) 830, “Foreign Currency Matters.” Assets and liabilities are translated to United States dollars at period-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the period. Translation adjustments are included in “Accumulated other comprehensive loss” in

stockholders’ equity within the Company’s Consolidated Balance Sheets. Gains and losses, which result from foreign currency transactions, are included in the accompanying Consolidated Statements of Operations.

The Company has a wholly-owned subsidiary in Turkey that distributes agricultural equipment and replacement parts. On the basis of available data related to inflation indices and as a result of the devaluation of the Turkish lira relative to the United States dollar, the Turkish economy was determined to be highly inflationary during 2022. A highly inflationary economy is one where the cumulative inflation rate for the three years preceding the beginning of the reporting period, including interim reporting periods, is in excess of 100 percent. For subsidiaries operating in highly inflationary economies, the United States dollar is the functional currency. Remeasurement adjustments for financial statements in highly inflationary economies and other transactional exchange gains and losses are reported in "Other expense, net" within the Company's Consolidated Statements of Operations. For the year ended December 31, 2023, the Company's wholly-owned subsidiary in Turkey had net sales of approximately $394.6 million and total assets of approximately 4.5 billion Turkish lira (or approximately $152.4 million). The monetary assets and liabilities denominated in the Turkish lira were approximately 4.2 billion Turkish lira (or approximately $142.7 million) and approximately 3.4 billion Turkish lira (or approximately $116.3 million), respectively, as of December 31, 2023. The monetary assets and liabilities were remeasured into United States dollar based on exchange rates as of December 31, 2023.

The Company is subject to the risk of the imposition of limitations by governments on international transfers of funds.

In recent years, the Argentine government has substantially limited the ability of companies to transfer funds out of Argentina. As a consequence of these limitations, the spread between the official government exchange rate and the exchange rates resulting implicitly from certain capital market operations, usually effected to obtain United States dollars, had broadened significantly. Argentina's economy was determined to be highly inflationary during 2018. In December 2023, the central bank of Argentina adjusted the official foreign currency exchange rate for the Argentine peso, significantly devaluing the currency relative to the United States dollar. The Company has a wholly-owned subsidiary in Argentina that assembles and distributes agricultural equipment and replacement parts. For the year ended December 31, 2023, the Company's wholly-owned subsidiary in Argentina had net sales of approximately $204.9 million and total assets of approximately 194.9 billion pesos (or approximately $233.9 million). The monetary assets of the Company's operations in Argentina denominated in pesos at the official government rate were approximately 68.3 billion pesos (or approximately $82.0 million), inclusive of approximately 27.7 billion pesos (or approximately $33.3 million) in cash and cash equivalents, as of December 31, 2023. The monetary liabilities of the Company's operations in Argentina denominated in pesos at the official government rate were approximately 12.4 billion pesos (or approximately $14.9 million) as of December 31, 2023. The monetary assets and liabilities were remeasured into United States dollars based on exchange rates as of December 31, 2023. The Company's finance joint venture in Argentina, AGCO Capital Argentina S.A. ("AGCO Capital") has net monetary assets denominated in pesos at the official government rate of approximately 11.0 billion (or approximately $13.2 million) as of December 31, 2023, of which a majority is cash and cash equivalents. All gains and losses resulting from AGCO Capital's remeasurement of its monetary assets and liabilities are reported in “Equity in net earnings of affiliates” within our Consolidated Statements of Operations.

Cash, Cash Equivalents and Restricted Cash


	December 31, 2023		December 31, 2022		December 31, 2021
Cash(1)	$	463.8	$	656.7	$	833.0
Cash equivalents(2)	131.2		130.8		49.2
Restricted cash(3)	0.5		2.0		6.9
Total	$	595.5	$	789.5	$	889.1

____________________________________

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

(3) Consisted primarily of cash in escrow or held as a guarantee.

Accounts and Notes Receivable

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

In other international markets, equipment sales generally are payable in full within 30 days to 180 days of shipment or delivery. Payment terms for some highly seasonal products have a specified due date during the year regardless of the shipment or delivery date. For sales in most markets outside of the United States and Canada, the Company generally does not charge interest on outstanding receivables due from its dealers and distributors. Sales of replacement parts generally are payable within 30 days to 90 days of shipment, with terms for some larger, seasonal stock orders generally payable within six months of shipment.

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

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

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


Year Ended December 31, 2023	North America		South America		Europe/ Middle East		Asia/ Pacific/Africa		Consolidated
0 to 6 months	$	3,059.9	$	2,140.2	$	7,528.1	$	885.0	$	13,613.2	94.5	%
7 to 12 months	689.3		93.2		12.4		—		794.9		5.5	%
13 to 24 months	3.5		0.8		—		—		4.3		—	%

	$	3,752.7	$	2,234.2	$	7,540.5	$	885.0	$	14,412.4	100.0	%

The Company has an agreement to permit transferring, on an ongoing basis, a majority of its wholesale interest-bearing and non-interest bearing accounts receivable in North America, Europe and Brazil to its U.S., Canadian, European and

Brazilian finance joint ventures. Qualified dealers may obtain additional financing through the Company’s U.S., Canadian, European and Brazilian finance joint ventures at the joint ventures’ discretion.

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


	2023		2022
Sales incentive discounts	$	54.7	$	7.6
Allowance for credit losses	31.9		31.3
	$	86.6	$	38.9

The Company maintains allowances for estimated credit losses, which are developed at a market, country, and region level based on risk of collection as well as current and forecasted economic conditions. The Company calculates the allowance based on an assessment of the risk when the accounts receivable is recognized and records within "Selling, general and administrative expenses" in the Company's Statement of Operations. Write-offs are recorded at the time a customer receivable is deemed uncollectible.


			Additions
Description	Balance at Beginning of Period		Acquired Businesses		Charged to Costs and Expenses		Write-offs		Foreign Currency Translation		Balance at End of Period
Year ended December 31, 2023
Allowances for credit losses	$	31.3	$	—	$	4.2	$	(4.6)	$	1.0	$	31.9
Year ended December 31, 2022
Allowances for credit losses	$	32.6	$	0.1	$	3.3	$	(3.2)	$	(1.5)	$	31.3
Year ended December 31, 2021
Allowances for credit losses	$	36.4	$	0.2	$	0.5	$	(2.8)	$	(1.7)	$	32.6

In the United States and Canada, sales incentives can be paid through future cash settlements of receivables and through credit memos to Company’s dealers or through reductions in retail financing rates paid to the Company’s finance joint ventures. Outside of the United States and Canada, sales incentives can be paid through cash or credit memos to the Company’s dealers or through reductions in retail financing rates paid to the Company’s finance joint ventures. The Company transfers certain accounts receivable under its accounts receivable sales agreements with its finance joint ventures and other financial institutions (see Note 4). The Company records such transfers as sales of accounts receivable when it is considered to have surrendered control of such receivables under the provisions of ASU 2009-16, “Transfers and Servicing (Topic 860): Accounting for Transfers of Financial Assets.” Cash payments made to the Company’s finance joint ventures for sales incentive discounts provided to dealers related to outstanding accounts receivables sold are recorded within “Accrued expenses.”

Inventories

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

Property, Plant and Equipment

Property, plant and equipment are recorded at cost, less accumulated depreciation and amortization. Depreciation is provided on a straight-line basis over the estimated useful lives of two to 40 years for buildings and improvements, three to 20 years for machinery and equipment and three to ten years for furniture and fixtures. Expenditures for maintenance and repairs are primarily charged to expense as incurred.

Goodwill, Other Intangible Assets and Long-Lived Assets

The Company tests goodwill for impairment, at the reporting unit level, annually as of October 1st or more frequently when events or circumstances indicate that the fair value of a reporting unit is more likely than not less than its carrying value. A reporting unit is an operating segment or one level below an operating segment, for example, a component. The Company combines and aggregates two or more components of an operating segment as a single reporting unit if the components have similar economic characteristics. The Company's reportable segments are not its reporting units.

Goodwill is evaluated for impairment using a qualitative assessment or a quantitative assessment. If the Company elects to perform a qualitative assessment and determines the fair value of its reporting units more likely than not exceeds their carrying value of net assets, no further evaluation is necessary. For reporting units where the Company performs a quantitative assessment, it compares the fair value of each reporting unit to its respective carrying value of net assets, including goodwill. If the fair value of the reporting unit exceeds its carrying value of net assets, the goodwill is not considered impaired. If the carrying value of net assets is higher than the fair value of the reporting unit, an impairment charge is recorded in the amount by which the carrying value exceeds the reporting unit’s fair value.

For the quantitative impairment assessment, the Company utilizes a combination of valuation techniques. A discounted cash flow model (income approach) is used whereby the present value of future expected operating net cash flows are calculated using a discount rate; and a guideline public company method (market approach) is used, whereby EBITDA and/or revenue multiples are derived from the market prices of stocks of companies that are engaged in the same or similar lines of business and that are actively traded on a free and open market. These valuation techniques are equally weighted in determining the fair value of the reporting unit.

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

The results of our goodwill impairment analyses conducted as of October 1, 2023, 2022 and 2021 indicated that no impairment existed and no reduction in the carrying amount of goodwill was required. The Company’s accumulated goodwill impairment is approximately $354.1 million related to impairment charges the Company recorded during 2019, 2012 and 2006 pertaining to its grain storage and protein production systems business in Europe/Middle East, its Chinese harvesting reporting unit and its former sprayer reporting unit, respectively. The Company’s grain storage and protein production systems Europe/Middle East reporting unit operates within the Europe/Middle East geographical reportable segment. The Chinese harvesting business operates within the Asia/Pacific/Africa geographical reportable segment and the former sprayer reporting unit operated within the North American geographical reportable segment.

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


Intangible Assets						Weighted-Average Useful Life
Patents and technology						10 years
Customer relationships						13 years
Trademarks and trade names						19 years
Land use rights						46 years

The Company has previously determined that two of its trademarks have an indefinite useful life. The Massey Ferguson trademark has been in existence since 1952 and was formed from the merger of Massey-Harris (established in the 1890’s) and Ferguson (established in the 1930’s). The Massey Ferguson brand is currently sold in approximately 110 countries worldwide, making it one of the most widely sold tractor brands in the world. The Company also has identified the Valtra trademark as an indefinite-lived asset. The Valtra trademark has been in existence since the late 1990’s, but is a derivative of the Valmet trademark which has been in existence since 1951. The Valmet name transitioned to the Valtra name over a period of time in the marketplace. The Valtra brand is currently sold in approximately 60 countries around the world. Both the Massey Ferguson brand and the Valtra brand are primary product lines of the Company’s business, and the Company plans to use these trademarks for an indefinite period of time. The Company plans to continue to make investments in product development to enhance the value of these brands into the future. There are no legal, regulatory, contractual, competitive, economic or other factors that the Company is aware of or that the Company believes would limit the useful lives of the trademarks. The Massey Ferguson and Valtra trademark registrations can be renewed at a nominal cost in the countries in which the Company operates.

Insurance Reserves

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

Revenue

The Company accounts for revenue recognition pursuant to ASU 2014-09, “Revenue from Contracts with Customers.” Revenue is recognized when the Company satisfies the performance obligation by transferring control over goods or services to a dealer, distributor or other customer. The amount of revenue recognized is measured as the consideration the Company expects to receive in exchange for those goods or services pursuant to a contract with the customer. A contract exists once the Company receives and accepts a purchase order under a dealer sales agreement, or once the Company enters into a contract with an end user. The Company does not recognize revenue in cases where collectability is not probable, and defers the recognition until collection is probable or payment is received.

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

The Company believes control passes and the performance obligation is satisfied at the point of the stated shipping or delivery term with respect to such sales.

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

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

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

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

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

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

Extended Warranty Contracts. The Company sells separately priced extended warranty contracts and maintenance contracts, which extends coverage beyond the base warranty period, or covers maintenance over a specified period. Revenue is recognized for the extended warranty contract on a straight-line basis, which the Company believes approximates the costs expected to be incurred in satisfying the obligations, over the extended warranty period. The extended warranty period for the majority of products ranges from three to five years. When payment is received in advance of the performance obligation being satisfied, or when a portion of the overall transaction price is allocated to the extended warranty offered at no cost, revenue is deferred at contract inception and a contract liability is recognized.

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

advance of the performance obligation being satisfied, or when a portion of the overall transaction price is allocated to a free subscription, revenue is deferred at contract inception and a contract liability is recognized. The revenue associated with the sale of precision technology services is not significant. The costs of the software directly associated with the installation and functionality of precision technology products and services, including amortization and hosting costs, are reflected within “Cost of goods sold” and “Engineering expenses” within the Company’s Consolidated Statements of Operations.

See Note 24 for additional information regarding the Company’s sources of revenue and associated contract liabilities and performance obligations.

Research and Development Expenses

Research and development expenses are expensed as incurred and are included in “Engineering expenses” in the Company’s Consolidated Statements of Operations. Research and development expenses for the years ended December 31, 2023, 2022 and 2021 totaled approximately $420.9 million, $315.4 million and $272.9 million, respectively.

Advertising Costs

The Company expenses all advertising costs as incurred. Cooperative advertising costs normally are expensed at the time the revenue is earned. Advertising expenses for the years ended December 31, 2023, 2022 and 2021 totaled approximately $56.4 million, $50.9 million and $54.2 million, respectively.

Shipping and Handling Expenses

All shipping and handling fees charged to customers are included as a component of net sales, and are associated with freight activities after the customer has obtained control. Shipping and handling costs are accounted for as fulfillment costs and are expensed and accrued at the time revenue is recognized within “Cost of goods sold,” with the exception of certain handling costs included in “Selling, general and administrative expenses” in the amount of $52.2 million, $48.4 million and $43.6 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Interest Expense, Net

Interest expense, net for the years ended December 31, 2023, 2022 and 2021 consisted of the following (in millions):


	2023		2022		2021
Interest expense	$	68.8	$	46.0	$	25.4
Interest income	(64.2)		(33.0)		(18.7)
	$	4.6	$	13.0	$	6.7

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. A valuation allowance is established when it is more likely than not that some portion or all of the deferred tax assets may not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. See Note 19 for additional information regarding the Company’s income taxes.

Comprehensive Income (Loss)

The Company reports comprehensive income (loss), defined as the total of net income (loss) and all other non-owner changes in equity, and the components thereof in its Consolidated Statements of Stockholders’ Equity and Consolidated Statements of Comprehensive Income. The components of other comprehensive income (loss) and the related tax effects for the years ended December 31, 2023, 2022 and 2021 are as follows (in millions):


	AGCO Corporation and Subsidiaries						Noncontrolling Interests
	2023						2023
	Before-tax Amount		Income Taxes		After-tax Amount		After-tax Amount
Defined benefit pension plans	$	(10.0)	$	2.6	$	(7.4)	$	—
Deferred gains and losses on derivatives	(0.3)		0.4		0.1		—
Foreign currency translation adjustments	102.3		—		102.3		—
Total components of other comprehensive income	$	92.0	$	3.0	$	95.0	$	—


	AGCO Corporation and Subsidiaries						Noncontrolling Interests
	2022						2022
	Before-tax Amount		Income Taxes		After-tax Amount		After-tax Amount
Defined benefit pension plans	$	(2.0)	$	1.2	$	(0.8)	$	—
Deferred gains and losses on derivatives	(0.5)		—		(0.5)		—
Foreign currency translation adjustments	(30.9)		—		(30.9)		0.9
Total components of other comprehensive loss	$	(33.4)	$	1.2	$	(32.2)	$	0.9


	AGCO Corporation and Subsidiaries						Noncontrolling Interests
	2021						2021
	Before-tax Amount		Income Taxes		After-tax Amount		After-tax Amount
Defined benefit pension plans	$	110.1	$	(27.2)	$	82.9	$	—
Deferred gains and losses on derivatives	2.5		(0.4)		2.1		—
Foreign currency translation adjustments	(45.1)		—		(45.1)		(0.4)
Total components of other comprehensive income	$	67.5	$	(27.6)	$	39.9	$	(0.4)

Derivatives

The Company uses derivative and non-derivative instruments to manage its exposure to market risks, such as changes in foreign currency exchange rates, commodity prices and interest rates. The Company does not enter into derivative transactions for speculative purposes. The Company's derivative instruments are recognized as either assets or liabilities on the Consolidated Balance Sheets and measured at fair value. The accounting for changes in the fair value of each derivative financial instrument depends on whether it has been designated and qualifies as an accounting hedge, as well as the type of

hedging relationship identified. See Note 14 for additional information regarding the Company’s derivative instruments and hedging activities.

Leases

The Company leases certain land, buildings, machinery, equipment, vehicles and office and computer equipment under finance and operating leases. The Company accounts for these leases pursuant to ASU 2016-02, “Leases”. Under the standard, lessees are required to record an asset (a right-of-use “ROU” asset or finance lease asset) and a lease liability. ROU assets represent the Company’s right to use an underlying asset during the lease term while lease liabilities represent the Company’s obligation to make lease payments during the lease term. The standard allows for two types of leases for income

statement recognition purposes: operating leases and finance leases. Operating leases result in the recognition of a single lease expense on a straight-line basis over the lease term whereas finance leases result in an accelerated expense. ASU 2016-02 also contains guidance regarding the identification of embedded leases in service and supply contracts, as well as the identification of lease and nonlease components of an arrangement. All leases greater than 12 months result in the recognition of an ROU asset and liability at the lease commencement date based on the present value of the lease payments over the lease term. The present value of the lease payments is calculated using the applicable weighted-average discount rate. The weighted-average discount rate is based on the discount rate implicit in the lease, or if the implicit rate is not readily determinable from the lease, then the Company estimates an applicable incremental borrowing rate. The incremental borrowing rate is estimated using the currency denomination of the lease, the contractual lease term and the Company’s applicable borrowing rate.

The Company does not recognize an ROU asset or lease liability with respect to operating leases with an initial term of 12 months or less and recognizes expense on such leases on a straight-line basis over the lease term. The Company accounts for lease components separately from nonlease components other than for real estate and office equipment. The Company evaluates its supplier agreements for the existence of leases and determined these leases comprised an insignificant portion of its supplier agreements. As such, these leases were not material to the Company’s Consolidated Balance Sheets. The Company has certain leases that contain one or more options to terminate or renew that can extend the lease term up to 13 years. Options that the company is reasonably certain to exercise are included in the lease term. The depreciable life of ROU assets and leasehold improvements are limited by the expected lease term. The Company has certain lease agreements that include variable rental payments that are adjusted periodically for inflation based on the index rate as defined by the applicable government authority. Generally, the Company’s lease agreements do not contain any residual value guarantees or restrictive covenants.

Recent Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“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 delay applies to the Company’s equity method finance joint ventures, which were 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, impacts the results of operations and financial condition of the Company’s finance joint ventures. For the adoption of the standard by the Company’s finance joint ventures on January 1, 2023 under the modified retrospective approach, the Company recognized the cumulative effect of ASU 2016-13 as an adjustment to the opening balance of stockholders’ equity as of January 1, 2023 within “Retained earnings.” The cumulative effect was a reduction of approximately $5.5 million.

In September 2022, the FASB issued ASU 2022-04, “Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations.” The new standard requires that a buyer in a supplier finance program disclose sufficient information about the key terms of the program, the amount of outstanding confirmed obligations at period end, where the obligations are presented in the balance sheet, and a rollforward of the obligations during the annual period. This guidance was effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the rollforward, which is effective for fiscal years beginning after December 15, 2023. The adoption of ASU 2022-04 resulted in disclosure of the Company's supplier financing programs. Refer to Note 10 for further details.

The Company has adopted ASU 2021-08, “Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” effective for fiscal years beginning after December 15, 2022, which did not have a material impact on the Company's results of operations, financial condition or cash flows but may impact future acquisitions.

New Accounting Pronouncements to be Adopted

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements and requires entities to disclose its significant segment expense categories and amounts for each reportable segment. The ASU is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the potential effect that the updated standard will have on its financial statement disclosures.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The requirements will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the potential effect that the updated standard will have on its financial statement disclosures.

Acquisitions (Finite-Live Intangible Assets Acquired) (Details) - JCA and Appareo $ in Millions	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Amount	$ 37.9
Customer relationships
Business Acquisition [Line Items]
Amount	$ 15.4
Weighted-Average Useful Life	10 years
Technology
Business Acquisition [Line Items]
Amount	$ 15.4
Weighted-Average Useful Life	8 years
Trademarks
Business Acquisition [Line Items]
Amount	$ 5.7
Weighted-Average Useful Life	10 years
Non-competition agreements
Business Acquisition [Line Items]
Amount	$ 1.4
Weighted-Average Useful Life	5 years

Recoverable Indirect Taxes	12 Months Ended
Recoverable Indirect Taxes	Dec. 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 $93.5 million and $94.6 million, respectively, of VAT tax credits, net of reserves, as of December 31, 2023 and 2022.

Investments in Affiliates (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments in and Advances to Affiliates

Investments in affiliates as of December 31, 2023 and 2022 were as follows (in millions):


	2023		2022
Finance joint ventures	$	464.3	$	390.2
Manufacturing joint ventures	30.6		29.9
Other affiliates	17.8		16.8
	$	512.7	$	436.9

Schedule of Equity Method Investments

The Company’s equity in net earnings of affiliates for the years ended December 31, 2023, 2022 and 2021 were as follows (in millions):


	2023		2022		2021
Finance joint ventures	$	66.9	$	63.0	$	64.4
Manufacturing and other joint ventures	1.3		1.1		1.2
	$	68.2	$	64.1	$	65.6


	As of December 31,
	2023		2022
Total assets	$	10,035.8	$	8,359.1
Total liabilities	9,088.3		7,562.8
Partners’ equity	947.5		796.3


	For the Years Ended December 31,
	2023		2022		2021
Revenues	$	680.5	$	454.6	$	411.1
Costs	468.6		274.9		228.1
Income before income taxes	$	211.9	$	179.7	$	183.0

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Accumulated Other Comprehensive Loss and Net Income Related to Derivatives


			Recognized in Net Income
	Gain (Loss) Recognized in Accumulated Other Comprehensive Loss		Classification of Gain (Loss)	Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income		Total Amount of the Line Item in the Consolidated Statements of Operations Containing Hedge Gains (Losses)
2023
Foreign currency contracts(1)	$	(9.1)	Cost of goods sold	$	(8.9)	$	10,635.0
Commodity contracts(2)	0.2		Cost of goods sold	(0.1)		$	10,635.0
Total	$	(8.9)		$	(9.0)
2022
Foreign currency contracts	$	(11.1)	Cost of goods sold	$	(10.6)	$	9,650.1
Commodity contracts	(3.5)		Cost of goods sold	(3.5)		$	9,650.1
Total	$	(14.6)		$	(14.1)
2021
Foreign currency contracts	$	(7.4)	Cost of goods sold	$	(10.2)	$	8,566.0
Commodity contracts	12.5		Cost of goods sold	13.2		8,566.0
Total	$	5.1		$	3.0

____________________________________

(1) The outstanding contracts as of December 31, 2023 range in maturity through December 2024.

(2) The outstanding contracts as of December 31, 2023 range in maturity through June 2024.


	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	8.3		3.2		5.1
Net gains reclassified from accumulated other comprehensive loss into income	(5.8)		(2.8)		(3.0)
Accumulated derivative net losses as of December 31, 2021	$	(0.5)	$	(0.1)	$	(0.4)
Net changes in fair value of derivatives	(19.7)		(5.1)		(14.6)
Net losses reclassified from accumulated other comprehensive loss into income	19.2		5.1		14.1
Accumulated derivative net losses as of December 31, 2022	$	(1.0)	$	(0.1)	$	(0.9)
Net changes in fair value of derivatives	(11.5)		(2.6)		(8.9)
Net losses reclassified from accumulated other comprehensive loss into income	11.2		2.2		9.0
Accumulated derivative net losses as of December 31, 2023(1)	$	(1.3)	$	(0.5)	$	(0.8)

____________________________________

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
	December 31, 2023		December 31, 2022
Cross currency swap contract	$	300.0	$	300.0

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


	Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Years Ended
Foreign currency denominated debt:	Before-Tax Amount		Income Tax		After-Tax Amount
December 31, 2023	$	(4.2)	$	(1.1)	$	(3.1)
December 31, 2022	—		—		—
December 31, 2021	—		—		—

Cross currency swap contract:
December 31, 2023	(12.7)		(3.3)		(9.4)
December 31, 2022	20.5		5.3		15.2
December 31, 2021	11.0		3.2		7.8

Schedule of Derivatives Not Designated as Hedging Instrument

The following table summarizes the results on net income of derivatives not designated as hedging instruments (in millions):


		Gain (Loss) Recognized in Net Income for the Years Ended
	Classification of Gain (Loss)	December 31, 2023		December 31, 2022		December 31, 2021
Foreign currency contracts	Other expense, net	$	29.9	$	(38.2)	$	54.8

Fair Value of Derivative Instruments

The table below sets forth the fair value of derivative instruments as of December 31, 2023 (in millions):


	Asset Derivatives as of December 31, 2023			Liability Derivatives as of December 31, 2023
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	1.3	Other current liabilities	$	1.2
Commodity contracts	Other current assets	—		Other current liabilities	—
Cross currency swap contract	Other noncurrent assets	20.3		Other noncurrent liabilities	—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts (1)	Other current assets	17.1		Other current liabilities	12.8
Total derivative instruments		$	38.7		$	14.0

____________________________________

(1) The outstanding contracts as of December 31, 2023 range in maturity through February 2024.

The table below sets forth the fair value of derivative instruments as of December 31, 2022 (in millions):


	Asset Derivatives as of December 31, 2022			Liability Derivatives as of December 31, 2022
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	1.3	Other current liabilities	$	1.3
Commodity contracts	Other current assets	—		Other current liabilities	—

Cross currency swap contract	Other noncurrent assets	33.0		Other noncurrent liabilities	—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts	Other current assets	6.6		Other current liabilities	39.1
Total derivative instruments		$	40.9		$	40.4

- 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 + Details

Operations and Summary of Significant Accounting Policies (Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), net of reclassification adjustments	$ 95.0	$ (31.3)	$ 39.5
AOCI Attributable To Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before tax amount	92.0	(33.4)	67.5
Other comprehensive income (loss), income taxes	3.0	1.2	(27.6)
Other comprehensive income (loss), net of reclassification adjustments	95.0	(32.2)	39.9
Defined benefit pension plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before tax amount	(10.0)	(2.0)	110.1
Other comprehensive income (loss), income taxes	2.6	1.2	(27.2)
Other comprehensive income (loss), net of reclassification adjustments	(7.4)	(0.8)	82.9
Deferred gains and losses on derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before tax amount	(0.3)	(0.5)	2.5
Other comprehensive income (loss), income taxes	0.4	0.0	(0.4)
Other comprehensive income (loss), net of reclassification adjustments	0.1	(0.5)	2.1
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before tax amount	102.3	(30.9)	(45.1)
Other comprehensive income (loss), income taxes	0.0	0.0	0.0
Other comprehensive income (loss), net of reclassification adjustments	102.3	(30.9)	(45.1)
AOCI Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), net of reclassification adjustments	0.0	0.9	(0.4)
Defined benefit pension plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), net of reclassification adjustments	0.0	0.0	0.0
Deferred gains and losses on derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), net of reclassification adjustments	0.0	0.0	0.0
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), net of reclassification adjustments	$ 0.0	$ 0.9	$ (0.4)

Indebtedness (Narrative) (Details)							1 Months Ended		7 Months Ended	12 Months Ended			31 Months Ended
Indebtedness (Narrative) (Details)	Oct. 19, 2023 USD ($)	Oct. 19, 2023 EUR (€)	Sep. 28, 2023 USD ($)	Aug. 01, 2023 USD ($)	Aug. 01, 2023 EUR (€)	Oct. 06, 2021 EUR (€)	Dec. 31, 2023 USD ($) loan_agreement	Dec. 31, 2022 USD ($)	Feb. 28, 2022 EUR (€)	Dec. 31, 2023 USD ($) loan_agreement	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 30, 2022 EUR (€)	Feb. 15, 2024 USD ($)	Feb. 15, 2024 EUR (€)	Jan. 25, 2024 EUR (€)	Dec. 31, 2023 EUR (€) loan_agreement	Oct. 26, 2023 USD ($)	Oct. 26, 2023 EUR (€)	Sep. 29, 2023 USD ($)	Sep. 29, 2023 EUR (€)	Jun. 30, 2022 EUR (€)	Jan. 25, 2019 EUR (€)	Oct. 31, 2018 USD ($)	Aug. 31, 2018 EUR (€) loan_agreement	Oct. 31, 2016 EUR (€) loan_agreement
Debt Instrument [Line Items]
Interest paid										$ 60,500,000	$ 45,100,000	$ 23,800,000
Repayments of debt										458,600,000	377,500,000	$ 2,501,400,000
Outstanding letters of credit							$ 14,700,000	$ 14,400,000		14,700,000	14,400,000
Bridge Loan
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 2,000,000,000
Increase (decrease) to maximum borrowing capacity							(250,000,000)
Remaining borrowing capacity on line of credit facility							1,750,000,000			1,750,000,000
Debt instrument term			364 days
Short-term debt outstanding							0			0
Other Short-Term Borrowings
Debt Instrument [Line Items]
Short-term debt outstanding							12,700,000	8,900,000		12,700,000	8,900,000
Interest Accrual, Option One \| SOFR \| Bridge Loan
Debt Instrument [Line Items]
Margin on variable rate			0.10%
Interest Accrual, Option One \| SOFR \| Minimum \| Bridge Loan
Debt Instrument [Line Items]
Margin on variable rate			0.875%
Interest Accrual, Option One \| SOFR \| Maximum \| Bridge Loan
Debt Instrument [Line Items]
Margin on variable rate			2.625%
Interest Accrual, Option Two \| SOFR \| Bridge Loan
Debt Instrument [Line Items]
Margin on variable rate			1.00%
Interest Accrual, Option Two \| SOFR \| Minimum \| Bridge Loan
Debt Instrument [Line Items]
Margin on variable rate			0.00%
Interest Accrual, Option Two \| SOFR \| Maximum \| Bridge Loan
Debt Instrument [Line Items]
Margin on variable rate			1.625%
Interest Accrual, Option Two \| Fed Funds Effective Rate \| Bridge Loan
Debt Instrument [Line Items]
Margin on variable rate			0.50%
Revolving credit facility \| Uncommitted Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity							110,700,000			110,700,000												€ 100,000,000
Line of credit amount outstanding							0	$ 0		0	0
Remaining borrowing capacity on line of credit facility							110,700,000			110,700,000							€ 100,000,000
Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity							250,000,000			250,000,000
Line of credit amount outstanding							0			0
Multi-currency Finance Contract \| EIB Senior Term Loan due 2029
Debt Instrument [Line Items]
Maximum borrowing capacity																				$ 276,700,000	€ 250,000,000
Line of credit amount outstanding																		$ 263,700,000	€ 250,000,000
Debt instrument, interest rate, percent																				3.98%	3.98%
Percentage of specified investments																				50.00%	50.00%
Multi-currency Finance Contract \| EIB Multi-currency facility due 2030 \| Subsequent event
Debt Instrument [Line Items]
Maximum borrowing capacity \| €																€ 170,000,000
Line of credit amount outstanding														$ 183,200,000	€ 170,000,000
Line of credit \| Multi-Currency Revolving Credit Facility \| EURIBOR \| Minimum
Debt Instrument [Line Items]
Margin on variable rate								0.875%
Line of credit \| Multi-Currency Revolving Credit Facility \| EURIBOR \| Maximum
Debt Instrument [Line Items]
Margin on variable rate								1.875%
Line of credit \| Multi-Currency Revolving Credit Facility \| Interest Accrual, Option One \| SOFR
Debt Instrument [Line Items]
Margin on variable rate								0.10%
Line of credit \| Multi-Currency Revolving Credit Facility \| Interest Accrual, Option One \| SOFR \| Minimum
Debt Instrument [Line Items]
Margin on variable rate								0.875%
Line of credit \| Multi-Currency Revolving Credit Facility \| Interest Accrual, Option One \| SOFR \| Maximum
Debt Instrument [Line Items]
Margin on variable rate								1.875%
Line of credit \| Multi-Currency Revolving Credit Facility \| Interest Accrual, Option Two \| SOFR
Debt Instrument [Line Items]
Margin on variable rate								1.00%
Line of credit \| Multi-Currency Revolving Credit Facility \| Interest Accrual, Option Two \| SOFR \| Minimum
Debt Instrument [Line Items]
Margin on variable rate								0.00%
Line of credit \| Multi-Currency Revolving Credit Facility \| Interest Accrual, Option Two \| SOFR \| Maximum
Debt Instrument [Line Items]
Margin on variable rate								0.875%
Line of credit \| Multi-Currency Revolving Credit Facility \| Interest Accrual, Option Two \| Fed Funds Effective Rate
Debt Instrument [Line Items]
Margin on variable rate								0.50%
Line of credit \| EIB Senior Term Loan due 2029
Debt Instrument [Line Items]
Long-term debt, gross							276,700,000	$ 0		$ 276,700,000	0
Line of credit \| Senior term loans due between 2023 and 2028 \| Minimum
Debt Instrument [Line Items]
Margin on variable rate										1.67%
Line of credit \| Senior term loans due between 2023 and 2028 \| Maximum
Debt Instrument [Line Items]
Margin on variable rate										2.26%
Line of credit \| Senior term loans due between 2023 and 2028 \| EURIBOR \| Minimum
Debt Instrument [Line Items]
Margin on variable rate										1.10%
Line of credit \| Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity																								$ 800,000,000
Increase (decrease) to maximum borrowing capacity								450,000,000
Line of credit \| Revolving credit facility \| 1.25 Billion Multi-Currency Unsecured Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity								1,250,000,000			1,250,000,000
Line of credit amount outstanding							0			$ 0
Remaining borrowing capacity on line of credit facility							1,155,000,000			1,155,000,000
Line of credit \| Revolving credit facility \| 1.25 Billion Multi-Currency Unsecured Credit Facility, US Dollar Tranche
Debt Instrument [Line Items]
Maximum borrowing capacity								325,000,000			325,000,000
Line of credit \| Revolving credit facility \| 1.25 Billion Multi-Currency Unsecured Credit Facility, Multi-Currency Tranche
Debt Instrument [Line Items]
Maximum borrowing capacity								925,000,000			925,000,000
Line of credit \| Revolving credit facility \| Bilateral Revolving Credit Facility
Debt Instrument [Line Items]
Repayments of debt								240,000,000
Senior Notes \| 0.800% Senior Notes Due 2028
Debt Instrument [Line Items]
Debt instrument, interest rate, percent						0.80%
Debt instrument, face amount \| €						€ 600,000,000
Long-term debt, gross							664,000,000	641,500,000		664,000,000	641,500,000						600,000,000
Debt instrument, face amount, issue price percentage						99.993%
Senior Notes \| 1.002% EIB Senior term loan due 2025
Debt Instrument [Line Items]
Debt instrument, interest rate, percent																							1.002%
Long-term debt, gross							276,700,000	267,300,000		276,700,000	267,300,000												€ 250,000,000
Senior Notes \| Senior term loans due between 2023 and 2028
Debt Instrument [Line Items]
Repayments of debt	$ 77,700,000	€ 73,500,000		$ 109,200,000	€ 99,500,000				€ 144,500,000				€ 249,000,000
Debt instrument, face amount \| €																									€ 338,000,000	€ 375,000,000
Long-term debt, gross							$ 162,100,000	$ 341,600,000		$ 162,100,000	$ 341,600,000						€ 146,500,000
Number of loan agreements entered \| loan_agreement																									7	7
Number of agreements remaining \| loan_agreement							4			4							4

Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Defined Benefit Pension Plans	Cumulative Translation Adjustment	Deferred Gains (Losses) on Derivatives	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2020			74,962,231
Stockholders' equity, beginning of period at Dec. 31, 2020	$ 3,018.0		$ 0.8	$ 30.9	$ 4,759.1		$ (1,810.8)	$ (313.3)	$ (1,495.0)	$ (2.5)	$ 38.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	901.5				897.0						4.5
Payment of dividends to shareholders	(358.5)				(358.5)
Issuance of non-employee director restricted stock (in shares)			8,912
Issuance of non-employee director restricted stock	1.3			1.3
Issuance of stock awards (in shares)			362,034
Issuance of stock awards	(29.5)			(29.5)
SSARs exercised (in shares)			60,339
SSARs exercised	(5.4)			(5.4)
Stock compensation	26.1			26.1
Distribution to noncontrolling interest	(3.6)										(3.6)
Sale of noncontrolling interests	(10.6)										(10.6)
Purchases and retirement of common stock (in shares)			(952,204)
Purchases and retirement of common stock	(135.0)		$ (0.1)	(19.5)	(115.4)
Defined benefit pension plans, net of taxes:
Prior service (cost) credit arising during the year	10.0						10.0	10.0
Net (gain) loss recognized due to settlement	0.1						0.1	0.1
Net loss recognized due to curtailment	6.3						6.3	6.3
Net actuarial gain (loss) arising during year	53.6						53.6	53.6
Amortization of prior service cost (credit) included in net periodic pension cost	0.6						0.6	0.6
Amortization of net actuarial losses included in net periodic pension cost	12.3						12.3	12.3
Deferred gains and losses on derivatives, net	2.1						2.1			2.1
Change in cumulative translation adjustment	(45.5)						(45.1)		(45.1)		(0.4)
Ending balance (in shares) at Dec. 31, 2021			74,441,312
Stockholders' equity, end of period at Dec. 31, 2021	3,443.8		$ 0.7	3.9	5,182.2		(1,770.9)	(230.4)	(1,540.1)	(0.4)	27.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	874.7				889.6						(14.9)
Payment of dividends to shareholders	(404.3)				(404.3)
Issuance of non-employee director restricted stock (in shares)			10,301
Issuance of non-employee director restricted stock	1.5			1.5
Issuance of stock awards (in shares)			250,719
Issuance of stock awards	(19.4)			(6.5)	(12.9)
SSARs exercised (in shares)			12,307
SSARs exercised	(1.2)			(1.2)
Stock compensation	32.5			32.5
Distribution to noncontrolling interest	(13.8)										(13.8)
Investment by noncontrolling interests	0.1										0.1
Purchases and retirement of common stock (in shares)			(113,824)
Defined benefit pension plans, net of taxes:
Prior service (cost) credit arising during the year	(19.1)						(19.1)	(19.1)
Net (gain) loss recognized due to settlement	(0.4)						(0.4)	(0.4)
Net loss recognized due to curtailment	0.0
Net actuarial gain (loss) arising during year	12.3						12.3	12.3
Amortization of prior service cost (credit) included in net periodic pension cost	0.0
Amortization of net actuarial losses included in net periodic pension cost	6.4						6.4	6.4
Deferred gains and losses on derivatives, net	(0.5)						(0.5)			(0.5)
Change in cumulative translation adjustment	(30.0)						(30.9)		(30.9)		0.9
Ending balance (in shares) at Dec. 31, 2022			74,600,815
Stockholders' equity, end of period at Dec. 31, 2022	$ 3,882.6	$ (5.5)	$ 0.7	30.2	5,654.6	$ (5.5)	(1,803.1)	(231.2)	(1,571.0)	(0.9)	0.2
Defined benefit pension plans, net of taxes:
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]
Net income (loss)	$ 1,171.3				1,171.4						(0.1)
Payment of dividends to shareholders	(457.4)				(457.4)
Issuance of non-employee director restricted stock (in shares)			10,524
Issuance of non-employee director restricted stock	1.5			1.5
Issuance of stock awards (in shares)			256,709
Issuance of stock awards	(20.5)			(20.5)	0.0
SSARs exercised (in shares)			21,594
SSARs exercised	(2.1)			(2.1)
Stock compensation	44.9			44.9
Purchases and retirement of common stock (in shares)			(371,669)
Purchases and retirement of common stock	(53.0)			(49.9)	(3.1)
Prior service (cost) credit arising during the year	0.0
Net (gain) loss recognized due to settlement	0.4						0.4	0.4
Net loss recognized due to curtailment	0.0
Net actuarial gain (loss) arising during year	(16.1)						(16.1)	(16.1)
Amortization of prior service cost (credit) included in net periodic pension cost	1.3						1.3	1.3
Amortization of net actuarial losses included in net periodic pension cost	7.0						7.0	7.0
Deferred gains and losses on derivatives, net	0.1						0.1			0.1
Change in cumulative translation adjustment	102.3						102.3		102.3		0.0
Ending balance (in shares) at Dec. 31, 2023			74,517,973
Stockholders' equity, end of period at Dec. 31, 2023	$ 4,656.8		$ 0.7	$ 4.1	$ 6,360.0		$ (1,708.1)	$ (238.6)	$ (1,468.7)	$ (0.8)	$ 0.1

Derivative Instruments and Hedging Activities (Summary Of Accumulated Other Comprehensive Loss Related To Derivatives) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
After-Tax Amount
Stockholders' equity, beginning of period	$ 3,882.6	$ 3,443.8	$ 3,018.0
Stockholders' equity, end of period	4,656.8	3,882.6	3,443.8
Deferred gains and losses on derivatives
Before-Tax Amount
Accumulated derivative net gains (losses), beginning of period	(1.0)	(0.5)	(3.0)
Net changes in fair value of derivatives	(11.5)	(19.7)	8.3
Net losses (gains) reclassified from accumulated other comprehensive loss into income	11.2	19.2	(5.8)
Accumulated derivative net gains (losses), end of period	(1.3)	(1.0)	(0.5)
Income Tax
Accumulated derivative net gains (losses), beginning of period	(0.1)	(0.1)	(0.5)
Net changes in fair value of derivatives	(2.6)	(5.1)	3.2
Net losses (gains) reclassified from accumulated other comprehensive loss into income	2.2	5.1	(2.8)
Accumulated derivative net gains (losses), end of period	(0.5)	(0.1)	(0.1)
After-Tax Amount
Stockholders' equity, beginning of period	(0.9)	(0.4)	(2.5)
Net changes in fair value of derivatives	(8.9)	(14.6)	5.1
Net losses (gains) reclassified from accumulated other comprehensive loss into income	9.0	14.1	(3.0)
Stockholders' equity, end of period	(0.8)	$ (0.9)	$ (0.4)
Deferred gains and losses on derivatives \| Foreign currency contracts
Before-Tax Amount
Accumulated derivative net gains (losses), end of period	$ (1.4)

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

LEASES

Total lease assets and liabilities at December 31, 2023 and 2022 were as follows (in millions):


Lease Assets	Classification	As of December 31, 2023		As of December 31, 2022
Operating ROU assets	Right-of-use lease assets	$	176.2	$	163.9
Finance lease assets	Property, plant and equipment, net(1)	6.5		6.7
Total lease assets		$	182.7	$	170.6

Lease Liabilities	Classification	As of December 31, 2023		As of December 31, 2022
Current:
Operating	Accrued expenses	$	45.4	$	42.2
Finance	Other current liabilities	0.5		0.7

Noncurrent:
Operating	Operating lease liabilities	134.4		125.4
Finance	Other noncurrent liabilities	5.4		5.4
Total lease liabilities		$	185.7	$	173.7

____________________________________

(1) Finance lease assets are recorded net of accumulated depreciation of $3.1 million and $5.1 million as of December 31, 2023 and 2022, respectively.

Total lease costs for 2023 and 2022 are set forth below (in millions):


	Classification	Year Ended December 31, 2023		Year Ended December 31, 2022
Operating lease cost	Selling, general and administrative expenses	$	57.2	$	51.2
Variable lease cost	Selling, general and administrative expenses	2.3		1.7
Short-term lease cost	Selling, general and administrative expenses	24.1		17.5
Finance lease cost:
Amortization of lease assets	Depreciation expense(1)	0.7		1.0
Interest on lease liabilities	Interest expense, net	0.2		0.2
Total lease cost		$	84.5	$	71.6

____________________________________

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

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of December 31, 2023 were as follows (in millions):


	December 31, 2023
		Operating Leases		Finance Leases


2024		$	52.8	$	0.7
2025		43.0		0.6
2026		32.6		0.4
2027		19.7		0.3
2028		14.7		0.1
Thereafter		46.5		5.8
Total lease payments		209.3		7.9
Less: imputed interest(1)		(29.5)		(2.0)

Present value of lease liabilities		$	179.8	$	5.9

____________________________________

(1) Calculated using the implicit interest rate for each lease or the Company’s incremental borrowing rate, when implicit rate is not available

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of December 31, 2022 were as follows (in millions):


	December 31, 2022
		Operating Leases		Finance Leases
2023		$	47.8	$	0.8
2024		36.6		0.6
2025		27.0		0.4
2026		19.1		0.2
2027		13.4		0.2
Thereafter		51.2		6.0
Total lease payments		195.1		8.2
Less: imputed interest(1)		(27.5)		(2.1)

Present value of lease liabilities		$	167.6	$	6.1

____________________________________

(1) Calculated using the implicit interest rate for each lease or the Company’s incremental borrowing rate, when implicit rate is not available

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


	As of December 31, 2023		As of December 31, 2022
Weighted-average remaining lease term:
Operating leases	6 years		7 years
Finance leases	17 years		17 years

Weighted-average discount rate:
Operating leases	5.5	%	4.7	%
Finance leases	2.7	%	2.7	%

The following table summarizes the supplemental cash flow information for 2023 and 2022 (in millions):


	Year Ended December 31, 2023		Year Ended December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	57.0	$	52.3
Operating cash flows from finance leases	0.1		0.2
Financing cash flows from finance leases	0.9		1.0

Leased assets obtained in exchange for lease obligations:
Operating leases	$	54.8	$	65.5
Finance leases	1.1		0.4

Leases

LEASES

Total lease assets and liabilities at December 31, 2023 and 2022 were as follows (in millions):


Lease Assets	Classification	As of December 31, 2023		As of December 31, 2022
Operating ROU assets	Right-of-use lease assets	$	176.2	$	163.9
Finance lease assets	Property, plant and equipment, net(1)	6.5		6.7
Total lease assets		$	182.7	$	170.6

Lease Liabilities	Classification	As of December 31, 2023		As of December 31, 2022
Current:
Operating	Accrued expenses	$	45.4	$	42.2
Finance	Other current liabilities	0.5		0.7

Noncurrent:
Operating	Operating lease liabilities	134.4		125.4
Finance	Other noncurrent liabilities	5.4		5.4
Total lease liabilities		$	185.7	$	173.7

____________________________________

(1) Finance lease assets are recorded net of accumulated depreciation of $3.1 million and $5.1 million as of December 31, 2023 and 2022, respectively.

Total lease costs for 2023 and 2022 are set forth below (in millions):


	Classification	Year Ended December 31, 2023		Year Ended December 31, 2022
Operating lease cost	Selling, general and administrative expenses	$	57.2	$	51.2
Variable lease cost	Selling, general and administrative expenses	2.3		1.7
Short-term lease cost	Selling, general and administrative expenses	24.1		17.5
Finance lease cost:
Amortization of lease assets	Depreciation expense(1)	0.7		1.0
Interest on lease liabilities	Interest expense, net	0.2		0.2
Total lease cost		$	84.5	$	71.6

____________________________________

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

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of December 31, 2023 were as follows (in millions):


	December 31, 2023
		Operating Leases		Finance Leases


2024		$	52.8	$	0.7
2025		43.0		0.6
2026		32.6		0.4
2027		19.7		0.3
2028		14.7		0.1
Thereafter		46.5		5.8
Total lease payments		209.3		7.9
Less: imputed interest(1)		(29.5)		(2.0)

Present value of lease liabilities		$	179.8	$	5.9

____________________________________

(1) Calculated using the implicit interest rate for each lease or the Company’s incremental borrowing rate, when implicit rate is not available

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of December 31, 2022 were as follows (in millions):


	December 31, 2022
		Operating Leases		Finance Leases
2023		$	47.8	$	0.8
2024		36.6		0.6
2025		27.0		0.4
2026		19.1		0.2
2027		13.4		0.2
Thereafter		51.2		6.0
Total lease payments		195.1		8.2
Less: imputed interest(1)		(27.5)		(2.1)

Present value of lease liabilities		$	167.6	$	6.1

____________________________________

(1) Calculated using the implicit interest rate for each lease or the Company’s incremental borrowing rate, when implicit rate is not available

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


	As of December 31, 2023		As of December 31, 2022
Weighted-average remaining lease term:
Operating leases	6 years		7 years
Finance leases	17 years		17 years

Weighted-average discount rate:
Operating leases	5.5	%	4.7	%
Finance leases	2.7	%	2.7	%

The following table summarizes the supplemental cash flow information for 2023 and 2022 (in millions):


	Year Ended December 31, 2023		Year Ended December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	57.0	$	52.3
Operating cash flows from finance leases	0.1		0.2
Financing cash flows from finance leases	0.9		1.0

Leased assets obtained in exchange for lease obligations:
Operating leases	$	54.8	$	65.5
Finance leases	1.1		0.4

Pension and Postretirement Benefit Plans (Reconciliation of Level 3 Assets) (Details) - Pension plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	$ 528.7	$ 815.6
Foreign currency exchange rate changes	26.7	(76.1)
Fair value of plan assets at end of year	572.0	528.7
Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	40.2	43.7
Actual return on plan assets related to assets still held at reporting date	2.6	(0.9)
Purchases, sales and /or settlements	(3.0)	(0.2)
Foreign currency exchange rate changes	1.2	(2.4)
Fair value of plan assets at end of year	41.0	40.2
Level 3 \| Alternative Investments
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	2.4	3.5
Actual return on plan assets related to assets still held at reporting date	(0.2)	(1.1)
Purchases, sales and /or settlements	0.0	0.0
Foreign currency exchange rate changes	0.0	0.0
Fair value of plan assets at end of year	2.2	2.4
Level 3 \| Miscellaneous Funds
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	37.8	40.2
Actual return on plan assets related to assets still held at reporting date	2.8	0.2
Purchases, sales and /or settlements	(3.0)	(0.2)
Foreign currency exchange rate changes	1.2	(2.4)
Fair value of plan assets at end of year	$ 38.8	$ 37.8

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$ 1,171.4	$ 889.6	$ 897.0
Weighted average number of common shares outstanding (in shares)	74.8	74.6	75.2
Basic net income per share attributable to AGCO Corporation and subsidiaries (in dollars per share)	$ 15.66	$ 11.92	$ 11.93
Diluted net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$ 1,171.4	$ 889.6	$ 897.0
Weighted average number of common shares outstanding (in shares)	74.8	74.6	75.2
Dilutive SSARs, performance share awards and RSUs (in shares)	0.1	0.3	0.5
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share (in shares)	74.9	74.9	75.7
Diluted net income per share attributable to AGCO Corporation and subsidiaries (in dollars per share)	$ 15.63	$ 11.87	$ 11.85

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Name Accounting Standards Codification
-Section 55
-Paragraph 15
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Section 65
-Paragraph 1
-Subparagraph (e)(4)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

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

+ References

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

- Definition

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

+ References

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+ Details

Operations and Summary of Significant Accounting Policies (Net Sales with Maximum Interest-free Periods by Geographic Region) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
0 to 6 months	$ 13,613.2
0 to 6 months, percent	94.50%
7 to 12 months	$ 794.9
7 to 12 months, percent	5.50%
13 to 24 months	$ 4.3
13 to 24 months, percent	0.00%
Net sales	$ 14,412.4	$ 12,651.4	$ 11,138.3
Net sales, percent	100.00%
North America
Accounts, Notes, Loans and Financing Receivable [Line Items]
0 to 6 months	$ 3,059.9
7 to 12 months	689.3
13 to 24 months	3.5
Net sales	3,752.7
South America
Accounts, Notes, Loans and Financing Receivable [Line Items]
0 to 6 months	2,140.2
7 to 12 months	93.2
13 to 24 months	0.8
Net sales	2,234.2
Europe/ Middle East
Accounts, Notes, Loans and Financing Receivable [Line Items]
0 to 6 months	7,528.1
7 to 12 months	12.4
13 to 24 months	0.0
Net sales	7,540.5
Asia/ Pacific/Africa
Accounts, Notes, Loans and Financing Receivable [Line Items]
0 to 6 months	885.0
7 to 12 months	0.0
13 to 24 months	0.0
Net sales	$ 885.0

Derivative Instruments and Hedging Activities (Derivatives not Designated as Hedging Instruments) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Foreign currency contracts \| Derivative instruments not designated as hedging instruments \| Other expense, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) on derivative instruments	$ 29.9	$ (38.2)	$ 54.8

Operations and Summary of Significant Accounting Policies (Foreign Currency Translation) (Details) $ in Millions, ₺ in Billions, $ in Billions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 TRY (₺)	Dec. 31, 2023 ARS ($)
Accounting Policies [Line Items]
Net sales	$ 14,412.4	$ 12,651.4	$ 11,138.3
Total assets	11,421.2	10,103.7	$ 9,182.1
Cash and cash equivalents	595.5	$ 789.5
Turkey \| Subsidiaries
Accounting Policies [Line Items]
Net sales	394.6
Total assets	152.4			₺ 4.5
Turkey \| Subsidiaries \| Turkish lira
Accounting Policies [Line Items]
Monetary assets	142.7			4.2
Monetary liabilities	116.3			₺ 3.4
Argentina \| AGCO Capital Argentina S.A
Accounting Policies [Line Items]
Net monetary assets	13.2				$ 11.0
Argentina \| Pesos
Accounting Policies [Line Items]
Monetary assets	82.0				68.3
Monetary liabilities	14.9				12.4
Cash and cash equivalents	33.3				27.7
Argentina \| Subsidiaries
Accounting Policies [Line Items]
Net sales	204.9
Total assets	$ 233.9				$ 194.9

Restructuring Expenses and Impairment Charges

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring Expenses and Impairment Charges

RESTRUCTURING EXPENSES AND IMPAIRMENT CHARGES

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 Asia, in order to reduce costs in response to response to fluctuating global market demand.

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


	Employee Severance		Facility Closure Costs		Write-down of Property, Plant and Equipment		Other Related Closure Costs		Loss on Sale of Joint Venture		Total
Balance as of December 31, 2020	$	11.1	$	3.9	$	—	$	1.8	$	—	$	16.8
2021 provision	18.4		—		0.2		1.5		—		20.1
Less: Non-cash expense	—		—		(0.2)		—		—		(0.2)
Cash expense	18.4		—		—		1.5		—		19.9
2021 provision reversal	(2.2)		—		—		(0.1)		(2.5)		(4.8)
2021 cash activity	(12.3)		(3.9)		—		(2.9)		2.5		(16.6)
Foreign currency translation	(0.5)		—		—		(0.1)		—		(0.6)
Balance as of December 31, 2021	14.5		—		—		0.2		—		14.7
2022 provision	6.9		—		—		—		—		6.9
Less: Non-cash expense	—		—		—		—		—		—
Cash expense	6.9		—		—		—		—		6.9
2022 provision reversal	(0.8)		—		—		—		—		(0.8)
2022 cash activity	(12.6)		—		—		(0.2)		—		(12.8)
Foreign currency translation	(1.2)		—		—		—		—		(1.2)
Balance as of December 31, 2022	6.8		—		—		—		—		6.8
2023 provision	9.9		—		—		2.0		—		11.9



2023 cash activity	(7.2)		—		—		(2.0)		—		(9.2)
Foreign currency translation	(1.7)		—		—		—		—		(1.7)
Balance as of December 31, 2023	$	7.8	$	—	$	—	$	—	$	—	$	7.8

During the three months ended December 31, 2019, the Company exited and sold its 50% interest in its USC, LLC joint venture to its joint venture partner for approximately $5.1 million. The operations of the joint venture were part of the Company’s grain storage and production system operations, and the decision to sell the joint venture was as a result of the overall rationalization of the business. The Company recorded a loss of approximately $2.1 million associated with the sale, which was reflected within “Restructuring expenses” in the Company’s Consolidated Statements of Operations. In 2021, as a result of the final payments received from the former joint venture partner related to the sale, the Company recorded a gain of approximately $2.5 million, also reflected within “Restructuring expenses” in the Company’s Consolidated Statements of Operations.

Impairment Charges

As a consequence of the conflict between Russia and Ukraine, during the three months ended March 31, 2022, the Company assessed the fair value of its gross assets related to the joint ventures operating in Russia for potential impairment and recorded asset impairment charges of approximately $36.0 million, reflected as “Impairment charges” in its Consolidated Statements of Operations, with an offsetting benefit of approximately $12.2 million included within “Net loss (income) attributable to noncontrolling interests.” The Company sold its interest in its Russian distribution joint venture during the three months ended December 31, 2022. Foreign currency translation impacts since inception of the Russian joint venture previously recognized within “Accumulated other comprehensive loss” were therefore recorded within “Other expense, net” on the Company’s Consolidated Statements of Operations during the three months ended December 31, 2022. In addition, during the three months ended March 31, 2022, the Company recorded a write-down of its investment in its Russian finance joint venture of approximately $4.8 million, reflected within “Equity in net earnings of affiliates” in its Consolidated Statements of Operations. The Russian finance joint venture was sold during the three months ended December 31, 2022.

Operations and Summary of Significant Accounting Policies (Business) (Details) $ in Billions	6 Months Ended
	Jun. 30, 2024 USD ($)	Dec. 31, 2023 dealer_and_distributor
Accounting Policies [Line Items]
Number of independent dealers and distributors \| dealer_and_distributor		3,100
Forecast \| Trimble, Inc.
Accounting Policies [Line Items]
Payments to acquire interest in joint venture \| $	$ 2.0
Forecast \| Trimble Ag joint venture
Accounting Policies [Line Items]
Percentage of noncontrolling interest owned by parent	85.00%

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Acquired Intangible Assets

The acquired identifiable intangible assets of JCA and Appareo as of the date of their respective acquisitions during 2022 are summarized in the following table (in millions):

Intangible Asset

Amount

Weighted-Average Useful Life

Customer relationships

15.4

10 years

Technology

15.4

8 years

Trademarks

5.7

10 years

Non-competition agreements

1.4

5 years

37.9

Operations and Summary of Significant Accounting Policies (Accounts and Notes Receivable Allowances) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for sales incentive discounts and credit losses	$ 31.9	$ 31.3	$ 32.6	$ 36.4
Accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for sales incentive discounts and credit losses	86.6	38.9
Accounts receivable \| Sales incentive discounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for sales incentive discounts and credit losses	54.7	7.6
Accounts receivable \| Allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for sales incentive discounts and credit losses	$ 31.9	$ 31.3

Operations and Summary of Significant Accounting Policies (Revenue) (Details)	12 Months Ended
	Dec. 31, 2023
Minimum
Accounting Policies [Line Items]
Extended product warrant, period	3 years
Maximum
Accounting Policies [Line Items]
Extended product warrant, period	5 years

Operations and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation and Consolidation

Use of Estimates

Foreign Currency Translation

All gains and losses resulting from AGCO Capital's remeasurement of its monetary assets and liabilities are reported in “Equity in net earnings of affiliates” within our Consolidated Statements of Operations.

Accounts and Notes Receivable

Accounts and notes receivable are shown net of allowances for sales incentive discounts available to dealers and for credit losses. Cash flows related to the collection of receivables are reported within “Cash flows from operating activities” within the Company’s Consolidated Statements of Cash Flows. The Company maintains allowances for estimated credit losses, which are developed at a market, country, and region level based on risk of collection as well as current and forecasted economic conditions. The Company calculates the allowance based on an assessment of the risk when the accounts receivable is recognized and records within "Selling, general and administrative expenses" in the Company's Statement of Operations. Write-offs are recorded at the time a customer receivable is deemed uncollectible.In the United States and Canada, sales incentives can be paid through future cash settlements of receivables and through credit memos to Company’s dealers or through reductions in retail financing rates paid to the Company’s finance joint ventures. Outside of the United States and Canada, sales incentives can be paid through cash or credit memos to the Company’s dealers or through reductions in retail financing rates paid to the Company’s finance joint ventures. The Company transfers certain accounts receivable under its accounts receivable sales agreements with its finance joint ventures and other financial institutions (see Note 4). The Company records such transfers as sales of accounts receivable when it is considered to have surrendered control of such receivables under the provisions of ASU 2009-16, “Transfers and Servicing (Topic 860): Accounting for Transfers of Financial Assets.” Cash payments made to the Company’s finance joint ventures for sales incentive discounts provided to dealers related to outstanding accounts receivables sold are recorded within “Accrued expenses.”

Inventories

Property, Plant and Equipment

Goodwill

Goodwill, Other Intangible Assets and Long-Lived Assets

Intangible Assets and Long-Lived Assets


Intangible Assets						Weighted-Average Useful Life
Patents and technology						10 years
Customer relationships						13 years
Trademarks and trade names						19 years
Land use rights						46 years

Insurance Reserves

Revenue

The Company believes control passes and the performance obligation is satisfied at the point of the stated shipping or delivery term with respect to such sales.

See Note 24 for additional information regarding the Company’s sources of revenue and associated contract liabilities and performance obligations.

Research and Development Expenses

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

Advertising Costs

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

Shipping and Handling Expenses

Income Taxes

Comprehensive Income (Loss)

Derivatives

hedging relationship identified.

Leases

Recent Accounting Pronouncements and New Accounting Pronouncements to be Adopted

Recent Accounting Pronouncements

New Accounting Pronouncements to be Adopted

Product Warranty

warranty claim recoveries to be received from the Company’s suppliers based upon contractual supplier arrangements are recorded within “Other current assets.”

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.

Net Income Per Common Share

Recoverable Indirect Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Recoverable Indirect Taxes [Abstract]
VAT tax credits	$ 93.5	$ 94.6

Operations and Summary of Significant Accounting Policies (Shipping and Handling Expenses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Selling, general and administrative expenses
Accounting Policies [Line Items]
Shipping and handling costs	$ 52.2	$ 48.4	$ 43.6

Acquisitions (Narrative) (Details) $ in Millions, $ in Millions					1 Months Ended	6 Months Ended	12 Months Ended
	Sep. 28, 2023 USD ($)	May 02, 2022 USD ($)	May 02, 2022 CAD ($)	Jan. 01, 2022 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	May 02, 2022 CAD ($)	Dec. 31, 2020 USD ($)
Business Acquisition [Line Items]
Payment of debt issuance costs							$ 10.9	$ 3.6	$ 3.8
Goodwill					$ 1,333.4		1,333.4	1,310.8	1,280.8		$ 1,306.5
Purchase of businesses, net of cash acquired							9.8	$ 111.3	$ 22.6
Appareo
Business Acquisition [Line Items]
Ownership percentage				50.00%
Fair value of equity method investment				$ 11.2
JCA
Business Acquisition [Line Items]
Payments to acquire businesses		$ 49.2	$ 63.0
Goodwill		$ 34.0								$ 43.9
Appareo
Business Acquisition [Line Items]
Goodwill				25.8
Purchase of businesses, net of cash acquired				62.1
Cash acquired from acquisition				$ 0.5
Acquisition of remaining interest				50.00%
Gain related to acquisition of remaining interest				$ 3.4
Bridge Loan
Business Acquisition [Line Items]
Maximum borrowing capacity	$ 2,000.0
Debt instrument term	364 days
Decrease to maximum borrowing capacity					250.0
Remaining borrowing capacity on line of credit facility					$ 1,750.0		1,750.0
Payment of debt issuance costs							$ 9.5
Forecast \| Trimble Ag joint venture
Business Acquisition [Line Items]
Percentage of noncontrolling interest owned by parent						85.00%
Trimble, Inc. \| Forecast
Business Acquisition [Line Items]
Payments to acquire interest in joint venture						$ 2,000.0

Leases (Lease Cost) (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Lease Cost) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 57.2	$ 51.2
Variable lease cost	2.3	1.7
Short-term lease cost	24.1	17.5
Amortization of lease assets	0.7	1.0
Interest on lease liabilities	0.2	0.2
Total lease cost	$ 84.5	$ 71.6

Pension and Postretirement Benefit Plans (Assumptions for Benefit Obligation) (Details)	Dec. 31, 2023	Dec. 31, 2022
Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Rate of increase in future compensation	1.70%	1.75%
Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Rate of increase in future compensation	5.00%	5.00%
Pension plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average discount rate	4.50%	4.90%
Pension plan \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average discount rate	5.30%	5.70%
Rate of increase in future compensation	5.00%	5.00%

Stockholders' Equity (Narrative) (Details) $ / shares in Units, $ in Millions	1 Months Ended		2 Months Ended	4 Months Ended	5 Months Ended
	Jan. 31, 2024 shares	Jan. 31, 2022 shares	Dec. 31, 2023 USD ($) $ / shares shares	Nov. 30, 2021 USD ($) agreement	Dec. 31, 2021 shares	Nov. 30, 2023 USD ($)	Dec. 31, 2022 $ / shares shares
Accelerated Share Repurchases [Line Items]
Common stock, shares authorized (in shares)			150,000,000				150,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.01				$ 0.01
Common stock, shares outstanding (in shares)			74,517,973				74,600,815
Remaining authorized repurchase amount \| $			$ 57.0
Accelerated share repurchase
Accelerated Share Repurchases [Line Items]
Stock repurchase program, authorized amount \| $				$ 135.0		$ 53.0
Purchases and retirement of common stock (in shares)		113,824	371,669		952,204
Number of share repurchase agreements entered into \| agreement				2
Accelerated share repurchase \| Subsequent event
Accelerated Share Repurchases [Line Items]
Purchases and retirement of common stock (in shares)	82,883
2006 Long-Term Incentive Plan
Accelerated Share Repurchases [Line Items]
Common stock, shares authorized (in shares)			10,000,000
Shares available for grant (in shares)			3,650,232

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022 are summarized below (in millions):


	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	38.7	$	—	$	38.7
Derivative liabilities	—		14.0		—		14.0


	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	40.9	$	—	$	40.9
Derivative liabilities	—		40.4		—		40.4

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income attributable to AGCO Corporation and subsidiaries	$ 1,171.4	$ 889.6	$ 897.0

- Definition

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

+ References

+ Details

Indebtedness (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Components of Long-term Debt

Long-term debt consisted of the following at December 31, 2023 and 2022 (in millions):


	December 31, 2023		December 31, 2022

Credit facility, expires 2027	$	—	$	200.0
1.002% EIB Senior term loan due 2025	276.7		267.3
EIB Senior Term Loan due 2029	276.7		—
Senior term loans due between 2023 and 2028	162.1		341.6




0.800% Senior Notes Due 2028	664.0		641.5
Other long-term debt	3.1		5.1
Debt issuance costs	(3.1)		(3.6)
	1,379.5		1,451.9

Less: Senior term loans due 2023, net of debt issuance costs	—		(184.9)
Current portion of other long-term debt	(2.3)		(2.2)
Total long-term indebtedness	$	1,377.2	$	1,264.8

Maturities of Long-term Debt

At December 31, 2023, the aggregate scheduled maturities of long-term debt, excluding the current portion of long-term debt, are as follows (in millions):


2025	$	346.3
2026	58.2
2027	0.2
2028	698.4
Thereafter	274.1
	$	1,377.2