Cover Page Document
Cover Page Document - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 24, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
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 | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4.9 | ||
Entity Common Stock, Shares Outstanding | 75,465,353 | ||
Documents Incorporated by Reference | Documents Incorporated by Reference Portions of AGCO Corporation's Proxy Statement for the 2020 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K. | ||
Entity Registrant Name | AGCO CORP /DE | ||
Entity Central Index Key | 0000880266 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 9,041.4 | $ 9,352 | $ 8,306.5 |
Cost of Goods and Services Sold | 7,057.1 | 7,355.3 | 6,541.2 |
Gross profit | 1,984.3 | 1,996.7 | 1,765.3 |
Selling, general and administrative expenses | 1,040.3 | 1,069.4 | 964.7 |
Engineering expenses | 343.4 | 355.2 | 323.4 |
Goodwill and Intangible Asset Impairment | 176.6 | 0 | 0 |
Restructuring expenses | 9 | 12 | 11.2 |
Amortization of intangibles | 61.1 | 64.7 | 57 |
Accounts Receivable, Credit Loss Expense (Reversal) | 5.8 | 6.4 | 4.6 |
Income from operations | 348.1 | 489 | 404.4 |
Interest expense, net | 19.9 | 53.8 | 45.1 |
Other expense, net | 67.1 | 74.9 | 75.5 |
Income before income taxes and equity in net earnings of affiliates | 261.1 | 360.3 | 283.8 |
Income tax provision | 180.8 | 110.9 | 133.6 |
Income before equity in net earnings of affiliates | 80.3 | 249.4 | 150.2 |
Equity in net earnings of affiliates | 42.5 | 34.3 | 39.1 |
Net income | 122.8 | 283.7 | 189.3 |
Net loss (income) attributable to noncontrolling interests | 2.4 | 1.8 | (2.9) |
Net income attributable to AGCO Corporation and subsidiaries | $ 125.2 | $ 285.5 | $ 186.4 |
Net income per common share attributable to AGCO Corporation and subsidiaries: | |||
Basic (in dollars per share) | $ 1.64 | $ 3.62 | $ 2.34 |
Diluted (in dollars per share) | 1.63 | 3.58 | 2.32 |
Cash dividends declared and paid per common share (in dollars per share) | $ 0.63 | $ 0.60 | $ 0.56 |
Weighted average number of common and common equivalent shares outstanding: | |||
Basic (in shares) | 76.2 | 78.8 | 79.5 |
Diluted (in shares) | 77 | 79.7 | 80.2 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 122.8 | $ 283.7 | $ 189.3 |
Defined benefit pension plans, net of taxes: | |||
Prior service cost arising during the year | (4.7) | (7) | 0 |
Net loss recognized due to settlement | 0.6 | 0.9 | 0.2 |
Net actuarial (loss) gain arising during the year | (23.3) | (4.2) | 6.6 |
Amortization of prior service cost included in net periodic pension cost | 1.6 | 1.3 | 1.3 |
Amortization of net actuarial losses included in net periodic pension cost | 11.8 | 11.7 | 11.3 |
Derivative adjustments: | |||
(Loss) Gain Recognized in Accumulated Other Comprehensive Loss | (2.6) | (1.1) | 2 |
Net (gains) losses reclassified from accumulated other comprehensive loss into income | (0.1) | 7.2 | 2 |
Foreign currency translation adjustments | (20.6) | (206.8) | 57.8 |
Other comprehensive (loss) income, net of reclassification adjustments | (37.3) | (198) | 81.2 |
Comprehensive income | 85.5 | 85.7 | 270.5 |
Comprehensive (income) loss attributable to noncontrolling interests | (0.1) | 6 | (4.1) |
Comprehensive income attributable to AGCO Corporation and subsidiaries | $ 85.4 | $ 91.7 | $ 266.4 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 432.8 | $ 326.1 |
Accounts and notes receivable, net | 800.5 | 880.3 |
Inventories, net | 2,078.7 | 1,908.7 |
Other current assets | 417.1 | 422.3 |
Total current assets | 3,729.1 | 3,537.4 |
Property, plant and equipment, net | 1,416.3 | 1,373.1 |
Operating Lease, Right-of-Use Asset | 187.3 | 0 |
Investment in affiliates | 380.2 | 400 |
Deferred tax assets | 93.8 | 104.9 |
Other assets | 153 | 142.4 |
Intangible assets, net | 501.7 | 573.1 |
Goodwill | 1,298.3 | 1,495.5 |
Total assets | 7,759.7 | 7,626.4 |
Current Liabilities: | ||
Current portion of long-term debt | 2.9 | 72.6 |
Short-term Debt | 150.5 | 138 |
Accounts payable | 914.8 | 865.9 |
Accrued expenses | 1,654.2 | 1,522.4 |
Other current liabilities | 162.1 | 167.8 |
Total current liabilities | 2,884.5 | 2,766.7 |
Long-term debt, less current portion and debt issuance costs | 1,191.8 | 1,275.3 |
Operating Lease, Liability, Noncurrent | 148.6 | 0 |
Pensions and postretirement health care benefits | 232.1 | 223.2 |
Deferred tax liabilities | 107 | 116.3 |
Other noncurrent liabilities | 288.7 | 251.4 |
Total liabilities | 4,852.7 | 4,632.9 |
Commitments and contingencies (Note 12) | ||
AGCO Corporation stockholders’ equity: | ||
Preferred stock; $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding in 2019 and 2018 | 0 | 0 |
Common stock; $0.01 par value, 150,000,000 shares authorized, 75,471,562 and 76,536,755 shares issued and outstanding at December 31, 2019 and 2018, respectively | 0.8 | 0.8 |
Additional paid-in capital | 4.7 | 10.2 |
Retained earnings | 4,443.5 | 4,477.3 |
Accumulated other comprehensive loss | (1,595.2) | (1,555.4) |
Total AGCO Corporation stockholders’ equity | 2,853.8 | 2,932.9 |
Noncontrolling interests | 53.2 | 60.6 |
Total stockholders’ equity | 2,907 | 2,993.5 |
Total liabilities and stockholders’ equity | $ 7,759.7 | $ 7,626.4 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 75,471,562 | 76,536,755 |
Common stock, shares outstanding (in shares) | 75,471,562 | 76,536,755 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Defined Benefit Pension Plans | Cumulative Translation Adjustment | Deferred Net Gains (Losses) on Derivatives | Noncontrolling Interests |
Beginning balance (in shares) at Dec. 31, 2016 | 79,465,393 | ||||||||
Stockholders' equity, beginning of period at Dec. 31, 2016 | $ 0.8 | $ 103.3 | $ 4,113.6 | $ (1,441.6) | $ (304.5) | $ (1,128.4) | $ (8.7) | ||
Noncontrolling interests, beginning of period at Dec. 31, 2016 | $ 61.1 | ||||||||
Beginning balance at Dec. 31, 2016 | $ 2,837.2 | (8.7) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income attributable to AGCO Corporation and subsidiaries | 186.4 | 186.4 | |||||||
Net income (loss) attributable to nonredeemable noncontrolling interest | 2.9 | ||||||||
Net income (loss) | 189.3 | ||||||||
Payment of dividends to shareholders | (44.5) | (44.5) | |||||||
Issuance of restricted stock (in shares) | 12,066 | ||||||||
Issuance of restricted stock | 0.8 | 0.8 | |||||||
Issuance of performance award stock (in shares) | 54,309 | ||||||||
Issuance of performance award stock | (2.2) | (2.2) | |||||||
SSARs exercised (in shares) | 92,521 | ||||||||
SSARs exercised | (4.4) | (4.4) | |||||||
Stock compensation | 39.1 | 39.1 | |||||||
Investment by noncontrolling interest | 0.5 | 0.5 | |||||||
Purchases and retirement of common stock (in shares) | (70,464) | ||||||||
Purchases and retirement of common stock | 0 | $ 0 | 0 | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Accounting Standards Update 2016-09 | (1.7) | (1.7) | |||||||
Prior service cost arising during the year | 0 | ||||||||
Net loss recognized due to settlement | 0.2 | 0.2 | 0.2 | ||||||
Net actuarial (loss) gain arising during the year | 6.6 | 6.6 | 6.6 | ||||||
Amortization of prior service cost included in net periodic pension cost | 1.3 | 1.3 | 1.3 | ||||||
Amortization of net actuarial losses included in net periodic pension cost | 11.3 | 11.3 | 11.3 | ||||||
Deferred gains and losses on derivatives, net | 4 | 4 | 4 | ||||||
Change in cumulative translation adjustment | 56.6 | 56.6 | |||||||
Change in cumulative translation adjustment, attributable to noncontrolling Interest | (1.2) | ||||||||
Change in cumulative translation adjustment | 57.8 | ||||||||
Ending balance (in shares) at Dec. 31, 2017 | 79,553,825 | ||||||||
Stockholders' equity, beginning of period at Dec. 31, 2017 | $ 0.8 | 136.6 | 4,253.8 | (1,361.6) | (285.1) | (1,071.8) | (4.7) | ||
Noncontrolling interests, end of period at Dec. 31, 2017 | 65.7 | ||||||||
Ending balance at Dec. 31, 2017 | 3,095.3 | (1,361.6) | (285.1) | (1,071.8) | (4.7) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income attributable to AGCO Corporation and subsidiaries | 285.5 | 285.5 | |||||||
Net income (loss) attributable to nonredeemable noncontrolling interest | (1.8) | ||||||||
Net income (loss) | 283.7 | ||||||||
Payment of dividends to shareholders | (47.1) | (47.1) | |||||||
Issuance of restricted stock (in shares) | 12,629 | ||||||||
Issuance of restricted stock | 0.8 | 0.8 | |||||||
Issuance of performance award stock (in shares) | 75,604 | ||||||||
Issuance of performance award stock | (3.1) | (3.1) | |||||||
SSARs exercised (in shares) | 14,881 | ||||||||
SSARs exercised | (0.6) | (0.6) | |||||||
Stock compensation | 45.5 | 45.5 | |||||||
Investment by noncontrolling interest | 1 | 1 | |||||||
Changes in noncontrolling interest | (0.1) | 0 | (0.1) | ||||||
Purchases and retirement of common stock (in shares) | (3,120,184) | ||||||||
Purchases and retirement of common stock | (184.3) | $ 0 | (169) | (15.3) | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Accounting Standards Update 2014-09 [Member] | 0.4 | 0.4 | |||||||
Prior service cost arising during the year | (7) | (7) | (7) | ||||||
Net loss recognized due to settlement | 0.9 | 0.9 | 0.9 | ||||||
Net actuarial (loss) gain arising during the year | (4.2) | (4.2) | (4.2) | ||||||
Amortization of prior service cost included in net periodic pension cost | 1.3 | 1.3 | 1.3 | ||||||
Amortization of net actuarial losses included in net periodic pension cost | 11.7 | 11.7 | 11.7 | ||||||
Deferred gains and losses on derivatives, net | 6.1 | 6.1 | 6.1 | ||||||
Change in cumulative translation adjustment | (202.6) | (202.6) | |||||||
Change in cumulative translation adjustment, attributable to noncontrolling Interest | 4.2 | ||||||||
Change in cumulative translation adjustment | (206.8) | ||||||||
Ending balance (in shares) at Dec. 31, 2018 | 76,536,755 | ||||||||
Stockholders' equity, beginning of period at Dec. 31, 2018 | 2,932.9 | $ 0.8 | 10.2 | 4,477.3 | (1,555.4) | (282.4) | (1,274.4) | 1.4 | |
Noncontrolling interests, end of period at Dec. 31, 2018 | 60.6 | 60.6 | |||||||
Ending balance at Dec. 31, 2018 | 2,993.5 | (1,555.4) | (282.4) | (1,274.4) | 1.4 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income attributable to AGCO Corporation and subsidiaries | 125.2 | 125.2 | |||||||
Net income (loss) attributable to nonredeemable noncontrolling interest | (2.4) | ||||||||
Net income (loss) | 122.8 | ||||||||
Payment of dividends to shareholders | (48) | (48) | |||||||
Issuance of restricted stock (in shares) | 14,105 | ||||||||
Issuance of restricted stock | 1 | 1 | |||||||
Issuance of performance award stock (in shares) | 608,444 | ||||||||
Issuance of performance award stock | (23) | (13.3) | (9.7) | ||||||
SSARs exercised (in shares) | 106,514 | ||||||||
SSARs exercised | (4.8) | (3.1) | (1.7) | ||||||
Stock compensation | 40.3 | 40.3 | |||||||
Investment by noncontrolling interest | 2 | 2 | |||||||
Changes in noncontrolling interest | (0.4) | 0 | (0.4) | ||||||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | (9.1) | (9.1) | |||||||
Purchases and retirement of common stock (in shares) | (1,794,256) | ||||||||
Purchases and retirement of common stock | (130) | $ 0 | (30.4) | ||||||
Stock Repurchased During Period, Value | (99.6) | ||||||||
Prior service cost arising during the year | (4.7) | (4.7) | (4.7) | ||||||
Net loss recognized due to settlement | 0.6 | 0.6 | 0.6 | ||||||
Net actuarial (loss) gain arising during the year | (23.3) | (23.3) | (23.3) | ||||||
Amortization of prior service cost included in net periodic pension cost | 1.6 | 1.6 | 1.6 | ||||||
Amortization of net actuarial losses included in net periodic pension cost | 11.8 | 11.8 | 11.8 | ||||||
Deferred gains and losses on derivatives, net | (2.7) | (2.7) | (2.7) | ||||||
Change in cumulative translation adjustment | (23.1) | (23.1) | |||||||
Change in cumulative translation adjustment, attributable to noncontrolling Interest | 2.5 | ||||||||
Change in cumulative translation adjustment | (20.6) | ||||||||
Ending balance (in shares) at Dec. 31, 2019 | 75,471,562 | ||||||||
Stockholders' equity, beginning of period at Dec. 31, 2019 | 2,853.8 | $ 0.8 | $ 4.7 | $ 4,443.5 | (1,595.2) | (296.4) | (1,297.5) | (1.3) | |
Noncontrolling interests, end of period at Dec. 31, 2019 | 53.2 | $ 53.2 | |||||||
Ending balance at Dec. 31, 2019 | $ 2,907 | $ (1,595.2) | $ (296.4) | $ (1,297.5) | $ (1.3) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Cash Flows [Abstract] | |||
Goodwill and Intangible Asset Impairment | $ 176.6 | $ 0 | $ 0 |
Cash flows from operating activities: | |||
Net income | 122.8 | 283.7 | 189.3 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 210.9 | 225.2 | 222.8 |
Amortization of intangibles | 61.1 | 64.7 | 57 |
Stock compensation expense | 41.3 | 46.3 | 38.2 |
Equity in net earnings of affiliates, net of cash received | 0 | (3.2) | 41.2 |
Deferred income tax provision (benefit) | 15.1 | (14.7) | (14.1) |
Gain (Loss) on Extinguishment of Debt | 0 | 24.5 | 0 |
Other | 6.9 | 2.6 | 3 |
Changes in operating assets and liabilities, net of effects from purchase of businesses: | |||
Accounts and notes receivable, net | 63.8 | 63.3 | (34.7) |
Inventories, net | (216.3) | (214.3) | (196) |
Other current and noncurrent assets | (14.4) | (85.6) | (36.6) |
Accounts payable | 35.7 | (24.3) | 123.5 |
Accrued expenses | 114.5 | 161.3 | 149 |
Other current and noncurrent liabilities | 77.9 | 66.4 | 35 |
Total adjustments | 573.1 | 312.2 | 388.3 |
Net cash provided by operating activities | 695.9 | 595.9 | 577.6 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (273.4) | (203.3) | (203.9) |
Proceeds from sale of property, plant and equipment | 4.9 | 3.2 | 4.1 |
Purchase of businesses, net of cash acquired | 0 | 0 | (293.1) |
Investments in unconsolidated affiliates | (3.1) | (5.8) | (0.8) |
Other | 0 | 0.4 | 0 |
Net cash used in investing activities | (271.6) | (205.5) | (493.7) |
Cash flows from financing activities: | |||
Proceeds from indebtedness | 2,082.7 | 5,257.5 | 3,513.9 |
Repayments of indebtedness | (2,191.1) | (5,433.6) | (3,639.7) |
Purchases and retirement of common stock | (130) | (184.3) | 0 |
Payment of dividends to stockholders | (48) | (47.1) | (44.5) |
Payment of minimum tax withholdings on stock compensation | (28.1) | (4) | (6.9) |
Payment of debt issuance costs | (0.5) | (2.7) | 0 |
Investments by noncontrolling interests, net | 1.6 | 0.9 | 0.5 |
Net cash used in financing activities | (313.4) | (413.3) | (176.7) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (4.2) | (18.7) | 30.8 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 106.7 | (41.6) | (62) |
Cash and cash equivalents, beginning of year | 326.1 | 367.7 | 429.7 |
Cash and cash equivalents, end of year | $ 432.8 | $ 326.1 | $ 367.7 |
Operations and Summary of Signi
Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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 leading manufacturer and distributor of agricultural equipment and related replacement parts throughout the world. The Company sells a full range of agricultural equipment, including tractors, combines, hay tools, sprayers, forage equipment, seeding and tillage equipment, implements, and grain storage and protein production systems. The Company’s products are widely recognized in the agricultural equipment industry and are marketed under a number of well-known brand names including: Challenger ® , Fendt ® , GSI ® , Massey Ferguson ® and Valtra ® . The Company distributes most of its products through a combination of approximately 3,275 independent dealers and distributors as well as the Company utilizes associates and licensees to provide a distribution channel for its products. In addition, the Company provides retail financing through its finance joint ventures with Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., or “Rabobank.” Basis of Presentation and Consolidation The Company’s Consolidated Financial Statements represent the consolidation of all wholly-owned companies, majority-owned companies and joint ventures in which the Company has been determined to be the primary beneficiary. The Company consolidates a variable interest entity (“VIE”) if the Company determines it is the primary beneficiary. The primary beneficiary of a VIE is the party that has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits that potentially could be significant to the VIE. The Company also consolidates all entities that are not considered VIEs if it is determined that the Company has a controlling voting interest to direct the activities that most significantly impact the joint venture or entity. The Company records investments in all other affiliate companies using the equity method of accounting when it has significant influence. Other investments, including those representing an ownership interest of less than 20% , are recorded at cost. All significant intercompany balances and transactions have been eliminated in the Consolidated Financial Statements. Certain prior period amounts have been reclassified 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, 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 changed the functional currency of its wholly-owned subsidiary from the Argentinian peso to the U.S. dollar effective July 1, 2018. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents reported in the Consolidated Balance Sheets as of December 31, 2019, 2018 and 2017 and cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows for the years ended December 31, 2019, 2018 and 2017 are as follows (in millions): December 31, 2019 December 31, 2018 December 31, 2017 Cash (1) $ 412.3 $ 290.5 $ 317.0 Cash equivalents (2) 17.3 35.6 50.7 Restricted cash (3) 3.2 — — Total $ 432.8 $ 326.1 $ 367.7 ____________________________________ (1) Consisted primarily of cash on hand and bank deposits. (2) Consisted primarily of money market deposits, certificates of deposits and overnight investments. The Company considers all investments with an original maturity of three months or less to be cash equivalents. (3) Consisted primarily of cash in escrow or held as guarantee to support specific requirements. Accounts and Notes Receivable Accounts and notes receivable arise from the sale of equipment and replacement parts to independent dealers, distributors or other customers. In the United States and Canada, amounts due from sales to dealers are immediately due upon a retail sale of the underlying equipment by the dealer with the exception of sales of grain storage and protein production systems as discussed further below. If not previously paid by the dealer in the United States and Canada, installment payments are required generally beginning after the interest-free period with the remaining outstanding equipment balance generally due within 12 months after shipment or delivery. These interest-free periods vary by product and generally range from one to 12 months . In limited circumstances, the Company provides sales terms, and in some cases, interest-free periods that are longer than 12 months for certain products. These are typically specified programs predominately in the United States and Canada, that allow for interest-free periods and due dates of up to 24 months for certain products depending on the year of the sale and the dealer or distributor’s ordering or sales volume during the preceding year. Interest generally is charged at or above prime lending rates on the outstanding receivable balances after shipment or delivery and after interest-free periods. Sales terms of some highly seasonal products provide for payment and due dates based on a specified date during the year regardless of the shipment date. Equipment sold to dealers in the United States and Canada is paid in full on average within 12 months of shipment. Sales of replacement parts generally are payable within 30 days of shipment, with terms for some larger, seasonal stock orders generally requiring payment within six months of shipment. Under normal circumstances, equipment may not be returned. In certain regions, with respect to most equipment sales, including the United States and Canada, the Company is obligated to repurchase equipment and replacement parts upon cancellation of a dealer or distributor contract. These obligations are required by national, state or provincial laws and require the Company to repurchase a dealer or distributor’s unsold inventory, including inventories for which the receivable already has been paid. Actual interest-free periods are shorter than described above because the equipment receivable from dealers or distributors in some countries, such as in the United States and Canada, is generally due immediately upon sale of the equipment to a retail customer as discussed above. Receivables can also be paid prior to terms specified in sales agreements. Under normal circumstances, interest is not forgiven and interest-free periods are not extended. In other international markets, equipment sales generally are payable in full within 30 days to 180 days of shipment or delivery. Payment terms for some highly seasonal products have a specified due date during the year regardless of the shipment or delivery date. For sales in most markets outside of the United States and Canada, the Company generally does not charge interest on outstanding receivables with its dealers and distributors. Sales of replacement parts generally are payable within 30 days to 90 days of shipment, with terms for some larger, seasonal stock orders generally payable within six months of shipment. In certain markets, there is a time lag, which varies based on the timing and level of retail demand, between the date the Company records a sale and when the dealer sells the equipment to a retail customer. Sales of grain storage and protein production systems generally are payable within 30 days of shipment. In certain countries, sales of such systems in 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. The following summarizes by geographic region, as a percentage of our consolidated net sales, amounts with maximum interest-free periods as presented below (in millions): Year Ended December 31, 2019 North America South America Europe/Middle East Asia/Pacific/Africa Consolidated 0 to 6 months $ 1,535.0 $ 802.2 $ 5,317.8 $ 718.5 $ 8,373.5 92.6 % 7 to 12 months 645.0 — 11.1 — 656.1 7.3 % 13 to 24 months 11.8 — — — 11.8 0.1 % $ 2,191.8 $ 802.2 $ 5,328.9 $ 718.5 $ 9,041.4 100.0 % 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. Accounts and notes receivable are shown net of allowances for sales incentive discounts available to dealers and for doubtful accounts. Cash flows related to the collection of receivables are reported within “Cash flows from operating activities” within the Company’s Consolidated Statements of Cash Flows. Accounts and notes receivable allowances at December 31, 2019 and 2018 were as follows (in millions): 2019 2018 Sales incentive discounts $ 25.7 $ 24.2 Doubtful accounts 28.8 31.7 $ 54.5 $ 55.9 In the United States and Canada, sales incentives can be paid through future cash settlements of receivables and through credit memos to Company’s dealers or through reductions in retail financing rates paid to the Company’s finance joint ventures. Outside of the United States and Canada, sales incentives can be paid through cash or credit memos to the Company’s dealers or through reductions in retail financing rates paid to the Company’s finance joint ventures. The Company transfers certain accounts receivable under its accounts receivable sales agreements with its finance joint ventures (see Note 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 Accounting Standards Update (“ASU”) 2009-16, “Transfers and Servicing (Topic 860): Accounting for Transfers of Financial Assets.” Cash payments made to the Company’s finance joint ventures for sales incentive discounts provided to dealers related to outstanding accounts receivables sold are recorded within “Accrued expenses.” Inventories Inventories are valued at the lower of cost or net realizable value, using the first-in, first-out method. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. At December 31, 2019 and 2018 , the Company had recorded $178.6 million and $156.6 million , respectively, as an adjustment for surplus and obsolete inventories. These adjustments are reflected within “Inventories, net” within the Company’s Consolidated Balance Sheets. Inventories, net at December 31, 2019 and 2018 were as follows (in millions): 2019 2018 Finished goods $ 780.1 $ 660.4 Repair and replacement parts 611.5 587.3 Work in process 213.4 217.5 Raw materials 473.7 443.5 Inventories, net $ 2,078.7 $ 1,908.7 Cash flows related to the sale of inventories are reported within “Cash flows from operating activities” within the Company’s Consolidated Statements of Cash Flows. Recoverable Indirect Taxes The Company’s Brazilian operations incur value added taxes (“VAT”) on certain purchases of raw materials, components and services. These taxes are accumulated as tax credits and create assets that are reduced by the VAT collected from the Company’s sales in the Brazilian market. The Company regularly assesses the recoverability of these tax credits, and establishes reserves when necessary against them, through analyses that include, amongst others, the history of realization, the transfer of tax credits to third parties as authorized by the government, anticipated changes in the supply chain and the future expectation of tax debits from the Company’s ongoing operations. The Company believes that these tax credits, net of established reserves, are realizable. The Company had recorded approximately $142.3 million and $156.0 million , respectively, of VAT tax credits, net of reserves, as of December 31, 2019 and 2018 . Property, Plant and Equipment Property, plant and equipment are recorded at cost, less accumulated depreciation and amortization. Depreciation is provided on a straight-line basis over the estimated useful lives of ten to 40 years for buildings and improvements, three to 15 years for machinery and equipment and three to ten years for furniture and fixtures. Expenditures for maintenance and repairs are charged to expense as incurred. Property, plant and equipment, net at December 31, 2019 and 2018 consisted of the following (in millions): 2019 2018 Land $ 142.5 $ 125.3 Buildings and improvements 808.1 769.1 Machinery and equipment 2,522.0 2,391.8 Furniture and fixtures 153.4 148.6 Gross property, plant and equipment 3,626.0 3,434.8 Accumulated depreciation and amortization (2,209.7 ) (2,061.7 ) Property, plant and equipment, net $ 1,416.3 $ 1,373.1 Goodwill, Other Intangible Assets and Long-Lived Assets The Company tests goodwill for impairment, at the reporting unit level, annually and when events or circumstances indicate that fair value of a reporting unit may be below its carrying value. A reporting unit is an operating segment or one level below an operating segment, for example, a component. The Company combines and aggregates two or more components of an operating segment as a single reporting unit if the components have similar economic characteristics. The Company’s reportable segments are not its reporting units. Goodwill is evaluated annually as of October 1 for impairment using a qualitative assessment or a quantitative one-step assessment. If the Company elects to perform a qualitative assessment and determines the fair value of its reporting units more likely than not exceed the carrying value of their net assets, no further evaluation is necessary. For reporting units where the Company performs a one-step quantitative assessment, the Company compares the fair value of each reporting unit, which is determined based on a combination of a discounted cash flow valuation approach and a market multiple valuation approach, to its respective carrying value of net assets, including goodwill. If the fair value of the reporting unit exceeds its carrying value of net assets, the goodwill is not considered impaired. If the carrying value of net assets is higher than the fair value of the reporting unit, the impairment charge is the amount by which the carrying value exceeds the reporting unit’s fair value in accordance with ASU 2017-04. The Company reviews its long-lived assets, which include intangible assets subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The evaluation for recoverability is performed at a level where independent cash flows may be attributed to either an asset or asset group. If the Company determines that the carrying amount of an asset or asset group is not recoverable based on the expected undiscounted future cash flows of the asset or asset group, an impairment loss is recorded equal to the excess of the carrying amounts over the estimated fair value of the long-lived assets. Estimates of future cash flows are based on many factors, including current operating results, expected market trends and competitive influences. The Company also evaluates the amortization periods assigned to its intangible assets to determine whether events or changes in circumstances warrant revised estimates of useful lives. Assets to be disposed of by sale are reported at the lower of the carrying amount or fair value, less estimated costs to sell. The Company’s goodwill impairment analysis conducted as of October 1 , 2019 indicated that the carrying value of the net assets of the Company’s grain storage and protein production systems operations in Europe/Middle East was in excess of the fair value of the reporting unit, and therefore, the Company recorded a non-cash impairment charge of approximately $173.6 million within “Impairment charges” in the Company’s Consolidated Statements of Operations. In response to weakening market conditions and resulting operating results, new management was put in place over the grain storage and protein productions systems business, tasked with conducting a full strategic review of the business, including that of the Europe/Middle East reporting unit. That full strategic review was completed in the fourth quarter of 2019, along with revised forecasts to include updated market conditions and strategic operating decisions. During the three months ended December 31, 2019 , the Company also recorded a non-cash impairment charge of approximately $3.0 million within “Impairment charges” in the Company’s Consolidated Statements of Operations. The impairment charge related to certain long-lived intangible assets associated with the Company’s grain storage and protein production systems operations within North America, due to the discontinuation of a certain brand name and related product, and customers. The results of the Company’s goodwill and long-lived assets impairment analyses conducted as of October 1, 2018 and 2017 indicated that no reduction in the carrying amount of the Company’s goodwill and long-lived assets was required. The Company’s accumulated goodwill impairment is approximately $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 operates within the North American geographical reportable segment. Changes in the carrying amount of goodwill during the years ended December 31, 2019 , 2018 and 2017 are summarized as follows (in millions): North America South America Europe/Middle East Asia/Pacific/Africa Consolidated Balance as of December 31, 2016 $ 543.9 $ 138.8 $ 581.9 $ 111.8 $ 1,376.4 Acquisitions 67.2 — 17.4 — 84.6 Foreign currency translation — (2.4 ) 71.7 11.1 80.4 Balance as of December 31, 2017 611.1 136.4 671.0 122.9 1,541.4 Adjustments — — 8.4 — 8.4 Foreign currency translation — (19.7 ) (29.8 ) (4.8 ) (54.3 ) Balance as of December 31, 2018 611.1 116.7 649.6 118.1 1,495.5 Impairment charge — — (173.6 ) — (173.6 ) Sale of a joint venture (5.1 ) — — — (5.1 ) Foreign currency translation — (4.5 ) (12.7 ) (1.3 ) (18.5 ) Balance as of December 31, 2019 $ 606.0 $ 112.2 $ 463.3 $ 116.8 $ 1,298.3 The Company amortizes certain acquired identifiable intangible assets primarily on a straight-line basis over their estimated useful lives, which range from five to 50 years . The acquired intangible assets have a weighted average useful life as follows: Intangible Assets Weighted-Average Useful Life Patents and technology 12 years Customer relationships 13 years Trademarks and trade names 20 years Land use rights 45 years For the years ended December 31, 2019 , 2018 and 2017 , acquired intangible asset amortization was $61.1 million , $64.7 million and $57.0 million , respectively. The Company estimates amortization of existing intangible assets will be $59.6 million in 2020 , $56.8 million in 2021 , $56.3 million in 2022 , $53.8 million in 2023 , and $52.3 million in 2024 . The Company has previously determined that two of its trademarks have an indefinite useful life. The Massey Ferguson trademark has been in existence since 1952 and was formed from the merger of Massey-Harris (established in the 1890’s) and Ferguson (established in the 1930’s). The Massey Ferguson brand is currently sold in approximately 110 countries worldwide, making it one of the most widely sold tractor brands in the world. The Company also has identified the Valtra trademark as an indefinite-lived asset. The Valtra trademark has been in existence since the late 1990’s, but is a derivative of the Valmet trademark which has been in existence since 1951. The Valmet name transitioned to the Valtra name over a period of time in the marketplace. The Valtra brand is currently sold in over 75 countries around the world. Both the Massey Ferguson brand and the Valtra brand are primary product lines of the Company’s business, and the Company plans to use these trademarks for an indefinite period of time. The Company plans to continue to make investments in product development to enhance the value of these brands into the future. There are no legal, regulatory, contractual, competitive, economic or other factors that the Company is aware of or that the Company believes would limit the useful lives of the trademarks. The Massey Ferguson and Valtra trademark registrations can be renewed at a nominal cost in the countries in which the Company operates. Changes in the carrying amount of acquired intangible assets during 2019 and 2018 are summarized as follows (in millions): Trademarks and Customer Relationships Patents and Technology Land Use Rights Total Gross carrying amounts: Balance as of December 31, 2017 $ 208.4 $ 600.4 $ 160.0 $ 9.1 $ 977.9 Foreign currency translation (5.0 ) (14.1 ) (4.2 ) (0.5 ) (23.8 ) Balance as of December 31, 2018 203.4 586.3 155.8 8.6 954.1 Sale of a joint venture (1.3 ) (2.9 ) (1.9 ) — (6.1 ) Impairment charge (1.1 ) (0.8 ) (1.1 ) — (3.0 ) Foreign currency translation (1.7 ) (3.6 ) (1.7 ) (0.1 ) (7.1 ) Balance as of December 31, 2019 $ 199.3 $ 579.0 $ 151.1 $ 8.5 $ 937.9 Trademarks and Customer Relationships Patents and Technology Land Use Rights Total Accumulated amortization: Balance as of December 31, 2017 $ 61.4 $ 279.7 $ 73.4 $ 3.0 $ 417.5 Amortization expense 13.7 40.7 10.1 0.2 64.7 Foreign currency translation (1.7 ) (9.6 ) (2.8 ) (0.2 ) (14.3 ) Balance as of December 31, 2018 73.4 310.8 80.7 3.0 467.9 Amortization expense 11.0 40.1 9.9 0.1 61.1 Sale of a joint venture (0.5 ) (1.2 ) (0.7 ) — (2.4 ) Foreign currency translation (0.6 ) (2.3 ) (1.2 ) — (4.1 ) Balance as of December 31, 2019 $ 83.3 $ 347.4 $ 88.7 $ 3.1 $ 522.5 Trademarks and Indefinite-lived intangible assets: Balance as of December 31, 2017 $ 88.6 Foreign currency translation (1.7 ) Balance as of December 31, 2018 86.9 Foreign currency translation (0.6 ) Balance as of December 31, 2019 $ 86.3 Accrued Expenses Accrued expenses at December 31, 2019 and 2018 consisted of the following (in millions): 2019 2018 Reserve for volume discounts and sales incentives $ 580.4 $ 537.7 Warranty reserves 331.9 308.6 Accrued employee compensation and benefits 290.8 286.2 Accrued taxes 170.3 137.8 Other 280.8 252.1 $ 1,654.2 $ 1,522.4 Warranty Reserves The warranty reserve activity for the years ended December 31, 2019 , 2018 and 2017 consisted of the following (in millions): 2019 2018 2017 Balance at beginning of the year $ 360.9 $ 316.0 $ 255.6 Acquisitions — — 5.1 Accruals for warranties issued during the year 234.1 230.5 215.9 Settlements made (in cash or in kind) during the year (198.7 ) (174.7 ) (183.1 ) Foreign currency translation (3.5 ) (10.9 ) 22.5 Balance at the end of the year $ 392.8 $ 360.9 $ 316.0 The Company’s agricultural equipment products generally are under warranty against defects in materials and workmanship for a period of one to four years . The Company accrues for future warranty costs at the time of sale based on historical warranty experience. Approximately $60.9 million and $52.3 million of warranty reserves are included in “Other noncurrent liabilities” in the Company’s Consolidated Balance Sheets as of December 31, 2019 and 2018 , respectively. The Company recognizes recoveries of the costs associated with warranties it provides when the collection is probable. When specifics of the recovery have been agreed upon with the Company’s suppliers through confirmation of liability for the recovery, the Company records the recovery within “Accounts and notes receivable, net.” Estimates of the amount of warranty claim recoveries to be received from the Company’s suppliers based upon contractual supplier arrangements are recorded within “Other current assets.” Insurance Reserves 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 adopted ASU 2014-09, “Revenue from Contracts with Customers,” effective January 1, 2018 using the modified retrospective approach. Revenue is recognized when the Company satisfies the performance obligation by transferring control over goods or services to a dealer, distributor or other customer. The amount of revenue recognized is measured as the consideration the Company expects to receive in exchange for those goods or services pursuant to a contract with the customer. A contract exists once the Company receives and accepts a purchase order under a dealer sales agreement, or once the Company enters into a contract with an end user. The Company does not recognize revenue in cases where collectability is not probable, and defers the recognition until collection is probable or payment is received. The Company generates revenue from the manufacture and distribution of agricultural equipment and replacement parts. Sales of equipment and replacement parts, which represents a majority of the Company’s net sales, are recorded by the Company at the point in time when title and control have been transferred to an independent dealer, distributor or other customer. Title generally passes to the dealer or distributor upon shipment or specified delivery, and the risk of loss upon damage, theft or destruction of the equipment is the responsibility of the dealer, distributor or designated third-party carrier. The Company believes control passes and the performance obligation is satisfied at the point of the stated shipping or delivery term with respect to such sales. As previously discussed, the amount of consideration the Company receives and the revenue recognized varies with certain sales incentives the Company offers to dealers and distributors. Estimates for sales incentives are made at the time of sale for expected incentive programs using the expected value method. These estimates are revised in the event of subsequent modification to the incentive program. All incentive programs are recorded and presented as a reduction of revenue, due to the fact that the Company does not receive a distinct good or service in exchange for the consideration provided. Dealers or distributors may not return equipment or replacement parts while its contract with the Company is in force, except for under established promotional and annual replacement parts return programs. At the time of sale, the Company estimates the amount of returns based on the terms of promotional and annual return programs and anticipated returns in the future. Sales and other related taxes are excluded from the transaction price. Shipping and handling costs associated with freight activities after the customer has obtained control are accounted for as fulfillment costs and are expensed and accrued at the time revenue is recognized in “Cost of goods sold” and “Selling, general and administrative expenses” in the Company’s Consolidated Statements of Operations. The Company applied the practical expedient in ASU 2014-09 to 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 “ove |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions On October 2, 2017, the Company acquired the hay and forage division of the Lely Group (“Lely”) for approximately €80.2 million (or approximately $94.6 million ), net of cash acquired of approximately €10.1 million (or approximately $11.9 million ). The Lely acquisition, with manufacturing locations in northern Germany, has allowed the Company to expand its product offering of hay and forage equipment, including balers and loader wagons. The acquisition was financed by the Company’s credit facility (see Note 7 ). The fair values of the assets acquired and liabilities assumed as of the acquisition date are presented in the following table (in millions): Current assets $ 87.0 Property, plant and equipment 17.8 Intangible assets 7.6 Goodwill 25.8 Total assets acquired 138.2 Current liabilities 23.5 Long-term liabilities 8.2 Total liabilities assumed 31.7 Net assets acquired $ 106.5 The acquired identifiable intangible assets of Lely as of the date of the acquisition are summarized in the following table (in millions): Intangible Assets Amount Weighted-Average Useful Life Customer relationships $ 3.0 5 years Technology 3.0 12 years Trademarks 1.6 10 years $ 7.6 The results of operations of Lely 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 Europe/Middle East geographical reportable segment. Proforma results related to the acquisition were not material. On September 1, 2017, the Company acquired Precision Planting LLC (“Precision Planting”) for approximately $198.1 million , net of cash acquired of approximately $1.6 million . Precision Planting, headquartered in Tremont, Illinois, is a leading manufacturer of high-tech planting equipment. The acquisition of Precision Planting provided the Company an opportunity to expand its precision farming technology offerings on a global basis. The acquisition was financed by the Company’s credit facility (see Note 7 ). The fair values of the assets acquired and liabilities assumed as of the acquisition date are presented in the following table (in millions): Current assets $ 59.5 Property, plant and equipment 20.8 Intangible assets 64.4 Goodwill 67.2 Total assets acquired 211.9 Current liabilities 12.2 Total liabilities assumed 12.2 Net assets acquired $ 199.7 The acquired identifiable intangible assets of Precision Planting as of the date of the acquisition are summarized in the following table (in millions): Intangible Assets Amount Weighted-Average Useful Life Customer relationships $ 21.4 14 years Technology 25.1 10 years Trademarks 17.9 20 years $ 64.4 The results of operations of Precision Planting have been included in the Company’s Consolidated Financial Statements as of and from the date of acquisition. The associated tax deductible goodwill has been included in the Company’s North America geographical reportable segment. Proforma results related to the acquisition were not material. |
Restructuring Expenses
Restructuring Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Expenses | Restructuring Expenses From 2014 through 2019, the Company announced and initiated several actions to rationalize employee headcount at various manufacturing facilities and various administrative offices located in Europe, South America, Africa, China and the United States to reduce costs in response to softening global market demand and lower production volumes. The aggregate headcount reduction was approximately 3,890 employees between 2014 and 2018. In addition, during the three months ended December 31, 2019, the Company initiated various restructuring activities in an effort to rationalize its grain storage and protein production system operations. The Company recorded severance and related costs associated with these rationalizations in connection with the termination of approximately 270 employee during 2019. The components of the restructuring expenses are summarized as follows (in millions): Loss on Sale of Joint Venture Write-down of Property, Plant and Equipment Employee Severance Facility Closure Costs Total Balance as of December 31, 2016 $ — $ — $ 14.5 $ 0.8 $ 15.3 2017 provision — 0.2 12.4 — 12.6 Less: Non-cash expense — (0.2 ) — — (0.2 ) Cash expense — — 12.4 — 12.4 2017 provision reversal — — (1.4 ) — (1.4 ) 2017 cash activity — — (16.0 ) (0.8 ) (16.8 ) Foreign currency translation — — 1.4 — 1.4 Balance as of December 31, 2017 — — 10.9 — 10.9 2018 provision — 0.3 13.8 — 14.1 Less: Non-cash expense — (0.3 ) — — (0.3 ) Cash expense — — 13.8 — 13.8 2018 provision reversal — — (2.1 ) — (2.1 ) 2018 cash activity — — (14.4 ) — (14.4 ) Foreign currency translation — — (1.1 ) — (1.1 ) Balance as of December 31, 2018 — — 7.1 — 7.1 2019 provision 2.1 1.5 5.6 0.5 9.7 Less: Non-cash expense (2.1 ) (1.5 ) — — (3.6 ) Cash expense — — 5.6 0.5 6.1 2019 provision reversal — — (0.7 ) — (0.7 ) 2019 cash activity — — (6.8 ) (0.5 ) (7.3 ) Foreign currency translation — — (0.4 ) — (0.4 ) Balance as of December 31, 2019 $ — $ — $ 4.8 $ — $ 4.8 In addition, 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 Company recorded a loss of approximately $2.1 million associated with the sale, which was reflected within “Restructuring expenses” in the Company’s Consolidated Statements of Operations. |
Accounts Receivable Sales Agree
Accounts Receivable Sales Agreements | 12 Months Ended |
Dec. 31, 2019 | |
Accounts Receivable Sales Agreements [Abstract] | |
Accounts Receivable Sales Agreements | Accounts Receivable Sales Agreements The Company has accounts receivable sales agreements that permit the sale, on an ongoing basis, of a majority of its wholesale receivables in North America, Europe and Brazil to its U.S., Canadian, European and Brazilian finance joint ventures. As of December 31, 2019 and 2018 , the cash received from receivables sold under the U.S., Canadian, European and Brazilian accounts receivable sales agreements was approximately $1.6 billion and $1.4 billion , respectively. Under the terms of the accounts receivable sales agreements in North America, Europe and Brazil, the Company pays an annual fee related to the servicing of the receivables sold. The Company also pays the respective AGCO Finance entities a subsidized interest payment with respect to the accounts receivable sales agreements, calculated based upon LIBOR plus a margin on any non-interest bearing accounts receivable outstanding and sold under the accounts receivables sales agreements. These fees are reflected within losses on the sales of receivables included within “Other expense, net” in the Company’s Consolidated Statements of Operations. The Company does not service the receivables after the sale occurs and does not maintain any direct retained interest in the receivables. The Company reviewed its accounting for the accounts receivable sales agreements and determined that these facilities should be accounted for as off-balance sheet transactions. Losses on sales of receivables associated with the accounts receivable financing facilities discussed above, reflected within “Other expense, net” in the Company’s Consolidated Statements of Operations, were approximately $42.4 million , $36.0 million and $39.2 million during 2019 , 2018 and 2017 , respectively. The Company’s finance joint ventures in Europe, Brazil and Australia also provide wholesale financing directly to the Company’s dealers. The receivables associated with these arrangements are without recourse to the Company. The Company does not service the receivables after the sale occurs and does not maintain any direct retained interest in the receivables. As of December 31, 2019 and 2018 , these finance joint ventures had approximately $104.3 million and $82.5 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 addition, the Company sells certain trade receivables under factoring arrangements to other financial institutions around the world. The Company reviewed the sale of such receivables and determined that these arrangements should be accounted for as off-balance sheet transactions. |
Investments in Affiliates
Investments in Affiliates | 12 Months Ended |
Dec. 31, 2019 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Investments in Affiliates | Investments in Affiliates Investments in affiliates as of December 31, 2019 and 2018 were as follows (in millions): 2019 2018 Finance joint ventures $ 339.0 $ 358.7 Manufacturing joint ventures 26.8 26.3 Other affiliates 14.4 15.0 $ 380.2 $ 400.0 The Company’s finance joint ventures are located in the United States, Canada, Europe, Brazil, Argentina and Australia, and provide retail financing and wholesale financing to the Company’s retail customers and dealers, respectively. See Note 14 for further information on the Company’s finance joint ventures. The Company’s manufacturing joint ventures consist of Groupement International De Mecanique Agricole SA (“GIMA”) (a joint venture with a third-party manufacturer to purchase, design and manufacture components for agricultural equipment in France) and a joint venture with a third-party manufacturer to manufacture protein production equipment in China. The other joint ventures represent investments in farm equipment manufacturers, an electronic and software system manufacturer, distributors and licensees. The Company’s equity in net earnings of affiliates for the years ended December 31, 2019 , 2018 and 2017 were as follows (in millions): 2019 2018 2017 Finance joint ventures $ 41.5 $ 34.7 $ 39.9 Manufacturing and other joint ventures 1.0 (0.4 ) (0.8 ) $ 42.5 $ 34.3 $ 39.1 Summarized combined financial information of the Company’s finance joint ventures as of December 31, 2019 and 2018 and for the years ended December 31, 2019 , 2018 and 2017 were as follows (in millions): As of December 31, 2019 2018 Total assets $ 7,773.2 $ 7,649.2 Total liabilities 7,082.4 6,917.2 Partners’ equity 690.8 732.0 For the Years Ended December 31, 2019 2018 2017 Revenues $ 417.6 $ 390.8 $ 366.0 Costs 299.9 286.7 243.3 Income before income taxes $ 117.7 $ 104.1 $ 122.7 The majority of the assets of the Company’s finance joint ventures represent finance receivables. The majority of the liabilities represent notes payable and accrued interest. Under the various joint venture agreements, Rabobank or its affiliates provide financing to the joint venture companies. AGCO has a 49% interest in the Company’s finance joint ventures (Note 14 ). At December 31, 2019 and 2018 , the Company’s receivables from affiliates were approximately $15.2 million and $12.9 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 $310.8 million and $326.9 million as of December 31, 2019 and 2018 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 , 2018 and 2017 (in millions): 2019 2018 2017 United States $ (53.1 ) $ (126.0 ) $ (141.6 ) Foreign 314.2 486.3 425.4 Income before income taxes and equity in net earnings of affiliates $ 261.1 $ 360.3 $ 283.8 The provision for income taxes by location of the taxing jurisdiction for the years ended December 31, 2019 , 2018 and 2017 consisted of the following (in millions): 2019 2018 2017 Current: United States: Federal $ (6.5 ) $ (9.1 ) $ 20.3 State 2.1 1.2 0.6 Foreign 170.1 133.5 126.8 165.7 125.6 147.7 Deferred: United States: Federal 1.3 — 0.9 State — — — Foreign 13.8 (14.7 ) (15.0 ) 15.1 (14.7 ) (14.1 ) $ 180.8 $ 110.9 $ 133.6 Swiss tax reform was enacted during 2019 and eliminates certain preferential tax items as well as implements new tax rates at both the federal and cantonal levels. During the three months ended December 31, 2019 , the Company recognized a one-time income tax gain of approximately $21.8 million associated with the changing of Swiss federal and cantonal tax rates as well as recognition of a deferred tax asset associated with the estimated value of a tax basis step-up of the Company’s Swiss subsidiary’s assets. On December 22, 2017, The Tax Cuts and Jobs Act (“the 2017 Tax Act”) was enacted in the United States. During the three months ended December 31, 2017, the Company recorded a tax provision of approximately $42.0 million in accordance with Staff Accounting Bulletin No. 118, which provided SEC Staff guidance for the application of ASC 740 “Income Taxes,” in the reporting period in which the 2017 Tax Act was enacted. The $42.0 million tax provision included a provisional income tax charge related to a one-time transition tax associated with the mandatory deemed repatriation of unremitted foreign earnings. The tax provision also included a provisional income tax charge associated with the income tax consequences related to the expected future repatriation of certain underlying foreign earnings, as historically, the Company had considered them to be permanently reinvested. The remaining balance of the tax provision primarily related to the remeasurement of certain net deferred tax assets using the lower enacted U.S. Corporate tax rate, as well as other miscellaneous related impacts. During the three months ended December 31, 2018 , the Company finalized its calculations related to the 2017 Tax Act and recorded an income tax benefit of approximately $8.4 million . A reconciliation of income taxes computed at the United States federal statutory income tax rate (21% for 2019, 21% for 2018 (from 35% to 21%), and 35% for 2017) to the provision for income taxes reflected in the Company’s Consolidated Statements of Operations for the years ended December 31, 2019 , 2018 and 2017 is as follows (in millions): 2019 2018 2017 Provision for income taxes at United States federal statutory rate $ 54.8 $ 75.7 $ 99.3 State and local income taxes, net of federal income tax effects (2.5 ) (6.0 ) (5.7 ) Taxes on foreign income which differ from the United States statutory rate 6.7 (0.3 ) (57.7 ) Tax effect of permanent differences 63.9 26.7 60.6 Change in valuation allowance 84.6 24.6 (1.4 ) Change in tax contingency reserves 3.2 8.5 3.8 Research and development tax credits (7.1 ) (8.5 ) (5.0 ) Impacts related to changes in tax laws (21.8 ) (8.4 ) 42.0 Other (1.0 ) (1.4 ) (2.3 ) $ 180.8 $ 110.9 $ 133.6 The significant components of the deferred tax assets and liabilities at December 31, 2019 and 2018 were as follows (in millions): 2019 2018 Deferred Tax Assets: Net operating loss carryforwards $ 72.0 $ 74.5 Sales incentive discounts 61.9 58.8 Inventory valuation reserves 41.1 36.3 Pensions and postretirement health care benefits 51.6 47.6 Warranty and other reserves 128.5 98.6 Research and development tax credits 17.3 3.1 Foreign tax credits 6.4 9.7 Other 17.2 21.6 Total gross deferred tax assets 396.0 350.2 Valuation allowance (169.1 ) (83.9 ) Total deferred tax assets 226.9 266.3 Deferred Tax Liabilities: Tax over book depreciation and amortization 164.3 214.3 Investment in affiliates 50.3 42.8 Other 25.5 20.6 Total deferred tax liabilities 240.1 277.7 Net deferred tax liabilities $ (13.2 ) $ (11.4 ) Amounts recognized in Consolidated Balance Sheets: Deferred tax assets - noncurrent $ 93.8 $ 104.9 Deferred tax liabilities - noncurrent (107.0 ) (116.3 ) $ (13.2 ) $ (11.4 ) As reflected in the preceding table, the Company recorded a net deferred tax liability of $13.2 million and $11.4 million as of December 31, 2019 and December 31, 2018 , respectively, and had a valuation allowance against its gross deferred tax assets of approximately $169.1 million and $83.9 million as of December 31, 2019 and 2018 , respectively. During the three months ended September 30, 2019, the Company recorded a non-cash deferred income tax charge of approximately $53.7 million to establish a valuation allowance against its Brazilian net deferred income tax assets. In addition, the Company maintains a valuation allowance to fully reserve its net deferred tax assets in the United States and certain foreign jurisdictions. A valuation allowance is established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company assessed the likelihood that its deferred tax assets would be recovered from estimated future taxable income and available tax planning strategies and determined that all adjustments to the valuation allowance were appropriate. In making this assessment, all available evidence was considered including the current economic climate, as well as reasonable tax planning strategies. The Company believes it is more likely than not that it will realize its remaining net deferred tax assets, net of the valuation allowance, in future years. The Company had net operating loss carryforwards of $236.4 million as of December 31, 2019 , with expiration dates as follows: 2020 - $24.4 million ; 2021 - $21.3 million ; 2022 - $14.3 million and thereafter or unlimited - $176.4 million . The net operating loss carryforwards of $236.4 million are entirely in tax jurisdictions outside of the United States. The Company does not have any material U.S. state net operating loss carryforwards. The Company paid income taxes of $144.4 million , $101.6 million and $111.2 million for the years ended December 31, 2019 , 2018 and 2017 , 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, 2019 and 2018 , the Company had $210.7 million and $166.1 million , respectively, of unrecognized income tax benefits, all of which would affect the Company’s effective tax rate if recognized. At December 31, 2019 and 2018 , the Company had approximately $51.0 million and $58.5 million , respectively, of accrued or deferred taxes related to uncertain income tax positions connected with ongoing income tax audits in various jurisdictions that it expects to settle or pay in the next 12 months. The Company accrued approximately $1.8 million and $5.6 million of interest and penalties related to unrecognized tax benefits in its provision for income taxes during 2019 and 2018 , respectively. At December 31, 2019 and 2018 , the Company had accrued interest and penalties related to unrecognized tax benefits of $28.4 million and $27.2 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, 2019 and 2018 is as follows (in millions): 2019 2018 Gross unrecognized income tax benefits at the beginning of the year $ 166.1 $ 163.4 Additions for tax positions of the current year 32.8 3.8 Additions for tax positions of prior years 20.7 13.1 Reductions for tax positions of prior years for: Changes in judgments (4.6 ) (1.6 ) Settlements during the year (0.7 ) (0.7 ) Lapses of applicable statute of limitations (0.8 ) (4.4 ) Foreign currency translation (2.8 ) (7.5 ) Gross unrecognized income tax benefits at the end of the year $ 210.7 $ 166.1 The reconciliation of gross unrecognized tax benefits above for 2019 excludes certain indirect favorable effects that relate to other tax jurisdictions of approximately $44.9 million . 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, 2019 , a number of income tax examinations in foreign jurisdictions were ongoing. It is possible that certain of these ongoing examinations may be resolved within 12 months . Due to the potential for resolution of federal, state and foreign examinations, and the expiration of various statutes of limitation, it is reasonably possible that the Company’s gross unrecognized income tax benefits balance may materially change within the next 12 months . In certain foreign jurisdictions, there is either statutory expirations or our settlement expectations such that approximately $51.0 million could be concluded within the next 12 months . Although there are ongoing examinations in various federal and state jurisdictions, the 2016 through 2019 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 2014 through 2019 tax years generally remain subject to examination by their respective tax authorities. In Brazil, the Company is contesting disallowed deductions related to the amortization of certain goodwill amounts (see Note 12 ). |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness Long-term debt consisted of the following at December 31, 2019 and 2018 (in millions): December 31, 2019 December 31, 2018 Senior term loan due 2022 (1) $ 168.1 $ 171.5 Credit facility, expires 2023 (1) — 114.4 1.002% Senior term loan due 2025 280.2 — Senior term loans due between 2021 and 2028 (1) 736.2 815.3 1.056% Senior term loan due 2020 (1) — 228.7 Other long-term debt 12.5 20.6 Debt issuance costs (2.3 ) (2.6 ) 1,194.7 1,347.9 Less: Current portion of other long-term debt (2.9 ) (8.8 ) Senior term loans due 2019 — (63.8 ) Total indebtedness, less current portion $ 1,191.8 $ 1,275.3 ____________________________________ (1) Maturity dates are reflected as of December 31, 2019. At December 31, 2019 , the aggregate scheduled maturities of long-term debt, excluding the current portion of long-term debt, are as follows (in millions): 2021 $ 297.4 2022 170.2 2023 277.7 2024 2.3 Thereafter 444.2 $ 1,191.8 Cash payments for interest were approximately $26.3 million , $35.2 million and $55.2 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Current Indebtedness Senior Term Loan Due 2022 In October 2018, the Company entered in a term loan agreement with Rabobank in the amount of €150.0 million (or approximately $168.1 million as of December 31, 2019 ). The Company is permitted to prepay the term loan before its maturity date of October 28, 2022. Interest is payable on the term loan quarterly in arrears at an annual rate, equal to the EURIBOR plus a margin ranging from 0.875% to 1.875% based on the Company’s credit rating. The Company also has to fulfill financial covenants with respect to a total debt to EBITDA ratio and an interest coverage ratio. Credit Facility In October 2018, the Company entered into a multi-currency revolving credit facility of $800.0 million . The maturity date of the credit facility is October 17, 2023. Interest accrues on amounts outstanding under the credit facility, at the Company’s option, at either (1) LIBOR plus a margin ranging from 0.875% to 1.875% based on the Company’s credit rating, or (2) the base rate, which is equal to the higher of (i) the administrative agent’s base lending rate for the applicable currency, (ii) the federal funds rate plus 0.5% , and (iii) one-month LIBOR for loans denominated in U.S. dollars plus 1.0% , plus a margin ranging from 0.0% to 0.875% based on the Company’s credit rating. The credit facility contains covenants restricting, among other things, the incurrence of indebtedness and the making of certain payments, including dividends. The Company also has to fulfill financial covenants with respect to a total debt to EBITDA ratio and an interest coverage ratio. As of December 31, 2019 , the Company had no outstanding borrowings under the credit facility and the ability to borrow approximately $800.0 million under the facility. As of December 31, 2018, the Company had approximately $114.4 million of outstanding borrowings under the credit facility and the ability to borrow approximately $685.6 million under the facility. Interest on U.S. dollar borrowings under the Company's credit facility is calculated based upon LIBOR. In the event that LIBOR is no longer published, interest will be calculated upon a base rate. The credit facility also provides for an expedited amendment process once a replacement for LIBOR is established. The Company’s former revolving credit and term loan facility consisted of an $800.0 million multi-currency revolving credit facility and a €312.0 million term loan facility. The maturity date of the former credit facility was June 26, 2020. Under the former credit facility agreement, interest accrued on amounts outstanding, at the Company’s option, depending on the currency borrowed, at either (1) LIBOR or EURIBOR plus a margin ranging from 1.0% to 1.75% based on the Company’s leverage ratio, or (2) the base rate, which is equal to the higher of (i) the administrative agent’s base lending rate for the applicable currency, (ii) the federal funds rate plus 0.5% , and (iii) one-month LIBOR for loans denominated in U.S. dollars plus 1.0% plus a margin ranging from 0.0% to 0.25% based on the Company’s leverage ratio. The credit facility contained covenants restricting, among other things, the incurrence of indebtedness and the making of certain payments, including dividends, and was subject to acceleration in the event of a default. The Company also had to fulfill financial covenants with respect to a total debt to EBITDA ratio and an interest coverage ratio. As is more fully described in Note 11, the Company entered into an interest rate swap in 2015 to convert the term loan facility’s floating interest rate to a fixed interest rate of 0.33% plus the applicable margin over the remaining life of the term loan facility. In connection with the closing of new credit facility in October 2018, the Company repaid its outstanding €312.0 million (or approximately $360.8 million ) term loan under the former revolving credit and term loan facility. The Company recorded approximately $0.9 million in “Interest expense, net,” associated with the write-off of deferred debt issuance costs associated with the repayment. The Company also recorded a loss of approximately $3.9 million which was recorded in “Interest expense, net” for the year ended December 31, 2018 associated with the termination of the interest rate swap instrument. 1.002% Senior Term Loan In December 2018, the Company entered into a term loan with the European Investment Bank (“EIB”), which provided the Company with the ability to borrow up to €250.0 million . The €250.0 million (or approximately $280.2 million as of December 31, 2019 ) of funding was received on January 25, 2019 with a maturity date of January 24, 2025. The Company is permitted to prepay the term loan before its maturity date. Interest is payable on the term loan at 1.002% per annum, payable semi-annually in arrears. The term loan contains covenants regarding, among other things, the incurrence of indebtedness and the making of certain payments, as well as commitments regarding amounts of future research and development expenses in Europe, and is subject to acceleration in the events of default. The Company also has to fulfill financial covenants with respect to a net leverage ratio and interest coverage ratio. Senior Term Loans Due Between 2021 and 2028 In October 2016, the Company borrowed an aggregate amount of €375.0 million through a group of seven related term loan agreements, and in August 2018, the Company borrowed an additional aggregate amount of €338.0 million through a group of another seven related term loan agreements. Of the 2016 term loans, an aggregate amount of €56.0 million (or approximately $61.1 million ) was repaid upon maturity in October 2019. In aggregate, the Company has indebtedness of €657.0 million (or approximately $736.2 million as of December 31, 2019 ) through a group of twelve related term loan agreements. The provisions of the term loan agreements are substantially identical, with the exception of interest rate terms and maturities. The Company is permitted to prepay the term loans before their maturity dates. For the term loans with a fixed interest rate, interest is payable in arrears on an annual basis, with interest rates ranging from 0.70% to 2.26% and a maturity date between August 2021 and August 2028. For the term loans with a floating interest rate, interest is payable in arrears on a semi-annual basis, with interest rates based on the EURIBOR plus a margin ranging from 0.70% to 1.25% and a maturity date between August 2021 and August 2025. The term loans contain covenants restricting, among other things, the incurrence of indebtedness and the making of certain payments, including dividends, and is subject to acceleration in the event of default. Former Indebtedness 1.056% Senior Term Loan In December 2014, the Company entered into a term loan with the EIB, which provided the Company with the ability to borrow up to €200.0 million . The €200.0 million of funding was received on January 15, 2015 and had a maturity date of January 15, 2020. The Company repaid the €200.0 million (or approximately $220.0 million ) term loan in December 2019. Interest was payable on the term loan at 1.056% per annum, payable quarterly in arrears. The term loan contained covenants regarding, among other things, the incurrence of indebtedness and the making of certain payments, as well as commitments regarding amounts of future research and development expenses in Europe, and was subject to acceleration in the events of default. The Company also had to fulfill financial covenants with respect to a net leverage ratio and interest coverage ratio. Senior Term Loans Due 2021 In April 2016, the Company entered into two term loan agreements with Rabobank, in the amount of €100.0 million and €200.0 million , respectively. The provisions of the two term loans were identical in nature. In December 2017, the Company repaid its €200.0 million (or approximately $239.8 million ) term loan and in October 2018, in connection with the term loan agreement due 2022 with Rabobank discussed above, the Company repaid its €100.0 million (or approximately $113.2 million ) term loan. The Company had the ability to prepay the term loans before their maturity date on April 26, 2021. Interest was payable on the term loans per annum, paid quarterly in arrears, equal to the EURIBOR plus a margin ranging from 1.0% to 1.75% based on the Company’s net leverage ratio. The Company also had to fulfill financial covenants with respect to a total debt to EBITDA ratio and an interest coverage ratio. 5 7 / 8 % Senior Notes The Company’s 5 7 / 8 % senior notes due December 1, 2021 constituted senior unsecured indebtedness. Interest was payable on the notes semi-annually in arrears. At any time prior to September 1, 2021, the Company could redeem the notes, in whole or in part from time to time, at its option, at a redemption price equal to the greater of (i) 100% of the principal amount plus accrued and unpaid interest, including additional interest, if any, to, but excluding, the redemption date, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of interest accrued to the date of redemption) discounted to the redemption date at the treasury rate plus 0.5% , plus accrued and unpaid interest, including additional interest, if any. Beginning September 1, 2021, the Company could redeem the notes, in whole or in part from time to time, at its option, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest, including additional interest, if any. In May 2018, the Company completed a cash tender offer to purchase any and all of its outstanding 5 7 / 8 % senior notes at a cash purchase price of $1,077.50 per $1,000.00 of senior notes. As a result of the tender offer, the Company repurchased approximately $185.9 million of principal amount of the senior notes for approximately $200.3 million , plus accrued interest. In October 2018, the Company repurchased the remaining principal amount of the senior notes of approximately $114.1 million for approximately $122.5 million , plus accrued interest. Both repurchases resulted in total losses on extinguishment of debt of approximately $24.5 million , including associated fees. As a result of the repurchase of the 5 7 / 8 % senior notes, the Company recorded a cumulative amount of approximately $4.7 million of accelerated amortization of a deferred gain related to a terminated interest rate swap instrument associated with the senior notes. The losses on extinguishment as well as the accelerated amortization were reflected in “Interest expense, net,” for the year ended December 31, 2018 . Short-Term Borrowings As of December 31, 2019 and 2018 , the Company had short-term borrowings due within one year of approximately $150.5 million and $138.0 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, 2019 and 2018 , outstanding letters of credit totaled $13.9 million and $14.1 million , respectively. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Company sponsors defined benefit pension plans covering certain employees, principally in the United Kingdom, the United States, Germany, Switzerland, Finland, France, Norway and Argentina. The Company also provides certain postretirement health care and life insurance benefits for certain employees, principally in the United States and Brazil. The Company also maintains an Executive Nonqualified Pension Plan (“ENPP”) that provides certain senior executives with retirement income for a period of 15 years or up to a lifetime annuity, if certain requirements are met. Benefits under the ENPP vest if the participant has attained age 50 and has at least ten years of service (including five years as a participant in the ENPP), but are not payable until the participant reaches age 65 . The lifetime annuity benefit generally is available only to vested participants who retire on or after reaching age 65 . The ENPP is an unfunded, nonqualified defined benefit pension plan. Net annual pension costs for the years ended December 31, 2019 , 2018 and 2017 for the Company’s defined benefit pension plans and ENPP are set forth below (in millions): Pension benefits 2019 2018 2017 Service cost $ 15.5 $ 16.6 $ 17.1 Interest cost 20.7 19.9 20.6 Expected return on plan assets (28.1 ) (34.0 ) (35.9 ) Amortization of net actuarial losses 14.3 13.8 13.4 Amortization of prior service cost 1.6 1.2 1.2 Net loss recognized due to settlement 0.5 0.9 0.2 Net annual pension cost $ 24.5 $ 18.4 $ 16.6 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, 2019 , 2018 and 2017 are as follows: 2019 2018 2017 All plans: Weighted average discount rate 2.8 % 2.5 % 2.7 % Weighted average expected long-term rate of return on plan assets 4.6 % 5.4 % 5.8 % Rate of increase in future compensation 1.8%-5.0% 1.8%-5.0% 1.5%-5.0% U.S.-based plans: Weighted average discount rate 4.35 % 3.70 % 4.25 % Weighted average expected long-term rate of return on plan assets (1) 5.5 % 6.0 % 6.0 % Rate of increase in future compensation (2) 5.0 % 5.0 % 5.0 % ___________________________________ (1) Applicable for U.S. funded, qualified plans. (2) Applicable for U.S. unfunded, nonqualified plan. For the Company’s Swiss cash balance plan, the interest crediting rate of 1.0% for both 2019 and 2018 was set equal to the current annual minimum rate set by the government for the mandatory portion of the account balance. Amounts above that have an interest crediting rate of 0.25% . Net annual postretirement benefit costs, and the weighted average discount rate used to determine them, for the years ended December 31, 2019 , 2018 and 2017 are set forth below (in millions, except percentages): Postretirement benefits 2019 2018 2017 Service cost $ 0.1 $ 0.1 $ 0.1 Interest cost 1.3 1.4 1.4 Amortization of net actuarial losses — 0.1 0.1 Amortization of prior service cost 0.1 0.2 0.2 Net annual postretirement benefit cost $ 1.5 $ 1.8 $ 1.8 Weighted average discount rate 5.2 % 4.9 % 5.3 % The following tables set forth reconciliations of the changes in benefit obligation, plan assets and funded status as of December 31, 2019 and 2018 (in millions): Pension and ENPP Benefits Postretirement Benefits Change in benefit obligation 2019 2018 2019 2018 Benefit obligation at beginning of year $ 823.1 $ 916.7 $ 25.3 $ 30.2 Service cost 15.5 16.6 0.1 0.1 Interest cost 20.7 19.9 1.3 1.4 Plan participants’ contributions 1.2 1.2 — — Actuarial losses (gains) 83.3 (55.2 ) 4.5 (4.2 ) Amendments 4.7 8.5 — — Settlements (0.8 ) (1.5 ) — — Benefits paid (44.8 ) (45.9 ) (1.5 ) (1.4 ) Other — 1.9 — — Foreign currency exchange rate changes 14.4 (39.1 ) (0.3 ) (0.8 ) Benefit obligation at end of year $ 917.3 $ 823.1 $ 29.4 $ 25.3 Pension and ENPP Benefits Postretirement Benefits Change in plan assets 2019 2018 2019 2018 Fair value of plan assets at beginning of year $ 617.1 $ 691.8 $ — $ — Actual return on plan assets 91.2 (32.4 ) — — Employer contributions 30.6 36.8 1.5 1.4 Plan participants’ contributions 1.2 1.2 — — Benefits paid (44.8 ) (45.9 ) (1.5 ) (1.4 ) Settlements (0.8 ) (1.5 ) — — Foreign currency exchange rate changes 16.5 (32.9 ) — — Fair value of plan assets at end of year $ 711.0 $ 617.1 $ — $ — Funded status $ (206.3 ) $ (206.0 ) $ (29.4 ) $ (25.3 ) Unrecognized net actuarial losses (gains) 362.2 356.7 3.9 (0.6 ) Unrecognized prior service cost 22.5 19.5 3.0 3.1 Accumulated other comprehensive loss (384.7 ) (376.2 ) (6.9 ) (2.5 ) Net amount recognized $ (206.3 ) $ (206.0 ) $ (29.4 ) $ (25.3 ) Amounts recognized in Consolidated Balance Sheets: Other long-term asset $ 6.2 $ 0.1 $ — $ — Other current liabilities (4.9 ) (3.8 ) (1.6 ) (1.5 ) Accrued expenses (3.3 ) (2.9 ) — — Pensions and postretirement health care benefits (noncurrent) (204.3 ) (199.4 ) (27.8 ) (23.8 ) Net amount recognized $ (206.3 ) $ (206.0 ) $ (29.4 ) $ (25.3 ) 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, 2019 and 2018 (in millions): Before-Tax Amount Income Tax After-Tax Amount Accumulated other comprehensive loss as of December 31, 2017 $ (380.6 ) $ (95.5 ) $ (285.1 ) Prior service cost arising during the year (8.5 ) (1.5 ) (7.0 ) Net loss recognized due to settlement 1.0 0.1 0.9 Net actuarial loss arising during the year (7.0 ) (2.8 ) (4.2 ) Amortization of prior service cost 1.4 0.1 1.3 Amortization of net actuarial losses 13.9 2.2 11.7 Accumulated other comprehensive loss as of December 31, 2018 $ (379.8 ) $ (97.4 ) $ (282.4 ) Prior service cost arising during the year (4.7 ) — (4.7 ) Net loss recognized due to settlement 0.6 — 0.6 Net actuarial loss arising during the year (25.3 ) (2.0 ) (23.3 ) Amortization of prior service cost 1.7 0.1 1.6 Amortization of net actuarial losses 14.3 2.5 11.8 Accumulated other comprehensive loss as of December 31, 2019 $ (393.2 ) $ (96.8 ) $ (296.4 ) 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, 2019 and 2018 are set forth below (in millions): 2019 2018 Unrecognized net actuarial losses $ 362.2 $ 356.7 The increase in unrecognized net actuarial losses between years primarily resulted from lower discount rates at December 31, 2019 compared to December 31, 2018 . 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, 2019 , the average amortization periods were as follows: ENPP U.S. Plans U.K. Plan Average amortization period of losses related to defined benefit pension plans 7 years 15 years 19 years The following table summarizes the unrecognized prior service cost related to the Company's defined benefit pension plans as of December 31, 2019 and 2018 (in millions): 2019 2018 Unrecognized prior service cost $ 22.5 $ 19.5 The increase in the unrecognized prior service cost between years is due primarily to a plan amendment related to the Company's ENPP. The following table summarizes the unrecognized net actuarial losses (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, 2019 and 2018 (in millions): 2019 2018 Unrecognized net actuarial losses (gains) (1) $ 3.9 $ (0.6 ) ___________________________________ (1) Includes a loss of approximately $1.6 million and $0.3 million , respectively, related to the Company’s U.S. postretirement benefit plans. The increase in unrecognized net actuarial losses related to the Company’s U.S. and Brazilian postretirement benefit plans was primarily due to lower discount rates as of December 31, 2019 as compared to December 31, 2018 . 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, 2019 , the average amortization period was 12 years for the Company’s U.S. postretirement benefit plans. As of December 31, 2019 and 2018 , the net prior service cost related to the Company’s U.S. and Brazilian postretirement health care benefit plans was as follows (in millions): 2019 2018 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, 2019 and 2018 for defined benefit pension plans, ENPP and other postretirement plans with accumulated benefit obligations in excess of plan assets (in millions): 2019 2018 All plans: Fair value of plan assets $ 67.8 $ 616.0 Projected benefit obligation 309.3 847.3 Accumulated benefit obligation 275.2 798.5 U.S.-based plans and ENPP: Fair value of plan assets $ 38.3 $ 36.8 Projected benefit obligation 172.5 145.6 Accumulated benefit obligation 151.9 128.7 The amounts for 2019 disclosed above do not include the fair value of plan assets, the projected benefit obligation or the accumulated benefit obligation related to the Company's U.K. plan. The 2018 amounts disclosed above do include balances related to the Company's U.K. plan. The Company’s U.K. plan's fair value of plan assets was in excess of the plan’s accumulated benefit obligation as of December 31, 2019 . The Company’s accumulated comprehensive loss as of December 31, 2019 and 2018 reflects a reduction in equity related to the following items (in millions): 2019 2018 All plans (1) : Reduction in equity, net of taxes of $96.3 and $97.0 at December 31, 2019 and 2018, respectively $ 391.6 $ 378.7 GIMA joint venture (2) : Reduction in equity, net of taxes of $0.5 and $0.4 at December 31, 2019 and 2018, respectively 1.6 1.1 ______________________________________ (1) Primarily related to the Company’s U.K. pension plan. (2) These amounts represented 50% of GIMA’s unrecognized net actuarial losses and unrecognized prior service cost associated with its pension plan. In addition, GIMA recognized a net actuarial loss due to settlements of approximately $0.1 million during both 2019 and 2018. The Company’s defined benefit pension obligation has been reflected based on the manner in which its defined benefit plans are being administered. The obligation and resulting liability is calculated employing both actuarial and legal assumptions. These assumptions include, but are not limited to, future inflation, the return on pension assets, discount rates, life expectancy and potential salary increases. There are also assumptions related to the manner in which individual benefit plan benefits are calculated, some of which are legal in nature and include, but are not limited to, member eligibility, years of service and the uniformity of both guaranteed minimum pension benefits and member normal retirement ages for men and women. Some of these assumptions also are subject to the outcome of certain legal cases, which are currently unknown. In the event that any of these assumptions or the administration approach are proven to be different from the Company’s current interpretations and approach, there could be material increases in the Company’s defined benefit pension obligation and the related amounts and timing of future contributions to be paid by the Company. The weighted average assumptions used to determine the benefit obligation for the Company’s defined benefit pension plans and ENPP as of December 31, 2019 and 2018 are as follows: 2019 2018 All plans: Weighted average discount rate 2.0 % 2.8 % Rate of increase in future compensation 1.75%-5.0% 1.75%-5.0% U.S.-based plans: Weighted average discount rate 3.45 % 4.35 % Rate of increase in future compensation (1) 5.0 % 5.0 % ____________________________________ (1) Applicable for U.S. unfunded, nonqualified plan. The weighted average discount rate used to determine the benefit obligation for the Company’s postretirement benefit plans for the years ended December 31, 2019 and 2018 was 4.5% and 5.2% , respectively. For the years ended December 31, 2019 , 2018 and 2017 , the Company used a globally consistent methodology to set the discount rate in the countries where its largest benefit obligations exist. In the United States, the United Kingdom and the Euro Zone, the Company constructed a hypothetical bond portfolio of high-quality corporate bonds and then applied the cash flows of the Company’s benefit plans to those bond yields to derive a discount rate. The bond portfolio and plan-specific cash flows vary by country, but the methodology in which the portfolio is constructed is consistent. In the United States, the bond portfolio is large enough to result in taking a “settlement approach” to derive the discount rate, in which high-quality corporate bonds are assumed to be purchased and the resulting coupon payments and maturities are used to satisfy the Company’s U.S. pension plans’ projected benefit payments. In the United Kingdom and the Euro Zone, the discount rate is derived using a “yield curve approach,” in which an individual spot rate, or zero coupon bond yield, for each future annual period is developed to discount each future benefit payment and, thereby, determine the present value of all future payments. The Company uses a spot yield curve to determine the discount rate applicable in the United Kingdom to measure the U.K. pension plan’s service cost and interest cost. Under the settlement and yield curve approaches, the discount rate is set to equal the single discount rate that produces the same present value of all future payments. For measuring the expected U.S. postretirement benefit obligation at December 31, 2019 , the Company assumed a 6.25% health care cost trend rate for 2020 decreasing to 5.0% by 2025 . For measuring the expected U.S. postretirement benefit obligation at December 31, 2018 , the Company assumed a 6.50% health care cost trend rate for 2019 decreasing to 5.0% by 2025. For measuring the Brazilian postretirement benefit plan obligation at December 31, 2019 , the Company assumed a 10.55% health care cost trend rate for 2020 , decreasing to 4.8% by 2031 . For measuring the Brazilian postretirement benefit plan obligation at December 31, 2018 , the Company assumed a 10.8% health care cost trend rate for 2019 , decreasing to 5.0% by 2030 . The Company currently estimates its minimum contributions and benefit payments to its U.S.-based underfunded defined benefit pension plans and unfunded ENPP for 2020 will aggregate approximately $3.6 million . The Company currently estimates its minimum contributions for underfunded plans and benefit payments for unfunded plans for 2020 to its non-U.S.-based defined benefit pension plans will aggregate approximately $30.0 million , of which approximately $20.2 million relates to its U.K. pension plan. The Company currently estimates its benefit payments for 2020 to its U.S.-based postretirement health care and life insurance benefit plans will aggregate approximately $1.6 million and its benefit payments for 2020 to its Brazilian postretirement health care benefit plans will aggregate less than $0.1 million . During 2019 , approximately $45.6 million of benefit payments were made related to the Company’s defined benefit pension plans and ENPP. At December 31, 2019 , the aggregate expected benefit payments for the Company’s defined benefit pension plans and ENPP are as follows (in millions): 2020 $ 47.0 2021 49.7 2022 50.3 2023 50.3 2024 51.0 2025 through 2029 278.3 $ 526.6 During 2019 , approximately $1.5 million of benefit payments were made related to the Company’s U.S. and Brazilian postretirement benefit plans. At December 31, 2019 , the aggregate expected benefit payments for the Company’s U.S. and Brazilian postretirement benefit plans are as follows (in millions): 2020 $ 1.6 2021 1.7 2022 1.7 2023 1.7 2024 1.7 2025 through 2029 8.6 $ 17.0 Investment Strategy and Concentration of Risk The weighted average asset allocation of the Company’s U.S. pension benefit plans as of December 31, 2019 and 2018 are as follows: Asset Category 2019 2018 Equity securities 34 % 27 % Fixed income securities 59 % 57 % Other investments 7 % 16 % Total 100 % 100 % The weighted average asset allocation of the Company’s non-U.S. pension benefit plans as of December 31, 2019 and 2018 are as follows: Asset Category 2019 2018 Equity securities 39 % 39 % Fixed income securities 54 % 54 % Other investments 7 % 7 % Total 100 % 100 % The Company categorizes its pension plan assets into one of three levels based on the assumptions used in valuing the asset. See Note 13 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, 2019 is as follows (in millions): Total Level 1 Level 2 Level 3 Equity securities: Global equities $ 183.4 $ 116.5 $ 66.9 $ — Non-U.S. equities 3.8 3.8 — — U.K. equities 65.2 65.2 — — U.S. large cap equities 5.9 5.9 — — U.S. small cap equities 3.4 3.4 — — Total equity securities 261.7 194.8 66.9 — Fixed income: Aggregate fixed income 150.1 150.1 — — International fixed income 220.0 220.0 — — Total fixed income share (1) 370.1 370.1 — — Alternative investments: Private equity fund 2.3 — — 2.3 Hedge funds measured at net asset value (4) 33.3 — — — Total alternative investments (2) 35.6 — — 2.3 Miscellaneous funds (3) 30.8 — — 30.8 Cash and equivalents measured at net asset value (4) 12.8 — — — Total assets $ 711.0 $ 564.9 $ 66.9 $ 33.1 ______________________________________ (1) 43% of “fixed income” securities are in investment-grade corporate bonds; 18% are in government treasuries; 14% are in high-yield securities; 10% are in foreign securities; 9% are in asset-backed and mortgage-backed securities; and 6% are in other various fixed income securities. (2) 42% of “alternative investments” are in relative value funds; 24% are in long-short equity funds; 21% are in event-driven funds; 7% are distributed in hedged and non-hedged funds; and 6% are in credit funds. (3) “Miscellaneous funds” is comprised of insurance contracts in Finland, Norway and Switzerland. (4) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The following is a reconciliation of Level 3 assets as of December 31, 2019 (in millions): Total Alternative Investments Miscellaneous Funds Beginning balance as of December 31, 2018 $ 30.5 $ 2.3 $ 28.2 Actual return on plan assets: (a) Relating to assets still held at reporting date 1.9 (0.1 ) 2.0 (b) Relating to assets sold during period — — — Purchases, sales and /or settlements 1.3 0.1 1.2 Foreign currency exchange rate changes (0.6 ) — (0.6 ) Ending balance as of December 31, 2019 $ 33.1 $ 2.3 $ 30.8 The fair value of the Company’s pension assets as of December 31, 2018 is as follows (in millions): Total Level 1 Level 2 Level 3 Equity securities: Global equities $ 104.4 $ 104.4 $ — $ — Non-U.S. equities 3.0 3.0 — — U.K. equities 112.4 112.4 — — U.S. large cap equities 4.5 4.5 — — U.S. small cap equities 2.4 2.4 — — Preferred securities 0.2 0.2 Total equity securities 226.9 226.9 — — Fixed income: Aggregate fixed income 131.5 131.5 — — International fixed income 189.3 189.3 — — Total fixed income share (1) 320.8 320.8 — — Alternative investments: Private equity fund 2.3 — — 2.3 Hedge funds measured at net asset value (4) 31.8 — — — Total alternative investments (2) 34.1 — — 2.3 Miscellaneous funds (3) 28.2 — — 28.2 Cash and equivalents measured at net asset value (4) 7.1 — — — Total assets $ 617.1 $ 547.7 $ — $ 30.5 _______________________________________ (1) 36% of “fixed income” securities are in investment-grade corporate bonds; 27% are in government treasuries; 17% are in foreign securities; 13% are in high-yield securities; and 7% are in other various fixed income securities. (2) 44% of “alternative investments” are in relative value funds; 22% are in long-short equity funds; 22% are in event-driven funds; 7% are distributed in hedged and non-hedged funds; and 5% are in credit funds. (3) “Miscellaneous funds” is comprised of insurance contracts in Finland, Norway and Switzerland. (4) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The following is a reconciliation of Level 3 assets as of December 31, 2018 (in millions): Total Alternative Investments Miscellaneous Funds Beginning balance as of December 31, 2017 $ 27.8 $ 2.4 $ 25.4 Actual return on plan assets: (a) Relating to assets still held at reporting date 0.8 (0.2 ) 1.0 (b) Relating to assets sold during period — — — Purchases, sales and /or settlements 3.2 0.1 3.1 Foreign currency exchange rate changes (1.3 ) — (1.3 ) Ending balance as of December 31, 2018 $ 30.5 $ 2.3 $ 28.2 All tax-qualified pension fund investments in the United States are held in the AGCO Corporation Master Pension Trust. The Company’s global pension fund strategy is to diversify investments across broad categories of equity and fixed income securities with appropriate use of alternative investment categories to minimize risk and volatility. The primary investment objective of the Company’s pension plans is to secure participant retirement benefits. As such, the key objective in the pension plans’ financial management is to promote stability and, to the extent appropriate, growth in funded status. The investment strategy for the plans’ portfolio of assets balances the requirement to generate returns with the need to control risk. The asset mix is recognized as the primary mechanism to influence the reward and risk structure of the pension fund investments in an effort to accomplish the plans’ funding objectives. The overall investment strategies and target allocations of retirement fund investments for the Company’s U.S.-based pension plans and the non-U.S. based pension plans are as follow: U.S. Pension Plans Non-U.S. Pension Plans (1) Overall investment strategies (2) : Assets for the near-term benefit payments 60.0 % 55.0 % Assets for longer-term growth 40.0 % 45.0 % Total 100.0 % 100.0 % Target allocations: Equity securities 30.0 % 40.0 % Fixed income securities 55.0 % 55.0 % Alternative investments 10.0 % 5.0 % Cash and cash equivalents 5.0 % — % Total 100.0 % 100.0 % _______________________________________ (1) The majority of the Company’s non-U.S. pension fund investments are related to the Company’s pension plan in the United Kingdom. (2) The overall U.S. and non-U.S. pension funds invest in a broad diversification of assets types. The Company has noted that over very long periods, this mix of investments would achieve an average return on its U.S.-based pension plans of approximately 5.50% . In arriving at the choice of an expected return assumption of 5.0% for its U.S. plans for the year ended December 31, 2020 , the Company has tempered this historical indicator with lower expectations for returns and changes to investments in the future as well as the administrative costs of the plans. The Company has noted that over very long periods, this mix of investments would achieve an average return on its non-U.S. based pension plans of approximately 4.75% . In arriving at the choice of an expected return assumption of 4.25% for its U.K.-based plans for the year ended December 31, 2020 , the Company has tempered this historical indicator with lower expectations for returns and changes to investments in the future as well as the administrative costs of the plans. Equity securities primarily include investments in large-cap and small-cap companies located across the globe. Fixed income securities include corporate bonds of companies from diversified industries, mortgage-backed securities, agency mortgages, asset-backed securities and government securities. Alternative and other assets include investments in hedge fund of funds that follow diversified investment strategies. To date, the Company has not invested pension funds in its own stock and has no intention of doing so in the future. Within each asset class, careful consideration is given to balancing the portfolio among industry sectors, geographies, interest rate sensitivity, dependence on economic growth, currency and other factors affecting investment returns. The assets are managed by professional investment firms, who are bound by precise mandates and are measured against specific benchmarks. Among asset managers, consideration is given, among others, to balancing security concentration, issuer concentration, investment style and reliance on particular active investment strategies. The Company participates in a small number of multiemployer plans in the Netherlands and Sweden. The Company has assessed and determined that none of the multiemployer plans which it participates in are individually, or in the aggregate, significant to the Company’s Consolidated Financial Statements. The Company does not expect to incur a withdrawal liability or expect to significantly increase its contributions over the remainder of the multiemployer plans’ contract periods. The Company maintains separate defined contribution plans covering certain employees, primarily in the United States, the United Kingdom and Brazil. Under the plans, the Company contributes a specified percentage of each eligible employee’s compensation. The Company contributed approximately $15.8 million for both the years ended December 31, 2019 and 2018 , and approximately $15.1 million for the year ended December 31, 2017 . |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Common Stock At December 31, 2019 , the Company had 150,000,000 authorized shares of common stock with a par value of $0.01 per share, with approximately 75,471,562 shares of common stock outstanding and approximately 3,581,614 shares reserved for issuance under the Company’s 2006 Long-Term Incentive Plan (the “Plan”) (See Note 10). Share Repurchase Program During 2019 and 2018 , the Company repurchased 1,794,256 and 3,120,184 shares of its common stock, respectively, for approximately $130.0 million and $184.3 million , respectively, either through Accelerated Share Repurchase (“ASR”) agreements with financial institutions or through open market transactions. All shares received were retired upon receipt, and the excess of the purchase price over par value per share was recorded to a combination of “Additional paid-in capital” and “Retained earnings” within the Company’s Consolidated Balance Sheets. As of December 31, 2019 , the remaining amount authorized to be repurchased under board-approved share repurchase authorizations was approximately $300.0 million , which has no expiration date. In February 2020, the Company entered into an ASR agreement with a financial institution to repurchase an aggregate of $25.0 million of shares of its common stock. The Company received approximately 297,000 shares to date in this transaction. Upon settlement of the ASR, the Company may be entitled to receive additional shares of common stock or, under certain circumstances, be required to remit a settlement amount. The Company expects that the additional shares will be received by the Company upon final settlement of its current ASR agreement, which expires during the second quarter of 2020. Dividends The Company’s Board of Directors has declared and the Company has paid quarterly cash dividends per common share generally beginning in the first quarter of the following years: 2019 (1) 2018 2017 Dividends declared and paid per common share $ 0.15 $ 0.15 $ 0.14 ____________________________________ (1) The Company's Board of Directors has declared and the Company has paid quarterly cash dividends of $0.16 per common share beginning in the second quarter of 2019, from $0.15 per common share in the first quarter of 2019 . On January 23, 2020, the Company’s Board of Directors approved a quarterly dividend of $0.16 per common share beginning in the first quarter of 2020 . Accumulated Other Comprehensive Loss The following table sets forth changes in accumulated other comprehensive loss by component, net of tax, attributed to AGCO Corporation and its subsidiaries for the years ended December 31, 2019 and 2018 (in millions): Defined Benefit Pension Plans Cumulative Translation Adjustment Deferred Net Gains (Losses) on Derivatives Total Accumulated other comprehensive loss, December 31, 2017 $ (285.1 ) $ (1,071.8 ) $ (4.7 ) $ (1,361.6 ) Other comprehensive loss before reclassifications (10.3 ) (202.6 ) (1.1 ) (214.0 ) Net losses reclassified from accumulated other comprehensive loss 13.0 — 7.2 20.2 Other comprehensive income (loss), net of reclassification adjustments 2.7 (202.6 ) 6.1 (193.8 ) Accumulated other comprehensive loss, December 31, 2018 (282.4 ) (1,274.4 ) 1.4 (1,555.4 ) Other comprehensive loss before reclassifications (27.4 ) (23.1 ) (2.6 ) (53.1 ) Net losses (gains) reclassified from accumulated other comprehensive loss 13.4 — (0.1 ) 13.3 Other comprehensive loss, net of reclassification adjustments (14.0 ) (23.1 ) (2.7 ) (39.8 ) Accumulated other comprehensive loss, December 31, 2019 $ (296.4 ) $ (1,297.5 ) $ (1.3 ) $ (1,595.2 ) 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, 2019 and 2018 (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, 2019 (1) Year ended December 31, 2018 (1) Derivatives: Net (gains) losses on foreign currency contracts $ (0.1 ) $ 2.3 Cost of goods sold Net losses on interest rate swap contract — 6.3 Interest expense, net Reclassification before tax (0.1 ) 8.6 — (1.4 ) Income tax provision Reclassification net of tax $ (0.1 ) $ 7.2 Defined benefit pension plans: Amortization of net actuarial losses $ 14.3 $ 13.9 Other expense, net (2) Amortization of prior service cost 1.7 1.4 Other expense, net (2) Reclassification before tax 16.0 15.3 (2.6 ) (2.3 ) Income tax provision Reclassification net of tax $ 13.4 $ 13.0 Net losses reclassified from accumulated other comprehensive loss $ 13.3 $ 20.2 ____________________________________ (1) (Gains) losses included within the Consolidated Statements of Operations for the years ended December 31, 2019 and 2018 , respectively. (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 8 to the Company’s Consolidated Financial Statements. |
Stock Incentive Plan
Stock Incentive Plan | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock Incentive Plan | Stock Incentive Plan Under the Plan, up to 10,000,000 shares of AGCO common stock may be issued. As of December 31, 2019 , approximately 3,581,614 shares remained available for grant, assuming the maximum number of shares are earned related to the performance award grants discussed below. The Plan allows the Company, under the direction of the Board of Directors’ Compensation Committee, to make grants of performance shares, stock appreciation rights, restricted stock units and restricted stock awards to employees, officers and non-employee directors of the Company. Long-Term Incentive Plan and Related Performance Awards The Company’s primary long-term incentive plan is a performance share plan that provides for awards of shares of the Company’s common stock based on achieving financial targets, such as targets for earnings per share, return on invested capital and operating margins, as determined by the Company’s Board of Directors. The stock awards under the Plan are earned over a performance period, and the number of shares earned is determined based on annual cumulative or average results for the specified period, depending on the measurement. Performance periods for the Company’s primary long-term incentive plan are consecutive and overlapping three -year cycles, and performance targets are set at the beginning of each cycle. The primary long-term incentive plan provides for participants to earn 33% to 200% of the target awards depending on the actual performance achieved, with no shares earned if performance is below the established minimum target. Awards earned under the Plan are paid in shares of common stock at the end of each three-year performance period. The percentage level achievement is determined annually, with the ultimate award that is earned determined based upon the average of the three annual percentages. The compensation expense associated with these awards is amortized ratably over the vesting or performance period based on the Company’s projected assessment of the level of performance that will be achieved and earned. Compensation expense recorded during 2019 , 2018 and 2017 with respect to awards granted was based upon the stock price as of the grant date. The weighted average grant-date fair value of performance awards granted under the Plan during 2019 , 2018 and 2017 was as follows: Years Ended December 31, 2019 2018 2017 Weighted average grant-date fair value $ 61.01 $ 71.40 $ 61.94 During 2019 , the Company granted 542,180 performance awards related to varying performance periods. The awards granted assume the maximum target levels of performance are achieved. The compensation expense associated with all awards granted under the Plan is amortized ratably over the vesting or performance period based on the Company’s projected assessment of the level of performance that will be achieved. Performance award transactions during 2019 were as follows and are presented as if the Company were to achieve its maximum levels of performance under the plan: Shares awarded but not earned at January 1 938,862 Shares awarded 542,180 Shares forfeited (45,346 ) Shares earned (503,514 ) Shares awarded but not earned at December 31 932,182 Based on the level of performance achieved as of December 31, 2019 , 492,314 shares were earned under the related performance period and 302,009 shares were issued in February 2020, net of 190,305 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. During 2017, the Company recorded approximately $4.8 million of accelerated stock compensation expense associated with a stock award declined by the Company’s Chief Executive Officer. As of December 31, 2019 , 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 $24.0 million , and the weighted average period over which it is expected to be recognized is approximately one and one-half years . This estimate is based on the current projected levels of performance of outstanding awards. The compensation cost not yet recognized could be higher or lower based on actual achieved levels of performance. Restricted Stock Units During the year ended December 31, 2019 , the Company granted 165,160 restricted stock unit (“RSU”) awards. These awards entitle the participant to receive one share of the Company’s common stock for each RSU granted and vest one-third per year over a three -year requisite service period, subject to adjustment in certain cases based on performance metric relative to the Company's peer group, commencing in 2020. The compensation expense associated with these awards is being amortized ratably over the requisite service period for the awards that are expected to vest. The weighted average grant-date fair value of the RSUs granted under the Plan during the years ended December 31, 2019 , 2018 and 2017 were $61.01 , $63.99 and $61.99 , respectively. RSU transactions during the year ended December 31, 2019 were as follows: Shares awarded but not vested at January 1 352,975 Shares awarded 165,160 Shares forfeited (8,424 ) Shares vested (113,182 ) Shares awarded but not vested at December 31 396,529 As of December 31, 2019 , the total compensation cost related to the unvested RSUs not yet recognized was approximately $12.6 million , and the weighted average period over which it is expected to be recognized is approximately one and one-half years . Stock-settled Appreciation Rights Certain executives and key managers are eligible to receive grants of SSARs. The SSARs provide a participant with the right to receive the aggregate appreciation in stock price over the market price of the Company’s common stock at the date of grant, payable in shares of the Company’s common stock. The participant may exercise his or her SSARs at any time after the grant is vested but no later than seven years after the date of grant. The SSARs vest ratably over a four-year period from the date of grant. SSAR awards made to certain executives and key managers under the Plan are made with the base price equal to the price of the Company’s common stock on the date of grant. The Company recorded stock compensation expense of approximately $2.4 million , $2.4 million and $3.0 million associated with SSAR awards during 2019 , 2018 and 2017 , respectively. The compensation expense associated with these awards is being amortized ratably over the vesting period. The Company estimated the fair value of the grants using the Black-Scholes option pricing model. The weighted average grant-date fair value of SSAR awards granted under the Plan and the weighted average assumptions under the Black-Scholes option model were as follows for the years ended December 31, 2019 , 2018 and 2017 : Years Ended December 31, 2019 2018 2017 Weighted average grant-date fair value $ 11.34 $ 12.88 $ 11.45 Weighted average assumptions under Black-Scholes option model: Expected life of awards (years) 3.0 3.0 3.0 Risk-free interest rate 2.6 % 2.2 % 1.5 % Expected volatility 24.2 % 23.7 % 25.9 % Expected dividend yield 1.0 % 0.8 % 0.9 % SSAR transactions during the year ended December 31, 2019 were as follows: SSARs outstanding at January 1 1,099,592 SSARs granted 243,600 SSARs exercised (562,030 ) SSARs canceled or forfeited (21,487 ) SSARs outstanding at December 31 759,675 SSAR price ranges per share: Granted $ 62.85 Exercised 43.88 - 73.14 Canceled or forfeited 43.88 - 73.14 Weighted average SSAR exercise prices per share: Granted $ 62.85 Exercised 50.73 Canceled or forfeited 62.56 Outstanding at December 31 61.30 At December 31, 2019 , the weighted average remaining contractual life of SSARs outstanding was approximately 4.6 years . As of December 31, 2019 , the total compensation cost related to unvested SSARs not yet recognized was approximately $3.9 million and the weighted-average period over which it is expected to be recognized is approximately two and one-half years . The following table sets forth the exercise price range, number of shares, weighted average exercise price, and remaining contractual lives by groups of similar price as of December 31, 2019 : SSARs Outstanding SSARs Exercisable Range of Exercise Prices Number of Shares Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Exercisable as of December 31, 2019 Weighted Average Exercise Price $43.88 - $55.23 175,825 2.6 $ 46.52 111,100 $ 46.45 $62.85 - $ 73.14 583,850 5.1 $ 65.75 98,525 $ 67.09 759,675 209,625 $ 56.15 The total fair value of SSARs vested during 2019 was approximately $3.1 million . There were 550,050 SSARs that were not vested as of December 31, 2019 . The total intrinsic value of outstanding and exercisable SSARs as of December 31, 2019 was $8.1 million and $4.3 million , respectively. The total intrinsic value of SSARs exercised during 2019 was approximately $12.7 million . The excess tax benefit realized for tax deductions in the United States related to the exercise of SSARs, vesting of RSU awards and vesting of performance awards under the Plan was approximately $2.7 million for the year ended December 31, 2019 . The excess tax benefit realized for tax deductions in the United States related to the exercise of SSARs and vesting of RSU awards and vesting of performance awards under the Plan was approximately $1.6 million for the year ended December 31, 2018 . The excess tax benefit realized for tax deductions in the United States related to the exercise of SSARs and vesting of RSU awards under the Plan was less than $0.1 million for the year ended December 31, 2017 . 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, 2019 , 2018 and 2017 . On January 22, 2020, the Company granted 212,720 performance award shares (subject to the Company achieving future target levels of performance), 187,100 SSARs and 95,820 RSUs under the Plan. 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 2019 grant was made on April 25, 2019 and equated to 19,386 shares of common stock, of which 14,105 shares of common stock were issued, after shares were withheld for taxes. The Company recorded stock compensation expense of approximately $1.4 million during 2019 associated with these grants. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedges, Assets [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 and LIBOR benchmark interest rates. The Company believes it is prudent to limit the variability of a portion of its interest payments, and to meet that objective, the Company periodically enters into interest rate swaps to manage the interest rate risk associated with the Company’s borrowings. The Company designates interest rate contracts used to convert the interest rate exposure on a portion of the Company’s debt portfolio from a floating rate to a fixed rate as cash flow hedges, while those contracts converting the Company’s interest rate exposure from a fixed rate to a floating rate are designated as fair value hedges. To protect the value of the Company’s investment in foreign operations against adverse changes in foreign currency exchange rates, the Company from time to time, may hedge a portion of the Company’s net investment in the foreign subsidiaries by using a cross currency swap. The component of the gains and losses on the Company’s net investment in the designated foreign operations driven by changes in foreign exchange rates are economically offset by movements in the fair value of the cross currency swap contracts. The Company’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 13 for a discussion of the fair value hierarchy as per the guidance in ASC 820. The Company’s valuation techniques are designed to maximize the use of observable inputs and minimize the use of unobservable inputs. Counterparty Risk The Company regularly monitors the counterparty risk and credit ratings of all the counterparties to the derivative instruments. The Company believes that its exposures are appropriately diversified across counterparties and that these counterparties are creditworthy financial institutions. If the Company perceives any risk with a counterparty, then the Company would cease to do business with that counterparty. There have been no negative impacts to the Company from any non-performance of any counterparties. Derivative Transactions Designated as Hedging Instruments Cash Flow Hedges Foreign Currency Contracts The Company uses cash flow hedges to minimize the variability in cash flows of assets or liabilities or forecasted transactions caused by fluctuations in foreign currency exchange rates. The changes in the fair values of these cash flow hedges are recorded in accumulated other comprehensive loss and are subsequently reclassified into “Cost of goods sold” during the period the sales and purchases are recognized. These amounts offset the effect of the changes in foreign currency rates on the related sale and purchase transactions. During 2019 , 2018 and 2017 , the Company designated certain foreign currency contracts as cash flow hedges of expected future sales and purchases. The total notional value of derivatives that were designated as cash flow hedges was $332.7 million and $127.0 million as of December 31, 2019 and 2018 , 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 2019 , 2018 and 2017 (in millions): Recognized in Net Income (Loss) Gain 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) 2019 Foreign currency contracts (1) $ (2.6 ) Cost of goods sold $ 0.1 $ 7,057.1 2018 Foreign currency contracts $ 0.4 Cost of goods sold $ (2.2 ) $ 7,355.3 Interest rate swap contract (1.5 ) Interest expense, net (5.0 ) 53.8 Total $ (1.1 ) $ (7.2 ) 2017 Foreign currency contracts $ 2.7 Cost of goods sold $ 0.4 $ 6,541.2 Interest rate swap contract (0.7 ) Interest expense, net (2.4 ) 45.1 Total $ 2.0 $ (2.0 ) (1) The outstanding contracts as of December 31, 2019 range in maturity through December 2020. 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, 2019 , 2018 and 2017 (in millions): Before-Tax Amount Income Tax After-Tax Amount Accumulated derivative net losses as of December 31, 2016 $ (10.1 ) $ (1.4 ) $ (8.7 ) Net changes in fair value of derivatives 1.9 (0.1 ) 2.0 Net losses reclassified from accumulated other comprehensive loss into income 2.2 0.2 2.0 Accumulated derivative net losses as of December 31, 2017 $ (6.0 ) $ (1.3 ) $ (4.7 ) Net changes in fair value of derivatives (1.0 ) 0.1 (1.1 ) Net losses reclassified from accumulated other comprehensive loss into income 8.6 1.4 7.2 Accumulated derivative net gains as of December 31, 2018 1.6 0.2 1.4 Net changes in fair value of derivatives (3.0 ) (0.4 ) (2.6 ) Net gains reclassified from accumulated other comprehensive loss into income (0.1 ) — (0.1 ) Accumulated derivative net losses as of December 31, 2019 $ (1.5 ) $ (0.2 ) $ (1.3 ) Net 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 has an expiration date of January 19, 2021. At maturity of the cross currency swap contract, the Company will deliver the notional amount of approximately €245.7 million (or approximately $275.3 million as of December 31, 2019 ) 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. In January 2019 and September 2019, the Company designated €160.0 million and €30.0 million , respectively, of its multi-currency revolving credit facility with a maturity date of October 17, 2023 as a hedge of its net investment in foreign operations to offset foreign currency translation gains or losses on the net investment. During September 2019, the Company repaid the designated amount outstanding under its multi-currency revolving credit facility and the foreign currency denominated debt was de-designated as a net investment hedge. The following table summarizes the notional values of the instrument designated as a net investment hedge (in millions): Notional Amount as of December 31, 2019 December 31, 2018 Cross currency swap contract $ 300.0 $ 300.0 The following table summarizes the after-tax impact of changes in the fair value of the instrument designated as a net investment hedge (in millions): Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Years Ended December 31, 2019 December 31, 2018 December 31, 2017 Foreign currency denominated debt $ 2.5 $ (14.4 ) $ (45.0 ) Cross currency swap contract 9.3 17.7 — Derivative Transactions Not Designated as Hedging Instruments During 2019 , 2018 and 2017 , the Company entered into foreign currency contracts to economically hedge receivables and payables on the Company and its subsidiaries’ balance sheets that are denominated in foreign currencies other than the functional currency. These contracts were classified as non-designated derivative instruments. Gains and losses on such contracts are substantially offset by losses and gains on the remeasurement of the underlying asset or liability being hedged and are immediately recognized into earnings. As of December 31, 2019 and 2018 , the Company had outstanding foreign currency contracts with a notional amount of approximately $2,800.3 million and $1,335.8 million , respectively. The following table summarizes the impact that changes in the fair value of derivatives not designated as hedging instruments had on net income (in millions): For the Years Ended Classification of Gain (Loss) December 31, 2019 December 31, 2018 December 31, 2017 Foreign currency contracts Other expense, net $ 20.4 $ (1.4 ) $ 38.3 The table below sets forth the fair value of derivative instruments as of December 31, 2019 (in millions): Asset Derivatives as of December 31, 2019 Liability Derivatives as of December 31, 2019 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivative instruments designated as hedging instruments: Foreign currency contracts Other current assets $ 0.6 Other current liabilities $ 1.9 Cross currency swap contract Other noncurrent assets 27.0 Other noncurrent liabilities — Derivative instruments not designated as hedging instruments: Foreign currency contracts Other current assets 11.7 Other current liabilities 13.1 Total derivative instruments $ 39.3 $ 15.0 The table below sets forth the fair value of derivative instruments as of December 31, 2018 (in millions): Asset Derivatives as of December 31, 2018 Liability Derivatives as of December 31, 2018 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivative instruments designated as hedging instruments: Foreign currency contracts Other current assets $ 1.9 Other current liabilities $ 0.4 Cross currency swap contract Other noncurrent assets 17.7 Other noncurrent liabilities — Derivative instruments not designated as hedging instruments: Foreign currency contracts Other current assets 5.1 Other current liabilities 6.2 Total derivative instruments $ 24.7 $ 6.6 Former Interest Rate Swap Contract The Company monitors the mix of short-term and long-term debt regularly. From time to time, the Company manages the risk to interest rate fluctuations through the use of derivative financial instruments. During 2015, the Company entered into an interest rate swap instrument with a notional amount of €312.0 million and an expiration date of June 26, 2020. The swap was designated and accounted for as a cash flow hedge. Under the swap agreement, the Company paid a fixed interest rate of 0.33% plus the applicable margin, and the counterparty to the agreement paid a floating interest rate based on the three-month EURIBOR. Changes in the fair value of the interest rate swap were recorded in accumulated other comprehensive loss and were subsequently reclassified into “Interest expense, net” as a rate adjustment in the same period in which the related interest on the Company’s floating rate term loan facility affected earnings. As a result of the Company’s new credit facility agreement entered into in October 2018 and the repayment of the €312.0 million (or approximately $360.8 million ) term loan under the Company’s former revolving credit facility, as well as the change in the mix of the Company’s short-term and long-term debt, the Company terminated the interest rate swap instrument and recorded a loss of approximately $3.9 million which was recorded in “Interest expense, net” for the year ended December 31, 2018 . Refer to Note 7 for further information. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 are as follows (in millions): Payments Due By Period 2020 2021 2022 2023 2024 Thereafter Total Interest payments related to indebtedness (1)(2) $ 13.9 $ 13.2 $ 10.8 $ 8.0 $ 5.8 $ 5.7 $ 57.4 Unconditional purchase obligations (3) 102.1 20.9 4.5 0.2 — — 127.7 Other short-term and long-term obligations (4) 91.7 67.3 38.5 32.4 18.5 47.6 296.0 Total contractual cash obligations $ 207.7 $ 101.4 $ 53.8 $ 40.6 $ 24.3 $ 53.3 $ 481.1 ____________________________________ (1) Estimated interest payments are calculated assuming current interest rates over minimum maturity periods specified in debt agreements. Debt may be repaid sooner or later than such minimum maturity periods (unaudited). (2) Refer to Note 7 for more information on the Company's commitments with respect to indebtedness. (3) Unconditional purchase obligations exclude routine purchase orders entered into in the normal course of business. (4) Other short-term and long-term obligations include estimates of future minimum contribution requirements under the Company’s U.S. and non-U.S. defined benefit pension and postretirement plans. These estimates are based on current legislation in the countries the Company operates within and are subject to change. Other short-term and long-term obligations also include income tax liabilities related to uncertain income tax positions connected with ongoing income tax audits in various jurisdictions (unaudited). Amount of Commitment Expiration Per Period 2020 2021 2022 2023 2024 Thereafter Total Guarantees $ 44.7 $ 6.1 $ 6.9 $ 5.2 $ 3.2 $ 0.5 $ 66.6 Off-Balance Sheet Arrangements Guarantees The Company maintains a remarketing agreement with its U.S. finance joint venture, AGCO Finance LLC, whereby the Company is obligated to repurchase up to $6.0 million of repossessed equipment each calendar year. The Company believes that any losses that might be incurred on the resale of this equipment will not materially impact the Company’s financial position or results of operations, due to the fair value of the underlying equipment. At December 31, 2019 , the Company has outstanding guarantees of indebtedness owed to third parties of approximately $47.6 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 2025 . Losses under such guarantees historically have been insignificant. In addition, the Company generally would expect to be able to recover a significant portion of the amounts paid under such guarantees from the sale of the underlying financed farm equipment, as the fair value of such equipment is expected to be sufficient to offset a substantial portion of the amounts paid. The Company also has obligations to guarantee indebtedness owed to certain of its finance joint ventures if dealers or end users default on loans. Losses under such guarantees historically have been insignificant and the guarantees are not material. The Company believes the credit risk associated with all of these guarantees is not material to its financial position or results of operations. In addition, at December 31, 2019 , the Company had accrued approximately $18.9 million of outstanding guarantees of minimum residual values that may be owed to its finance joint ventures in the United States and Canada due upon expiration of certain eligible operating leases between the finance joint ventures and end users. The maximum potential amount of future payments under the guarantee is approximately $26.7 million . Other At December 31, 2019 , the Company had outstanding designated and non-designated foreign exchange contracts with a gross notional amount of approximately $3,133.0 million . The outstanding contracts as of December 31, 2019 range in maturity through December 2020 (see Note 11 ). The Company sells a majority of its wholesale receivables in North America, Europe and Brazil to its U.S., Canadian, European and Brazilian finance joint ventures. The Company also sells certain accounts receivable under factoring arrangements to financial institutions around the world. The Company reviewed the sale of such receivables and determined that these facilities should be accounted for as off-balance sheet transactions. Contingencies In August 2008, as part of routine audits, the Brazilian taxing authorities disallowed deductions relating to the amortization of certain goodwill recognized in connection with a reorganization of the Company’s Brazilian operations and the related transfer of certain assets to the Company’s Brazilian subsidiaries. The amount of the tax disallowance through December 31, 2019 , not including interest and penalties, was approximately 131.5 million Brazilian reais (or approximately $32.6 million ). The amount ultimately in dispute will be significantly greater because of interest and penalties. The Company has been advised by its legal and tax advisors that its position with respect to the deductions is allowable under the tax laws of Brazil. The Company is contesting the disallowance and believes that it is not likely that the assessment, interest or penalties will be required to be paid. However, the ultimate outcome will not be determined until the Brazilian tax appeal process is complete, which could take several years. The Company is a party to various other legal claims and actions incidental to its business. The Company believes that none of these claims or actions, either individually or in the aggregate, is material to its business or financial statements as a whole, including its results of operations and financial condition. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
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 8 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 and interest rate swap contracts. The fair values of the Company’s derivative instruments are determined using discounted cash flow valuation models. The significant inputs used in these models are readily available in public markets, or can be derived from observable market transactions, and therefore have been classified as Level 2. Inputs used in these discounted cash flow valuation models for derivative instruments include the applicable exchange rates, forward rates or interest rates. Such models used for option contracts also use implied volatility. See Note 11 for 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, 2019 and 2018 are summarized below (in millions): As of December 31, 2019 Level 1 Level 2 Level 3 Total Derivative assets $ — $ 39.3 $ — $ 39.3 Derivative liabilities — 15.0 — 15.0 As of December 31, 2018 Level 1 Level 2 Level 3 Total Derivative assets $ — $ 24.7 $ — $ 24.7 Derivative liabilities — 6.6 — 6.6 Cash and cash equivalents, accounts and notes receivable, net and accounts payable are valued at their carrying amounts in the Company’s Consolidated Balance Sheets, due to the immediate or short-term maturity of these financial instruments. The carrying amounts of long-term debt under the Company’s senior term loan due 2022, 1.002% senior term loan due 2025 and senior term loans due between 2021 and 2028 approximate fair value based on the borrowing rates currently available to the Company for loans with similar terms and average maturities. See Note 7 for additional information on the Company’s long-term debt. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
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 7 ). 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 2019 , 2018 and 2017 , the Company did not make additional investments in its finance joint ventures. During 2019 and 2018 , the Company received dividends of approximately $40.5 million and $29.4 million , respectively, from certain of the Company’s 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 other guarantees with its other finance joint ventures which were not material (see Note 12 ). 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 ). Tractors and Farm Equipment Limited (“TAFE”), in which the Company holds a 23.75% interest, 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 Chief Executive Officer of TAFE, is currently a member of the Company’s Board of Directors. As of December 31, 2019 , 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 2019 , 2018 and 2017 , the Company purchased approximately $92.7 million , $109.6 million and $102.0 million , respectively, of tractors and components from TAFE. During 2019 , 2018 and 2017 , the Company sold approximately $1.5 million , $1.8 million and $1.2 million , respectively, of parts to TAFE. The Company received dividends from TAFE of approximately $2.0 million during 2019 and $1.8 million during both 2018 and 2017 . During 2019 , 2018 and 2017 , the Company paid approximately $4.4 million , $3.5 million and $7.2 million , respectively, to PPG Industries, Inc. for painting materials used in the Company’s manufacturing processes. The Company’s Chairman, President and Chief Executive Officer is currently a member of the board of directors of PPG Industries, Inc. During 2019 , 2018 and 2017 , the Company paid approximately $6.2 million , $1.6 million and $1.5 million , respectively, to Linde PLC (the parent company of Praxair, Inc.) for propane, gas and welding, and laser consumables used in the Company’s manufacturing processes. The Company’s Chairman, President and Chief Executive Officer served as a member of the board of directors of Praxair, Inc. until the business combination of Praxair, Inc. and Linde AG, and is currently a member of the board of directors of Linde PLC, the holding company for the combined business. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company’s four reportable segments distribute a full range of agricultural equipment and related replacement parts. The Company evaluates segment performance primarily based on income from operations. Sales for each segment are based on the location of the third-party customer. The Company’s selling, general and administrative expenses and engineering expenses are generally charged to each segment based on the region and division where the expenses are incurred. As a result, the components of income from operations for one segment may not be comparable to another segment. Segment results for the years ended December 31, 2019 , 2018 and 2017 based on the Company’s reportable segments are as follows (in millions): Years Ended December 31, North America South America Europe/Middle East Asia/Pacific/Africa Consolidated 2019 Net sales $ 2,191.8 $ 802.2 $ 5,328.8 $ 718.6 $ 9,041.4 Income (loss) from operations 121.6 (39.4 ) 638.2 43.4 763.8 Depreciation 61.6 32.4 102.7 14.2 210.9 Assets 1,125.6 758.0 2,187.7 430.2 4,501.5 Capital expenditures 52.1 32.9 173.5 14.9 273.4 2018 Net sales $ 2,180.1 $ 959.0 $ 5,385.1 $ 827.8 $ 9,352.0 Income (loss) from operations 103.1 (10.1 ) 601.1 49.6 743.7 Depreciation 67.6 30.5 111.3 15.8 225.2 Assets 1,032.1 736.1 1,905.8 501.1 4,175.1 Capital expenditures 43.3 30.4 120.3 9.3 203.3 2017 Net sales $ 1,876.7 $ 1,063.5 $ 4,614.3 $ 752.0 $ 8,306.5 Income from operations 66.9 15.4 493.3 48.8 624.4 Depreciation 61.5 30.5 113.0 17.8 222.8 Assets 1,064.1 752.1 2,074.4 499.4 4,390.0 Capital expenditures 59.1 43.0 92.9 8.9 203.9 A reconciliation from the segment information to the consolidated balances for income from operations and total assets is set forth below (in millions): 2019 2018 2017 Segment income from operations $ 763.8 $ 743.7 $ 624.4 Corporate expenses (129.0 ) (133.7 ) (116.2 ) Impairment charges (176.6 ) — — Amortization of intangibles (61.1 ) (64.7 ) (57.0 ) Stock compensation expense (40.0 ) (44.3 ) (35.6 ) Restructuring expenses (9.0 ) (12.0 ) (11.2 ) Consolidated income from operations $ 348.1 $ 489.0 $ 404.4 Segment assets $ 4,501.5 $ 4,175.1 $ 4,390.0 Cash and cash equivalents 432.8 326.1 367.7 Investments in affiliates 380.2 400.0 409.0 Deferred tax assets, other current and noncurrent assets 645.2 656.6 614.6 Intangible assets, net 501.7 573.1 649.0 Goodwill 1,298.3 1,495.5 1,541.4 Consolidated total assets $ 7,759.7 $ 7,626.4 $ 7,971.7 Property, plant and equipment and amortizable intangible assets by country as of December 31, 2019 and 2018 was as follows (in millions): 2019 2018 United States $ 550.2 $ 593.6 Germany 384.5 371.5 Brazil 184.3 187.7 Finland 142.5 130.0 China 98.1 109.4 Denmark 97.2 108.7 Italy 109.7 115.1 France 92.5 75.6 Other 172.8 167.7 $ 1,831.8 $ 1,859.3 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Contract Liabilities Contract liabilities relate to the following: (1) unrecognized revenues where advance payment of consideration precedes the Company’s performance with respect to extended warranty contracts and where the performance obligation is satisfied over time, (2) unrecognized revenues where advance payment of consideration precedes the Company’s performance with respect to certain grain storage and protein production systems and where the performance obligation is satisfied over time and (3) unrecognized revenues where advance payment consideration precedes the Company’s performance with respect to 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, 2019 and 2018 were as follows (in millions): Year Ended December 31, 2019 Year Ended December 31, 2018 (1) Balance at beginning of period $ 76.8 $ 82.6 Advance consideration received 147.7 124.9 Revenue recognized during the period for extended warranty contracts (33.8 ) (29.0 ) Revenue recognized during the period related to installation of grain storage and protein production systems (87.4 ) (100.9 ) Foreign currency translation 0.7 (0.8 ) Balance as of December 31, 2019 $ 104.0 $ 76.8 ____________________________________ (1) The beginning of the period is from the date of adoption of ASU 2014-09 or January 1, 2018. The contract liabilities are classified as either “Other current liabilities” and "Other noncurrent liabilities" or “Accrued expenses” in the Company’s Consolidated Balance Sheets. Remaining Performance Obligations The estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of December 31, 2019 are $37.7 million in 2020, $27.4 million in 2021, $16.2 million in 2022, $8.2 million in 2023 and $2.2 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, 2019 disaggregated by primary geographical markets and major products consisted of the following (in millions): North America South America Europe/Middle East Asia/Pacific/Africa Consolidated Primary geographical markets: United States $ 1,799.7 $ — $ — $ — $ 1,799.7 Canada 289.7 — — — 289.7 Germany — — 1,194.3 — 1,194.3 France — — 1,097.6 — 1,097.6 United Kingdom and Ireland — — 561.9 — 561.9 Finland and Scandinavia — — 772.8 — 772.8 Other Europe — — 1,629.0 — 1,629.0 South America — 789.7 — — 789.7 Middle East and Algeria — — 73.2 — 73.2 Africa — — — 116.2 116.2 Asia — — — 344.7 344.7 Australia and New Zealand — — — 257.7 257.7 Mexico, Central America and Caribbean 102.4 12.5 — — 114.9 $ 2,191.8 $ 802.2 $ 5,328.8 $ 718.6 $ 9,041.4 Major products: Tractors $ 662.4 $ 447.7 $ 3,772.0 $ 300.6 $ 5,182.7 Replacement parts 310.2 88.2 874.8 74.6 1,347.8 Grain storage and protein production systems 547.9 79.5 172.8 234.6 $ 1,034.8 Other machinery 671.3 186.8 509.2 108.8 1,476.1 $ 2,191.8 $ 802.2 $ 5,328.8 $ 718.6 $ 9,041.4 Net sales for the year ended December 31, 2018 disaggregated by primary geographical markets and major products consisted of the following (in millions): North America South America Europe/Middle East (1) Asia/Pacific/Africa Consolidated (1) Primary geographical markets: United States $ 1,723.6 $ — $ — $ — $ 1,723.6 Canada 329.0 — — — 329.0 Germany — — 1,213.6 — 1,213.6 France — — 1,002.9 — 1,002.9 United Kingdom and Ireland — — 614.4 — 614.4 Finland and Scandinavia — — 826.5 — 826.5 Other Europe — — 1,627.8 — 1,627.8 South America — 943.1 — — 943.1 Middle East and Algeria — — 100.0 — 100.0 Africa — — — 135.5 135.5 Asia — — — 414.5 414.5 Australia and New Zealand — — — 277.8 277.8 Mexico, Central America and Caribbean 127.5 15.9 — — 143.4 $ 2,180.1 $ 959.0 $ 5,385.1 $ 827.8 $ 9,352.0 Major products: Tractors $ 665.8 $ 599.1 $ 3,743.0 $ 353.2 $ 5,361.1 Replacement parts 298.7 91.0 880.3 76.0 1,346.0 Grain storage and protein production systems 570.3 70.1 187.6 285.5 1,113.5 Other machinery 645.3 198.8 574.3 113.1 1,531.5 $ 2,180.1 $ 959.0 $ 5,385.1 $ 827.8 $ 9,352.0 ___________________________________ (1) Rounding may impact summation of amounts. Net sales for the year ended December 31, 2017 disaggregated by primary geographical markets and major products consisted of the following (in millions): North America (1) South America Europe/Middle East Asia/Pacific/Africa (1) Consolidated Primary geographical markets: United States $ 1,445.7 $ — $ — $ — $ 1,445.7 Canada 296.9 — — — 296.9 Germany — — 997.4 — 997.4 France — — 815.7 — 815.7 United Kingdom and Ireland — — 512.6 — 512.6 Finland and Scandinavia — — 721.3 — 721.3 Other Europe — — 1,396.0 — 1,396.0 South America — 1,039.2 — — 1,039.2 Middle East and Algeria — — 171.3 — 171.3 Africa — — — 138.1 138.1 Asia — — — 366.4 366.4 Australia and New Zealand — — — 247.4 247.4 Mexico, Central America and Caribbean 134.2 24.3 — — 158.5 $ 1,876.7 $ 1,063.5 $ 4,614.3 $ 752.0 $ 8,306.5 Major products: Tractors $ 624.8 $ 673.5 $ 3,149.7 $ 337.2 $ 4,785.2 Replacement parts 287.0 108.4 835.3 74.3 1,305.0 Grain storage and protein production systems 537.2 72.9 182.9 256.6 1,049.6 Other machinery 427.7 208.7 446.4 83.9 1,166.7 $ 1,876.7 $ 1,063.5 $ 4,614.3 $ 752.0 $ 8,306.5 ___________________________________ (1) Rounding may impact summation of amounts. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 17. LEASES The Company leases certain land, buildings, machinery, equipment, vehicles and office and computer equipment under finance and operating leases. As previously discussed in Note 1 , the Company adopted ASU 2016-02 effective January 1, 2019. Under the new standard, lessees are required to record an asset (ROU asset or finance lease asset) and a lease liability. The new standard continues to allow for two types of leases for income statement recognition purposes: operating leases and finance leases. Operating leases result in the recognition of a single lease expense on a straight-line basis over the lease term, similar to the treatment for operating leases under previous U.S. GAAP. Finance leases result in an accelerated expense also similar to previous U.S. GAAP. ASU 2016-02 also contains amended guidance regarding the identification of embedded leases in service and supply contracts, as well as the identification of lease and nonlease components of an arrangement. ROU assets represent the Company’s right to use an underlying asset for the lease term while lease liabilities represent the Company’s obligation to make lease payments for the lease term. All leases greater than 12 months result in the recognition of an ROU asset and liability at the lease commencement date based on the present value of the lease payments over the lease term. The present value of the lease payments is calculated using the applicable weighted-average discount rate. The weighted-average discount rate is based on the discount rate implicit in the lease, or if the implicit rate is not readily determinable from the lease, then the Company estimates an applicable incremental borrowing rate. The incremental borrowing rate is estimated using the currency denomination of the lease, the contractual lease term and the Company’s applicable borrowing rate. The Company does not recognize a ROU asset or lease liability with respect to operating leases with an initial term of 12 months or less and recognizes expense on such leases on a straight-line basis over the lease term. The Company accounts for lease components separately from nonlease components other than for real estate and office equipment. The Company evaluated its supplier agreements for the existence of leases and determined these leases comprised an insignificant portion of its supplier agreements. As such, these leases were not material to the Company’s Consolidated Balance Sheets. The Company has certain leases that include one or more options to renew, with renewal terms that can extend the lease term from six months to 10 years . The exercise of the lease renewal options is at the Company’s discretion and are included in the determination of the ROU asset and lease liability when the option is reasonably certain of being exercised. The depreciable life of ROU assets and leasehold improvements are limited by the expected lease term. The Company has certain lease agreements that include variable rental payments that are adjusted periodically for inflation based on the index rate as defined by the applicable government authority. Generally, the Company’s lease agreements do not contain any residual value guarantees or restrictive covenants. Total lease assets and liabilities at December 31, 2019 were as follows (in millions): Lease Assets Classification As of December 31, 2019 Operating ROU assets Right-of-use lease assets $ 187.3 Finance lease assets Property, plant and equipment, net (1) 19.1 Total leased assets $ 206.4 Lease Liabilities Classification As of December 31, 2019 Current: Operating Accrued expenses $ 42.3 Finance Other current liabilities 4.5 Noncurrent: Operating Operating lease liabilities 148.6 Finance Other noncurrent liabilities 12.0 Total leased liabilities $ 207.4 ____________________________________ (1) Finance lease assets are recorded net of accumulated depreciation of $15.2 million as of December 31, 2019. Total lease cost for 2019 is set forth below (in millions): Classification Year Ended December 31, 2019 Operating lease cost Selling, general and administrative expenses $ 55.0 Variable lease cost Selling, general and administrative expenses 0.6 Short-term lease cost Selling, general and administrative expenses 8.1 Finance lease cost: Amortization of leased assets Depreciation expense (1) 4.7 Interest on leased liabilities Interest expense, net 0.7 Total lease cost $ 69.1 ____________________________________ (1) Depreciation expense was included in both cost of sales and selling, general and administrative expenses. The total lease expense under noncancelable operating leases was approximately $72.1 million for the year ended December 31, 2018. The aggregate future minimum lease payments under noncancelable operating and finance leases with remaining terms greater than one year as of December 31, 2019 were as follows (in millions): December 31, 2019 Operating Leases (1) Finance Leases 2020 $ 48.3 $ 4.8 2021 40.8 2.7 2022 31.5 1.2 2023 24.1 0.9 2024 16.7 0.6 Thereafter 61.6 8.7 Total lease payments 223.0 18.9 Less: imputed interest (2) (32.1 ) (2.4 ) Present value of leased liabilities $ 190.9 $ 16.5 ____________________________________ (1) Operating lease payments include $11.4 million related to options to extend leases that are reasonably certain of being exercised. (2) Calculated using the implicit interest rate for each lease. The aggregate future minimum lease payments under noncancelable operating and finance leases with remaining terms greater than one year as of December 31, 2018 were as follows (in millions): December 31, 2018 Operating Leases (2) Finance Leases (2) 2019 $ 46.7 $ 4.5 2020 39.5 4.4 2021 32.6 2.2 2022 26.0 0.9 2023 21.7 0.6 Thereafter 85.5 5.0 Total lease payments 252.0 17.6 Less: imputed interest (1) — (2.1 ) Present value of leased liabilities $ 252.0 $ 15.5 ____________________________________ (1) Imputed interest for operating leases as of December 31, 2018 is not applicable as the Company adopted ASC 842 on January 1, 2019. (2) As determined under ASC 840, “Leases.” The following table summarizes the weighted-average remaining lease term and weighted-average discount rate: As of December 31, 2019 Weighted-average remaining lease term: Operating leases 14 years Finance leases 7 years Weighted-average discount rate: Operating leases 4.1 % Finance leases 2.9 % The following table summarizes the supplemental cash flow information for 2019 (in millions): Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 51.9 Operating cash flows from finance leases 0.6 Financing cash flows from finance leases 5.3 Leased assets obtained in exchange for lease obligations: Operating leases $ 34.8 Finance leases 1.5 |
Leases | 17. LEASES The Company leases certain land, buildings, machinery, equipment, vehicles and office and computer equipment under finance and operating leases. As previously discussed in Note 1 , the Company adopted ASU 2016-02 effective January 1, 2019. Under the new standard, lessees are required to record an asset (ROU asset or finance lease asset) and a lease liability. The new standard continues to allow for two types of leases for income statement recognition purposes: operating leases and finance leases. Operating leases result in the recognition of a single lease expense on a straight-line basis over the lease term, similar to the treatment for operating leases under previous U.S. GAAP. Finance leases result in an accelerated expense also similar to previous U.S. GAAP. ASU 2016-02 also contains amended guidance regarding the identification of embedded leases in service and supply contracts, as well as the identification of lease and nonlease components of an arrangement. ROU assets represent the Company’s right to use an underlying asset for the lease term while lease liabilities represent the Company’s obligation to make lease payments for the lease term. All leases greater than 12 months result in the recognition of an ROU asset and liability at the lease commencement date based on the present value of the lease payments over the lease term. The present value of the lease payments is calculated using the applicable weighted-average discount rate. The weighted-average discount rate is based on the discount rate implicit in the lease, or if the implicit rate is not readily determinable from the lease, then the Company estimates an applicable incremental borrowing rate. The incremental borrowing rate is estimated using the currency denomination of the lease, the contractual lease term and the Company’s applicable borrowing rate. The Company does not recognize a ROU asset or lease liability with respect to operating leases with an initial term of 12 months or less and recognizes expense on such leases on a straight-line basis over the lease term. The Company accounts for lease components separately from nonlease components other than for real estate and office equipment. The Company evaluated its supplier agreements for the existence of leases and determined these leases comprised an insignificant portion of its supplier agreements. As such, these leases were not material to the Company’s Consolidated Balance Sheets. The Company has certain leases that include one or more options to renew, with renewal terms that can extend the lease term from six months to 10 years . The exercise of the lease renewal options is at the Company’s discretion and are included in the determination of the ROU asset and lease liability when the option is reasonably certain of being exercised. The depreciable life of ROU assets and leasehold improvements are limited by the expected lease term. The Company has certain lease agreements that include variable rental payments that are adjusted periodically for inflation based on the index rate as defined by the applicable government authority. Generally, the Company’s lease agreements do not contain any residual value guarantees or restrictive covenants. Total lease assets and liabilities at December 31, 2019 were as follows (in millions): Lease Assets Classification As of December 31, 2019 Operating ROU assets Right-of-use lease assets $ 187.3 Finance lease assets Property, plant and equipment, net (1) 19.1 Total leased assets $ 206.4 Lease Liabilities Classification As of December 31, 2019 Current: Operating Accrued expenses $ 42.3 Finance Other current liabilities 4.5 Noncurrent: Operating Operating lease liabilities 148.6 Finance Other noncurrent liabilities 12.0 Total leased liabilities $ 207.4 ____________________________________ (1) Finance lease assets are recorded net of accumulated depreciation of $15.2 million as of December 31, 2019. Total lease cost for 2019 is set forth below (in millions): Classification Year Ended December 31, 2019 Operating lease cost Selling, general and administrative expenses $ 55.0 Variable lease cost Selling, general and administrative expenses 0.6 Short-term lease cost Selling, general and administrative expenses 8.1 Finance lease cost: Amortization of leased assets Depreciation expense (1) 4.7 Interest on leased liabilities Interest expense, net 0.7 Total lease cost $ 69.1 ____________________________________ (1) Depreciation expense was included in both cost of sales and selling, general and administrative expenses. The total lease expense under noncancelable operating leases was approximately $72.1 million for the year ended December 31, 2018. The aggregate future minimum lease payments under noncancelable operating and finance leases with remaining terms greater than one year as of December 31, 2019 were as follows (in millions): December 31, 2019 Operating Leases (1) Finance Leases 2020 $ 48.3 $ 4.8 2021 40.8 2.7 2022 31.5 1.2 2023 24.1 0.9 2024 16.7 0.6 Thereafter 61.6 8.7 Total lease payments 223.0 18.9 Less: imputed interest (2) (32.1 ) (2.4 ) Present value of leased liabilities $ 190.9 $ 16.5 ____________________________________ (1) Operating lease payments include $11.4 million related to options to extend leases that are reasonably certain of being exercised. (2) Calculated using the implicit interest rate for each lease. The aggregate future minimum lease payments under noncancelable operating and finance leases with remaining terms greater than one year as of December 31, 2018 were as follows (in millions): December 31, 2018 Operating Leases (2) Finance Leases (2) 2019 $ 46.7 $ 4.5 2020 39.5 4.4 2021 32.6 2.2 2022 26.0 0.9 2023 21.7 0.6 Thereafter 85.5 5.0 Total lease payments 252.0 17.6 Less: imputed interest (1) — (2.1 ) Present value of leased liabilities $ 252.0 $ 15.5 ____________________________________ (1) Imputed interest for operating leases as of December 31, 2018 is not applicable as the Company adopted ASC 842 on January 1, 2019. (2) As determined under ASC 840, “Leases.” The following table summarizes the weighted-average remaining lease term and weighted-average discount rate: As of December 31, 2019 Weighted-average remaining lease term: Operating leases 14 years Finance leases 7 years Weighted-average discount rate: Operating leases 4.1 % Finance leases 2.9 % The following table summarizes the supplemental cash flow information for 2019 (in millions): Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 51.9 Operating cash flows from finance leases 0.6 Financing cash flows from finance leases 5.3 Leased assets obtained in exchange for lease obligations: Operating leases $ 34.8 Finance leases 1.5 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Account | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts Disclosure | SCHEDULE II AGCO CORPORATION AND SUBSIDIARIES SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (in millions) Additions Description Balance at Beginning of Period Acquired Businesses Charged to Costs and Expenses Deductions Foreign Currency Translation Balance at End of Period Year ended December 31, 2019 Allowances for doubtful accounts $ 31.7 $ — $ 5.8 $ (8.3 ) $ (0.4 ) $ 28.8 Year ended December 31, 2018 Allowances for doubtful accounts $ 38.7 $ — $ 6.4 $ (11.4 ) $ (2.0 ) $ 31.7 Year ended December 31, 2017 Allowances for doubtful accounts $ 33.7 $ 2.2 $ 4.6 $ (3.8 ) $ 2.0 $ 38.7 Additions Description Balance at Beginning of Period Charged to Costs and Expenses Reversal of Accrual Deductions Foreign Currency Translation Balance at End of Period Year ended December 31, 2019 Accruals of severance, relocation and other integration costs $ 7.1 $ 6.1 $ (0.7 ) $ (7.3 ) $ (0.4 ) $ 4.8 Year ended December 31, 2018 Accruals of severance, relocation and other integration costs $ 10.9 $ 13.8 $ (2.1 ) $ (14.4 ) $ (1.1 ) $ 7.1 Year ended December 31, 2017 Accruals of severance, relocation and other integration costs $ 15.3 $ 12.4 $ (1.4 ) $ (16.8 ) $ 1.4 $ 10.9 Additions Description Balance at Beginning of Period Acquired Businesses Charged (Credited) to Costs and Expenses (1) Deductions Foreign Currency Translation Balance at End of Period Year ended December 31, 2019 Deferred tax valuation allowance $ 83.9 $ — $ 87.1 $ — $ (1.9 ) $ 169.1 Year ended December 31, 2018 Deferred tax valuation allowance $ 81.9 $ — $ 6.3 $ — $ (4.3 ) $ 83.9 Year ended December 31, 2017 Deferred tax valuation allowance $ 116.0 $ — $ (38.4 ) $ — $ 4.3 $ 81.9 (1) Amounts (credited) charged through other comprehensive income during the years ended December 31, 2019 and 2018 were $(2.5) million and $18.3 million , respectively. |
Operations and Summary of Sig_2
Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | 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 to conform to the current period presentation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The estimates made by management primarily relate to accounts and notes receivable, inventories, deferred income tax valuation allowances, uncertain tax positions, goodwill and other identifiable intangible assets, and certain accrued liabilities, principally relating to reserves for volume discounts and sales incentives, warranty obligations, product liability and workers’ compensation obligations, and pensions and postretirement benefits. |
Foreign Currency Transaction | Foreign Currency Translation The financial statements of the Company’s foreign subsidiaries are translated into United States currency in accordance with Accounting Standards Codification (“ASC”) 830, “Foreign Currency Matters.” Assets and liabilities are translated to United States dollars at period-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the period. Translation adjustments are included in “Accumulated other comprehensive loss” in stockholders’ equity within the Company’s Consolidated Balance Sheets. Gains and losses, which result from foreign currency transactions, are included in the accompanying Consolidated Statements of Operations. The Company changed the functional currency of its wholly-owned subsidiary from the Argentinian peso to the U.S. dollar effective July 1, 2018. |
Cash and Cash Equivalents | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents reported in the Consolidated Balance Sheets as of December 31, 2019, 2018 and 2017 and cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows for the years ended December 31, 2019, 2018 and 2017 are as follows (in millions): December 31, 2019 December 31, 2018 December 31, 2017 Cash (1) $ 412.3 $ 290.5 $ 317.0 Cash equivalents (2) 17.3 35.6 50.7 Restricted cash (3) 3.2 — — Total $ 432.8 $ 326.1 $ 367.7 ____________________________________ (1) Consisted primarily of cash on hand and bank deposits. (2) Consisted primarily of money market deposits, certificates of deposits and overnight investments. The Company considers all investments with an original maturity of three months or less to be cash equivalents. (3) Consisted primarily of cash in escrow or held as guarantee to support specific requirements. |
Accounts and Notes Receivable | Accounts and Notes Receivable Accounts and notes receivable arise from the sale of equipment and replacement parts to independent dealers, distributors or other customers. In the United States and Canada, amounts due from sales to dealers are immediately due upon a retail sale of the underlying equipment by the dealer with the exception of sales of grain storage and protein production systems as discussed further below. If not previously paid by the dealer in the United States and Canada, installment payments are required generally beginning after the interest-free period with the remaining outstanding equipment balance generally due within 12 months after shipment or delivery. These interest-free periods vary by product and generally range from one to 12 months . In limited circumstances, the Company provides sales terms, and in some cases, interest-free periods that are longer than 12 months for certain products. These are typically specified programs predominately in the United States and Canada, that allow for interest-free periods and due dates of up to 24 months for certain products depending on the year of the sale and the dealer or distributor’s ordering or sales volume during the preceding year. Interest generally is charged at or above prime lending rates on the outstanding receivable balances after shipment or delivery and after interest-free periods. Sales terms of some highly seasonal products provide for payment and due dates based on a specified date during the year regardless of the shipment date. Equipment sold to dealers in the United States and Canada is paid in full on average within 12 months of shipment. Sales of replacement parts generally are payable within 30 days of shipment, with terms for some larger, seasonal stock orders generally requiring payment within six months of shipment. Under normal circumstances, equipment may not be returned. In certain regions, with respect to most equipment sales, including the United States and Canada, the Company is obligated to repurchase equipment and replacement parts upon cancellation of a dealer or distributor contract. These obligations are required by national, state or provincial laws and require the Company to repurchase a dealer or distributor’s unsold inventory, including inventories for which the receivable already has been paid. Actual interest-free periods are shorter than described above because the equipment receivable from dealers or distributors in some countries, such as in the United States and Canada, is generally due immediately upon sale of the equipment to a retail customer as discussed above. Receivables can also be paid prior to terms specified in sales agreements. Under normal circumstances, interest is not forgiven and interest-free periods are not extended. In other international markets, equipment sales generally are payable in full within 30 days to 180 days of shipment or delivery. Payment terms for some highly seasonal products have a specified due date during the year regardless of the shipment or delivery date. For sales in most markets outside of the United States and Canada, the Company generally does not charge interest on outstanding receivables with its dealers and distributors. Sales of replacement parts generally are payable within 30 days to 90 days of shipment, with terms for some larger, seasonal stock orders generally payable within six months of shipment. In certain markets, there is a time lag, which varies based on the timing and level of retail demand, between the date the Company records a sale and when the dealer sells the equipment to a retail customer. Sales of grain storage and protein production systems generally are payable within 30 days of shipment. In certain countries, sales of such systems in 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. The following summarizes by geographic region, as a percentage of our consolidated net sales, amounts with maximum interest-free periods as presented below (in millions): Year Ended December 31, 2019 North America South America Europe/Middle East Asia/Pacific/Africa Consolidated 0 to 6 months $ 1,535.0 $ 802.2 $ 5,317.8 $ 718.5 $ 8,373.5 92.6 % 7 to 12 months 645.0 — 11.1 — 656.1 7.3 % 13 to 24 months 11.8 — — — 11.8 0.1 % $ 2,191.8 $ 802.2 $ 5,328.9 $ 718.5 $ 9,041.4 100.0 % 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. Accounts and notes receivable are shown net of allowances for sales incentive discounts available to dealers and for doubtful accounts. Cash flows related to the collection of receivables are reported within “Cash flows from operating activities” within the Company’s Consolidated Statements of Cash Flows. Accounts and notes receivable allowances at December 31, 2019 and 2018 were as follows (in millions): 2019 2018 Sales incentive discounts $ 25.7 $ 24.2 Doubtful accounts 28.8 31.7 $ 54.5 $ 55.9 In the United States and Canada, sales incentives can be paid through future cash settlements of receivables and through credit memos to Company’s dealers or through reductions in retail financing rates paid to the Company’s finance joint ventures. Outside of the United States and Canada, sales incentives can be paid through cash or credit memos to the Company’s dealers or through reductions in retail financing rates paid to the Company’s finance joint ventures. The Company transfers certain accounts receivable under its accounts receivable sales agreements with its finance joint ventures (see Note 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 Accounting Standards Update (“ASU”) 2009-16, “Transfers and Servicing (Topic 860): Accounting for Transfers of Financial Assets.” Cash payments made to the Company’s finance joint ventures for sales incentive discounts provided to dealers related to outstanding accounts receivables sold are recorded within “Accrued expenses.” |
Inventories | Inventories Inventories are valued at the lower of cost or net realizable value, using the first-in, first-out method. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. At December 31, 2019 and 2018 , the Company had recorded $178.6 million and $156.6 million , respectively, as an adjustment for surplus and obsolete inventories. These adjustments are reflected within “Inventories, net” within the Company’s Consolidated Balance Sheets. |
Recoverable Indirect Taxes [Text Block] | Recoverable Indirect Taxes The Company’s Brazilian operations incur value added taxes (“VAT”) on certain purchases of raw materials, components and services. These taxes are accumulated as tax credits and create assets that are reduced by the VAT collected from the Company’s sales in the Brazilian market. The Company regularly assesses the recoverability of these tax credits, and establishes reserves when necessary against them, through analyses that include, amongst others, the history of realization, the transfer of tax credits to third parties as authorized by the government, anticipated changes in the supply chain and the future expectation of tax debits from the Company’s ongoing operations. The Company believes that these tax credits, net of established reserves, are realizable. The Company had recorded approximately $142.3 million and $156.0 million , respectively, of VAT tax credits, net of reserves, as of December 31, 2019 and 2018 . |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost, less accumulated depreciation and amortization. Depreciation is provided on a straight-line basis over the estimated useful lives of ten to 40 years for buildings and improvements, three to 15 years for machinery and equipment and three to ten years for furniture and fixtures. Expenditures for maintenance and repairs are charged to expense as incurred. |
Goodwill, Other Intangible Assets and Long-Lived Assets | Goodwill, Other Intangible Assets and Long-Lived Assets The Company tests goodwill for impairment, at the reporting unit level, annually and when events or circumstances indicate that fair value of a reporting unit may be below its carrying value. A reporting unit is an operating segment or one level below an operating segment, for example, a component. The Company combines and aggregates two or more components of an operating segment as a single reporting unit if the components have similar economic characteristics. The Company’s reportable segments are not its reporting units. Goodwill is evaluated annually as of October 1 for impairment using a qualitative assessment or a quantitative one-step assessment. If the Company elects to perform a qualitative assessment and determines the fair value of its reporting units more likely than not exceed the carrying value of their net assets, no further evaluation is necessary. For reporting units where the Company performs a one-step quantitative assessment, the Company compares the fair value of each reporting unit, which is determined based on a combination of a discounted cash flow valuation approach and a market multiple valuation approach, to its respective carrying value of net assets, including goodwill. If the fair value of the reporting unit exceeds its carrying value of net assets, the goodwill is not considered impaired. If the carrying value of net assets is higher than the fair value of the reporting unit, the impairment charge is the amount by which the carrying value exceeds the reporting unit’s fair value in accordance with ASU 2017-04. The Company reviews its long-lived assets, which include intangible assets subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The evaluation for recoverability is performed at a level where independent cash flows may be attributed to either an asset or asset group. If the Company determines that the carrying amount of an asset or asset group is not recoverable based on the expected undiscounted future cash flows of the asset or asset group, an impairment loss is recorded equal to the excess of the carrying amounts over the estimated fair value of the long-lived assets. Estimates of future cash flows are based on many factors, including current operating results, expected market trends and competitive influences. The Company also evaluates the amortization periods assigned to its intangible assets to determine whether events or changes in circumstances warrant revised estimates of useful lives. Assets to be disposed of by sale are reported at the lower of the carrying amount or fair value, less estimated costs to sell. |
Amortization of certain Intangible Assets | The Company’s goodwill impairment analysis conducted as of October 1 , 2019 indicated that the carrying value of the net assets of the Company’s grain storage and protein production systems operations in Europe/Middle East was in excess of the fair value of the reporting unit, and therefore, the Company recorded a non-cash impairment charge of approximately $173.6 million within “Impairment charges” in the Company’s Consolidated Statements of Operations. In response to weakening market conditions and resulting operating results, new management was put in place over the grain storage and protein productions systems business, tasked with conducting a full strategic review of the business, including that of the Europe/Middle East reporting unit. That full strategic review was completed in the fourth quarter of 2019, along with revised forecasts to include updated market conditions and strategic operating decisions. During the three months ended December 31, 2019 , the Company also recorded a non-cash impairment charge of approximately $3.0 million within “Impairment charges” in the Company’s Consolidated Statements of Operations. The impairment charge related to certain long-lived intangible assets associated with the Company’s grain storage and protein production systems operations within North America, due to the discontinuation of a certain brand name and related product, and customers. The results of the Company’s goodwill and long-lived assets impairment analyses conducted as of October 1, 2018 and 2017 indicated that no reduction in the carrying amount of the Company’s goodwill and long-lived assets was required. The Company’s accumulated goodwill impairment is approximately $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 operates within the North American geographical reportable segment. Changes in the carrying amount of goodwill during the years ended December 31, 2019 , 2018 and 2017 are summarized as follows (in millions): North America South America Europe/Middle East Asia/Pacific/Africa Consolidated Balance as of December 31, 2016 $ 543.9 $ 138.8 $ 581.9 $ 111.8 $ 1,376.4 Acquisitions 67.2 — 17.4 — 84.6 Foreign currency translation — (2.4 ) 71.7 11.1 80.4 Balance as of December 31, 2017 611.1 136.4 671.0 122.9 1,541.4 Adjustments — — 8.4 — 8.4 Foreign currency translation — (19.7 ) (29.8 ) (4.8 ) (54.3 ) Balance as of December 31, 2018 611.1 116.7 649.6 118.1 1,495.5 Impairment charge — — (173.6 ) — (173.6 ) Sale of a joint venture (5.1 ) — — — (5.1 ) Foreign currency translation — (4.5 ) (12.7 ) (1.3 ) (18.5 ) Balance as of December 31, 2019 $ 606.0 $ 112.2 $ 463.3 $ 116.8 $ 1,298.3 The Company amortizes certain acquired identifiable intangible assets primarily on a straight-line basis over their estimated useful lives, which range from five to 50 years . The acquired intangible assets have a weighted average useful life as follows: Intangible Assets Weighted-Average Useful Life Patents and technology 12 years Customer relationships 13 years Trademarks and trade names 20 years Land use rights 45 years |
Warranty Reserves | The Company’s agricultural equipment products generally are under warranty against defects in materials and workmanship for a period of one to four years . The Company accrues for future warranty costs at the time of sale based on historical warranty experience. Approximately $60.9 million and $52.3 million of warranty reserves are included in “Other noncurrent liabilities” in the Company’s Consolidated Balance Sheets as of December 31, 2019 and 2018 , respectively. The Company recognizes recoveries of the costs associated with warranties it provides when the collection is probable. When specifics of the recovery have been agreed upon with the Company’s suppliers through confirmation of liability for the recovery, the Company records the recovery within “Accounts and notes receivable, net.” Estimates of the amount of warranty claim recoveries to be received from the Company’s suppliers based upon contractual supplier arrangements are recorded within “Other current assets.” |
Insurance Reserves | 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 | Revenue The Company adopted ASU 2014-09, “Revenue from Contracts with Customers,” effective January 1, 2018 using the modified retrospective approach. Revenue is recognized when the Company satisfies the performance obligation by transferring control over goods or services to a dealer, distributor or other customer. The amount of revenue recognized is measured as the consideration the Company expects to receive in exchange for those goods or services pursuant to a contract with the customer. A contract exists once the Company receives and accepts a purchase order under a dealer sales agreement, or once the Company enters into a contract with an end user. The Company does not recognize revenue in cases where collectability is not probable, and defers the recognition until collection is probable or payment is received. The Company generates revenue from the manufacture and distribution of agricultural equipment and replacement parts. Sales of equipment and replacement parts, which represents a majority of the Company’s net sales, are recorded by the Company at the point in time when title and control have been transferred to an independent dealer, distributor or other customer. Title generally passes to the dealer or distributor upon shipment or specified delivery, and the risk of loss upon damage, theft or destruction of the equipment is the responsibility of the dealer, distributor or designated third-party carrier. The Company believes control passes and the performance obligation is satisfied at the point of the stated shipping or delivery term with respect to such sales. As previously discussed, the amount of consideration the Company receives and the revenue recognized varies with certain sales incentives the Company offers to dealers and distributors. Estimates for sales incentives are made at the time of sale for expected incentive programs using the expected value method. These estimates are revised in the event of subsequent modification to the incentive program. All incentive programs are recorded and presented as a reduction of revenue, due to the fact that the Company does not receive a distinct good or service in exchange for the consideration provided. Dealers or distributors may not return equipment or replacement parts while its contract with the Company is in force, except for under established promotional and annual replacement parts return programs. At the time of sale, the Company estimates the amount of returns based on the terms of promotional and annual return programs and anticipated returns in the future. Sales and other related taxes are excluded from the transaction price. Shipping and handling costs associated with freight activities after the customer has obtained control are accounted for as fulfillment costs and are expensed and accrued at the time revenue is recognized in “Cost of goods sold” and “Selling, general and administrative expenses” in the Company’s Consolidated Statements of Operations. The Company applied the practical expedient in ASU 2014-09 to 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 or maintenance contracts and certain technology services. Generally, all of the contracts with customers that relate to “over time” revenue recognition have contract durations of less 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, which extends coverage beyond the base warranty period. Revenue is recognized for the extended warranty contract on a straight-line basis, which the Company believes approximates the costs expected to be incurred in satisfying the obligations, over the extended warranty period. The extended warranty period ranges from one to five years . Payment is received at the inception of the extended warranty contract, which is recognized as a contract liability for the amount in excess of the revenue recognized. The revenue associated with the sale of extended warranty contracts is insignificant. Technology Services Revenue. |
Research and Development Expenses | Research and Development Expenses Research and development expenses are expensed as incurred and are included in engineering expenses in the Company’s Consolidated Statements of Operations. |
Advertising Costs | Advertising Costs |
Shipping and Handling Expenses | Shipping and Handling Expenses All shipping and handling fees charged to customers are included as a component of net sales, and are associated with freight activities after the customer has obtained control. Shipping and handling costs are accounted for as fulfillment costs and are expensed and accrued at the time revenue is recognized within “Cost of goods sold,” with the exception of certain handling costs included in “Selling, general and administrative expenses” in the amount of $38.9 million , $37.9 million and $35.4 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. See Note 6 for additional information regarding the Company’s income taxes. |
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 (“SSARs”) and the vesting of performance share awards and restricted stock units using the treasury stock method when the effects of such assumptions are dilutive. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) |
Derivatives | Derivatives The Company uses foreign currency contracts to hedge the foreign currency exposure of certain receivables and payables. The contracts are for periods consistent with the exposure being hedged and generally have maturities of one year or less. These contracts are classified as non-designated derivative instruments. The Company also enters into foreign currency contracts designated as cash flow hedges of expected sales. The Company’s foreign currency contracts mitigate risk due to exchange rate fluctuations because gains and losses on these contracts generally offset losses and gains on the exposure being hedged. The notional amounts of the foreign currency contracts do not represent amounts exchanged by the parties and, therefore, are not a measure of the Company’s risk. The amounts exchanged are calculated on the basis of the notional amounts and other terms of the contracts. The credit and market risks under these contracts are not considered to be significant. The Company’s interest expense is, in part, sensitive to the general level of interest rates, and the Company manages its exposure to interest rate risk through the mix of floating rate and fixed rate debt. From time to time, the Company enters into interest rate swap agreements in order to manage the Company’s exposure to interest rate fluctuations. The Company uses non-derivative and, periodically, derivative instruments to hedge a portion of the Company’s net investment in foreign operations against adverse movements in exchange rates. The Company’s hedging policy prohibits it from entering into any foreign currency contracts for speculative trading purposes. See Note 11 for additional information regarding the Company’s derivative instruments and hedging activities. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”), which eliminates Step 2 from the goodwill impairment test. Under the standard, an entity should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, resulting in an impairment charge that is the amount by which the carrying amount exceeds the reporting unit’s fair value. The impairment charge, however, should not exceed the total amount of goodwill allocated to a reporting unit. The impairment assessment under ASU 2017-04 applies to all reporting units, including those with a zero or negative carrying amount. ASU 2017-04 is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods using a prospective approach. Early adoption is permitted for any interim or annual goodwill impairment test performed on testing dates after January 1, 2017. The Company adopted ASU 2017-04 during the fourth quarter of 2019 and applied the standard to its annual impairment test performed as of October 1, 2019. In February 2016, the FASB issued ASU 2016-02, “Leases” (“ASU 2016-02”), which superseded the existing lease guidance under current U.S. GAAP. ASU 2016-02 is based on the principle that entities should recognize assets and liabilities arising from leases. The new standard does not significantly change the lessees’ recognition, measurement and presentation of expenses and cash flows from the previous accounting standard and leases continue to be classified as finance or operating. The primary change under ASU 2016-02 is the requirement for entities to recognize a lease liability for payments and a right-of-use (“ROU”) asset representing the right to use the leased asset during the term of an operating lease arrangement. Lessees were permitted to make an accounting policy election to not recognize the asset and liability for leases with a term of 12 months or less. Lessors’ accounting under the new standard was largely unchanged from the previous accounting standard. In addition, ASU 2016-02 expanded the disclosure requirements of lease arrangements. Upon adoption, lessees and lessors were required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. In July 2018, the FASB issued ASU 2018-11, “Targeted Improvements,” which allowed for a new, optional transition method that provided the option to use the effective date as the date of initial application on transition. Under this option, the comparative periods continued to apply the legacy guidance in ASC 840, including the disclosure requirements, and a cumulative effect adjustment was recognized in the period of adoption rather than the earliest period presented. Under this transition option, comparative reporting was not required and the provisions of the standard was applied prospectively to leases in effect at the date of adoption. The Company adopted the new guidance effective January 1, 2019 using a modified retrospective approach and no cumulative effect adjustment was recorded upon adoption. Based on the Company’s current lease portfolio, the adoption of the standard as of January 1, 2019 resulted in the recognition on that date of ROU assets and operating lease liabilities in the amount of approximately $194.2 million and $196.4 million , respectively, in the Company’s Consolidated Balance Sheets. The adoption of the new standard did not materially impact the Company’s Consolidated Statements of Operations or Consolidated Statements of Cash Flows. ASU 2016-02 provided a number of optional practical expedients in transition. The Company elected the “package of practical expedients” which permitted the Company not to reassess its prior conclusions about lease identification, lease classification and initial direct costs. The Company elected the short-term lease exemption for all leases with a term of 12 months or less for both existing and ongoing operating leases. The Company elected the practical expedient to separate lease and non-lease components for a majority of its operating leases, other than real estate and office equipment leases. In connection with the adoption of ASU 2016-02 on January 1, 2019, the Company completed the design of new processes and internal controls, which included the implementation of a software solution and the cataloging of the Company’s existing and ongoing population of leased assets. See Note 17 for additional information and related disclosures. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which requires measurement and recognition of expected versus incurred credit losses for financial assets held. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods as the adoption of the standard relates to the Company. In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments” (“ASU 2019-04”), which provides, among other things, targeted improvements to certain aspects of accounting for credit losses addressed by ASU 2016-13. In November 2019, the FASB issued ASU 2019-11, “Codification Improvements to Topic 326), Financial Instruments - Credit Losses,” which clarifies the treatment of expected recoveries for amounts previously written-off on purchased receivables, provides transition relief for troubled debt restructurings and allows for certain disclosure simplifications of accrued interest. The effective dates for both ASU 2019-04 and ASU 2019-11 are the same as the effective dates for ASU 2016-13. The Company adopted this standard, and its subsequent modifications, as of January 1, 2020. The adoption did not have a material impact to the Company’s results of operations, financial condition and cash flows. The Company also adopted the following pronouncements in 2019, none of which had a material effect on its results of operations, financial condition and cash flows: • ASU 2018-02 - “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” • ASU 2018-13 - “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” New Accounting Pronouncements to be Adopted In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes,” which simplifies various aspects related to accounting for income taxes by removing certain exceptions for investments, intraperiod allocations and interim calculations, and adding guidance to reduce complexity in accounting for income taxes. ASU 2019-12 is effective for annual periods beginning after December 15, 2020, and interim periods within those annual periods using a prospective approach. Early adoption is permitted. Depending on the amendment, adoption may be applied on the retrospective, modified retrospective or prospective basis. The standard will not have a material impact on the Company's results of operations, financial condition and cash flows. As discussed above, in June 2016, the FASB issued ASU 2016-13, which requires measurement and recognition of expected versus incurred credit losses for financial assets held. In November 2019, the FASB issued ASU 2019-10, “Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates,” which delays the effective date of ASU 2016-13 for smaller reporting companies and other non-SEC reporting entities. This applies to the Company’s equity method finance joint ventures who are now required to adopt ASU 2016-13 for annual periods beginning after December 15, 2022 and interim periods within those annual periods. The standard, and its subsequent modification, will likely impact the results of operations and financial condition of the Company’s finance joint ventures. Therefore, adoption of the standard by the Company’s finance joint ventures will likely impact the Company’s “Investment in affiliates” and “Equity in net earnings of affiliates.” The Company’s finance joint ventures are currently evaluating the impact of ASU 2016-13 to their results of operations and financial condition. |
Operations and Summary of Sig_3
Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents [Table Text Block] | Cash and cash equivalents reported in the Consolidated Balance Sheets as of December 31, 2019, 2018 and 2017 and cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows for the years ended December 31, 2019, 2018 and 2017 are as follows (in millions): December 31, 2019 December 31, 2018 December 31, 2017 Cash (1) $ 412.3 $ 290.5 $ 317.0 Cash equivalents (2) 17.3 35.6 50.7 Restricted cash (3) 3.2 — — Total $ 432.8 $ 326.1 $ 367.7 ____________________________________ (1) Consisted primarily of cash on hand and bank deposits. (2) Consisted primarily of money market deposits, certificates of deposits and overnight investments. The Company considers all investments with an original maturity of three months or less to be cash equivalents. (3) Consisted primarily of cash in escrow or held as guarantee to support specific requirements. |
Accounts Receivable Outstanding as a Percent of Net Sales | The following summarizes by geographic region, as a percentage of our consolidated net sales, amounts with maximum interest-free periods as presented below (in millions): Year Ended December 31, 2019 North America South America Europe/Middle East Asia/Pacific/Africa Consolidated 0 to 6 months $ 1,535.0 $ 802.2 $ 5,317.8 $ 718.5 $ 8,373.5 92.6 % 7 to 12 months 645.0 — 11.1 — 656.1 7.3 % 13 to 24 months 11.8 — — — 11.8 0.1 % $ 2,191.8 $ 802.2 $ 5,328.9 $ 718.5 $ 9,041.4 100.0 % |
Trade Allowances and Sales Incentive Discounts | Accounts and notes receivable allowances at December 31, 2019 and 2018 were as follows (in millions): 2019 2018 Sales incentive discounts $ 25.7 $ 24.2 Doubtful accounts 28.8 31.7 $ 54.5 $ 55.9 |
Schedule of Inventory, Current | Inventories, net at December 31, 2019 and 2018 were as follows (in millions): 2019 2018 Finished goods $ 780.1 $ 660.4 Repair and replacement parts 611.5 587.3 Work in process 213.4 217.5 Raw materials 473.7 443.5 Inventories, net $ 2,078.7 $ 1,908.7 |
Property, Plant and Equipment | Property, plant and equipment, net at December 31, 2019 and 2018 consisted of the following (in millions): 2019 2018 Land $ 142.5 $ 125.3 Buildings and improvements 808.1 769.1 Machinery and equipment 2,522.0 2,391.8 Furniture and fixtures 153.4 148.6 Gross property, plant and equipment 3,626.0 3,434.8 Accumulated depreciation and amortization (2,209.7 ) (2,061.7 ) Property, plant and equipment, net $ 1,416.3 $ 1,373.1 |
Schedule of Goodwill | Changes in the carrying amount of goodwill during the years ended December 31, 2019 , 2018 and 2017 are summarized as follows (in millions): North America South America Europe/Middle East Asia/Pacific/Africa Consolidated Balance as of December 31, 2016 $ 543.9 $ 138.8 $ 581.9 $ 111.8 $ 1,376.4 Acquisitions 67.2 — 17.4 — 84.6 Foreign currency translation — (2.4 ) 71.7 11.1 80.4 Balance as of December 31, 2017 611.1 136.4 671.0 122.9 1,541.4 Adjustments — — 8.4 — 8.4 Foreign currency translation — (19.7 ) (29.8 ) (4.8 ) (54.3 ) Balance as of December 31, 2018 611.1 116.7 649.6 118.1 1,495.5 Impairment charge — — (173.6 ) — (173.6 ) Sale of a joint venture (5.1 ) — — — (5.1 ) Foreign currency translation — (4.5 ) (12.7 ) (1.3 ) (18.5 ) Balance as of December 31, 2019 $ 606.0 $ 112.2 $ 463.3 $ 116.8 $ 1,298.3 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | The acquired intangible assets have a weighted average useful life as follows: Intangible Assets Weighted-Average Useful Life Patents and technology 12 years Customer relationships 13 years Trademarks and trade names 20 years Land use rights 45 years Changes in the carrying amount of acquired intangible assets during 2019 and 2018 are summarized as follows (in millions): Trademarks and Customer Relationships Patents and Technology Land Use Rights Total Gross carrying amounts: Balance as of December 31, 2017 $ 208.4 $ 600.4 $ 160.0 $ 9.1 $ 977.9 Foreign currency translation (5.0 ) (14.1 ) (4.2 ) (0.5 ) (23.8 ) Balance as of December 31, 2018 203.4 586.3 155.8 8.6 954.1 Sale of a joint venture (1.3 ) (2.9 ) (1.9 ) — (6.1 ) Impairment charge (1.1 ) (0.8 ) (1.1 ) — (3.0 ) Foreign currency translation (1.7 ) (3.6 ) (1.7 ) (0.1 ) (7.1 ) Balance as of December 31, 2019 $ 199.3 $ 579.0 $ 151.1 $ 8.5 $ 937.9 Trademarks and Customer Relationships Patents and Technology Land Use Rights Total Accumulated amortization: Balance as of December 31, 2017 $ 61.4 $ 279.7 $ 73.4 $ 3.0 $ 417.5 Amortization expense 13.7 40.7 10.1 0.2 64.7 Foreign currency translation (1.7 ) (9.6 ) (2.8 ) (0.2 ) (14.3 ) Balance as of December 31, 2018 73.4 310.8 80.7 3.0 467.9 Amortization expense 11.0 40.1 9.9 0.1 61.1 Sale of a joint venture (0.5 ) (1.2 ) (0.7 ) — (2.4 ) Foreign currency translation (0.6 ) (2.3 ) (1.2 ) — (4.1 ) Balance as of December 31, 2019 $ 83.3 $ 347.4 $ 88.7 $ 3.1 $ 522.5 Trademarks and Indefinite-lived intangible assets: Balance as of December 31, 2017 $ 88.6 Foreign currency translation (1.7 ) Balance as of December 31, 2018 86.9 Foreign currency translation (0.6 ) Balance as of December 31, 2019 $ 86.3 |
Schedule of Indefinite-lived Intangible Assets by Major Class | Trademarks and Indefinite-lived intangible assets: Balance as of December 31, 2017 $ 88.6 Foreign currency translation (1.7 ) Balance as of December 31, 2018 86.9 Foreign currency translation (0.6 ) Balance as of December 31, 2019 $ 86.3 |
Schedule of Accrued Liabilities | Accrued expenses at December 31, 2019 and 2018 consisted of the following (in millions): 2019 2018 Reserve for volume discounts and sales incentives $ 580.4 $ 537.7 Warranty reserves 331.9 308.6 Accrued employee compensation and benefits 290.8 286.2 Accrued taxes 170.3 137.8 Other 280.8 252.1 $ 1,654.2 $ 1,522.4 |
Schedule of Product Warranty Liability | The warranty reserve activity for the years ended December 31, 2019 , 2018 and 2017 consisted of the following (in millions): 2019 2018 2017 Balance at beginning of the year $ 360.9 $ 316.0 $ 255.6 Acquisitions — — 5.1 Accruals for warranties issued during the year 234.1 230.5 215.9 Settlements made (in cash or in kind) during the year (198.7 ) (174.7 ) (183.1 ) Foreign currency translation (3.5 ) (10.9 ) 22.5 Balance at the end of the year $ 392.8 $ 360.9 $ 316.0 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Stock compensation expense was recorded as follows (in millions). Refer to Note 10 for additional information regarding the Company’s stock incentive plans during 2019 , 2018 and 2017 : Years Ended December 31, 2019 2018 2017 Cost of goods sold $ 1.7 $ 2.3 $ 2.8 Selling, general and administrative expenses 40.0 44.3 35.6 Total stock compensation expense $ 41.7 $ 46.6 $ 38.4 |
Schedule of Components of Interest Expense, Net | Interest expense, net for the years ended December 31, 2019 , 2018 and 2017 consisted of the following (in millions): 2019 2018 2017 Interest expense $ 28.8 $ 61.9 $ 54.5 Interest income (8.9 ) (8.1 ) (9.4 ) $ 19.9 $ 53.8 $ 45.1 |
Schedule of Earnings Per Share, Basic and Diluted | A reconciliation of net income attributable to AGCO Corporation and subsidiaries and weighted average common shares outstanding for purposes of calculating basic and diluted net income per share during the years ended December 31, 2019 , 2018 and 2017 is as follows (in millions, except per share data): 2019 2018 2017 Basic net income per share: Net income attributable to AGCO Corporation and subsidiaries $ 125.2 $ 285.5 $ 186.4 Weighted average number of common shares outstanding 76.2 78.8 79.5 Basic net income per share attributable to AGCO Corporation and subsidiaries $ 1.64 $ 3.62 $ 2.34 Diluted net income per share: Net income attributable to AGCO Corporation and subsidiaries $ 125.2 $ 285.5 $ 186.4 Weighted average number of common shares outstanding 76.2 78.8 79.5 Dilutive SSARs, performance share awards and restricted stock units 0.8 0.9 0.7 Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share 77.0 79.7 80.2 Diluted net income per share attributable to AGCO Corporation and subsidiaries $ 1.63 $ 3.58 $ 2.32 |
Schedule of Comprehensive Income (Loss) | The components of other comprehensive (loss) income and the related tax effects for the years ended December 31, 2019 , 2018 and 2017 are as follows (in millions): AGCO Corporation and Subsidiaries Noncontrolling Interests 2019 2019 Before-tax Amount Income Taxes After-tax Amount After-tax Amount Defined benefit pension plans $ (13.4 ) $ (0.6 ) $ (14.0 ) $ — Net loss on derivatives (3.1 ) 0.4 (2.7 ) — Foreign currency translation adjustments (23.1 ) — (23.1 ) 2.5 Total components of other comprehensive loss $ (39.6 ) $ (0.2 ) $ (39.8 ) $ 2.5 AGCO Corporation and Subsidiaries Noncontrolling Interests 2018 2018 Before-tax Amount Income Taxes After-tax Amount After-tax Amount Defined benefit pension plans $ 0.8 $ 1.9 $ 2.7 $ — Net gain on derivatives 7.6 (1.5 ) 6.1 — Foreign currency translation adjustments (202.6 ) — (202.6 ) (4.2 ) Total components of other comprehensive loss $ (194.2 ) $ 0.4 $ (193.8 ) $ (4.2 ) AGCO Corporation and Subsidiaries Noncontrolling Interests 2017 2017 Before-tax Amount Income Taxes After-tax Amount After-tax Amount Defined benefit pension plans $ 24.2 $ (4.8 ) $ 19.4 $ — Net gain on derivatives 4.1 (0.1 ) 4.0 — Foreign currency translation adjustments 56.6 — 56.6 1.2 Total components of other comprehensive income $ 84.9 $ (4.9 ) $ 80.0 $ 1.2 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and liabilities assumed | The fair values of the assets acquired and liabilities assumed as of the acquisition date are presented in the following table (in millions): Current assets $ 59.5 Property, plant and equipment 20.8 Intangible assets 64.4 Goodwill 67.2 Total assets acquired 211.9 Current liabilities 12.2 Total liabilities assumed 12.2 Net assets acquired $ 199.7 The fair values of the assets acquired and liabilities assumed as of the acquisition date are presented in the following table (in millions): Current assets $ 87.0 Property, plant and equipment 17.8 Intangible assets 7.6 Goodwill 25.8 Total assets acquired 138.2 Current liabilities 23.5 Long-term liabilities 8.2 Total liabilities assumed 31.7 Net assets acquired $ 106.5 |
Schedule of Acquired Other Identifiable Intangible Assets | The acquired identifiable intangible assets of Precision Planting as of the date of the acquisition are summarized in the following table (in millions): Intangible Assets Amount Weighted-Average Useful Life Customer relationships $ 21.4 14 years Technology 25.1 10 years Trademarks 17.9 20 years $ 64.4 The acquired identifiable intangible assets of Lely as of the date of the acquisition are summarized in the following table (in millions): Intangible Assets Amount Weighted-Average Useful Life Customer relationships $ 3.0 5 years Technology 3.0 12 years Trademarks 1.6 10 years $ 7.6 |
Restructuring Expenses (Tables)
Restructuring Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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): Loss on Sale of Joint Venture Write-down of Property, Plant and Equipment Employee Severance Facility Closure Costs Total Balance as of December 31, 2016 $ — $ — $ 14.5 $ 0.8 $ 15.3 2017 provision — 0.2 12.4 — 12.6 Less: Non-cash expense — (0.2 ) — — (0.2 ) Cash expense — — 12.4 — 12.4 2017 provision reversal — — (1.4 ) — (1.4 ) 2017 cash activity — — (16.0 ) (0.8 ) (16.8 ) Foreign currency translation — — 1.4 — 1.4 Balance as of December 31, 2017 — — 10.9 — 10.9 2018 provision — 0.3 13.8 — 14.1 Less: Non-cash expense — (0.3 ) — — (0.3 ) Cash expense — — 13.8 — 13.8 2018 provision reversal — — (2.1 ) — (2.1 ) 2018 cash activity — — (14.4 ) — (14.4 ) Foreign currency translation — — (1.1 ) — (1.1 ) Balance as of December 31, 2018 — — 7.1 — 7.1 2019 provision 2.1 1.5 5.6 0.5 9.7 Less: Non-cash expense (2.1 ) (1.5 ) — — (3.6 ) Cash expense — — 5.6 0.5 6.1 2019 provision reversal — — (0.7 ) — (0.7 ) 2019 cash activity — — (6.8 ) (0.5 ) (7.3 ) Foreign currency translation — — (0.4 ) — (0.4 ) Balance as of December 31, 2019 $ — $ — $ 4.8 $ — $ 4.8 |
Investments in Affiliates (Tabl
Investments in Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Investments in and Advances to Affiliates | Investments in affiliates as of December 31, 2019 and 2018 were as follows (in millions): 2019 2018 Finance joint ventures $ 339.0 $ 358.7 Manufacturing joint ventures 26.8 26.3 Other affiliates 14.4 15.0 $ 380.2 $ 400.0 |
Schedule of Equity Method Investments | Summarized combined financial information of the Company’s finance joint ventures as of December 31, 2019 and 2018 and for the years ended December 31, 2019 , 2018 and 2017 were as follows (in millions): As of December 31, 2019 2018 Total assets $ 7,773.2 $ 7,649.2 Total liabilities 7,082.4 6,917.2 Partners’ equity 690.8 732.0 For the Years Ended December 31, 2019 2018 2017 Revenues $ 417.6 $ 390.8 $ 366.0 Costs 299.9 286.7 243.3 Income before income taxes $ 117.7 $ 104.1 $ 122.7 The Company’s equity in net earnings of affiliates for the years ended December 31, 2019 , 2018 and 2017 were as follows (in millions): 2019 2018 2017 Finance joint ventures $ 41.5 $ 34.7 $ 39.9 Manufacturing and other joint ventures 1.0 (0.4 ) (0.8 ) $ 42.5 $ 34.3 $ 39.1 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 , 2018 and 2017 (in millions): 2019 2018 2017 United States $ (53.1 ) $ (126.0 ) $ (141.6 ) Foreign 314.2 486.3 425.4 Income before income taxes and equity in net earnings of affiliates $ 261.1 $ 360.3 $ 283.8 |
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, 2019 , 2018 and 2017 consisted of the following (in millions): 2019 2018 2017 Current: United States: Federal $ (6.5 ) $ (9.1 ) $ 20.3 State 2.1 1.2 0.6 Foreign 170.1 133.5 126.8 165.7 125.6 147.7 Deferred: United States: Federal 1.3 — 0.9 State — — — Foreign 13.8 (14.7 ) (15.0 ) 15.1 (14.7 ) (14.1 ) $ 180.8 $ 110.9 $ 133.6 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income taxes computed at the United States federal statutory income tax rate (21% for 2019, 21% for 2018 (from 35% to 21%), and 35% for 2017) to the provision for income taxes reflected in the Company’s Consolidated Statements of Operations for the years ended December 31, 2019 , 2018 and 2017 is as follows (in millions): 2019 2018 2017 Provision for income taxes at United States federal statutory rate $ 54.8 $ 75.7 $ 99.3 State and local income taxes, net of federal income tax effects (2.5 ) (6.0 ) (5.7 ) Taxes on foreign income which differ from the United States statutory rate 6.7 (0.3 ) (57.7 ) Tax effect of permanent differences 63.9 26.7 60.6 Change in valuation allowance 84.6 24.6 (1.4 ) Change in tax contingency reserves 3.2 8.5 3.8 Research and development tax credits (7.1 ) (8.5 ) (5.0 ) Impacts related to changes in tax laws (21.8 ) (8.4 ) 42.0 Other (1.0 ) (1.4 ) (2.3 ) $ 180.8 $ 110.9 $ 133.6 |
Schedule of Deferred Tax Assets and Liabilities | The significant components of the deferred tax assets and liabilities at December 31, 2019 and 2018 were as follows (in millions): 2019 2018 Deferred Tax Assets: Net operating loss carryforwards $ 72.0 $ 74.5 Sales incentive discounts 61.9 58.8 Inventory valuation reserves 41.1 36.3 Pensions and postretirement health care benefits 51.6 47.6 Warranty and other reserves 128.5 98.6 Research and development tax credits 17.3 3.1 Foreign tax credits 6.4 9.7 Other 17.2 21.6 Total gross deferred tax assets 396.0 350.2 Valuation allowance (169.1 ) (83.9 ) Total deferred tax assets 226.9 266.3 Deferred Tax Liabilities: Tax over book depreciation and amortization 164.3 214.3 Investment in affiliates 50.3 42.8 Other 25.5 20.6 Total deferred tax liabilities 240.1 277.7 Net deferred tax liabilities $ (13.2 ) $ (11.4 ) Amounts recognized in Consolidated Balance Sheets: Deferred tax assets - noncurrent $ 93.8 $ 104.9 Deferred tax liabilities - noncurrent (107.0 ) (116.3 ) $ (13.2 ) $ (11.4 ) |
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits as of and during the years ended December 31, 2019 and 2018 is as follows (in millions): 2019 2018 Gross unrecognized income tax benefits at the beginning of the year $ 166.1 $ 163.4 Additions for tax positions of the current year 32.8 3.8 Additions for tax positions of prior years 20.7 13.1 Reductions for tax positions of prior years for: Changes in judgments (4.6 ) (1.6 ) Settlements during the year (0.7 ) (0.7 ) Lapses of applicable statute of limitations (0.8 ) (4.4 ) Foreign currency translation (2.8 ) (7.5 ) Gross unrecognized income tax benefits at the end of the year $ 210.7 $ 166.1 |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Components of Indebtedness | consisted of the following at December 31, 2019 and 2018 (in millions): December 31, 2019 December 31, 2018 Senior term loan due 2022 (1) $ 168.1 $ 171.5 Credit facility, expires 2023 (1) — 114.4 1.002% Senior term loan due 2025 280.2 — Senior term loans due between 2021 and 2028 (1) 736.2 815.3 1.056% Senior term loan due 2020 (1) — 228.7 Other long-term debt 12.5 20.6 Debt issuance costs (2.3 ) (2.6 ) 1,194.7 1,347.9 Less: Current portion of other long-term debt (2.9 ) (8.8 ) Senior term loans due 2019 — (63.8 ) Total indebtedness, less current portion $ 1,191.8 $ 1,275.3 |
Maturities of Long-term Debt | At December 31, 2019 , the aggregate scheduled maturities of long-term debt, excluding the current portion of long-term debt, are as follows (in millions): 2021 $ 297.4 2022 170.2 2023 277.7 2024 2.3 Thereafter 444.2 $ 1,191.8 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net Pension And Postretirement Cost | As of December 31, 2019 and 2018 , the net prior service cost related to the Company’s U.S. and Brazilian postretirement health care benefit plans was as follows (in millions): 2019 2018 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, 2019 and 2018 (in millions): Pension and ENPP Benefits Postretirement Benefits Change in benefit obligation 2019 2018 2019 2018 Benefit obligation at beginning of year $ 823.1 $ 916.7 $ 25.3 $ 30.2 Service cost 15.5 16.6 0.1 0.1 Interest cost 20.7 19.9 1.3 1.4 Plan participants’ contributions 1.2 1.2 — — Actuarial losses (gains) 83.3 (55.2 ) 4.5 (4.2 ) Amendments 4.7 8.5 — — Settlements (0.8 ) (1.5 ) — — Benefits paid (44.8 ) (45.9 ) (1.5 ) (1.4 ) Other — 1.9 — — Foreign currency exchange rate changes 14.4 (39.1 ) (0.3 ) (0.8 ) Benefit obligation at end of year $ 917.3 $ 823.1 $ 29.4 $ 25.3 Pension and ENPP Benefits Postretirement Benefits Change in plan assets 2019 2018 2019 2018 Fair value of plan assets at beginning of year $ 617.1 $ 691.8 $ — $ — Actual return on plan assets 91.2 (32.4 ) — — Employer contributions 30.6 36.8 1.5 1.4 Plan participants’ contributions 1.2 1.2 — — Benefits paid (44.8 ) (45.9 ) (1.5 ) (1.4 ) Settlements (0.8 ) (1.5 ) — — Foreign currency exchange rate changes 16.5 (32.9 ) — — Fair value of plan assets at end of year $ 711.0 $ 617.1 $ — $ — Funded status $ (206.3 ) $ (206.0 ) $ (29.4 ) $ (25.3 ) Unrecognized net actuarial losses (gains) 362.2 356.7 3.9 (0.6 ) Unrecognized prior service cost 22.5 19.5 3.0 3.1 Accumulated other comprehensive loss (384.7 ) (376.2 ) (6.9 ) (2.5 ) Net amount recognized $ (206.3 ) $ (206.0 ) $ (29.4 ) $ (25.3 ) Amounts recognized in Consolidated Balance Sheets: Other long-term asset $ 6.2 $ 0.1 $ — $ — Other current liabilities (4.9 ) (3.8 ) (1.6 ) (1.5 ) Accrued expenses (3.3 ) (2.9 ) — — Pensions and postretirement health care benefits (noncurrent) (204.3 ) (199.4 ) (27.8 ) (23.8 ) Net amount recognized $ (206.3 ) $ (206.0 ) $ (29.4 ) $ (25.3 ) | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The Company’s accumulated comprehensive loss as of December 31, 2019 and 2018 reflects a reduction in equity related to the following items (in millions): 2019 2018 All plans (1) : Reduction in equity, net of taxes of $96.3 and $97.0 at December 31, 2019 and 2018, respectively $ 391.6 $ 378.7 GIMA joint venture (2) : Reduction in equity, net of taxes of $0.5 and $0.4 at December 31, 2019 and 2018, respectively 1.6 1.1 ______________________________________ (1) Primarily related to the Company’s U.K. pension plan. (2) These amounts represented 50% of GIMA’s unrecognized net actuarial losses and unrecognized prior service cost associated with its pension plan. In addition, GIMA recognized a net actuarial loss due to settlements of approximately $0.1 million during both 2019 and 2018. 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, 2019 and 2018 (in millions): Defined Benefit Pension Plans Cumulative Translation Adjustment Deferred Net Gains (Losses) on Derivatives Total Accumulated other comprehensive loss, December 31, 2017 $ (285.1 ) $ (1,071.8 ) $ (4.7 ) $ (1,361.6 ) Other comprehensive loss before reclassifications (10.3 ) (202.6 ) (1.1 ) (214.0 ) Net losses reclassified from accumulated other comprehensive loss 13.0 — 7.2 20.2 Other comprehensive income (loss), net of reclassification adjustments 2.7 (202.6 ) 6.1 (193.8 ) Accumulated other comprehensive loss, December 31, 2018 (282.4 ) (1,274.4 ) 1.4 (1,555.4 ) Other comprehensive loss before reclassifications (27.4 ) (23.1 ) (2.6 ) (53.1 ) Net losses (gains) reclassified from accumulated other comprehensive loss 13.4 — (0.1 ) 13.3 Other comprehensive loss, net of reclassification adjustments (14.0 ) (23.1 ) (2.7 ) (39.8 ) Accumulated other comprehensive loss, December 31, 2019 $ (296.4 ) $ (1,297.5 ) $ (1.3 ) $ (1,595.2 ) | |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | The following table summarizes the unrecognized prior service cost related to the Company's defined benefit pension plans as of December 31, 2019 and 2018 (in millions): 2019 2018 Unrecognized prior service cost $ 22.5 $ 19.5 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, 2019 and 2018 are set forth below (in millions): 2019 2018 Unrecognized net actuarial losses $ 362.2 $ 356.7 | |
Schedule of Defined Benefit Plan Amortizationn Losses | As of December 31, 2019 , the average amortization periods were as follows: ENPP U.S. Plans U.K. Plan Average amortization period of losses related to defined benefit pension plans 7 years 15 years 19 years | |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | The following table summarizes the unrecognized net actuarial losses (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, 2019 and 2018 (in millions): 2019 2018 Unrecognized net actuarial losses (gains) (1) $ 3.9 $ (0.6 ) ___________________________________ (1) Includes a loss of approximately $1.6 million and $0.3 million , respectively, related to the Company’s U.S. postretirement benefit plans. | |
Defined Benefit Plan, Plan Assets, Category | The following table summarizes the fair value of plan assets, aggregate projected benefit obligation and accumulated benefit obligation as of December 31, 2019 and 2018 for defined benefit pension plans, ENPP and other postretirement plans with accumulated benefit obligations in excess of plan assets (in millions): 2019 2018 All plans: Fair value of plan assets $ 67.8 $ 616.0 Projected benefit obligation 309.3 847.3 Accumulated benefit obligation 275.2 798.5 U.S.-based plans and ENPP: Fair value of plan assets $ 38.3 $ 36.8 Projected benefit obligation 172.5 145.6 Accumulated benefit obligation 151.9 128.7 | |
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 follow: U.S. Pension Plans Non-U.S. Pension Plans (1) Overall investment strategies (2) : Assets for the near-term benefit payments 60.0 % 55.0 % Assets for longer-term growth 40.0 % 45.0 % Total 100.0 % 100.0 % Target allocations: Equity securities 30.0 % 40.0 % Fixed income securities 55.0 % 55.0 % Alternative investments 10.0 % 5.0 % Cash and cash equivalents 5.0 % — % Total 100.0 % 100.0 % _______________________________________ (1) The majority of the Company’s non-U.S. pension fund investments are related to the Company’s pension plan in the United Kingdom. (2) The overall U.S. and non-U.S. pension funds invest in a broad diversification of assets types. | |
Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net Pension And Postretirement Cost | Net annual pension costs for the years ended December 31, 2019 , 2018 and 2017 for the Company’s defined benefit pension plans and ENPP are set forth below (in millions): Pension benefits 2019 2018 2017 Service cost $ 15.5 $ 16.6 $ 17.1 Interest cost 20.7 19.9 20.6 Expected return on plan assets (28.1 ) (34.0 ) (35.9 ) Amortization of net actuarial losses 14.3 13.8 13.4 Amortization of prior service cost 1.6 1.2 1.2 Net loss recognized due to settlement 0.5 0.9 0.2 Net annual pension cost $ 24.5 $ 18.4 $ 16.6 | |
Assumptions Used | 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, 2019 , 2018 and 2017 are as follows: 2019 2018 2017 All plans: Weighted average discount rate 2.8 % 2.5 % 2.7 % Weighted average expected long-term rate of return on plan assets 4.6 % 5.4 % 5.8 % Rate of increase in future compensation 1.8%-5.0% 1.8%-5.0% 1.5%-5.0% U.S.-based plans: Weighted average discount rate 4.35 % 3.70 % 4.25 % Weighted average expected long-term rate of return on plan assets (1) 5.5 % 6.0 % 6.0 % Rate of increase in future compensation (2) 5.0 % 5.0 % 5.0 % ___________________________________ (1) Applicable for U.S. funded, qualified plans. (2) Applicable for U.S. unfunded, nonqualified plan. The weighted average assumptions used to determine the benefit obligation for the Company’s defined benefit pension plans and ENPP as of December 31, 2019 and 2018 are as follows: 2019 2018 All plans: Weighted average discount rate 2.0 % 2.8 % Rate of increase in future compensation 1.75%-5.0% 1.75%-5.0% U.S.-based plans: Weighted average discount rate 3.45 % 4.35 % Rate of increase in future compensation (1) 5.0 % 5.0 % ____________________________________ (1) Applicable for U.S. unfunded, nonqualified plan. | |
Schedule of Accumulated Other Comprehensive Income (Loss) | 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, 2019 and 2018 (in millions): Before-Tax Amount Income Tax After-Tax Amount Accumulated other comprehensive loss as of December 31, 2017 $ (380.6 ) $ (95.5 ) $ (285.1 ) Prior service cost arising during the year (8.5 ) (1.5 ) (7.0 ) Net loss recognized due to settlement 1.0 0.1 0.9 Net actuarial loss arising during the year (7.0 ) (2.8 ) (4.2 ) Amortization of prior service cost 1.4 0.1 1.3 Amortization of net actuarial losses 13.9 2.2 11.7 Accumulated other comprehensive loss as of December 31, 2018 $ (379.8 ) $ (97.4 ) $ (282.4 ) Prior service cost arising during the year (4.7 ) — (4.7 ) Net loss recognized due to settlement 0.6 — 0.6 Net actuarial loss arising during the year (25.3 ) (2.0 ) (23.3 ) Amortization of prior service cost 1.7 0.1 1.6 Amortization of net actuarial losses 14.3 2.5 11.8 Accumulated other comprehensive loss as of December 31, 2019 $ (393.2 ) $ (96.8 ) $ (296.4 ) | |
Expected Benefit Payments | At December 31, 2019 , the aggregate expected benefit payments for the Company’s defined benefit pension plans and ENPP are as follows (in millions): 2020 $ 47.0 2021 49.7 2022 50.3 2023 50.3 2024 51.0 2025 through 2029 278.3 $ 526.6 | |
Allocation of Plan Assets | The fair value of the Company’s pension assets as of December 31, 2019 is as follows (in millions): Total Level 1 Level 2 Level 3 Equity securities: Global equities $ 183.4 $ 116.5 $ 66.9 $ — Non-U.S. equities 3.8 3.8 — — U.K. equities 65.2 65.2 — — U.S. large cap equities 5.9 5.9 — — U.S. small cap equities 3.4 3.4 — — Total equity securities 261.7 194.8 66.9 — Fixed income: Aggregate fixed income 150.1 150.1 — — International fixed income 220.0 220.0 — — Total fixed income share (1) 370.1 370.1 — — Alternative investments: Private equity fund 2.3 — — 2.3 Hedge funds measured at net asset value (4) 33.3 — — — Total alternative investments (2) 35.6 — — 2.3 Miscellaneous funds (3) 30.8 — — 30.8 Cash and equivalents measured at net asset value (4) 12.8 — — — Total assets $ 711.0 $ 564.9 $ 66.9 $ 33.1 ______________________________________ (1) 43% of “fixed income” securities are in investment-grade corporate bonds; 18% are in government treasuries; 14% are in high-yield securities; 10% are in foreign securities; 9% are in asset-backed and mortgage-backed securities; and 6% are in other various fixed income securities. (2) 42% of “alternative investments” are in relative value funds; 24% are in long-short equity funds; 21% are in event-driven funds; 7% are distributed in hedged and non-hedged funds; and 6% are in credit funds. (3) “Miscellaneous funds” is comprised of insurance contracts in Finland, Norway and Switzerland. (4) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. | The fair value of the Company’s pension assets as of December 31, 2018 is as follows (in millions): Total Level 1 Level 2 Level 3 Equity securities: Global equities $ 104.4 $ 104.4 $ — $ — Non-U.S. equities 3.0 3.0 — — U.K. equities 112.4 112.4 — — U.S. large cap equities 4.5 4.5 — — U.S. small cap equities 2.4 2.4 — — Preferred securities 0.2 0.2 Total equity securities 226.9 226.9 — — Fixed income: Aggregate fixed income 131.5 131.5 — — International fixed income 189.3 189.3 — — Total fixed income share (1) 320.8 320.8 — — Alternative investments: Private equity fund 2.3 — — 2.3 Hedge funds measured at net asset value (4) 31.8 — — — Total alternative investments (2) 34.1 — — 2.3 Miscellaneous funds (3) 28.2 — — 28.2 Cash and equivalents measured at net asset value (4) 7.1 — — — Total assets $ 617.1 $ 547.7 $ — $ 30.5 _______________________________________ (1) 36% of “fixed income” securities are in investment-grade corporate bonds; 27% are in government treasuries; 17% are in foreign securities; 13% are in high-yield securities; and 7% are in other various fixed income securities. (2) 44% of “alternative investments” are in relative value funds; 22% are in long-short equity funds; 22% are in event-driven funds; 7% are distributed in hedged and non-hedged funds; and 5% are in credit funds. (3) “Miscellaneous funds” is comprised of insurance contracts in Finland, Norway and Switzerland. (4) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. |
Reconciliation of Significant Unobservable Inputs, Changes in Plan Assets | The following is a reconciliation of Level 3 assets as of December 31, 2019 (in millions): Total Alternative Investments Miscellaneous Funds Beginning balance as of December 31, 2018 $ 30.5 $ 2.3 $ 28.2 Actual return on plan assets: (a) Relating to assets still held at reporting date 1.9 (0.1 ) 2.0 (b) Relating to assets sold during period — — — Purchases, sales and /or settlements 1.3 0.1 1.2 Foreign currency exchange rate changes (0.6 ) — (0.6 ) Ending balance as of December 31, 2019 $ 33.1 $ 2.3 $ 30.8 | The following is a reconciliation of Level 3 assets as of December 31, 2018 (in millions): Total Alternative Investments Miscellaneous Funds Beginning balance as of December 31, 2017 $ 27.8 $ 2.4 $ 25.4 Actual return on plan assets: (a) Relating to assets still held at reporting date 0.8 (0.2 ) 1.0 (b) Relating to assets sold during period — — — Purchases, sales and /or settlements 3.2 0.1 3.1 Foreign currency exchange rate changes (1.3 ) — (1.3 ) Ending balance as of December 31, 2018 $ 30.5 $ 2.3 $ 28.2 |
Postretirement Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net Pension And Postretirement Cost | Net annual postretirement benefit costs, and the weighted average discount rate used to determine them, for the years ended December 31, 2019 , 2018 and 2017 are set forth below (in millions, except percentages): Postretirement benefits 2019 2018 2017 Service cost $ 0.1 $ 0.1 $ 0.1 Interest cost 1.3 1.4 1.4 Amortization of net actuarial losses — 0.1 0.1 Amortization of prior service cost 0.1 0.2 0.2 Net annual postretirement benefit cost $ 1.5 $ 1.8 $ 1.8 Weighted average discount rate 5.2 % 4.9 % 5.3 % | |
Expected Benefit Payments | At December 31, 2019 , the aggregate expected benefit payments for the Company’s U.S. and Brazilian postretirement benefit plans are as follows (in millions): 2020 $ 1.6 2021 1.7 2022 1.7 2023 1.7 2024 1.7 2025 through 2029 8.6 $ 17.0 | |
Foreign Plan [Member] | Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Allocation of Plan Assets | The weighted average asset allocation of the Company’s non-U.S. pension benefit plans as of December 31, 2019 and 2018 are as follows: Asset Category 2019 2018 Equity securities 39 % 39 % Fixed income securities 54 % 54 % Other investments 7 % 7 % Total 100 % 100 % | |
UNITED STATES | Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Allocation of Plan Assets | The weighted average asset allocation of the Company’s U.S. pension benefit plans as of December 31, 2019 and 2018 are as follows: Asset Category 2019 2018 Equity securities 34 % 27 % Fixed income securities 59 % 57 % Other investments 7 % 16 % Total 100 % 100 % |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Common Stock, Quarterly Dividends, Per Share, Declared [Table Text Block] | The Company’s Board of Directors has declared and the Company has paid quarterly cash dividends per common share generally beginning in the first quarter of the following years: 2019 (1) 2018 2017 Dividends declared and paid per common share $ 0.15 $ 0.15 $ 0.14 ____________________________________ (1) The Company's Board of Directors has declared and the Company has paid quarterly cash dividends of $0.16 per common share beginning in the second quarter of 2019, from $0.15 per common share in the first quarter of 2019 . |
Schedule of Accumulated Other Comprehensive Income (Loss) | The Company’s accumulated comprehensive loss as of December 31, 2019 and 2018 reflects a reduction in equity related to the following items (in millions): 2019 2018 All plans (1) : Reduction in equity, net of taxes of $96.3 and $97.0 at December 31, 2019 and 2018, respectively $ 391.6 $ 378.7 GIMA joint venture (2) : Reduction in equity, net of taxes of $0.5 and $0.4 at December 31, 2019 and 2018, respectively 1.6 1.1 ______________________________________ (1) Primarily related to the Company’s U.K. pension plan. (2) These amounts represented 50% of GIMA’s unrecognized net actuarial losses and unrecognized prior service cost associated with its pension plan. In addition, GIMA recognized a net actuarial loss due to settlements of approximately $0.1 million during both 2019 and 2018. 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, 2019 and 2018 (in millions): Defined Benefit Pension Plans Cumulative Translation Adjustment Deferred Net Gains (Losses) on Derivatives Total Accumulated other comprehensive loss, December 31, 2017 $ (285.1 ) $ (1,071.8 ) $ (4.7 ) $ (1,361.6 ) Other comprehensive loss before reclassifications (10.3 ) (202.6 ) (1.1 ) (214.0 ) Net losses reclassified from accumulated other comprehensive loss 13.0 — 7.2 20.2 Other comprehensive income (loss), net of reclassification adjustments 2.7 (202.6 ) 6.1 (193.8 ) Accumulated other comprehensive loss, December 31, 2018 (282.4 ) (1,274.4 ) 1.4 (1,555.4 ) Other comprehensive loss before reclassifications (27.4 ) (23.1 ) (2.6 ) (53.1 ) Net losses (gains) reclassified from accumulated other comprehensive loss 13.4 — (0.1 ) 13.3 Other comprehensive loss, net of reclassification adjustments (14.0 ) (23.1 ) (2.7 ) (39.8 ) Accumulated other comprehensive loss, December 31, 2019 $ (296.4 ) $ (1,297.5 ) $ (1.3 ) $ (1,595.2 ) |
Schedule of reclassifications out of AOCI | 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, 2019 and 2018 (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, 2019 (1) Year ended December 31, 2018 (1) Derivatives: Net (gains) losses on foreign currency contracts $ (0.1 ) $ 2.3 Cost of goods sold Net losses on interest rate swap contract — 6.3 Interest expense, net Reclassification before tax (0.1 ) 8.6 — (1.4 ) Income tax provision Reclassification net of tax $ (0.1 ) $ 7.2 Defined benefit pension plans: Amortization of net actuarial losses $ 14.3 $ 13.9 Other expense, net (2) Amortization of prior service cost 1.7 1.4 Other expense, net (2) Reclassification before tax 16.0 15.3 (2.6 ) (2.3 ) Income tax provision Reclassification net of tax $ 13.4 $ 13.0 Net losses reclassified from accumulated other comprehensive loss $ 13.3 $ 20.2 ____________________________________ (1) (Gains) losses included within the Consolidated Statements of Operations for the years ended December 31, 2019 and 2018 , respectively. (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 8 to the Company’s Consolidated Financial Statements. |
Stock Incentive Plan (Tables)
Stock Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value | The weighted average grant-date fair value of performance awards granted under the Plan during 2019 , 2018 and 2017 was as follows: Years Ended December 31, 2019 2018 2017 Weighted average grant-date fair value $ 61.01 $ 71.40 $ 61.94 |
Performance Award Transactions | Performance award transactions during 2019 were as follows and are presented as if the Company were to achieve its maximum levels of performance under the plan: Shares awarded but not earned at January 1 938,862 Shares awarded 542,180 Shares forfeited (45,346 ) Shares earned (503,514 ) Shares awarded but not earned at December 31 932,182 |
Restricted Stock Unit Award Transactions | RSU transactions during the year ended December 31, 2019 were as follows: Shares awarded but not vested at January 1 352,975 Shares awarded 165,160 Shares forfeited (8,424 ) Shares vested (113,182 ) Shares awarded but not vested at December 31 396,529 |
Weighted Average Grant-Date Fair Value Of SSARS And Assumptions Under Black-Scholes Option Model | The weighted average grant-date fair value of SSAR awards granted under the Plan and the weighted average assumptions under the Black-Scholes option model were as follows for the years ended December 31, 2019 , 2018 and 2017 : Years Ended December 31, 2019 2018 2017 Weighted average grant-date fair value $ 11.34 $ 12.88 $ 11.45 Weighted average assumptions under Black-Scholes option model: Expected life of awards (years) 3.0 3.0 3.0 Risk-free interest rate 2.6 % 2.2 % 1.5 % Expected volatility 24.2 % 23.7 % 25.9 % Expected dividend yield 1.0 % 0.8 % 0.9 % |
SSAR Activity | SSAR transactions during the year ended December 31, 2019 were as follows: SSARs outstanding at January 1 1,099,592 SSARs granted 243,600 SSARs exercised (562,030 ) SSARs canceled or forfeited (21,487 ) SSARs outstanding at December 31 759,675 SSAR price ranges per share: Granted $ 62.85 Exercised 43.88 - 73.14 Canceled or forfeited 43.88 - 73.14 Weighted average SSAR exercise prices per share: Granted $ 62.85 Exercised 50.73 Canceled or forfeited 62.56 Outstanding at December 31 61.30 |
Schedule Of SSAR Exercise Price Range, Number Of Shares, Weighted Average Exercise Price And Remaining Contractual Lives | The following table sets forth the exercise price range, number of shares, weighted average exercise price, and remaining contractual lives by groups of similar price as of December 31, 2019 : SSARs Outstanding SSARs Exercisable Range of Exercise Prices Number of Shares Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Exercisable as of December 31, 2019 Weighted Average Exercise Price $43.88 - $55.23 175,825 2.6 $ 46.52 111,100 $ 46.45 $62.85 - $ 73.14 583,850 5.1 $ 65.75 98,525 $ 67.09 759,675 209,625 $ 56.15 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The following table summarizes the notional values of the instrument designated as a net investment hedge (in millions): Notional Amount as of December 31, 2019 December 31, 2018 Cross currency swap contract $ 300.0 $ 300.0 |
Schedule of Derivative Instruments [Table Text Block] | The following table summarizes the after-tax impact of changes in the fair value of the instrument designated as a net investment hedge (in millions): Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Years Ended December 31, 2019 December 31, 2018 December 31, 2017 Foreign currency denominated debt $ 2.5 $ (14.4 ) $ (45.0 ) Cross currency swap contract 9.3 17.7 — |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | The following table summarizes the impact that changes in the fair value of derivatives not designated as hedging instruments had on net income (in millions): For the Years Ended Classification of Gain (Loss) December 31, 2019 December 31, 2018 December 31, 2017 Foreign currency contracts Other expense, net $ 20.4 $ (1.4 ) $ 38.3 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | 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 2019 , 2018 and 2017 (in millions): Recognized in Net Income (Loss) Gain 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) 2019 Foreign currency contracts (1) $ (2.6 ) Cost of goods sold $ 0.1 $ 7,057.1 2018 Foreign currency contracts $ 0.4 Cost of goods sold $ (2.2 ) $ 7,355.3 Interest rate swap contract (1.5 ) Interest expense, net (5.0 ) 53.8 Total $ (1.1 ) $ (7.2 ) 2017 Foreign currency contracts $ 2.7 Cost of goods sold $ 0.4 $ 6,541.2 Interest rate swap contract (0.7 ) Interest expense, net (2.4 ) 45.1 Total $ 2.0 $ (2.0 ) (1) The outstanding contracts as of December 31, 2019 range in maturity through December 2020. |
Summary Of Accumulated Other Comprehensive Loss Related To Derivatives | 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, 2019 , 2018 and 2017 (in millions): Before-Tax Amount Income Tax After-Tax Amount Accumulated derivative net losses as of December 31, 2016 $ (10.1 ) $ (1.4 ) $ (8.7 ) Net changes in fair value of derivatives 1.9 (0.1 ) 2.0 Net losses reclassified from accumulated other comprehensive loss into income 2.2 0.2 2.0 Accumulated derivative net losses as of December 31, 2017 $ (6.0 ) $ (1.3 ) $ (4.7 ) Net changes in fair value of derivatives (1.0 ) 0.1 (1.1 ) Net losses reclassified from accumulated other comprehensive loss into income 8.6 1.4 7.2 Accumulated derivative net gains as of December 31, 2018 1.6 0.2 1.4 Net changes in fair value of derivatives (3.0 ) (0.4 ) (2.6 ) Net gains reclassified from accumulated other comprehensive loss into income (0.1 ) — (0.1 ) Accumulated derivative net losses as of December 31, 2019 $ (1.5 ) $ (0.2 ) $ (1.3 ) |
Fair Value Of Derivative Instruments | The table below sets forth the fair value of derivative instruments as of December 31, 2019 (in millions): Asset Derivatives as of December 31, 2019 Liability Derivatives as of December 31, 2019 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivative instruments designated as hedging instruments: Foreign currency contracts Other current assets $ 0.6 Other current liabilities $ 1.9 Cross currency swap contract Other noncurrent assets 27.0 Other noncurrent liabilities — Derivative instruments not designated as hedging instruments: Foreign currency contracts Other current assets 11.7 Other current liabilities 13.1 Total derivative instruments $ 39.3 $ 15.0 The table below sets forth the fair value of derivative instruments as of December 31, 2018 (in millions): Asset Derivatives as of December 31, 2018 Liability Derivatives as of December 31, 2018 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivative instruments designated as hedging instruments: Foreign currency contracts Other current assets $ 1.9 Other current liabilities $ 0.4 Cross currency swap contract Other noncurrent assets 17.7 Other noncurrent liabilities — Derivative instruments not designated as hedging instruments: Foreign currency contracts Other current assets 5.1 Other current liabilities 6.2 Total derivative instruments $ 24.7 $ 6.6 Former Interest Rate Swap Contract The Company monitors the mix of short-term and long-term debt regularly. From time to time, the Company manages the risk to interest rate fluctuations through the use of derivative financial instruments. During 2015, the Company entered into an interest rate swap instrument with a notional amount of €312.0 million and an expiration date of June 26, 2020. The swap was designated and accounted for as a cash flow hedge. Under the swap agreement, the Company paid a fixed interest rate of 0.33% plus the applicable margin, and the counterparty to the agreement paid a floating interest rate based on the three-month EURIBOR. Changes in the fair value of the interest rate swap were recorded in accumulated other comprehensive loss and were subsequently reclassified into “Interest expense, net” as a rate adjustment in the same period in which the related interest on the Company’s floating rate term loan facility affected earnings. As a result of the Company’s new credit facility agreement entered into in October 2018 and the repayment of the €312.0 million (or approximately $360.8 million ) term loan under the Company’s former revolving credit facility, as well as the change in the mix of the Company’s short-term and long-term debt, the Company terminated the interest rate swap instrument and recorded a loss of approximately $3.9 million which was recorded in “Interest expense, net” for the year ended December 31, 2018 . Refer to Note 7 for further information. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future payments required for significant commitments | The future payments required under the Company’s significant commitments, excluding indebtedness, as of December 31, 2019 are as follows (in millions): Payments Due By Period 2020 2021 2022 2023 2024 Thereafter Total Interest payments related to indebtedness (1)(2) $ 13.9 $ 13.2 $ 10.8 $ 8.0 $ 5.8 $ 5.7 $ 57.4 Unconditional purchase obligations (3) 102.1 20.9 4.5 0.2 — — 127.7 Other short-term and long-term obligations (4) 91.7 67.3 38.5 32.4 18.5 47.6 296.0 Total contractual cash obligations $ 207.7 $ 101.4 $ 53.8 $ 40.6 $ 24.3 $ 53.3 $ 481.1 ____________________________________ (1) Estimated interest payments are calculated assuming current interest rates over minimum maturity periods specified in debt agreements. Debt may be repaid sooner or later than such minimum maturity periods (unaudited). (2) Refer to Note 7 for more information on the Company's commitments with respect to indebtedness. (3) Unconditional purchase obligations exclude routine purchase orders entered into in the normal course of business. (4) Other short-term and long-term obligations include estimates of future minimum contribution requirements under the Company’s U.S. and non-U.S. defined benefit pension and postretirement plans. These estimates are based on current legislation in the countries the Company operates within and are subject to change. Other short-term and long-term obligations also include income tax liabilities related to uncertain income tax positions connected with ongoing income tax audits in various jurisdictions (unaudited). |
Schedule of guarantor obligations | Amount of Commitment Expiration Per Period 2020 2021 2022 2023 2024 Thereafter Total Guarantees $ 44.7 $ 6.1 $ 6.9 $ 5.2 $ 3.2 $ 0.5 $ 66.6 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 are summarized below (in millions): As of December 31, 2019 Level 1 Level 2 Level 3 Total Derivative assets $ — $ 39.3 $ — $ 39.3 Derivative liabilities — 15.0 — 15.0 As of December 31, 2018 Level 1 Level 2 Level 3 Total Derivative assets $ — $ 24.7 $ — $ 24.7 Derivative liabilities — 6.6 — 6.6 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Sales Information By Reportable Segments | Segment results for the years ended December 31, 2019 , 2018 and 2017 based on the Company’s reportable segments are as follows (in millions): Years Ended December 31, North America South America Europe/Middle East Asia/Pacific/Africa Consolidated 2019 Net sales $ 2,191.8 $ 802.2 $ 5,328.8 $ 718.6 $ 9,041.4 Income (loss) from operations 121.6 (39.4 ) 638.2 43.4 763.8 Depreciation 61.6 32.4 102.7 14.2 210.9 Assets 1,125.6 758.0 2,187.7 430.2 4,501.5 Capital expenditures 52.1 32.9 173.5 14.9 273.4 2018 Net sales $ 2,180.1 $ 959.0 $ 5,385.1 $ 827.8 $ 9,352.0 Income (loss) from operations 103.1 (10.1 ) 601.1 49.6 743.7 Depreciation 67.6 30.5 111.3 15.8 225.2 Assets 1,032.1 736.1 1,905.8 501.1 4,175.1 Capital expenditures 43.3 30.4 120.3 9.3 203.3 2017 Net sales $ 1,876.7 $ 1,063.5 $ 4,614.3 $ 752.0 $ 8,306.5 Income from operations 66.9 15.4 493.3 48.8 624.4 Depreciation 61.5 30.5 113.0 17.8 222.8 Assets 1,064.1 752.1 2,074.4 499.4 4,390.0 Capital expenditures 59.1 43.0 92.9 8.9 203.9 |
Income From Operations And Total Assets | A reconciliation from the segment information to the consolidated balances for income from operations and total assets is set forth below (in millions): 2019 2018 2017 Segment income from operations $ 763.8 $ 743.7 $ 624.4 Corporate expenses (129.0 ) (133.7 ) (116.2 ) Impairment charges (176.6 ) — — Amortization of intangibles (61.1 ) (64.7 ) (57.0 ) Stock compensation expense (40.0 ) (44.3 ) (35.6 ) Restructuring expenses (9.0 ) (12.0 ) (11.2 ) Consolidated income from operations $ 348.1 $ 489.0 $ 404.4 Segment assets $ 4,501.5 $ 4,175.1 $ 4,390.0 Cash and cash equivalents 432.8 326.1 367.7 Investments in affiliates 380.2 400.0 409.0 Deferred tax assets, other current and noncurrent assets 645.2 656.6 614.6 Intangible assets, net 501.7 573.1 649.0 Goodwill 1,298.3 1,495.5 1,541.4 Consolidated total assets $ 7,759.7 $ 7,626.4 $ 7,971.7 |
Schedule of Segment Reporting Information, Property, Plant And Equipment and Amortizable Intangible Assets By Country | Property, plant and equipment and amortizable intangible assets by country as of December 31, 2019 and 2018 was as follows (in millions): 2019 2018 United States $ 550.2 $ 593.6 Germany 384.5 371.5 Brazil 184.3 187.7 Finland 142.5 130.0 China 98.1 109.4 Denmark 97.2 108.7 Italy 109.7 115.1 France 92.5 75.6 Other 172.8 167.7 $ 1,831.8 $ 1,859.3 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Significant changes in contract assets and liabilities [Table Text Block] | Significant changes in the balance of contract liabilities for the years ended December 31, 2019 and 2018 were as follows (in millions): Year Ended December 31, 2019 Year Ended December 31, 2018 (1) Balance at beginning of period $ 76.8 $ 82.6 Advance consideration received 147.7 124.9 Revenue recognized during the period for extended warranty contracts (33.8 ) (29.0 ) Revenue recognized during the period related to installation of grain storage and protein production systems (87.4 ) (100.9 ) Foreign currency translation 0.7 (0.8 ) Balance as of December 31, 2019 $ 104.0 $ 76.8 ____________________________________ (1) The beginning of the period is from the date of adoption of ASU 2014-09 or January 1, 2018. |
Disaggregation of Revenue [Table Text Block] | Net sales for the year ended December 31, 2019 disaggregated by primary geographical markets and major products consisted of the following (in millions): North America South America Europe/Middle East Asia/Pacific/Africa Consolidated Primary geographical markets: United States $ 1,799.7 $ — $ — $ — $ 1,799.7 Canada 289.7 — — — 289.7 Germany — — 1,194.3 — 1,194.3 France — — 1,097.6 — 1,097.6 United Kingdom and Ireland — — 561.9 — 561.9 Finland and Scandinavia — — 772.8 — 772.8 Other Europe — — 1,629.0 — 1,629.0 South America — 789.7 — — 789.7 Middle East and Algeria — — 73.2 — 73.2 Africa — — — 116.2 116.2 Asia — — — 344.7 344.7 Australia and New Zealand — — — 257.7 257.7 Mexico, Central America and Caribbean 102.4 12.5 — — 114.9 $ 2,191.8 $ 802.2 $ 5,328.8 $ 718.6 $ 9,041.4 Major products: Tractors $ 662.4 $ 447.7 $ 3,772.0 $ 300.6 $ 5,182.7 Replacement parts 310.2 88.2 874.8 74.6 1,347.8 Grain storage and protein production systems 547.9 79.5 172.8 234.6 $ 1,034.8 Other machinery 671.3 186.8 509.2 108.8 1,476.1 $ 2,191.8 $ 802.2 $ 5,328.8 $ 718.6 $ 9,041.4 Net sales for the year ended December 31, 2018 disaggregated by primary geographical markets and major products consisted of the following (in millions): North America South America Europe/Middle East (1) Asia/Pacific/Africa Consolidated (1) Primary geographical markets: United States $ 1,723.6 $ — $ — $ — $ 1,723.6 Canada 329.0 — — — 329.0 Germany — — 1,213.6 — 1,213.6 France — — 1,002.9 — 1,002.9 United Kingdom and Ireland — — 614.4 — 614.4 Finland and Scandinavia — — 826.5 — 826.5 Other Europe — — 1,627.8 — 1,627.8 South America — 943.1 — — 943.1 Middle East and Algeria — — 100.0 — 100.0 Africa — — — 135.5 135.5 Asia — — — 414.5 414.5 Australia and New Zealand — — — 277.8 277.8 Mexico, Central America and Caribbean 127.5 15.9 — — 143.4 $ 2,180.1 $ 959.0 $ 5,385.1 $ 827.8 $ 9,352.0 Major products: Tractors $ 665.8 $ 599.1 $ 3,743.0 $ 353.2 $ 5,361.1 Replacement parts 298.7 91.0 880.3 76.0 1,346.0 Grain storage and protein production systems 570.3 70.1 187.6 285.5 1,113.5 Other machinery 645.3 198.8 574.3 113.1 1,531.5 $ 2,180.1 $ 959.0 $ 5,385.1 $ 827.8 $ 9,352.0 ___________________________________ (1) Rounding may impact summation of amounts. Net sales for the year ended December 31, 2017 disaggregated by primary geographical markets and major products consisted of the following (in millions): North America (1) South America Europe/Middle East Asia/Pacific/Africa (1) Consolidated Primary geographical markets: United States $ 1,445.7 $ — $ — $ — $ 1,445.7 Canada 296.9 — — — 296.9 Germany — — 997.4 — 997.4 France — — 815.7 — 815.7 United Kingdom and Ireland — — 512.6 — 512.6 Finland and Scandinavia — — 721.3 — 721.3 Other Europe — — 1,396.0 — 1,396.0 South America — 1,039.2 — — 1,039.2 Middle East and Algeria — — 171.3 — 171.3 Africa — — — 138.1 138.1 Asia — — — 366.4 366.4 Australia and New Zealand — — — 247.4 247.4 Mexico, Central America and Caribbean 134.2 24.3 — — 158.5 $ 1,876.7 $ 1,063.5 $ 4,614.3 $ 752.0 $ 8,306.5 Major products: Tractors $ 624.8 $ 673.5 $ 3,149.7 $ 337.2 $ 4,785.2 Replacement parts 287.0 108.4 835.3 74.3 1,305.0 Grain storage and protein production systems 537.2 72.9 182.9 256.6 1,049.6 Other machinery 427.7 208.7 446.4 83.9 1,166.7 $ 1,876.7 $ 1,063.5 $ 4,614.3 $ 752.0 $ 8,306.5 ___________________________________ (1) Rounding may impact summation of amounts. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Assets and Liabilities, Lessee | Total lease assets and liabilities at December 31, 2019 were as follows (in millions): Lease Assets Classification As of December 31, 2019 Operating ROU assets Right-of-use lease assets $ 187.3 Finance lease assets Property, plant and equipment, net (1) 19.1 Total leased assets $ 206.4 Lease Liabilities Classification As of December 31, 2019 Current: Operating Accrued expenses $ 42.3 Finance Other current liabilities 4.5 Noncurrent: Operating Operating lease liabilities 148.6 Finance Other noncurrent liabilities 12.0 Total leased liabilities $ 207.4 ____________________________________ (1) Finance lease assets are recorded net of accumulated depreciation of $15.2 million as of December 31, 2019. |
Lease, Cost | Total lease cost for 2019 is set forth below (in millions): Classification Year Ended December 31, 2019 Operating lease cost Selling, general and administrative expenses $ 55.0 Variable lease cost Selling, general and administrative expenses 0.6 Short-term lease cost Selling, general and administrative expenses 8.1 Finance lease cost: Amortization of leased assets Depreciation expense (1) 4.7 Interest on leased liabilities Interest expense, net 0.7 Total lease cost $ 69.1 ____________________________________ (1) Depreciation expense was included in both cost of sales and selling, general and administrative expenses. The following table summarizes the weighted-average remaining lease term and weighted-average discount rate: As of December 31, 2019 Weighted-average remaining lease term: Operating leases 14 years Finance leases 7 years Weighted-average discount rate: Operating leases 4.1 % Finance leases 2.9 % The following table summarizes the supplemental cash flow information for 2019 (in millions): Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 51.9 Operating cash flows from finance leases 0.6 Financing cash flows from finance leases 5.3 Leased assets obtained in exchange for lease obligations: Operating leases $ 34.8 Finance leases 1.5 |
Lessee, Operating Lease, Liability, Maturity | The aggregate future minimum lease payments under noncancelable operating and finance leases with remaining terms greater than one year as of December 31, 2019 were as follows (in millions): December 31, 2019 Operating Leases (1) Finance Leases 2020 $ 48.3 $ 4.8 2021 40.8 2.7 2022 31.5 1.2 2023 24.1 0.9 2024 16.7 0.6 Thereafter 61.6 8.7 Total lease payments 223.0 18.9 Less: imputed interest (2) (32.1 ) (2.4 ) Present value of leased liabilities $ 190.9 $ 16.5 ____________________________________ (1) Operating lease payments include $11.4 million related to options to extend leases that are reasonably certain of being exercised. (2) Calculated using the implicit interest rate for each lease. The aggregate future minimum lease payments under noncancelable operating and finance leases with remaining terms greater than one year as of December 31, 2018 were as follows (in millions): December 31, 2018 Operating Leases (2) Finance Leases (2) 2019 $ 46.7 $ 4.5 2020 39.5 4.4 2021 32.6 2.2 2022 26.0 0.9 2023 21.7 0.6 Thereafter 85.5 5.0 Total lease payments 252.0 17.6 Less: imputed interest (1) — (2.1 ) Present value of leased liabilities $ 252.0 $ 15.5 ____________________________________ (1) Imputed interest for operating leases as of December 31, 2018 is not applicable as the Company adopted ASC 842 on January 1, 2019. (2) As determined under ASC 840, “Leases.” |
Finance Lease, Liability, Maturity | The aggregate future minimum lease payments under noncancelable operating and finance leases with remaining terms greater than one year as of December 31, 2019 were as follows (in millions): December 31, 2019 Operating Leases (1) Finance Leases 2020 $ 48.3 $ 4.8 2021 40.8 2.7 2022 31.5 1.2 2023 24.1 0.9 2024 16.7 0.6 Thereafter 61.6 8.7 Total lease payments 223.0 18.9 Less: imputed interest (2) (32.1 ) (2.4 ) Present value of leased liabilities $ 190.9 $ 16.5 ____________________________________ (1) Operating lease payments include $11.4 million related to options to extend leases that are reasonably certain of being exercised. (2) Calculated using the implicit interest rate for each lease. The aggregate future minimum lease payments under noncancelable operating and finance leases with remaining terms greater than one year as of December 31, 2018 were as follows (in millions): December 31, 2018 Operating Leases (2) Finance Leases (2) 2019 $ 46.7 $ 4.5 2020 39.5 4.4 2021 32.6 2.2 2022 26.0 0.9 2023 21.7 0.6 Thereafter 85.5 5.0 Total lease payments 252.0 17.6 Less: imputed interest (1) — (2.1 ) Present value of leased liabilities $ 252.0 $ 15.5 ____________________________________ (1) Imputed interest for operating leases as of December 31, 2018 is not applicable as the Company adopted ASC 842 on January 1, 2019. (2) As determined under ASC 840, “Leases.” |
Operations and Summary of Sig_4
Operations and Summary of Significant Accounting Policies Operations and Summary of Significant Accounting Policies - Basis of Presentation and Consolidation (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | ||||
Cash | $ 412.3 | $ 290.5 | $ 317 | |
Cash Equivalents, at Carrying Value | 17.3 | 35.6 | 50.7 | |
Restricted Cash | 3.2 | 0 | 0 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 432.8 | $ 326.1 | $ 367.7 | $ 429.7 |
Minimum [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 20.00% |
Operations and Summary of Sig_5
Operations and Summary of Significant Accounting Policies (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019USD ($)Independent_Dealers_Distributors | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Accounting Policies [Line Items] | |||||
Goodwill, Impairment Loss | $ 173.6 | ||||
Minimum product warranty period | 1 year | ||||
Operating Lease, Right-of-Use Asset | $ 187.3 | $ 0 | |||
Deferred Tax Assets, Valuation Allowance | 169.1 | 83.9 | |||
Liability for Uncertainty in Income Taxes, Current | 51 | 58.5 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 28.4 | 27.2 | |||
Goodwill | 1,298.3 | 1,495.5 | $ 1,541.4 | $ 1,376.4 | |
Unrecognized net actuarial losses (gains) | $ (393.2) | (379.8) | (380.6) | ||
Number of Independent Dealers and Distributors (more than) | Independent_Dealers_Distributors | 3,275 | ||||
Time period in which remaining installment balance is generally due | 12 months | ||||
Revenue Recognition [Abstract] | |||||
Interest Free Period on Receivables | 12 months | ||||
Cash and Cash Equivalents [Abstract] | |||||
Cash | $ 412.3 | 290.5 | 317 | ||
Cash Equivalents | 17.3 | 35.6 | $ 50.7 | ||
Value Added Tax Credits | 142.3 | $ 156 | |||
Operating lease, liability | 190.9 | ||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 3 | ||||
Equipment Sales | United States and Canada | |||||
Revenue Recognition [Abstract] | |||||
Payment period on product sales | 12 months | ||||
Replacement parts | United States and Canada | |||||
Revenue Recognition [Abstract] | |||||
Payment period on product sales | 30 days | ||||
Grain storage and protein production systems | United States and Canada | |||||
Revenue Recognition [Abstract] | |||||
Payment period on product sales | 30 days | ||||
Minimum | |||||
Accounting Policies [Line Items] | |||||
Extended Product Warranty, Period | 1 year | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||||
Ownership percentage | 20.00% | ||||
Revenue Recognition [Abstract] | |||||
Interest Free Period on Receivables | 1 month | ||||
Minimum | Equipment Sales | International | |||||
Revenue Recognition [Abstract] | |||||
Payment period on product sales | 30 days | ||||
Minimum | Replacement parts | International | |||||
Revenue Recognition [Abstract] | |||||
Payment period on product sales | 30 days | ||||
Maximum | |||||
Accounting Policies [Line Items] | |||||
Extended Product Warranty, Period | 5 years | ||||
Finite-Lived Intangible Asset, Useful Life | 50 years | ||||
Revenue Recognition [Abstract] | |||||
Payment period on product sales | 6 months | ||||
Interest Free Period on Receivables | 12 months | ||||
Maximum | Equipment Sales | International | |||||
Revenue Recognition [Abstract] | |||||
Payment period on product sales | 180 days | ||||
Maximum | Replacement parts | International | |||||
Revenue Recognition [Abstract] | |||||
Payment period on product sales | 90 days | ||||
Maximum | Large Seasonal Products | |||||
Revenue Recognition [Abstract] | |||||
Interest Free Period on Receivables | 24 months | ||||
Maximum | Large Seasonal Products | International | |||||
Revenue Recognition [Abstract] | |||||
Payment period on product sales | 6 months | ||||
Accounting Standards Update 2016-02 [Member] | |||||
Accounting Policies [Line Items] | |||||
Operating Lease, Right-of-Use Asset | $ 194.2 | ||||
Cash and Cash Equivalents [Abstract] | |||||
Operating lease, liability | $ 196.4 |
Operations and Summary of Sig_6
Operations and Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | |||
Total assets | $ 7,759.7 | $ 7,626.4 | $ 7,971.7 |
Total liabilities | $ 4,852.7 | $ 4,632.9 |
Operations and Summary of Sig_7
Operations and Summary of Significant Accounting Policies - Accounts and Notes Receivable (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Minimum product warranty period | 1 year | |||
Interest Free Period on Receivables | 12 months | |||
0 to 6 months | $ 8,373.5 | |||
0 to 6 months, percent | 92.60% | |||
7 to 12 months | $ 656.1 | |||
7 to 12 months, percent | 7.30% | |||
13 to 24 months | $ 11.8 | |||
13 to 24 months, percent | 0.10% | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 9,041.4 | $ 9,352 | $ 8,306.5 | |
Percent of Net Sales with Maximum Interest-free Periods | 100.00% | |||
North America | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
0 to 6 months | $ 1,535 | |||
7 to 12 months | 645 | |||
13 to 24 months | 11.8 | |||
Revenue from Contract with Customer, Including Assessed Tax | 2,191.8 | |||
South America | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
0 to 6 months | 802.2 | |||
7 to 12 months | 0 | |||
13 to 24 months | 0 | |||
Revenue from Contract with Customer, Including Assessed Tax | 802.2 | |||
Europe/Middle East | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
0 to 6 months | 5,317.8 | |||
7 to 12 months | 11.1 | |||
13 to 24 months | 0 | |||
Revenue from Contract with Customer, Including Assessed Tax | 5,328.9 | |||
Asia/Pacific/Africa | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
0 to 6 months | 718.5 | |||
7 to 12 months | 0 | |||
13 to 24 months | 0 | |||
Revenue from Contract with Customer, Including Assessed Tax | 718.5 | |||
Accounts Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Valuation allowances and reserves | 54.5 | 55.9 | ||
Sales Returns and Allowances [Member] | Accounts Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Valuation allowances and reserves | 25.7 | 24.2 | ||
Doubtful accounts | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Valuation allowances and reserves | 28.8 | 31.7 | $ 38.7 | $ 33.7 |
Doubtful accounts | Accounts Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Valuation allowances and reserves | $ 28.8 | $ 31.7 | ||
Equipment Sales [Member] | United States and Canada [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Payment period on product sales | 12 months | |||
Replacement Part Sales [Member] | United States and Canada [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Payment period on product sales | 30 days | |||
Grain Storage and Protein Production Systems [Member] | United States and Canada [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Payment period on product sales | 30 days | |||
Maximum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest Free Period on Receivables | 12 months | |||
Payment period on product sales | 6 months | |||
Maximum | Equipment Sales [Member] | International [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Payment period on product sales | 180 days | |||
Maximum | Replacement Part Sales [Member] | International [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Payment period on product sales | 90 days | |||
Maximum | Large Seasonal Products [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest Free Period on Receivables | 24 months | |||
Maximum | Large Seasonal Products [Member] | International [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Payment period on product sales | 6 months | |||
Minimum [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest Free Period on Receivables | 1 month | |||
Minimum [Member] | Equipment Sales [Member] | International [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Payment period on product sales | 30 days | |||
Minimum [Member] | Replacement Part Sales [Member] | International [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Payment period on product sales | 30 days |
Operations and Summary of Sig_8
Operations and Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||
Inventory Valuation Reserves | $ 178.6 | $ 156.6 |
Inventory, Net [Abstract] | ||
Finished goods | 780.1 | 660.4 |
Repair and replacement parts | 611.5 | 587.3 |
Work in process | 213.4 | 217.5 |
Raw materials | 473.7 | 443.5 |
Inventories, net | $ 2,078.7 | $ 1,908.7 |
Operations and Summary of Sig_9
Operations and Summary of Significant Accounting Policies - Recoverable Indirect Taxes (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||
Value Added Tax Credits | $ 142.3 | $ 156 |
Operations and Summary of Si_10
Operations and Summary of Significant Accounting Policies - Property Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Gross property, plant and equipment | $ 3,626 | $ 3,434.8 |
Accumulated depreciation and amortization | (2,209.7) | (2,061.7) |
Property, plant and equipment, net | 1,416.3 | 1,373.1 |
Land | ||
Property, Plant and Equipment [Abstract] | ||
Gross property, plant and equipment | 142.5 | 125.3 |
Buildings and improvements | ||
Property, Plant and Equipment [Abstract] | ||
Gross property, plant and equipment | 808.1 | 769.1 |
Machinery and equipment | ||
Property, Plant and Equipment [Abstract] | ||
Gross property, plant and equipment | 2,522 | 2,391.8 |
Furniture and fixtures | ||
Property, Plant and Equipment [Abstract] | ||
Gross property, plant and equipment | $ 153.4 | $ 148.6 |
Minimum | Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Minimum | Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Minimum | Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Maximum | Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Maximum | Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years | |
Maximum | Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years |
Operations and Summary of Si_11
Operations and Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)country | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Goodwill [Line Items] | |||
Interest Free Period on Receivables | 12 months | ||
Goodwill, Impairment Loss | $ (173.6) | ||
Goodwill, Written off Related to Sale of Business Unit | (5.1) | ||
Accumulated goodwill impairment loss | 354.1 | ||
Goodwill [Roll Forward] | |||
Goodwill beginning of period | 1,495.5 | $ 1,541.4 | $ 1,376.4 |
Goodwill acquired | 84.6 | ||
Goodwill, foreign currency translation | (18.5) | (54.3) | 80.4 |
Goodwill end of period | 1,298.3 | 1,495.5 | 1,541.4 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2020 | 59.6 | ||
2021 | 56.8 | ||
2022 | 56.3 | ||
2023 | 53.8 | ||
2024 | 52.3 | ||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived intangible assets, beginning of period | 954.1 | 977.9 | |
Finite-lived intangible assets, accumulated amortization, beginning of period | 467.9 | 417.5 | |
Finite-lived intangible assets, sale of joint venture | (6.1) | ||
Finite lived intangible assets, accumulated amortization, sale of joint venture | (2.4) | ||
Finite lived intangible assets, foreign currency translation | (7.1) | (23.8) | |
Finite-lived intangible assets, end of period | 937.9 | 954.1 | 977.9 |
Finite lived intangible assets, accumulated amortization, foreign currency translation | (4.1) | (14.3) | |
Finite-lived intangible assets, accumulated amortization, end of period | 522.5 | 467.9 | 417.5 |
Amortization of intangibles | 61.1 | 64.7 | 57 |
Impairment of Intangible Assets (Excluding Goodwill) | (3) | ||
Trademarks and Trade Names | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived intangible assets, beginning of period | 203.4 | 208.4 | |
Finite-lived intangible assets, accumulated amortization, beginning of period | 73.4 | 61.4 | |
Finite-lived intangible assets, sale of joint venture | (1.3) | ||
Finite lived intangible assets, accumulated amortization, sale of joint venture | (0.5) | ||
Finite lived intangible assets, foreign currency translation | (1.7) | (5) | |
Finite-lived intangible assets, end of period | 199.3 | 203.4 | 208.4 |
Finite lived intangible assets, accumulated amortization, foreign currency translation | (0.6) | (1.7) | |
Finite-lived intangible assets, accumulated amortization, end of period | $ 83.3 | 73.4 | 61.4 |
Weighted average useful life | 20 years | ||
Amortization of intangibles | $ 11 | 13.7 | |
Impairment of Intangible Assets (Excluding Goodwill) | (1.1) | ||
Customer relationships | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived intangible assets, beginning of period | 586.3 | 600.4 | |
Finite-lived intangible assets, accumulated amortization, beginning of period | 310.8 | 279.7 | |
Finite-lived intangible assets, sale of joint venture | (2.9) | ||
Finite lived intangible assets, accumulated amortization, sale of joint venture | (1.2) | ||
Finite lived intangible assets, foreign currency translation | (3.6) | (14.1) | |
Finite-lived intangible assets, end of period | 579 | 586.3 | 600.4 |
Finite lived intangible assets, accumulated amortization, foreign currency translation | (2.3) | (9.6) | |
Finite-lived intangible assets, accumulated amortization, end of period | $ 347.4 | 310.8 | 279.7 |
Weighted average useful life | 13 years | ||
Amortization of intangibles | $ 40.1 | 40.7 | |
Impairment of Intangible Assets (Excluding Goodwill) | (0.8) | ||
Patents and Technology | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived intangible assets, beginning of period | 155.8 | 160 | |
Finite-lived intangible assets, accumulated amortization, beginning of period | 80.7 | 73.4 | |
Finite-lived intangible assets, sale of joint venture | (1.9) | ||
Finite lived intangible assets, accumulated amortization, sale of joint venture | (0.7) | ||
Finite lived intangible assets, foreign currency translation | (1.7) | (4.2) | |
Finite-lived intangible assets, end of period | 151.1 | 155.8 | 160 |
Finite lived intangible assets, accumulated amortization, foreign currency translation | (1.2) | (2.8) | |
Finite-lived intangible assets, accumulated amortization, end of period | $ 88.7 | 80.7 | 73.4 |
Weighted average useful life | 12 years | ||
Amortization of intangibles | $ 9.9 | 10.1 | |
Impairment of Intangible Assets (Excluding Goodwill) | (1.1) | ||
Land Use Rights | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived intangible assets, beginning of period | 8.6 | 9.1 | |
Finite-lived intangible assets, accumulated amortization, beginning of period | 3 | 3 | |
Finite-lived intangible assets, sale of joint venture | 0 | ||
Finite lived intangible assets, accumulated amortization, sale of joint venture | 0 | ||
Finite lived intangible assets, foreign currency translation | (0.1) | (0.5) | |
Finite-lived intangible assets, end of period | 8.5 | 8.6 | 9.1 |
Finite lived intangible assets, accumulated amortization, foreign currency translation | 0 | (0.2) | |
Finite-lived intangible assets, accumulated amortization, end of period | $ 3.1 | 3 | 3 |
Weighted average useful life | 45 years | ||
Amortization of intangibles | $ 0.1 | 0.2 | |
Impairment of Intangible Assets (Excluding Goodwill) | 0 | ||
Trademarks and Trade Names | |||
Indefinite-lived Intangible Assets [Roll Forward] | |||
Indefinite-lived intangible assets, beginning of period | 86.9 | 88.6 | |
Indefinite-lived intangible assets, foreign currency translation | (0.6) | (1.7) | |
Indefinite-lived intangible assets, end of period | $ 86.3 | 86.9 | 88.6 |
Massey Ferguson | |||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Number of countries where products sold (over) | country | 110 | ||
Valtra Brand | |||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Number of countries where products sold (over) | country | 75 | ||
Minimum | |||
Goodwill [Line Items] | |||
Interest Free Period on Receivables | 1 month | ||
Extended product warrant, period | 1 year | ||
Finite-lived Intangible Assets [Roll Forward] | |||
Intangible assets useful life | 5 years | ||
Maximum | |||
Goodwill [Line Items] | |||
Interest Free Period on Receivables | 12 months | ||
Extended product warrant, period | 5 years | ||
Finite-lived Intangible Assets [Roll Forward] | |||
Intangible assets useful life | 50 years | ||
North America | |||
Goodwill [Line Items] | |||
Goodwill, Written off Related to Sale of Business Unit | $ (5.1) | ||
Goodwill [Roll Forward] | |||
Goodwill beginning of period | 611.1 | 611.1 | 543.9 |
Goodwill acquired | 67.2 | ||
Goodwill, foreign currency translation | 0 | 0 | 0 |
Goodwill end of period | 606 | 611.1 | 611.1 |
South America | |||
Goodwill [Roll Forward] | |||
Goodwill beginning of period | 116.7 | 136.4 | 138.8 |
Goodwill acquired | 0 | ||
Goodwill, foreign currency translation | (4.5) | (19.7) | (2.4) |
Goodwill end of period | 112.2 | 116.7 | 136.4 |
Europe/Middle East | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | (173.6) | ||
Goodwill [Roll Forward] | |||
Goodwill beginning of period | 649.6 | 671 | 581.9 |
Goodwill acquired | 17.4 | ||
Goodwill, Period Increase (Decrease) | 8.4 | ||
Goodwill, foreign currency translation | (12.7) | (29.8) | 71.7 |
Goodwill end of period | 463.3 | 649.6 | 671 |
Asia/Pacific/Africa | |||
Goodwill [Roll Forward] | |||
Goodwill beginning of period | 118.1 | 122.9 | 111.8 |
Goodwill acquired | 0 | ||
Goodwill, foreign currency translation | (1.3) | (4.8) | 11.1 |
Goodwill end of period | $ 116.8 | $ 118.1 | $ 122.9 |
Building and Building Improvements [Member] | Minimum | |||
Goodwill [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Building and Building Improvements [Member] | Maximum | |||
Goodwill [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Machinery and Equipment [Member] | Minimum | |||
Goodwill [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Machinery and Equipment [Member] | Maximum | |||
Goodwill [Line Items] | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Furniture and Fixtures [Member] | Minimum | |||
Goodwill [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Furniture and Fixtures [Member] | Maximum | |||
Goodwill [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years |
Operations and Summary of Si_12
Operations and Summary of Significant Accounting Policies - Accrued Expense and Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||
Reserve for volume discounts and sales incentives | $ 580.4 | $ 537.7 | |
Warranty reserves | 331.9 | 308.6 | |
Accrued employee compensation and benefits | 290.8 | 286.2 | |
Accrued taxes | 170.3 | 137.8 | |
Other | 280.8 | 252.1 | |
Accrued expenses | 1,654.2 | 1,522.4 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Warranty reserves, beginning of period | 360.9 | 316 | $ 255.6 |
Acquisitions | 0 | 0 | 5.1 |
Accruals for warranties issued during the year | 234.1 | 230.5 | 215.9 |
Settlements made (in cash or in kind) during the year | (198.7) | (174.7) | (183.1) |
Foreign currency translation | (3.5) | (10.9) | 22.5 |
Warranty reserves, end of period | $ 392.8 | 360.9 | $ 316 |
Minimum product warranty period | 1 year | ||
Maximum product warranty period | 4 years | ||
Warranty reserves included in other noncurrent liabilities | $ 60.9 | $ 52.3 |
Operations and Summary of Si_13
Operations and Summary of Significant Accounting Policies - Stock Compensation Allocation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock compensation expense | $ 41.7 | $ 46.6 | $ 38.4 |
Cost of goods sold | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock compensation expense | 1.7 | 2.3 | 2.8 |
Selling, general and administrative expenses | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock compensation expense | $ 40 | $ 44.3 | $ 35.6 |
Operations and Summary of Si_14
Operations and Summary of Significant Accounting Policies - Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Line Items] | |||
Interest Free Period on Receivables | 12 months | ||
Gain (Loss) on Extinguishment of Debt | $ 0 | $ (24.5) | $ 0 |
Amortization of Deferred Hedge Gains | 4.7 | ||
Advertising expense | 42.3 | 42.4 | 42 |
Interest Income (Expense), Net [Abstract] | |||
Interest expense | 28.8 | 61.9 | 54.5 |
Interest income | (8.9) | (8.1) | (9.4) |
Interest expense, net | 19.9 | 53.8 | 45.1 |
Selling, general and administrative expenses | |||
Accounting Policies [Line Items] | |||
Shipping Handling And Transportation Cost | $ 38.9 | $ 37.9 | $ 35.4 |
Operations and Summary of Si_15
Operations and Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share, Basic [Abstract] | |||
Net income attributable to AGCO Corporation and subsidiaries | $ 125.2 | $ 285.5 | $ 186.4 |
Weighted average number of common shares outstanding (in shares) | 76.2 | 78.8 | 79.5 |
Basic net income per share attributable to AGCO Corporation and subsidiaries (in dollars per share) | $ 1.64 | $ 3.62 | $ 2.34 |
Diluted net income per share: | |||
Dilutive SSARs, performance share awards and restricted stock units (in shares) | 0.8 | 0.9 | 0.7 |
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share (in shares) | 77 | 79.7 | 80.2 |
Diluted net income per share attributable to AGCO Corporation and subsidiaries (in dollars per share) | $ 1.63 | $ 3.58 | $ 2.32 |
Stock Appreciation Rights (SARs) | |||
Diluted net income per share: | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0.2 | 0.5 | 0.3 |
Operations and Summary of Si_16
Operations and Summary of Significant Accounting Policies - Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive (loss) income, net of reclassification adjustments | $ (37.3) | $ (198) | $ 81.2 |
AOCI Attributable To Parent | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), before tax | (39.6) | (194.2) | 84.9 |
Other comprehensive income (loss), income taxes | (0.2) | 0.4 | (4.9) |
Other comprehensive (loss) income, net of reclassification adjustments | (39.8) | (193.8) | 80 |
Defined Benefit Pension Plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), before tax | (13.4) | 0.8 | 24.2 |
Other comprehensive income (loss), income taxes | (0.6) | 1.9 | (4.8) |
Other comprehensive (loss) income, net of reclassification adjustments | (14) | 2.7 | 19.4 |
Net gain on derivatives | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), before tax | (3.1) | 7.6 | 4.1 |
Other comprehensive income (loss), income taxes | 0.4 | (1.5) | (0.1) |
Other comprehensive (loss) income, net of reclassification adjustments | (2.7) | 6.1 | 4 |
Foreign currency translation adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), before tax | (23.1) | (202.6) | 56.6 |
Other comprehensive income (loss), income taxes | 0 | 0 | 0 |
Other comprehensive (loss) income, net of reclassification adjustments | (23.1) | (202.6) | 56.6 |
AOCI Attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive (loss) income, net of reclassification adjustments | 2.5 | (4.2) | 1.2 |
Defined benefit pension plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive (loss) income, net of reclassification adjustments | 0 | 0 | 0 |
Net gain on derivatives | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive (loss) income, net of reclassification adjustments | 0 | 0 | 0 |
Foreign currency translation adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive (loss) income, net of reclassification adjustments | $ 2.5 | $ (4.2) | $ 1.2 |
Operations and Summary of Si_17
Operations and Summary of Significant Accounting Policies Operations and Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Jan. 01, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating Lease, Right-of-Use Asset | $ 0 | $ 187.3 | ||
Operating lease, liability | $ 190.9 | |||
Accounting Standards Update 2016-02 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating Lease, Right-of-Use Asset | $ 194.2 | |||
Operating lease, liability | $ 196.4 | |||
Accounting Standards Update 2014-09 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 0.4 | |||
Accounting Standards Update 2016-09 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ (1.7) |
Operations and Summary of Si_18
Operations and Summary of Significant Accounting Policies Operations and Summary of Significant Accounting Policies - Summary of the Impact of Adoption of 2014-09 (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||||
Accounts and notes receivable, net | $ 800.5 | $ 880.3 | ||
Other current assets | 417.1 | 422.3 | ||
Total current assets | 3,729.1 | 3,537.4 | ||
Other assets | 153 | 142.4 | ||
Total assets | 7,759.7 | 7,626.4 | $ 7,971.7 | |
Liabilities and Stockholders’ Equity | ||||
Accrued expenses | 1,654.2 | 1,522.4 | ||
Total current liabilities | 2,884.5 | 2,766.7 | ||
Other noncurrent liabilities | 288.7 | 251.4 | ||
Total liabilities | 4,852.7 | 4,632.9 | ||
Retained earnings | 4,443.5 | 4,477.3 | ||
Total stockholder’s equity | 2,907 | 2,993.5 | $ 3,095.3 | $ 2,837.2 |
Total liabilities and stockholder’s equity | $ 7,759.7 | $ 7,626.4 |
Operations and Summary of Si_19
Operations and Summary of Significant Accounting Policies Operation and Summary of Significant Accounting Policies - Revenue (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |
Minimum product warranty period | 1 year |
Maximum | |
Disaggregation of Revenue [Line Items] | |
Extended Product Warranty, Period | 5 years |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) € in Millions, $ in Millions | Oct. 02, 2017USD ($) | Oct. 02, 2017EUR (€) | Sep. 01, 2017USD ($) |
Forage Division, Lely Group [Member] | |||
Finite-Lived Intangible Assets Acquired [Line Items] | |||
Payments to acquire businesses | $ 94.6 | € 80.2 | |
Cash acquired, net | 11.9 | € 10.1 | |
Intangible assets acquired | $ 7.6 | ||
Precision Planting LLC [Member] | |||
Finite-Lived Intangible Assets Acquired [Line Items] | |||
Payments to acquire businesses | $ 198.1 | ||
Cash acquired, net | 1.6 | ||
Intangible assets acquired | $ 64.4 |
Acquisitions (Schedule Of Acqui
Acquisitions (Schedule Of Acquired Other Identifiable Intangible Assets) (Details) - USD ($) $ in Millions | Oct. 02, 2017 | Sep. 01, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets Acquired [Line Items] | ||||||
Goodwill | $ 1,298.3 | $ 1,495.5 | $ 1,541.4 | $ 1,376.4 | ||
Customer relationships | ||||||
Finite-Lived Intangible Assets Acquired [Line Items] | ||||||
Weighted average useful life | 13 years | |||||
Forage Division, Lely Group [Member] | ||||||
Finite-Lived Intangible Assets Acquired [Line Items] | ||||||
Current assets | $ 87 | |||||
Property, plant and equipment | 17.8 | |||||
Intangible assets | 7.6 | |||||
Goodwill | 25.8 | |||||
Total assets acquired | 138.2 | |||||
Current liabilities | 23.5 | |||||
Long-term liabilities | 8.2 | |||||
Total liabilities assumed | 31.7 | |||||
Net assets acquired | 106.5 | |||||
Intangible assets acquired | 7.6 | |||||
Forage Division, Lely Group [Member] | Customer relationships | ||||||
Finite-Lived Intangible Assets Acquired [Line Items] | ||||||
Intangible assets acquired | $ 3 | |||||
Weighted average useful life | 5 years | |||||
Forage Division, Lely Group [Member] | Technology | ||||||
Finite-Lived Intangible Assets Acquired [Line Items] | ||||||
Intangible assets acquired | $ 3 | |||||
Weighted average useful life | 12 years | |||||
Forage Division, Lely Group [Member] | Trademarks | ||||||
Finite-Lived Intangible Assets Acquired [Line Items] | ||||||
Intangible assets acquired | $ 1.6 | |||||
Weighted average useful life | 10 years | |||||
Precision Planting LLC [Member] | ||||||
Finite-Lived Intangible Assets Acquired [Line Items] | ||||||
Current assets | $ 59.5 | |||||
Property, plant and equipment | 20.8 | |||||
Intangible assets | 64.4 | |||||
Goodwill | 67.2 | |||||
Total assets acquired | 211.9 | |||||
Current liabilities | 12.2 | |||||
Total liabilities assumed | 12.2 | |||||
Net assets acquired | 199.7 | |||||
Intangible assets acquired | 64.4 | |||||
Precision Planting LLC [Member] | Customer relationships | ||||||
Finite-Lived Intangible Assets Acquired [Line Items] | ||||||
Intangible assets acquired | $ 21.4 | |||||
Weighted average useful life | 14 years | |||||
Precision Planting LLC [Member] | Technology | ||||||
Finite-Lived Intangible Assets Acquired [Line Items] | ||||||
Intangible assets acquired | $ 25.1 | |||||
Weighted average useful life | 10 years | |||||
Precision Planting LLC [Member] | Trademarks | ||||||
Finite-Lived Intangible Assets Acquired [Line Items] | ||||||
Intangible assets acquired | $ 17.9 | |||||
Weighted average useful life | 20 years |
Restructuring Expenses Restruct
Restructuring Expenses Restructing Expenses - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | 60 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($)employees | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2018employees | |
Restructuring Cost and Reserve [Line Items] | |||||
Ownership Interest of Controlling Interest | 50.00% | ||||
Restructuring Charges Excluding Adjustments | $ 9.7 | $ 14.1 | $ 12.6 | ||
Restructuring and Related Cost, Number of Positions Eliminated | employees | 270 | 3,890 | |||
Loss on Sale of Joint Venture [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges Excluding Adjustments | $ 2.1 | $ 2.1 |
Restructuring Expenses (Details
Restructuring Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Proceeds from Divestiture of Interest in Joint Venture | $ 5.1 | |||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning of period | $ (7.1) | $ (10.9) | $ (15.3) | |
Provision | 9.7 | 14.1 | 12.6 | |
Restructuring Reserve, Settled without Cash | (3.6) | (0.3) | (0.2) | |
Restructuring Costs | 6.1 | 13.8 | 12.4 | |
Provision reversal | (0.7) | (2.1) | (1.4) | |
Cash activity | (7.3) | (14.4) | (16.8) | |
Foreign currency translation | (0.4) | (1.1) | 1.4 | |
Restructuring reserve, end of period | (4.8) | (4.8) | (7.1) | (10.9) |
Write-down of Property, Plant and Equipment | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning of period | 0 | 0 | 0 | |
Provision | 1.5 | 0.3 | 0.2 | |
Restructuring Reserve, Settled without Cash | (1.5) | (0.3) | (0.2) | |
Restructuring Costs | 0 | 0 | ||
Provision reversal | 0 | 0 | 0 | |
Cash activity | 0 | 0 | 0 | |
Foreign currency translation | 0 | 0 | 0 | |
Restructuring reserve, end of period | 0 | 0 | 0 | 0 |
Employee Severance | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning of period | (7.1) | (10.9) | (14.5) | |
Provision | 5.6 | 13.8 | 12.4 | |
Restructuring Reserve, Settled without Cash | 0 | 0 | ||
Restructuring Costs | 5.6 | 13.8 | 12.4 | |
Provision reversal | (0.7) | (2.1) | (1.4) | |
Cash activity | (6.8) | (14.4) | (16) | |
Foreign currency translation | (0.4) | (1.1) | 1.4 | |
Restructuring reserve, end of period | (4.8) | (4.8) | (7.1) | (10.9) |
Facility Closure Costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning of period | 0 | 0 | (0.8) | |
Provision | 0.5 | 0 | 0 | |
Restructuring Reserve, Settled without Cash | 0 | 0 | ||
Restructuring Costs | 0.5 | 0 | ||
Provision reversal | 0 | 0 | 0 | |
Cash activity | (0.5) | 0 | (0.8) | |
Foreign currency translation | 0 | 0 | 0 | |
Restructuring reserve, end of period | 0 | 0 | $ 0 | $ 0 |
Loss on Sale of Joint Venture [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Provision | $ 2.1 | 2.1 | ||
Restructuring Reserve, Settled without Cash | $ (2.1) |
Accounts Receivable Sales Agr_2
Accounts Receivable Sales Agreements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Resale Agreement Counterparty [Line Items] | |||
Outstanding funding received from receivable securitization | $ 104.3 | $ 82.5 | |
United States, Canada, Europe, and Brazil | |||
Resale Agreement Counterparty [Line Items] | |||
Cash received from receivables sold | 1,600 | 1,400 | |
Other Expense | |||
Resale Agreement Counterparty [Line Items] | |||
Loss on sales of receivables | $ 42.4 | $ 36 | $ 39.2 |
Investments in Affiliates (Deta
Investments in Affiliates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling interest, ownership percentage by parent | 49.00% | ||
Investment in affiliates | $ 380.2 | $ 400 | |
Equity in net earnings of affiliates | 42.5 | 34.3 | $ 39.1 |
Equity Method Investment, Summarized Financial Information [Abstract] | |||
Total assets | 7,773.2 | 7,649.2 | |
Total liabilities | 7,082.4 | 6,917.2 | |
Partners’ equity | 690.8 | 732 | |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||
Revenues | 417.6 | 390.8 | 366 |
Costs | 299.9 | 286.7 | 243.3 |
Income before income taxes | 117.7 | 104.1 | 122.7 |
Receivables from affiliates | 15.2 | 12.9 | |
Undistributed earnings | 310.8 | 326.9 | |
Finance joint ventures | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in affiliates | 339 | 358.7 | |
Equity in net earnings of affiliates | 41.5 | 34.7 | 39.9 |
Manufacturing joint ventures | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in affiliates | 26.8 | 26.3 | |
Other affiliates | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in affiliates | 14.4 | 15 | |
Manufacturing and other joint ventures | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in net earnings of affiliates | $ 1 | $ (0.4) | $ (0.8) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | ||||||
Foreign currency transaction gain | $ 21.8 | |||||
Provision in accordance with Staff Accounting Bulletin No. 118 | $ 42 | |||||
Deferred tax liability | 13.2 | $ 13.2 | $ 11.4 | |||
Valuation allowance | 169.1 | 169.1 | 83.9 | |||
Other Noncash Income Tax Expense | $ 53.7 | |||||
Net operating loss carryforwards | 236.4 | 236.4 | ||||
Net operating loss carryforwards not subject to expiration | 176.4 | 176.4 | ||||
Income taxes paid | 144.4 | 101.6 | $ 111.2 | |||
Unrecognized income tax benefits that would affect effective tax rate | 210.7 | 210.7 | 166.1 | |||
Accrued or deferred taxes relating to uncertain income tax positions | 51 | 51 | 58.5 | |||
Interest and penalties related to unrecognized tax benefits | 1.8 | 5.6 | ||||
Accrued interest and penalties relating to unrecognized tax benefits | 28.4 | 28.4 | 27.2 | |||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Income Tax Expense (Benefit) | 180.8 | 110.9 | 133.6 | |||
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount | 3.2 | 8.5 | 3.8 | |||
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Amount | (21.8) | $ (8.4) | $ 42 | |||
Indirect favorable effects relating to other tax jurisdictions | 44.9 | |||||
Guarantees [Abstract] | ||||||
Guaranteed indebtedness owed to third parties | 66.6 | 66.6 | ||||
Income tax examination, penalties and interest accrued | 51 | 51 | ||||
Foreign | ||||||
Income Taxes [Line Items] | ||||||
Net operating loss carryforwards | 236.4 | 236.4 | ||||
2020 | ||||||
Income Taxes [Line Items] | ||||||
Net operating loss carryforwards, by expiration date | 24.4 | 24.4 | ||||
2021 | ||||||
Income Taxes [Line Items] | ||||||
Net operating loss carryforwards, by expiration date | 21.3 | 21.3 | ||||
2022 | ||||||
Income Taxes [Line Items] | ||||||
Net operating loss carryforwards, by expiration date | $ 14.3 | $ 14.3 |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income before Income Tax, Domestic and Foreign) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Sources of income (loss) before income taxes and equity in net earnings of affiliates | |||
United States | $ (53.1) | $ (126) | $ (141.6) |
Foreign | 314.2 | 486.3 | 425.4 |
Income before income taxes and equity in net earnings of affiliates | $ 261.1 | $ 360.3 | $ 283.8 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
Federal | $ (6.5) | $ (9.1) | $ 20.3 |
State | 2.1 | 1.2 | 0.6 |
Foreign | 170.1 | 133.5 | 126.8 |
Current income tax expense (benefit) | 165.7 | 125.6 | 147.7 |
Deferred: | |||
Federal | 1.3 | 0 | 0.9 |
State | 0 | 0 | 0 |
Foreign | 13.8 | (14.7) | (15) |
Deferred income tax expense (benefit) | 15.1 | (14.7) | (14.1) |
Income tax provision | $ 180.8 | $ 110.9 | $ 133.6 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ||||
Provision for income taxes at United States federal statutory rate | $ 54.8 | $ 75.7 | $ 99.3 | |
State and local income taxes, net of federal income tax effects | (2.5) | (6) | (5.7) | |
Taxes on foreign income which differ from the United States statutory rate | 6.7 | (0.3) | (57.7) | |
Tax effect of permanent differences | 63.9 | 26.7 | 60.6 | |
Change in valuation allowance | 84.6 | 24.6 | (1.4) | |
Tax Cuts and Jobs Act, Incomplete Accounting, Provisional Income Tax Expense (Benefit) | $ 42 | |||
Change in tax contingency reserves | 3.2 | 8.5 | 3.8 | |
Research and development tax credits | (7.1) | (8.5) | (5) | |
Impacts related to changes in tax laws | (21.8) | (8.4) | 42 | |
Other | (1) | (1.4) | (2.3) | |
Income tax provision | $ 180.8 | $ 110.9 | $ 133.6 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Assets: | ||
Net operating loss carryforwards | $ 72 | $ 74.5 |
Sales incentive discounts | 61.9 | 58.8 |
Inventory valuation reserves | 41.1 | 36.3 |
Pensions and postretirement health care benefits | 51.6 | 47.6 |
Warranty and other reserves | 128.5 | 98.6 |
Research and development tax credits | 17.3 | 3.1 |
Foreign tax credits | 6.4 | 9.7 |
Other | 17.2 | 21.6 |
Total gross deferred tax assets | 396 | 350.2 |
Valuation allowance | (169.1) | (83.9) |
Total deferred tax assets | 226.9 | 266.3 |
Deferred Tax Liabilities: | ||
Tax over book depreciation and amortization | 164.3 | 214.3 |
Investment in affiliates | 50.3 | 42.8 |
Other | 25.5 | 20.6 |
Total deferred tax liabilities | 240.1 | 277.7 |
Deferred tax liability | (13.2) | (11.4) |
Amounts recognized in Consolidated Balance Sheets: | ||
Deferred tax assets - noncurrent | 93.8 | 104.9 |
Deferred tax liabilities - noncurrent | $ (107) | $ (116.3) |
Income Taxes (Summary of Income
Income Taxes (Summary of Income Tax Contingencies) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Gross unrecognized tax benefits: | ||
Gross unrecognized income tax benefits, beginning of period | $ 166.1 | $ 163.4 |
Additions for tax positions of the current year | 32.8 | 3.8 |
Additions for tax positions of prior years | 20.7 | 13.1 |
Reductions for tax positions of prior years for: | ||
Changes in judgments | (4.6) | (1.6) |
Settlements during the year | (0.7) | (0.7) |
Lapses of applicable statute of limitations | (0.8) | (4.4) |
Gross unrecognized income tax benefits, end of period | 210.7 | 166.1 |
Unrecognized Tax Benefits, Foreign Currency Translation | $ 2.8 | $ 7.5 |
Indebtedness (Narrative) (Detai
Indebtedness (Narrative) (Details) | Aug. 01, 2018EUR (€) | May 09, 2018 | Oct. 31, 2018USD ($) | Oct. 31, 2016EUR (€)loan_agreement | Dec. 31, 2019USD ($)loan_agreement | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019EUR (€)loan_agreement | Dec. 31, 2018EUR (€) | Aug. 30, 2018loan_agreement | Dec. 31, 2017EUR (€) | Apr. 30, 2016EUR (€)loan_agreement | Dec. 31, 2015EUR (€) | Dec. 31, 2014EUR (€) |
Debt Instrument [Line Items] | ||||||||||||||
Gain (Loss) on Contract Termination | $ 3,900,000 | |||||||||||||
Debt Repurchase, Convertible, Conversion Ratio | 1.0775 | |||||||||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 26,300,000 | 35,200,000 | $ 55,200,000 | |||||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | € | € 200,000,000 | € 200,000,000 | ||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 0 | (24,500,000) | 0 | |||||||||||
Number of Term Loan Agreements | loan_agreement | 7 | 12 | 12 | 7 | 2 | |||||||||
Line of credit | 114,400,000 | |||||||||||||
Interest Notes Payable | 1.002% | 1.002% | ||||||||||||
Amortization of deferred hedge gains | 4,700,000 | |||||||||||||
Outstanding letters of credit | $ 13,900,000 | 14,100,000 | ||||||||||||
Net Investment Hedging | Designated as Hedging Instrument | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Notional amount of foreign currency derivatives | € | € 312,000,000 | |||||||||||||
Cash Flow Hedging | Designated as Hedging Instrument | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Notional amount of foreign currency derivatives | $ 3,133,000,000 | |||||||||||||
Cash Flow Hedging | Interest Rate Swap | Designated as Hedging Instrument | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Notional amount of foreign currency derivatives | € | € 312,000,000 | € 312,000,000 | ||||||||||||
Derivative, fixed interest rate | 0.33% | 0.33% | ||||||||||||
Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Remaining borrowing capacity | 685,600,000 | |||||||||||||
Senior term loans due between 2019 and 2026 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | € | € 375,000,000 | |||||||||||||
Senior Notes | $ 736,200,000 | 815,300,000 | ||||||||||||
1.056% Senior term loan due 2020(1) | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | 220,000,000 | |||||||||||||
Senior Notes | $ 0 | $ 228,700,000 | ||||||||||||
Debt Interest Rate | 1.056% | 1.056% | 1.056% | 1.056% | ||||||||||
Line of Credit | Interest Accrual, Option Two | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate | 0.50% | |||||||||||||
Line of Credit | Interest Accrual, Option Three | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate | 1.00% | |||||||||||||
Line of Credit | Minimum | Interest Accrual, Option One | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate | 1.00% | |||||||||||||
Line of Credit | Minimum | Interest Accrual, Option Three | Variable Basis, Additional Margin | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate | 0.00% | 0.70% | 0.00% | |||||||||||
Line of Credit | Maximum | Interest Accrual, Option One | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate | 1.75% | |||||||||||||
Line of Credit | Maximum | Interest Accrual, Option Three | Variable Basis, Additional Margin | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate | 0.875% | 2.26% | 0.25% | |||||||||||
Line of Credit | Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | $ 800,000,000 | |||||||||||||
Remaining borrowing capacity | $ 800,000,000 | |||||||||||||
Credit facility, expires 2023(1) | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Senior Notes | $ 0 | $ 114,400,000 | ||||||||||||
Line of credit | € | € 312,000,000 | |||||||||||||
Proceeds from issuance of debt | € | € 338,000,000 | |||||||||||||
5 7/8% Senior notes due 2021 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Interest Rate | 5.875% | 5.875% | 5.875% | 5.875% | ||||||||||
Redemption percentage | 100.00% | |||||||||||||
5 7/8% Senior notes due 2021 | Interest Accrual, Option Two | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate | 0.50% | |||||||||||||
Senior Unsecured Term Loan Due April 26, 2021, First Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 113,200,000 | € 100,000,000 | ||||||||||||
Senior Unsecured Term Loan Due April 26, 2021, Second Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 239,800,000 | |||||||||||||
Senior Unsecured Term Loan Due April 26, 2021, Total | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate | 1.00% | |||||||||||||
Senior Unsecured Term Loan Due April 26, 2021, Total | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate | 1.75% | |||||||||||||
Senior Notes Due 2025, 1.002% [Member] [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Interest Rate | 1.002% | 1.002% | 1.002% | 1.002% | ||||||||||
Euro Member Countries, Euro | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term line of credit | € | € 250,000,000 | € 250,000,000 | ||||||||||||
Euro Member Countries, Euro | 1.056% Senior term loan due 2020(1) | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | € | € 200,000,000 | |||||||||||||
Senior Notes | € | € 200,000,000 | |||||||||||||
United States of America, Dollars | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term line of credit | $ 280,200,000 | |||||||||||||
United States of America, Dollars | Credit facility, expires 2023(1) | Cash Flow Hedging | Interest Rate Swap | Designated as Hedging Instrument | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit | $ 360,800,000 |
Indebtedness (Components Of Ind
Indebtedness (Components Of Indebtedness) (Details) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Oct. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Oct. 31, 2016EUR (€) | Apr. 30, 2016EUR (€) | Dec. 31, 2014EUR (€) | |
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | € | € 200,000,000 | € 200,000,000 | ||||||
Amortization of Deferred Hedge Gains | $ 4.7 | |||||||
Other long-term debt | 20.6 | $ 12.5 | ||||||
Debt issuance costs | (2.6) | (2.3) | ||||||
Total indebtedness | 1,347.9 | 1,194.7 | ||||||
Other Long-term Debt, Current | 8.8 | 2.9 | ||||||
Less: Current portion of long-term debt | (72.6) | (2.9) | ||||||
Total indebtedness, less current portion | 1,275.3 | 1,191.8 | ||||||
Short-term Debt | 138 | 150.5 | ||||||
1.056% Senior term loan due 2020(1) | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior Notes | 228.7 | 0 | ||||||
Debt Instrument, Face Amount | 220 | |||||||
Senior Unsecured Term Loan Due October 28, 2022 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior Notes | € | € 150,000,000 | |||||||
Credit facility, expires 2023(1) | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior Notes | 114.4 | 0 | ||||||
Term Loans Due 2019 and 2028 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Less: Current portion of long-term debt | (61.1) | € (56,000,000) | ||||||
Senior Notes Due 2025, 1.002% [Member] [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior Notes | 0 | 280.2 | ||||||
Senior term loans due 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior Notes | 171.5 | 168.1 | ||||||
Senior term loans due between 2019 and 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior Notes | 815.3 | 736.2 | ||||||
Debt Instrument, Face Amount | € | € 375,000,000 | |||||||
4½% Senior term loan due 2016 | ||||||||
Debt Instrument [Line Items] | ||||||||
Less: Current portion of long-term debt | (63.8) | $ 0 | ||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 685.6 | |||||||
Euro Member Countries, Euro | 1.056% Senior term loan due 2020(1) | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior Notes | € | € 200,000,000 | |||||||
Debt Instrument, Face Amount | € | € 200,000,000 |
Indebtedness (Maturities of Lon
Indebtedness (Maturities of Long-term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Aggregate scheduled maturities of long-term debt, excluding current maturities | ||
2021 | $ 297.4 | |
2022 | 170.2 | |
2023 | 277.7 | |
2024 | 2.3 | |
Thereafter | 444.2 | |
Total indebtedness, less current portion | $ 1,191.8 | $ 1,275.3 |
Indebtedness (Debt Terms) (Deta
Indebtedness (Debt Terms) (Details) $ in Millions | Aug. 01, 2018EUR (€) | Oct. 31, 2018USD ($) | Oct. 31, 2016EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | May 31, 2018USD ($) | Apr. 30, 2016EUR (€) |
Debt Instrument [Line Items] | ||||||||||
Debt instrument, Repurchase Amount, Principal Amount | $ 185.9 | |||||||||
Write off of Deferred Debt Issuance Cost | $ 0.9 | |||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 114.4 | |||||||||
Debt Instrument, Purchase Price of Repurchased Debt | $ 200.3 | |||||||||
Gain (Loss) on Extinguishment of Debt | $ 0 | $ (24.5) | $ 0 | |||||||
Senior Notes Due December 1, 2021, 5.875% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, Repurchase Amount, Principal Amount | $ 114.1 | |||||||||
Debt Interest Rate | 5.875% | 5.875% | 5.875% | 5.875% | ||||||
Debt Instrument, Purchase Price of Repurchased Debt | 122.5 | |||||||||
Senior Unsecured Term Loan Due April 26, 2021, Second Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt, face amount | $ 239.8 | |||||||||
Senior term loans due between 2019 and 2026 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt, face amount | € | € 375,000,000 | |||||||||
Senior Notes | $ 736.2 | $ 815.3 | ||||||||
Credit facility, expires 2023(1) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from Issuance of Debt | € | € 338,000,000 | |||||||||
Senior Notes | 0 | $ 114.4 | ||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | € | € 312,000,000 | |||||||||
Credit facility, expires 2023(1) | Term Loans Due 2019 and 2028 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior Notes | $ 736.2 | € 657,000,000 | ||||||||
Senior Unsecured Term Loan Due April 26, 2021, First Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt, face amount | $ 113.2 | € 100,000,000 | ||||||||
Interest Accrual, Option Three [Member] | Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||
Variable Basis, Additional Margin [Member] | Minimum | Interest Accrual, Option Three [Member] | Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | 0.70% | 0.00% | |||||||
Variable Basis, Additional Margin [Member] | Maximum | Interest Accrual, Option Three [Member] | Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.875% | 2.26% | 0.25% | |||||||
Euro Member Countries, Euro | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Line of Credit | € | € 250,000,000 | € 250,000,000 | ||||||||
United States of America, Dollars | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Line of Credit | $ 280.2 | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Variable Basis, Additional Margin [Member] | Minimum | Interest Accrual, Option Three [Member] | Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.875% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Variable Basis, Additional Margin [Member] | Maximum | Interest Accrual, Option Three [Member] | Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.875% | |||||||||
EURIBOR [Member] | Variable Basis, Additional Margin [Member] | Minimum | Interest Accrual, Option Three [Member] | Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.70% | |||||||||
EURIBOR [Member] | Variable Basis, Additional Margin [Member] | Maximum | Interest Accrual, Option Three [Member] | Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Weighted-Average Interest Crediting Rate | 1.00% | 1.00% | |
Unrecognized net actuarial losses (gains) | $ (393.2) | $ (379.8) | $ (380.6) |
Reduction in equity | $ 296.4 | 282.4 | 285.1 |
Defined benefit plan, target allocation percentage of assets, near-term benefit payments | 55.00% | ||
Defined benefit plan, target allocation percentage of assets, long-term growth | 45.00% | ||
Weighted average expected long-term rate of return on plan assets | 5.00% | ||
Company contributions | $ 15.8 | $ 15.8 | 15.1 |
Defined Benefit Plan, Weighted-Average Interest Crediting Rate Above Minimum Government Rate | 0.25% | ||
Percentage of Fixed Income Securities Consisting of Asset-Backed and Mortgage-Backed Securities | 9.00% | ||
Alternative Investments | |||
Defined benefit plan, target plan asset allocations | 5.00% | ||
Equity Securities | |||
Defined benefit plan, target plan asset allocations | 40.00% | ||
Fixed Income Investments | |||
Defined benefit plan, target plan asset allocations | 55.00% | ||
Minimum | |||
Percentage of joint venture's unrecognized net actuarial losses and unrecognized prior service cost | 20.00% | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 1.75% | 1.75% | |
Maximum | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 5.00% | 5.00% | |
ENPP | |||
Minimum age for vesting | 50 years | ||
Minimum participation period to qualify for payment | 10 years | ||
Minimum service period to vest | 5 years | ||
Minimum age to receive benefits | 65 years | ||
Period over which retirement benefits are paid | 15 years | ||
Defined Benefit Plan, Amortization Period | 7 years | ||
Pension and Other Postretirement Benefit Plans [Member] | |||
Aggregate projected benefit obligation | $ 309.3 | $ 847.3 | |
Accumulated benefit obligation | 275.2 | 798.5 | |
Fair value of plan assets | 67.8 | 616 | |
Reduction in equity | 391.6 | 378.7 | |
Tax effect of benefit plans | $ 96.3 | $ 97 | |
Pension Benefits | |||
Percentage of fixed income securities consisting of high-yield securities | 14.00% | 13.00% | |
Percentage of Fixed Income Securities Consisting of Foreign Securities | 10.00% | 17.00% | |
Unrecognized net actuarial losses (gains) | $ (362.2) | $ (356.7) | |
Unrecognized prior service cost | 22.5 | 19.5 | |
Net loss recognized due to settlement | $ 0.5 | $ 0.9 | $ 0.2 |
Weighted average discount rate | 2.00% | 2.80% | |
Benefit payments | $ 47 | ||
Benefit payments made to defined benefit pension plans and ENPP | 45.6 | ||
Benefits paid | $ 44.8 | $ 45.9 | |
Weighted average expected long-term rate of return on plan assets | 4.60% | 5.40% | 5.80% |
Postretirement Benefits | |||
Unrecognized net actuarial losses (gains) | $ (3.9) | $ 0.6 | |
Defined Benefit Plan, Amortization Period | 12 years | ||
Unrecognized prior service cost | $ 3 | $ 3.1 | |
Weighted average discount rate | 4.50% | 5.20% | |
Benefit payments | $ 1.6 | ||
Benefits paid | $ 1.5 | $ 1.4 | |
Brazilian Postretirement Benefit Obligation, Defined Benefit [Member] | |||
Health care cost trend rate assumed | 10.55% | 10.80% | |
Ultimate health care cost trend rate | 4.80% | 5.00% | |
Benefit payments | $ 0.1 | ||
U.S Based Postretirement Health Care and Life Insurance Benefit Plans | |||
Health care cost trend rate assumed | 6.25% | 6.50% | |
Ultimate health care cost trend rate | 5.00% | 5.00% | |
Benefit payments | $ 1.6 | ||
UNITED STATES | Pension Benefits | |||
Defined Benefit Plan, Amortization Period | 15 years | ||
Aggregate projected benefit obligation | $ 172.5 | $ 145.6 | |
Accumulated benefit obligation | 151.9 | 128.7 | |
Fair value of plan assets | $ 38.3 | $ 36.8 | |
Weighted average discount rate | 3.45% | 4.35% | |
Expected minimum contribution | $ 3.6 | ||
Defined benefit plan, target allocation percentage of assets, near-term benefit payments | 60.00% | ||
Defined benefit plan, target allocation percentage of assets, long-term growth | 40.00% | ||
Defined benefit plan, target plan asset allocations | 100.00% | ||
Defined benefit plan, assumptions used in investment strategy, expected return next fiscal year | 5.50% | ||
Weighted average expected long-term rate of return on plan assets | 5.50% | 6.00% | 6.00% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 5.00% | 5.00% | |
UNITED STATES | Pension Benefits | Equity securities | |||
Defined benefit plan, target plan asset allocations | 30.00% | ||
UNITED STATES | Pension Benefits | Fixed Income Securities | |||
Defined benefit plan, target plan asset allocations | 55.00% | ||
UNITED STATES | Pension Benefits | Alternative Investments | |||
Defined benefit plan, target plan asset allocations | 10.00% | ||
UNITED STATES | Pension Benefits | Defined Benefit Plan, Cash [Member] | |||
Defined benefit plan, target plan asset allocations | 5.00% | ||
UNITED STATES | Postretirement Benefits | |||
Unrecognized net actuarial losses (gains) | $ 1.6 | $ 0.3 | |
UNITED KINGDOM | Pension Benefits | |||
Expected minimum contribution | $ 30 | ||
Foreign Plan [Member] | |||
Defined benefit plan, target plan asset allocations | 100.00% | ||
Foreign Plan [Member] | U.K. Pension Plans, Defined Benefit | |||
Expected minimum contribution | $ 20.2 | ||
Foreign Plan [Member] | Pension Benefits | |||
Defined benefit plan, target plan asset allocations | 100.00% | ||
Foreign Plan [Member] | Pension Benefits | Defined Benefit Plan, Cash [Member] | |||
Defined benefit plan, target plan asset allocations | 0.00% | ||
Non-US [Domain] | U.K. Pension Plans, Defined Benefit | |||
Weighted average expected long-term rate of return on plan assets | 4.25% | ||
Non-US [Domain] | Pension Benefits | |||
Defined Benefit Plan, Amortization Period | 19 years | ||
Defined benefit plan, historical average return on asset mix | 4.75% | ||
Corporate Joint Venture | GIMA | |||
Reduction in equity | $ (1.6) | (1.1) | |
Tax effect of benefit plans | $ 0.5 | 0.4 | |
Percentage of joint venture's unrecognized net actuarial losses and unrecognized prior service cost | 50.00% | ||
Net loss recognized due to settlement | $ 0.1 | 0.1 | |
U.S. and BRAZIL | Postretirement Benefits | |||
Unrecognized net actuarial losses (gains) | $ 3.9 | $ (0.6) |
Employee Benefit Plans (Net Pen
Employee Benefit Plans (Net Pension And Postretirement Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits | |||
Service cost | $ 15.5 | $ 16.6 | $ 17.1 |
Interest cost | 20.7 | 19.9 | 20.6 |
Expected return on plan assets | (28.1) | (34) | (35.9) |
Amortization of net actuarial losses | 14.3 | 13.8 | 13.4 |
Amortization of prior service cost | 1.6 | 1.2 | 1.2 |
Net loss recognized due to settlement | 0.5 | 0.9 | 0.2 |
Net annual pension cost | $ 24.5 | $ 18.4 | $ 16.6 |
Weighted average discount rate | 2.80% | 2.50% | 2.70% |
Postretirement Benefits | |||
Service cost | $ 0.1 | $ 0.1 | $ 0.1 |
Interest cost | 1.3 | 1.4 | 1.4 |
Amortization of net actuarial losses | 0 | 0.1 | 0.1 |
Amortization of prior service cost | 0.1 | 0.2 | 0.2 |
Net annual pension cost | $ 1.5 | $ 1.8 | $ 1.8 |
Weighted average discount rate | 5.20% | 4.90% | 5.30% |
Employee Benefit Plans (Assumpt
Employee Benefit Plans (Assumptions for Pension and Postretirement Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Weighted average expected long-term rate of return on plan assets | 5.00% | ||
Minimum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Rate of increase in future compensation | 1.80% | 1.80% | 1.50% |
Maximum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Rate of increase in future compensation | 5.00% | 5.00% | 5.00% |
Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Weighted average discount rate | 2.80% | 2.50% | 2.70% |
Weighted average expected long-term rate of return on plan assets | 4.60% | 5.40% | 5.80% |
UNITED STATES | Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Weighted average discount rate | 4.35% | 3.70% | 4.25% |
Weighted average expected long-term rate of return on plan assets | 5.50% | 6.00% | 6.00% |
Rate of increase in future compensation | 5.00% | 5.00% | 5.00% |
Employee Benefit Plans (Net Fun
Employee Benefit Plans (Net Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in plan assets | |||
Fair value of plan assets at beginning of year | $ 617.1 | ||
Fair value of plan assets at end of year | $ 617.1 | ||
Unrecognized net actuarial losses (gains) | 393.2 | 379.8 | $ 380.6 |
Amounts recognized in Consolidated Balance Sheets: | |||
Pensions and postretirement health care benefits (noncurrent) | (232.1) | (223.2) | |
Pension Benefits | |||
Change in benefit obligation | |||
Benefit obligation, beginning of period | 823.1 | 916.7 | |
Service cost | 15.5 | 16.6 | 17.1 |
Interest cost | 20.7 | 19.9 | 20.6 |
Plan participants’ contributions | 1.2 | 1.2 | |
Actuarial losses (gains) | 83.3 | (55.2) | |
Amendments | 4.7 | 8.5 | |
Settlements | (0.8) | (1.5) | |
Benefits paid | (44.8) | (45.9) | |
Defined Benefit Plan, Special Termination Benefits and Other | 0 | 1.9 | |
Foreign currency exchange rate changes | 14.4 | (39.1) | |
Benefit obligation, end of period | 917.3 | 823.1 | 916.7 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 617.1 | 691.8 | |
Actual return on plan assets | 91.2 | (32.4) | |
Employer contributions | 30.6 | 36.8 | |
Plan participants’ contributions | 1.2 | 1.2 | |
Benefits paid | (44.8) | (45.9) | |
Settlements | (0.8) | (1.5) | |
Foreign currency exchange rate changes | 16.5 | (32.9) | |
Fair value of plan assets at end of year | 711 | 617.1 | 691.8 |
Funded status | (206.3) | (206) | |
Unrecognized net actuarial losses (gains) | 362.2 | 356.7 | |
Unrecognized prior service cost | 22.5 | 19.5 | |
Accumulated other comprehensive loss | (384.7) | (376.2) | |
Net amount recognized | (206.3) | (206) | |
Amounts recognized in Consolidated Balance Sheets: | |||
Assets for Plan Benefits, Defined Benefit Plan | 6.2 | 0.1 | |
Other current liabilities | (4.9) | (3.8) | |
Accrued expenses | (3.3) | (2.9) | |
Pensions and postretirement health care benefits (noncurrent) | (204.3) | (199.4) | |
Postretirement Benefits | |||
Change in benefit obligation | |||
Benefit obligation, beginning of period | 25.3 | 30.2 | |
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 1.3 | 1.4 | 1.4 |
Plan participants’ contributions | 0 | 0 | |
Actuarial losses (gains) | 4.5 | (4.2) | |
Amendments | 0 | 0 | |
Settlements | 0 | 0 | |
Benefits paid | (1.5) | (1.4) | |
Defined Benefit Plan, Special Termination Benefits and Other | 0 | 0 | |
Foreign currency exchange rate changes | (0.3) | (0.8) | |
Benefit obligation, end of period | 29.4 | 25.3 | 30.2 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 1.5 | 1.4 | |
Plan participants’ contributions | 0 | 0 | |
Benefits paid | (1.5) | (1.4) | |
Settlements | 0 | 0 | |
Foreign currency exchange rate changes | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status | (29.4) | (25.3) | |
Unrecognized net actuarial losses (gains) | 3.9 | (0.6) | |
Unrecognized prior service cost | 3 | 3.1 | |
Accumulated other comprehensive loss | (6.9) | (2.5) | |
Net amount recognized | (29.4) | (25.3) | |
Amounts recognized in Consolidated Balance Sheets: | |||
Assets for Plan Benefits, Defined Benefit Plan | 0 | 0 | |
Other current liabilities | (1.6) | (1.5) | |
Accrued expenses | 0 | 0 | |
Pensions and postretirement health care benefits (noncurrent) | $ (27.8) | $ (23.8) |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Pension Costs Included in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Before-Tax Amount | |||
Accumulated other comprehensive loss, before tax, beginning of period | $ (379.8) | $ (380.6) | |
Prior service cost arising during the year, before tax | (4.7) | (8.5) | |
Net loss recognized due to settlement, before tax | 0.6 | 1 | |
Net actuarial (loss) gain arising during the year, before tax | (25.3) | (7) | |
Amortization of prior service cost, before tax | 1.7 | 1.4 | |
Amortization of net actuarial losses | 14.3 | 13.9 | |
Accumulated other comprehensive loss, before tax, end of period | (393.2) | (379.8) | $ (380.6) |
Income Tax | |||
Accumulated other comprehensive loss, tax, beginning of period | (97.4) | (95.5) | |
Prior service cost arising during the year, tax | 0 | (1.5) | |
Net loss recognized due to settlement, tax | 0 | 0.1 | |
Net actuarial (loss) gain arising during the year, tax | (2) | (2.8) | |
Amortization of prior service costs, tax | 0.1 | 0.1 | |
Amortization of net actuarial losses, tax | 2.5 | 2.2 | |
Accumulated other comprehensive loss, tax, end of period | (96.8) | (97.4) | (95.5) |
After-Tax Amount | |||
Accumulated other comprehensive loss, after tax, beginning of period | (282.4) | (285.1) | |
Prior service cost arising during the year | (4.7) | (7) | 0 |
Net loss recognized due to settlement | 0.6 | 0.9 | 0.2 |
Net actuarial (loss) gain arising during the year, after tax | (23.3) | (4.2) | 6.6 |
Amortization of prior service costs, after tax | 1.6 | 1.3 | 1.3 |
Amortization of net actuarial losses included in net periodic pension cost | 11.8 | 11.7 | 11.3 |
Accumulated other comprehensive loss, after tax, end of period | (296.4) | (282.4) | $ (285.1) |
Other Postretirement Benefits Plan [Member] | |||
Before-Tax Amount | |||
Accumulated other comprehensive loss, before tax, beginning of period | 0.6 | ||
Accumulated other comprehensive loss, before tax, end of period | (3.9) | 0.6 | |
UNITED STATES | Other Postretirement Benefits Plan [Member] | |||
Before-Tax Amount | |||
Accumulated other comprehensive loss, before tax, beginning of period | 0.3 | ||
Accumulated other comprehensive loss, before tax, end of period | $ 1.6 | $ 0.3 |
Employee Benefit Plans (Assum_2
Employee Benefit Plans (Assumptions for Benefit Obligation) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | $ 393.2 | $ 379.8 | $ 380.6 |
Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 362.2 | 356.7 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | $ 22.5 | $ 19.5 | |
Weighted average discount rate | 2.00% | 2.80% | |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | $ 3.9 | $ (0.6) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | $ 3 | $ 3.1 | |
Weighted average discount rate | 4.50% | 5.20% | |
Minimum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Rate of increase in future compensation | 1.75% | 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% | |
UNITED STATES | Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Weighted average discount rate | 3.45% | 4.35% | |
Rate of increase in future compensation | 5.00% | 5.00% | |
UNITED STATES | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | $ (1.6) | $ (0.3) |
Employee Benefit Plans (Expecte
Employee Benefit Plans (Expected Future Minimum Payments) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Pension Benefits | |
Aggregate expected benefit payments | |
2020 | $ 47 |
2021 | 49.7 |
2022 | 50.3 |
2023 | 50.3 |
2024 | 51 |
2025 through 2029 | 278.3 |
Total | 526.6 |
Postretirement Benefits | |
Aggregate expected benefit payments | |
2020 | 1.6 |
2021 | 1.7 |
2022 | 1.7 |
2023 | 1.7 |
2024 | 1.7 |
2025 through 2029 | 8.6 |
Total | $ 17 |
Employee Benefit Plans (Asset A
Employee Benefit Plans (Asset Allocation) (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Fixed Income Securities Consisting of Asset-Backed and Mortgage-Backed Securities | 9.00% | |
Foreign Plan [Member] | Pension Benefits | ||
Asset Category | ||
Equity Securities | 100.00% | 100.00% |
Foreign Plan [Member] | Pension Benefits | Equity Securities | ||
Asset Category | ||
Equity Securities | 39.00% | 39.00% |
Foreign Plan [Member] | Pension Benefits | Fixed Income Securities | ||
Asset Category | ||
Equity Securities | 54.00% | 54.00% |
Foreign Plan [Member] | Pension Benefits | Other Investments [Member] | ||
Asset Category | ||
Equity Securities | 7.00% | 7.00% |
UNITED STATES | Pension Benefits | ||
Asset Category | ||
Equity Securities | 100.00% | 100.00% |
UNITED STATES | Pension Benefits | Equity securities | ||
Asset Category | ||
Equity Securities | 34.00% | 27.00% |
UNITED STATES | Pension Benefits | Fixed Income Securities | ||
Asset Category | ||
Equity Securities | 59.00% | 57.00% |
UNITED STATES | Pension Benefits | Other Investments [Member] | ||
Asset Category | ||
Equity Securities | 7.00% | 16.00% |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Value of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | $ 617.1 | ||
Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 547.7 | ||
Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | ||
Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 30.5 | ||
Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | $ 711 | $ 617.1 | $ 691.8 |
Percentage of Fixed Income Securities Consisting of Foreign Securities | 10.00% | 17.00% | |
Percentage of fixed income securities consisting of investment-grade corporate bonds | 43.00% | 36.00% | |
Percentage of fixed income securities consisting of high-yield securities | 14.00% | 13.00% | |
Percentage of fixed income securities consisting of government treasuries | 18.00% | 27.00% | |
Percentage of fixed income securities consisting of other various fixed income securities | 6.00% | 7.00% | |
Percentage of alternative investments consisting of long-short equity funds | 24.00% | 22.00% | |
Percentage of alternative investments consisting of event-driven funds | 21.00% | 22.00% | |
Percentage of alternative investments consisting of relative value funds | 42.00% | 44.00% | |
Percentage of alternative investments consisting of credit funds | 6.00% | 5.00% | |
Percentage of alternative investments consisting of hedged and non-hedged funds | 7.00% | 7.00% | |
Pension Benefits | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | $ 564.9 | ||
Pension Benefits | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 66.9 | ||
Pension Benefits | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 33.1 | $ 30.5 | 27.8 |
Pension Benefits | Equity Securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 261.7 | 226.9 | |
Pension Benefits | Equity Securities | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 194.8 | 226.9 | |
Pension Benefits | Equity Securities | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 66.9 | 0 | |
Pension Benefits | Equity Securities | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | Global Equities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 183.4 | 104.4 | |
Pension Benefits | Global Equities | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 116.5 | 104.4 | |
Pension Benefits | Global Equities | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 66.9 | 0 | |
Pension Benefits | Global Equities | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | Non-U.S. Equities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 3.8 | 3 | |
Pension Benefits | Non-U.S. Equities | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 3.8 | 3 | |
Pension Benefits | Non-U.S. Equities | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | Non-U.S. Equities | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | U.K. Equities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 65.2 | 112.4 | |
Pension Benefits | U.K. Equities | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 65.2 | 112.4 | |
Pension Benefits | U.K. Equities | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | U.K. Equities | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | U.S. Large Cap Equities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 5.9 | 4.5 | |
Pension Benefits | U.S. Large Cap Equities | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 5.9 | 4.5 | |
Pension Benefits | U.S. Large Cap Equities | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | U.S. Large Cap Equities | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | U.S. Small Cap Equities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 3.4 | 2.4 | |
Pension Benefits | U.S. Small Cap Equities | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 3.4 | 2.4 | |
Pension Benefits | U.S. Small Cap Equities | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | U.S. Small Cap Equities | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | Fixed Income Securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 370.1 | 320.8 | |
Pension Benefits | Fixed Income Securities | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 370.1 | 320.8 | |
Pension Benefits | Fixed Income Securities | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | Fixed Income Securities | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | Private Equity Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 2.3 | 2.3 | |
Pension Benefits | Private Equity Funds [Member] | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | Private Equity Funds [Member] | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | Private Equity Funds [Member] | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 2.3 | 2.3 | |
Pension Benefits | Aggregate Fixed Income | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 150.1 | 131.5 | |
Pension Benefits | Aggregate Fixed Income | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 150.1 | 131.5 | |
Pension Benefits | Aggregate Fixed Income | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | Aggregate Fixed Income | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | International Fixed Income | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 220 | 189.3 | |
Pension Benefits | International Fixed Income | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 220 | 189.3 | |
Pension Benefits | International Fixed Income | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | International Fixed Income | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | Cash and Cash Equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 33.3 | 31.8 | |
Pension Benefits | Cash and Cash Equivalents | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | Cash and Cash Equivalents | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | Cash and Cash Equivalents | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | Alternative Investments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 35.6 | 34.1 | |
Pension Benefits | Alternative Investments | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | Alternative Investments | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | Alternative Investments | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 2.3 | 2.3 | 2.4 |
Pension Benefits | Miscellaneous Funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 30.8 | 28.2 | |
Pension Benefits | Miscellaneous Funds | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | Miscellaneous Funds | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | Miscellaneous Funds | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 30.8 | 28.2 | $ 25.4 |
Pension Benefits | Cash and cash equivalents measured at net asset value [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 12.8 | 7.1 | |
Pension Benefits | Cash [Member] | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | Cash [Member] | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Pension Benefits | Cash [Member] | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0 | 0 | |
Preferred Stock [Member] | Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0.2 | ||
Preferred Stock [Member] | Pension Benefits | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total assets | 0.2 | ||
UNITED STATES | Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | 38.3 | 36.8 | |
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 172.5 | 145.6 | |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | $ 151.9 | $ 128.7 |
Employee Benefit Plans (Reconci
Employee Benefit Plans (Reconciliation of Level 3 Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement [Abstract] | |||
Fair value of plan assets | $ 617.1 | ||
Pension Benefits | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement [Abstract] | |||
Foreign currency exchange rate changes | $ 16.5 | (32.9) | |
Fair value of plan assets | 711 | 617.1 | $ 691.8 |
Pension Benefits | Alternative Investments | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement [Abstract] | |||
Fair value of plan assets | 35.6 | 34.1 | |
Pension Benefits | Miscellaneous Funds | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement [Abstract] | |||
Fair value of plan assets | 30.8 | 28.2 | |
Level 3 | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement [Abstract] | |||
Fair value of plan assets | 30.5 | ||
Level 3 | Pension Benefits | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement [Abstract] | |||
Related to assets still held at reporting | 1.9 | 0.8 | |
Relating to assets sold during period | 0 | 0 | |
Purchases, sales and /or settlements | 1.3 | 3.2 | |
Foreign currency exchange rate changes | (0.6) | (1.3) | |
Fair value of plan assets | 33.1 | 30.5 | 27.8 |
Level 3 | Pension Benefits | Alternative Investments | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement [Abstract] | |||
Related to assets still held at reporting | (0.1) | (0.2) | |
Relating to assets sold during period | 0 | 0 | |
Purchases, sales and /or settlements | 0.1 | 0.1 | |
Foreign currency exchange rate changes | 0 | 0 | |
Fair value of plan assets | 2.3 | 2.3 | 2.4 |
Level 3 | Pension Benefits | Miscellaneous Funds | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement [Abstract] | |||
Related to assets still held at reporting | 2 | 1 | |
Relating to assets sold during period | 0 | 0 | |
Purchases, sales and /or settlements | 1.2 | 3.1 | |
Foreign currency exchange rate changes | (0.6) | (1.3) | |
Fair value of plan assets | $ 30.8 | $ 28.2 | $ 25.4 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Feb. 29, 2020 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 23, 2020 | Feb. 25, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Accelerated Share Repurchases [Line Items] | |||||||||
Cash dividends declared and paid per common share (in dollars per share) | $ 0.16 | $ 0.63 | $ 0.60 | $ 0.56 | |||||
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 | 150,000,000 | ||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Common stock, shares outstanding (in shares) | 75,471,562 | 75,471,562 | 76,536,755 | ||||||
Shares available for grant (in shares) | 3,581,614 | 3,581,614 | |||||||
Purchases and retirement of common stock | $ 130 | $ 184.3 | $ 0 | ||||||
Remaining authorized repurchase amount | $ 300 | 300 | |||||||
Common stock, quarterly dividends declared (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.14 | ||||||
Accelerated Share Repurchase | |||||||||
Accelerated Share Repurchases [Line Items] | |||||||||
Purchases and retirement of common stock | $ 130 | $ 184.3 | |||||||
Purchases and retirement of common stock (in shares) | 1,794,256 | 3,120,184 | |||||||
Subsequent Event [Member] | |||||||||
Accelerated Share Repurchases [Line Items] | |||||||||
Common stock, quarterly dividends declared (in dollars per share) | $ 0.16 | ||||||||
Subsequent Event [Member] | Accelerated Share Repurchase | |||||||||
Accelerated Share Repurchases [Line Items] | |||||||||
Purchases and retirement of common stock | $ 25 | ||||||||
Purchases and retirement of common stock (in shares) | 297,000 |
Stockholders' Equity (Changes i
Stockholders' Equity (Changes in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | $ 2,993.5 | $ 3,095.3 | $ 2,837.2 |
Net losses (gains) reclassified from accumulated other comprehensive loss | 13.3 | 20.2 | |
Other comprehensive (loss) income, net of reclassification adjustments | (37.3) | (198) | 81.2 |
Ending balance | 2,907 | 2,993.5 | 3,095.3 |
Defined Benefit Pension Plans | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (282.4) | (285.1) | |
Other comprehensive loss before reclassifications | (27.4) | (10.3) | |
Net losses (gains) reclassified from accumulated other comprehensive loss | 13.4 | 13 | |
Other comprehensive (loss) income, net of reclassification adjustments | (14) | 2.7 | 19.4 |
Ending balance | (296.4) | (282.4) | (285.1) |
Cumulative Translation Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (1,274.4) | (1,071.8) | |
Other comprehensive loss before reclassifications | (23.1) | (202.6) | |
Net losses (gains) reclassified from accumulated other comprehensive loss | 0 | 0 | |
Other comprehensive (loss) income, net of reclassification adjustments | (23.1) | (202.6) | 56.6 |
Ending balance | (1,297.5) | (1,274.4) | (1,071.8) |
Deferred Net Gains (Losses) on Derivatives | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | 1.4 | (4.7) | (8.7) |
Other comprehensive loss before reclassifications | (2.6) | (1.1) | 2 |
Net losses (gains) reclassified from accumulated other comprehensive loss | (0.1) | 7.2 | 2 |
Other comprehensive (loss) income, net of reclassification adjustments | (2.7) | 6.1 | 4 |
Ending balance | (1.3) | 1.4 | (4.7) |
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (1,555.4) | (1,361.6) | |
Other comprehensive loss before reclassifications | (53.1) | (214) | |
Net losses (gains) reclassified from accumulated other comprehensive loss | 13.3 | 20.2 | |
Other comprehensive (loss) income, net of reclassification adjustments | (39.8) | (193.8) | 80 |
Ending balance | $ (1,595.2) | $ (1,555.4) | $ (1,361.6) |
Stockholders' Equity (Reclassif
Stockholders' Equity (Reclassification Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Cost of Goods and Services Sold | $ 7,057.1 | $ 7,355.3 | $ 6,541.2 |
Interest expense, net | 19.9 | 53.8 | 45.1 |
Income before income taxes and equity in net earnings of affiliates | (261.1) | (360.3) | (283.8) |
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Income Tax Expense (Benefit) | 180.8 | 110.9 | 133.6 |
Net income attributable to AGCO Corporation and subsidiaries | (125.2) | (285.5) | (186.4) |
Net losses reclassified from accumulated other comprehensive loss | 13.3 | 20.2 | |
Deferred Net Gains (Losses) on Derivatives | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Net losses reclassified from accumulated other comprehensive loss into income | (0.1) | 8.6 | 2.2 |
Reclassification from AOCI, tax | 0 | (1.4) | (0.2) |
Net losses reclassified from accumulated other comprehensive loss | (0.1) | 7.2 | $ 2 |
Defined Benefit Pension Plans | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Net losses reclassified from accumulated other comprehensive loss into income | 16 | 15.3 | |
Reclassification from AOCI, tax | (2.6) | (2.3) | |
Net losses reclassified from accumulated other comprehensive loss | 13.4 | 13 | |
Amortization of net actuarial losses | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Net losses reclassified from accumulated other comprehensive loss into income | 14.3 | 13.9 | |
Amortization of prior service cost | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Net losses reclassified from accumulated other comprehensive loss into income | 1.7 | 1.4 | |
Reclassification out of Accumulated Other Comprehensive Income | Deferred Net Gains (Losses) on Derivatives | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Income before income taxes and equity in net earnings of affiliates | (0.1) | 8.6 | |
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Income Tax Expense (Benefit) | 0 | (1.4) | |
Net income attributable to AGCO Corporation and subsidiaries | (0.1) | 7.2 | |
Foreign Exchange Contract | Reclassification out of Accumulated Other Comprehensive Income | Deferred Net Gains (Losses) on Derivatives | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Cost of Goods and Services Sold | (0.1) | 2.3 | |
Interest Rate Contract | Reclassification out of Accumulated Other Comprehensive Income | Deferred Net Gains (Losses) on Derivatives | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Interest expense, net | $ 0 | $ 6.3 |
Stockholders' Equity Dividends
Stockholders' Equity Dividends Declared and Paid (Details) - $ / shares | Feb. 25, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Equity [Abstract] | |||
Common stock, quarterly dividends declared (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.14 |
Stock Incentive Plan (Narrative
Stock Incentive Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 22, 2020 | Dec. 31, 2019 | Apr. 25, 2019 | Feb. 29, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Common stock, shares issuable (in shares) | 150,000,000 | 150,000,000 | 150,000,000 | ||||
Compensation cost related to unearned performance awards | $ 24 | $ 24 | |||||
Total stock compensation expense | 41.7 | $ 46.6 | $ 38.4 | ||||
Excess tax benefit of stock awards | $ 2.7 | $ 1.6 | $ 0.1 | ||||
Shares available for grant (in shares) | 3,581,614 | 3,581,614 | |||||
Long Term Incentive Plan | Minimum | |||||||
Target award percentages | 33.00% | ||||||
Long Term Incentive Plan | Maximum | |||||||
Target award percentages | 200.00% | ||||||
Performance Shares | |||||||
Shares awarded (in shares) | 542,180 | ||||||
Recognition period | 1 year 6 months | ||||||
Weighted average grant-date fair value of performance awards granted (in dollars per share) | $ 61.01 | $ 71.40 | $ 61.94 | ||||
Number of shares not vested (in shares) | 932,182 | 932,182 | 938,862 | ||||
Shares earned (in shares) | 503,514 | ||||||
Waived Stock Award [Member] | |||||||
Share-based Payment Arrangement, Accelerated Cost | $ 4.8 | ||||||
Restricted Stock Units (RSUs) | |||||||
Shares awarded (in shares) | 165,160 | ||||||
Compensation cost related to unearned performance awards | $ 12.6 | $ 12.6 | |||||
Recognition period | 1 year 6 months | ||||||
Weighted average grant-date fair value of performance awards granted (in dollars per share) | $ 61.01 | $ 63.99 | $ 61.99 | ||||
Number of shares not vested (in shares) | 396,529 | 396,529 | 352,975 | ||||
Shares earned (in shares) | 113,182 | ||||||
Stock Appreciation Rights (SARs) | |||||||
Vesting period | 4 years | ||||||
Compensation cost related to unearned performance awards | $ 3.9 | $ 3.9 | |||||
Recognition period | 2 years 6 months | ||||||
Weighted average grant-date fair value of performance awards granted (in dollars per share) | $ 11.34 | $ 12.88 | $ 11.45 | ||||
SSAR Expiration Period | 7 years | ||||||
Total stock compensation expense | $ 2.4 | $ 2.4 | $ 3 | ||||
Weighted average remaining contractual life of SSARs outstanding, in years | 4 years 7 months 6 days | ||||||
Total fair value of SSARs vested | $ 3.1 | ||||||
Number of shares not vested (in shares) | 550,050 | 550,050 | |||||
Total intrinsic value of outstanding SSARs | $ 8.1 | $ 8.1 | |||||
Total intrinsic value of exercisable of SSARs | $ 4.3 | 4.3 | |||||
Total intrinsic value of SSARs exercised | $ 12.7 | ||||||
SSARs granted (in shares) | 243,600 | ||||||
Restricted Stock | |||||||
Total stock compensation expense | $ 1.4 | ||||||
Weighted-average period for compensation cost expected to be recognized, in years | 1 year | ||||||
Restricted common stocks issued (in shares) | 19,386 | ||||||
Restricted common stocks issued after shares withheld for taxes (in shares) | 14,105 | ||||||
Long Term Incentive Plan | |||||||
Performance period | 3 years | ||||||
2006 Plan | |||||||
Common stock, shares issuable (in shares) | 10,000,000 | 10,000,000 | |||||
Subsequent Event [Member] | |||||||
Shares earned (in shares) | 492,314 | ||||||
Share-based compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Issued | 302,009 | ||||||
Share-based compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Shares Withheld for Taxes | 190,305 | ||||||
Subsequent Event [Member] | Performance Shares | |||||||
Shares awarded (in shares) | 212,720 | ||||||
Subsequent Event [Member] | Restricted Stock Units (RSUs) | |||||||
Shares awarded (in shares) | 95,820 | ||||||
Subsequent Event [Member] | Stock Appreciation Rights (SARs) | |||||||
SSARs granted (in shares) | 187,100 |
Stock Incentive Plan (Performan
Stock Incentive Plan (Performance Award Transactions) (Details) - Performance Shares | 12 Months Ended |
Dec. 31, 2019shares | |
Share Activity | |
Shares awarded but not earned at January 1 (in shares) | 938,862 |
Shares awarded (in shares) | 542,180 |
Shares forfeited or unearned (in shares) | (45,346) |
Shares earned (in shares) | (503,514) |
Shares awarded but not earned at December 31 (in shares) | 932,182 |
Stock Incentive Plan Stock Ince
Stock Incentive Plan Stock Incentive Plan (Restricted Stock Units) (Details) - $ / shares | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Stock Appreciation Rights (SARs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 6 months | |||
Weighted average grant date fair value (in dollars per share) | $ 11.34 | $ 12.88 | $ 11.45 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Shares awarded but not earned at December 31 (in shares) | 550,050 | 550,050 | ||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 6 months | |||
Weighted average grant date fair value (in dollars per share) | $ 61.01 | $ 71.40 | 61.94 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Shares awarded but not earned at January 1 (in shares) | 938,862 | |||
Shares awarded (in shares) | 542,180 | |||
Shares forfeited (in shares) | (45,346) | |||
Shares earned (in shares) | (503,514) | |||
Shares awarded but not earned at December 31 (in shares) | 932,182 | 932,182 | 938,862 | |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 6 months | |||
Weighted average grant date fair value (in dollars per share) | $ 61.01 | $ 63.99 | $ 61.99 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Shares awarded but not earned at January 1 (in shares) | 352,975 | |||
Shares awarded (in shares) | 165,160 | |||
Shares forfeited (in shares) | (8,424) | |||
Shares earned (in shares) | (113,182) | |||
Shares awarded but not earned at December 31 (in shares) | 396,529 | 396,529 | 352,975 | |
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights, Share Conversion Ratio | 1 | |||
Share-based Payment Arrangement, Tranche One [Member] | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||
Share-based Payment Arrangement, Tranche Two [Member] | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||
Share-based Payment Arrangement, Tranche Three [Member] | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% |
Stock Incentive Plan (Weighted
Stock Incentive Plan (Weighted Average Grant-Date Fair Value Of SSARS And Assumptions Under Black-Scholes Option Model) (Details) - Stock Appreciation Rights (SARs) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value (in dollars per share) | $ 11.34 | $ 12.88 | $ 11.45 |
Expected life of awards (years) | 3 years | 3 years | 3 years |
Risk-free interest rate | 2.60% | 2.20% | 1.50% |
Expected volatility | 24.20% | 23.70% | 25.90% |
Expected dividend yield | 1.00% | 0.80% | 0.90% |
Stock Incentive Plan (SSAR Acti
Stock Incentive Plan (SSAR Activity) (Details) - Stock Appreciation Rights (SARs) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share Activity | |
SSARs outstanding, beginning of period (in shares) | shares | 1,099,592 |
SSARs granted (in shares) | shares | 243,600 |
SSARs exercised (in shares) | shares | (562,030) |
SSARs canceled or forfeited (in shares) | shares | (21,487) |
SSARs outstanding, end of period (in shares) | shares | 759,675 |
Weighted average SSAR exercise prices per share, Granted (in dollars per share) | $ 62.85 |
Weighted average SSAR exercise prices per share, Exercised (in dollars per share) | 50.73 |
Weighted average SSAR exercise prices per share, Canceled or forfeited (in dollars per share) | 62.56 |
Weighted average SSAR exercise prices per share Outstanding at December 31 (in dollars per share) | $ 61.30 |
Minimum | |
Share Activity | |
SSAR price ranges per share, Granted (in dollars per share) | 62.85 |
SSAR price ranges per share, Exercised (in dollars per share) | 43.88 |
SSAR price ranges per share, Canceled (in dollars per share) | 43.88 |
Maximum | |
Share Activity | |
SSAR price ranges per share, Granted (in dollars per share) | 62.85 |
SSAR price ranges per share, Exercised (in dollars per share) | 73.14 |
SSAR price ranges per share, Canceled (in dollars per share) | 73.14 |
Stock Incentive Plan (Schedule
Stock Incentive Plan (Schedule Of SSAR Exercise Price Range, Number Of Shares, Weighted Average Exercise Price And Remaining Contractual Lives) (Details) - Stock Appreciation Rights (SARs) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
SSARs Outstanding (in shares) | 759,675 | 1,099,592 |
SSARs Exercisable, Exercisable as of December 31 (in shares) | 209,625 | |
SSARs Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 56.15 | |
$43.88 - $55.23 | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, lower limit (in dollars per share) | 43.88 | |
Range of Exercise Prices, upper limit (in dollars per share) | $ 55.23 | |
SSARs Outstanding (in shares) | 175,825 | |
SSAR Outstanding, Weighted Average Remaining Contractual Life (Years) | 2 years 7 months 6 days | |
SSARs Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 46.52 | |
SSARs Exercisable, Exercisable as of December 31 (in shares) | 111,100 | |
SSARs Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 46.45 | |
$62.85 - $ 73.14 | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, lower limit (in dollars per share) | 62.85 | |
Range of Exercise Prices, upper limit (in dollars per share) | $ 73.14 | |
SSARs Outstanding (in shares) | 583,850 | |
SSAR Outstanding, Weighted Average Remaining Contractual Life (Years) | 5 years 1 month 6 days | |
SSARs Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 65.75 | |
SSARs Exercisable, Exercisable as of December 31 (in shares) | 98,525 | |
SSARs Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 67.09 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Narrative) (Details) € in Millions, $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2019EUR (€) | Jan. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Jan. 31, 2018USD ($) | Jan. 31, 2018EUR (€) | Dec. 31, 2015EUR (€) | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Net (gains) losses reclassified from accumulated other comprehensive loss into income | $ (0.1) | $ 7.2 | $ 2 | ||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 114.4 | ||||||||
Designated as Hedging Instrument | Cash Flow Hedging | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Net (gains) losses reclassified from accumulated other comprehensive loss into income | 7.2 | 2 | |||||||
Derivative, Notional Amount | 3,133 | ||||||||
Designated as Hedging Instrument | Net Investment Hedging | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Foreign currency gains included in cumulative translation adjustment | 2.5 | (14.4) | (45) | ||||||
Derivative, Notional Amount | € | € 312 | ||||||||
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Derivative, Notional Amount | 300 | 300 | |||||||
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument | Net Investment Hedging | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Derivative, Notional Amount | $ 9.3 | 17.7 | 0 | ||||||
Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Derivative, fixed interest rate | 0.33% | ||||||||
Derivative, loss on derivative | 3.9 | ||||||||
Derivative, Notional Amount | € | € 312 | € 312 | |||||||
Foreign Exchange Contract | Designated as Hedging Instrument | Cash Flow Hedging | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Derivative, Notional Amount | $ 332.7 | 127 | |||||||
Foreign Exchange Contract | Not Designated as Hedging Instrument | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Derivative, Notional Amount | 2,800.3 | 1,335.8 | |||||||
Cross Currency Interest Rate Contract, Payment [Member] | Designated as Hedging Instrument | Net Investment Hedging | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Derivative Liability | 275.3 | € 245.7 | |||||||
Cross Currency Interest Rate Contract, Receipt [Member] | Designated as Hedging Instrument | Net Investment Hedging | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Derivative Liability | $ 300 | ||||||||
Revolving Credit Facility [Member] | Designated as Hedging Instrument | Net Investment Hedging | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Derivative, Notional Amount | € | € 30 | € 160 | |||||||
Other Nonoperating Income (Expense) | Foreign Exchange Contract | Not Designated as Hedging Instrument | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Gain (loss) on derivative instruments | $ 20.4 | (1.4) | $ 38.3 | ||||||
Credit facility, expires 2023(1) | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | € | € 312 | ||||||||
United States of America, Dollars | Credit facility, expires 2023(1) | Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 360.8 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Summary Of Accumulated Other Comprehensive Loss Related To Derivatives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
After-Tax Amount | |||
Beginning balance | $ 2,993.5 | $ 3,095.3 | $ 2,837.2 |
Net losses reclassified from accumulated other comprehensive loss into income | 13.3 | 20.2 | |
Ending balance | 2,907 | 2,993.5 | 3,095.3 |
Deferred Net Gains (Losses) on Derivatives | |||
Before-Tax Amount | |||
Accumulated derivative net gains, beginning of period | 1.6 | (6) | (10.1) |
Net changes in fair value of derivatives | (3) | (1) | 1.9 |
Net losses reclassified from accumulated other comprehensive loss into income | (0.1) | 8.6 | 2.2 |
Accumulated derivative net gains, end of period | (1.5) | 1.6 | (6) |
Income Tax | |||
Accumulated derivative net gains, beginning of period | 0.2 | (1.3) | (1.4) |
Net changes in fair value of derivatives | (0.4) | 0.1 | (0.1) |
Net losses reclassified from accumulated other comprehensive loss into income | 0 | 1.4 | 0.2 |
Accumulated derivative net gains, end of period | (0.2) | 0.2 | (1.3) |
After-Tax Amount | |||
Beginning balance | 1.4 | (4.7) | (8.7) |
Net changes in fair value of derivatives | (2.6) | (1.1) | 2 |
Net losses reclassified from accumulated other comprehensive loss into income | (0.1) | 7.2 | 2 |
Ending balance | $ (1.3) | $ 1.4 | $ (4.7) |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities ( Fair Value Of Derivative Instruments) (Details) € in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2015EUR (€) | |
(Loss) Gain Recognized in Accumulated Other Comprehensive Loss | $ (2.6) | $ (1.1) | $ 2 | ||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income | 0.1 | (7.2) | (2) | ||
Interest Income (Expense), Net | (19.9) | (53.8) | (45.1) | ||
Cost of Goods and Services Sold | 7,057.1 | 7,355.3 | 6,541.2 | ||
Derivative assets | 39.3 | 24.7 | |||
Derivative liabilities | 15 | 6.6 | |||
Designated as Hedging Instrument | Cross Currency Interest Rate Contract [Member] | |||||
Derivative, Notional Amount | 300 | 300 | |||
Designated as Hedging Instrument | Foreign Exchange Contract | Other current assets | |||||
Derivative assets | 0.6 | 1.9 | |||
Designated as Hedging Instrument | Foreign Exchange Contract | Other current liabilities | |||||
Derivative liabilities | 1.9 | 0.4 | |||
Designated as Hedging Instrument | Interest Rate Contract | Other noncurrent assets | |||||
Derivative assets | 27 | 17.7 | |||
Designated as Hedging Instrument | Interest Rate Contract | Other noncurrent liabilities | |||||
Derivative liabilities | 0 | 0 | |||
Not Designated as Hedging Instrument | Foreign Exchange Contract | |||||
Derivative, Notional Amount | 2,800.3 | 1,335.8 | |||
Not Designated as Hedging Instrument | Foreign Exchange Contract | Other current assets | |||||
Derivative assets | 11.7 | 5.1 | |||
Not Designated as Hedging Instrument | Foreign Exchange Contract | Other current liabilities | |||||
Derivative liabilities | 13.1 | 6.2 | |||
Net Investment Hedging | Designated as Hedging Instrument | |||||
Derivative, Notional Amount | € | € 312 | ||||
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax | 2.5 | (14.4) | (45) | ||
Net Investment Hedging | Designated as Hedging Instrument | Cross Currency Interest Rate Contract [Member] | |||||
Derivative, Notional Amount | 9.3 | 17.7 | 0 | ||
Cash Flow Hedging | Designated as Hedging Instrument | |||||
(Loss) Gain Recognized in Accumulated Other Comprehensive Loss | (1.1) | 2 | |||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income | (7.2) | (2) | |||
Derivative, Notional Amount | 3,133 | ||||
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivative, Notional Amount | € | € 312 | € 312 | |||
Cash Flow Hedging | Designated as Hedging Instrument | Foreign Exchange Contract | |||||
Derivative, Notional Amount | 332.7 | 127 | |||
Other Nonoperating Income (Expense) | Not Designated as Hedging Instrument | Foreign Exchange Contract | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 20.4 | (1.4) | 38.3 | ||
Cost of Goods, Total | Cash Flow Hedging | Designated as Hedging Instrument | Foreign Exchange Contract | |||||
(Loss) Gain Recognized in Accumulated Other Comprehensive Loss | (2.6) | 0.4 | 2.7 | ||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income | $ 0.1 | (2.2) | 0.4 | ||
Interest Expense | Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||||
(Loss) Gain Recognized in Accumulated Other Comprehensive Loss | (1.5) | (0.7) | |||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income | $ (5) | $ (2.4) |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - 12 months ended Dec. 31, 2019 R$ in Millions | USD ($) | BRL (R$) |
Other Commitments [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 26,700,000 | |
Interest payments related to indebtedness | ||
2020 | 13,900,000 | |
2021 | 13,200,000 | |
2022 | 10,800,000 | |
2023 | 8,000,000 | |
2024 | 5,800,000 | |
Thereafter | 5,700,000 | |
Total | 57,400,000 | |
Unconditional purchase obligations | ||
2020 | 102,100,000 | |
2021 | 20,900,000 | |
2022 | 4,500,000 | |
2023 | 200,000 | |
2024 | 0 | |
Thereafter | 0 | |
Total | 127,700,000 | |
Other short-term and long-term obligations | ||
2020 | 91,700,000 | |
2021 | 67,300,000 | |
2022 | 38,500,000 | |
2023 | 32,400,000 | |
2024 | 18,500,000 | |
Thereafter | 47,600,000 | |
Total | 296,000,000 | |
Total contractual cash obligations | ||
2020 | 207,700,000 | |
2021 | 101,400,000 | |
2022 | 53,800,000 | |
2023 | 40,600,000 | |
2024 | 24,300,000 | |
Thereafter | 53,300,000 | |
Total | 481,100,000 | |
Guarantees | ||
2020 | 44,700,000 | |
2021 | 6,100,000 | |
2022 | 6,900,000 | |
2023 | 5,200,000 | |
2024 | 3,200,000 | |
Thereafter | 500,000 | |
Total | 66,600,000 | |
Loss Contingency [Abstract] | ||
Tax disallowance not including interest and penalties | 32,600,000 | R$ 131.5 |
Retail Finance Joint Venture | ||
Other Commitments [Line Items] | ||
Guarantor Obligations, Maximum Inventory Exposure per Calendar Year, Undiscounted | 6,000,000 | |
Designated as Hedging Instrument | Cash Flow Hedging | ||
Off Balance Sheet Arrangements [Abstract] | ||
Notional amount of foreign currency derivatives | 3,133,000,000 | |
Third-Party Payor [Member] | ||
Guarantees | ||
Total | 47,600,000 | |
Other Joint Ventures [Member] | ||
Guarantees | ||
Total | $ 18,900,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instrument (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | $ 617.1 | |
Derivative assets | $ 39.3 | 24.7 |
Derivative liabilities | 15 | $ 6.6 |
1.056% Senior term loan due 2020(1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, face amount | $ 220 | |
Debt Interest Rate | 1.056% | 1.056% |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | $ 547.7 | |
Derivative assets | $ 0 | 0 |
Derivative liabilities | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | |
Derivative assets | 39.3 | 24.7 |
Derivative liabilities | 15 | 6.6 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 30.5 | |
Derivative assets | 0 | 0 |
Derivative liabilities | $ 0 | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | ||||
Ownership interest of controlling interest | 50.00% | |||
Dividends from related parties | $ 40.5 | $ 29.4 | ||
Investments in retail finance joint ventures | $ 3.1 | 5.8 | $ 0.8 | |
Rabobank | ||||
Related Party Transaction [Line Items] | ||||
Ownership interest of controlling interest | 51.00% | |||
TAFE | ||||
Related Party Transaction [Line Items] | ||||
Dividends from related parties | $ 2 | 1.8 | 1.8 | |
Cost method investment, ownership percentage | 23.75% | |||
Beneficial ownership of related parties (in shares) | 12,150,152 | |||
Beneficial ownership of related parties, maximum shares allowed per letter agreement (in shares) | 12,150,152 | |||
Purchases from related party | $ 92.7 | 109.6 | 102 | |
Revenue from related parties | 1.5 | 1.8 | 1.2 | |
PPG Industries, Inc. | ||||
Related Party Transaction [Line Items] | ||||
Purchases from related party | 4.4 | 3.5 | 7.2 | |
Praxair Inc | ||||
Related Party Transaction [Line Items] | ||||
Purchases from related party | $ 6.2 | $ 1.6 | $ 1.5 |
Segment Reporting (Sales Inform
Segment Reporting (Sales Information By Reportable Segments) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)segments | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Property Plant and Equipment and Amortizable Intangible Assets | $ 1,831.8 | $ 1,859.3 | |
Property, Plant and Equipment, Net | $ 1,416.3 | 1,373.1 | |
Number of reportable segments | segments | 4 | ||
Income (loss) from operations | $ 348.1 | 489 | $ 404.4 |
Depreciation | 210.9 | 225.2 | 222.8 |
Total assets | 7,759.7 | 7,626.4 | 7,971.7 |
Capital expenditures | 273.4 | 203.3 | 203.9 |
Revenue from Contract with Customer, Including Assessed Tax | 9,041.4 | 9,352 | 8,306.5 |
Operating Segments | |||
Income (loss) from operations | 763.8 | 743.7 | 624.4 |
Depreciation | 210.9 | 225.2 | 222.8 |
Total assets | 4,501.5 | 4,175.1 | 4,390 |
Capital expenditures | 273.4 | 203.3 | 203.9 |
Revenue from Contract with Customer, Including Assessed Tax | 9,041.4 | 9,352 | 8,306.5 |
United States and Canada [Member] | |||
Property Plant and Equipment and Amortizable Intangible Assets | 550.2 | 593.6 | |
GERMANY | |||
Property Plant and Equipment and Amortizable Intangible Assets | 384.5 | 371.5 | |
BRAZIL | |||
Property Plant and Equipment and Amortizable Intangible Assets | 184.3 | 187.7 | |
FINLAND | |||
Property Plant and Equipment and Amortizable Intangible Assets | 142.5 | 130 | |
CHINA | |||
Property Plant and Equipment and Amortizable Intangible Assets | 98.1 | 109.4 | |
DENMARK | |||
Property Plant and Equipment and Amortizable Intangible Assets | 97.2 | 108.7 | |
ITALY | |||
Property Plant and Equipment and Amortizable Intangible Assets | 109.7 | 115.1 | |
FRANCE | |||
Property Plant and Equipment and Amortizable Intangible Assets | 92.5 | 75.6 | |
Non-US [Member] | |||
Property Plant and Equipment and Amortizable Intangible Assets | 172.8 | 167.7 | |
North America | |||
Revenue from Contract with Customer, Including Assessed Tax | 2,191.8 | ||
North America | Operating Segments | |||
Income (loss) from operations | 121.6 | 103.1 | 66.9 |
Depreciation | 61.6 | 67.6 | 61.5 |
Total assets | 1,125.6 | 1,032.1 | 1,064.1 |
Capital expenditures | 52.1 | 43.3 | 59.1 |
Revenue from Contract with Customer, Including Assessed Tax | 2,191.8 | 2,180.1 | 1,876.7 |
South America | |||
Revenue from Contract with Customer, Including Assessed Tax | 802.2 | ||
South America | Operating Segments | |||
Income (loss) from operations | (39.4) | (10.1) | 15.4 |
Depreciation | 32.4 | 30.5 | 30.5 |
Total assets | 758 | 736.1 | 752.1 |
Capital expenditures | 32.9 | 30.4 | 43 |
Revenue from Contract with Customer, Including Assessed Tax | 802.2 | 959 | 1,063.5 |
Europe/Middle East | |||
Revenue from Contract with Customer, Including Assessed Tax | 5,328.9 | ||
Europe/Middle East | Operating Segments | |||
Income (loss) from operations | 638.2 | 601.1 | 493.3 |
Depreciation | 102.7 | 111.3 | 113 |
Total assets | 2,187.7 | 1,905.8 | 2,074.4 |
Capital expenditures | 173.5 | 120.3 | 92.9 |
Revenue from Contract with Customer, Including Assessed Tax | 5,328.8 | 5,385.1 | 4,614.3 |
Asia/Pacific/Africa | |||
Revenue from Contract with Customer, Including Assessed Tax | 718.5 | ||
Asia/Pacific/Africa | Operating Segments | |||
Income (loss) from operations | 43.4 | 49.6 | 48.8 |
Depreciation | 14.2 | 15.8 | 17.8 |
Total assets | 430.2 | 501.1 | 499.4 |
Capital expenditures | 14.9 | 9.3 | 8.9 |
Revenue from Contract with Customer, Including Assessed Tax | $ 718.6 | $ 827.8 | $ 752 |
Segment Reporting (Income From
Segment Reporting (Income From Operations And Total Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income from operations | $ 348.1 | $ 489 | $ 404.4 | |
Goodwill and Intangible Asset Impairment | (176.6) | 0 | 0 | |
Amortization of intangibles | (61.1) | (64.7) | (57) | |
Cash and cash equivalents | 432.8 | 326.1 | ||
Receivables from affiliates | 15.2 | 12.9 | ||
Investment in affiliates | 380.2 | 400 | ||
Intangible assets, net | 501.7 | 573.1 | ||
Goodwill | 1,298.3 | 1,495.5 | 1,541.4 | $ 1,376.4 |
Total assets | 7,759.7 | 7,626.4 | 7,971.7 | |
Operating Segments | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income from operations | 763.8 | 743.7 | 624.4 | |
Total assets | 4,501.5 | 4,175.1 | 4,390 | |
Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Corporate expenses | (129) | (133.7) | (116.2) | |
Stock compensation (expense) credit | (40) | (44.3) | (35.6) | |
Restructuring and other infrequent expenses | (9) | (12) | (11.2) | |
Amortization of intangibles | (61.1) | (64.7) | (57) | |
Cash and cash equivalents | 432.8 | 326.1 | 367.7 | |
Investment in affiliates | 380.2 | 400 | 409 | |
Deferred tax assets, other current and noncurrent assets | 645.2 | 656.6 | 614.6 | |
Intangible assets, net | 501.7 | 573.1 | 649 | |
Goodwill | $ 1,298.3 | $ 1,495.5 | $ 1,541.4 |
Segment Reporting (Schedule of
Segment Reporting (Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 9,041.4 | $ 9,352 | $ 8,306.5 |
Segment Reporting (Revenue from
Segment Reporting (Revenue from External Customers by Products and Services) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from External Customer [Line Items] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 9,041.4 | $ 9,352 | $ 8,306.5 |
Segment Reporting (Schedule o_2
Segment Reporting (Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property Plant and Equipment and Amortizable Intangible Assets | $ 1,831.8 | $ 1,859.3 |
United States and Canada [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property Plant and Equipment and Amortizable Intangible Assets | 550.2 | 593.6 |
Germany | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property Plant and Equipment and Amortizable Intangible Assets | 384.5 | 371.5 |
Brazil | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property Plant and Equipment and Amortizable Intangible Assets | 184.3 | 187.7 |
Finland | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property Plant and Equipment and Amortizable Intangible Assets | 142.5 | 130 |
China | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property Plant and Equipment and Amortizable Intangible Assets | 98.1 | 109.4 |
Denmark | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property Plant and Equipment and Amortizable Intangible Assets | 97.2 | 108.7 |
Italy | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property Plant and Equipment and Amortizable Intangible Assets | 109.7 | 115.1 |
France | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property Plant and Equipment and Amortizable Intangible Assets | 92.5 | 75.6 |
Non-US [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property Plant and Equipment and Amortizable Intangible Assets | $ 172.8 | $ 167.7 |
Revenue (Summary of Contract As
Revenue (Summary of Contract Assets and Liabilities) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Change in Contract with Customer, Liability [Abstract] | ||
Balance beginning of period | $ 76.8 | $ 82.6 |
Contract with Customer, Liability, Increase From Advance Consideration Received | 147.7 | 124.9 |
Contract with Customer, Liability, Revenue Recognized | (33.8) | (29) |
Contract with Customer, Liability, Advance Consideration Received Applied to Accounts Receivable, Net | (87.4) | (100.9) |
Contract with Customer, Liability, Foreign Currency Translation | 0.7 | (0.8) |
Balance end of period | $ 104 | $ 76.8 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum | |
Disaggregation of Revenue [Line Items] | |
Extended product warrant, period | 1 year |
Maximum | |
Disaggregation of Revenue [Line Items] | |
Extended product warrant, period | 5 years |
Revenue (Disaggregated Revenue)
Revenue (Disaggregated Revenue) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 9,041.4 | $ 9,352 | $ 8,306.5 |
Middle East and Algeria [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 73.2 | 100 | 171.3 |
South America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 789.7 | 943.1 | 1,039.2 |
Other Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,629 | 1,627.8 | 1,396 |
UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,799.7 | 1,723.6 | 1,445.7 |
CANADA | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 289.7 | 329 | 296.9 |
GERMANY | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,194.3 | 1,213.6 | 997.4 |
FRANCE | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,097.6 | 1,002.9 | 815.7 |
UNITED KINGDOM AND IRELAND [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 561.9 | 614.4 | 512.6 |
FINLAND AND SCANDINAVIA [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 772.8 | 826.5 | 721.3 |
Africa [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 116.2 | 135.5 | 138.1 |
Asia [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 344.7 | 414.5 | 366.4 |
Australia and New Zealand [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 257.7 | 277.8 | 247.4 |
Mexico, Central America and Caribbean [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 114.9 | 143.4 | 158.5 |
Tractors [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,182.7 | 5,361.1 | 4,785.2 |
Replacement Part Sales [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,347.8 | 1,346 | 1,305 |
Grain Storage and Protein Production Systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,034.8 | 1,113.5 | 1,049.6 |
Other Machinery Product Line [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,476.1 | 1,531.5 | 1,166.7 |
EME [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,328.8 | 5,385.1 | 4,614.3 |
EME [Member] | Middle East and Algeria [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 73.2 | 100 | 171.3 |
EME [Member] | South America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
EME [Member] | Other Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,629 | 1,627.8 | 1,396 |
EME [Member] | UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
EME [Member] | CANADA | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
EME [Member] | GERMANY | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,194.3 | 1,213.6 | 997.4 |
EME [Member] | FRANCE | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,097.6 | 1,002.9 | 815.7 |
EME [Member] | UNITED KINGDOM AND IRELAND [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 561.9 | 614.4 | 512.6 |
EME [Member] | FINLAND AND SCANDINAVIA [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 772.8 | 826.5 | 721.3 |
EME [Member] | Africa [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
EME [Member] | Asia [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
EME [Member] | Australia and New Zealand [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
EME [Member] | Mexico, Central America and Caribbean [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
EME [Member] | Tractors [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,772 | 3,743 | 3,149.7 |
EME [Member] | Replacement Part Sales [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 874.8 | 880.3 | 835.3 |
EME [Member] | Grain Storage and Protein Production Systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 172.8 | 187.6 | 182.9 |
EME [Member] | Other Machinery Product Line [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 509.2 | 574.3 | 446.4 |
APA [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 718.6 | 827.8 | 752 |
APA [Member] | Middle East and Algeria [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
APA [Member] | South America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
APA [Member] | Other Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
APA [Member] | UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
APA [Member] | CANADA | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
APA [Member] | GERMANY | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
APA [Member] | FRANCE | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
APA [Member] | UNITED KINGDOM AND IRELAND [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
APA [Member] | FINLAND AND SCANDINAVIA [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
APA [Member] | Africa [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 116.2 | 135.5 | 138.1 |
APA [Member] | Asia [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 344.7 | 414.5 | 366.4 |
APA [Member] | Australia and New Zealand [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 257.7 | 277.8 | 247.4 |
APA [Member] | Mexico, Central America and Caribbean [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
APA [Member] | Tractors [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 300.6 | 353.2 | 337.2 |
APA [Member] | Replacement Part Sales [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 74.6 | 76 | 74.3 |
APA [Member] | Grain Storage and Protein Production Systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 234.6 | 285.5 | 256.6 |
APA [Member] | Other Machinery Product Line [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 108.8 | 113.1 | 83.9 |
North America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,191.8 | 2,180.1 | 1,876.7 |
North America [Member] | Middle East and Algeria [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
North America [Member] | South America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
North America [Member] | Other Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
North America [Member] | UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,799.7 | 1,723.6 | 1,445.7 |
North America [Member] | CANADA | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 289.7 | 329 | 296.9 |
North America [Member] | GERMANY | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
North America [Member] | FRANCE | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
North America [Member] | UNITED KINGDOM AND IRELAND [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
North America [Member] | FINLAND AND SCANDINAVIA [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
North America [Member] | Africa [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
North America [Member] | Asia [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
North America [Member] | Australia and New Zealand [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
North America [Member] | Mexico, Central America and Caribbean [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 102.4 | 127.5 | 134.2 |
North America [Member] | Tractors [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 662.4 | 665.8 | 624.8 |
North America [Member] | Replacement Part Sales [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 310.2 | 298.7 | 287 |
North America [Member] | Grain Storage and Protein Production Systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 547.9 | 570.3 | 537.2 |
North America [Member] | Other Machinery Product Line [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 671.3 | 645.3 | 427.7 |
South America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 802.2 | 959 | 1,063.5 |
South America [Member] | Middle East and Algeria [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
South America [Member] | South America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 789.7 | 943.1 | 1,039.2 |
South America [Member] | Other Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
South America [Member] | UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
South America [Member] | CANADA | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
South America [Member] | GERMANY | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
South America [Member] | FRANCE | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
South America [Member] | UNITED KINGDOM AND IRELAND [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
South America [Member] | FINLAND AND SCANDINAVIA [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
South America [Member] | Africa [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
South America [Member] | Asia [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
South America [Member] | Australia and New Zealand [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
South America [Member] | Mexico, Central America and Caribbean [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 12.5 | 15.9 | 24.3 |
South America [Member] | Tractors [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 447.7 | 599.1 | 673.5 |
South America [Member] | Replacement Part Sales [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 88.2 | 91 | 108.4 |
South America [Member] | Grain Storage and Protein Production Systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 79.5 | 70.1 | 72.9 |
South America [Member] | Other Machinery Product Line [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 186.8 | $ 198.8 | $ 208.7 |
Revenue (Performance Obligation
Revenue (Performance Obligation) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 37.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 27.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 16.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 8.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 2.2 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Lessee, Lease, Description [Line Items] | ||
Lease expense, noncancelable operating leases | $ 72.1 | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Lessor, operating lease, renewal term | 6 months | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lessor, operating lease, renewal term | 10 years |
Leases (Assets and Liabilities)
Leases (Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Lease Assets | ||
Operating ROU assets | $ 187.3 | $ 0 |
Finance lease assets | 19.1 | |
Total leased assets | 206.4 | |
Current: | ||
Operating | 42.3 | |
Finance | 4.5 | |
Noncurrent: | ||
Operating | 148.6 | $ 0 |
Finance | 12 | |
Total leased liabilities | 207.4 | |
Finance lease, right-of-use asset, accumulated depreciation | $ 15.2 |
Leases (Lease Cost) (Details)
Leases (Lease Cost) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 55 |
Variable lease cost | 0.6 |
Short-term lease cost | 8.1 |
Finance lease cost: | |
Amortization of leased assets | 4.7 |
Interest on leased liabilities | 0.7 |
Total lease cost | $ 69.1 |
Leases (Future Minimum Lease Pa
Leases (Future Minimum Lease Payments) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Leases, After Adoption of 842 | ||
2020 | $ 48.3 | |
2021 | 40.8 | |
2022 | 31.5 | |
2023 | 24.1 | |
2024 | 16.7 | |
Thereafter | 61.6 | |
Total lease payments | 223 | |
Less: imputed interest | (32.1) | |
Finance Leases, After Adoption of 842 | ||
2020 | 4.8 | |
2021 | 2.7 | |
2022 | 1.2 | |
2023 | 0.9 | |
2024 | 0.6 | |
Thereafter | 8.7 | |
Total lease payments | 18.9 | |
Less: imputed interest | (2.4) | |
Present value of leased liabilities | 16.5 | |
Operating Leases, Before Adoption of 842 | ||
2019 | $ 46.7 | |
2020 | 39.5 | |
2021 | 32.6 | |
2022 | 26 | |
2023 | 21.7 | |
Thereafter | 85.5 | |
Total | 252 | |
Capital Leases, Before Adoption of 842 | ||
2019 | 4.5 | |
2020 | 4.4 | |
2021 | 2.2 | |
2022 | 0.9 | |
2023 | 0.6 | |
Thereafter | 5 | |
Total | 17.6 | |
Less: imputed interest | (2.1) | |
Present value of leased liabilities | $ 15.5 | |
Operating lease, liability | 190.9 | |
Operating lease payments related to options to extend leases that are reasonably certain of being exercised | $ 11.4 |
Leases (Weighted-Average Remain
Leases (Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate) (Details) | Dec. 31, 2019 |
Weighted-average remaining lease term: | |
Operating leases | 14 years |
Finance leases | 7 years |
Weighted-average discount rate: | |
Operating leases | 4.10% |
Finance leases | 2.90% |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 51.9 |
Operating cash flows from finance leases | 0.6 |
Financing cash flows from finance leases | 5.3 |
Leased assets obtained in exchange for lease obligations: | |
Operating leases | 34.8 |
Finance leases | $ 1.5 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Account (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Other Comprehensive Income (Loss), Net of Tax | $ (37.3) | $ (198) | $ 81.2 |
Doubtful accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 31.7 | 38.7 | 33.7 |
Additions, Acquired Businesses | 0 | 0 | 2.2 |
Additions, Charged (Credited) to Costs and Expenses | 5.8 | 6.4 | 4.6 |
Deductions | (8.3) | (11.4) | (3.8) |
Foreign Currency Translation | (0.4) | (2) | 2 |
Balance at End of Period | 28.8 | 31.7 | 38.7 |
Accruals of Severance, Relocation and Other Integration Costs | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 7.1 | 10.9 | 15.3 |
Additions, Charged (Credited) to Costs and Expenses | 6.1 | 13.8 | 12.4 |
Additions, Reversal of Accrual | (0.7) | (2.1) | (1.4) |
Deductions | (7.3) | (14.4) | (16.8) |
Foreign Currency Translation | (0.4) | (1.1) | 1.4 |
Balance at End of Period | 4.8 | 7.1 | 10.9 |
Deferred Tax Assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 83.9 | 81.9 | 116 |
Additions, Acquired Businesses | 0 | 0 | 0 |
Additions, Charged (Credited) to Costs and Expenses | 87.1 | 6.3 | (38.4) |
Deductions | 0 | 0 | 0 |
Foreign Currency Translation | (1.9) | (4.3) | 4.3 |
Balance at End of Period | 169.1 | 83.9 | $ 81.9 |
Other Comprehensive Income (Loss), Net of Tax | $ (2.5) | $ 18.3 |