AGCO (AGCO) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 05, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-12930
Entity Registrant Name	AGCO CORP /DE
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)		74,864,170
Entity Central Index Key	0000880266
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash, cash equivalents and restricted cash	$ 558.7	$ 789.5
Accounts and notes receivable, net	1,530.7	1,221.3
Inventories, net	3,642.8	3,189.7
Other current assets	596.6	538.8
Total current assets	6,328.8	5,739.3
Property, plant and equipment, net	1,668.7	1,591.2
Right-of-use lease assets	160.8	163.9
Investments in affiliates	456.5	436.9
Deferred tax assets	232.9	228.5
Other assets	287.4	268.7
Intangible assets, net	354	364.4
Goodwill	1,322.5	1,310.8
Total assets	10,811.6	10,103.7
Current Liabilities:
Current portion of long-term debt	190.6	187.1
Short-term borrowings	4.9	8.9
Accounts payable	1,426.6	1,385.3
Accrued expenses	2,144.3	2,271.3
Other current liabilities	217.9	235.4
Total current liabilities	3,984.3	4,088
Long-term debt, less current portion and debt issuance costs	1,791.1	1,264.8
Operating lease liabilities	122.3	125.4
Pension and postretirement health care benefits	160.1	158
Deferred tax liabilities	115.3	112
Other noncurrent liabilities	505.6	472.9
Total liabilities	6,678.7	6,221.1
Commitments and contingencies (Note 19)
AGCO Corporation stockholders’ equity:
Preferred stock; $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding in 2023 and 2022	0	0
Common stock; $0.01 par value, 150,000,000 shares authorized, 74,846,174 and 74,600,815 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	0.7	0.7
Additional paid-in capital	24.7	30.2
Retained earnings	5,863.7	5,654.6
Accumulated other comprehensive loss	(1,756.4)	(1,803.1)
Total AGCO Corporation stockholders’ equity	4,132.7	3,882.4
Noncontrolling interests	0.2	0.2
Total stockholders’ equity	4,132.9	3,882.6
Total liabilities and stockholders’ equity	$ 10,811.6	$ 10,103.7

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	74,846,174	74,600,815
Common stock, shares outstanding (in shares)	74,846,174	74,600,815

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net sales	$ 3,333.5	$ 2,685.7
Cost of goods sold	2,478.6	2,054.4
Gross profit	854.9	631.3
Operating expenses:
Selling, general and administrative expenses	330.3	271.1
Engineering expenses	119.6	100.3
Amortization of intangibles	14.8	15.3
Impairment charges	0	36
Restructuring expenses	1.4	3
Bad debt expense	1.5	1.6
Income from operations	387.3	204
Interest expense, net	0.5	0.4
Other expense, net	50.4	17.5
Income before income taxes and equity in net earnings of affiliates	336.4	186.1
Income tax provision	120.2	60.2
Income before equity in net earnings of affiliates	216.2	125.9
Equity in net earnings of affiliates	16.4	11.1
Net income	232.6	137
Net income attributable to noncontrolling interests	0	14.8
Net income attributable to AGCO Corporation and subsidiaries	$ 232.6	$ 151.8
Net income per common share attributable to AGCO Corporation and subsidiaries:
Basic (in dollars per share)	$ 3.11	$ 2.03
Diluted (in dollars per share)	3.10	2.03
Cash dividends declared and paid per common share (in dollars per share)	$ 0.24	$ 0.20
Weighted average number of common and common equivalent shares outstanding:
Basic (in shares)	74.9	74.6
Diluted (in shares)	75	74.9

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 232.6	$ 137
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation adjustments	44.4	138.3
Defined benefit pension plans, net of tax	1.8	1.7
Deferred gains and losses on derivatives, net of tax	0.5	(3.3)
Other comprehensive income, net of reclassification adjustments	46.7	136.7
Comprehensive income	279.3	273.7
Comprehensive income attributable to noncontrolling interests	0	14
Comprehensive income attributable to AGCO Corporation and subsidiaries	$ 279.3	$ 287.7

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 232.6	$ 137
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	53.6	54.7
Amortization of intangibles	14.8	15.3
Stock compensation expense	14	7
Impairment charges	0	36
Equity in net earnings of affiliates, net of cash received	(16.4)	(11.1)
Deferred income tax benefit	(3.9)	(5)
Other	2.4	(8.8)
Changes in operating assets and liabilities:
Accounts and notes receivable, net	(298.1)	(113.3)
Inventories, net	(402.6)	(595.2)
Other current and noncurrent assets	(69.9)	(48.7)
Accounts payable	39.2	193.4
Accrued expenses	(155.9)	(219.5)
Other current and noncurrent liabilities	33.1	(18.3)
Total adjustments	(789.7)	(713.5)
Net cash used in operating activities	(557.1)	(576.5)
Cash flows from investing activities:
Purchases of property, plant and equipment	(125.3)	(66.3)
Proceeds from sale of property, plant and equipment	0.1	0.3
Investments in unconsolidated affiliates	(0.1)	(0.1)
Purchase businesses, net, and net of cash acquired	(0.9)	(61.9)
Other	(2.6)	0
Net cash used in investing activities	(128.8)	(128)
Cash flows from financing activities:
Proceeds from indebtedness	501.7	980.7
Repayments of indebtedness	(4.4)	(459.1)
Payment of dividends to stockholders	(18)	(14.9)
Payment of minimum tax withholdings on stock compensation	(17.7)	(16)
Distributions to noncontrolling interest	0	(11.6)
Net cash provided by financing activities	461.6	479.1
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(6.5)	(8)
Decrease in cash, cash equivalents and restricted cash	(230.8)	(233.4)
Cash, cash equivalents and restricted cash, beginning of period	789.5	889.1
Cash, cash equivalents and restricted cash, end of period	$ 558.7	$ 655.7

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2023
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 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, 2022. 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 has a wholly-owned subsidiary in Turkey that distributes agricultural equipment and replacement parts within Turkey. On the basis of currently available data related to inflation indices and as a result of the devaluation of the Turkish lira relative to the United States dollar, the Turkish economy was determined to be highly inflationary. A highly inflationary economy is one where the cumulative inflation rate for the three years preceding the beginning of the reporting period, including interim reporting periods, is in excess of 100 percent. For the three months ended March 31, 2023, the Company's wholly-owned subsidiary in Turkey had net sales of approximately $114.2 million and total assets of approximately $172.5 million as of March 31, 2023. The monetary assets and liabilities denominated in the Turkish lira were approximately 2.8 billion Turkish lira (or approximately $146.7 million) and approximately 2.3 billion Turkish lira (or approximately $122.8 million), respectively, as of March 31, 2023. The monetary assets and liabilities were remeasured based on current published exchange rates. The Company is subject to the risk of the imposition of limitations by governments on international transfers of funds. For example, in recent years, the Argentine government has substantially limited the ability of companies to transfer funds out of Argentina. As a consequence of these limitations, the spread between the official government exchange rate and the exchange rates resulting implicitly from certain capital market operations, usually effected to obtain U.S. dollars, has broadened significantly. The Company has a wholly-owned subsidiary in Argentina that assembles and distributes agricultural equipment and replacement parts within Argentina. The net monetary assets of the Company’s operations in Argentina denominated in pesos at the official government rate were approximately 3.9 billion pesos (or approximately $18.5 million) as of March 31, 2023, inclusive of approximately 6.7 billion pesos (or approximately $32.0 million) in cash and cash equivalents. In addition, the Company has an obligation to reimburse AGCO Capital Argentina S.A., one of its finance joint ventures with Rabobank, up to $10 million under a guarantee related to the ability of AGCO Capital Argentina S.A. to transfer funds out of Argentina. The finance joint venture in Argentina has net monetary assets denominated in pesos at the official government rate of approximately 5.2 billion (or approximately $24.8 million) as of March 31, 2023, of which a majority is cash and cash equivalents. Future impairments and charges are possible in connection with these exposures. 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. Recent Accounting Pronouncements 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 were required to adopt ASU 2016-13 for annual periods beginning after December 15, 2022 and interim periods within those annual periods. The standard, and its subsequent modification, impacts the results of operations and financial condition of the Company’s finance joint ventures. For the adoption of the standard by the Company’s finance joint ventures on January 1, 2023 under the modified retrospective approach, the Company recognized the cumulative effect of ASU 2016-13 as an adjustment to the opening balance of stockholders’ equity as of January 1, 2023 within “Retained earnings.” The cumulative effect was approximately $5.5 million. In September 2022, the FASB issued ASU 2022-04, “Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations.” The new standard requires that a buyer in a supplier finance program disclose sufficient information about the key terms of the program, the amount of outstanding confirmed obligations at period end, where the obligations are presented in the balance sheet, and a rollforward of the obligations during the annual period. This guidance was effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the rollforward, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The adoption of ASU 2022-04 resulted in disclosure of the Company's supplier financing programs. Refer to Note 10 for further details.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2023
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 $25.8 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 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 and Impa

Restructuring Expenses and Impairment Charges	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring Expenses and Impairment Charges	RESTRUCTURING EXPENSES AND IMPAIRMENT CHARGES Restructuring Expenses In recent years, the Company has announced and initiated several actions to rationalize employee headcount in various manufacturing facilities and administrative offices located in the U.S., Europe, South America, Africa and China as well as the rationalization of its grain and protein business, in order to reduce costs in response to fluctuating global market demand. Restructuring expenses activity, which relates solely to employee severance, during the three months ended March 31, 2023 is summarized as follows (in millions): Balance as of December 31, 2022 $ 6.8 First quarter 2023 provision 1.4 First quarter 2023 cash activity (1.0) Balance as of March 31, 2023 $ 7.2 Impairment Charges As a consequence of the conflict between Russia and Ukraine, during the three months ended March 31, 2022, the Company assessed the fair value of its gross assets related to the joint ventures operating in Russia for potential impairment and recorded asset impairment charges of approximately $36.0 million, reflected as “Impairment charges” in its Condensed Consolidated Statements of Operations, with an offsetting benefit of approximately $12.2 million included within “Net income attributable to noncontrolling interests.” The Company sold its interest in its Russian distribution joint venture during the three months ended December 31, 2022. In addition, during the three months ended March 31, 2022, the Company recorded a write-down of its investment in its Russian finance joint venture of approximately $4.8 million, reflected within “Equity in net earnings of affiliates” in its Condensed Consolidated Statements of Operations. The Russian finance joint venture was sold during the three months ended December 31, 2022.

Stock Compensation Plans

Stock Compensation Plans	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock Compensation Plans	STOCK COMPENSATION PLANS The Company recorded stock compensation expense as follows for the three months ended March 31, 2023 and 2022 (in millions): Three Months Ended March 31, 2023 2022 Cost of goods sold $ 0.5 $ 0.3 Selling, general and administrative expenses 13.5 6.7 Total stock compensation expense $ 14.0 $ 7.0 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 March 31, 2023, of the 10,000,000 shares reserved for issuance under the Plan, 3,586,952 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 three months ended March 31, 2023 and 2022 was $144.24 and $124.12, respectively. During the three months ended March 31, 2023, the Company granted 279,724 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 three months ended March 31, 2023 are presented as if the Company were to achieve its maximum levels of performance and assume the 2023 and 2022 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 1 543,904 Shares awarded 279,724 Shares forfeited (13,018) Shares vested — Shares awarded but not earned at March 31 810,610 As of March 31, 2023, the total compensation cost related to unearned performance awards not yet recognized, assuming the Company’s current projected assessment of the level of performance that will be achieved, was approximately $65.0 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. Restricted Stock Unit Awards The weighted average grant-date fair value of the restricted stock units (“RSUs”) granted under the Plan during the three months ended March 31, 2023 and 2022 was $135.53 and $117.08, respectively. During the three months ended March 31, 2023, the Company granted 100,835 RSU awards. RSUs granted in 2023, 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 three months ended March 31, 2023 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 1 213,198 RSUs awarded 100,835 RSUs forfeited (4,563) RSUs vested (96,176) RSUs awarded but not vested at March 31 213,294 As of March 31, 2023, the total compensation cost related to the unvested RSUs not yet recognized was approximately $23.4 million, and the weighted average period over which it is expected to be recognized is approximately one and one-half years. Stock-Settled Appreciation Rights (“SSARs”) Certain executives and key managers were eligible to receive grants of SSARs through the year ended December 31, 2020. The Company did not grant any SSARs since the year ended December 31, 2020 and does not currently anticipate granting any SSARs in the future.There were 102,009 SSARs outstanding as of March 31, 2023. As of March 31, 2023, the total compensation cost related to the unvested SSARs not yet recognized was approximately $0.2 million, and the weighted average period over which it is expected to be recognized is approximately one year. Director Restricted Stock Grants The Plan provides for annual restricted stock grants of the Company’s common stock to all non-employee directors. The 2023 grant was made on April 27, 2023 and equated to 12,069 shares of common stock, of which 10,524 shares of common stock were issued after shares were withheld for taxes. The Company recorded stock compensation expense of approximately $1.5 million in April 2023 associated with these grants.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	GOODWILL AND OTHER INTANGIBLE ASSETS Changes in the carrying amount of goodwill during the three months ended March 31, 2023 are summarized as follows (in millions): North America South America Europe/Middle East Asia/Pacific/Africa Consolidated Balance as of December 31, 2022 $ 667.3 $ 86.0 $ 444.3 $ 113.2 $ 1,310.8 Foreign currency translation — 3.3 7.4 1.0 11.7 Balance as of March 31, 2023 $ 667.3 $ 89.3 $ 451.7 $ 114.2 $ 1,322.5 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 three months ended March 31, 2023 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, 2022 $ 191.8 $ 574.5 $ 150.6 $ 6.5 $ 923.4 Foreign currency translation 1.3 3.3 1.4 — 6.0 Balance as of March 31, 2023 $ 193.1 $ 577.8 $ 152.0 $ 6.5 $ 929.4 Accumulated amortization: Trademarks and Tradenames Customer Relationships Patents and Technology Land Use Rights Total Balance as of December 31, 2022 $ 103.3 $ 440.8 $ 101.5 $ 1.6 $ 647.2 Amortization expense 2.5 9.6 2.7 — 14.8 Foreign currency translation 0.6 3.0 1.0 — 4.6 Balance as of March 31, 2023 $ 106.4 $ 453.4 $ 105.2 $ 1.6 $ 666.6 Indefinite-lived intangible assets: Trademarks and Balance as of December 31, 2022 $ 84.8 Foreign currency translation 0.6 Balance as of March 31, 2023 $ 85.4 The Company amortizes certain acquired identifiable intangible assets primarily on a straight-line basis over their estimated useful lives, which range from four

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Indebtedness	INDEBTEDNESS Long-term debt consisted of the following at March 31, 2023 and December 31, 2022 (in millions): March 31, 2023 December 31, 2022 Credit facility, expires 2027 $ 706.2 $ 200.0 1.002% Senior term loan due 2025 272.3 267.3 Senior term loans due between 2023 and 2028 348.0 341.6 0.800% Senior notes due 2028 653.5 641.5 Other long-term debt 5.2 5.1 Debt issuance costs (3.5) (3.6) 1,981.7 1,451.9 Senior term loans due 2023, net of debt issuance costs (188.4) (184.9) Current portion of other long-term debt (2.2) (2.2) Total long-term indebtedness, less current portion $ 1,791.1 $ 1,264.8 Credit Facility In December 2022, the Company, certain of its subsidiaries and Rabobank, and other named lenders entered into an amendment to its credit facility providing for a $1.25 billion multi-currency unsecured revolving credit facility (“credit facility”), which replaced the Company’s former $800.0 million multi-currency unsecured revolving credit facility. The amendment provided an additional $450.0 million in borrowing capacity. An initial borrowing under the credit facility was used to repay and retire a $240.0 million short-term multi-currency revolving credit facility with Rabobank that was due to mature on March 31, 2023. The credit facility consists of a $325.0 million U.S. dollar tranche and a $925.0 million multi-currency tranche for loans denominated in U.S. Dollars, Euros or other currencies to be agreed upon. The credit facility matures on December 19, 2027. Interest accrues on amounts outstanding for any borrowings denominated in U.S. dollars, at the Company’s option, at either (1) the Secured Overnight Financing Rate (“SOFR”) plus 0.1% plus a margin ranging from 0.875% to 1.875% based on the Company’s credit rating, or (2) the base rate, which is the highest of (i) the Prime Rate, (ii) the Federal Funds Effective Rate plus 0.5%, and (iii) Term SOFR for a one-month tenor plus 1.0%, plus a margin ranging from 0.000% to 0.875% based on the Company’s credit rating. Interest accrues on amounts outstanding for any borrowings denominated in Euros at the Euro Interbank Offered Rate (“EURIBOR”) plus a margin ranging from 0.875% to 1.875% based on the Company’s credit rating. As of March 31, 2023, the Company had $706.2 million outstanding borrowings under the revolving credit facility and had the ability to borrow $543.8 million. 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 $108.9 million as of March 31, 2023). The credit facility expires on December 31, 2026. Any loans will bear interest at the EURIBOR plus a credit spread. As of March 31, 2023, the Company had no outstanding borrowings under the revolving credit facility and had the ability to borrow €100.0 million (or approximately $108.9 million). 0.800% Senior Notes Due 2028 On October 6, 2021, the Company issued €600.0 million (or approximately $653.5 million as of March 31, 2023) of senior notes at an issue price of 99.993%. The notes mature on October 6, 2028, and interest is payable annually, in arrears, at 0.800%. The notes contain covenants restricting, among other things, the incurrence of certain secured indebtedness. The senior notes are subject to both optional and mandatory redemption in certain events. 1.002% Senior Term Loan Due 2025 On January 25, 2019, the Company borrowed €250.0 million (or approximately $272.3 million as of March 31, 2023) 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 €249.0 million in October 2019, October 2021 and April 2022. Of the 2018 senior term loans, the Company repaid an aggregate amount of €144.5 million in August 2021 and February 2022. In aggregate, as of March 31, 2023, the Company had indebtedness of €319.5 million (or approximately $348.0 million as of March 31, 2023) through a group of six remaining related term loan agreements. Two of the term loan agreements in the aggregate amount of €173.0 million (or approximately $188.4 million net of debt issuance costs, as of March 31, 2023) will mature in August and October 2023. The provisions of the term loan agreements are substantially identical, with the exception of interest rate terms and maturities. As of March 31, 2023, for the term loans with a fixed interest rate, interest is payable in arrears on an annual basis, with interest rates ranging from 1.20% 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. Other Short-Term Borrowings As of March 31, 2023 and December 31, 2022, the Company had short-term borrowings due within one year of approximately $4.9 million and $8.9 million, respectively. Standby Letters of Credit and Similar Instruments The Company has arrangements with various banks to issue standby letters of credit or similar instruments, which guarantee the Company’s obligations for the purchase or sale of certain inventories and for potential claims exposure for

Recoverable Indirect Taxes

Recoverable Indirect Taxes	3 Months Ended
	Mar. 31, 2023
Recoverable Indirect Taxes [Abstract]
Recoverable Indirect Taxes	RECOVERABLE INDIRECT TAXES    The Company’s Brazilian operations incur value added taxes (“VAT”) on certain purchases of raw materials, components and services. These taxes are accumulated as tax credits and create assets that are reduced by the VAT collected from the Company’s sales in the Brazilian market. The Company regularly assesses the recoverability of these tax credits and establishes reserves when necessary against them, through analyses that include, amongst others, the history of realization, the transfer of tax credits to third parties as authorized by the government, anticipated changes in the supply chain and the future expectation of tax debits from the Company’s ongoing operations. The Company believes that these tax credits, net of established reserves, are realizable. The Company had recorded approximately $101.6 million and $94.6 million, respectively, of VAT tax credits, net of reserves, as of March 31, 2023 and December 31, 2022.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories at March 31, 2023 and December 31, 2022 were as follows (in millions): March 31, 2023 December 31, 2022 Finished goods $ 1,248.4 $ 994.9 Repair and replacement parts 789.0 750.1 Work in process 461.1 369.8 Raw materials 1,144.3 1,074.9 Inventories, net $ 3,642.8 $ 3,189.7

Product Warranty

Product Warranty	3 Months Ended
	Mar. 31, 2023
Guarantees and Product Warranties [Abstract]
Product Warranty	PRODUCT WARRANTY The warranty reserve activity for the three months ended March 31, 2023 and 2022, including deferred revenue associated with the Company's extended warranties that have been sold, was as follows (in millions): Three Months Ended March 31, 2023 2022 Balance at beginning of period $ 640.0 $ 592.5 Accruals for warranties issued during the period 89.7 83.3 Settlements made (in cash or in kind) during the period (64.5) (57.7) Foreign currency translation 11.8 (3.6) Balance at March 31 $ 677.0 $ 614.5 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.”

Supplier Finance Programs

Supplier Finance Programs	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Supplier Finance Programs	SUPPLIER FINANCE PROGRAMS    The Company has supplier financing arrangements with certain banks or other intermediaries whereby a bank or intermediary purchases receivables held by the Company’s suppliers. Under the program, suppliers have the option to be paid by the bank or intermediary earlier than the payment due date. When the supplier receives an early payment, they receive discounted amounts, and the Company pays the bank or intermediary the face amount of the invoice on the payment due date. The Company does not reimburse suppliers for any costs incurred for participation in the program. The Company and its suppliers agree on the contractual terms, including prices, quantities and payment terms, regardless of whether the supplier elects to participate in the supplier finance programs. The suppliers’ voluntary inclusion in the supplier financing programs has no bearing on the Company’s payment terms. The Company has no economic interest in a supplier’s decision to participate in the programs, and the Company has no direct financial relationship with the banks or other intermediaries as it relates to the supplier finance programs. As of March 31, 2023, payment terms with the majority of the Company’s suppliers are generally 30 to 180 days, which correspond to the contractual terms, with rates that are based on market rates (such as SOFR) plus a credit spread. There are no assets pledged as security under the programs. As of March 31, 2023, and December 31, 2022, the amount outstanding that remains unpaid to the banks or other intermediaries totaled $108.9 million and $121.5 million, respectively, and is reflected in “Accounts payable” in the Company’s Condensed Consolidated Balance Sheets.

Net Income Per Common Share

Net Income Per Common Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Income Per Common Share	NET INCOME PER COMMON SHARE Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted net income per common share assumes the exercise of outstanding 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 months ended March 31, 2023 and 2022 is as follows (in millions, except per share data): Three Months Ended March 31, 2023 2022 Basic net income per share: Net income attributable to AGCO Corporation and subsidiaries $ 232.6 $ 151.8 Weighted average number of common shares outstanding 74.9 74.6 Basic net income per share attributable to AGCO Corporation and subsidiaries $ 3.11 $ 2.03 Diluted net income per share: Net income attributable to AGCO Corporation and subsidiaries $ 232.6 $ 151.8 Weighted average number of common shares outstanding 74.9 74.6 Dilutive SSARs, performance share awards and RSUs 0.1 0.3 Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share 75.0 74.9 Diluted net income per share attributable to AGCO Corporation and subsidiaries $ 3.10 $ 2.03 There were no SSARs outstanding for the three months ended March 31, 2023 and 2022 that had an antidilutive impact.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES At March 31, 2023 and December 31, 2022, the Company had approximately $301.9 million and $281.7 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 March 31, 2023 and December 31, 2022 exclude certain indirect favorable effects that relate to other tax jurisdictions of approximately $80.9 million and $74.0 million, respectively. In addition, the gross unrecognized income tax benefits as of March 31, 2023 and December 31, 2022 exclude certain deposits made in a foreign jurisdiction of approximately $45.9 million and $45.1 million, respectively, associated with an ongoing audit. At March 31, 2023 and December 31, 2022, the Company had approximately $12.4 million and $10.4 million, respectively, of accrued or deferred taxes related to uncertain income tax positions connected with ongoing income tax audits in various jurisdictions that it expects to settle or pay in the next 12 months, reflected in “Other current liabilities” in the Company’s Condensed Consolidated Balance Sheets. At March 31, 2023 and December 31, 2022, the Company had approximately $292.4 million and $274.1 million, respectively, of accrued taxes reflected in “Other noncurrent liabilities”, and approximately $2.9 million and $2.8 million, respectively, of deferred tax assets related to uncertain tax positions that it expects to settle or pay beyond 12 months, reflected in “Deferred tax assets” 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 March 31, 2023 and December 31, 2022, the Company had accrued interest and penalties related to unrecognized tax benefits of approximately $27.7 million and $25.8 million, respectively. Generally, tax years 2017 through 2022 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 March 31, 2023, a number of income tax examinations in foreign jurisdictions are ongoing. 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. In 2008 and 2012, as part of routine audits, the Brazilian taxing authorities disallowed deductions relating to the amortization of certain goodwill recognized in connection with a reorganization of the Company’s Brazilian operations and the related transfer of certain assets to the Company’s Brazilian subsidiaries. The amount of the tax disallowance through March 31, 2023, not including interest and penalties, was approximately 131.5 million Brazilian reais (or approximately $25.8 million). The amount ultimately in dispute would be significantly greater because of interest and penalties. The Company has been historically and currently 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 has been contesting the disallowance and has historically maintained that it is not likely that the assessment, interest or penalties would be required to be paid. The ultimate outcome of the case would not have been determined until the Brazilian tax appeal process was completed and the Company’s legal advisors have indicated that would likely take several years. On January 12, 2023, the Brazilian government issued a “Litigation Zero” tax amnesty program, whereby cases being disputed at the administrative court level of review for a period of more than ten years can be considered for amnesty. If companies choose to enroll in the amnesty program, it would not be considered an admission of guilt with respect to outstanding cases. The amnesty program allows companies to settle outstanding contested cases at a significant monetary discount. After weighing various impacts involved with enrollment in the tax amnesty program, including potential interest, penalties and legal costs, the Company concluded that it would apply to enroll in the program prior to the quarter ended March 31, 2023. The Company recorded its best estimate of the ultimate settlement under the amnesty program of approximately $29.5 million within “Income tax provision” for the three months ended March 31, 2023, net of associated U.S. income tax credits. The Company paid an initial installment payment of 40.6 million Brazilian reais (or approximately $7.7 million) in March 2023 related to the enrollment.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2023
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 2023 and 2022, 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 $242.2 million and $364.8 million as of March 31, 2023 and December 31, 2022, respectively. Steel Commodity Contracts During 2023 and 2022, 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 $7.2 million and $0.9 million as of March 31, 2023 and December 31, 2022, 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 months ended March 31, 2023 and 2022 (in millions): Recognized in Net Income Three Months Ended March 31, 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) 2023 Foreign currency contracts (1) $ (1.9) Cost of goods sold $ (1.8) $ 2,478.6 Commodity contracts (2) 0.9 Cost of goods sold 0.3 $ 2,478.6 Total $ (1.0) $ (1.5) 2022 Foreign currency contracts $ (3.8) Cost of goods sold $ (0.1) $ 2,054.4 Commodity contracts 1.4 Cost of goods sold 1.0 $ 2,054.4 Total $ (2.4) $ 0.9 ____________________________________ (1) The outstanding contracts as of March 31, 2023 range in maturity through December 2023. (2) The outstanding contracts as of March 31, 2023 range in maturity through July 2023. The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the three months ended March 31, 2023 (in millions): Before-Tax Amount Income Tax After-Tax Amount Accumulated derivative net losses as of December 31, 2022 $ (1.0) $ (0.1) $ (0.9) Net changes in fair value of derivatives (1.4) (0.4) (1.0) Net losses reclassified from accumulated other comprehensive loss into income 1.8 0.3 1.5 Accumulated derivative net losses as of March 31, 2023 $ (0.6) $ (0.2) $ (0.4) As of March 31, 2023, approximately $0.5 million and $0.1 million of derivative realized net losses, 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. 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 $270.0 million as of March 31, 2023) and will receive $300.0 million from the counterparties. The Company will receive quarterly interest payments from the counterparties based on a fixed interest rate until the maturity of the cross currency swap. During the three months ended March 31, 2023, the Company designated €150.0 million (or approximately $163.4 million as of March 31, 2023) of its multi-currency revolving credit facility with a maturity date of May 25, 2023 as a hedge of its net investment in foreign operations to offset foreign currency translation gains or losses on the net investment. The following table summarizes the notional values of the instrument designated as a net investment hedge (in millions): Notional Amount as of March 31, 2023 December 31, 2022 Cross currency swap contract $ 300.0 $ 300.0 Foreign currency denominated debt 163.4 — 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 months ended March 31, 2023 and 2022 (in millions): Cross currency swap contract Foreign currency denominated debt Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Three Months Ended Gain Recognized in Accumulated Other Comprehensive Loss for the Three Months Ended Before-Tax Amount Income Tax After-Tax Amount Before-Tax Amount Income Tax After-Tax Amount March 31, 2023 $ (1.0) $ 0.2 $ (0.8) $ 0.9 $ — $ 0.9 March 31, 2022 4.2 (1.1) 3.1 — — — Derivative Transactions Not Designated as Hedging Instruments During 2023 and 2022, 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 March 31, 2023 and December 31, 2022, the Company had outstanding foreign currency contracts with a notional amount of approximately $3.9 billion and $3.7 billion, 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 Classification of Gain (Loss) March 31, 2023 March 31, 2022 Foreign currency contracts Other expense, net $ 11.2 $ (13.8) The table below sets forth the fair value of derivative instruments as of March 31, 2023 (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 $ 3.5 Commodity contracts Other current assets 1.0 Other current liabilities 0.5 Cross currency swap contract Other noncurrent assets 32.0 Other noncurrent liabilities — Derivative instruments not designated as hedging instruments: Foreign currency contracts (1) Other current assets 7.8 Other current liabilities 14.6 Total derivative instruments $ 43.8 $ 18.6 __________________________________ (1) The outstanding contracts as of March 31, 2023 range in maturity through July 2023. The table below sets forth the fair value of derivative instruments as of December 31, 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 $ 1.3 Other current liabilities $ 1.3 Commodity contracts Other current assets — Other current liabilities — Cross currency swap contract Other noncurrent assets 33.0 Other noncurrent liabilities — Derivative instruments not designated as hedging instruments: Foreign currency contracts (1) Other current assets 6.6 Other current liabilities 39.1 Total derivative instruments $ 40.9 $ 40.4 ___________________________________ (1) The outstanding contracts as of December 31, 2022 range in maturity through March 2023.

Changes in Stockholders' Equity

Changes in Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022 (in millions): Common Additional Retained Accumulated Other Noncontrolling Total Stockholders’ Balance, December 31, 2022 $ 0.7 $ 30.2 $ 5,654.6 $ (1,803.1) $ 0.2 $ 3,882.6 Stock compensation — 14.0 — — — 14.0 Issuance of stock awards — (18.4) — — — (18.4) SSARs exercised — (1.1) — — — (1.1) Comprehensive income: Net income — — 232.6 — — 232.6 Other comprehensive income, net of reclassification adjustments: Foreign currency translation adjustments — — — 44.4 — 44.4 Defined benefit pension plans, net of tax — — — 1.8 — 1.8 Deferred gains and losses on derivatives, net of tax — — — 0.5 — 0.5 Payment of dividends to stockholders — — (18.0) — — (18.0) Adoption of ASU 2016-13 by finance joint ventures — — (5.5) — — (5.5) Balance, March 31, 2023 $ 0.7 $ 24.7 $ 5,863.7 $ (1,756.4) $ 0.2 $ 4,132.9 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 — 7.0 — — — 7.0 Issuance of stock awards — (7.0) (12.9) — — (19.9) SSARs exercised — (1.0) — — — (1.0) Comprehensive income: Net income — — 151.8 — (14.8) 137.0 Other comprehensive income, net of reclassification adjustments: Foreign currency translation adjustments — — — 137.5 0.8 138.3 Defined benefit pension plans, net of tax — — — 1.7 — 1.7 Deferred gains and losses on derivatives, net of tax — — — (3.3) — (3.3) Payment of dividends to stockholders — — (14.9) — — (14.9) Distributions to noncontrolling interest — — — — (13.8) (13.8) Balance, March 31, 2022 $ 0.7 $ 2.9 $ 5,306.2 $ (1,635.0) $ 0.1 $ 3,674.9 Total comprehensive income (loss) attributable to noncontrolling interests for the three months ended March 31, 2023 and 2022 was as follows (in millions): Three Months Ended March 31, 2023 2022 Net income (loss) $ — $ (14.8) Other comprehensive income: Foreign currency translation adjustments — 0.8 Total comprehensive income (loss) $ — $ (14.0) 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 three months ended March 31, 2023 (in millions): Defined Benefit Pension Plans Deferred Net (Losses) Gains on Derivatives Cumulative Translation Adjustment Total Accumulated other comprehensive loss, December 31, 2022 $ (231.2) $ (0.9) $ (1,571.0) $ (1,803.1) Other comprehensive income (loss) before reclassifications — (1.0) 44.4 43.4 Net losses reclassified from accumulated other comprehensive loss 1.8 1.5 — 3.3 Other comprehensive income, net of reclassification adjustments 1.8 0.5 44.4 46.7 Accumulated other comprehensive loss, March 31, 2023 $ (229.4) $ (0.4) $ (1,526.6) $ (1,756.4) 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 March 31, 2023 and 2022 (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 March 31, 2023 (1) Three Months Ended March 31, 2022 (1) Derivatives: Net losses on foreign currency contracts $ 2.2 $ 0.1 Cost of goods sold Net gains on commodity contracts (0.4) (1.3) Cost of goods sold Reclassification before tax 1.8 (1.2) (0.3) 0.3 Income tax provision Reclassification net of tax $ 1.5 $ (0.9) Defined benefit pension plans: Amortization of net actuarial losses $ 2.0 $ 2.2 Other expense, net (2) Amortization of prior service cost 0.4 0.2 Other expense, net (2) Reclassification before tax 2.4 2.4 (0.6) (0.7) Income tax provision Reclassification net of tax $ 1.8 $ 1.7 Net losses reclassified from accumulated other comprehensive loss $ 3.3 $ 0.8 __________________________________ (1) Losses (gains) included within the Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022, respectively. (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 16 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 months ended March 31, 2023, the Company did not purchase any shares directly or enter into any accelerated share repurchase agreements. As of March 31, 2023, 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 27, 2023, the Company's Board of Directors approved an increase to its quarterly dividend commencing in the second quarter of 2023 by 21% to $0.29 per common share and declared a special variable dividend of $5.00 per common share that is to be paid during the second quarter of 2023.

Accounts Receivable Sales Agree

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

Pension and Postretirement Bene

Pension and Postretirement Benefit Plans	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022 are set forth below (in millions): Three Months Ended March 31, Pension benefits 2023 2022 Service cost $ 2.4 $ 3.3 Interest cost 7.2 4.0 Expected return on plan assets (7.2) (4.6) Amortization of net actuarial losses 2.0 2.2 Amortization of prior service cost 0.3 0.1 Net periodic pension cost $ 4.7 $ 5.0 Three Months Ended March 31, Postretirement benefits 2023 2022 Service cost $ — $ 0.1 Interest cost 0.3 0.2 Amortization of prior service cost 0.1 0.1 Net periodic postretirement benefit cost $ 0.4 $ 0.4 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 three months ended March 31, 2023 (in millions): Before-Tax Amount Income Tax After-Tax Amount Accumulated other comprehensive loss, December 31, 2022 $ (304.4) $ (73.2) $ (231.2) Amortization of prior service cost 0.4 0.1 0.3 Amortization of net actuarial losses 2.0 0.5 1.5 Accumulated other comprehensive loss as of March 31, 2023 $ (302.0) $ (72.6) $ (229.4) During the three months ended March 31, 2023, the Company made approximately $10.4 million of contributions to its defined pension benefit plans. The Company currently estimates its minimum contributions for 2023 to its defined pension benefit plans will aggregate approximately $33.8 million. During the three months ended March 31, 2023, the Company made approximately $0.5 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 2023.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	FAIR VALUE OF FINANCIAL INSTRUMENTS The Company categorizes its assets and liabilities into one of three levels based on the assumptions used in valuing the asset or liability. Estimates of fair value for financial assets and liabilities are based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. In accordance with this guidance, fair value measurements are classified under the following hierarchy: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 - Model-derived valuations in which one or more significant inputs are unobservable. The Company categorizes its pension plan assets into one of the three levels of the fair value hierarchy. 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 13 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 March 31, 2023 and December 31, 2022 are summarized below (in millions): As of March 31, 2023 Level 1 Level 2 Level 3 Total Derivative assets $ — $ 43.8 $ — $ 43.8 Derivative liabilities — 18.6 — 18.6 As of December 31, 2022 Level 1 Level 2 Level 3 Total Derivative assets $ — $ 40.9 $ — $ 40.9 Derivative liabilities — 40.4 — 40.4 The carrying amounts of long-term debt under the Company’s 1.002% 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 March 31, 2023, the estimated fair value of the Company's 0.800% senior notes due 2028, based on listed market values, was approximately €497.5 million (or approximately $541.8 million as of March 31, 2023), compared to the carrying value of €600.0 million (or approximately $653.5 million as of March 31, 2023). See Note 6 for additional information on the Company’s long-term debt.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022 and assets as of March 31, 2023 and December 31, 2022 based on the Company’s reportable segments are as follows (in millions): Three Months Ended March 31, North America South America Europe/Middle East Asia/Pacific/Africa Consolidated 2023 Net sales $ 923.1 $ 503.8 $ 1,703.8 $ 202.8 $ 3,333.5 Income from operations 102.1 99.5 239.4 18.1 459.1 Depreciation 14.9 7.8 26.8 4.1 53.6 Capital expenditures 37.3 20.3 67.0 0.7 125.3 2022 Net sales $ 701.0 $ 356.4 $ 1,403.1 $ 225.2 $ 2,685.7 Income from operations 54.8 46.1 162.3 34.0 297.2 Depreciation 15.2 7.0 28.2 4.3 54.7 Capital expenditures 15.7 10.0 39.2 1.4 66.3 Assets As of March 31, 2023 $ 1,957.8 $ 1,386.8 $ 2,898.0 $ 771.7 $ 7,014.3 As of December 31, 2022 1,790.3 1,259.8 2,475.6 650.5 6,176.2 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 March 31, 2023 2022 Segment income from operations $ 459.1 $ 297.2 Impairment charges — (36.0) Corporate expenses (42.1) (32.2) Amortization of intangibles (14.8) (15.3) Stock compensation expense (13.5) (6.7) Restructuring expenses (1.4) (3.0) Consolidated income from operations $ 387.3 $ 204.0 March 31, 2023 December 31, 2022 Segment assets $ 7,014.3 $ 6,176.2 Cash, cash equivalents and restricted cash 558.7 789.5 Investments in affiliates 456.5 436.9 Deferred tax assets, other current and noncurrent assets 1,105.6 1,025.9 Intangible assets, net 354.0 364.4 Goodwill 1,322.5 1,310.8 Consolidated total assets $ 10,811.6 $ 10,103.7

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, the Company has outstanding guarantees of indebtedness owed to related and third parties of approximately $30.3 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 2028. 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 March 31, 2023, the Company had accrued approximately $16.7 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 $190.4 million. Leases Lease payment amounts for operating and finance leases with remaining terms greater than one year as of March 31, 2023 and December 31, 2022 were as follows (in millions): March 31, 2023 December 31, 2022 Operating Leases (1) Finance Leases Operating Leases (1) Finance Leases 2023 $ 36.6 $ 0.6 $ 47.8 $ 0.8 2024 38.2 0.6 36.6 0.6 2025 28.7 0.5 27.0 0.4 2026 20.4 0.3 19.1 0.2 2027 13.9 0.3 13.4 0.2 Thereafter 51.4 5.8 51.2 6.0 Total lease payments 189.2 8.1 195.1 8.2 Less: imputed interest (2) (24.7) (2.0) (27.5) (2.1) Present value of leased liabilities $ 164.5 $ 6.1 $ 167.6 $ 6.1 __________________________________ (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 March 31, 2023, the Company had outstanding designated and non-designated foreign exchange contracts with a gross notional amount of approximately $4,188.5 million. The outstanding contracts as of March 31, 2023 range in maturity through December 2023. The Company also had outstanding designated steel commodity contracts with a gross notional amount of approximately $7.2 million that range in maturity through July 2023. 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 2008 and 2012, as part of routine audits, the Brazilian taxing authorities disallowed deductions relating to the amortization of certain goodwill recognized in connection with a reorganization of the Company’s Brazilian operations and the related transfer of certain assets to the Company’s Brazilian subsidiaries. The amount of the tax disallowance through March 31, 2023, not including interest and penalties, was approximately 131.5 million Brazilian reais (or approximately $25.8 million). The amount ultimately in dispute would be significantly greater because of interest and penalties. The Company has been historically and currently 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 has been contesting the disallowance and has historically maintained that it is not likely that the assessment, interest or penalties would be required to be paid. The ultimate outcome of the case would not have been determined until the Brazilian tax appeal process was completed and the Company’s legal advisors have indicated that would likely take several years. On January 12, 2023, the Brazilian government issued a “Litigation Zero” tax amnesty program, whereby cases being disputed at the administrative court level of review for a period of more than ten years can be considered for amnesty. If companies choose to enroll in the amnesty program, it would not be considered an admission of guilt with respect to outstanding cases. The amnesty program allows companies to settle outstanding contested cases at a significant monetary discount. After weighing various impacts involved with enrollment in the tax amnesty program, including potential interest, penalties and legal costs, the Company concluded that it would apply to enroll in the program prior to the quarter ended March 31, 2023. The Company recorded its best estimate of the ultimate settlement under the amnesty program of approximately $29.5 million within “Income tax provision” for the three months ended March 31, 2023, net of associated U.S. income tax credits. The Company paid an initial installment payment of 40.6 million Brazilian reais (or approximately $7.7 million) in March 2023 related to the enrollment. During 2017, the Company purchased Precision Planting, which provides precision agricultural technology solutions. In 2018, Deere & Company (“Deere”) filed separate complaints in the U.S. District Court of Delaware against the Company and Precision Planting alleging that certain products of those entities infringed certain patents of Deere. The two complaints subsequently were consolidated into a single case, Case No. 1:18-cv-00827-CFC. In July 2022, the case was tried before a jury, which determined that the Company and Precision Planting had not infringed the Deere patents. Following customary post-trial procedures, the Court entered a judgement in the Company’s favor, and in April 2023 Deere filed a Notice of 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. The Company is a party to various other legal claims and actions incidental to its business. The Company believes that none of these claims or actions, either individually or in the aggregate, are material to its business or financial statements as a whole, including its results of operations and financial condition.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022 were as follows (in millions): Three Months Ended March 31, 2023 2022 Balance at beginning of period $ 239.0 $ 226.2 Advance consideration received 58.5 43.0 Revenue recognized during the period for extended warranty contracts, maintenance services and technology services (24.9) (18.6) Revenue recognized during the period related to grain storage and protein production systems (16.0) (14.6) Foreign currency translation 3.0 (3.6) Balance at March 31 $ 259.6 $ 232.4 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 months ended March 31, 2023, the Company recognized approximately $35.7 million of revenue that was recorded as a contract liability at the beginning of 2023. During the three months ended March 31, 2022, the Company recognized approximately $24.0 million of revenue that was recorded as a contract liability at the beginning of 2022. Remaining Performance Obligations The estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2023 are $86.6 million for the remainder of 2023, $75.2 million in 2024, $45.5 million in 2025, $22.2 million in 2026 and $11.5 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 March 31, 2023 disaggregated by primary geographical markets and major products consisted of the following (in millions): North America South America (1) Europe/Middle East (1) Asia/Pacific/Africa Consolidated Primary geographical markets: United States $ 760.1 $ — $ — $ — $ 760.1 Canada 127.9 — — — 127.9 Brazil 425.4 425.4 Other South America — 73.7 — — 73.7 Germany — — 395.4 — 395.4 France — — 301.4 — 301.4 United Kingdom and Ireland — — 174.9 — 174.9 Finland and Scandinavia — — 180.0 — 180.0 Italy 92.2 92.2 Other Europe — — 444.3 — 444.3 Middle East and Algeria — — 115.6 — 115.6 Africa — — — 30.4 30.4 Asia — — — 86.7 86.7 Australia and New Zealand — — — 85.7 85.7 Mexico, Central America and Caribbean 35.1 4.7 — — 39.8 $ 923.1 $ 503.8 $ 1,703.8 $ 202.8 $ 3,333.5 Major products: Tractors $ 312.1 $ 283.0 $ 1,205.7 $ 107.2 $ 1,908.0 Replacement parts 101.8 43.4 283.2 27.3 455.7 Grain storage and protein production systems 147.1 40.7 34.1 34.0 255.9 Combines, application equipment and other machinery 362.1 136.8 180.7 34.3 713.9 $ 923.1 $ 503.8 $ 1,703.8 $ 202.8 $ 3,333.5 ____________________________________ (1) Rounding may impact the summation of amounts. Net sales for the three months ended March 31, 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 $ 570.3 $ — $ — $ — $ 570.3 Canada 101.1 — — — 101.1 Brazil 273.8 273.8 Other South America — 79.1 — — 79.1 Germany — — 317.2 — 317.2 France — — 271.6 — 271.6 United Kingdom and Ireland — — 145.4 — 145.4 Finland and Scandinavia — — 197.0 — 197.0 Italy 71.4 71.4 Other Europe — — 367.2 — 367.2 Middle East and Algeria — — 33.4 — 33.4 Africa — — — 36.0 36.0 Asia — — — 104.6 104.6 Australia and New Zealand — — — 84.6 84.6 Mexico, Central America and Caribbean 29.6 3.5 — — 33.1 $ 701.0 $ 356.4 $ 1,403.1 $ 225.2 $ 2,685.7 Major products: Tractors $ 251.9 $ 206.6 $ 915.1 $ 125.4 $ 1,499.0 Replacement parts 94.6 38.2 286.1 26.7 445.6 Grain storage and protein production systems 131.1 40.0 31.3 37.5 239.9 Combines, application equipment and other machinery 223.4 71.6 170.6 35.6 501.2 $ 701.0 $ 356.4 $ 1,403.1 $ 225.2 $ 2,685.7 ____________________________________ (1) Rounding may impact the summation of amounts.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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 were required to adopt ASU 2016-13 for annual periods beginning after December 15, 2022 and interim periods within those annual periods. The standard, and its subsequent modification, impacts the results of operations and financial condition of the Company’s finance joint ventures. For the adoption of the standard by the Company’s finance joint ventures on January 1, 2023 under the modified retrospective approach, the Company recognized the cumulative effect of ASU 2016-13 as an adjustment to the opening balance of stockholders’ equity as of January 1, 2023 within “Retained earnings.” The cumulative effect was approximately $5.5 million. In September 2022, the FASB issued ASU 2022-04, “Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations.” The new standard requires that a buyer in a supplier finance program disclose sufficient information about the key terms of the program, the amount of outstanding confirmed obligations at period end, where the obligations are presented in the balance sheet, and a rollforward of the obligations during the annual period. This guidance was effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the rollforward, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The adoption of ASU 2022-04 resulted in disclosure of the Company's supplier financing programs. Refer to Note 10 for further details.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2023
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 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 and Im_2

Restructuring Expenses and Impairment Charges (Tables)	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost	Restructuring expenses activity, which relates solely to employee severance, during the three months ended March 31, 2023 is summarized as follows (in millions): Balance as of December 31, 2022 $ 6.8 First quarter 2023 provision 1.4 First quarter 2023 cash activity (1.0) Balance as of March 31, 2023 $ 7.2

Stock Compensation Plans (Table

Stock Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Compensation Expense	The Company recorded stock compensation expense as follows for the three months ended March 31, 2023 and 2022 (in millions): Three Months Ended March 31, 2023 2022 Cost of goods sold $ 0.5 $ 0.3 Selling, general and administrative expenses 13.5 6.7 Total stock compensation expense $ 14.0 $ 7.0
Schedule Performance Awards Activity	Performance award transactions during the three months ended March 31, 2023 are presented as if the Company were to achieve its maximum levels of performance and assume the 2023 and 2022 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 1 543,904 Shares awarded 279,724 Shares forfeited (13,018) Shares vested — Shares awarded but not earned at March 31 810,610
Schedule of RSU Activity	RSU transactions during the three months ended March 31, 2023 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 1 213,198 RSUs awarded 100,835 RSUs forfeited (4,563) RSUs vested (96,176) RSUs awarded but not vested at March 31 213,294

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Changes in the carrying amount of goodwill during the three months ended March 31, 2023 are summarized as follows (in millions): North America South America Europe/Middle East Asia/Pacific/Africa Consolidated Balance as of December 31, 2022 $ 667.3 $ 86.0 $ 444.3 $ 113.2 $ 1,310.8 Foreign currency translation — 3.3 7.4 1.0 11.7 Balance as of March 31, 2023 $ 667.3 $ 89.3 $ 451.7 $ 114.2 $ 1,322.5
Schedule of Finite-Lived Intangible Assets by Major Class	Changes in the carrying amount of acquired intangible assets during the three months ended March 31, 2023 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, 2022 $ 191.8 $ 574.5 $ 150.6 $ 6.5 $ 923.4 Foreign currency translation 1.3 3.3 1.4 — 6.0 Balance as of March 31, 2023 $ 193.1 $ 577.8 $ 152.0 $ 6.5 $ 929.4 Accumulated amortization: Trademarks and Tradenames Customer Relationships Patents and Technology Land Use Rights Total Balance as of December 31, 2022 $ 103.3 $ 440.8 $ 101.5 $ 1.6 $ 647.2 Amortization expense 2.5 9.6 2.7 — 14.8 Foreign currency translation 0.6 3.0 1.0 — 4.6 Balance as of March 31, 2023 $ 106.4 $ 453.4 $ 105.2 $ 1.6 $ 666.6
Schedule of Indefinite-lived Intangible Assets by Major Class	Indefinite-lived intangible assets: Trademarks and Balance as of December 31, 2022 $ 84.8 Foreign currency translation 0.6 Balance as of March 31, 2023 $ 85.4

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt	Long-term debt consisted of the following at March 31, 2023 and December 31, 2022 (in millions): March 31, 2023 December 31, 2022 Credit facility, expires 2027 $ 706.2 $ 200.0 1.002% Senior term loan due 2025 272.3 267.3 Senior term loans due between 2023 and 2028 348.0 341.6 0.800% Senior notes due 2028 653.5 641.5 Other long-term debt 5.2 5.1 Debt issuance costs (3.5) (3.6) 1,981.7 1,451.9 Senior term loans due 2023, net of debt issuance costs (188.4) (184.9) Current portion of other long-term debt (2.2) (2.2) Total long-term indebtedness, less current portion $ 1,791.1 $ 1,264.8

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories at March 31, 2023 and December 31, 2022 were as follows (in millions): March 31, 2023 December 31, 2022 Finished goods $ 1,248.4 $ 994.9 Repair and replacement parts 789.0 750.1 Work in process 461.1 369.8 Raw materials 1,144.3 1,074.9 Inventories, net $ 3,642.8 $ 3,189.7

Product Warranty (Tables)

Product Warranty (Tables)	3 Months Ended
	Mar. 31, 2023
Guarantees and Product Warranties [Abstract]
Schedule of Warranty Reserve Activity	The warranty reserve activity for the three months ended March 31, 2023 and 2022, including deferred revenue associated with the Company's extended warranties that have been sold, was as follows (in millions): Three Months Ended March 31, 2023 2022 Balance at beginning of period $ 640.0 $ 592.5 Accruals for warranties issued during the period 89.7 83.3 Settlements made (in cash or in kind) during the period (64.5) (57.7) Foreign currency translation 11.8 (3.6) Balance at March 31 $ 677.0 $ 614.5

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022 is as follows (in millions, except per share data): Three Months Ended March 31, 2023 2022 Basic net income per share: Net income attributable to AGCO Corporation and subsidiaries $ 232.6 $ 151.8 Weighted average number of common shares outstanding 74.9 74.6 Basic net income per share attributable to AGCO Corporation and subsidiaries $ 3.11 $ 2.03 Diluted net income per share: Net income attributable to AGCO Corporation and subsidiaries $ 232.6 $ 151.8 Weighted average number of common shares outstanding 74.9 74.6 Dilutive SSARs, performance share awards and RSUs 0.1 0.3 Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share 75.0 74.9 Diluted net income per share attributable to AGCO Corporation and subsidiaries $ 3.10 $ 2.03

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022 (in millions): Recognized in Net Income Three Months Ended March 31, 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) 2023 Foreign currency contracts (1) $ (1.9) Cost of goods sold $ (1.8) $ 2,478.6 Commodity contracts (2) 0.9 Cost of goods sold 0.3 $ 2,478.6 Total $ (1.0) $ (1.5) 2022 Foreign currency contracts $ (3.8) Cost of goods sold $ (0.1) $ 2,054.4 Commodity contracts 1.4 Cost of goods sold 1.0 $ 2,054.4 Total $ (2.4) $ 0.9 ____________________________________ (1) The outstanding contracts as of March 31, 2023 range in maturity through December 2023. (2) The outstanding contracts as of March 31, 2023 range in maturity through July 2023. The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the three months ended March 31, 2023 (in millions): Before-Tax Amount Income Tax After-Tax Amount Accumulated derivative net losses as of December 31, 2022 $ (1.0) $ (0.1) $ (0.9) Net changes in fair value of derivatives (1.4) (0.4) (1.0) Net losses reclassified from accumulated other comprehensive loss into income 1.8 0.3 1.5 Accumulated derivative net losses as of March 31, 2023 $ (0.6) $ (0.2) $ (0.4)
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 March 31, 2023 December 31, 2022 Cross currency swap contract $ 300.0 $ 300.0 Foreign currency denominated debt 163.4 — 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 months ended March 31, 2023 and 2022 (in millions): Cross currency swap contract Foreign currency denominated debt Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Three Months Ended Gain Recognized in Accumulated Other Comprehensive Loss for the Three Months Ended Before-Tax Amount Income Tax After-Tax Amount Before-Tax Amount Income Tax After-Tax Amount March 31, 2023 $ (1.0) $ 0.2 $ (0.8) $ 0.9 $ — $ 0.9 March 31, 2022 4.2 (1.1) 3.1 — — —
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 Classification of Gain (Loss) March 31, 2023 March 31, 2022 Foreign currency contracts Other expense, net $ 11.2 $ (13.8)
Fair Value of Derivative Instruments	The table below sets forth the fair value of derivative instruments as of March 31, 2023 (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 $ 3.5 Commodity contracts Other current assets 1.0 Other current liabilities 0.5 Cross currency swap contract Other noncurrent assets 32.0 Other noncurrent liabilities — Derivative instruments not designated as hedging instruments: Foreign currency contracts (1) Other current assets 7.8 Other current liabilities 14.6 Total derivative instruments $ 43.8 $ 18.6 __________________________________ (1) The outstanding contracts as of March 31, 2023 range in maturity through July 2023. The table below sets forth the fair value of derivative instruments as of December 31, 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 $ 1.3 Other current liabilities $ 1.3 Commodity contracts Other current assets — Other current liabilities — Cross currency swap contract Other noncurrent assets 33.0 Other noncurrent liabilities — Derivative instruments not designated as hedging instruments: Foreign currency contracts (1) Other current assets 6.6 Other current liabilities 39.1 Total derivative instruments $ 40.9 $ 40.4 ___________________________________ (1) The outstanding contracts as of December 31, 2022 range in maturity through March 2023. As of March 31, 2023 Level 1 Level 2 Level 3 Total Derivative assets $ — $ 43.8 $ — $ 43.8 Derivative liabilities — 18.6 — 18.6 As of December 31, 2022 Level 1 Level 2 Level 3 Total Derivative assets $ — $ 40.9 $ — $ 40.9 Derivative liabilities — 40.4 — 40.4

Changes in Stockholders' Equi_2

Changes in Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022 (in millions): Common Additional Retained Accumulated Other Noncontrolling Total Stockholders’ Balance, December 31, 2022 $ 0.7 $ 30.2 $ 5,654.6 $ (1,803.1) $ 0.2 $ 3,882.6 Stock compensation — 14.0 — — — 14.0 Issuance of stock awards — (18.4) — — — (18.4) SSARs exercised — (1.1) — — — (1.1) Comprehensive income: Net income — — 232.6 — — 232.6 Other comprehensive income, net of reclassification adjustments: Foreign currency translation adjustments — — — 44.4 — 44.4 Defined benefit pension plans, net of tax — — — 1.8 — 1.8 Deferred gains and losses on derivatives, net of tax — — — 0.5 — 0.5 Payment of dividends to stockholders — — (18.0) — — (18.0) Adoption of ASU 2016-13 by finance joint ventures — — (5.5) — — (5.5) Balance, March 31, 2023 $ 0.7 $ 24.7 $ 5,863.7 $ (1,756.4) $ 0.2 $ 4,132.9 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 — 7.0 — — — 7.0 Issuance of stock awards — (7.0) (12.9) — — (19.9) SSARs exercised — (1.0) — — — (1.0) Comprehensive income: Net income — — 151.8 — (14.8) 137.0 Other comprehensive income, net of reclassification adjustments: Foreign currency translation adjustments — — — 137.5 0.8 138.3 Defined benefit pension plans, net of tax — — — 1.7 — 1.7 Deferred gains and losses on derivatives, net of tax — — — (3.3) — (3.3) Payment of dividends to stockholders — — (14.9) — — (14.9) Distributions to noncontrolling interest — — — — (13.8) (13.8) Balance, March 31, 2022 $ 0.7 $ 2.9 $ 5,306.2 $ (1,635.0) $ 0.1 $ 3,674.9
Schedule of Comprehensive Income (Loss) Attributable to Noncontrolling Interests	Total comprehensive income (loss) attributable to noncontrolling interests for the three months ended March 31, 2023 and 2022 was as follows (in millions): Three Months Ended March 31, 2023 2022 Net income (loss) $ — $ (14.8) Other comprehensive income: Foreign currency translation adjustments — 0.8 Total comprehensive income (loss) $ — $ (14.0)
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 three months ended March 31, 2023 (in millions): Defined Benefit Pension Plans Deferred Net (Losses) Gains on Derivatives Cumulative Translation Adjustment Total Accumulated other comprehensive loss, December 31, 2022 $ (231.2) $ (0.9) $ (1,571.0) $ (1,803.1) Other comprehensive income (loss) before reclassifications — (1.0) 44.4 43.4 Net losses reclassified from accumulated other comprehensive loss 1.8 1.5 — 3.3 Other comprehensive income, net of reclassification adjustments 1.8 0.5 44.4 46.7 Accumulated other comprehensive loss, March 31, 2023 $ (229.4) $ (0.4) $ (1,526.6) $ (1,756.4) Before-Tax Amount Income Tax After-Tax Amount Accumulated other comprehensive loss, December 31, 2022 $ (304.4) $ (73.2) $ (231.2) Amortization of prior service cost 0.4 0.1 0.3 Amortization of net actuarial losses 2.0 0.5 1.5 Accumulated other comprehensive loss as of March 31, 2023 $ (302.0) $ (72.6) $ (229.4)
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 March 31, 2023 and 2022 (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 March 31, 2023 (1) Three Months Ended March 31, 2022 (1) Derivatives: Net losses on foreign currency contracts $ 2.2 $ 0.1 Cost of goods sold Net gains on commodity contracts (0.4) (1.3) Cost of goods sold Reclassification before tax 1.8 (1.2) (0.3) 0.3 Income tax provision Reclassification net of tax $ 1.5 $ (0.9) Defined benefit pension plans: Amortization of net actuarial losses $ 2.0 $ 2.2 Other expense, net (2) Amortization of prior service cost 0.4 0.2 Other expense, net (2) Reclassification before tax 2.4 2.4 (0.6) (0.7) Income tax provision Reclassification net of tax $ 1.8 $ 1.7 Net losses reclassified from accumulated other comprehensive loss $ 3.3 $ 0.8 __________________________________ (1) Losses (gains) included within the Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022, respectively. (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 16 for additional information on the Company’s defined benefit pension plans.

Pension and Postretirement Be_2

Pension and Postretirement Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022 are set forth below (in millions): Three Months Ended March 31, Pension benefits 2023 2022 Service cost $ 2.4 $ 3.3 Interest cost 7.2 4.0 Expected return on plan assets (7.2) (4.6) Amortization of net actuarial losses 2.0 2.2 Amortization of prior service cost 0.3 0.1 Net periodic pension cost $ 4.7 $ 5.0 Three Months Ended March 31, Postretirement benefits 2023 2022 Service cost $ — $ 0.1 Interest cost 0.3 0.2 Amortization of prior service cost 0.1 0.1 Net periodic postretirement benefit cost $ 0.4 $ 0.4
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 three months ended March 31, 2023 (in millions): Defined Benefit Pension Plans Deferred Net (Losses) Gains on Derivatives Cumulative Translation Adjustment Total Accumulated other comprehensive loss, December 31, 2022 $ (231.2) $ (0.9) $ (1,571.0) $ (1,803.1) Other comprehensive income (loss) before reclassifications — (1.0) 44.4 43.4 Net losses reclassified from accumulated other comprehensive loss 1.8 1.5 — 3.3 Other comprehensive income, net of reclassification adjustments 1.8 0.5 44.4 46.7 Accumulated other comprehensive loss, March 31, 2023 $ (229.4) $ (0.4) $ (1,526.6) $ (1,756.4) Before-Tax Amount Income Tax After-Tax Amount Accumulated other comprehensive loss, December 31, 2022 $ (304.4) $ (73.2) $ (231.2) Amortization of prior service cost 0.4 0.1 0.3 Amortization of net actuarial losses 2.0 0.5 1.5 Accumulated other comprehensive loss as of March 31, 2023 $ (302.0) $ (72.6) $ (229.4)

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 (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 $ 3.5 Commodity contracts Other current assets 1.0 Other current liabilities 0.5 Cross currency swap contract Other noncurrent assets 32.0 Other noncurrent liabilities — Derivative instruments not designated as hedging instruments: Foreign currency contracts (1) Other current assets 7.8 Other current liabilities 14.6 Total derivative instruments $ 43.8 $ 18.6 __________________________________ (1) The outstanding contracts as of March 31, 2023 range in maturity through July 2023. The table below sets forth the fair value of derivative instruments as of December 31, 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 $ 1.3 Other current liabilities $ 1.3 Commodity contracts Other current assets — Other current liabilities — Cross currency swap contract Other noncurrent assets 33.0 Other noncurrent liabilities — Derivative instruments not designated as hedging instruments: Foreign currency contracts (1) Other current assets 6.6 Other current liabilities 39.1 Total derivative instruments $ 40.9 $ 40.4 ___________________________________ (1) The outstanding contracts as of December 31, 2022 range in maturity through March 2023. As of March 31, 2023 Level 1 Level 2 Level 3 Total Derivative assets $ — $ 43.8 $ — $ 43.8 Derivative liabilities — 18.6 — 18.6 As of December 31, 2022 Level 1 Level 2 Level 3 Total Derivative assets $ — $ 40.9 $ — $ 40.9 Derivative liabilities — 40.4 — 40.4

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Sales Information By Reportable Segments	Segment results for the three months ended March 31, 2023 and 2022 and assets as of March 31, 2023 and December 31, 2022 based on the Company’s reportable segments are as follows (in millions): Three Months Ended March 31, North America South America Europe/Middle East Asia/Pacific/Africa Consolidated 2023 Net sales $ 923.1 $ 503.8 $ 1,703.8 $ 202.8 $ 3,333.5 Income from operations 102.1 99.5 239.4 18.1 459.1 Depreciation 14.9 7.8 26.8 4.1 53.6 Capital expenditures 37.3 20.3 67.0 0.7 125.3 2022 Net sales $ 701.0 $ 356.4 $ 1,403.1 $ 225.2 $ 2,685.7 Income from operations 54.8 46.1 162.3 34.0 297.2 Depreciation 15.2 7.0 28.2 4.3 54.7 Capital expenditures 15.7 10.0 39.2 1.4 66.3 Assets As of March 31, 2023 $ 1,957.8 $ 1,386.8 $ 2,898.0 $ 771.7 $ 7,014.3 As of December 31, 2022 1,790.3 1,259.8 2,475.6 650.5 6,176.2
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 March 31, 2023 2022 Segment income from operations $ 459.1 $ 297.2 Impairment charges — (36.0) Corporate expenses (42.1) (32.2) Amortization of intangibles (14.8) (15.3) Stock compensation expense (13.5) (6.7) Restructuring expenses (1.4) (3.0) Consolidated income from operations $ 387.3 $ 204.0
Reconciliation of Assets from Segment to Consolidated	March 31, 2023 December 31, 2022 Segment assets $ 7,014.3 $ 6,176.2 Cash, cash equivalents and restricted cash 558.7 789.5 Investments in affiliates 456.5 436.9 Deferred tax assets, other current and noncurrent assets 1,105.6 1,025.9 Intangible assets, net 354.0 364.4 Goodwill 1,322.5 1,310.8 Consolidated total assets $ 10,811.6 $ 10,103.7

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Summary of Operating Lease Maturity	Lease payment amounts for operating and finance leases with remaining terms greater than one year as of March 31, 2023 and December 31, 2022 were as follows (in millions): March 31, 2023 December 31, 2022 Operating Leases (1) Finance Leases Operating Leases (1) Finance Leases 2023 $ 36.6 $ 0.6 $ 47.8 $ 0.8 2024 38.2 0.6 36.6 0.6 2025 28.7 0.5 27.0 0.4 2026 20.4 0.3 19.1 0.2 2027 13.9 0.3 13.4 0.2 Thereafter 51.4 5.8 51.2 6.0 Total lease payments 189.2 8.1 195.1 8.2 Less: imputed interest (2) (24.7) (2.0) (27.5) (2.1) Present value of leased liabilities $ 164.5 $ 6.1 $ 167.6 $ 6.1 __________________________________ (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.
Summary of Finance Lease Maturity	Lease payment amounts for operating and finance leases with remaining terms greater than one year as of March 31, 2023 and December 31, 2022 were as follows (in millions): March 31, 2023 December 31, 2022 Operating Leases (1) Finance Leases Operating Leases (1) Finance Leases 2023 $ 36.6 $ 0.6 $ 47.8 $ 0.8 2024 38.2 0.6 36.6 0.6 2025 28.7 0.5 27.0 0.4 2026 20.4 0.3 19.1 0.2 2027 13.9 0.3 13.4 0.2 Thereafter 51.4 5.8 51.2 6.0 Total lease payments 189.2 8.1 195.1 8.2 Less: imputed interest (2) (24.7) (2.0) (27.5) (2.1) Present value of leased liabilities $ 164.5 $ 6.1 $ 167.6 $ 6.1 __________________________________ (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)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset and Liability	Significant changes in the balance of contract liabilities for the three months ended March 31, 2023 and 2022 were as follows (in millions): Three Months Ended March 31, 2023 2022 Balance at beginning of period $ 239.0 $ 226.2 Advance consideration received 58.5 43.0 Revenue recognized during the period for extended warranty contracts, maintenance services and technology services (24.9) (18.6) Revenue recognized during the period related to grain storage and protein production systems (16.0) (14.6) Foreign currency translation 3.0 (3.6) Balance at March 31 $ 259.6 $ 232.4
Disaggregation of Revenue	Net sales for the three months ended March 31, 2023 disaggregated by primary geographical markets and major products consisted of the following (in millions): North America South America (1) Europe/Middle East (1) Asia/Pacific/Africa Consolidated Primary geographical markets: United States $ 760.1 $ — $ — $ — $ 760.1 Canada 127.9 — — — 127.9 Brazil 425.4 425.4 Other South America — 73.7 — — 73.7 Germany — — 395.4 — 395.4 France — — 301.4 — 301.4 United Kingdom and Ireland — — 174.9 — 174.9 Finland and Scandinavia — — 180.0 — 180.0 Italy 92.2 92.2 Other Europe — — 444.3 — 444.3 Middle East and Algeria — — 115.6 — 115.6 Africa — — — 30.4 30.4 Asia — — — 86.7 86.7 Australia and New Zealand — — — 85.7 85.7 Mexico, Central America and Caribbean 35.1 4.7 — — 39.8 $ 923.1 $ 503.8 $ 1,703.8 $ 202.8 $ 3,333.5 Major products: Tractors $ 312.1 $ 283.0 $ 1,205.7 $ 107.2 $ 1,908.0 Replacement parts 101.8 43.4 283.2 27.3 455.7 Grain storage and protein production systems 147.1 40.7 34.1 34.0 255.9 Combines, application equipment and other machinery 362.1 136.8 180.7 34.3 713.9 $ 923.1 $ 503.8 $ 1,703.8 $ 202.8 $ 3,333.5 ____________________________________ (1) Rounding may impact the summation of amounts. Net sales for the three months ended March 31, 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 $ 570.3 $ — $ — $ — $ 570.3 Canada 101.1 — — — 101.1 Brazil 273.8 273.8 Other South America — 79.1 — — 79.1 Germany — — 317.2 — 317.2 France — — 271.6 — 271.6 United Kingdom and Ireland — — 145.4 — 145.4 Finland and Scandinavia — — 197.0 — 197.0 Italy 71.4 71.4 Other Europe — — 367.2 — 367.2 Middle East and Algeria — — 33.4 — 33.4 Africa — — — 36.0 36.0 Asia — — — 104.6 104.6 Australia and New Zealand — — — 84.6 84.6 Mexico, Central America and Caribbean 29.6 3.5 — — 33.1 $ 701.0 $ 356.4 $ 1,403.1 $ 225.2 $ 2,685.7 Major products: Tractors $ 251.9 $ 206.6 $ 915.1 $ 125.4 $ 1,499.0 Replacement parts 94.6 38.2 286.1 26.7 445.6 Grain storage and protein production systems 131.1 40.0 31.3 37.5 239.9 Combines, application equipment and other machinery 223.4 71.6 170.6 35.6 501.2 $ 701.0 $ 356.4 $ 1,403.1 $ 225.2 $ 2,685.7 ____________________________________ (1) Rounding may impact the summation of amounts.

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Millions, ₺ in Billions, $ in Billions	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 TRY (₺)	Mar. 31, 2023 ARS ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Basis Of Presentation [Line Items]
Net sales	$ 3,333.5	$ 2,685.7
Assets	10,811.6				$ 10,103.7
Cash and cash equivalents	558.7				789.5
Guarantor obligation maximum exposure	190.4
Cumulative effect to stockholders' equity	(4,132.9)	(3,674.9)			(3,882.6)	$ (3,443.8)
Retained Earnings
Basis Of Presentation [Line Items]
Cumulative effect to stockholders' equity	(5,863.7)	$ (5,306.2)			(5,654.6)	$ (5,182.2)
Cumulative Effect, Period of Adoption, Adjustment
Basis Of Presentation [Line Items]
Cumulative effect to stockholders' equity					5.5
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings
Basis Of Presentation [Line Items]
Cumulative effect to stockholders' equity					$ 5.5
AGCO Capital Argentina S.A
Basis Of Presentation [Line Items]
Guarantor obligation maximum exposure	10
Turkey | Subsidiaries
Basis Of Presentation [Line Items]
Net sales	114.2
Assets	172.5
Turkey | Turkish lira | Subsidiaries
Basis Of Presentation [Line Items]
Assets, reporting currency denominated value	146.7		₺ 2.8
Liabilities, reporting currency denominated value	122.8		₺ 2.3
Argentia
Basis Of Presentation [Line Items]
Net monetary assets	18.5			$ 3.9
Cash and cash equivalents	32			6.7
Argentia | Finance Joint Ventures
Basis Of Presentation [Line Items]
Net monetary assets	$ 24.8			$ 5.2

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ in Millions, $ in Millions				3 Months Ended
	May 02, 2022 USD ($)	May 02, 2022 CAD ($)	Jan. 01, 2022 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	May 02, 2022 CAD ($)
Business Acquisition [Line Items]
Goodwill				$ 1,322.5		$ 1,310.8
Payments to acquire businesses, net of cash acquired				$ 0.9	$ 61.9
Appareo
Business Acquisition [Line Items]
Ownership percentage			50%
Fair value of equity method investment			$ 11.2
JCA
Business Acquisition [Line Items]
Payments to acquire business	$ 49.2	$ 63
Goodwill	$ 34						$ 43.9
Appareo
Business Acquisition [Line Items]
Goodwill			25.8
Payments to acquire businesses, net of cash acquired			62.1
Cash acquired			$ 0.5
Acquisition of remaining interest			50%
Gain related to acquisition of remaining interest			$ 3.4

Acquisitions (Finite-Live Intan

Acquisitions (Finite-Live Intangible Assets Acquired) (Details) - JCA and Appareo $ in Millions	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Amount	$ 37.9
Customer relationships
Business Acquisition [Line Items]
Amount	$ 15.4
Weighted-Average Useful Life	10 years
Technology
Business Acquisition [Line Items]
Amount	$ 15.4
Weighted-Average Useful Life	8 years
Trademarks
Business Acquisition [Line Items]
Amount	$ 5.7
Weighted-Average Useful Life	10 years
Non-competition agreements
Business Acquisition [Line Items]
Amount	$ 1.4
Weighted-Average Useful Life	5 years

Restructuring Expenses and Im_3

Restructuring Expenses and Impairment Charges (Restructuring Expense Activity) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning of period	$ 6.8
Quarterly provision	1.4	$ 3
Quarterly cash activity	(1)
Restructuring reserve, end of period	$ 7.2

Restructuring Expenses and Im_4

Restructuring Expenses and Impairment Charges (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Impairment charges	$ 0	$ 36
Benefit recorded in Net loss (income) attributable to noncontrolling interests	0	14.8
Investment write-down included in Equity in net earnings of affiliates	$ (16.4)	(11.1)
Russian Finance Joint Venture
Restructuring Cost and Reserve [Line Items]
Investment write-down included in Equity in net earnings of affiliates		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 loss (income) 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
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	$ 14	$ 7
Cost of goods sold
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	0.5	0.3
Selling, general and administrative expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	$ 13.5	$ 6.7

Stock Compensation Plans (Narra

Stock Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Apr. 30, 2023	Apr. 27, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)			150,000,000		150,000,000
Total stock compensation expense			$ 14	$ 7
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)			$ 144.24	$ 124.12
Shares awarded (in shares)			279,724
Share-based compensation cost not yet recognized			$ 65
Share-based compensation cost not yet recognized, period for recognition			2 years
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)			$ 135.53	$ 117.08
Shares awarded (in shares)			100,835
Share-based compensation cost not yet recognized			$ 23.4
Share-based compensation cost not yet recognized, period for recognition			1 year 6 months
Shares received for every restricted stock unit award given			1
Requisite service period			3 years
Restricted Stock Unit Awards | Certain Executives | 2020 Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
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]
Share-based compensation cost not yet recognized			$ 0.2
Share-based compensation cost not yet recognized, period for recognition			1 year
Outstanding awards (in shares)			102,009
Restricted Stock | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded (in shares)		12,069
Shares awarded after shares with held for taxes (in shares)		10,524
Total stock compensation expense	$ 1.5
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
Shares available for grant (in shares)			3,586,952

Stock Compensation Plans (Perfo

Stock Compensation Plans (Performance Award Activity) (Details) - Performance Awards	3 Months Ended
	Mar. 31, 2023 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)	543,904
Shares awarded (in shares)	279,724
Shares forfeited (in shares)	(13,018)
Shares vested (in shares)	0
Shares awarded but not earned/vested, end of period (in shares)	810,610

Stock Compensation Plans (Restr

Stock Compensation Plans (Restricted Stock Unit Award Transactions) (Details) - Restricted Stock Unit Awards	3 Months Ended
	Mar. 31, 2023 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)	213,198
Shares awarded (in shares)	100,835
Shares forfeited (in shares)	(4,563)
Shares vested (in shares)	(96,176)
Shares awarded but not earned/vested, end of period (in shares)	213,294

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill at beginning of period	$ 1,310.8
Foreign currency translation	11.7
Goodwill at end of period	1,322.5
North America
Goodwill [Roll Forward]
Goodwill at beginning of period	667.3
Foreign currency translation	0
Goodwill at end of period	667.3
Other South America
Goodwill [Roll Forward]
Goodwill at beginning of period	86
Foreign currency translation	3.3
Goodwill at end of period	89.3
Europe/Middle East
Goodwill [Roll Forward]
Goodwill at beginning of period	444.3
Foreign currency translation	7.4
Goodwill at end of period	451.7
Asia/Pacific/Africa
Goodwill [Roll Forward]
Goodwill at beginning of period	113.2
Foreign currency translation	1
Goodwill at end of period	$ 114.2

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Schedule of Change in Carrying Amount of Intangible Assets) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Gross carrying amounts:
Balance at beginning of period	$ 923.4
Foreign currency translation	6
Balance at end of period	929.4
Accumulated amortization:
Balance at beginning of period	647.2
Amortization expense	14.8
Foreign currency translation	4.6
Balance at end of period	666.6
Trademarks and Tradenames
Gross carrying amounts:
Balance at beginning of period	191.8
Foreign currency translation	1.3
Balance at end of period	193.1
Accumulated amortization:
Balance at beginning of period	103.3
Amortization expense	2.5
Foreign currency translation	0.6
Balance at end of period	106.4
Customer Relationships
Gross carrying amounts:
Balance at beginning of period	574.5
Foreign currency translation	3.3
Balance at end of period	577.8
Accumulated amortization:
Balance at beginning of period	440.8
Amortization expense	9.6
Foreign currency translation	3
Balance at end of period	453.4
Patents and Technology
Gross carrying amounts:
Balance at beginning of period	150.6
Foreign currency translation	1.4
Balance at end of period	152
Accumulated amortization:
Balance at beginning of period	101.5
Amortization expense	2.7
Foreign currency translation	1
Balance at end of period	105.2
Land Use Rights
Gross carrying amounts:
Balance at beginning of period	6.5
Foreign currency translation	0
Balance at end of period	6.5
Accumulated amortization:
Balance at beginning of period	1.6
Amortization expense	0
Foreign currency translation	0
Balance at end of period	$ 1.6

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Indefinite-Lived Intangible Assets) (Details) - Trademarks and Tradenames $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Indefinite-lived intangible assets:
Balance at beginning of period	$ 84.8
Foreign currency translation	0.6
Balance at end of period	$ 85.4

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
External-use software, net	$ 5.8
Amortization costs of external-use software	$ 0.8
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	4 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	50 years

Indebtedness (Components of Ind

Indebtedness (Components of Indebtedness) (Details) € in Millions, $ in Millions	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Oct. 06, 2021	Jan. 25, 2019 EUR (€)
Debt Instrument [Line Items]
Other long-term debt	$ 5.2		$ 5.1
Debt issuance costs	(3.5)		(3.6)
Total long-term debt	1,981.7		1,451.9
Current portion of long-term debt	(190.6)		(187.1)
Total long-term indebtedness, less current portion	1,791.1		1,264.8
Credit facility, expires 2027
Debt Instrument [Line Items]
Credit facility	706.2		200
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	272.3		267.3		€ 250
Senior term loans due between 2023 and 2028
Debt Instrument [Line Items]
Senior notes	348		341.6
Current portion of long-term debt	(188.4)	€ (173)
0.800% Senior Notes Due 2028
Debt Instrument [Line Items]
Debt instrument, interest rate, percent				0.80%
Senior notes	653.5	€ 600	641.5
Senior term loans due 2023
Debt Instrument [Line Items]
Current portion of long-term debt	(188.4)		(184.9)
Other long term debt
Debt Instrument [Line Items]
Current portion of long-term debt	$ (2.2)		$ (2.2)

Indebtedness (Narrative) (Detai

Indebtedness (Narrative) (Details)

1 Months Ended

3 Months Ended

7 Months Ended

31 Months Ended

Oct. 06, 2021 EUR (€)

Dec. 31, 2022 USD ($)

Mar. 31, 2023 USD ($) loan_agreement

Mar. 31, 2022 USD ($)

Feb. 28, 2022 EUR (€)

Apr. 30, 2022 EUR (€)

Mar. 31, 2023 EUR (€) loan_agreement

Jun. 30, 2022 EUR (€)

Jan. 25, 2019 EUR (€)

Oct. 31, 2018 USD ($)

Aug. 31, 2018 EUR (€) loan_agreement

Oct. 31, 2016 EUR (€) loan_agreement

Debt Instrument [Line Items]

Repayments of debt

$ 4,400,000

$ 459,100,000

Debt instrument, face amount, issue price percentage

99.993%

Number of loan agreements entered | loan_agreement

7

7

Current portion of long-term debt

$ 187,100,000

190,600,000

Short-term borrowings

8,900,000

4,900,000

Outstanding letters of credit

$ 14,400,000

14,700,000

Revolving Credit Facility | Uncommitted Revolving Credit Facility

Debt Instrument [Line Items]

Maximum borrowing capacity on line of credit facility

108,900,000

€ 100,000,000

Credit facility amount outstanding

0

Remaining borrowing capacity on line of credit facility

$ 108,900,000

€ 100,000,000

Line of Credit | Minimum

Debt Instrument [Line Items]

Margin on variable rate

1.20%

Line of Credit | Minimum | Euro Interbank Offered Rate (EURIBOR)

Debt Instrument [Line Items]

Margin on variable rate

1.10%

Line of Credit | Maximum

Debt Instrument [Line Items]

Margin on variable rate

2.26%

Line of Credit | Multi-Currency Revolving Credit Facility | Minimum | Euro Interbank Offered Rate (EURIBOR)

Debt Instrument [Line Items]

Margin on variable rate

0.875%

Line of Credit | Multi-Currency Revolving Credit Facility | Maximum | Euro Interbank Offered Rate (EURIBOR)

Debt Instrument [Line Items]

Margin on variable rate

1.875%

Line of Credit | Multi-Currency Revolving Credit Facility | Interest Accrual, Option One | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Margin on variable rate

0.10%

Line of Credit | Multi-Currency Revolving Credit Facility | Interest Accrual, Option One | Minimum | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Margin on variable rate

0.875%

Line of Credit | Multi-Currency Revolving Credit Facility | Interest Accrual, Option One | Maximum | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Margin on variable rate

1.875%

Line of Credit | Multi-Currency Revolving Credit Facility | Interest Accrual, Option Two | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Margin on variable rate

1%

Line of Credit | Multi-Currency Revolving Credit Facility | Interest Accrual, Option Two | Fed Funds Effective Rate

Debt Instrument [Line Items]

Margin on variable rate

0.50%

Line of Credit | Multi-Currency Revolving Credit Facility | Interest Accrual, Option Two | Minimum | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Margin on variable rate

0%

Line of Credit | Multi-Currency Revolving Credit Facility | Interest Accrual, Option Two | Maximum | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Margin on variable rate

0.875%

Line of Credit | Revolving Credit Facility

Debt Instrument [Line Items]

Maximum borrowing capacity on line of credit facility

$ 800,000,000

Additional borrowing capacity

$ 450,000,000

Line of Credit | Revolving Credit Facility | 1.25 Billion Multi-Currency Unsecured Credit Facility

Debt Instrument [Line Items]

Maximum borrowing capacity on line of credit facility

1,250,000,000

Remaining borrowing capacity on line of credit facility

$ 543,800,000

Line of Credit | Revolving Credit Facility | 1.25 Billion Multi-Currency Unsecured Credit Facility, US Dollar Tranche

Debt Instrument [Line Items]

Maximum borrowing capacity on line of credit facility

325,000,000

Line of Credit | Revolving Credit Facility | 1.25 Billion Multi-Currency Unsecured Credit Facility, Multi-Currency Tranche

Debt Instrument [Line Items]

Maximum borrowing capacity on line of credit facility

925,000,000

Line of Credit | Revolving Credit Facility | Bilateral Revolving Credit Facility

Debt Instrument [Line Items]

Repayments of debt

240,000,000

Term Loan Facility

Debt Instrument [Line Items]

Credit facility amount outstanding

706,200,000

Term Loan Facility | Senior term loans due between 2023 and 2028

Debt Instrument [Line Items]

Senior notes

$ 348,000,000

€ 319,500,000

Number of agreements remaining | loan_agreement

6

6

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

641,500,000

$ 653,500,000

€ 600,000,000

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

267,300,000

272,300,000

€ 250,000,000

Senior term loans due between 2023 and 2028

Debt Instrument [Line Items]

Repayments of debt | €

€ 144,500,000

€ 249,000,000

Debt instrument, face amount | €

€ 338,000,000

€ 375,000,000

Senior notes

$ 341,600,000

348,000,000

Current portion of long-term debt

$ 188,400,000

€ 173,000,000

Recoverable Indirect Taxes (Det

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

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 1,248.4	$ 994.9
Repair and replacement parts	789	750.1
Work in process	461.1	369.8
Raw materials	1,144.3	1,074.9
Inventories, net	$ 3,642.8	$ 3,189.7

Product Warranty (Warranty Rese

Product Warranty (Warranty Reserve Activity) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Warranty reserve activity:
Balance at beginning of period	$ 640	$ 592.5
Accruals for warranties issued during the period	89.7	83.3
Settlements made (in cash or in kind) during the period	(64.5)	(57.7)
Foreign currency translation	11.8	(3.6)
Balance at end of period	$ 677	$ 614.5

Product Warranty (Narrative) (D

Product Warranty (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Guarantees and Product Warranties [Abstract]
Product warranty period, minimum, years	1 year
Product warranty period, maximum, years	4 years
Product warranty accrual, current	$ 572.1	$ 546	$ 519.6
Product warranty accrual, noncurrent	$ 104.9	$ 94	$ 94.9

Supplier Finance Programs (Deta

Supplier Finance Programs (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Supplier Finance Program [Line Items]
Amount outstanding reflected in Accounts Payable	$ 108.9	$ 121.5
Minimum
Supplier Finance Program [Line Items]
Payment terms period	30 days
Maximum
Supplier Finance Program [Line Items]
Payment terms period	180 days

Net Income Per Common Share (De

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$ 232.6	$ 151.8
Weighted average number of common shares outstanding (in shares)	74.9	74.6
Basic net income per share attributable to AGCO Corporation and subsidiaries (in dollars per share)	$ 3.11	$ 2.03
Diluted net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$ 232.6	$ 151.8
Weighted average number of common shares outstanding (in shares)	74.9	74.6
Dilutive SSARs, performance share awards and RSUs (in shares)	0.1	0.3
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted income per share (in shares)	75	74.9
Diluted net income per share attributable to AGCO Corporation and subsidiaries (in dollars per share)	$ 3.10	$ 2.03

Net Income Per Common Share (Na

Net Income Per Common Share (Narrative) (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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

Income Taxes (Details)

Income Taxes (Details) R$ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2023 BRL (R$)	Mar. 31, 2023 BRL (R$)	Dec. 31, 2022 USD ($)
Income Tax Contingency [Line Items]
Unrecognized income tax benefits that would affect effective tax rate	$ 301.9			$ 281.7
Unrecognized tax benefits	80.9			74
Accrued or deferred taxes relating to uncertain income tax positions	12.4			10.4
Noncurrent liability for uncertain tax positions	292.4			274.1
Deferred tax assets related to uncertain tax positions	2.9			2.8
Accrued interest and penalties relating to unrecognized tax benefits	27.7			25.8
Tax disallowance not including interest and penalties	25.8		R$ 131.5
Amnesty program payment	7.7	R$ 40.6
Amnesty program estimate recorded to income tax provision	29.5
Foreign Tax Authority
Income Tax Contingency [Line Items]
Cash	$ 45.9			$ 45.1

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Narrative) (Details) € in Millions, $ in Millions	Jan. 29, 2028 USD ($)	Jan. 29, 2028 EUR (€)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Deferred Net (Losses) Gains on Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Net realized losses in accumulated other comprehensive loss			$ 0.6		$ 1
Foreign currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount			4,188.5
Foreign currency contracts | Deferred Net (Losses) Gains on Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Net realized losses in accumulated other comprehensive loss			0.5
Foreign currency contracts | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount			3,900		3,700
Foreign currency contracts | Cash Flow Hedging | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount			242.2		364.8
Commodity contracts | Deferred Net (Losses) Gains on Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Net realized losses in accumulated other comprehensive loss			0.1
Commodity contracts | Cash Flow Hedging | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount			7.2		0.9
Cross currency swap contract payment | Net Investment Hedging | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount			270
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
Cross swap contract receipt | Net Investment Hedging | Designated as Hedging Instrument | Forecast
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	$ 300
Foreign currency denominated debt | Net Investment Hedging | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount			$ 163.4	€ 150	$ 0

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
	Mar. 31, 2023	Mar. 31, 2022
Derivative [Line Items]
Cost of goods sold	$ 2,478.6	$ 2,054.4
Cash Flow Hedging | Designated as Hedging Instrument
Derivative [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	(1)	(2.4)
Cash Flow Hedging | Designated as Hedging Instrument | Cost of goods sold
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	(1.5)	0.9
Cash Flow Hedging | Designated as Hedging Instrument | Foreign currency contracts
Derivative [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	(1.9)	(3.8)
Cash Flow Hedging | Designated as Hedging Instrument | Foreign currency contracts | Cost of goods sold
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	(1.8)	(0.1)
Cash Flow Hedging | Designated as Hedging Instrument | Commodity contracts
Derivative [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	0.9	1.4
Cash Flow Hedging | Designated as Hedging Instrument | Commodity contracts | Cost of goods sold
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	$ 0.3	$ 1

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities (Summary Of Accumulated Other Comprehensive Loss Related To Derivatives) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
After-Tax Amount
Balance beginning of period	$ 3,882.6
Balance end of period	4,132.9
Deferred Net (Losses) Gains on Derivatives
Before-Tax Amount
Accumulated derivative net gains (losses) as the beginning of the period	(1)
Net changes in fair value of derivatives	(1.4)
Net losses reclassified from accumulated other comprehensive loss into income	1.8
Accumulated derivative net gains (losses) as of the end of the period	(0.6)
Income Tax
Accumulated derivative net gains (losses) as of the beginning of the period	(0.1)
Net changes in fair value of derivatives	(0.4)
Net losses reclassified from accumulated other comprehensive loss into income	0.3
Accumulated derivative net gains (losses) as of the end of the period	(0.2)
After-Tax Amount
Balance beginning of period	(0.9)
Other comprehensive loss before reclassifications	(1)
Net losses reclassified from accumulated other comprehensive loss into income	1.5
Balance end of period	$ (0.4)

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities (Notional Value and Change in Fair Value of Net Investment Hedges) (Details) - Designated as Hedging Instrument € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Cross currency swap contract
Derivative [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss, Before-Tax Amount	$ (1)	$ 4.2
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss, Income Tax	0.2	(1.1)
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss, After-Tax Amount	(0.8)	3.1
Cross currency swap contract | Net Investment Hedging
Derivative [Line Items]
Notional amount	300			$ 300
Foreign currency denominated debt
Derivative [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss, Before-Tax Amount	0.9	0
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss, Income Tax	0	0
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss, After-Tax Amount	0.9	$ 0
Foreign currency denominated debt | Net Investment Hedging
Derivative [Line Items]
Notional amount	$ 163.4		€ 150	$ 0

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities (Derivatives not Designated as Hedging Instruments) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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	$ 11.2	$ (13.8)

Derivative Instruments and He_8

Derivative Instruments and Hedging Activities (Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Asset derivatives	$ 43.8	$ 40.9
Liability derivatives	18.6	40.4
Foreign currency contracts | Designated as Hedging Instrument
Derivative [Line Items]
Asset derivatives	3	1.3
Liability derivatives	3.5	1.3
Foreign currency contracts | Not Designated as Hedging Instrument
Derivative [Line Items]
Asset derivatives	7.8	6.6
Liability derivatives	14.6	39.1
Commodity contracts | Designated as Hedging Instrument
Derivative [Line Items]
Asset derivatives	1	0
Liability derivatives	0.5	0
Cross currency swap contract | Designated as Hedging Instrument
Derivative [Line Items]
Asset derivatives	32	33
Liability derivatives	$ 0	$ 0

Changes in Stockholders' Equi_3

Changes in Stockholders' Equity (Schedule of Stockholders' Equity) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	$ 3,882.6	$ 3,443.8	$ 3,443.8
Stock compensation	14	7
Issuance of stock awards	(18.4)	(19.9)
SSARs exercised	(1.1)	(1)
Comprehensive income:
Net income	232.6	137
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation adjustments	44.4	138.3
Defined benefit pension plans, net of tax	1.8	1.7
Deferred gains and losses on derivatives, net of tax	0.5	(3.3)
Payment of dividends to stockholders	(18)	(14.9)
Distributions to noncontrolling interest		(13.8)
Balance end of period	4,132.9	3,674.9	$ 3,882.6
Accounting Standards Update [Extensible Enumeration]			Accounting Standards Update 2016-13 [Member]
Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	(5.5)
Other comprehensive income (loss), net of reclassification adjustments:
Balance end of period			$ (5.5)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	0.7	0.7	0.7
Other comprehensive income (loss), net of reclassification adjustments:
Balance end of period	0.7	0.7	0.7
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	30.2	3.9	3.9
Stock compensation	14	7
Issuance of stock awards	(18.4)	(7)
SSARs exercised	(1.1)	(1)
Other comprehensive income (loss), net of reclassification adjustments:
Balance end of period	24.7	2.9	30.2
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	5,654.6	5,182.2	5,182.2
Issuance of stock awards	0	(12.9)
Comprehensive income:
Net income	232.6	151.8
Other comprehensive income (loss), net of reclassification adjustments:
Payment of dividends to stockholders	(18)	(14.9)
Balance end of period	5,863.7	5,306.2	5,654.6
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	(5.5)
Other comprehensive income (loss), net of reclassification adjustments:
Balance end of period			(5.5)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	(1,803.1)	(1,770.9)	(1,770.9)
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation adjustments	44.4	137.5
Defined benefit pension plans, net of tax	1.8	1.7
Deferred gains and losses on derivatives, net of tax	0.5	(3.3)
Balance end of period	(1,756.4)	(1,635)	(1,803.1)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	0.2	27.9	27.9
Comprehensive income:
Net income		(14.8)
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation adjustments	0	0.8
Distributions to noncontrolling interest		(13.8)
Balance end of period	$ 0.2	$ 0.1	$ 0.2

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
	Mar. 31, 2023	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Net income (loss)	$ 0	$ (14.8)
Other comprehensive income:
Foreign currency translation adjustments	0	0.8
Total comprehensive income (loss)	$ 0	$ (14)

Changes in Stockholders' Equi_5

Changes in Stockholders' Equity (Changes in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance beginning of period	$ 3,882.6	$ 3,443.8
Other comprehensive income, net of reclassification adjustments	46.7	136.7
Balance end of period	4,132.9	3,674.9
Defined Benefit Pension Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance beginning of period	(231.2)
Other comprehensive income (loss) before reclassifications	0
Net losses reclassified from accumulated other comprehensive loss	1.8
Other comprehensive income, net of reclassification adjustments	1.8
Balance end of period	(229.4)
Deferred Net (Losses) Gains on Derivatives
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance beginning of period	(0.9)
Other comprehensive income (loss) before reclassifications	(1)
Net losses reclassified from accumulated other comprehensive loss	1.5
Other comprehensive income, net of reclassification adjustments	0.5
Balance end of period	(0.4)
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance beginning of period	(1,571)
Other comprehensive income (loss) before reclassifications	44.4
Net losses reclassified from accumulated other comprehensive loss	0
Other comprehensive income, net of reclassification adjustments	44.4
Balance end of period	(1,526.6)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance beginning of period	(1,803.1)	(1,770.9)
Other comprehensive income (loss) before reclassifications	43.4
Net losses reclassified from accumulated other comprehensive loss	3.3
Other comprehensive income, net of reclassification adjustments	46.7
Balance end of period	$ (1,756.4)	$ (1,635)

Changes in Stockholders' Equi_6

Changes in Stockholders' Equity (Reclassifications out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cost of goods sold	$ 2,478.6	$ 2,054.4
Reclassification before tax	(336.4)	(186.1)
Income tax provision	120.2	60.2
Net losses reclassified from accumulated other comprehensive loss	(232.6)	(151.8)
Other expense, net	50.4	17.5
Reclassification out of Accumulated Other Comprehensive Income
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Net losses reclassified from accumulated other comprehensive loss	3.3	0.8
Reclassification out of Accumulated Other Comprehensive Income | Derivatives
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Reclassification before tax	1.8	(1.2)
Income tax provision	(0.3)	0.3
Net losses reclassified from accumulated other comprehensive loss	1.5	(0.9)
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	2.2
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service cost
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Other expense, net	0.4	0.2
Reclassification out of Accumulated Other Comprehensive Income | Defined benefit plans
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Reclassification before tax	2.4	2.4
Income tax provision	(0.6)	(0.7)
Net losses reclassified from accumulated other comprehensive loss	1.8	1.7
Foreign currency contracts | Reclassification out of Accumulated Other Comprehensive Income | Derivatives
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cost of goods sold	2.2	0.1
Commodity contracts | Reclassification out of Accumulated Other Comprehensive Income | Derivatives
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cost of goods sold	$ (0.4)	$ (1.3)

Changes in Stockholders' Equi_7

Changes in Stockholders' Equity (Narrative) (Details) - USD ($)			1 Months Ended	2 Months Ended	3 Months Ended
	Apr. 27, 2023	Jan. 19, 2022	Nov. 30, 2021	Dec. 31, 2021	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased and retired			$ 60,000,000		$ 0
Stock repurchased and retired (in shares)				393,733
Stock repurchase program, outstanding balance authorized to be repurchased					$ 110,000,000
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage increase in quarterly dividend	$ 0.21
Dividend rate (in dollars per share)	0.29
Dividends declared (in dollars per share)	$ 5
Accelerated Share Repurchase
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased and retired (in shares)		113,824

Accounts Receivable Sales Agr_2

Accounts Receivable Sales Agreements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding accounts receivable securitization	$ 108.3		$ 69.5
Other expense, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loss on sales of receivables	28.5	$ 7.9
Trade Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash received from receivables sold	233.3		226
United States, Canada, Europe, and Brazil
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash received from receivables sold	$ 1,700		$ 1,800

Pension and Postretirement Be_3

Pension and Postretirement Benefit Plans (Net Pension And Postretirement Cost) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2.4	$ 3.3
Interest cost	7.2	4
Expected return on plan assets	(7.2)	(4.6)
Amortization of net actuarial losses	2	2.2
Amortization of prior service cost	0.3	0.1
Net periodic cost	4.7	5
Postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0.1
Interest cost	0.3	0.2
Amortization of prior service cost	0.1	0.1
Net periodic cost	$ 0.4	$ 0.4

Pension and Postretirement Be_4

Pension and Postretirement Benefit Plans (Net Periodic Pension Costs Included in Accumulated Other Comprehensive Income (Loss)) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Defined benefit plans
Before-Tax Amount
Accumulated other comprehensive loss, beginning of period	$ (304.4)
Accumulated other comprehensive, end of period	(302)
Income Tax
Accumulated other comprehensive loss, beginning of period	(73.2)
Accumulated other comprehensive loss, end of period	(72.6)
After-Tax Amount
Accumulated other comprehensive loss, beginning of period	(231.2)
Amortization of net actuarial losses/prior service cost	1.8
Accumulated other comprehensive loss, end of period	(229.4)
Amortization of prior service cost
Before-Tax Amount
Amortization of net actuarial losses/prior service cost	0.4
Income Tax
Amortization of net actuarial losses/prior service cost	0.1
After-Tax Amount
Amortization of net actuarial losses/prior service cost	0.3
Amortization of net actuarial losses
Before-Tax Amount
Amortization of net actuarial losses/prior service cost	2
Income Tax
Amortization of net actuarial losses/prior service cost	0.5
After-Tax Amount
Amortization of net actuarial losses/prior service cost	$ 1.5

Pension and Postretirement Be_5

Pension and Postretirement Benefit Plans (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 10.4
Estimated minimum contributions for current fiscal year	33.8
Postretirement Health Coverage
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	0.5
Estimated minimum contributions for current fiscal year	$ 1.5

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) € in Millions, $ in Millions	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Oct. 06, 2021	Jan. 25, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 43.8		$ 40.9
Derivative liabilities	18.6		40.4
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 fair value	541.8	€ 497.5
Debt carrying amount	653.5	€ 600	641.5
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			40.9
Derivative liabilities			40.4
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
	Mar. 31, 2023 USD ($) reportable_segment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | reportable_segment	4
Net sales	$ 3,333.5	$ 2,685.7
Income from operations	387.3	204
Depreciation	53.6	54.7
Capital expenditures	125.3	66.3
Assets	10,811.6		$ 10,103.7
Operating Segments
Segment Reporting Information [Line Items]
Net sales	3,333.5	2,685.7
Income from operations	459.1	297.2
Depreciation	53.6	54.7
Capital expenditures	125.3	66.3
Assets	7,014.3		6,176.2
North America
Segment Reporting Information [Line Items]
Net sales	923.1	701
North America | Operating Segments
Segment Reporting Information [Line Items]
Net sales	923.1	701
Income from operations	102.1	54.8
Depreciation	14.9	15.2
Capital expenditures	37.3	15.7
Assets	1,957.8		1,790.3
South America
Segment Reporting Information [Line Items]
Net sales	503.8	356.4
South America | Operating Segments
Segment Reporting Information [Line Items]
Net sales	503.8	356.4
Income from operations	99.5	46.1
Depreciation	7.8	7
Capital expenditures	20.3	10
Assets	1,386.8		1,259.8
Europe/Middle East
Segment Reporting Information [Line Items]
Net sales	1,703.8	1,403.1
Europe/Middle East | Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,703.8	1,403.1
Income from operations	239.4	162.3
Depreciation	26.8	28.2
Capital expenditures	67	39.2
Assets	2,898		2,475.6
Asia/Pacific/Africa
Segment Reporting Information [Line Items]
Net sales	202.8	225.2
Asia/Pacific/Africa | Operating Segments
Segment Reporting Information [Line Items]
Net sales	202.8	225.2
Income from operations	18.1	34
Depreciation	4.1	4.3
Capital expenditures	0.7	$ 1.4
Assets	$ 771.7		$ 650.5

Segment Reporting (Income From

Segment Reporting (Income From Operations and Total Assets) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Reconciliation of Income From Operations from Segments to Consolidated
Income from operations	$ 387.3	$ 204
Impairment charges	0	36
Amortization of intangibles	(14.8)	(15.3)
Reconciliation of Assets from Segment to Consolidated
Assets	10,811.6		$ 10,103.7
Cash, cash equivalents and restricted cash	558.7		789.5
Investments in affiliates	456.5		436.9
Intangible assets, net	354		364.4
Goodwill	1,322.5		1,310.8
Operating Segments
Reconciliation of Income From Operations from Segments to Consolidated
Income from operations	459.1	297.2
Reconciliation of Assets from Segment to Consolidated
Assets	7,014.3		6,176.2
Segment Reconciling Items
Reconciliation of Income From Operations from Segments to Consolidated
Impairment charges	0	(36)
Corporate expenses	(42.1)	(32.2)
Amortization of intangibles	(14.8)	(15.3)
Stock compensation expense	(13.5)	(6.7)
Restructuring expenses	(1.4)	$ (3)
Reconciliation of Assets from Segment to Consolidated
Cash, cash equivalents and restricted cash	558.7		789.5
Investments in affiliates	456.5		436.9
Deferred tax assets, other current and noncurrent assets	1,105.6		1,025.9
Intangible assets, net	354		364.4
Goodwill	$ 1,322.5		$ 1,310.8

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details) R$ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2023 BRL (R$)	Mar. 31, 2023 BRL (R$)	Dec. 31, 2022 USD ($)
Guarantor Obligations [Line Items]
Guarantor obligations, current carrying value	$ 30,300,000
Guarantor obligation maximum exposure	190,400,000
Tax disallowance not including interest and penalties	25,800,000		R$ 131.5
Amnesty program payment	7,700,000	R$ 40.6
Amnesty program estimate recorded to income tax provision	29,500,000
Foreign currency contracts
Guarantor Obligations [Line Items]
Notional amount	4,188,500,000
Foreign currency contracts | Cash Flow Hedging | Designated as Hedging Instrument
Guarantor Obligations [Line Items]
Notional amount	242,200,000			$ 364,800,000
Commodity contracts | Cash Flow Hedging | Designated as Hedging Instrument
Guarantor Obligations [Line Items]
Notional amount	7,200,000			$ 900,000
Other Joint Ventures
Guarantor Obligations [Line Items]
Guarantor obligations, current carrying value	16,700,000
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	Mar. 31, 2023	Dec. 31, 2022
Operating Leases
2023	$ 36.6	$ 47.8
2024	38.2	36.6
2025	28.7	27
2026	20.4	19.1
2027	13.9	13.4
Thereafter	51.4	51.2
Total lease payments	189.2	195.1
Less: imputed interest	(24.7)	(27.5)
Present value of leased liabilities	164.5	167.6
Finance Leases
2023	0.6	0.8
2024	0.6	0.6
2025	0.5	0.4
2026	0.3	0.2
2027	0.3	0.2
Thereafter	5.8	6
Total lease payments	8.1	8.2
Less: imputed interest	(2)	(2.1)
Present value of leased liabilities	$ 6.1	$ 6.1

Revenue (Contract Assets and Li

Revenue (Contract Assets and Liabilities) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Change in Contract with Customer, Liability [Roll Forward]
Balance at beginning of period	$ 239	$ 226.2
Advance consideration received	58.5	43
Foreign currency translation	3	(3.6)
Balance at end of period	259.6	232.4
Revenue recognized that was recorded as a contract liability at the beginning of the period	35.7	24
Extended warranty contracts, maintenance services, technology services
Change in Contract with Customer, Liability [Roll Forward]
Revenue recognized during the period for extended warranty contracts	(24.9)	(18.6)
Grain storage and protein production systems
Change in Contract with Customer, Liability [Roll Forward]
Revenue recognized during the period for extended warranty contracts	$ (16)	$ (14.6)

Revenue (Remaining Performance

Revenue (Remaining Performance Obligations) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 86.6
Remaining performance obligation, expected timing of satisfaction, period	9 months
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	$ 75.2
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	$ 45.5
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	$ 22.2
Remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 11.5
Remaining performance obligation, expected timing of satisfaction, period

Revenue (Disaggregated Revenue)

Revenue (Disaggregated Revenue) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 3,333.5	$ 2,685.7
Tractors
Disaggregation of Revenue [Line Items]
Net sales	1,908	1,499
Replacement parts
Disaggregation of Revenue [Line Items]
Net sales	455.7	445.6
Grain storage and protein production systems
Disaggregation of Revenue [Line Items]
Net sales	255.9	239.9
Combines, application equipment and other machinery
Disaggregation of Revenue [Line Items]
Net sales	713.9	501.2
United States
Disaggregation of Revenue [Line Items]
Net sales	760.1	570.3
Canada
Disaggregation of Revenue [Line Items]
Net sales	127.9	101.1
Brazil
Disaggregation of Revenue [Line Items]
Net sales	425.4	273.8
Other South America
Disaggregation of Revenue [Line Items]
Net sales	73.7	79.1
Germany
Disaggregation of Revenue [Line Items]
Net sales	395.4	317.2
France
Disaggregation of Revenue [Line Items]
Net sales	301.4	271.6
United Kingdom and Ireland
Disaggregation of Revenue [Line Items]
Net sales	174.9	145.4
Finland and Scandinavia
Disaggregation of Revenue [Line Items]
Net sales	180	197
Italy
Disaggregation of Revenue [Line Items]
Net sales	92.2	71.4
Other Europe
Disaggregation of Revenue [Line Items]
Net sales	444.3	367.2
Middle East and Algeria
Disaggregation of Revenue [Line Items]
Net sales	115.6	33.4
Africa
Disaggregation of Revenue [Line Items]
Net sales	30.4	36
Asia
Disaggregation of Revenue [Line Items]
Net sales	86.7	104.6
Australia and New Zealand
Disaggregation of Revenue [Line Items]
Net sales	85.7	84.6
Mexico, Central America and Caribbean
Disaggregation of Revenue [Line Items]
Net sales	39.8	33.1
North America
Disaggregation of Revenue [Line Items]
Net sales	923.1	701
North America | Tractors
Disaggregation of Revenue [Line Items]
Net sales	312.1	251.9
North America | Replacement parts
Disaggregation of Revenue [Line Items]
Net sales	101.8	94.6
North America | Grain storage and protein production systems
Disaggregation of Revenue [Line Items]
Net sales	147.1	131.1
North America | Combines, application equipment and other machinery
Disaggregation of Revenue [Line Items]
Net sales	362.1	223.4
North America | United States
Disaggregation of Revenue [Line Items]
Net sales	760.1	570.3
North America | Canada
Disaggregation of Revenue [Line Items]
Net sales	127.9	101.1
North America | Brazil
Disaggregation of Revenue [Line Items]
Net sales
North America | Other South America
Disaggregation of Revenue [Line Items]
Net sales	0	0
North America | Germany
Disaggregation of Revenue [Line Items]
Net sales	0	0
North America | France
Disaggregation of Revenue [Line Items]
Net sales	0	0
North America | United Kingdom and Ireland
Disaggregation of Revenue [Line Items]
Net sales	0	0
North America | Finland and Scandinavia
Disaggregation of Revenue [Line Items]
Net sales	0	0
North America | Italy
Disaggregation of Revenue [Line Items]
Net sales
North America | Other Europe
Disaggregation of Revenue [Line Items]
Net sales	0	0
North America | Middle East and Algeria
Disaggregation of Revenue [Line Items]
Net sales	0	0
North America | Africa
Disaggregation of Revenue [Line Items]
Net sales	0	0
North America | Asia
Disaggregation of Revenue [Line Items]
Net sales	0	0
North America | Australia and New Zealand
Disaggregation of Revenue [Line Items]
Net sales	0	0
North America | Mexico, Central America and Caribbean
Disaggregation of Revenue [Line Items]
Net sales	35.1	29.6
South America
Disaggregation of Revenue [Line Items]
Net sales	503.8	356.4
South America | Tractors
Disaggregation of Revenue [Line Items]
Net sales	283	206.6
South America | Replacement parts
Disaggregation of Revenue [Line Items]
Net sales	43.4	38.2
South America | Grain storage and protein production systems
Disaggregation of Revenue [Line Items]
Net sales	40.7	40
South America | Combines, application equipment and other machinery
Disaggregation of Revenue [Line Items]
Net sales	136.8	71.6
South America | United States
Disaggregation of Revenue [Line Items]
Net sales	0	0
South America | Canada
Disaggregation of Revenue [Line Items]
Net sales	0	0
South America | Brazil
Disaggregation of Revenue [Line Items]
Net sales	425.4	273.8
South America | Other South America
Disaggregation of Revenue [Line Items]
Net sales	73.7	79.1
South America | Germany
Disaggregation of Revenue [Line Items]
Net sales	0	0
South America | France
Disaggregation of Revenue [Line Items]
Net sales	0	0
South America | United Kingdom and Ireland
Disaggregation of Revenue [Line Items]
Net sales	0	0
South America | Finland and Scandinavia
Disaggregation of Revenue [Line Items]
Net sales	0	0
South America | Italy
Disaggregation of Revenue [Line Items]
Net sales
South America | Other Europe
Disaggregation of Revenue [Line Items]
Net sales	0	0
South America | Middle East and Algeria
Disaggregation of Revenue [Line Items]
Net sales	0	0
South America | Africa
Disaggregation of Revenue [Line Items]
Net sales	0	0
South America | Asia
Disaggregation of Revenue [Line Items]
Net sales	0	0
South America | Australia and New Zealand
Disaggregation of Revenue [Line Items]
Net sales	0	0
South America | Mexico, Central America and Caribbean
Disaggregation of Revenue [Line Items]
Net sales	4.7	3.5
Europe/Middle East
Disaggregation of Revenue [Line Items]
Net sales	1,703.8	1,403.1
Europe/Middle East | Tractors
Disaggregation of Revenue [Line Items]
Net sales	1,205.7	915.1
Europe/Middle East | Replacement parts
Disaggregation of Revenue [Line Items]
Net sales	283.2	286.1
Europe/Middle East | Grain storage and protein production systems
Disaggregation of Revenue [Line Items]
Net sales	34.1	31.3
Europe/Middle East | Combines, application equipment and other machinery
Disaggregation of Revenue [Line Items]
Net sales	180.7	170.6
Europe/Middle East | United States
Disaggregation of Revenue [Line Items]
Net sales	0	0
Europe/Middle East | Canada
Disaggregation of Revenue [Line Items]
Net sales	0	0
Europe/Middle East | Brazil
Disaggregation of Revenue [Line Items]
Net sales
Europe/Middle East | Other South America
Disaggregation of Revenue [Line Items]
Net sales	0	0
Europe/Middle East | Germany
Disaggregation of Revenue [Line Items]
Net sales	395.4	317.2
Europe/Middle East | France
Disaggregation of Revenue [Line Items]
Net sales	301.4	271.6
Europe/Middle East | United Kingdom and Ireland
Disaggregation of Revenue [Line Items]
Net sales	174.9	145.4
Europe/Middle East | Finland and Scandinavia
Disaggregation of Revenue [Line Items]
Net sales	180	197
Europe/Middle East | Italy
Disaggregation of Revenue [Line Items]
Net sales	92.2	71.4
Europe/Middle East | Other Europe
Disaggregation of Revenue [Line Items]
Net sales	444.3	367.2
Europe/Middle East | Middle East and Algeria
Disaggregation of Revenue [Line Items]
Net sales	115.6	33.4
Europe/Middle East | Africa
Disaggregation of Revenue [Line Items]
Net sales	0	0
Europe/Middle East | Asia
Disaggregation of Revenue [Line Items]
Net sales	0	0
Europe/Middle East | Australia and New Zealand
Disaggregation of Revenue [Line Items]
Net sales	0	0
Europe/Middle East | Mexico, Central America and Caribbean
Disaggregation of Revenue [Line Items]
Net sales	0	0
Asia/Pacific/Africa
Disaggregation of Revenue [Line Items]
Net sales	202.8	225.2
Asia/Pacific/Africa | Tractors
Disaggregation of Revenue [Line Items]
Net sales	107.2	125.4
Asia/Pacific/Africa | Replacement parts
Disaggregation of Revenue [Line Items]
Net sales	27.3	26.7
Asia/Pacific/Africa | Grain storage and protein production systems
Disaggregation of Revenue [Line Items]
Net sales	34	37.5
Asia/Pacific/Africa | Combines, application equipment and other machinery
Disaggregation of Revenue [Line Items]
Net sales	34.3	35.6
Asia/Pacific/Africa | United States
Disaggregation of Revenue [Line Items]
Net sales	0	0
Asia/Pacific/Africa | Canada
Disaggregation of Revenue [Line Items]
Net sales	0	0
Asia/Pacific/Africa | Brazil
Disaggregation of Revenue [Line Items]
Net sales
Asia/Pacific/Africa | Other South America
Disaggregation of Revenue [Line Items]
Net sales	0	0
Asia/Pacific/Africa | Germany
Disaggregation of Revenue [Line Items]
Net sales	0	0
Asia/Pacific/Africa | France
Disaggregation of Revenue [Line Items]
Net sales	0	0
Asia/Pacific/Africa | United Kingdom and Ireland
Disaggregation of Revenue [Line Items]
Net sales	0	0
Asia/Pacific/Africa | Finland and Scandinavia
Disaggregation of Revenue [Line Items]
Net sales	0	0
Asia/Pacific/Africa | Italy
Disaggregation of Revenue [Line Items]
Net sales
Asia/Pacific/Africa | Other Europe
Disaggregation of Revenue [Line Items]
Net sales	0	0
Asia/Pacific/Africa | Middle East and Algeria
Disaggregation of Revenue [Line Items]
Net sales	0	0
Asia/Pacific/Africa | Africa
Disaggregation of Revenue [Line Items]
Net sales	30.4	36
Asia/Pacific/Africa | Asia
Disaggregation of Revenue [Line Items]
Net sales	86.7	104.6
Asia/Pacific/Africa | Australia and New Zealand
Disaggregation of Revenue [Line Items]
Net sales	85.7	84.6
Asia/Pacific/Africa | Mexico, Central America and Caribbean
Disaggregation of Revenue [Line Items]
Net sales	$ 0	$ 0