0000880266 2010-01-01 2010-12-31 0000880266 2010-03-31 0000880266 2009-12-31 0000880266 2010-06-30 0000880266 2011-04-30 0000880266 2011-03-31 0000880266 2010-12-31 0000880266 2011-01-01 2011-03-31 0000880266 2010-01-01 2010-03-31 iso4217:USD xbrli:shares xbrli:shares iso4217:USD <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 1 - us-gaap:ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock--> <div align="left" style="font-family: 'Times New Roman',Times,serif"> <!-- xbrl,ns --> <!-- xbrl,nx --> <div align="center" style="font-size: 10pt; margin-top: 0pt"><b></b> </div> <div align="left"> </div> <div align="center" style="font-size: 10pt"><b> </b></div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>1. BASIS OF PRESENTATION</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">&#160;&#160;&#160;&#160;&#160;The condensed consolidated financial statements of AGCO Corporation and its subsidiaries (the &#8220;Company&#8221; or &#8220;AGCO&#8221;) included herein have been prepared in accordance with United States generally accepted accounting principles (&#8220;U.S. GAAP&#8221;) for interim financial information and the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;). In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to present fairly the Company&#8217;s financial position, results of operations and cash flows at the dates and for the periods presented. These condensed consolidated financial statements should be read in conjunction with the Company&#8217;s audited financial statements and notes thereto included in the Company&#8217;s Annual Report on Form 10-K for the year ended December&#160;31, 2010. Results for interim periods are not necessarily indicative of the results for the year. Certain prior period amounts have been reclassified to conform to the current period presentation. </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 2 - us-gaap:EquityMethodInvestmentsDisclosureTextBlock--> <div align="left" style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>2. JOINT VENTURE AND ACQUISITION</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">&#160;&#160;&#160;&#160;&#160;On January&#160;3, 2011, the Company acquired 50% of AGCO-Amity JV, LLC (&#8220;AGCO-Amity JV&#8221;), for approximately $25.0&#160;million, net of approximately $5.0&#160;million cash acquired, thereby creating a joint venture between the Company and Amity Technology LLC. The joint venture had approximately $6.2&#160;million of indebtedness as of the date of acquisition. AGCO-Amity JV is located in North Dakota and manufactures air-seeding and tillage equipment. The investment was funded with available cash on hand. The Company analyzed the provisions of Accounting Standards Update (&#8220;ASU&#8221;) 2009-17, &#8220;Consolidations (Topic 810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities&#8221; as it relates to the joint venture and determined that it has a controlling financial interest in the joint venture as it has the power to direct the activities that most significantly impact the joint venture. Therefore, the Company has consolidated the joint venture&#8217;s operations in the Company&#8217;s results of operations and financial position commencing as of and from the date of the formation of the joint venture. The Company allocated the purchase price to the assets acquired and liabilities assumed based on a preliminary estimate of their fair values as of the acquisition date. The acquired net assets consist primarily of accounts receivable, property, plant and equipment, inventories, trademarks and other intangible assets. The Company recorded approximately $20.1&#160;million of goodwill and approximately $22.9&#160;million of tradename, technology and distribution network intangible assets, representing 100% of the value of these assets within the joint venture&#8217;s financial position. The goodwill is reported within the Company&#8217;s North American geographical reportable segment. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">&#160;&#160;&#160;&#160;&#160;The acquired other identifiable intangible assets of AGCO-Amity JV are summarized in the following table (in millions): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"> <!-- Begin Table Head --> <tr valign="bottom"> <td width="16%">&#160;</td> <td width="65%">&#160;</td> <td width="1%">&#160;</td> <td width="5%">&#160;</td> <td width="1%">&#160;</td> <td width="5%">&#160;</td> <td width="1%">&#160;</td> <td width="5%">&#160;</td> <td width="1%">&#160;</td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000">Intangible Asset</td> <td>&#160;</td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Amount</td> <td>&#160;</td> <td>&#160;</td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Weighted-Average <br /> Useful Life</td> <td>&#160;</td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Tradenames </div></td> <td>&#160;</td> <td align="left">$</td> <td align="right">1.4</td> <td>&#160;</td> <td>&#160;</td> <td colspan="3" align="center">5 years</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Technology </div></td> <td>&#160;</td> <td>&#160;</td> <td align="right">17.1</td> <td>&#160;</td> <td>&#160;</td> <td colspan="3" align="center">15 years</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Distribution network </div></td> <td>&#160;</td> <td>&#160;</td> <td align="right">4.4</td> <td>&#160;</td> <td>&#160;</td> <td colspan="3" align="center">5 years</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">&#160; </div></td> <td>&#160;</td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">&#160; </div></td> <td>&#160;</td> <td align="left">$</td> <td align="right">22.9</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">&#160; </div></td> <td>&#160;</td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <!-- End Table Body --> </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">&#160;&#160;&#160;&#160;&#160;On March&#160;3, 2011, the Company acquired the remaining 50% of Laverda SpA (&#8220;Laverda&#8221;) for &#8364;63.8&#160;million, net of approximately &#8364;1.2&#160;million cash acquired (or approximately $88.3&#160;million, net). Laverda, previously an operating joint venture between AGCO and the Italian ARGO group, is located in Breganze, Italy and manufactures harvesting equipment. In addition to producing Laverda-branded combines, the Breganze factory manufactures mid-range combine harvesters for the Company&#8217;s Massey Ferguson, Fendt and Challenger brands for distribution in Europe, Africa and the Middle East. The Company&#8217;s 100% ownership of Laverda includes ownership in Fella-Werke GMBH, a German manufacturer of grass and hay machinery. The Company allocated the purchase price to the assets acquired and liabilities assumed based on a preliminary estimate of their fair values as of the acquisition date. The acquired net assets consist primarily of accounts receivable, property, plant and equipment, inventories, tradename and other intangible assets. The Company recorded approximately $40.9&#160;million of goodwill and approximately $33.4&#160;million of trademark and distribution network intangible assets associated with the acquisition. The goodwill recorded is reported within the Company&#8217;s Europe/Middle East/Africa geographical reportable segment. In addition, the Company recorded a gain of approximately $0.7&#160;million on the remeasurement of the previously held equity interest during the three months ended March&#160;31, 2011 within the Company&#8217;s Condensed Consolidated Statements of Operations as a result of the acquisition. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">&#160;&#160;&#160;&#160;&#160;The acquired other identifiable intangible assets of Laverda are summarized in the following table (in millions): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"> <!-- Begin Table Head --> <tr valign="bottom"> <td width="16%">&#160;</td> <td width="65%">&#160;</td> <td width="1%">&#160;</td> <td width="5%">&#160;</td> <td width="1%">&#160;</td> <td width="5%">&#160;</td> <td width="1%">&#160;</td> <td width="5%">&#160;</td> <td width="1%">&#160;</td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000">Intangible Asset</td> <td>&#160;</td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Amount</td> <td>&#160;</td> <td>&#160;</td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Weighted-Average <br /> Useful Life</td> <td>&#160;</td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Tradenames </div></td> <td>&#160;</td> <td align="left">$</td> <td align="right">6.6</td> <td>&#160;</td> <td>&#160;</td> <td colspan="3" align="center">30 years</td> </tr> <tr valign="bottom"> <td nowrap="nowrap"> <div style="margin-left:15px; text-indent:-15px">Distribution network </div></td> <td>&#160;</td> <td>&#160;</td> <td align="right">26.8</td> <td>&#160;</td> <td>&#160;</td> <td colspan="3" align="center">16 years</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">&#160; </div></td> <td>&#160;</td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">&#160; </div></td> <td>&#160;</td> <td align="left">$</td> <td align="right">33.4</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">&#160; </div></td> <td>&#160;</td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <!-- End Table Body --> </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">&#160;&#160;&#160;&#160;&#160;On December 15, 2010, the Company acquired Sparex Holdings Ltd (&#8220;Sparex&#8221;), a U.K. Company, for &#163;51.6 million, net of approximately &#163;2.7 million cash acquired. Sparex, headquartered in Exeter, United Kingdom, is a global distributor of accessories and tractor replacement parts serving the agricultural aftermarket, with operations in 17 countries. The acquisition was financed with available cash on hand. The Company recorded approximately $25.9 million of goodwill and approximately $28.6 million of preliminary estimated tradename and customer relationship intangible assets associated with the acquisition of Sparex. The results of operations for the Sparex acquisition have been included in the Company&#8217;s Condensed Consolidated Financial Statements as of and from the date of acquisition. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">&#160;&#160;&#160;&#160;&#160;The following pro forma data summarizes the results of operations for the three months ended March&#160;31, 2011 and 2010, as if the Laverda and Sparex acquisitions had occurred as of January&#160;1, 2010. 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RESTRUCTURING AND OTHER INFREQUENT EXPENSES</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">&#160;&#160;&#160;&#160;&#160;During 2009 and 2010, the Company announced and initiated several actions to rationalize employee headcount at various manufacturing facilities, including those located in France and Finland, as well as at the Company&#8217;s administrative office located in the United Kingdom. During 2010, the Company recorded approximately $2.2&#160;million associated with these and various other actions within the Company&#8217;s Europe/Africa/Middle East geographical segment. As of December&#160;31, 2010, approximately $1.5&#160;million of severance and other related costs were accrued associated with such actions and 611 of 653 employees expected to be terminated had been terminated. During the three months ended March&#160;31, 2011, the Company paid and recorded an additional $0.2&#160;million of expenses, primarily related to severance-related expenditures associated with the rationalization of its French operations. A majority of the remaining $1.5&#160;million of severance and other related costs accrued as of March&#160;31, 2011, as well as the remaining employees, are expected to be paid and terminated during 2011. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">&#160;&#160;&#160;&#160;&#160;In November&#160;2009, the Company announced the closure of its assembly operations located in Randers, Denmark. The Company ceased operations in July&#160;2010 and completed the transfer of the assembly operations to its harvesting equipment manufacturing operations, Laverda, located in Breganze, Italy, in August&#160;2010. The Company recorded approximately $2.2&#160;million during 2010 associated with the facility closure, primarily related to employee retention payments, which were accrued over the term of the retention period. As of December&#160;31, 2010, approximately $0.7&#160;million of severance, retention and other related costs were accrued associated with the closure, and 73 of the 79 employees expected to be terminated had been terminated. During the three months ended March&#160;31, 2011, the Company paid approximately $0.4&#160;million of severance, retention and other related costs associated with the closure. 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margin-top: 12pt"><b>16. COMMITMENTS AND CONTINGENCIES</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b><i>Off-Balance Sheet Arrangements</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">&#160;&#160;&#160;&#160;&#160;<i>Guarantees</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">&#160;&#160;&#160;&#160;&#160;The Company maintains a remarketing agreement with its U.S. retail finance joint venture, AGCO Finance LLC, whereby the Company is obligated to repurchase repossessed inventory at market values. The Company has an agreement with AGCO Finance LLC which limits the Company&#8217;s purchase obligations under this arrangement to $6.0&#160;million in the aggregate per calendar year. The Company believes that any losses that might be incurred on the resale of this equipment will not materially impact the Company&#8217;s financial position or results of operations, due to the fair value of the underlying equipment. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">&#160;&#160;&#160;&#160;&#160;At March&#160;31, 2011, the Company guaranteed indebtedness owed to third parties of approximately $106.9&#160;million, primarily related to dealer and end-user financing of equipment. Such guarantees generally obligate the Company to repay outstanding finance obligations owed to financial institutions if dealers or end users default on such loans through 2016. The Company believes the credit risk associated with these guarantees is not material to its financial position or results of operations. Losses under such guarantees have historically been insignificant. In addition, the Company generally would be able to recover any amounts paid under such guarantees from the sale of the underlying financed farm equipment, as the fair value of such equipment would be sufficient to offset a substantial portion of the amounts paid. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">&#160;&#160;&#160;&#160;&#160;<i>Other</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">&#160;&#160;&#160;&#160;&#160;The Company sells substantially all of its wholesale accounts receivable in North America to the Company&#8217;s U.S. and Canadian retail finance joint ventures. The Company also sells certain accounts receivable under factoring arrangements to financial institutions around the world. The Company reviewed the sale of such receivables pursuant to the guidelines of ASU 2009-16 and determined that these facilities should be accounted for as off-balance sheet transactions. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>Legal Claims and Other Matters</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">&#160;&#160;&#160;&#160;&#160;As a result of Brazilian tax legislation impacting value added taxes (&#8220;VAT&#8221;), the Company recorded a reserve of approximately $25.7&#160;million and $22.3&#160;million against its outstanding balance of Brazilian VAT taxes receivable as of March&#160;31, 2011 and December&#160;31, 2010, respectively, due to the uncertainty of the Company&#8217;s ability to collect the amounts outstanding. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">&#160;&#160;&#160;&#160;&#160;On June&#160;27, 2008, the Republic of Iraq filed a civil action in a federal court in New York, Case No.&#160;08 CIV 59617, naming as defendants the Company&#8217;s French subsidiary and two of its other foreign subsidiaries that participated in the United Nations Oil for Food Program (the &#8220;Program&#8221;). Ninety-one other entities or companies also were named as defendants in the civil action due to their participation in the Program. The complaint purports to assert claims against each of the defendants seeking damages in an unspecified amount. Although the Company&#8217;s subsidiaries intend to vigorously defend against this action, it is not possible at this time to predict the outcome of this action or its impact, if any, on the Company, although if the outcome was adverse, the Company could be required to pay damages. In addition, the French government also is investigating the Company&#8217;s French subsidiary in connection with its participation in the Program. </div> <!-- Folio --> <!-- /Folio --> </div> <!-- PAGEBREAK --> <div style="font-family: 'Times New Roman',Times,serif"> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">&#160;&#160;&#160;&#160;&#160;In August&#160;2008, as part of a routine audit, the Brazilian taxing authorities disallowed deductions relating to the amortization of certain goodwill recognized in connection with a reorganization of the Company&#8217;s Brazilian operations and the related transfer of certain assets to the Company&#8217;s Brazilian subsidiaries. The amount of the tax disallowance through March&#160;31, 2011, not including interest and penalties, was approximately 90.6&#160;million Brazilian reais (or approximately $55.7&#160;million). The amount ultimately in dispute will be greater because of interest and penalties. The Company has been advised by its legal and tax advisors that its position with respect to the deductions is allowable under the tax laws of Brazil. The Company is contesting the disallowance and believes that it is not likely that the assessment, interest or penalties will be required to be paid. However, the ultimate outcome will not be determined until the Brazilian tax appeal process is complete, which could take several years. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">&#160;&#160;&#160;&#160;&#160;The Company is a party to various other legal claims and actions incidental to its business. 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