AGCO (AGCO) 10-Q 9 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Aug. 03, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-12930
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-1960019
Entity Address, Address Line One	4205 River Green Parkway
Entity Address, City or Town	Duluth,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30096
City Area Code	(770)
Local Phone Number	813-9200
Title of 12(b) Security	Common stock
Trading Symbol	AGCO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		74,598,077
Entity Registrant Name	AGCO CORP /DE
Entity Central Index Key	0000880266
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current Assets:
Cash, cash equivalents and restricted cash	$ 580.6	$ 889.1
Accounts and notes receivable, net	1,149.3	991.5
Inventories, net	3,382.3	2,593.7
Other current assets	592.1	539.8
Total current assets	5,704.3	5,014.1
Property, plant and equipment, net	1,405.6	1,464.8
Right-of-use lease assets	153.4	154.1
Investments in affiliates	417	413.5
Deferred tax assets	203.8	169.3
Other assets	317.8	293.3
Intangible assets, net	388.8	392.2
Goodwill	1,298.2	1,280.8
Total assets	9,888.9	9,182.1
Current Liabilities:
Current portion of long-term debt	2	2.1
Short-term borrowings	320.8	90.8
Accounts payable	1,204.1	1,078.3
Accrued expenses	1,915	2,062.2
Other current liabilities	188.6	221.2
Total current liabilities	3,630.5	3,454.6
Long-term debt, less current portion and debt issuance costs	2,018	1,411.2
Operating lease liabilities	119.8	115.5
Pension and postretirement health care benefits	203.6	209
Deferred tax liabilities	114.2	116.9
Other noncurrent liabilities	419.5	431.1
Total liabilities	6,505.6	5,738.3
Commitments and contingencies (Note 18)
AGCO Corporation stockholders’ equity:
Preferred stock; $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding in 2022 and 2021	0	0
Common stock; $0.01 par value, 150,000,000 shares authorized, 74,597,462 and 74,441,312 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	0.7	0.7
Additional paid-in capital	13.3	3.9
Retained earnings	5,130.3	5,182.2
Accumulated other comprehensive loss	(1,761.1)	(1,770.9)
Total AGCO Corporation stockholders’ equity	3,383.2	3,415.9
Noncontrolling interests	0.1	27.9
Total stockholders’ equity	3,383.3	3,443.8
Total liabilities and stockholders’ equity	$ 9,888.9	$ 9,182.1

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	74,597,462	74,441,312
Common stock, shares outstanding (in shares)	74,597,462	74,441,312

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net sales	$ 2,945.2	$ 2,879.3	$ 5,630.9	$ 5,258
Cost of goods sold	2,254.7	2,186.9	4,309.1	3,995.1
Gross profit	690.5	692.4	1,321.8	1,262.9
Operating expenses:
Selling, general and administrative expenses	302.5	276.3	573.6	536.9
Engineering expenses	107.1	107.2	207.4	203.5
Amortization of intangibles	15.4	14.2	30.7	31.7
Impairment charges			36	0
Restructuring expenses	0.4	4.7	3.4	6
Bad debt expense (credit)	1.6	(0.3)	3.2	(0.7)
Income from operations	263.5	290.3	467.5	485.5
Interest expense, net	5.9	2.2	6.3	5.6
Other expense, net	21.7	14.6	39.2	26.1
Income before income taxes and equity in net earnings of affiliates	235.9	273.5	422	453.8
Income tax provision	71.5	7.7	131.7	51.3
Income before equity in net earnings of affiliates	164.4	265.8	290.3	402.5
Equity in net earnings of affiliates	13.2	18.6	24.3	33.3
Net income	177.6	284.4	314.6	435.8
Net loss (income) attributable to noncontrolling interests	0.1	(1.6)	14.9	(2.2)
Net income attributable to AGCO Corporation and subsidiaries	$ 177.7	$ 282.8	$ 329.5	$ 433.6
Net income per common share attributable to AGCO Corporation and subsidiaries:
Basic (in dollars per share)	$ 2.38	$ 3.74	$ 4.41	$ 5.75
Diluted (in dollars per share)	2.37	3.73	4.40	5.71
Cash dividends declared and paid per common share (in dollars per share)	$ 4.72	$ 4.17	$ 4.92	$ 4.33
Weighted average number of common and common equivalent shares outstanding:
Basic (in shares)	74.6	75.5	74.6	75.4
Diluted (in shares)	74.9	75.9	74.9	75.9

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 177.6	$ 284.4	$ 314.6	$ 435.8
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation adjustments	(124.5)	80.8	13.8	33.5
Defined benefit pension plans, net of tax	1.7	(6)	3.4	29.1
Deferred gains and losses on derivatives, net of tax	(3.2)	5.6	(6.5)	10.3
Other comprehensive income, net of reclassification adjustments	(126)	80.4	10.7	72.9
Comprehensive income	51.6	364.8	325.3	508.7
Comprehensive income attributable to noncontrolling interests	0	(2.4)	14	(2.6)
Comprehensive income attributable to AGCO Corporation and subsidiaries	$ 51.6	$ 362.4	$ 339.3	$ 506.1

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 314.6	$ 435.8
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	106.5	109.9
Amortization of intangibles	30.7	31.7
Stock compensation expense	17.6	15.2
Impairment charges	36	0
Equity in net earnings of affiliates, net of cash received	(23.7)	(32.6)
Deferred income tax benefit	(0.6)	(65.5)
Other	2.7	9.2
Changes in operating assets and liabilities:
Accounts and notes receivable, net	(219.5)	(265.5)
Inventories, net	(888.1)	(721.5)
Other current and noncurrent assets	(91.9)	(73.3)
Accounts payable	191.1	320.5
Accrued expenses	(46.2)	(0.8)
Other current and noncurrent liabilities	4.6	112
Total adjustments	(880.8)	(560.7)
Net cash used in operating activities	(566.2)	(124.9)
Cash flows from investing activities:
Purchases of property, plant and equipment	(139.2)	(120.6)
Proceeds from sale of property, plant and equipment	2.1	2.4
Investments in unconsolidated affiliates	(1.5)	(1)
(Purchase) sale of businesses, net, and net of cash acquired	(111.3)	5.4
Other	0	(2.4)
Net cash used in investing activities	(249.9)	(116.2)
Cash flows from financing activities:
Proceeds from indebtedness	1,067	909.4
Repayments of indebtedness	(119.8)	(905.4)
Payment of dividends to stockholders	(368.5)	(328.6)
Payment of minimum tax withholdings on stock compensation	(20.8)	(33.6)
Payment of debt issuance costs	(0.2)	0
Distributions to noncontrolling interest	(11.6)	(3.5)
Net cash provided by (used in) financing activities	546.1	(361.7)
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(38.5)	(16.1)
Decrease in cash, cash equivalents and restricted cash	(308.5)	(618.9)
Cash, cash equivalents and restricted cash, beginning of period	889.1	1,119.1
Cash, cash equivalents and restricted cash, end of period	$ 580.6	$ 500.2

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The condensed consolidated financial statements of AGCO Corporation and its subsidiaries (the “Company” or “AGCO”) included herein have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to present fairly the Company’s financial position, results of operations, comprehensive income (loss) and cash flows at the dates and for the periods presented. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Results for interim periods are not necessarily indicative of the results for the year. Certain prior period amounts have been reclassified to conform to the current period presentation. The Company cannot predict the future impact of the COVID-19 pandemic on its business, including any related impacts on the global economic and political environments, market demand for its products, supply chain disruptions, possible workforce unavailability, exchange rates, commodity prices and availability of financing, and their impact to the Company’s net sales, production volumes, costs and overall financial conditions. New Accounting Pronouncements to be Adopted In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13 “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which requires measurement and recognition of expected versus incurred credit losses for financial assets. In November 2019, the FASB issued ASU 2019-10, “Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates,” which delays the effective date of ASU 2016-13 for smaller reporting companies and other non-SEC reporting entities. This applies to the Company’s equity method finance joint ventures, which 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, likely will impact the results of operations and financial condition of the Company’s finance joint ventures. Therefore, adoption of the standard by the Company’s finance joint ventures likely will impact the Company’s “Investments in affiliates” and “Equity in net earnings of affiliates.” The adoption of ASU 2016-13 is not expected to have a material impact on the Company's results of operations or financial condition. In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosure by Business Entities about Government Assistance,” which improves the transparency of government assistance received by most business entities by requiring the disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity's financial statements. This guidance will be effective for annual periods beginning after December 15, 2021. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on the Company's annual disclosures. The Company will adopt the following pronouncement, effective for fiscal years beginning after December 15, 2022, which is not expected to have a material impact on the Company's results of operations, financial condition or cash flows. • ASU 2021-08 – “Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	ACQUISITIONS On May 2, 2022, the Company acquired JCA Industries, Inc. (“JCA”) for 63.0 million Canadian dollars (or approximately $49.2 million as of May 2, 2022). JCA is located in Winnipeg, Manitoba, Canada, and specializes in the design of electronic systems and software development to automate and control agricultural equipment. The Company allocated the purchase price to the assets acquired and liabilities assumed based on preliminary estimates of their fair values as of the acquisition date. The acquired net assets primarily consisted of accounts receivable, inventories, other current and noncurrent assets, accounts payable, accrued expenses, other current and noncurrent liabilities, property, plant and equipment, deferred tax liabilities as well as customer relationship, technology and trademark identifiable intangible assets. The Company recorded approximately 43.9 million Canadian dollars (or approximately $34.0 million) of goodwill associated with the acquisition. The results of operations of JCA have been included in the Company’s Condensed Consolidated Financial Statements as of and from the date of acquisition. The associated goodwill has been included in the Company’s North America geographical reportable segment. Proforma financial information related to the acquisition of JCA was not material to the Company’s results of operations. On January 1, 2022, the Company acquired Appareo Systems, LLC (“Appareo”) for approximately $62.1 million, net of approximately $0.5 million of cash. As a result of the acquisition of the remaining 50% interest in IAS, the Company's previous operating joint venture with Appareo, the Company recorded a gain of approximately $3.4 million on the remeasurement of the previously held equity interest within “Other expense, net” in the Company's Condensed Consolidated Statements of Operations. The fair value of the previously held 50% interest in the joint venture as of the acquisition date was approximately $11.2 million. Appareo is headquartered in Fargo, North Dakota and offers engineering, manufacturing, and technology for end-to-end product development. The Company allocated the purchase price to the assets acquired and liabilities assumed based on preliminary estimates of their fair values as of the acquisition date. The acquired net assets primarily consisted of accounts receivable, inventories, other current and noncurrent assets, assets held for sale, lease right-of-use assets and liabilities, accounts payable, accrued expenses, other current and noncurrent liabilities, property, plant and equipment, as well as customer relationship, technology, non-competition agreements and trademark identifiable intangible assets. The Company recorded approximately $20.8 million of goodwill associated with the acquisition. The results of operations of Appareo have been included in the Company’s Condensed Consolidated Financial Statements as of and from the date of acquisition. The associated goodwill has been included in the Company’s North America geographical reportable segment. Proforma financial information related to the acquisition of Appareo was not material to the Company’s results of operations. The acquired identifiable intangible assets of JCA and Appareo as of the date of their respective acquisitions during the first six months in 2022 are summarized in the following table (in millions): Intangible Asset Amount Weighted-Average Useful Life Customer relationships $ 15.4 10 years Technology 15.4 8 years Trademarks 5.7 10 years Non-competition agreements 1.4 5 years $ 37.9

Restructuring Expenses

Restructuring Expenses	6 Months Ended
	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Restructuring Expenses	RESTRUCTURING EXPENSES AND IMPAIRMENT CHARGES Restructuring Expenses In recent years, the Company has announced and initiated several actions to rationalize employee headcount in various manufacturing facilities and administrative offices located in the U.S., Europe, South America, Africa and China in order to reduce costs. Restructuring expenses activity during the three and six months ended June 30, 2022 is summarized as follows (in millions): Employee Severance Other Related Closure Costs Total Balance as of December 31, 2021 $ 14.5 $ 0.2 $ 14.7 First quarter 2022 provision 3.0 — 3.0 First quarter 2022 cash activity (3.4) — (3.4) Foreign currency translation (0.3) 0.1 (0.2) Balance as of March 31, 2022 $ 13.8 $ 0.3 $ 14.1 Second quarter 2022 provision 0.8 — 0.8 Second quarter 2022 provision reversal (0.4) — (0.4) Second quarter 2022 cash activity (3.3) — (3.3) Foreign currency translation (0.6) — (0.6) Balance as of June 30, 2022 $ 10.3 $ 0.3 $ 10.6 Impairment Charges In light of the current conflict between Russia and Ukraine, during the three months ended March 31, 2022, the Company assessed the fair value of its gross assets related to the joint ventures operating in Russia for potential impairment and recorded asset impairment charges of approximately $36.0 million, reflected as “Impairment charges” in its Condensed Consolidated Statements of Operations, with an offsetting benefit of approximately $12.2 million included within “Net loss (income) attributable to noncontrolling interests.” In addition, during the three months ended March 31, 2022, the Company recorded a write-down of its investment in its Russian finance joint venture of approximately $4.8 million, reflected within “Equity in net earnings of affiliates” in its Condensed Consolidated Statements of Operations.

Stock Compensation Plans

Stock Compensation Plans	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock Compensation Plans	STOCK COMPENSATION PLANS The Company recorded stock compensation expense as follows for the three and six months ended June 30, 2022 and 2021 (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cost of goods sold $ 0.3 $ 0.3 $ 0.6 $ 0.6 Selling, general and administrative expenses 10.3 8.2 17.0 14.7 Total stock compensation expense $ 10.6 $ 8.5 $ 17.6 $ 15.3 Stock Incentive Plan Under the Company’s Long-Term Incentive Plan (the “Plan”), up to 10,000,000 shares of AGCO common stock may be issued. As of June 30, 2022, of the 10,000,000 shares reserved for issuance under the Plan, 3,817,951 shares were available for grant, assuming the maximum number of shares are earned related to the performance award grants discussed below. The Plan allows the Company, under the direction of the Board of Directors’ Talent and Compensation Committee, to make grants of performance shares, stock appreciation rights, restricted stock units and restricted stock awards to employees, officers and non-employee directors of the Company. Long-Term Incentive Plan and Related Performance Awards The weighted average grant-date fair value of performance awards granted under the Plan during the six months ended June 30, 2022 and 2021 was $124.12 and $123.26, respectively. During the six months ended June 30, 2022, the Company granted 274,566 performance awards related to varying performance periods. 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 the six months ended June 30, 2022 are presented as if the Company were to achieve its maximum levels of performance and assume the 2022 and 2021 performance awards subject to the total shareholder return modifier are achieved at target levels under the plan awards and were as follows: Shares awarded but not earned at January 1 514,714 Shares awarded 274,566 Shares forfeited (12,860) Shares vested (2,534) Shares awarded but not earned at June 30 773,886 As of June 30, 2022, 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 $40.6 million, and the weighted average period over which it is expected to be recognized is approximately two years. The compensation cost not yet recognized could be higher or lower based on actual achieved levels of performance. On July 13, 2022, the Company granted 22,777 performance award shares (subject to the Company achieving future target levels of performance). The 2022 grant of performance award shares is subject to a total shareholder return modifier. Restricted Stock Unit Awards The weighted average grant-date fair value of the restricted stock units (“RSUs”) granted under the Plan during the six months ended June 30, 2022 and 2021 was $117.08 and $113.63, respectively. During the six months ended June 30, 2022, the Company granted 91,583 RSU awards. RSUs granted in 2022 and 2021 entitle the participant to receive one share of the Company’s common stock for each RSU granted and vest one-third per year over a three-year requisite service period. The 2020 grant of RSU’s to certain executives has a three-year cliff vesting requirement subject to adjustment based on a total shareholder return modifier relative to the Company's defined peer group. The compensation expense associated with these awards is being amortized ratably over the requisite service period for the awards that are expected to vest. RSU transactions during the six months ended June 30, 2022 assume the 2020 RSUs subject to the total shareholder return modifier are achieved at target levels, and were as follows: RSUs awarded but not vested at January 1 159,228 RSUs awarded 91,583 RSUs forfeited (3,304) RSUs vested (65,025) RSUs awarded but not vested at June 30 182,482 As of June 30, 2022, the total compensation cost related to the unvested RSUs not yet recognized was approximately $14.9 million, and the weighted average period over which it is expected to be recognized is approximately one and one-half years. On July 13, 2022, the Company granted 41,963 RSUs under the Plan. Stock-Settled Appreciation Rights The compensation expense associated with the stock-settled appreciation rights (“SSARs”) is amortized ratably over the requisite service period for the awards that are expected to vest. The Company estimates the fair value of the grants using the Black-Scholes option pricing model. SSAR transactions during the six months ended June 30, 2022 were as follows: SSARs outstanding at January 1 194,611 SSARs granted — SSARs exercised (38,051) SSARs canceled or forfeited — SSARs outstanding at June 30 156,560 The Company did not grant any SSARs during the six months ended June 30, 2022, and does not currently anticipate granting any SSARs in the future. As of June 30, 2022, the total compensation cost related to the unvested SSARs not yet recognized was approximately $0.6 million, and the weighted average period over which it is expected to be recognized is approximately one and one-half years. Director Restricted Stock Grants The Plan provides for annual restricted stock grants of the Company’s common stock to all non-employee directors. The 2022 grant was made on April 28, 2022 and equated to 11,664 shares of common stock, of which 10,301 shares of common stock were issued after shares were withheld for taxes. The Company recorded stock compensation expense of approximately $1.5 million during the six months ended June 30, 2022 associated with these grants.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	GOODWILL AND OTHER INTANGIBLE ASSETS Changes in the carrying amount of goodwill during the six months ended June 30, 2022 are summarized as follows (in millions): North America South America Europe/Middle East Asia/Pacific/Africa Consolidated Balance as of December 31, 2021 $ 609.6 $ 81.7 $ 469.5 $ 120.0 $ 1,280.8 Acquisitions 54.8 — — — 54.8 Foreign currency translation (0.1) 4.9 (34.9) (7.3) (37.4) Balance as of June 30, 2022 $ 664.3 $ 86.6 $ 434.6 $ 112.7 $ 1,298.2 Goodwill is tested for impairment on an annual basis and more often if indications of impairment exist. The Company conducts its annual impairment analyses as of October 1 each fiscal year. Changes in the carrying amount of acquired intangible assets during the six months ended June 30, 2022 are summarized as follows (in millions): Gross carrying amounts: Trademarks and Tradenames Customer Relationships Patents and Technology Land Use Rights Total Balance as of December 31, 2021 $ 189.0 $ 568.6 $ 139.9 $ 7.0 $ 904.5 Acquisitions 7.1 15.4 15.4 — 37.9 Foreign currency translation (5.9) (11.4) (6.2) (0.3) (23.8) Balance as of June 30, 2022 $ 190.2 $ 572.6 $ 149.1 $ 6.7 $ 918.6 Accumulated amortization: Trademarks and Tradenames Customer Relationships Patents and Technology Land Use Rights Total Balance as of December 31, 2021 $ 93.1 $ 409.7 $ 94.7 $ 1.5 $ 599.0 Amortization expense 6.7 18.9 5.0 0.1 30.7 Foreign currency translation (2.2) (8.6) (5.0) (0.1) (15.9) Balance as of June 30, 2022 $ 97.6 $ 420.0 $ 94.7 $ 1.5 $ 613.8 Indefinite-lived intangible assets: Trademarks and Balance as of December 31, 2021 $ 86.7 Foreign currency translation (2.7) Balance as of June 30, 2022 $ 84.0 The Company currently amortizes certain acquired intangible assets, primarily on a straight-line basis, over their estimated useful lives, which range from four

Indebtedness

Indebtedness	3 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Indebtedness	INDEBTEDNESS Long-term debt consisted of the following at June 30, 2022 and December 31, 2021 (in millions): June 30, 2022 December 31, 2021 Credit facility, expires 2023 800.0 — 1.002% Senior term loan due 2025 260.4 283.7 Senior term loans due between 2023 and 2028 332.7 445.9 0.800% Senior notes due 2028 624.8 680.8 Other long-term debt 6.1 7.7 Debt issuance costs (4.0) (4.8) 2,020.0 1,413.3 Current portion of other long-term debt (2.0) (2.1) Total long-term indebtedness, less current portion $ 2,018.0 $ 1,411.2 Uncommitted Credit Facility In June 2022, the Company entered into an uncommitted revolving credit facility that allows the Company to borrow up to €100.0 million (or approximately $104.1 million as of June 30, 2022). The credit facility expires on December 31, 2026. Any loans will bear interest at market rates. As of June 30, 2022, the Company had no outstanding borrowings under the revolving credit facility and had the ability to borrow €100.0 million (or approximately $104.1 million). Short-term Credit Facility In April 2022, the Company entered into a short-term revolving credit facility of €225.0 million with Coöperatieve Rabobank U.A., or “Rabobank.” The €225.0 million (or approximately $240.0 million) was borrowed on April 26, 2022, with a maturity date of March 31, 2023. Interest accrues on amounts outstanding under the credit facility, at the Company’s option, at either (1) the secured overnight financing rate (“SOFR”) for borrowings denominated in U.S. dollars or Euro Interbank Offered Rate (“EURIBOR”) for borrowings denominated in Euros plus a margin of 0.75%, 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%, or (iii) one-month adjusted term SOFR plus 1.0%, plus a margin of 0.75%. 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. 0.800% Senior Notes Due 2028 On October 6, 2021, the Company issued €600.0 million (or approximately $624.8 million as of June 30, 2022) of senior notes at an issue price of 99.993%. The notes mature on October 6, 2028, and interest is payable annually, in arrears, at 0.800%. The notes contain covenants restricting, among other things, the incurrence of certain secured indebtedness. The senior notes are subject to both optional and mandatory redemption in certain events. Credit Facility In October 2018, the Company entered into a multi-currency revolving credit facility of $800.0 million. The credit facility expires on October 17, 2023. Interest accrues on amounts outstanding under the credit facility, at the Company’s option, at either (1) LIBOR plus a margin ranging from 0.875% to 1.875% based on the Company’s credit rating, or (2) the base rate, which is equal to the higher of (i) the administrative agent’s base lending rate for the applicable currency, (ii) the federal funds rate plus 0.5%, and (iii) one-month LIBOR for loans denominated in U.S. dollars plus 1.0%, plus a margin ranging from 0.0% to 0.875% based on the Company’s credit rating. As of June 30, 2022 the Company had $800.0 million of outstanding borrowings under the revolving credit facility and therefore had no availability to borrow under the revolving credit facility. As of December 31, 2021 the Company had no outstanding borrowings under the revolving credit facility and had the ability to borrow approximately $800.0 million under the facility. On April 9, 2020, the Company entered into an amendment to its credit facility to include incremental term loans (“2020 term loans”) that allowed the Company to borrow aggregate principal amounts of €235.0 million and $267.5 million. The Company borrowed and then repaid amounts under the term loans in 2020 and 2021, respectively. The 2020 term loans matured on April 8, 2022. As described above, the Company’s credit facility allows it to select from among various interest rate options. Due to the phase-out of LIBOR, LIBOR-based rates no longer will be available for borrowings denominated in U.S. dollars after December 31, 2022, and already are not available for loans denominated in other currencies. The interest rates reflected in the Company’s credit facility were designed to accommodate the discontinuation of LIBOR-based rates and a shift to SOFR or a base rate, and, as such, the Company does not believe that moving to other rates will have a materially adverse effect on the Company’s results of operations or financial position. In addition, the credit facility agreement also provides for an expedited amendment process once a replacement for LIBOR is established, which the Company may elect to utilize to add additional interest-rate alternatives. 1.002% Senior Term Loan Due 2025 On January 25, 2019, the Company borrowed €250.0 million (or approximately $260.4 million as of June 30, 2022) from the European Investment Bank. The loan matures on January 24, 2025. The Company is permitted to prepay the loan before its maturity date. Interest is payable on the loan at 1.002% per annum, payable semi-annually in arrears. Senior Term Loans Due Between 2023 and 2028 In October 2016, the Company borrowed an aggregate amount of €375.0 million through a group of seven related term loan agreements, and in August 2018, the Company borrowed an additional aggregate amount of €338.0 million through a group of another seven related term loan agreements. Of the 2016 term loans, the Company repaid an aggregate amount of €56.0 million (or approximately $61.1 million) upon maturity of two term loan agreements in October 2019. Additionally, the Company repaid €192.0 million (or approximately $223.8 million as of October 19, 2021) upon maturity of two 2016 senior term loans in October 2021. On April 19, 2022, the Company repaid €1.0 million (or approximately $1.1 million) of one of its 2016 senior term loans due October 2023. In August 2021, prior to the issuance of the senior notes due 2028, the Company repaid two of its 2018 senior term loans upon maturity with an aggregate amount of €72.0 million (or approximately $85.5 million as of August 1, 2021). On February 1, 2022, the Company repaid €72.5 million (or approximately $81.7 million) of one of its 2018 senior term loans due August 2023 with existing cash on hand. In aggregate, as of June 30, 2022, the Company had indebtedness of €319.5 million (or approximately $332.7 million as of June 30, 2022) through a group of six remaining related term loan agreements. The provisions of the term loan agreements are substantially identical, with the exception of interest rate terms and maturities. As of June 30, 2022, for the term loans with a fixed interest rate, interest is payable in arrears on an annual basis, with interest rates ranging from 0.90% to 2.26% and maturity dates between August 2023 and August 2028. For the term loan with a floating interest rate, interest is payable in arrears on a semi-annual basis, with an interest rate based on the EURIBOR plus a margin of 1.10% and a maturity date of August 2025. Short-Term Borrowings As of June 30, 2022 and December 31, 2021, the Company had short-term borrowings due within one year of approximately $320.8 million and $90.8 million, respectively. The balance as of June 30, 2022 related to short-term borrowings includes the short-term revolving credit facility discussed previously of approximately $240.0 million. Standby Letters of Credit and Similar Instruments The Company has arrangements with various banks to issue standby letters of credit or similar instruments, which guarantee the Company’s obligations for the purchase or sale of certain inventories and for potential claims exposure for insurance coverage. At June 30, 2022 and December 31, 2021, outstanding letters of credit totaled approximately $14.4 million and $14.6 million, respectively.

Recoverable Indirect Taxes

Recoverable Indirect Taxes	6 Months Ended
	Jun. 30, 2022
Recoverable Indirect Taxes [Abstract]
Recoverable Indirect Taxes	RECOVERABLE INDIRECT TAXES    The Company’s Brazilian operations incur value added taxes (“VAT”) on certain purchases of raw materials, components and services. These taxes are accumulated as tax credits and create assets that are reduced by the VAT collected from the Company’s sales in the Brazilian market. The Company regularly assesses the recoverability of these tax credits and establishes reserves when necessary against them, through analyses that include, amongst others, the history of realization, the transfer of tax credits to third parties as authorized by the government, anticipated changes in the supply chain and the future expectation of tax debits from the Company’s ongoing operations. The Company believes that these tax credits, net of established reserves, are realizable. The Company had recorded approximately $127.9 million and $114.4 million, respectively, of VAT tax credits, net of reserves, as of June 30, 2022 and December 31, 2021.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories at June 30, 2022 and December 31, 2021 were as follows (in millions): June 30, 2022 December 31, 2021 Finished goods $ 951.9 $ 718.2 Repair and replacement parts 737.6 697.8 Work in process 625.6 282.8 Raw materials 1,067.2 894.9 Inventories, net $ 3,382.3 $ 2,593.7

Product Warranty

Product Warranty	6 Months Ended
	Jun. 30, 2022
Guarantees and Product Warranties [Abstract]
Product Warranty	PRODUCT WARRANTY The warranty reserve activity for the three and six months ended June 30, 2022 and 2021, including deferred revenue associated with the Company's extended warranties that have been sold, was as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Balance at beginning of period $ 614.5 $ 542.0 $ 592.5 $ 521.8 Accruals for warranties issued during the period 61.9 76.8 145.2 170.1 Settlements made (in cash or in kind) during the period (50.0) (47.4) (107.7) (102.7) Foreign currency translation (36.9) 7.9 (40.5) (9.9) Balance at June 30 $ 589.5 $ 579.3 $ 589.5 $ 579.3 The Company’s agricultural equipment products generally are warranted against defects in material and workmanship for a period of one 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 the confirmation of liability for the recovery, the Company records the recovery within “Accounts and notes receivable, net.” Estimates of the amount of warranty claim recoveries to be received from the Company’s suppliers based upon contractual supplier arrangements are recorded within “Other current assets.”

Net Income Per Common Share

Net Income Per Common Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Income Per Common Share	NET INCOME PER COMMON SHARE Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted net income per common share assumes the exercise of outstanding SSARs and the vesting of performance share awards and RSUs using the treasury stock method when there is no other circumstance other than the passage of time under which they would not be issued, and the effects of such assumptions are dilutive. A reconciliation of net income attributable to AGCO Corporation and subsidiaries and weighted average common shares outstanding for purposes of calculating basic and diluted net income per share for the three and six months ended June 30, 2022 and 2021 is as follows (in millions, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Basic net income per share: Net income attributable to AGCO Corporation and subsidiaries $ 177.7 $ 282.8 $ 329.5 $ 433.6 Weighted average number of common shares outstanding 74.6 75.5 74.6 75.4 Basic net income per share attributable to AGCO Corporation and subsidiaries $ 2.38 $ 3.74 $ 4.41 $ 5.75 Diluted net income per share: Net income attributable to AGCO Corporation and subsidiaries $ 177.7 $ 282.8 $ 329.5 $ 433.6 Weighted average number of common shares outstanding 74.6 75.5 74.6 75.4 Dilutive SSARs, performance share awards and RSUs 0.3 0.4 0.3 0.5 Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share 74.9 75.9 74.9 75.9 Diluted net income per share attributable to AGCO Corporation and subsidiaries $ 2.37 $ 3.73 $ 4.40 $ 5.71 There were no SSARs outstanding for the three and six months ended June 30, 2022 and 2021 that had an antidilutive impact.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES At June 30, 2022 and December 31, 2021, the Company had approximately $257.9 million and $246.4 million, respectively, of gross unrecognized income tax benefits, all of which would affect the Company’s effective tax rate if recognized. Gross unrecognized income tax benefits as of June 30, 2022 and December 31, 2021 exclude certain indirect favorable effects that relate to other tax jurisdictions of approximately $63.0 million and $70.2 million, respectively. In addition, the gross unrecognized income tax benefits as of June 30, 2022 and December 31, 2021 exclude certain deposits made in a foreign jurisdiction of approximately $43.9 million and $6.7 million, respectively, associated with an ongoing audit. At June 30, 2022 and December 31, 2021, the Company had approximately $12.0 million and $40.1 million, respectively, of accrued or deferred taxes related to uncertain income tax positions connected with ongoing income tax audits in various jurisdictions that it expects to settle or pay in the next 12 months, reflected in “Other current liabilities” in the Company’s Condensed Consolidated Balance Sheets. At June 30, 2022 and December 31, 2021, the Company had approximately $239.2 million and $196.7 million, respectively, of accrued taxes and approximately $6.7 million and $9.6 million, respectively, of deferred taxes related to uncertain tax positions that it expects to settle or pay beyond 12 months, reflected in “Other noncurrent liabilities” and “Deferred tax liabilities,” respectively, in the Company’s Condensed Consolidated Balance Sheets. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes. At June 30, 2022 and December 31, 2021, the Company had accrued interest and penalties related to unrecognized tax benefits of approximately $31.5 million and $32.7 million, respectively. Generally, tax years 2016 through 2021 remain open to examination by taxing authorities in the United States and certain other foreign tax jurisdictions. The Company and its subsidiaries are routinely examined by tax authorities in the United States and in various state, local and foreign jurisdictions. As of June 30, 2022, a number of income tax examinations in foreign jurisdictions are ongoing. During the three months ended June 30, 2021, the Company’s income tax provision included the benefit of a reversal of approximately $67.8 million related to a valuation allowance previously established against the Company’s net deferred tax assets in the United States. Improvements in income in the United States during 2021, along with updated future projected income levels, supported the reversal of the valuation allowance. The Company maintains a valuation allowance to fully reserve against its net deferred tax assets in 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 regularly assesses the likelihood that its deferred tax assets will be recovered from estimated future taxable income and available tax planning strategies and has determined that all adjustments to the valuation allowances have been appropriate. In making this assessment, all available evidence was considered including the current economic climate, as well as reasonable tax planning strategies. The Company believes it is more likely than not that the Company will realize its remaining net deferred tax assets, net of the valuation allowance, in future years.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Derivative Transactions Designated as Hedging Instruments Cash Flow Hedges Foreign Currency Contracts The Company uses cash flow hedges to minimize the variability in cash flows of assets or liabilities or forecasted transactions caused by fluctuations in foreign currency exchange rates. The changes in the fair values of these cash flow hedges are recorded in accumulated other comprehensive loss and are subsequently reclassified into “Cost of goods sold” during the period the sales and purchases are recognized. These amounts offset the effect of the changes in foreign currency rates on the related sale and purchase transactions. During 2022 and 2021, the Company designated certain foreign currency contracts as cash flow hedges of expected future sales and purchases. The total notional value of derivatives that were designated as cash flow hedges was approximately $242.7 million as of June 30, 2022. The Company did not have any derivatives that were designated as cash flow hedges related to foreign currency contracts as of December 31, 2021. Steel Commodity Contracts During 2022 and 2021, the Company designated certain steel commodity contracts as cash flow hedges of expected future purchases of steel. The total notional value of derivatives that were designated as cash flow hedges was approximately $18.5 million and $31.9 million as of June 30, 2022 and December 31, 2021, respectively. The following tables summarize the after-tax impact that changes in the fair value of derivatives designated as cash flow hedges had on accumulated other comprehensive loss and net income during the three and six months ended June 30, 2022 and 2021 (in millions): Recognized in Net Income Three Months Ended June 30, Gain (Loss) Recognized in Accumulated Classification of Gain (Loss) Gain (Loss) Reclassified from Accumulated Total Amount of the Line Item in the Condensed Consolidated Statements of Operations Containing Hedge Gains (Losses) 2022 Foreign currency contracts (1) $ (2.7) Cost of goods sold $ (1.9) $ 2,254.7 Commodity contracts (2) (4.5) Cost of goods sold (2.1) $ 2,254.7 Total $ (7.2) $ (4.0) 2021 Foreign currency contracts $ (0.8) Cost of goods sold $ (2.4) $ 2,186.9 Commodity contracts 5.9 Cost of goods sold 1.9 2,186.9 Total $ 5.1 $ (0.5) Recognized in Net Income Six Months Ended June 30, Gain (Loss) Recognized in Accumulated Classification of Gain (Loss) Gain (Loss) Reclassified from Accumulated Total Amount of the Line Item in the Condensed Consolidated Statements of Operations Containing Hedge Gains (Losses) 2022 Foreign currency contracts (1) $ (6.5) Cost of goods sold $ (2.0) $ 4,309.1 Commodity contracts (2) $ (3.1) Cost of goods sold (1.1) $ 4,309.1 Total $ (9.6) $ (3.1) 2021 Foreign currency contracts $ (7.6) Cost of goods sold $ (6.1) $ 3,995.1 Commodity contracts 13.7 Cost of goods sold 1.9 3,995.1 Total $ 6.1 $ (4.2) (1) The outstanding contracts as of June 30, 2022 range in maturity through December 2022. (2) The outstanding contracts as of June 30, 2022 range in maturity through November 2022. The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the three months ended June 30, 2022 (in millions): Before-Tax Amount Income Tax After-Tax Amount Accumulated derivative net losses as of March 31, 2022 $ (4.8) $ (1.1) $ (3.7) Net changes in fair value of derivatives (10.2) (3.0) (7.2) Net losses reclassified from accumulated other comprehensive loss into income 5.4 1.4 4.0 Accumulated derivative net losses as of June 30, 2022 $ (9.6) $ (2.7) $ (6.9) The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the six months ended June 30, 2022 (in millions): Before-Tax Amount Income Tax After-Tax Amount Accumulated derivative net losses as of December 31, 2021 $ (0.5) $ (0.1) $ (0.4) Net changes in fair value of derivatives (13.3) (3.7) (9.6) Net losses reclassified from accumulated other comprehensive loss into income 4.2 1.1 3.1 Accumulated derivative net losses as of June 30, 2022 $ (9.6) $ (2.7) $ (6.9) As of June 30, 2022, approximately $0.7 million of derivative realized net losses and approximately $0.7 million of derivative realized net gains, before taxes, remain in accumulated other comprehensive loss related to foreign currency contracts and commodity contracts, respectively, associated with inventory that had not yet been sold. Net Investment Hedges The Company uses non-derivative and derivative instruments to hedge a portion of its net investment in foreign operations against adverse movements in exchange rates. For instruments that are designated as hedges of net investments in foreign operations, changes in the fair value of the derivative instruments are recorded in foreign currency translation adjustments, a component of accumulated other comprehensive loss, to offset changes in the value of the net investments being hedged. When the net investment in foreign operations is sold or substantially liquidates, the amounts recorded in accumulated other comprehensive loss are reclassified to earnings. To the extent foreign currency denominated debt is de-designated from a net investment hedge relationship, changes in the value of the foreign currency denominated debt are recorded in earnings through the maturity date. In January 2018, the Company entered into a cross currency swap contract as a hedge of its net investment in foreign operations to offset foreign currency translation gains or losses on the net investment. The cross currency swap expired on January 19, 2021. At maturity of the cross currency swap contract, the Company delivered the notional amount of approximately €245.7 million (or approximately $297.1 million as of January 19, 2021) and received $300.0 million from the counterparties, resulting in a gain of approximately $2.9 million that was recognized in accumulated other comprehensive loss. The Company received quarterly interest payments from the counterparties based on a fixed interest rate until the maturity of the cross currency swap. On January 29, 2021, the Company entered into a new cross currency swap contract as a hedge of its net investment in foreign operations to offset foreign currency translation gains or losses on the net investment. The cross currency swap has an expiration date of January 29, 2028. At maturity of the cross currency swap contract, the Company will deliver the notional amount of approximately €247.9 million (or approximately $258.2 million as of June 30, 2022) and will receive $300.0 million from the counterparties. The Company will receive quarterly interest payments from the counterparties based on a fixed interest rate until the maturity of the cross currency swap. The following table summarizes the notional values of the instrument designated as a net investment hedge (in millions): Notional Amount as of June 30, 2022 December 31, 2021 Cross currency swap contract $ 300.0 $ 300.0 The following table summarizes the changes in the fair value of the cross currency swap contract designated as a net investment hedge during the three and six months ended June 30, 2022 and 2021 (in millions): Gain (Loss) Recognized in Accumulated Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Six Months Ended Before-Tax Amount Income Tax After-Tax Amount Before-Tax Amount Income Tax After-Tax Amount June 30, 2022 $ 16.6 $ 4.3 $ 12.3 $ 20.8 $ 5.4 $ 15.4 June 30, 2021 3.8 — 3.8 (0.3) — (0.3) Derivative Transactions Not Designated as Hedging Instruments During 2022 and 2021, the Company entered into foreign currency contracts to economically hedge receivables and payables on the Company and its subsidiaries’ balance sheets that are denominated in foreign currencies other than the functional currency. These contracts were classified as non-designated derivative instruments. Gains and losses on such contracts are substantially offset by losses and gains on the remeasurement of the underlying asset or liability being hedged and are immediately recognized into earnings. As of June 30, 2022 and December 31, 2021, the Company had outstanding foreign currency contracts with a notional amount of approximately $3,191.8 million and $3,681.9 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): Gain (Loss) Recognized in Net Income for the Three Months Ended Gain (Loss) Recognized in Net Income for the Six Months Ended Classification of Gain (Loss) June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Foreign currency contracts Other expense, net $ 0.4 $ (5.1) $ (13.4) $ 29.3 The table below sets forth the fair value of derivative instruments as of June 30, 2022 (in millions): Asset Derivatives as of Liability Derivatives as of Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivative instruments designated as hedging instruments: Foreign currency contracts Other current assets $ 3.0 Other current liabilities $ 8.7 Commodity contracts Other current assets 0.1 Other current liabilities 3.9 Cross currency swap contract Other noncurrent assets 33.3 Other noncurrent liabilities — Derivative instruments not designated as hedging instruments: Foreign currency contracts (1) Other current assets 21.3 Other current liabilities 10.0 Total derivative instruments $ 57.7 $ 22.6 (1) The outstanding contracts as of June 30, 2022 range in maturity through October 2022. The table below sets forth the fair value of derivative instruments as of December 31, 2021 (in millions): Asset Derivatives as of Liability Derivatives as of Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivative instruments designated as hedging instruments: Foreign currency contracts Other current assets $ — Other current liabilities $ — Commodity contracts Other current assets 0.2 Other current liabilities 2.0 Cross currency swap contract Other noncurrent assets 12.5 Other noncurrent liabilities — Derivative instruments not designated as hedging instruments: Foreign currency contracts (1) Other current assets 15.1 Other current liabilities 5.1 Total derivative instruments $ 27.8 $ 7.1 (1) The outstanding contracts as of December 31, 2021 range in maturity through October 2022.

Changes in Stockholders' Equity

Changes in Stockholders' Equity	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Changes in Stockholders' Equity	CHANGES IN STOCKHOLDERS’ EQUITY The following tables set forth changes in stockholders’ equity attributed to AGCO Corporation and its subsidiaries and to noncontrolling interests for the three and six months ended June 30, 2022 (in millions): Common Additional Retained Accumulated Other Noncontrolling Total Stockholders’ Balance, March 31, 2022 $ 0.7 $ 2.9 $ 5,306.2 $ (1,635.0) $ 0.1 $ 3,674.9 Stock compensation — 10.6 — — — 10.6 Issuance of stock awards — (0.2) — — — (0.2) SSARs exercised — — — — — — Comprehensive income: Net income (loss) — — 177.7 — (0.1) 177.6 Other comprehensive loss, net of reclassification adjustments: Foreign currency translation adjustments — — — (124.6) 0.1 (124.5) Defined benefit pension plans, net of tax — — — 1.7 — 1.7 Deferred gains and losses on derivatives, net of tax — — — (3.2) — (3.2) Payment of dividends to stockholders — — (353.6) — — (353.6) Distributions to noncontrolling interest — — — — — — Balance, June 30, 2022 $ 0.7 $ 13.3 $ 5,130.3 $ (1,761.1) $ 0.1 $ 3,383.3 Common Additional Retained Accumulated Other Noncontrolling Total Stockholders’ Balance, December 31, 2021 $ 0.7 $ 3.9 $ 5,182.2 $ (1,770.9) $ 27.9 $ 3,443.8 Stock compensation — 17.6 — — — 17.6 Issuance of stock awards — (7.2) (12.9) — — (20.1) SSARs exercised — (1.0) — — — (1.0) Comprehensive income: Net income (loss) — — 329.5 — (14.9) 314.6 Other comprehensive income, net of reclassification adjustments: Foreign currency translation adjustments — — — 12.9 0.9 13.8 Defined benefit pension plans, net of tax — — — 3.4 — 3.4 Deferred gains and losses on derivatives, net of tax — — — (6.5) — (6.5) Payment of dividends to stockholders — — (368.5) — — (368.5) Distributions to noncontrolling interest — — — — (13.8) (13.8) Balance, June 30, 2022 $ 0.7 $ 13.3 $ 5,130.3 $ (1,761.1) $ 0.1 $ 3,383.3 The following tables set forth changes in stockholders’ equity attributed to AGCO Corporation and its subsidiaries and to noncontrolling interests for the three and six months ended June 30, 2021 (in millions): Common Additional Retained Accumulated Other Noncontrolling Total Stockholders’ Balance, March 31, 2021 $ 0.8 $ 5.7 $ 4,897.9 $ (1,817.9) $ 38.2 $ 3,124.7 Stock compensation — 8.4 — — — 8.4 SSARs exercised — (2.4) — — — (2.4) Comprehensive income: Net income — — 282.8 — 1.6 284.4 Other comprehensive income, net of reclassification adjustments: Foreign currency translation adjustments — — — 80.0 0.8 80.8 Defined benefit pension plans, net of tax — — — (6.0) — (6.0) Deferred gains and losses on derivatives, net of tax — — — 5.6 — 5.6 Payment of dividends to stockholders — — (316.6) — — (316.6) Distributions to noncontrolling interest — — — — (3.5) (3.5) Change in noncontrolling interest — — — — (10.6) (10.6) Balance, June 30, 2021 $ 0.8 $ 11.7 $ 4,864.1 $ (1,738.3) $ 26.5 $ 3,164.8 Common Additional Retained Accumulated Other Noncontrolling Total Stockholders’ Balance, December 31, 2020 $ 0.8 $ 30.9 $ 4,759.1 $ (1,810.8) $ 38.0 $ 3,018.0 Stock compensation — 15.2 — — — 15.2 Issuance of stock awards — (29.5) — — — (29.5) SSARs exercised — (4.9) — — — (4.9) Comprehensive income: Net income — — 433.6 — 2.2 435.8 Other comprehensive income, net of reclassification adjustments: Foreign currency translation adjustments — — — 33.1 0.4 33.5 Defined benefit pension plans, net of tax — — — 29.1 — 29.1 Deferred gains and losses on derivatives, net of tax — — — 10.3 — 10.3 Payment of dividends to stockholders — — (328.6) — — (328.6) Distributions to noncontrolling interest — — — — (3.5) (3.5) Change in noncontrolling interest — — — — (10.6) (10.6) Balance, June 30, 2021 $ 0.8 $ 11.7 $ 4,864.1 $ (1,738.3) $ 26.5 $ 3,164.8 Total comprehensive income (loss) attributable to noncontrolling interests for the three and six months ended June 30, 2022 and 2021 was as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net (loss) income $ (0.1) $ 1.6 $ (14.9) $ 2.2 Other comprehensive income: Foreign currency translation adjustments 0.1 0.8 0.9 0.4 Total comprehensive income (loss) $ — $ 2.4 $ (14.0) $ 2.6 The following table sets forth changes in accumulated other comprehensive loss by component, net of tax, attributed to AGCO Corporation and its subsidiaries for the six months ended June 30, 2022 (in millions): Defined Benefit Pension Plans Deferred Net (Losses) Gains on Derivatives Cumulative Translation Adjustment Total Accumulated other comprehensive loss, December 31, 2021 $ (230.4) $ (0.4) $ (1,540.1) $ (1,770.9) Other comprehensive income (loss) before reclassifications — (9.6) 12.9 3.3 Net losses reclassified from accumulated other comprehensive loss 3.4 3.1 — 6.5 Other comprehensive income (loss), net of reclassification adjustments 3.4 (6.5) 12.9 9.8 Accumulated other comprehensive loss, June 30, 2022 $ (227.0) $ (6.9) $ (1,527.2) $ (1,761.1) The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the three months ended June 30, 2022 and 2021 (in millions): Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item within the Condensed Consolidated Details about Accumulated Other Comprehensive Loss Components Three Months Ended June 30, 2022 (1) Three Months Ended June 30, 2021 (1) Derivatives: Net losses on foreign currency contracts $ 2.6 $ 3.5 Cost of goods sold Net losses (gains) on commodity contracts $ 2.8 $ (1.9) Cost of goods sold Reclassification before tax 5.4 1.6 (1.4) (1.1) Income tax provision Reclassification net of tax $ 4.0 $ 0.5 Defined benefit pension plans: Amortization of net actuarial losses $ 2.2 $ 3.4 Other expense, net (2) Amortization of prior service cost — 0.1 Other expense, net (2) Reclassification before tax 2.2 3.5 (0.5) (1.5) Income tax provision Reclassification net of tax $ 1.7 $ 2.0 Net losses reclassified from accumulated other comprehensive loss $ 5.7 $ 2.5 (1) Losses (gains) included within the Condensed Consolidated Statements of Operations for the three months ended June 30, 2022 and 2021, respectively. (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 15 for additional information on the Company’s defined benefit pension plans. Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item within the Condensed Consolidated Details about Accumulated Other Comprehensive Loss Components Six Months Ended June 30, 2022 (1) Six Months Ended June 30, 2021 (1) Derivatives: Net losses on foreign currency contracts $ 2.7 $ 6.9 Cost of goods sold Net losses (gains) on commodity contracts 1.5 (1.9) Cost of goods sold Reclassification before tax 4.2 5.0 (1.1) (0.8) Income tax provision Reclassification net of tax $ 3.1 $ 4.2 Defined benefit pension plans: Amortization of net actuarial losses $ 4.4 $ 7.4 Other expense, net (2) Amortization of prior service cost 0.2 0.6 Other expense, net (2) Reclassification before tax 4.6 8.0 (1.2) (2.1) Income tax provision Reclassification net of tax (3) $ 3.4 $ 5.9 Net losses reclassified from accumulated other comprehensive loss $ 6.5 $ 10.1 (1) Losses (gains) included within the Condensed Consolidated Statements of Operations for the six months ended June 30, 2022 and 2021, respectively. (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 15 for additional information on the Company’s defined benefit pension plans. Share Repurchase Program In November 2021, the Company entered into an accelerated share repurchase (“ASR”) agreement with a financial institution to repurchase an aggregate of $60.0 million shares of its common stock. The Company received 393,733 shares in this transaction as of December 31, 2021. On January 19, 2022, the Company received an additional 113,824 shares upon final settlement of its November 2021 ASR agreement. All shares received under the ASR agreement 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 Condensed Consolidated Balance Sheets. During the three and six months ended June 30, 2022, the Company did not purchase any shares directly or enter into any accelerated share repurchase agreements. As of June 30, 2022, the remaining amount authorized to be repurchased under board-approved share repurchase authorizations was approximately $110.0 million, which has no expiration date. Dividends On April 28, 2022, the Company's Board of Directors approved an increase to its quarterly dividend commencing in the second quarter of 2022 by 20% to $0.24 per common share and declared a special variable dividend of $4.50 per common share that was paid during the second quarter of 2022.

Accounts Receivable Sales Agree

Accounts Receivable Sales Agreements	6 Months Ended
	Jun. 30, 2022
Accounts Receivable Sales Agreements [Abstract]
Accounts Receivable Sales Agreements	ACCOUNTS RECEIVABLE SALES AGREEMENTS The Company has accounts receivable sales agreements that permit the sale, on an ongoing basis, of a majority of its wholesale receivables in North America, Europe and Brazil to its U.S., Canadian, European and Brazilian finance joint ventures. As of June 30, 2022 and December 31, 2021, the cash received from receivables sold under the U.S., Canadian, European and Brazilian accounts receivable sales agreements was approximately $1.2 billion and $1.3 billion, respectively. Under the terms of the accounts receivable sales agreements in North America, Europe and Brazil, the Company pays an annual fee related to the servicing of the receivables sold. The Company also pays the respective AGCO Finance entities a subsidized interest payment with respect to the accounts receivable sales agreements, calculated based upon LIBOR plus a margin on any non-interest bearing accounts receivable outstanding and sold under the accounts receivable sales agreements. Following the phase out of LIBOR-denominated rates, the Company expects this funding to be based upon the interest rate charged by Rabobank to its affiliate, which, in turn, such affiliate then lends to the AGCO Finance entities plus an agreed-upon margin. These fees are reflected within losses on the sales of receivables included within “Other expense, net” in the Company’s Condensed Consolidated Statements of Operations. The Company does not service the receivables after the sales occur and does not maintain any direct retained interest in the receivables. The Company accounts for the receivable sales agreements as off-balance sheet transactions. In addition, the Company sells certain trade receivables under factoring arrangements to other financial institutions around the world. As of June 30, 2022 and December 31, 2021, the cash received from these arrangements was approximately $174.9 million and $215.4 million, respectively. Losses on sales of receivables associated with the accounts receivable sales agreements discussed above, reflected within “Other expense, net” in the Company’s Condensed Consolidated Statements of Operations, were approximately $10.2 million and $18.1 million, respectively, during the three and six months ended June 30, 2022. Losses on sales of receivables associated with the accounts receivable sales agreements discussed above, reflected within “Other expense, net” in the Company’s Condensed Consolidated Statements of Operations, were approximately $5.1 million and $9.7 million, respectively, during the three and six months ended June 30, 2021. The Company’s finance joint ventures in Europe, Brazil and Australia also provide wholesale financing directly to the Company’s dealers. The receivables associated with these arrangements are without recourse to the Company. The Company does not service the receivables after the sale occurs and does not maintain any direct retained interest in the receivables. As of June 30, 2022 and December 31, 2021, these finance joint ventures had approximately $50.7 million and $42.6 million, respectively, of outstanding accounts receivable associated with these arrangements. The Company accounts for these arrangements as off-balance sheet transactions. In certain foreign countries, the Company invoices its finance joint ventures directly and the finance joint ventures retain a form of title to the goods delivered to dealers until the dealer makes payment so that the finance joint ventures can recover the goods in the event of dealer or end customer default on payment. This occurs as the laws of some foreign countries do not provide for a seller’s retention of a security interest in goods in the same manner as established in the United States Uniform Commercial Code. The only right the finance joint ventures retain with respect to the title are those enabling recovery of the goods in the event of customer default on payment. The dealer or distributor may not return equipment or replacement parts to the Company while its contract with the finance joint venture is in force, and can only return the equipment to the retail finance joint venture with penalties that would generally not make it economically beneficial to do so.

Pension and Postretirement Bene

Pension and Postretirement Benefit Plans	6 Months Ended
	Jun. 30, 2022
Retirement Benefits [Abstract]
Pension and Postretirement Benefit Plans	PENSION AND POSTRETIREMENT BENEFIT PLANS Net periodic pension and postretirement benefit cost for the Company’s defined pension and postretirement benefit plans for the three and six months ended June 30, 2022 and 2021 are set forth below (in millions): Three Months Ended June 30, Six Months Ended June 30, Pension benefits 2022 2021 2022 2021 Service cost $ 3.3 $ 3.7 $ 6.6 $ 7.8 Interest cost 3.8 3.2 7.8 6.4 Expected return on plan assets (4.4) (7.9) (9.0) (15.7) Amortization of net actuarial losses 2.2 3.4 4.4 7.4 Amortization of prior service cost — 0.1 0.1 0.6 Curtailment (1) — — — $ (1.2) Net periodic pension cost $ 4.9 $ 2.5 $ 9.9 $ 5.3 (1) During the six months ended June 30, 2021, the Company amended its Executive Nonqualified Pension Plan (“ENPP”) to freeze the plan as of December 31, 2024 to future salary benefit accruals, and to eliminate a life-time annuity feature for participants reaching age 65 subsequent to December 31, 2022. This amendment resulted in a curtailment gain related to the ENPP's net prior service credit. Three Months Ended June 30, Six Months Ended June 30, Postretirement benefits 2022 2021 2022 2021 Service cost $ — $ — $ 0.1 $ 0.1 Interest cost 0.3 0.2 0.5 0.4 Amortization of prior service cost — — 0.1 — Net periodic postretirement benefit cost $ 0.3 $ 0.2 $ 0.7 $ 0.5 The components of net periodic pension and postretirement benefits cost, other than the service cost component, are included in “Other expense, net” in the Company’s Condensed Consolidated Statements of Operations. The following table summarizes the activity in accumulated other comprehensive loss related to the Company's defined pension and postretirement benefit plans during the six months ended June 30, 2022 (in millions): Before-Tax Amount Income Tax After-Tax Amount Accumulated other comprehensive loss, December 31, 2021 $ (302.4) $ (72.0) $ (230.4) Amortization of net actuarial losses 4.4 1.1 3.3 Amortization of prior service cost 0.2 0.1 0.1 Accumulated other comprehensive loss as of June 30, 2022 $ (297.8) $ (70.8) $ (227.0) During the six months ended June 30, 2022, the Company made approximately $18.9 million of contributions to its defined pension benefit plans. The Company currently estimates its minimum contributions for 2022 to its defined pension benefit plans will aggregate approximately $35.2 million. During the six months ended June 30, 2022, the Company made approximately $0.7 million of contributions to its postretirement health care and life insurance benefit plans. The Company currently estimates that it will make approximately $1.5 million of contributions to its postretirement health care and life insurance benefit plans during 2022.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	FAIR VALUE OF FINANCIAL INSTRUMENTS The Company categorizes its assets and liabilities into one of three levels based on the assumptions used in valuing the asset or liability. Estimates of fair value for financial assets and liabilities are based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. In accordance with this guidance, fair value measurements are classified under the following hierarchy: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 - Model-derived valuations in which one or more significant inputs are unobservable. The Company categorizes its pension plan assets into one of the three levels of the fair value hierarchy. The Company enters into foreign currency, commodity and interest rate swap contracts. The fair values of the Company’s derivative instruments are determined using discounted cash flow valuation models. The significant inputs used in these models are readily available in public markets, or can be derived from observable market transactions, and therefore have been classified as Level 2. Inputs used in these discounted cash flow valuation models for derivative instruments include the applicable exchange rates, forward rates or interest rates. Such models used for option contracts also use implied volatility. See Note 12 for additional information on the Company’s derivative instruments and hedging activities. Assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 are summarized below (in millions): As of June 30, 2022 Level 1 Level 2 Level 3 Total Derivative assets $ — $ 57.7 $ — $ 57.7 Derivative liabilities — 22.6 — 22.6 As of December 31, 2021 Level 1 Level 2 Level 3 Total Derivative assets $ — $ 27.8 $ — $ 27.8 Derivative liabilities — 7.1 — 7.1 The carrying amounts of long-term debt under the Company’s 1.002% senior term loan due 2025 and senior term loans due between 2023 and 2028 approximate fair value based on the borrowing rates currently available to the Company for loans with similar terms and average maturities. At June 30, 2022, the estimated fair value of the Company's 0.800% senior notes due 2028, based on listed market values, was approximately €480.6 million (or approximately $500.5 million as of June 30, 2022), compared to the carrying value of €600.0 million (or approximately $624.8 million as of June 30, 2022). See Note 6 for additional information on the Company’s long-term debt.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segment Reporting	SEGMENT REPORTING The Company’s four reportable segments distribute a full range of agricultural equipment and related replacement parts. The Company evaluates segment performance primarily based on income from operations. Sales for each segment are based on the location of the third-party customer. The Company’s selling, general and administrative expenses and engineering expenses are generally charged to each segment based on the region and division where the expenses are incurred. As a result, the components of income from operations for one segment may not be comparable to another segment. Segment results for the three and six months ended June 30, 2022 and 2021 and assets as of June 30, 2022 and December 31, 2021 based on the Company’s reportable segments are as follows (in millions): Three Months Ended June 30, North America South America Europe/Middle East Asia/Pacific/Africa Consolidated 2022 Net sales $ 739.9 $ 519.2 $ 1,467.6 $ 218.5 $ 2,945.2 Income from operations 50.7 85.5 161.2 30.7 328.1 Depreciation 15.0 7.6 25.3 3.9 51.8 Capital expenditures 15.2 11.2 42.5 4.0 72.9 2021 Net sales $ 734.7 $ 278.3 $ 1,635.2 $ 231.1 $ 2,879.3 Income from operations 103.7 23.1 201.5 26.6 354.9 Depreciation 15.2 6.7 29.6 3.6 55.1 Capital expenditures 8.8 5.0 40.3 3.0 57.1 Six Months Ended June 30, North America South America Europe/Middle East Asia/Pacific/Africa Consolidated 2022 Net sales $ 1,440.9 $ 875.6 $ 2,870.7 $ 443.7 $ 5,630.9 Income from operations 105.5 131.6 323.5 64.7 625.3 Depreciation 30.2 14.6 53.5 8.2 106.5 Capital expenditures 30.9 21.2 81.7 5.4 139.2 2021 Net sales $ 1,345.8 $ 518.8 $ 2,962.4 $ 431.0 $ 5,258.0 Income from operations 178.6 39.3 345.8 47.6 611.3 Depreciation 30.8 13.3 58.0 7.8 109.9 Capital expenditures 21.1 11.6 83.8 4.1 120.6 Assets As of June 30, 2022 $ 1,683.1 $ 1,124.4 $ 2,635.2 $ 652.3 $ 6,095.0 As of December 31, 2021 1,328.1 922.7 2,348.7 610.6 5,210.1 A reconciliation from the segment information to the consolidated balances for income from operations and total assets is set forth below (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Segment income from operations $ 328.1 $ 354.9 $ 625.3 $ 611.3 Impairment charges — — (36.0) — Corporate expenses (38.5) (37.5) (70.7) (73.4) Amortization of intangibles (15.4) (14.2) (30.7) (31.7) Stock compensation expense (10.3) (8.2) (17.0) (14.7) Restructuring expenses (0.4) (4.7) (3.4) (6.0) Consolidated income from operations $ 263.5 $ 290.3 $ 467.5 $ 485.5 June 30, 2022 December 31, 2021 Segment assets $ 6,095.0 $ 5,210.1 Cash, cash equivalents and restricted cash 580.6 889.1 Investments in affiliates 417.0 413.5 Deferred tax assets, other current and noncurrent assets 1,109.3 996.4 Intangible assets, net 388.8 392.2 Goodwill 1,298.2 1,280.8 Consolidated total assets $ 9,888.9 $ 9,182.1

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Off-Balance Sheet Arrangements Guarantees The Company maintains a remarketing agreement with its U.S. finance joint venture, AGCO Finance LLC, whereby the Company is obligated to repurchase up to $6.0 million of repossessed equipment each calendar year. The Company believes that any losses that it might incur on the resale of this equipment will not be material, due to the fair value of the underlying equipment. At June 30, 2022, the Company has outstanding guarantees of indebtedness owed to related and third parties of approximately $27.1 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 2027. Losses under such guarantees historically have been insignificant. In addition, the Company generally would expect to be able to recover a significant portion of the amounts paid under such guarantees from the sale of the underlying financed farm equipment, as the fair value of such equipment is expected to be sufficient to offset a substantial portion of the amounts paid. The Company also has obligations to guarantee indebtedness owed to certain of its finance joint ventures if dealers or end users default on loans. Losses under such guarantees historically have been insignificant, and the guarantees are not material. The Company believes the credit risk associated with these guarantees is not material. In addition, at June 30, 2022, the Company had accrued approximately $20.2 million of outstanding guarantees of residual values that may be owed to its finance joint ventures in the United States and Canada due upon expiration of certain eligible operating leases between the finance joint ventures and end users. The maximum potential amount of future payments under these guarantees is approximately $183.8 million. Leases Lease payment amounts for operating and finance leases with remaining terms greater than one year as of June 30, 2022 and December 31, 2021 were as follows (in millions): June 30, 2022 December 31, 2021 Operating Leases (1) Finance Leases Operating Leases (1) Finance Leases 2022 $ 23.2 $ 3.0 $ 45.7 $ 4.0 2023 40.5 0.8 36.2 0.9 2024 29.6 0.5 24.5 0.6 2025 20.8 0.4 17.3 0.4 2026 15.2 0.2 12.3 0.2 Thereafter 50.3 5.8 39.1 6.3 Total lease payments 179.6 10.7 175.1 12.4 Less: imputed interest (2) (19.4) (2.2) (17.3) (2.5) Present value of leased liabilities $ 160.2 $ 8.5 $ 157.8 $ 9.9 (1) Operating lease payments include options to extend or terminate at the Company's sole discretion, which are included in the determination of lease term when they are reasonably certain to be exercised. (2) Calculated for each lease using either the implicit interest rate or the incremental borrowing rate when the implicit interest rate is not readily available. Other At June 30, 2022, the Company had outstanding designated and non-designated foreign exchange contracts with a gross notional amount of approximately $3,434.5 million. The outstanding contracts as of June 30, 2022 range in maturity through December 2022. The Company also had outstanding designated steel commodity contracts with a gross notional amount of approximately $18.5 million that range in maturity through November 2022. The Company sells a majority of its wholesale receivables in North America, Europe and Brazil to its U.S., Canadian, European and Brazilian finance joint ventures. The Company also sells certain accounts receivable under factoring arrangements to financial institutions around the world. The Company accounts for the sale of such receivables as off-balance sheet transactions. Contingencies In August 2008, as part of routine audits, the Brazilian taxing authorities disallowed deductions relating to the amortization of certain goodwill recognized in connection with a reorganization of the Company’s Brazilian operations and the related transfer of certain assets to the Company’s Brazilian subsidiaries. The amount of the tax disallowance through June 30, 2022, not including interest and penalties, was approximately 131.5 million Brazilian reais (or approximately $25.0 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. During 2017, the Company purchased Precision Planting, which provides precision agricultural technology solutions. In 2018, Deere & Company (“Deere”) filed separate complaints in the U.S. District Court of Delaware against the Company and Precision Planting alleging that certain products of those entities infringed certain patents of Deere. The two complaints subsequently were consolidated into a single case, Case No. 1:18-cv-00827-CFC. In July 2022, the case was tried before a jury, which determined that the Company and Precision Planting had not infringed the Deere patents. The case currently is subject to customary post-trial procedures, including the right of the parties to appeal. The Company has an indemnity right under the purchase agreement related to the acquisition of Precision Planting from its previous owner. Pursuant to that right, the previous owner of Precision Planting currently is responsible for the litigation costs associated with the complaint and is obligated to reimburse AGCO for some or all of the damages in the event of an adverse outcome in the litigation.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue	REVENUE Contract Liabilities Contract liabilities relate to the following: (1) unrecognized revenues where advance payment of consideration precedes the Company’s performance with respect to extended warranty and maintenance contracts and where the performance obligation is satisfied over time, (2) unrecognized revenues where advance payment of consideration precedes the Company’s performance with respect to certain grain storage and protein production systems and where the performance obligation is satisfied over time and (3) unrecognized revenues where advance payment of consideration precedes the Company’s performance with respect to technology services and where the performance obligation is satisfied over time. Significant changes in the balance of contract liabilities for the three and six months ended June 30, 2022 and 2021 were as follows (in millions): Three Months Ended June 30, 2022 2021 Balance at beginning of period $ 232.4 $ 186.3 Advance consideration received 31.5 59.0 Revenue recognized during the period for extended warranty contracts, maintenance services and technology services (20.4) (13.3) Revenue recognized during the period related to grain storage and protein production systems (13.9) (32.6) Foreign currency translation (11.9) 1.8 Balance at June 30 $ 217.7 $ 201.2 Six Months Ended June 30, 2022 2021 Balance at beginning of period $ 226.2 $ 172.0 Advance consideration received 74.5 116.1 Revenue recognized during the period for extended warranty contracts, maintenance services and technology services (39.0) (26.3) Revenue recognized during the period related to grain storage and protein production systems (28.5) (59.8) Foreign currency translation (15.5) (0.8) Balance at June 30 $ 217.7 $ 201.2 The contract liabilities are classified as either “Accrued expenses” or “Other current liabilities” and “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets. During the three and six months ended June 30, 2022, we recognized approximately $28.3 million and $52.4 million, respectively, of revenue that was recorded as a contract liability at the beginning of 2022. During the three and six months ended June 30, 2021, we recognized approximately $17.4 million and $43.2 million, respectively, of revenue that was recorded as a contract liability at the beginning of 2021. Remaining Performance Obligations The estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of June 30, 2022 are $42.3 million for the remainder of 2022, $68.8 million in 2023, $44.4 million in 2024, $21.7 million in 2025 and $13.0 million thereafter, and relate primarily to extended warranty contracts. The Company applied the practical expedient in ASU 2014-09 and has not disclosed information about remaining performance obligations that have original expected durations of 12 months or less. Disaggregated Revenue Net sales for the three months ended June 30, 2022 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 $ 583.4 $ — $ — $ — $ 583.4 Canada 125.8 — — — 125.8 South America — 515.5 — — 515.5 Germany — — 288.1 — 288.1 France — — 257.6 — 257.6 United Kingdom and Ireland — — 157.8 — 157.8 Finland and Scandinavia — — 196.1 — 196.1 Other Europe — — 521.3 — 521.3 Middle East and Algeria — — 46.6 — 46.6 Africa — — — 34.5 34.5 Asia — — — 97.3 97.3 Australia and New Zealand — — — 86.7 86.7 Mexico, Central America and Caribbean 30.7 3.7 — — 34.4 $ 739.9 $ 519.2 $ 1,467.6 $ 218.5 $ 2,945.2 Major products: Tractors $ 263.4 $ 291.3 $ 976.5 $ 112.4 $ 1,643.6 Replacement parts 119.5 36.6 270.8 23.1 450.0 Grain storage and protein production systems 155.5 41.6 45.7 43.6 286.4 Combines, application equipment and other machinery 201.5 149.7 174.5 39.4 565.1 $ 739.9 $ 519.2 $ 1,467.6 $ 218.5 $ 2,945.2 (1) Rounding may impact the summation of amounts. Net sales for the three months ended June 30, 2021 disaggregated by primary geographical markets and major products consisted of the following (in millions): North America (1) South America (1) Europe/Middle East (1) Asia/Pacific/Africa Consolidated (1) Primary geographical markets: United States $ 570.9 $ — $ — $ — $ 570.9 Canada 138.9 — — — 138.9 South America — 276.0 — — 276.0 Germany — — 348.4 — 348.4 France — — 294.8 — 294.8 United Kingdom and Ireland — — 167.0 — 167.0 Finland and Scandinavia — — 221.2 — 221.2 Other Europe — — 558.8 — 558.8 Middle East and Algeria — — 45.0 — 45.0 Africa — — — 36.1 36.1 Asia — — — 116.6 116.6 Australia and New Zealand — — — 78.4 78.4 Mexico, Central America and Caribbean 25.0 2.3 — — 27.3 $ 734.7 $ 278.3 $ 1,635.2 $ 231.1 $ 2,879.3 Major products: Tractors $ 243.2 $ 126.3 $ 1,069.1 $ 96.1 $ 1,534.7 Replacement parts 122.4 33.5 298.2 25.4 479.5 Grain storage and protein production systems 158.0 32.1 56.9 68.8 315.8 Combines, application equipment and other machinery 211.1 86.5 210.9 40.8 549.3 $ 734.7 $ 278.3 $ 1,635.2 $ 231.1 $ 2,879.3 (1) Rounding may impact the summation of amounts. Net sales for the six months ended June 30, 2022 disaggregated by primary geographical markets and major products consisted of the following (in millions): North America (1) South America Europe/Middle East (1) Asia/Pacific/Africa Consolidated Primary geographical markets: United States $ 1,153.7 $ — $ — $ — $ 1,153.7 Canada 226.9 — — — 226.9 South America — 868.4 — — 868.4 Germany — — 605.3 — 605.3 France — — 529.2 — 529.2 United Kingdom and Ireland — — 303.2 — 303.2 Finland and Scandinavia — — 393.1 — 393.1 Other Europe — — 959.9 — 959.9 Middle East and Algeria — — 80.0 — 80.0 Africa — — — 70.5 70.5 Asia — — — 201.9 201.9 Australia and New Zealand — — — 171.3 171.3 Mexico, Central America and Caribbean 60.3 7.2 — — 67.5 $ 1,440.9 $ 875.6 $ 2,870.7 $ 443.7 $ 5,630.9 Major products: Tractors $ 515.3 $ 497.9 $ 1,891.6 $ 237.8 $ 3,142.6 Replacement parts 214.1 74.8 556.8 49.8 895.5 Grain storage and protein production systems 286.7 81.6 77.0 81.1 526.4 Combines, application equipment and other machinery 424.9 221.3 345.2 75.0 1,066.4 $ 1,440.9 $ 875.6 $ 2,870.7 $ 443.7 $ 5,630.9 (1) Rounding may impact the summation of amounts. Net sales for the six months ended June 30, 2021 disaggregated by primary geographical markets and major products consisted of the following (in millions): North America (1) South America Europe/Middle East (1) Asia/Pacific/Africa Consolidated (1) Primary geographical markets: United States $ 1,069.6 $ — $ — $ — $ 1,069.6 Canada 230.5 — — — 230.5 South America — 514.6 — — 514.6 Germany — — 693.9 — 693.9 France — — 510.3 — 510.3 United Kingdom and Ireland — — 295.4 — 295.4 Finland and Scandinavia — — 378.6 — 378.6 Other Europe — — 982.3 — 982.3 Middle East and Algeria — — 101.9 — 101.9 Africa — — — 61.9 61.9 Asia — — — 218.9 218.9 Australia and New Zealand — — — 150.2 150.2 Mexico, Central America and Caribbean 45.8 4.2 — — 50.0 $ 1,345.8 $ 518.8 $ 2,962.4 $ 431.0 $ 5,258.0 Major products: Tractors $ 433.5 $ 237.4 $ 1,950.5 $ 190.1 $ 2,811.5 Replacement parts 207.5 62.5 559.2 48.9 878.2 Grain storage and protein production systems 264.4 53.7 85.9 125.7 529.7 Combines, application equipment and other machinery 440.4 165.2 366.7 66.3 1,038.6 $ 1,345.8 $ 518.8 $ 2,962.4 $ 431.0 $ 5,258.0 (1) Rounding may impact the summation of amounts.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements to be Adopted	New Accounting Pronouncements to be Adopted In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13 “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which requires measurement and recognition of expected versus incurred credit losses for financial assets. In November 2019, the FASB issued ASU 2019-10, “Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates,” which delays the effective date of ASU 2016-13 for smaller reporting companies and other non-SEC reporting entities. This applies to the Company’s equity method finance joint ventures, which 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, likely will impact the results of operations and financial condition of the Company’s finance joint ventures. Therefore, adoption of the standard by the Company’s finance joint ventures likely will impact the Company’s “Investments in affiliates” and “Equity in net earnings of affiliates.” The adoption of ASU 2016-13 is not expected to have a material impact on the Company's results of operations or financial condition. In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosure by Business Entities about Government Assistance,” which improves the transparency of government assistance received by most business entities by requiring the disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity's financial statements. This guidance will be effective for annual periods beginning after December 15, 2021. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on the Company's annual disclosures. The Company will adopt the following pronouncement, effective for fiscal years beginning after December 15, 2022, which is not expected to have a material impact on the Company's results of operations, financial condition or cash flows. • ASU 2021-08 – “Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination	The acquired identifiable intangible assets of JCA and Appareo as of the date of their respective acquisitions during the first six months in 2022 are summarized in the following table (in millions): Intangible Asset Amount Weighted-Average Useful Life Customer relationships $ 15.4 10 years Technology 15.4 8 years Trademarks 5.7 10 years Non-competition agreements 1.4 5 years $ 37.9

Restructuring Expenses (Tables)

Restructuring Expenses (Tables)	6 Months Ended
	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost	Restructuring expenses activity during the three and six months ended June 30, 2022 is summarized as follows (in millions): Employee Severance Other Related Closure Costs Total Balance as of December 31, 2021 $ 14.5 $ 0.2 $ 14.7 First quarter 2022 provision 3.0 — 3.0 First quarter 2022 cash activity (3.4) — (3.4) Foreign currency translation (0.3) 0.1 (0.2) Balance as of March 31, 2022 $ 13.8 $ 0.3 $ 14.1 Second quarter 2022 provision 0.8 — 0.8 Second quarter 2022 provision reversal (0.4) — (0.4) Second quarter 2022 cash activity (3.3) — (3.3) Foreign currency translation (0.6) — (0.6) Balance as of June 30, 2022 $ 10.3 $ 0.3 $ 10.6

Stock Compensation Plans (Table

Stock Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Compensation Expense	The Company recorded stock compensation expense as follows for the three and six months ended June 30, 2022 and 2021 (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cost of goods sold $ 0.3 $ 0.3 $ 0.6 $ 0.6 Selling, general and administrative expenses 10.3 8.2 17.0 14.7 Total stock compensation expense $ 10.6 $ 8.5 $ 17.6 $ 15.3
Schedule Performance Awards Activity	Performance award transactions during the six months ended June 30, 2022 are presented as if the Company were to achieve its maximum levels of performance and assume the 2022 and 2021 performance awards subject to the total shareholder return modifier are achieved at target levels under the plan awards and were as follows: Shares awarded but not earned at January 1 514,714 Shares awarded 274,566 Shares forfeited (12,860) Shares vested (2,534) Shares awarded but not earned at June 30 773,886
Schedule of RSU Activity	RSU transactions during the six months ended June 30, 2022 assume the 2020 RSUs subject to the total shareholder return modifier are achieved at target levels, and were as follows: RSUs awarded but not vested at January 1 159,228 RSUs awarded 91,583 RSUs forfeited (3,304) RSUs vested (65,025) RSUs awarded but not vested at June 30 182,482
Schedule of SARS Activity	SSAR transactions during the six months ended June 30, 2022 were as follows: SSARs outstanding at January 1 194,611 SSARs granted — SSARs exercised (38,051) SSARs canceled or forfeited — SSARs outstanding at June 30 156,560

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Changes in the carrying amount of goodwill during the six months ended June 30, 2022 are summarized as follows (in millions): North America South America Europe/Middle East Asia/Pacific/Africa Consolidated Balance as of December 31, 2021 $ 609.6 $ 81.7 $ 469.5 $ 120.0 $ 1,280.8 Acquisitions 54.8 — — — 54.8 Foreign currency translation (0.1) 4.9 (34.9) (7.3) (37.4) Balance as of June 30, 2022 $ 664.3 $ 86.6 $ 434.6 $ 112.7 $ 1,298.2
Schedule of Finite-Lived Intangible Assets by Major Class	Changes in the carrying amount of acquired intangible assets during the six months ended June 30, 2022 are summarized as follows (in millions): Gross carrying amounts: Trademarks and Tradenames Customer Relationships Patents and Technology Land Use Rights Total Balance as of December 31, 2021 $ 189.0 $ 568.6 $ 139.9 $ 7.0 $ 904.5 Acquisitions 7.1 15.4 15.4 — 37.9 Foreign currency translation (5.9) (11.4) (6.2) (0.3) (23.8) Balance as of June 30, 2022 $ 190.2 $ 572.6 $ 149.1 $ 6.7 $ 918.6 Accumulated amortization: Trademarks and Tradenames Customer Relationships Patents and Technology Land Use Rights Total Balance as of December 31, 2021 $ 93.1 $ 409.7 $ 94.7 $ 1.5 $ 599.0 Amortization expense 6.7 18.9 5.0 0.1 30.7 Foreign currency translation (2.2) (8.6) (5.0) (0.1) (15.9) Balance as of June 30, 2022 $ 97.6 $ 420.0 $ 94.7 $ 1.5 $ 613.8
Schedule of Indefinite-lived Intangible Assets by Major Class	Indefinite-lived intangible assets: Trademarks and Balance as of December 31, 2021 $ 86.7 Foreign currency translation (2.7) Balance as of June 30, 2022 $ 84.0

Indebtedness (Tables)

Indebtedness (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt	Long-term debt consisted of the following at June 30, 2022 and December 31, 2021 (in millions): June 30, 2022 December 31, 2021 Credit facility, expires 2023 800.0 — 1.002% Senior term loan due 2025 260.4 283.7 Senior term loans due between 2023 and 2028 332.7 445.9 0.800% Senior notes due 2028 624.8 680.8 Other long-term debt 6.1 7.7 Debt issuance costs (4.0) (4.8) 2,020.0 1,413.3 Current portion of other long-term debt (2.0) (2.1) Total long-term indebtedness, less current portion $ 2,018.0 $ 1,411.2

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories at June 30, 2022 and December 31, 2021 were as follows (in millions): June 30, 2022 December 31, 2021 Finished goods $ 951.9 $ 718.2 Repair and replacement parts 737.6 697.8 Work in process 625.6 282.8 Raw materials 1,067.2 894.9 Inventories, net $ 3,382.3 $ 2,593.7

Product Warranty (Tables)

Product Warranty (Tables)	6 Months Ended
	Jun. 30, 2022
Guarantees and Product Warranties [Abstract]
Schedule of Warranty Reserve Activity	The warranty reserve activity for the three and six months ended June 30, 2022 and 2021, including deferred revenue associated with the Company's extended warranties that have been sold, was as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Balance at beginning of period $ 614.5 $ 542.0 $ 592.5 $ 521.8 Accruals for warranties issued during the period 61.9 76.8 145.2 170.1 Settlements made (in cash or in kind) during the period (50.0) (47.4) (107.7) (102.7) Foreign currency translation (36.9) 7.9 (40.5) (9.9) Balance at June 30 $ 589.5 $ 579.3 $ 589.5 $ 579.3

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Calculation of Basic and Diluted Earnings Per Share	A reconciliation of net income attributable to AGCO Corporation and subsidiaries and weighted average common shares outstanding for purposes of calculating basic and diluted net income per share for the three and six months ended June 30, 2022 and 2021 is as follows (in millions, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Basic net income per share: Net income attributable to AGCO Corporation and subsidiaries $ 177.7 $ 282.8 $ 329.5 $ 433.6 Weighted average number of common shares outstanding 74.6 75.5 74.6 75.4 Basic net income per share attributable to AGCO Corporation and subsidiaries $ 2.38 $ 3.74 $ 4.41 $ 5.75 Diluted net income per share: Net income attributable to AGCO Corporation and subsidiaries $ 177.7 $ 282.8 $ 329.5 $ 433.6 Weighted average number of common shares outstanding 74.6 75.5 74.6 75.4 Dilutive SSARs, performance share awards and RSUs 0.3 0.4 0.3 0.5 Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share 74.9 75.9 74.9 75.9 Diluted net income per share attributable to AGCO Corporation and subsidiaries $ 2.37 $ 3.73 $ 4.40 $ 5.71

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Accumulated Other Comprehensive Loss and Net Income Related to Derivatives	The following tables summarize the after-tax impact that changes in the fair value of derivatives designated as cash flow hedges had on accumulated other comprehensive loss and net income during the three and six months ended June 30, 2022 and 2021 (in millions): Recognized in Net Income Three Months Ended June 30, Gain (Loss) Recognized in Accumulated Classification of Gain (Loss) Gain (Loss) Reclassified from Accumulated Total Amount of the Line Item in the Condensed Consolidated Statements of Operations Containing Hedge Gains (Losses) 2022 Foreign currency contracts (1) $ (2.7) Cost of goods sold $ (1.9) $ 2,254.7 Commodity contracts (2) (4.5) Cost of goods sold (2.1) $ 2,254.7 Total $ (7.2) $ (4.0) 2021 Foreign currency contracts $ (0.8) Cost of goods sold $ (2.4) $ 2,186.9 Commodity contracts 5.9 Cost of goods sold 1.9 2,186.9 Total $ 5.1 $ (0.5) Recognized in Net Income Six Months Ended June 30, Gain (Loss) Recognized in Accumulated Classification of Gain (Loss) Gain (Loss) Reclassified from Accumulated Total Amount of the Line Item in the Condensed Consolidated Statements of Operations Containing Hedge Gains (Losses) 2022 Foreign currency contracts (1) $ (6.5) Cost of goods sold $ (2.0) $ 4,309.1 Commodity contracts (2) $ (3.1) Cost of goods sold (1.1) $ 4,309.1 Total $ (9.6) $ (3.1) 2021 Foreign currency contracts $ (7.6) Cost of goods sold $ (6.1) $ 3,995.1 Commodity contracts 13.7 Cost of goods sold 1.9 3,995.1 Total $ 6.1 $ (4.2) (1) The outstanding contracts as of June 30, 2022 range in maturity through December 2022. (2) The outstanding contracts as of June 30, 2022 range in maturity through November 2022. The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the three months ended June 30, 2022 (in millions): Before-Tax Amount Income Tax After-Tax Amount Accumulated derivative net losses as of March 31, 2022 $ (4.8) $ (1.1) $ (3.7) Net changes in fair value of derivatives (10.2) (3.0) (7.2) Net losses reclassified from accumulated other comprehensive loss into income 5.4 1.4 4.0 Accumulated derivative net losses as of June 30, 2022 $ (9.6) $ (2.7) $ (6.9) The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the six months ended June 30, 2022 (in millions): Before-Tax Amount Income Tax After-Tax Amount Accumulated derivative net losses as of December 31, 2021 $ (0.5) $ (0.1) $ (0.4) Net changes in fair value of derivatives (13.3) (3.7) (9.6) Net losses reclassified from accumulated other comprehensive loss into income 4.2 1.1 3.1 Accumulated derivative net losses as of June 30, 2022 $ (9.6) $ (2.7) $ (6.9)
Schedule of Derivative Instruments	The following table summarizes the notional values of the instrument designated as a net investment hedge (in millions): Notional Amount as of June 30, 2022 December 31, 2021 Cross currency swap contract $ 300.0 $ 300.0 The following table summarizes the changes in the fair value of the cross currency swap contract designated as a net investment hedge during the three and six months ended June 30, 2022 and 2021 (in millions): Gain (Loss) Recognized in Accumulated Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Six Months Ended Before-Tax Amount Income Tax After-Tax Amount Before-Tax Amount Income Tax After-Tax Amount June 30, 2022 $ 16.6 $ 4.3 $ 12.3 $ 20.8 $ 5.4 $ 15.4 June 30, 2021 3.8 — 3.8 (0.3) — (0.3)
Schedule of Derivatives Not Designated as Hedging Instrument	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): Gain (Loss) Recognized in Net Income for the Three Months Ended Gain (Loss) Recognized in Net Income for the Six Months Ended Classification of Gain (Loss) June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Foreign currency contracts Other expense, net $ 0.4 $ (5.1) $ (13.4) $ 29.3
Fair Value of Derivative Instruments	The table below sets forth the fair value of derivative instruments as of June 30, 2022 (in millions): Asset Derivatives as of Liability Derivatives as of Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivative instruments designated as hedging instruments: Foreign currency contracts Other current assets $ 3.0 Other current liabilities $ 8.7 Commodity contracts Other current assets 0.1 Other current liabilities 3.9 Cross currency swap contract Other noncurrent assets 33.3 Other noncurrent liabilities — Derivative instruments not designated as hedging instruments: Foreign currency contracts (1) Other current assets 21.3 Other current liabilities 10.0 Total derivative instruments $ 57.7 $ 22.6 (1) The outstanding contracts as of June 30, 2022 range in maturity through October 2022. The table below sets forth the fair value of derivative instruments as of December 31, 2021 (in millions): Asset Derivatives as of Liability Derivatives as of Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivative instruments designated as hedging instruments: Foreign currency contracts Other current assets $ — Other current liabilities $ — Commodity contracts Other current assets 0.2 Other current liabilities 2.0 Cross currency swap contract Other noncurrent assets 12.5 Other noncurrent liabilities — Derivative instruments not designated as hedging instruments: Foreign currency contracts (1) Other current assets 15.1 Other current liabilities 5.1 Total derivative instruments $ 27.8 $ 7.1 (1) The outstanding contracts as of December 31, 2021 range in maturity through October 2022. As of June 30, 2022 Level 1 Level 2 Level 3 Total Derivative assets $ — $ 57.7 $ — $ 57.7 Derivative liabilities — 22.6 — 22.6 As of December 31, 2021 Level 1 Level 2 Level 3 Total Derivative assets $ — $ 27.8 $ — $ 27.8 Derivative liabilities — 7.1 — 7.1

Changes in Stockholders' Equi_2

Changes in Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Schedule of Stockholders Equity	The following tables set forth changes in stockholders’ equity attributed to AGCO Corporation and its subsidiaries and to noncontrolling interests for the three and six months ended June 30, 2022 (in millions): Common Additional Retained Accumulated Other Noncontrolling Total Stockholders’ Balance, March 31, 2022 $ 0.7 $ 2.9 $ 5,306.2 $ (1,635.0) $ 0.1 $ 3,674.9 Stock compensation — 10.6 — — — 10.6 Issuance of stock awards — (0.2) — — — (0.2) SSARs exercised — — — — — — Comprehensive income: Net income (loss) — — 177.7 — (0.1) 177.6 Other comprehensive loss, net of reclassification adjustments: Foreign currency translation adjustments — — — (124.6) 0.1 (124.5) Defined benefit pension plans, net of tax — — — 1.7 — 1.7 Deferred gains and losses on derivatives, net of tax — — — (3.2) — (3.2) Payment of dividends to stockholders — — (353.6) — — (353.6) Distributions to noncontrolling interest — — — — — — Balance, June 30, 2022 $ 0.7 $ 13.3 $ 5,130.3 $ (1,761.1) $ 0.1 $ 3,383.3 Common Additional Retained Accumulated Other Noncontrolling Total Stockholders’ Balance, December 31, 2021 $ 0.7 $ 3.9 $ 5,182.2 $ (1,770.9) $ 27.9 $ 3,443.8 Stock compensation — 17.6 — — — 17.6 Issuance of stock awards — (7.2) (12.9) — — (20.1) SSARs exercised — (1.0) — — — (1.0) Comprehensive income: Net income (loss) — — 329.5 — (14.9) 314.6 Other comprehensive income, net of reclassification adjustments: Foreign currency translation adjustments — — — 12.9 0.9 13.8 Defined benefit pension plans, net of tax — — — 3.4 — 3.4 Deferred gains and losses on derivatives, net of tax — — — (6.5) — (6.5) Payment of dividends to stockholders — — (368.5) — — (368.5) Distributions to noncontrolling interest — — — — (13.8) (13.8) Balance, June 30, 2022 $ 0.7 $ 13.3 $ 5,130.3 $ (1,761.1) $ 0.1 $ 3,383.3 The following tables set forth changes in stockholders’ equity attributed to AGCO Corporation and its subsidiaries and to noncontrolling interests for the three and six months ended June 30, 2021 (in millions): Common Additional Retained Accumulated Other Noncontrolling Total Stockholders’ Balance, March 31, 2021 $ 0.8 $ 5.7 $ 4,897.9 $ (1,817.9) $ 38.2 $ 3,124.7 Stock compensation — 8.4 — — — 8.4 SSARs exercised — (2.4) — — — (2.4) Comprehensive income: Net income — — 282.8 — 1.6 284.4 Other comprehensive income, net of reclassification adjustments: Foreign currency translation adjustments — — — 80.0 0.8 80.8 Defined benefit pension plans, net of tax — — — (6.0) — (6.0) Deferred gains and losses on derivatives, net of tax — — — 5.6 — 5.6 Payment of dividends to stockholders — — (316.6) — — (316.6) Distributions to noncontrolling interest — — — — (3.5) (3.5) Change in noncontrolling interest — — — — (10.6) (10.6) Balance, June 30, 2021 $ 0.8 $ 11.7 $ 4,864.1 $ (1,738.3) $ 26.5 $ 3,164.8 Common Additional Retained Accumulated Other Noncontrolling Total Stockholders’ Balance, December 31, 2020 $ 0.8 $ 30.9 $ 4,759.1 $ (1,810.8) $ 38.0 $ 3,018.0 Stock compensation — 15.2 — — — 15.2 Issuance of stock awards — (29.5) — — — (29.5) SSARs exercised — (4.9) — — — (4.9) Comprehensive income: Net income — — 433.6 — 2.2 435.8 Other comprehensive income, net of reclassification adjustments: Foreign currency translation adjustments — — — 33.1 0.4 33.5 Defined benefit pension plans, net of tax — — — 29.1 — 29.1 Deferred gains and losses on derivatives, net of tax — — — 10.3 — 10.3 Payment of dividends to stockholders — — (328.6) — — (328.6) Distributions to noncontrolling interest — — — — (3.5) (3.5) Change in noncontrolling interest — — — — (10.6) (10.6) Balance, June 30, 2021 $ 0.8 $ 11.7 $ 4,864.1 $ (1,738.3) $ 26.5 $ 3,164.8
Schedule of Comprehensive Income (Loss) Attributable to Noncontrolling Interests	Total comprehensive income (loss) attributable to noncontrolling interests for the three and six months ended June 30, 2022 and 2021 was as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net (loss) income $ (0.1) $ 1.6 $ (14.9) $ 2.2 Other comprehensive income: Foreign currency translation adjustments 0.1 0.8 0.9 0.4 Total comprehensive income (loss) $ — $ 2.4 $ (14.0) $ 2.6
Summary of Accumulated Other Comprehensive (Loss) Income	The following table sets forth changes in accumulated other comprehensive loss by component, net of tax, attributed to AGCO Corporation and its subsidiaries for the six months ended June 30, 2022 (in millions): Defined Benefit Pension Plans Deferred Net (Losses) Gains on Derivatives Cumulative Translation Adjustment Total Accumulated other comprehensive loss, December 31, 2021 $ (230.4) $ (0.4) $ (1,540.1) $ (1,770.9) Other comprehensive income (loss) before reclassifications — (9.6) 12.9 3.3 Net losses reclassified from accumulated other comprehensive loss 3.4 3.1 — 6.5 Other comprehensive income (loss), net of reclassification adjustments 3.4 (6.5) 12.9 9.8 Accumulated other comprehensive loss, June 30, 2022 $ (227.0) $ (6.9) $ (1,527.2) $ (1,761.1) Before-Tax Amount Income Tax After-Tax Amount Accumulated other comprehensive loss, December 31, 2021 $ (302.4) $ (72.0) $ (230.4) Amortization of net actuarial losses 4.4 1.1 3.3 Amortization of prior service cost 0.2 0.1 0.1 Accumulated other comprehensive loss as of June 30, 2022 $ (297.8) $ (70.8) $ (227.0)
Reclassification Out of Accumulated Other Comprehensive Loss	The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the three months ended June 30, 2022 and 2021 (in millions): Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item within the Condensed Consolidated Details about Accumulated Other Comprehensive Loss Components Three Months Ended June 30, 2022 (1) Three Months Ended June 30, 2021 (1) Derivatives: Net losses on foreign currency contracts $ 2.6 $ 3.5 Cost of goods sold Net losses (gains) on commodity contracts $ 2.8 $ (1.9) Cost of goods sold Reclassification before tax 5.4 1.6 (1.4) (1.1) Income tax provision Reclassification net of tax $ 4.0 $ 0.5 Defined benefit pension plans: Amortization of net actuarial losses $ 2.2 $ 3.4 Other expense, net (2) Amortization of prior service cost — 0.1 Other expense, net (2) Reclassification before tax 2.2 3.5 (0.5) (1.5) Income tax provision Reclassification net of tax $ 1.7 $ 2.0 Net losses reclassified from accumulated other comprehensive loss $ 5.7 $ 2.5 (1) Losses (gains) included within the Condensed Consolidated Statements of Operations for the three months ended June 30, 2022 and 2021, respectively. (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 15 for additional information on the Company’s defined benefit pension plans. Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item within the Condensed Consolidated Details about Accumulated Other Comprehensive Loss Components Six Months Ended June 30, 2022 (1) Six Months Ended June 30, 2021 (1) Derivatives: Net losses on foreign currency contracts $ 2.7 $ 6.9 Cost of goods sold Net losses (gains) on commodity contracts 1.5 (1.9) Cost of goods sold Reclassification before tax 4.2 5.0 (1.1) (0.8) Income tax provision Reclassification net of tax $ 3.1 $ 4.2 Defined benefit pension plans: Amortization of net actuarial losses $ 4.4 $ 7.4 Other expense, net (2) Amortization of prior service cost 0.2 0.6 Other expense, net (2) Reclassification before tax 4.6 8.0 (1.2) (2.1) Income tax provision Reclassification net of tax (3) $ 3.4 $ 5.9 Net losses reclassified from accumulated other comprehensive loss $ 6.5 $ 10.1 (1) Losses (gains) included within the Condensed Consolidated Statements of Operations for the six months ended June 30, 2022 and 2021, respectively. (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 15 for additional information on the Company’s defined benefit pension plans.

Pension and Postretirement Be_2

Pension and Postretirement Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2022
Retirement Benefits [Abstract]
Net Pension and Postretirement Cost	Net periodic pension and postretirement benefit cost for the Company’s defined pension and postretirement benefit plans for the three and six months ended June 30, 2022 and 2021 are set forth below (in millions): Three Months Ended June 30, Six Months Ended June 30, Pension benefits 2022 2021 2022 2021 Service cost $ 3.3 $ 3.7 $ 6.6 $ 7.8 Interest cost 3.8 3.2 7.8 6.4 Expected return on plan assets (4.4) (7.9) (9.0) (15.7) Amortization of net actuarial losses 2.2 3.4 4.4 7.4 Amortization of prior service cost — 0.1 0.1 0.6 Curtailment (1) — — — $ (1.2) Net periodic pension cost $ 4.9 $ 2.5 $ 9.9 $ 5.3 (1) During the six months ended June 30, 2021, the Company amended its Executive Nonqualified Pension Plan (“ENPP”) to freeze the plan as of December 31, 2024 to future salary benefit accruals, and to eliminate a life-time annuity feature for participants reaching age 65 subsequent to December 31, 2022. This amendment resulted in a curtailment gain related to the ENPP's net prior service credit. Three Months Ended June 30, Six Months Ended June 30, Postretirement benefits 2022 2021 2022 2021 Service cost $ — $ — $ 0.1 $ 0.1 Interest cost 0.3 0.2 0.5 0.4 Amortization of prior service cost — — 0.1 — Net periodic postretirement benefit cost $ 0.3 $ 0.2 $ 0.7 $ 0.5
Summary of Accumulated Other Comprehensive Income	The following table sets forth changes in accumulated other comprehensive loss by component, net of tax, attributed to AGCO Corporation and its subsidiaries for the six months ended June 30, 2022 (in millions): Defined Benefit Pension Plans Deferred Net (Losses) Gains on Derivatives Cumulative Translation Adjustment Total Accumulated other comprehensive loss, December 31, 2021 $ (230.4) $ (0.4) $ (1,540.1) $ (1,770.9) Other comprehensive income (loss) before reclassifications — (9.6) 12.9 3.3 Net losses reclassified from accumulated other comprehensive loss 3.4 3.1 — 6.5 Other comprehensive income (loss), net of reclassification adjustments 3.4 (6.5) 12.9 9.8 Accumulated other comprehensive loss, June 30, 2022 $ (227.0) $ (6.9) $ (1,527.2) $ (1,761.1) Before-Tax Amount Income Tax After-Tax Amount Accumulated other comprehensive loss, December 31, 2021 $ (302.4) $ (72.0) $ (230.4) Amortization of net actuarial losses 4.4 1.1 3.3 Amortization of prior service cost 0.2 0.1 0.1 Accumulated other comprehensive loss as of June 30, 2022 $ (297.8) $ (70.8) $ (227.0)

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	The table below sets forth the fair value of derivative instruments as of June 30, 2022 (in millions): Asset Derivatives as of Liability Derivatives as of Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivative instruments designated as hedging instruments: Foreign currency contracts Other current assets $ 3.0 Other current liabilities $ 8.7 Commodity contracts Other current assets 0.1 Other current liabilities 3.9 Cross currency swap contract Other noncurrent assets 33.3 Other noncurrent liabilities — Derivative instruments not designated as hedging instruments: Foreign currency contracts (1) Other current assets 21.3 Other current liabilities 10.0 Total derivative instruments $ 57.7 $ 22.6 (1) The outstanding contracts as of June 30, 2022 range in maturity through October 2022. The table below sets forth the fair value of derivative instruments as of December 31, 2021 (in millions): Asset Derivatives as of Liability Derivatives as of Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivative instruments designated as hedging instruments: Foreign currency contracts Other current assets $ — Other current liabilities $ — Commodity contracts Other current assets 0.2 Other current liabilities 2.0 Cross currency swap contract Other noncurrent assets 12.5 Other noncurrent liabilities — Derivative instruments not designated as hedging instruments: Foreign currency contracts (1) Other current assets 15.1 Other current liabilities 5.1 Total derivative instruments $ 27.8 $ 7.1 (1) The outstanding contracts as of December 31, 2021 range in maturity through October 2022. As of June 30, 2022 Level 1 Level 2 Level 3 Total Derivative assets $ — $ 57.7 $ — $ 57.7 Derivative liabilities — 22.6 — 22.6 As of December 31, 2021 Level 1 Level 2 Level 3 Total Derivative assets $ — $ 27.8 $ — $ 27.8 Derivative liabilities — 7.1 — 7.1

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Sales Information By Reportable Segments	Segment results for the three and six months ended June 30, 2022 and 2021 and assets as of June 30, 2022 and December 31, 2021 based on the Company’s reportable segments are as follows (in millions): Three Months Ended June 30, North America South America Europe/Middle East Asia/Pacific/Africa Consolidated 2022 Net sales $ 739.9 $ 519.2 $ 1,467.6 $ 218.5 $ 2,945.2 Income from operations 50.7 85.5 161.2 30.7 328.1 Depreciation 15.0 7.6 25.3 3.9 51.8 Capital expenditures 15.2 11.2 42.5 4.0 72.9 2021 Net sales $ 734.7 $ 278.3 $ 1,635.2 $ 231.1 $ 2,879.3 Income from operations 103.7 23.1 201.5 26.6 354.9 Depreciation 15.2 6.7 29.6 3.6 55.1 Capital expenditures 8.8 5.0 40.3 3.0 57.1 Six Months Ended June 30, North America South America Europe/Middle East Asia/Pacific/Africa Consolidated 2022 Net sales $ 1,440.9 $ 875.6 $ 2,870.7 $ 443.7 $ 5,630.9 Income from operations 105.5 131.6 323.5 64.7 625.3 Depreciation 30.2 14.6 53.5 8.2 106.5 Capital expenditures 30.9 21.2 81.7 5.4 139.2 2021 Net sales $ 1,345.8 $ 518.8 $ 2,962.4 $ 431.0 $ 5,258.0 Income from operations 178.6 39.3 345.8 47.6 611.3 Depreciation 30.8 13.3 58.0 7.8 109.9 Capital expenditures 21.1 11.6 83.8 4.1 120.6 Assets As of June 30, 2022 $ 1,683.1 $ 1,124.4 $ 2,635.2 $ 652.3 $ 6,095.0 As of December 31, 2021 1,328.1 922.7 2,348.7 610.6 5,210.1
Reconciliation of Income from Operations from Segment to Consolidated	A reconciliation from the segment information to the consolidated balances for income from operations and total assets is set forth below (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Segment income from operations $ 328.1 $ 354.9 $ 625.3 $ 611.3 Impairment charges — — (36.0) — Corporate expenses (38.5) (37.5) (70.7) (73.4) Amortization of intangibles (15.4) (14.2) (30.7) (31.7) Stock compensation expense (10.3) (8.2) (17.0) (14.7) Restructuring expenses (0.4) (4.7) (3.4) (6.0) Consolidated income from operations $ 263.5 $ 290.3 $ 467.5 $ 485.5
Reconciliation of Assets from Segment to Consolidated	June 30, 2022 December 31, 2021 Segment assets $ 6,095.0 $ 5,210.1 Cash, cash equivalents and restricted cash 580.6 889.1 Investments in affiliates 417.0 413.5 Deferred tax assets, other current and noncurrent assets 1,109.3 996.4 Intangible assets, net 388.8 392.2 Goodwill 1,298.2 1,280.8 Consolidated total assets $ 9,888.9 $ 9,182.1

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Lessee, Operating Lease, Liability, Maturity	Lease payment amounts for operating and finance leases with remaining terms greater than one year as of June 30, 2022 and December 31, 2021 were as follows (in millions): June 30, 2022 December 31, 2021 Operating Leases (1) Finance Leases Operating Leases (1) Finance Leases 2022 $ 23.2 $ 3.0 $ 45.7 $ 4.0 2023 40.5 0.8 36.2 0.9 2024 29.6 0.5 24.5 0.6 2025 20.8 0.4 17.3 0.4 2026 15.2 0.2 12.3 0.2 Thereafter 50.3 5.8 39.1 6.3 Total lease payments 179.6 10.7 175.1 12.4 Less: imputed interest (2) (19.4) (2.2) (17.3) (2.5) Present value of leased liabilities $ 160.2 $ 8.5 $ 157.8 $ 9.9 (1) Operating lease payments include options to extend or terminate at the Company's sole discretion, which are included in the determination of lease term when they are reasonably certain to be exercised. (2) Calculated for each lease using either the implicit interest rate or the incremental borrowing rate when the implicit interest rate is not readily available.
Finance Lease, Liability, Maturity	Lease payment amounts for operating and finance leases with remaining terms greater than one year as of June 30, 2022 and December 31, 2021 were as follows (in millions): June 30, 2022 December 31, 2021 Operating Leases (1) Finance Leases Operating Leases (1) Finance Leases 2022 $ 23.2 $ 3.0 $ 45.7 $ 4.0 2023 40.5 0.8 36.2 0.9 2024 29.6 0.5 24.5 0.6 2025 20.8 0.4 17.3 0.4 2026 15.2 0.2 12.3 0.2 Thereafter 50.3 5.8 39.1 6.3 Total lease payments 179.6 10.7 175.1 12.4 Less: imputed interest (2) (19.4) (2.2) (17.3) (2.5) Present value of leased liabilities $ 160.2 $ 8.5 $ 157.8 $ 9.9 (1) Operating lease payments include options to extend or terminate at the Company's sole discretion, which are included in the determination of lease term when they are reasonably certain to be exercised. (2) Calculated for each lease using either the implicit interest rate or the incremental borrowing rate when the implicit interest rate is not readily available.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset and Liability	Significant changes in the balance of contract liabilities for the three and six months ended June 30, 2022 and 2021 were as follows (in millions): Three Months Ended June 30, 2022 2021 Balance at beginning of period $ 232.4 $ 186.3 Advance consideration received 31.5 59.0 Revenue recognized during the period for extended warranty contracts, maintenance services and technology services (20.4) (13.3) Revenue recognized during the period related to grain storage and protein production systems (13.9) (32.6) Foreign currency translation (11.9) 1.8 Balance at June 30 $ 217.7 $ 201.2 Six Months Ended June 30, 2022 2021 Balance at beginning of period $ 226.2 $ 172.0 Advance consideration received 74.5 116.1 Revenue recognized during the period for extended warranty contracts, maintenance services and technology services (39.0) (26.3) Revenue recognized during the period related to grain storage and protein production systems (28.5) (59.8) Foreign currency translation (15.5) (0.8) Balance at June 30 $ 217.7 $ 201.2
Disaggregation of Revenue	Net sales for the three months ended June 30, 2022 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 $ 583.4 $ — $ — $ — $ 583.4 Canada 125.8 — — — 125.8 South America — 515.5 — — 515.5 Germany — — 288.1 — 288.1 France — — 257.6 — 257.6 United Kingdom and Ireland — — 157.8 — 157.8 Finland and Scandinavia — — 196.1 — 196.1 Other Europe — — 521.3 — 521.3 Middle East and Algeria — — 46.6 — 46.6 Africa — — — 34.5 34.5 Asia — — — 97.3 97.3 Australia and New Zealand — — — 86.7 86.7 Mexico, Central America and Caribbean 30.7 3.7 — — 34.4 $ 739.9 $ 519.2 $ 1,467.6 $ 218.5 $ 2,945.2 Major products: Tractors $ 263.4 $ 291.3 $ 976.5 $ 112.4 $ 1,643.6 Replacement parts 119.5 36.6 270.8 23.1 450.0 Grain storage and protein production systems 155.5 41.6 45.7 43.6 286.4 Combines, application equipment and other machinery 201.5 149.7 174.5 39.4 565.1 $ 739.9 $ 519.2 $ 1,467.6 $ 218.5 $ 2,945.2 Net sales for the three months ended June 30, 2021 disaggregated by primary geographical markets and major products consisted of the following (in millions): North America (1) South America (1) Europe/Middle East (1) Asia/Pacific/Africa Consolidated (1) Primary geographical markets: United States $ 570.9 $ — $ — $ — $ 570.9 Canada 138.9 — — — 138.9 South America — 276.0 — — 276.0 Germany — — 348.4 — 348.4 France — — 294.8 — 294.8 United Kingdom and Ireland — — 167.0 — 167.0 Finland and Scandinavia — — 221.2 — 221.2 Other Europe — — 558.8 — 558.8 Middle East and Algeria — — 45.0 — 45.0 Africa — — — 36.1 36.1 Asia — — — 116.6 116.6 Australia and New Zealand — — — 78.4 78.4 Mexico, Central America and Caribbean 25.0 2.3 — — 27.3 $ 734.7 $ 278.3 $ 1,635.2 $ 231.1 $ 2,879.3 Major products: Tractors $ 243.2 $ 126.3 $ 1,069.1 $ 96.1 $ 1,534.7 Replacement parts 122.4 33.5 298.2 25.4 479.5 Grain storage and protein production systems 158.0 32.1 56.9 68.8 315.8 Combines, application equipment and other machinery 211.1 86.5 210.9 40.8 549.3 $ 734.7 $ 278.3 $ 1,635.2 $ 231.1 $ 2,879.3 (1) Rounding may impact the summation of amounts. Net sales for the six months ended June 30, 2022 disaggregated by primary geographical markets and major products consisted of the following (in millions): North America (1) South America Europe/Middle East (1) Asia/Pacific/Africa Consolidated Primary geographical markets: United States $ 1,153.7 $ — $ — $ — $ 1,153.7 Canada 226.9 — — — 226.9 South America — 868.4 — — 868.4 Germany — — 605.3 — 605.3 France — — 529.2 — 529.2 United Kingdom and Ireland — — 303.2 — 303.2 Finland and Scandinavia — — 393.1 — 393.1 Other Europe — — 959.9 — 959.9 Middle East and Algeria — — 80.0 — 80.0 Africa — — — 70.5 70.5 Asia — — — 201.9 201.9 Australia and New Zealand — — — 171.3 171.3 Mexico, Central America and Caribbean 60.3 7.2 — — 67.5 $ 1,440.9 $ 875.6 $ 2,870.7 $ 443.7 $ 5,630.9 Major products: Tractors $ 515.3 $ 497.9 $ 1,891.6 $ 237.8 $ 3,142.6 Replacement parts 214.1 74.8 556.8 49.8 895.5 Grain storage and protein production systems 286.7 81.6 77.0 81.1 526.4 Combines, application equipment and other machinery 424.9 221.3 345.2 75.0 1,066.4 $ 1,440.9 $ 875.6 $ 2,870.7 $ 443.7 $ 5,630.9 (1) Rounding may impact the summation of amounts. Net sales for the six months ended June 30, 2021 disaggregated by primary geographical markets and major products consisted of the following (in millions): North America (1) South America Europe/Middle East (1) Asia/Pacific/Africa Consolidated (1) Primary geographical markets: United States $ 1,069.6 $ — $ — $ — $ 1,069.6 Canada 230.5 — — — 230.5 South America — 514.6 — — 514.6 Germany — — 693.9 — 693.9 France — — 510.3 — 510.3 United Kingdom and Ireland — — 295.4 — 295.4 Finland and Scandinavia — — 378.6 — 378.6 Other Europe — — 982.3 — 982.3 Middle East and Algeria — — 101.9 — 101.9 Africa — — — 61.9 61.9 Asia — — — 218.9 218.9 Australia and New Zealand — — — 150.2 150.2 Mexico, Central America and Caribbean 45.8 4.2 — — 50.0 $ 1,345.8 $ 518.8 $ 2,962.4 $ 431.0 $ 5,258.0 Major products: Tractors $ 433.5 $ 237.4 $ 1,950.5 $ 190.1 $ 2,811.5 Replacement parts 207.5 62.5 559.2 48.9 878.2 Grain storage and protein production systems 264.4 53.7 85.9 125.7 529.7 Combines, application equipment and other machinery 440.4 165.2 366.7 66.3 1,038.6 $ 1,345.8 $ 518.8 $ 2,962.4 $ 431.0 $ 5,258.0 (1) Rounding may impact the summation of amounts.

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ in Millions, $ in Millions	May 02, 2022 USD ($)	May 02, 2022 CAD ($)	Jan. 01, 2022 USD ($)	Jun. 30, 2022 USD ($)	May 02, 2022 CAD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Goodwill				$ 1,298.2		$ 1,280.8
Appareo [Member]
Business Acquisition [Line Items]
Equity Method Investment, Ownership Percentage			50%
Equity Method Investments, Fair Value Disclosure			$ 11.2
Appareo [Member]
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired			62.1
Goodwill			20.8
Cash acquired			0.5
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain			$ 3.4
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage			50%
JCA
Business Acquisition [Line Items]
Goodwill	$ 34				$ 43.9
Payments to Acquire Businesses, Gross	$ 49.2	$ 63

Acquisitions (Finite-Live Intan

Acquisitions (Finite-Live Intangible Assets Acquired) (Details) - JCA and Appareo $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Business Acquisition [Line Items]
Intangible assets acquired	$ 37.9
Customer relationships
Business Acquisition [Line Items]
Intangible assets acquired	$ 15.4
Weighted-Average Useful Life	10 years
Technology
Business Acquisition [Line Items]
Intangible assets acquired	$ 15.4
Weighted-Average Useful Life	8 years
Trademarks
Business Acquisition [Line Items]
Intangible assets acquired	$ 5.7
Weighted-Average Useful Life	10 years
Noncompete Agreements
Business Acquisition [Line Items]
Intangible assets acquired	$ 1.4
Weighted-Average Useful Life	5 years

Restructuring Expenses (Restruc

Restructuring Expenses (Restructuring Expense Activities) (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning of period	$ 14.1	$ 14.7
Quarterly provision	0.8	3
Quarterly provision reversal	(0.4)
Quarterly cash activity	(3.3)	(3.4)
Foreign currency translation	(0.6)	(0.2)
Restructuring reserve, end of period	10.6	14.1
Employee Severance
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning of period	13.8	14.5
Quarterly provision	0.8	3
Quarterly provision reversal	(0.4)
Quarterly cash activity	(3.3)	(3.4)
Foreign currency translation	(0.6)	(0.3)
Restructuring reserve, end of period	10.3	13.8
Other Related Closure Costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning of period	0.3	0.2
Quarterly provision	0	0
Quarterly provision reversal	0
Quarterly cash activity	0	0
Foreign currency translation	0	0.1
Restructuring reserve, end of period	$ 0.3	$ 0.3

Restructuring Expenses (Narrati

Restructuring Expenses (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Impairment charges				$ 36	$ 0
Benefit recorded in Net income (loss) attributable to noncontrolling interests	$ 0.1		$ (1.6)	14.9	(2.2)
Investment write-down included in Equity in net earnings of affiliate	$ (13.2)		$ (18.6)	$ (24.3)	$ (33.3)
Russian Finance Joint Venture
Restructuring Cost and Reserve [Line Items]
Investment write-down included in Equity in net earnings of affiliate		$ 4.8
Russian Finance Joint Venture | Entity under Time-Limited General License
Restructuring Cost and Reserve [Line Items]
Impairment charges		36
Benefit recorded in Net income (loss) attributable to noncontrolling interests		$ 12.2

Stock Compensation Plans (Sched

Stock Compensation Plans (Schedule of Stock Compensation Expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock compensation expense	$ 10.6	$ 8.5	$ 17.6	$ 15.3
Cost of goods sold
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock compensation expense	0.3	0.3	0.6	0.6
Selling, general and administrative expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock compensation expense	$ 10.3	$ 8.2	$ 17	$ 14.7

Stock Compensation Plans (Narra

Stock Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended		6 Months Ended
	Jul. 13, 2022	Jun. 30, 2022	Apr. 28, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)		150,000,000		150,000,000		150,000,000		150,000,000
Total stock compensation expense				$ 10.6	$ 8.5	$ 17.6	$ 15.3
Restricted Stock Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value of performance awards granted (in dollars per share)						$ 117.08	$ 113.63
Shares awarded (in shares)						91,583
Share-based compensation cost not yet recognized		$ 14.9		14.9		$ 14.9
Shares received for every restricted stock unit award given						1
Share-based compensation cost not yet recognized, period for recognition		1 year 6 months
Restricted Stock Unit Awards | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded (in shares)	41,963
Restricted Stock Unit Awards | Vesting Year One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage						33.33%
Restricted Stock Unit Awards | Vesting Year Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage						33.33%
Restricted Stock Unit Awards | Vesting Year Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage						33.33%
Stock-Settled Appreciation Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded (in shares)						0
Share-based compensation cost not yet recognized		$ 0.6		0.6		$ 0.6
Share-based compensation cost not yet recognized, period for recognition		1 year 6 months
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded (in shares)			11,664
Shares awarded after shares with held for taxes (in shares)			10,301
Total stock compensation expense						$ 1.5
Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value of performance awards granted (in dollars per share)						$ 124.12	$ 123.26
Shares awarded (in shares)						274,566
Share-based compensation cost not yet recognized		$ 40.6		$ 40.6		$ 40.6
Share-based compensation cost not yet recognized, period for recognition		2 years
Performance Awards | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded (in shares)	22,777
2006 Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)		10,000,000		10,000,000		10,000,000
Shares available for grant (in shares)		3,817,951		3,817,951		3,817,951

Stock Compensation Plans (Perfo

Stock Compensation Plans (Performance Award Activity) (Details) - Performance Awards	6 Months Ended
	Jun. 30, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding [Roll Forward]
Shares awarded but not earned/vested, beginning of period (in shares)	514,714
Shares awarded (in shares)	274,566
Shares forfeited (in shares)	(12,860)
Shares vested (in shares)	(2,534)
Shares awarded but not earned/vested, end of period (in shares)	773,886

Stock Compensation Plans (Restr

Stock Compensation Plans (Restricted Stock Unit Award Transactions) (Details) - Restricted Stock Unit Awards - shares		6 Months Ended
	Jul. 13, 2022	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding [Roll Forward]
Shares awarded but not earned/vested, beginning of period (in shares)		159,228
Shares awarded (in shares)		91,583
Shares forfeited (in shares)		(3,304)
Shares vested (in shares)		(65,025)
Shares awarded but not earned/vested, end of period (in shares)		182,482
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding [Roll Forward]
Shares awarded (in shares)	41,963

Stock Compensation Plans (SSAR

Stock Compensation Plans (SSAR Activity) (Details) - Stock-Settled Appreciation Rights	6 Months Ended
	Jun. 30, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding [Roll Forward]
SSARs outstanding, beginning of period (in shares)	194,611
SSARs granted (in shares)	0
SSARs exercised (in shares)	(38,051)
SSARs canceled or forfeited (in shares)	0
SSARs outstanding, end of period (in shares)	156,560
Shares awarded (in shares)	0

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill:
Goodwill at beginning of period	$ 1,280.8
Acquisitions	54.8
Foreign currency translation	(37.4)
Goodwill at end of period	1,298.2
North America
Goodwill:
Goodwill at beginning of period	609.6
Acquisitions	54.8
Foreign currency translation	(0.1)
Goodwill at end of period	664.3
South America
Goodwill:
Goodwill at beginning of period	81.7
Acquisitions	0
Foreign currency translation	4.9
Goodwill at end of period	86.6
Europe/Middle East
Goodwill:
Goodwill at beginning of period	469.5
Acquisitions	0
Foreign currency translation	(34.9)
Goodwill at end of period	434.6
Asia/Pacific/Africa
Goodwill:
Goodwill at beginning of period	120
Acquisitions	0
Foreign currency translation	(7.3)
Goodwill at end of period	$ 112.7

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Narrative) (Details)	6 Months Ended
	Jun. 30, 2022
Minimum
Goodwill [Line Items]
Weighted-Average Useful Life	4 years
Maximum
Goodwill [Line Items]
Weighted-Average Useful Life	50 years

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Schedule of Change in Carrying Amount of Intangible Assets) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Gross carrying amounts:
Balance at beginning of period	$ 904.5
Acquisitions	37.9
Foreign currency translation	(23.8)
Balance at end of period	918.6
Accumulated amortization:
Balance at beginning of period	599
Amortization expense	30.7
Foreign currency translation	(15.9)
Balance at end of period	613.8
Trademarks and Tradenames
Gross carrying amounts:
Balance at beginning of period	189
Acquisitions	7.1
Foreign currency translation	(5.9)
Balance at end of period	190.2
Accumulated amortization:
Balance at beginning of period	93.1
Amortization expense	6.7
Foreign currency translation	(2.2)
Balance at end of period	97.6
Customer Relationships
Gross carrying amounts:
Balance at beginning of period	568.6
Acquisitions	15.4
Foreign currency translation	(11.4)
Balance at end of period	572.6
Accumulated amortization:
Balance at beginning of period	409.7
Amortization expense	18.9
Foreign currency translation	(8.6)
Balance at end of period	420
Patents and Technology
Gross carrying amounts:
Balance at beginning of period	139.9
Acquisitions	15.4
Foreign currency translation	(6.2)
Balance at end of period	149.1
Accumulated amortization:
Balance at beginning of period	94.7
Amortization expense	5
Foreign currency translation	(5)
Balance at end of period	94.7
Land Use Rights
Gross carrying amounts:
Balance at beginning of period	7
Acquisitions	0
Foreign currency translation	(0.3)
Balance at end of period	6.7
Accumulated amortization:
Balance at beginning of period	1.5
Amortization expense	0.1
Foreign currency translation	(0.1)
Balance at end of period	$ 1.5

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets (Indefinite-Lived Intangible Assets) (Details) - Trademarks and Tradenames $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Indefinite-lived intangible assets:
Balance at beginning of period	$ 86.7
Foreign currency translation	(2.7)
Balance at end of period	$ 84

Indebtedness (Components of Ind

Indebtedness (Components of Indebtedness) (Details) $ in Millions	Jun. 30, 2022 USD ($)	Jun. 30, 2022 EUR (€)	Dec. 31, 2021 USD ($)	Oct. 06, 2021	Jan. 25, 2019 EUR (€)
Debt Instrument [Line Items]
Other long-term debt	$ 6.1		$ 7.7
Debt issuance costs	(4)		(4.8)
Total long-term debt	2,020		1,413.3
Current portion of long term debt	(2)		(2.1)
Total long-term indebtedness, less current portion	2,018		1,411.2
Credit facility, expires 2023
Debt Instrument [Line Items]
Credit facility	800		0
1.002% Senior term loan due 2025
Debt Instrument [Line Items]
Debt instrument, interest rate, percent					1.002%
1.002% Senior term loan due 2025
Debt Instrument [Line Items]
Senior notes	260.4		283.7		€ 250,000,000
Senior term loans due between 2023 and 2028
Debt Instrument [Line Items]
Senior notes	332.7		445.9
Current portion of other long-term debt
Debt Instrument [Line Items]
Current portion of long term debt	(2)		(2.1)
0.800% Senior Notes Due 2028
Debt Instrument [Line Items]
Debt instrument, interest rate, percent				0.80%
Senior notes	$ 624.8	€ 600,000,000	$ 680.8

Indebtedness (Narrative) (Detai

Indebtedness (Narrative) (Details)

1 Months Ended

6 Months Ended

Apr. 26, 2022 USD ($)

Apr. 26, 2022 EUR (€)

Apr. 19, 2022 USD ($)

Apr. 19, 2022 EUR (€)

Feb. 01, 2022 USD ($)

Feb. 01, 2022 EUR (€)

Oct. 19, 2021 USD ($)

Oct. 19, 2021 EUR (€)

Oct. 06, 2021 EUR (€)

Aug. 01, 2021 USD ($)

Aug. 01, 2021 EUR (€)

Apr. 30, 2022

Oct. 31, 2019 USD ($)

Oct. 31, 2019 EUR (€)

Oct. 31, 2018 USD ($)

Jun. 30, 2022 USD ($)

Jun. 30, 2021 USD ($)

Jun. 30, 2022 EUR (€)

Dec. 31, 2021 USD ($)

Apr. 09, 2020 USD ($)

Apr. 09, 2020 EUR (€)

Jan. 25, 2019 EUR (€)

Aug. 31, 2018 EUR (€) loan_agreement

Oct. 31, 2016 EUR (€) loan_agreement

Debt Instrument [Line Items]

Debt instrument, dace amount, issue price percentage

99.993%

Number of loan agreements entered | loan_agreement

7

7

Repayments of debt

$ 119,800,000

$ 905,400,000

Short-term borrowings

320,800,000

$ 90,800,000

Outstanding letters of credit

14,400,000

14,600,000

Revolving Credit Facility | Multi-Currency Revolving Credit Facility

Debt Instrument [Line Items]

Remaining borrowing capacity on line of credit facility

0

800,000,000

Revolving Credit Facility | Uncommitted Revolving Credit Facility

Debt Instrument [Line Items]

Maximum borrowing capacity on line of credit facility

104,100,000

€ 100,000,000

Credit facility amount outstanding

0

Remaining borrowing capacity on line of credit facility

$ 104,100,000

100,000,000

Credit Facility | Interest Accrual, Option One | Bilateral Revolving Credit Facility | EURIBOR

Debt Instrument [Line Items]

Margin on variable rate

0.75%

Credit Facility | Interest Accrual, Option Two | Bilateral Revolving Credit Facility | Base Rate

Debt Instrument [Line Items]

Margin on variable rate

0.75%

Credit Facility | Interest Accrual, Option Two | Bilateral Revolving Credit Facility | Base Rate | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate

Debt Instrument [Line Items]

Margin on variable rate

1%

Credit Facility | Interest Accrual, Option Two | Bilateral Revolving Credit Facility | Base Rate | Fed Funds Effective Rate Overnight Index Swap Rate

Debt Instrument [Line Items]

Margin on variable rate

0.50%

Credit Facility | Interest Accrual, Option Two | Multi-Currency Revolving Credit Facility | Base Rate | Fed Funds Effective Rate Overnight Index Swap Rate

Debt Instrument [Line Items]

Margin on variable rate

0.50%

Credit Facility | Interest Accrual, Option Two | Multi-Currency Revolving Credit Facility | Base Rate | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Margin on variable rate

1%

Credit Facility | Revolving Credit Facility | Bilateral Revolving Credit Facility

Debt Instrument [Line Items]

Maximum borrowing capacity on line of credit facility | €

€ 225,000,000

Proceeds from Lines of Credit

$ 240,000,000

€ 225,000,000

Credit Facility | Revolving Credit Facility | Multi-Currency Revolving Credit Facility

Debt Instrument [Line Items]

Maximum borrowing capacity on line of credit facility

$ 800,000,000

Credit Facility | Minimum

Debt Instrument [Line Items]

Margin on variable rate

0.90%

Credit Facility | Minimum | EURIBOR

Debt Instrument [Line Items]

Margin on variable rate

1.10%

Credit Facility | Minimum | Interest Accrual, Option One | Multi-Currency Revolving Credit Facility | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Margin on variable rate

0.875%

Credit Facility | Minimum | Interest Accrual, Option Two | Multi-Currency Revolving Credit Facility | Base Rate

Debt Instrument [Line Items]

Margin on variable rate

0%

Credit Facility | Maximum

Debt Instrument [Line Items]

Margin on variable rate

2.26%

Credit Facility | Maximum | Interest Accrual, Option One | Multi-Currency Revolving Credit Facility | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Margin on variable rate

1.875%

Credit Facility | Maximum | Interest Accrual, Option Two | Multi-Currency Revolving Credit Facility | Base Rate

Debt Instrument [Line Items]

Margin on variable rate

0.875%

Revolving Credit Facility | Revolving Credit Facility | Multi-Currency Revolving Credit Facility

Debt Instrument [Line Items]

Fair value of amount outstanding on line of credit facility

$ 800,000,000

0

Term Loan | Multi-Currency Loan, EUR

Debt Instrument [Line Items]

Debt instrument, face amount | €

€ 235,000,000

Term Loan | Multi-Currency Loan, USD

Debt Instrument [Line Items]

Debt instrument, face amount

$ 267,500,000

1.002% Senior term loan due 2025

Debt Instrument [Line Items]

Debt instrument, interest rate, percent

1.002%

1.002% Senior term loan due 2025

Debt Instrument [Line Items]

Senior notes

260,400,000

283,700,000

€ 250,000,000

Term Loans Due Between 2023 and 2028

Debt Instrument [Line Items]

Debt instrument, face amount | €

€ 338,000,000

€ 375,000,000

Repayments of debt

$ 1,100,000

€ 1,000,000

$ 81,700,000

€ 72,500,000

$ 223,800,000

€ 192,000,000

$ 85,500,000

€ 72,000,000

$ 61,100,000

€ 56,000,000

Senior term loans due between 2023 and 2028

Debt Instrument [Line Items]

Senior notes

332,700,000

445,900,000

Term Loan Facility | Term Loans Due Between 2023 and 2028

Debt Instrument [Line Items]

Senior notes

332,700,000

319,500,000

0.800% Senior Notes Due 2028

Debt Instrument [Line Items]

Debt instrument, interest rate, percent

0.80%

Debt instrument, face amount | €

€ 600,000,000

Senior notes

$ 624,800,000

€ 600,000,000

$ 680,800,000

Recoverable Indirect Taxes (Det

Recoverable Indirect Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Recoverable Indirect Taxes [Abstract]
Value added tax credit	$ 127.9	$ 114.4

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished goods	$ 951.9	$ 718.2
Repair and replacement parts	737.6	697.8
Work in process	625.6	282.8
Raw materials	1,067.2	894.9
Inventories, net	$ 3,382.3	$ 2,593.7

Product Warranty (Warranty Rese

Product Warranty (Warranty Reserve Activity) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Warranty reserve activity:
Balance at beginning of period	$ 614.5	$ 542	$ 592.5	$ 521.8
Accruals for warranties issued during the period	61.9	76.8	145.2	170.1
Settlements made (in cash or in kind) during the period	(50)	(47.4)	(107.7)	(102.7)
Foreign currency translation	(36.9)	7.9	(40.5)	(9.9)
Balance at end of period	$ 589.5	$ 579.3	$ 589.5	$ 579.3

Product Warranty (Narrative) (D

Product Warranty (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Guarantees and Product Warranties [Abstract]
Product warranty period, minimum, years	1 year
Product warranty period, maximum, years	4 years
Product warranty accrual, current	$ 499.8	$ 492.7	$ 482.2
Product warranty accrual, noncurrent	$ 89.7	$ 99.8	$ 97.1

Net Income Per Common Share (De

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Basic net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$ 177.7	$ 282.8	$ 329.5	$ 433.6
Weighted average number of common shares outstanding (in shares)	74.6	75.5	74.6	75.4
Basic net income per share attributable to AGCO Corporation and subsidiaries (in dollars per share)	$ 2.38	$ 3.74	$ 4.41	$ 5.75
Diluted net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$ 177.7	$ 282.8	$ 329.5	$ 433.6
Weighted average number of common shares outstanding (in shares)	74.6	75.5	74.6	75.4
Dilutive SSARs, performance share awards and RSUs (in shares)	0.3	0.4	0.3	0.5
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted income per share (in shares)	74.9	75.9	74.9	75.9
Diluted net income per share attributable to AGCO Corporation and subsidiaries (in dollars per share)	$ 2.37	$ 3.73	$ 4.40	$ 5.71

Net Income Per Common Share (Na

Net Income Per Common Share (Narrative) (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock-Settled Appreciation Rights
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
SSARs excluded from earnings per share computation (in shares)	0	0	0	0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Unrecognized income tax benefits that would affect effective tax rate		$ 257.9	$ 246.4
Unrecognized tax benefits		63	70.2
Accrued or deferred taxes relating to uncertain income tax positions		12	40.1
Accrued interest and penalties relating to unrecognized tax benefits		31.5	32.7
United States
Income Tax Contingency [Line Items]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 67.8
Foreign Tax Authority
Income Tax Contingency [Line Items]
Cash		43.9	6.7
Other noncurrent liabilities
Income Tax Contingency [Line Items]
Noncurrent liability for uncertain tax positions		239.2	196.7
Deferred tax liabilities
Income Tax Contingency [Line Items]
Noncurrent liability for uncertain tax positions		$ 6.7	$ 9.6

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Narrative) (Details) € in Millions, $ in Millions	Jan. 19, 2021 USD ($)	Jan. 29, 2028 USD ($)	Jan. 29, 2028 EUR (€)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 19, 2021 EUR (€)
Deferred Net (Losses) Gains on Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gains (losses) in accumulated other comprehensive loss				$ (9.6)	$ (4.8)	$ (0.5)
Foreign currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount				3,434.5
Foreign currency contracts | Deferred Net (Losses) Gains on Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gains (losses) in accumulated other comprehensive loss				(0.7)
Foreign currency contracts | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount				3,191.8		3,681.9
Foreign currency contracts | Cash Flow Hedging | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount				242.7		0
Commodity contracts | Deferred Net (Losses) Gains on Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gains (losses) in accumulated other comprehensive loss				0.7
Commodity contracts | Cash Flow Hedging | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount				18.5		31.9
Cross currency swap contract payment | Net Investment Hedging | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	$ 297.1			258.2			€ 245.7
Cross currency swap contract payment | Net Investment Hedging | Designated as Hedging Instrument | Forecast
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount | €			€ 247.9
Cross currency swap contract | Net Investment Hedging | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	300			$ 300		$ 300
Cross swap contract receipt | Net Investment Hedging | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain recognized in accumulated other comprehensive Loss	$ 2.9
Cross swap contract receipt | Net Investment Hedging | Designated as Hedging Instrument | Forecast
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount		$ 300

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities (After-Tax Impact of Changes in Fair Value and Derivatives Designated as Cash Flow Hedges) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative [Line Items]
Cost of goods sold	$ 2,254.7	$ 2,186.9	$ 4,309.1	$ 3,995.1
Cost of goods sold | Cash Flow Hedging | Designated as Hedging Instrument
Derivative [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	(7.2)	5.1	(9.6)	6.1
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	(4)	(0.5)	(3.1)	(4.2)
Cost of goods sold | Cash Flow Hedging | Designated as Hedging Instrument | Foreign currency contracts
Derivative [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	(2.7)	(0.8)	(6.5)	(7.6)
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	(1.9)	(2.4)	(2)	(6.1)
Cost of goods sold | Cash Flow Hedging | Designated as Hedging Instrument | Commodity contracts
Derivative [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	(4.5)	5.9	(3.1)	13.7
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	$ (2.1)	$ 1.9	$ (1.1)	$ 1.9

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities (Summary Of Accumulated Other Comprehensive Loss Related To Derivatives) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
After-Tax Amount
Balance beginning of period	$ 3,674.9	$ 3,443.8
Balance end of period	3,383.3	3,383.3
Deferred Net (Losses) Gains on Derivatives
Before-Tax Amount
Accumulated derivative net gains (losses) as the beginning of the period	(4.8)	(0.5)
Net changes in fair value of derivatives	(10.2)	(13.3)
Net losses reclassified from accumulated other comprehensive loss into income	5.4	4.2
Accumulated derivative net gains (losses) as of the end of the period	(9.6)	(9.6)
Income Tax
Accumulated derivative net gains (losses) as of the beginning of the period	(1.1)	(0.1)
Net changes in fair value of derivatives	(3)	(3.7)
Net losses reclassified from accumulated other comprehensive loss into income	1.4	1.1
Accumulated derivative net gains (losses) as of the end of the period	(2.7)	(2.7)
After-Tax Amount
Balance beginning of period	(3.7)	(0.4)
Net changes in fair value of derivatives	(7.2)	(9.6)
Net losses reclassified from accumulated other comprehensive loss into income	4	3.1
Balance end of period	$ (6.9)	$ (6.9)

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities (Net Investment Hedges) (Details) - Cross currency swap contract - Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss, Before-Tax Amount	$ 16.6	$ 3.8	$ 20.8	$ (0.3)
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss, Income Tax	4.3	0	5.4	0
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss, After-Tax Amount	$ 12.3	$ 3.8	$ 15.4	$ (0.3)

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities (Derivatives not Designated as Hedging Instruments) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Foreign currency contracts | Not Designated as Hedging Instrument | Other expense, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) recognized in net income	$ 0.4	$ (5.1)	$ (13.4)	$ 29.3

Derivative Instruments and He_8

Derivative Instruments and Hedging Activities (Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative assets	$ 57.7	$ 27.8
Derivative liabilities	22.6	7.1
Level 2
Derivative [Line Items]
Derivative assets	57.7	27.8
Derivative liabilities	22.6	7.1
Foreign currency contracts | Designated as Hedging Instrument | Other current assets
Derivative [Line Items]
Derivative assets	3	0
Foreign currency contracts | Designated as Hedging Instrument | Other current liabilities
Derivative [Line Items]
Derivative liabilities	8.7	0
Foreign currency contracts | Not Designated as Hedging Instrument | Other current assets
Derivative [Line Items]
Derivative assets	21.3	15.1
Foreign currency contracts | Not Designated as Hedging Instrument | Other current liabilities
Derivative [Line Items]
Derivative liabilities	10	5.1
Commodity contracts | Designated as Hedging Instrument | Other current assets
Derivative [Line Items]
Derivative assets	0.1	0.2
Commodity contracts | Designated as Hedging Instrument | Other current liabilities
Derivative [Line Items]
Derivative liabilities	3.9	2
Cross currency swap contract | Designated as Hedging Instrument | Other noncurrent assets
Derivative [Line Items]
Derivative assets	33.3	12.5
Cross currency swap contract | Designated as Hedging Instrument | Other noncurrent liabilities
Derivative [Line Items]
Derivative liabilities	$ 0	$ 0

Changes in Stockholders' Equi_3

Changes in Stockholders' Equity (Schedule of Stockholders' Equity) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	$ 3,674.9	$ 3,124.7	$ 3,443.8	$ 3,018
Stock compensation	10.6	8.4	17.6	15.2
Issuance of stock awards	(0.2)		(20.1)	(29.5)
SSARs exercised		(2.4)	(1)	(4.9)
Comprehensive income (loss):
Net income (loss)	177.6	284.4	314.6	435.8
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation adjustments	(124.5)	80.8	13.8	33.5
Defined benefit pension plans, net of tax	1.7	(6)	3.4	29.1
Deferred gains and losses on derivatives, net of tax	(3.2)	5.6	(6.5)	10.3
Payment of dividends to stockholders	(353.6)	(316.6)	(368.5)	(328.6)
Distributions to noncontrolling interest		(3.5)	(13.8)	(3.5)
Change in noncontrolling interest		(10.6)		(10.6)
Balance end of period	3,383.3	3,164.8	3,383.3	3,164.8
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	0.7	0.8	0.7	0.8
Other comprehensive income (loss), net of reclassification adjustments:
Balance end of period	0.7	0.8	0.7	0.8
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	2.9	5.7	3.9	30.9
Stock compensation	10.6	8.4	17.6	15.2
Issuance of stock awards	(0.2)		(7.2)	(29.5)
SSARs exercised		(2.4)	(1)	(4.9)
Other comprehensive income (loss), net of reclassification adjustments:
Balance end of period	13.3	11.7	13.3	11.7
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	5,306.2	4,897.9	5,182.2	4,759.1
Issuance of stock awards			(12.9)
Comprehensive income (loss):
Net income (loss)	177.7	282.8	329.5	433.6
Other comprehensive income (loss), net of reclassification adjustments:
Payment of dividends to stockholders	(353.6)	(316.6)	(368.5)	(328.6)
Balance end of period	5,130.3	4,864.1	5,130.3	4,864.1
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	(1,635)	(1,817.9)	(1,770.9)	(1,810.8)
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation adjustments	(124.6)	80	12.9	33.1
Defined benefit pension plans, net of tax	1.7	(6)	3.4	29.1
Deferred gains and losses on derivatives, net of tax	(3.2)	5.6	(6.5)	10.3
Balance end of period	(1,761.1)	(1,738.3)	(1,761.1)	(1,738.3)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	0.1	38.2	27.9	38
Comprehensive income (loss):
Net income (loss)	(0.1)	1.6	(14.9)	2.2
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation adjustments	0.1	0.8	0.9	0.4
Distributions to noncontrolling interest		(3.5)	(13.8)	(3.5)
Change in noncontrolling interest		(10.6)		(10.6)
Balance end of period	$ 0.1	$ 26.5	$ 0.1	$ 26.5

Changes in Stockholders' Equi_4

Changes in Stockholders' Equity (Schedule of Comprehensive Income (Loss) attributable to Noncontrolling Interests) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
Net (loss) income	$ (0.1)	$ 1.6	$ (14.9)	$ 2.2
Other comprehensive income:
Foreign currency translation adjustments	0.1	0.8	0.9	0.4
Total comprehensive income (loss)	$ 0	$ 2.4	$ (14)	$ 2.6

Changes in Stockholders' Equi_5

Changes in Stockholders' Equity (Changes in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance beginning of period	$ 3,674.9	$ 3,124.7	$ 3,443.8	$ 3,018
Other comprehensive income, net of reclassification adjustments	(126)	80.4	10.7	72.9
Balance end of period	3,383.3	3,164.8	3,383.3	3,164.8
Defined Benefit Pension Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance beginning of period			(230.4)
Other comprehensive income (loss) before reclassifications			0
Net losses reclassified from accumulated other comprehensive loss			3.4
Other comprehensive income, net of reclassification adjustments			3.4
Balance end of period	(227)		(227)
Deferred Net (Losses) Gains on Derivatives
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance beginning of period	(3.7)		(0.4)
Other comprehensive income (loss) before reclassifications	(7.2)		(9.6)
Net losses reclassified from accumulated other comprehensive loss	4		3.1
Other comprehensive income, net of reclassification adjustments			(6.5)
Balance end of period	(6.9)		(6.9)
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance beginning of period			(1,540.1)
Other comprehensive income (loss) before reclassifications			12.9
Net losses reclassified from accumulated other comprehensive loss			0
Other comprehensive income, net of reclassification adjustments			12.9
Balance end of period	(1,527.2)		(1,527.2)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance beginning of period	(1,635)	(1,817.9)	(1,770.9)	(1,810.8)
Other comprehensive income (loss) before reclassifications			3.3
Net losses reclassified from accumulated other comprehensive loss			6.5
Other comprehensive income, net of reclassification adjustments			9.8
Balance end of period	$ (1,761.1)	$ (1,738.3)	$ (1,761.1)	$ (1,738.3)

Changes in Stockholders' Equi_6

Changes in Stockholders' Equity (Reclassifications out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cost of goods sold	$ 2,254.7	$ 2,186.9	$ 4,309.1	$ 3,995.1
Reclassification before tax	235.9	273.5	422	453.8
Income tax provision	71.5	7.7	131.7	51.3
Other expense, net	21.7	14.6	39.2	26.1
Net income attributable to AGCO Corporation and subsidiaries	177.7	282.8	329.5	433.6
Reclassification out of Accumulated Other Comprehensive Income
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Net income attributable to AGCO Corporation and subsidiaries	5.7	2.5	6.5	10.1
Reclassification out of Accumulated Other Comprehensive Income | Derivatives
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Reclassification before tax	5.4	1.6	4.2	5
Income tax provision	(1.4)	(1.1)	(1.1)	(0.8)
Net income attributable to AGCO Corporation and subsidiaries	4	0.5	3.1	4.2
Reclassification out of Accumulated Other Comprehensive Income | Amortization of net actuarial losses
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Other expense, net	2.2	3.4	4.4	7.4
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service cost
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Other expense, net	0	0.1	0.2	0.6
Reclassification out of Accumulated Other Comprehensive Income | Defined benefit plans
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Reclassification before tax	2.2	3.5	4.6	8
Income tax provision	(0.5)	(1.5)	(1.2)	(2.1)
Net income attributable to AGCO Corporation and subsidiaries	1.7	2	3.4	5.9
Foreign currency contracts | Reclassification out of Accumulated Other Comprehensive Income | Derivatives
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cost of goods sold	2.6	3.5	2.7	6.9
Commodity contracts | Reclassification out of Accumulated Other Comprehensive Income | Derivatives
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cost of goods sold	$ 2.8	$ (1.9)	$ 1.5	$ (1.9)

Changes in Stockholders' Equi_7

Changes in Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions			2 Months Ended	3 Months Ended	6 Months Ended
	Apr. 28, 2022	Jan. 19, 2022	Dec. 31, 2021	Jun. 30, 2022	Jun. 30, 2022	Nov. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, outstanding balance authorized to be repurchased				$ 110	$ 110
Accelerated share repurchases, settlement (payment) or receipt						$ 60
Stock repurchased and retired during period (in shares)			393,733
Common Stock, Dividends, Per Share, Declared	$ 4.50
Common Stock, Dividends, Per Share, Increase	0.20
Common Stock, Dividend Rate, Per Share	$ 0.24
Stock Repurchased During Period, Shares (in shares)				0	0
Accelerated Share Repurchase
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased and retired during period (in shares)		113,824

Accounts Receivable Sales Agr_2

Accounts Receivable Sales Agreements (Details) - USD ($) $ in Millions			3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net cash received from receivables sold	$ 1,200	$ 1,300
Outstanding accounts receivable securitization	$ 50.7	$ 42.6	$ 50.7		$ 50.7		$ 42.6
Trade Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net cash received from receivables sold			174.9				$ 215.4
Other expense, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loss on sales of receivables			$ 10.2	$ 5.1	$ 18.1	$ 9.7

Pension and Postretirement Be_3

Pension and Postretirement Benefit Plans (Net Pension And Postretirement Cost) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 3.3	$ 3.7	$ 6.6	$ 7.8
Interest cost	3.8	3.2	7.8	6.4
Expected return on plan assets	(4.4)	(7.9)	(9)	(15.7)
Amortization of net actuarial losses	2.2	3.4	4.4	7.4
Amortization of prior service cost	0	0.1	0.1	0.6
Curtailment	0	0	0	(1.2)
Net periodic pension cost	4.9	2.5	9.9	5.3
Postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0	0.1	0.1
Interest cost	0.3	0.2	0.5	0.4
Amortization of prior service cost	0	0	0.1	0
Net periodic pension cost	$ 0.3	$ 0.2	$ 0.7	$ 0.5
ENPP
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, minimum age to receive benefits	65 years		65 years

Pension and Postretirement Be_4

Pension and Postretirement Benefit Plans (Net Periodic Pension Costs Included in Accumulated Other Comprehensive Income (Loss)) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Defined benefit plans
Before-Tax Amount
Accumulated other comprehensive loss, beginning of period	$ (302.4)
Accumulated other comprehensive, end of period	(297.8)
Income Tax
Accumulated other comprehensive loss, beginning of period	(72)
Accumulated other comprehensive loss, end of period	(70.8)
After-Tax Amount
Accumulated other comprehensive loss, beginning of period	(230.4)
Amortization of net actuarial losses/prior service cost, after-tax	3.4
Accumulated other comprehensive loss, end of period	(227)
Amortization of net actuarial losses
Before-Tax Amount
Amortization of net actuarial losses/prior service cost, before-tax	4.4
Income Tax
Amortization of net actuarial losses/prior service cost, income tax	1.1
After-Tax Amount
Amortization of net actuarial losses/prior service cost, after-tax	3.3
Amortization of prior service cost
Before-Tax Amount
Amortization of net actuarial losses/prior service cost, before-tax	0.2
Income Tax
Amortization of net actuarial losses/prior service cost, income tax	0.1
After-Tax Amount
Amortization of net actuarial losses/prior service cost, after-tax	$ 0.1

Pension and Postretirement Be_5

Pension and Postretirement Benefit Plans (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 18.9
Estimated minimum contributions	35.2
Postretirement Health Coverage
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	0.7
Estimated minimum contributions	$ 1.5

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) € in Millions, $ in Millions	Jun. 30, 2022 USD ($)	Jun. 30, 2022 EUR (€)	Dec. 31, 2021 USD ($)	Oct. 06, 2021	Jan. 25, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 57.7		$ 27.8
Derivative liabilities	22.6		7.1
1.002% Senior term loan due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate, percent					1.002%
0.800% Senior Notes Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate, percent				0.80%
Debt Instrument, Fair Value Disclosure	500.5	€ 480.6
Senior notes	624.8	€ 600	680.8
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0		0
Derivative liabilities	0		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	57.7		27.8
Derivative liabilities	22.6		7.1
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0		0
Derivative liabilities	$ 0		$ 0

Segment Reporting (Segment Resu

Segment Reporting (Segment Results By Reportable Segments) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) reportable_segment	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments, segments | reportable_segment			4
Net sales	$ 2,945.2	$ 2,879.3	$ 5,630.9	$ 5,258
Income from operations	263.5	290.3	467.5	485.5
Depreciation			106.5	109.9
Capital expenditures			139.2	120.6
Assets	9,888.9		9,888.9		$ 9,182.1
Operating Segments
Segment Reporting Information [Line Items]
Net sales	2,945.2	2,879.3	5,630.9	5,258
Income from operations	328.1	354.9	625.3	611.3
Depreciation	51.8	55.1	106.5	109.9
Capital expenditures	72.9	57.1	139.2	120.6
Assets	6,095		6,095		5,210.1
North America | Operating Segments
Segment Reporting Information [Line Items]
Net sales	739.9	734.7	1,440.9	1,345.8
Income from operations	50.7	103.7	105.5	178.6
Depreciation	15	15.2	30.2	30.8
Capital expenditures	15.2	8.8	30.9	21.1
Assets	1,683.1		1,683.1		1,328.1
South America | Operating Segments
Segment Reporting Information [Line Items]
Net sales	519.2	278.3	875.6	518.8
Income from operations	85.5	23.1	131.6	39.3
Depreciation	7.6	6.7	14.6	13.3
Capital expenditures	11.2	5	21.2	11.6
Assets	1,124.4		1,124.4		922.7
Europe/Middle East | Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,467.6	1,635.2	2,870.7	2,962.4
Income from operations	161.2	201.5	323.5	345.8
Depreciation	25.3	29.6	53.5	58
Capital expenditures	42.5	40.3	81.7	83.8
Assets	2,635.2		2,635.2		2,348.7
Asia/Pacific/Africa | Operating Segments
Segment Reporting Information [Line Items]
Net sales	218.5	231.1	443.7	431
Income from operations	30.7	26.6	64.7	47.6
Depreciation	3.9	3.6	8.2	7.8
Capital expenditures	4	$ 3	5.4	$ 4.1
Assets	$ 652.3		$ 652.3		$ 610.6

Segment Reporting (Income From

Segment Reporting (Income From Operations and Total Assets) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income from operations	$ 263.5	$ 290.3	$ 467.5	$ 485.5
Amortization of intangibles	(15.4)	(14.2)	(30.7)	(31.7)
Impairment charges			36	0
Total assets	9,888.9		9,888.9		$ 9,182.1
Cash, cash equivalents and restricted cash	580.6		580.6		889.1
Investments in affiliates	417		417		413.5
Intangible assets, net	388.8		388.8		392.2
Goodwill	1,298.2		1,298.2		1,280.8
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income from operations	328.1	354.9	625.3	611.3
Total assets	6,095		6,095		5,210.1
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate expenses	(38.5)	(37.5)	(70.7)	(73.4)
Amortization of intangibles	(15.4)	(14.2)	(30.7)	(31.7)
Stock compensation expense	(10.3)	(8.2)	(17)	(14.7)
Restructuring expenses	(0.4)	(4.7)	(3.4)	(6)
Impairment charges	0	$ 0	(36)	$ 0
Cash, cash equivalents and restricted cash	580.6		580.6		889.1
Investments in affiliates	417		417		413.5
Deferred tax assets, other current and noncurrent assets	1,109.3		1,109.3		996.4
Intangible assets, net	388.8		388.8		392.2
Goodwill	$ 1,298.2		$ 1,298.2		$ 1,280.8

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details) R$ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2022 BRL (R$)	Dec. 31, 2021 USD ($)
Guarantor Obligations [Line Items]
Guarantor obligations, current carrying value	$ 27,100,000
Guarantor obligations, maximum exposure, undiscounted	183,800,000
Tax disallowance not including interest and penalties	25,000,000	R$ 131.5
Foreign currency contracts
Guarantor Obligations [Line Items]
Notional amount	3,434,500,000
Foreign currency contracts | Cash Flow Hedging | Designated as Hedging Instrument
Guarantor Obligations [Line Items]
Notional amount	242,700,000		$ 0
Commodity contracts | Cash Flow Hedging | Designated as Hedging Instrument
Guarantor Obligations [Line Items]
Notional amount	18,500,000		$ 31,900,000
Leasing Arrangement
Guarantor Obligations [Line Items]
Guarantor obligations, current carrying value	20,200,000
Retail Finance Joint Venture
Guarantor Obligations [Line Items]
Guarantor obligations, maximum inventory exposure per calendar year, undiscounted	$ 6,000,000

Commitments and Contingencies_3

Commitments and Contingencies (Lease Payment Amounts for Operating and Finance Leases) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Operating Leases
2022	$ 23.2	$ 45.7
2023	40.5	36.2
2024	29.6	24.5
2025	20.8	17.3
2026	15.2	12.3
Thereafter	50.3	39.1
Total lease payments	179.6	175.1
Less: imputed interest	(19.4)	(17.3)
Present value of leased liabilities	160.2	157.8
Finance Leases
2022	3	4
2023	0.8	0.9
2024	0.5	0.6
2025	0.4	0.4
2026	0.2	0.2
Thereafter	5.8	6.3
Total lease payments	10.7	12.4
Less: imputed interest	(2.2)	(2.5)
Present value of leased liabilities	$ 8.5	$ 9.9

Revenue (Significant Changes in

Revenue (Significant Changes in Contract Assets and Liabilities) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Change in Contract with Customer, Liability [Abstract]
Balance at beginning of period	$ 232.4	$ 186.3	$ 226.2	$ 172
Advance consideration received	31.5	59	74.5	116.1
Revenue recognized during the period for extended warranty contracts	28.3	17.4	52.4	43.2
Foreign currency translation	(11.9)	1.8	(15.5)	(0.8)
Balance at end of period	217.7	201.2	217.7	201.2
Extended warranty contracts, maintenance services, technology services
Change in Contract with Customer, Liability [Abstract]
Revenue recognized during the period for extended warranty contracts	(20.4)	(13.3)	(39)	(26.3)
Grain storage and protein production systems
Change in Contract with Customer, Liability [Abstract]
Revenue recognized during the period for extended warranty contracts	$ (13.9)	$ (32.6)	$ (28.5)	$ (59.8)

Revenue (Remaining Performance

Revenue (Remaining Performance Obligations) (Details) $ in Millions	Jun. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 42.3
Remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 68.8
Remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 44.4
Remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 21.7
Remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 13
Remaining performance obligation, expected timing of satisfaction, period

Revenue (Disaggregated of Reven

Revenue (Disaggregated of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 2,945.2	$ 2,879.3	$ 5,630.9	$ 5,258
Tractors
Disaggregation of Revenue [Line Items]
Revenue	1,643.6	1,534.7	3,142.6	2,811.5
Replacement parts
Disaggregation of Revenue [Line Items]
Revenue	450	479.5	895.5	878.2
Grain storage and protein production systems
Disaggregation of Revenue [Line Items]
Revenue	286.4	315.8	526.4	529.7
Combines, application equipment and other machinery
Disaggregation of Revenue [Line Items]
Revenue	565.1	549.3	1,066.4	1,038.6
United States
Disaggregation of Revenue [Line Items]
Revenue	583.4	570.9	1,153.7	1,069.6
Canada
Disaggregation of Revenue [Line Items]
Revenue	125.8	138.9	226.9	230.5
South America
Disaggregation of Revenue [Line Items]
Revenue	515.5	276	868.4	514.6
Germany
Disaggregation of Revenue [Line Items]
Revenue	288.1	348.4	605.3	693.9
France
Disaggregation of Revenue [Line Items]
Revenue	257.6	294.8	529.2	510.3
United Kingdom and Ireland
Disaggregation of Revenue [Line Items]
Revenue	157.8	167	303.2	295.4
Finland and Scandinavia
Disaggregation of Revenue [Line Items]
Revenue	196.1	221.2	393.1	378.6
Other Europe
Disaggregation of Revenue [Line Items]
Revenue	521.3	558.8	959.9	982.3
Middle East and Algeria
Disaggregation of Revenue [Line Items]
Revenue	46.6	45	80	101.9
Africa
Disaggregation of Revenue [Line Items]
Revenue	34.5	36.1	70.5	61.9
Asia
Disaggregation of Revenue [Line Items]
Revenue	97.3	116.6	201.9	218.9
Australia and New Zealand
Disaggregation of Revenue [Line Items]
Revenue	86.7	78.4	171.3	150.2
Mexico, Central America and Caribbean
Disaggregation of Revenue [Line Items]
Revenue	34.4	27.3	67.5	50
North America
Disaggregation of Revenue [Line Items]
Revenue	739.9	734.7	1,440.9	1,345.8
North America | Tractors
Disaggregation of Revenue [Line Items]
Revenue	263.4	243.2	515.3	433.5
North America | Replacement parts
Disaggregation of Revenue [Line Items]
Revenue	119.5	122.4	214.1	207.5
North America | Grain storage and protein production systems
Disaggregation of Revenue [Line Items]
Revenue	155.5	158	286.7	264.4
North America | Combines, application equipment and other machinery
Disaggregation of Revenue [Line Items]
Revenue	201.5	211.1	424.9	440.4
North America | United States
Disaggregation of Revenue [Line Items]
Revenue	583.4	570.9	1,153.7	1,069.6
North America | Canada
Disaggregation of Revenue [Line Items]
Revenue	125.8	138.9	226.9	230.5
North America | South America
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
North America | Germany
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
North America | France
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
North America | United Kingdom and Ireland
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
North America | Finland and Scandinavia
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
North America | Other Europe
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
North America | Middle East and Algeria
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
North America | Africa
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
North America | Asia
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
North America | Australia and New Zealand
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
North America | Mexico, Central America and Caribbean
Disaggregation of Revenue [Line Items]
Revenue	30.7	25	60.3	45.8
South America
Disaggregation of Revenue [Line Items]
Revenue	519.2	278.3	875.6	518.8
South America | Tractors
Disaggregation of Revenue [Line Items]
Revenue	291.3	126.3	497.9	237.4
South America | Replacement parts
Disaggregation of Revenue [Line Items]
Revenue	36.6	33.5	74.8	62.5
South America | Grain storage and protein production systems
Disaggregation of Revenue [Line Items]
Revenue	41.6	32.1	81.6	53.7
South America | Combines, application equipment and other machinery
Disaggregation of Revenue [Line Items]
Revenue	149.7	86.5	221.3	165.2
South America | United States
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
South America | Canada
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
South America | South America
Disaggregation of Revenue [Line Items]
Revenue	515.5	276	868.4	514.6
South America | Germany
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
South America | France
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
South America | United Kingdom and Ireland
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
South America | Finland and Scandinavia
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
South America | Other Europe
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
South America | Middle East and Algeria
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
South America | Africa
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
South America | Asia
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
South America | Australia and New Zealand
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
South America | Mexico, Central America and Caribbean
Disaggregation of Revenue [Line Items]
Revenue	3.7	2.3	7.2	4.2
Europe/Middle East
Disaggregation of Revenue [Line Items]
Revenue	1,467.6	1,635.2	2,870.7	2,962.4
Europe/Middle East | Tractors
Disaggregation of Revenue [Line Items]
Revenue	976.5	1,069.1	1,891.6	1,950.5
Europe/Middle East | Replacement parts
Disaggregation of Revenue [Line Items]
Revenue	270.8	298.2	556.8	559.2
Europe/Middle East | Grain storage and protein production systems
Disaggregation of Revenue [Line Items]
Revenue	45.7	56.9	77	85.9
Europe/Middle East | Combines, application equipment and other machinery
Disaggregation of Revenue [Line Items]
Revenue	174.5	210.9	345.2	366.7
Europe/Middle East | United States
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Europe/Middle East | Canada
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Europe/Middle East | South America
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Europe/Middle East | Germany
Disaggregation of Revenue [Line Items]
Revenue	288.1	348.4	605.3	693.9
Europe/Middle East | France
Disaggregation of Revenue [Line Items]
Revenue	257.6	294.8	529.2	510.3
Europe/Middle East | United Kingdom and Ireland
Disaggregation of Revenue [Line Items]
Revenue	157.8	167	303.2	295.4
Europe/Middle East | Finland and Scandinavia
Disaggregation of Revenue [Line Items]
Revenue	196.1	221.2	393.1	378.6
Europe/Middle East | Other Europe
Disaggregation of Revenue [Line Items]
Revenue	521.3	558.8	959.9	982.3
Europe/Middle East | Middle East and Algeria
Disaggregation of Revenue [Line Items]
Revenue	46.6	45	80	101.9
Europe/Middle East | Africa
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Europe/Middle East | Asia
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Europe/Middle East | Australia and New Zealand
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Europe/Middle East | Mexico, Central America and Caribbean
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Asia/Pacific/Africa
Disaggregation of Revenue [Line Items]
Revenue	218.5	231.1	443.7	431
Asia/Pacific/Africa | Tractors
Disaggregation of Revenue [Line Items]
Revenue	112.4	96.1	237.8	190.1
Asia/Pacific/Africa | Replacement parts
Disaggregation of Revenue [Line Items]
Revenue	23.1	25.4	49.8	48.9
Asia/Pacific/Africa | Grain storage and protein production systems
Disaggregation of Revenue [Line Items]
Revenue	43.6	68.8	81.1	125.7
Asia/Pacific/Africa | Combines, application equipment and other machinery
Disaggregation of Revenue [Line Items]
Revenue	39.4	40.8	75	66.3
Asia/Pacific/Africa | United States
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Asia/Pacific/Africa | Canada
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Asia/Pacific/Africa | South America
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Asia/Pacific/Africa | Germany
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Asia/Pacific/Africa | France
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Asia/Pacific/Africa | United Kingdom and Ireland
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Asia/Pacific/Africa | Finland and Scandinavia
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Asia/Pacific/Africa | Other Europe
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Asia/Pacific/Africa | Middle East and Algeria
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Asia/Pacific/Africa | Africa
Disaggregation of Revenue [Line Items]
Revenue	34.5	36.1	70.5	61.9
Asia/Pacific/Africa | Asia
Disaggregation of Revenue [Line Items]
Revenue	97.3	116.6	201.9	218.9
Asia/Pacific/Africa | Australia and New Zealand
Disaggregation of Revenue [Line Items]
Revenue	86.7	78.4	171.3	150.2
Asia/Pacific/Africa | Mexico, Central America and Caribbean
Disaggregation of Revenue [Line Items]
Revenue	$ 0	$ 0	$ 0	$ 0