AGCO (AGCO) 10-Q 3 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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)		74,619,501
Entity Central Index Key	0000880266
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 2,455.8	$ 595.5
Accounts and notes receivable, net	1,542.2	1,605.3
Inventories, net	3,781.9	3,440.7
Other current assets	594.2	699.3
Total current assets	8,374.1	6,340.8
Property, plant and equipment, net	1,886.7	1,920.9
Right-of-use lease assets	175	176.2
Investments in affiliates	520.5	512.7
Deferred tax assets	489.8	481.6
Other assets	396.4	346.8
Intangible assets, net	291.6	308.8
Goodwill	1,325.8	1,333.4
Total assets	13,459.9	11,421.2
Current Liabilities:
Borrowings due within one year	300.4	15
Accounts payable	1,238	1,207.3
Accrued expenses	2,489.2	2,903.8
Other current liabilities	185.6	217.5
Total current liabilities	4,213.2	4,343.6
Long-term debt, less current portion and debt issuance costs	3,425.7	1,377.2
Operating lease liabilities	133	134.4
Pension and postretirement health care benefits	167.9	170.5
Deferred tax liabilities	119.5	122.6
Other noncurrent liabilities	645.4	616.1
Total liabilities	8,704.7	6,764.4
Commitments and contingencies (Note 16)
AGCO Corporation stockholders’ equity:
Preferred stock; $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding in 2024 and 2023	0	0
Common stock; $0.01 par value, 150,000,000 shares authorized, 74,618,984 and 74,517,973 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	0.7	0.7
Additional paid-in capital	0	4.1
Retained earnings	6,505.9	6,360
Accumulated other comprehensive loss	(1,751.5)	(1,708.1)
Total AGCO Corporation stockholders’ equity	4,755.1	4,656.7
Noncontrolling interests	0.1	0.1
Total stockholders’ equity	4,755.2	4,656.8
Total liabilities and stockholders’ equity	$ 13,459.9	$ 11,421.2

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	74,618,984	74,517,973
Common stock, shares outstanding (in shares)	74,618,984	74,517,973

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 2,928.7	$ 3,333.5
Cost of goods sold	2,158.9	2,478.6
Gross profit	769.8	854.9
Operating expenses:
Selling, general and administrative expenses	350.4	331.8
Engineering expenses	130.9	119.6
Amortization of intangibles	13.9	14.8
Restructuring expenses	1	1.4
Income from operations	273.6	387.3
Interest expense, net	1.9	0.5
Other expense, net	50.8	50.4
Income before income taxes and equity in net earnings of affiliates	220.9	336.4
Income tax provision	69.1	120.2
Income before equity in net earnings of affiliates	151.8	216.2
Equity in net earnings of affiliates	16.2	16.4
Net income	168	232.6
Net loss attributable to noncontrolling interests	0	0
Net income attributable to AGCO Corporation and subsidiaries	$ 168	$ 232.6
Net income per common share attributable to AGCO Corporation and subsidiaries:
Basic (in dollars per share)	$ 2.25	$ 3.11
Diluted (in dollars per share)	2.25	3.10
Cash dividends declared and paid per common share (in dollars per share)	$ 0.29	$ 0.24
Weighted average number of common and common equivalent shares outstanding:
Basic (in shares)	74.6	74.9
Diluted (in shares)	74.7	75

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 168	$ 232.6
Other comprehensive (loss) income:
Foreign currency translation adjustments	(52)	44.4
Defined benefit pension plans, net of tax	1.7	1.8
Deferred gains and losses on derivatives, net of tax	6.9	0.5
Other comprehensive (loss) income	(43.4)	46.7
Comprehensive income	124.6	279.3
Comprehensive loss attributable to noncontrolling interests	0	0
Comprehensive income attributable to AGCO Corporation and subsidiaries	$ 124.6	$ 279.3

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 168	$ 232.6
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	63.3	53.6
Amortization of intangibles	13.9	14.8
Stock compensation expense	8.4	14
Equity in net earnings of affiliates, net of cash received	(16.2)	(16.4)
Deferred income tax benefit	(7.3)	(3.9)
Other	17.7	2.4
Changes in operating assets and liabilities:
Accounts and notes receivable, net	24.1	(298.1)
Inventories, net	(420.1)	(402.6)
Other current and noncurrent assets	16.8	(69.9)
Accounts payable	74.2	39.2
Accrued expenses	(358.2)	(155.9)
Other current and noncurrent liabilities	45.4	33.1
Total adjustments	(538)	(789.7)
Net cash used in operating activities	(370)	(557.1)
Cash flows from investing activities:
Purchases of property, plant and equipment	(95)	(125.3)
Proceeds from sale of property, plant and equipment	0.2	0.1
Purchase of businesses, net of cash acquired	0	(0.9)
Investments in unconsolidated affiliates, net	0	(0.1)
Other	0	(2.6)
Net cash used in investing activities	(94.8)	(128.8)
Cash flows from financing activities:
Proceeds from indebtedness	2,380.6	501.7
Repayments of indebtedness	(0.4)	(4.4)
Payment of dividends to stockholders	(21.6)	(18)
Payment of minimum tax withholdings on stock compensation	(9.7)	(17.7)
Payment of debt issuance costs	(11.9)	0
Net cash provided by financing activities	2,337	461.6
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(11.9)	(6.5)
Increase (decrease) in cash, cash equivalents and restricted cash	1,860.3	(230.8)
Cash, cash equivalents and restricted cash, beginning of period	595.5	789.5
Cash, cash equivalents and restricted cash, end of period	$ 2,455.8	$ 558.7

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
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, 2023. Results for interim periods are not necessarily indicative of the results for the year. Certain prior-period amounts have been reclassified in the accompanying condensed consolidated financial statements and notes thereto in order to conform to the current period presentation. The Company has a wholly-owned subsidiary in Turkey that distributes agricultural equipment and replacement parts. On the basis of available data related to inflation indices and as a result of the devaluation of the Turkish lira relative to the United States dollar, the Turkish economy was determined to be highly inflationary during 2022. A highly inflationary economy is one where the cumulative inflation rate for the three years preceding the beginning of the reporting period, including interim reporting periods, is in excess of 100 percent. For subsidiaries operating in highly inflationary economies, the United States dollar is the functional currency. Remeasurement adjustments for financial statements in highly inflationary economies and other transactional exchange gains and losses are reported in "Other expense, net" within the Company's Condensed Consolidated Statements of Operations. For the three months ended and as of March 31, 2024, the Company's wholly-owned subsidiary in Turkey had net sales of approximately $156.3 million and total assets of approximately 7.3 billion Turkish lira (or approximately $225.7 million). The monetary assets and liabilities denominated in the Turkish lira were approximately 6.5 billion Turkish lira (or approximately $201.5 million) and approximately 5.6 billion Turkish lira (or approximately $172.3 million), respectively, as of March 31, 2024. The monetary assets and liabilities were remeasured into United States dollar based on exchange rates as of March 31, 2024. The Company has a wholly-owned subsidiary in Argentina that assembles and distributes agricultural equipment and replacement parts. 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 from certain capital market operations, usually effected to obtain United States dollars, has broadened significantly. Argentina's economy was determined to be highly inflationary during 2018. In December 2023, the central bank of Argentina adjusted the official foreign currency exchange rate for the Argentine peso, significantly devaluing the currency relative to the United States dollar. For the three months ended and as of March 31, 2024, the Company's wholly-owned subsidiary in Argentina had net sales of approximately $44.2 million and total assets of approximately 220.8 billion pesos (or approximately $265.0 million). The monetary assets of the Company's operations in Argentina denominated in pesos at the official government rate were approximately 82.1 billion pesos (or approximately $98.5 million), inclusive of approximately 33.4 billion pesos (or approximately $40.1 million) in cash and cash equivalents, as of March 31, 2024. The monetary liabilities of the Company's operations in Argentina denominated in pesos at the official government rate were approximately 16.8 billion pesos (or approximately $20.2 million) as of March 31, 2024. The monetary assets and liabilities were remeasured into United States dollar based on exchange rates as of March 31, 2024. The Company's finance joint venture in Argentina, AGCO Capital Argentina S.A. ("AGCO Capital"), had net monetary assets denominated in pesos at the official government rate of approximately 11.8 billion (or approximately $14.1 million) as of March 31, 2024, of which a majority is cash and cash equivalents. All gains and losses resulting from AGCO Capital's remeasurement of its monetary assets and liabilities are reported as part of AGCO Capital's net income, our share of which is included in “Equity in net earnings of affiliates” within our Condensed Consolidated Statements of Operations. New Accounting Pronouncements to be Adopted In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which expands annual and interim disclosure requirements and requires entities to disclose its significant segment expense categories and amounts for each reportable segment. The ASU is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the potential effect that the updated standard will have on its financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The requirements will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the potential effect that the updated standard will have on its financial statement disclosures.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisitions	ACQUISITIONS On September 28, 2023, the Company entered into a Sale and Contribution Agreement among AGCO, Trimble Inc. (“Trimble”) and PTx Trimble, LLC (“PTx Trimble” or the "Joint Venture"), formerly known as Trimble Solutions, LLC, which was subsequently amended and restated on March 31, 2024. On April 1, 2024, pursuant to the terms of an Amended and Restated Sale and Contribution Agreement (the “Agreement”), AGCO and Trimble completed (i) the contribution by Trimble to the Joint Venture of Trimble’s OneAg business, which is Trimble’s agricultural business, excluding certain Global Navigation Satellite System and guidance technologies, and an amount of cash, (ii) the contribution by AGCO to the Joint Venture of its interest in JCA Industries, LLC d/b/a JCA Technologies and an amount of cash, and (iii) the purchase by AGCO from Trimble of membership interests in the Joint Venture in exchange for the payment by AGCO to Trimble of $1,954.0 million in cash, subject to customary working capital and other adjustments. Immediately following the closing and as a result of the transaction, AGCO directly and indirectly owns an 85% interest in the Joint Venture and Trimble owns a 15% interest in the Joint Venture. AGCO will consolidate PTx Trimble within its consolidated financial statements. The Company has not presented a purchase price allocation related to the fair values of assets acquired, liabilities assumed and noncontrolling interests because the initial accounting for the acquisition was incomplete as of the issuance date of the financial statements. The purchase price was funded using net proceeds from the issuance of Senior Notes due 2027 and 2034, a term loan facility and the remainder through other borrowings and cash on hand. Refer to Note 8 for further information.

Accounts Receivable Sales Agree

Accounts Receivable Sales Agreements	3 Months Ended
	Mar. 31, 2024
Accounts Receivable Sales Agreements [Abstract]
Accounts Receivable Sales Agreements	ACCOUNTS RECEIVABLE SALES AGREEMENTS The Company has accounts receivable sales agreements that permit the sale, on an ongoing basis, of a majority of its wholesale receivables in North America, Europe and Brazil to its U.S., Canadian, European and Brazilian finance joint ventures. For the three months ended March 31, 2024 and 2023, the cash received from receivables sold under the U.S., Canadian, European and Brazilian accounts receivable sales agreements was approximately $2.4 billion and $1.7 billion, respectively. Under the terms of the accounts receivable sales agreements in the U.S., Canada, 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 Condensed 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 receivables sold under these agreements should be accounted for as off-balance sheet transactions. In addition, the Company sells certain trade receivables under factoring arrangements to other financial institutions around the world. For the three months ended March 31, 2024 and 2023, the cash received from these arrangements was approximately $213.3 million and $233.3 million, respectively. Under these arrangements, the Company is required to continue to service the sold receivables at market rates. The Company does not maintain any direct retained interest in the receivables. The Company reviewed its accounting for the accounts receivable sales agreements and determined that receivables sold under these agreements should be accounted for as off-balance sheet transactions. 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 $27.9 million and $28.5 million during the three months ended March 31, 2024 and 2023, respectively. The Company’s finance joint ventures in Europe, Brazil and Australia also provide wholesale financing directly to the Company’s dealers. As of March 31, 2024 and December 31, 2023, these finance joint ventures had approximately $218.6 million and $211.3 million, respectively, of outstanding accounts receivable associated with these arrangements. In certain foreign countries, the Company invoices its finance joint ventures directly and the finance joint ventures retain a form of title to the goods delivered to dealers until the dealer makes payment so that the finance joint ventures can recover the goods in the event of dealer or end customer default on payment. This occurs as the laws of some foreign countries do not provide for a seller’s retention of a security interest in goods in the same manner as established in the United States Uniform Commercial Code. The only right the finance joint ventures retain with respect to the title are those enabling recovery of the goods in the event of customer default on payment. The dealer or distributor may not return equipment or replacement parts to the Company while its contract with the finance joint venture is in force, and can only return the equipment to the retail finance joint venture with penalties that would generally not make it economically beneficial to do so.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2024
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, 2024 are summarized as follows (in millions): North America South America Europe/Middle East Asia/Pacific/Africa Consolidated Balance as of December 31, 2023 $ 668.2 $ 93.5 $ 458.5 $ 113.2 $ 1,333.4 Acquisitions — — 8.7 — 8.7 Foreign currency translation (0.9) (3.0) (10.0) (2.4) (16.3) Balance as of March 31, 2024 $ 667.3 $ 90.5 $ 457.2 $ 110.8 $ 1,325.8 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 st each year. Changes in the carrying amount of acquired intangible assets during the three months ended March 31, 2024 are summarized as follows (in millions): Gross carrying amounts: Trademarks and Trade Names Customer Relationships Patents and Technology Land Use Rights Total Balance as of December 31, 2023 $ 194.3 $ 580.7 $ 148.2 $ 6.3 $ 929.5 Foreign currency translation (1.8) (4.5) (2.1) (0.1) (8.5) Balance as of March 31, 2024 $ 192.5 $ 576.2 $ 146.1 $ 6.2 $ 921.0 Accumulated amortization: Trademarks and Trade Names Customer Relationships Patents and Technology Land Use Rights Total Balance as of December 31, 2023 $ 114.5 $ 483.4 $ 113.3 $ 1.7 $ 712.9 Amortization expense 2.5 9.1 2.3 — 13.9 Foreign currency translation (0.9) (3.7) (1.9) (0.1) (6.6) Balance as of March 31, 2024 $ 116.1 $ 488.8 $ 113.7 $ 1.6 $ 720.2 Indefinite-lived intangible assets: Trademarks and Trade Names Balance as of December 31, 2023 $ 85.9 Foreign currency translation (0.9) Balance as of March 31, 2024 $ 85.0 The Company amortizes certain acquired identifiable intangible assets primarily on a straight-line basis over their estimated useful lives, which range from four

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories, net at March 31, 2024 and December 31, 2023 were as follows (in millions): March 31, 2024 December 31, 2023 Finished goods $ 1,608.6 $ 1,460.7 Repair and replacement parts 831.9 823.1 Work in process 379.8 255.2 Raw materials 961.6 901.7 Inventories, net $ 3,781.9 $ 3,440.7 At March 31, 2024 and December 31, 2023, the Company had recorded $247.7 million and $238.9 million respectively, as a reserve for surplus and obsolete inventories. These reserves are reflected within "Inventories, net" within the Company's Condensed Consolidated Balance Sheets.

Product Warranty

Product Warranty	3 Months Ended
	Mar. 31, 2024
Guarantees and Product Warranties [Abstract]
Product Warranty	PRODUCT WARRANTY The warranty reserve activity for the three months ended March 31, 2024 and 2023, including deferred revenue associated with the Company's extended warranties that have been sold, was as follows (in millions): Three Months Ended March 31, 2024 2023 Balance at beginning of period $ 800.8 $ 640.0 Accruals for warranties issued 92.1 89.7 Settlements made and deferred revenue recognized (82.0) (64.5) Foreign currency translation (17.8) 11.8 Balance at March 31 $ 793.1 $ 677.0 The Company’s agricultural equipment products generally are warranted against defects in material and workmanship for a period of one three The Company recognizes potential recoveries of the costs associated with warranties it provides when the collection is probable. When specifics of the recovery have been agreed upon with the Company’s suppliers through 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, 2024
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, 2024, 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, 2024 and December 31, 2023, the amounts outstanding that remain unpaid to the banks or other intermediaries totaled $87.5 million and $82.7 million, respectively, and are reflected in “Accounts payable” in the Company’s Condensed Consolidated Balance Sheets.

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Indebtedness	INDEBTEDNESS Long-term debt consisted of the following at March 31, 2024 and December 31, 2023 (in millions): March 31, 2024 December 31, 2023 Credit facility, expires 2027 $ 580.0 $ — 1.002% EIB Senior term loan due 2025 269.7 276.7 EIB Senior Term Loan due 2029 269.7 276.7 EIB Senior Term Loan due 2030 183.4 — Senior term loans due between 2025 and 2028 158.0 162.1 0.800% Senior notes due 2028 647.2 664.0 5.450% Senior notes due 2027 400.0 — 5.800% Senior notes due 2034 700.0 — Term Loan Facility borrowings 500.0 — Other long-term debt 2.9 3.1 Debt issuance costs (13.5) (3.1) 3,697.4 1,379.5 Less: Current portion of other long-term debt (2.0) (2.3) 1.002% EIB Senior term loan due 2025 (269.7) — Total long-term indebtedness $ 3,425.7 $ 1,377.2 Credit Facility and Term Loan Facility In December 2022, the Company, certain of its subsidiaries and Rabobank, and other named lenders entered into an amendment to its credit facility providing for a $1.25 billion multi-currency unsecured revolving credit facility (“Credit Facility”), which replaced the Company’s former $800.0 million multi-currency unsecured revolving credit facility. The amendment provided an additional $450.0 million in borrowing capacity. An initial borrowing under the credit facility was used to repay and retire a $240.0 million short-term multi-currency revolving credit facility with Rabobank that matured on March 31, 2023. The Credit Facility consists of a $325.0 million United States dollar tranche and a $925.0 million multi-currency tranche for loans denominated in United States dollars, Euros or other currencies to be agreed upon. The Credit Facility matures on December 19, 2027. Interest accrues on amounts outstanding for any borrowings denominated in United States dollars, at the Company’s option, at either (1) the Secured Overnight Financing Rate (“SOFR”) plus 0.1% plus a margin ranging from 0.875% to 1.875% based on the Company’s credit rating, or (2) the base rate, which is the highest of (i) the Prime Rate, (ii) the Federal Funds Effective Rate plus 0.5%, and (iii) Term SOFR for a one-month tenor plus 1.0%, plus a margin ranging from 0.000% to 0.875% based on the Company’s credit rating. Interest accrues on amounts outstanding for any borrowings denominated in Euros at the Euro Interbank Offered Rate (“EURIBOR”) plus a margin ranging from 0.875% to 1.875% based on the Company’s credit rating. As of March 31, 2024, the Company had $580.0 million in outstanding borrowings under the revolving credit facility and had the ability to borrow $670.0 million. In December 2023, the Company amended the Credit Facility to allow for incremental borrowings in the form of a delayed draw term loan facility in an aggregate principal amount of $250.0 million. In March 2024, the Company further amended the Credit Facility to increase this amount by $250.0 million, for an aggregate amount of $500.0 million ("Term Loan Facility"). The Company drew down the facility on March 28, 2024. Borrowings under the Term Loan Facility bear interest at the same rate and margin as the Credit Facility. The Term Loan Facility matures on December 19, 2027. As of March 31, 2024, the Company had $500.0 million outstanding under the Term Loan Facility. Uncommitted Credit Facility In June 2022, the Company entered into an uncommitted revolving credit facility that allows the Company to borrow up to €100.0 million (or approximately $107.9 million as of March 31, 2024). The credit facility expires on December 31, 2026. Any loans will bear interest at the EURIBOR plus a credit spread. As of March 31, 2024 and December 31, 2023, the Company had no outstanding borrowings under the revolving credit facility and had the ability to borrow €100.0 million (or approximately $107.9 million). 5.450% Senior Notes due 2027 and 5.800% Senior Notes due 2034 On March 21, 2024, the Company issued (i) $400.0 million aggregate principal amount of 5.450% Senior Notes due 2027 (the “2027 Notes”) and (ii) $700.0 million aggregate principal amount of 5.800% Senior Notes due 2034 (the “2034 Notes”, and together with the 2027 Notes, the “Notes”). The Notes are unsecured and guaranteed on a senior unsecured basis by AGCO International Holdings B.V., AGCO International GmbH, Massey Ferguson Corp. and The GSI Group, LLC, direct and indirect subsidiaries of the Company (collectively, the “Guarantors”). The 2027 Notes mature on March 21, 2027, and interest is payable semi-annually, in arrears, at 5.450%. The 2034 Notes mature on March 21, 2034, and interest is payable semi-annually, in arrears, at 5.800%. The Notes contain covenants restricting among other things, the incurrence of certain secured indebtedness. Prior to February 21, 2027, in the case of the 2027 Notes, and December 21, 2033, in the case of the 2034 Notes, the Company may redeem the 2027 Notes and/or the 2034 Notes at its option, in whole or in part, at any time and from time to time, at the applicable “make-whole” redemption price (calculated as set forth in the the Senior Note Indenture and First Supplemental Indenture and applicable series of the Notes). On or after February 21, 2027, in the case of the 2027 Notes, and December 21, 2033, in the case of the 2034 Notes, the Company may redeem the 2027 Notes or the 2034 Notes, as the case may be, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. 0.800% Senior Notes due 2028 On October 6, 2021, the Company issued €600.0 million (or approximately $647.2 million as of March 31, 2024) 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% European Investment Bank ("EIB") Senior Term Loan due 2025 On January 25, 2019, the Company borrowed €250.0 million (or approximately $269.7 million as of March 31, 2024) from the EIB. 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. EIB Senior Term Loans due 2029 and 2030 On September 29, 2023, the Company entered into a multi-currency Finance Contract with the EIB permitting the Company to borrow up to €250.0 million to fund up to 50% of certain investments in research, development and innovation primarily in Germany, France and Finland during the period from 2023 through 2026. On October 26, 2023, the Company borrowed €250.0 million (or approximately $269.7 million as of March 31, 2024) under the arrangement. The loan matures on October 26, 2029. The loan generally can be prepaid at any time upon the election of the Company and must be prepaid upon the occurrence of certain events. Interest is payable on the term loan at 3.980% per annum, payable semi-annually in arrears. The Company also has to fulfill financial covenants with respect to a net leverage ratio and an interest coverage ratio. On January 25, 2024, the Company entered into an additional multi-currency Finance Contract with the EIB permitting the Company to borrow up to €170.0 million, for which the proceeds will be used in a similar manner as described for the EIB Senior Term Loan due 2029 above. On February 15, 2024, the Company borrowed €170.0 million (or approximately $183.4 million as of March 31, 2024) under the arrangement. The loan matures on February 15, 2030. The loan generally can be prepaid at any time upon the election of the Company and must be prepaid upon the occurrence of certain events. Interest is payable on the term loan at 3.416% per annum, payable semi-annually in arrears. The Company also has to fulfill financial covenants with respect to a net leverage ratio and an interest coverage ratio. Senior Term Loans Due Between 2025 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 €322.5 million in October 2019, October 2021, April 2022 and October 2023. Of the 2018 senior term loans, the Company repaid an aggregate amount of €244.0 million in August 2021, February 2022 and August 2023. In aggregate, as of March 31, 2024, the Company had indebtedness of €146.5 million (or approximately $158.0 million as of March 31, 2024) through a group of four remaining related term loan agreements. The provisions of the term loan agreements are substantially identical, with the exception of interest rate terms and maturities. As of March 31, 2024, for the term loans with a fixed interest rate, interest is payable in arrears on an annual basis, with interest rates ranging from 1.67% to 2.26% and maturity dates between August 2025 and August 2028. For the term loan with a floating interest rate, interest is payable in arrears on a semi-annual basis, with an interest rate based on the EURIBOR plus a margin of 1.10% and a maturity date of August 2025. Bridge Facility As discussed in Note 2, on September 28, 2023, the Company entered into a bridge facility commitment letter with Morgan Stanley pursuant to which Morgan Stanley committed to provide a $2.0 billion senior unsecured 364-day bridge facility (the "Bridge Facility"). The availability under the Bridge Facility was reduced to zero by certain permanent financing transactions including the net proceeds from the issuance of the Notes, the Company's entry into the Term Loan Facility and by amounts based on the Company's cash flow, and the Company terminated the Bridge Facility on March 25, 2024. Other Short-Term Borrowings As of March 31, 2024 and December 31, 2023, the Company had short-term borrowings due within one year, excluding the current portion of long-term debt, of approximately $28.7 million and $12.7 million, respectively. Standby Letters of Credit and Similar Instruments The Company has arrangements with various banks to issue standby letters of credit or similar instruments, which guarantee the Company’s obligations for the purchase or sale of certain inventories and for potential claims exposure for insurance coverage. At March 31, 2024 and December 31, 2023, outstanding letters of credit totaled approximately $14.7 million and $14.7 million, respectively.

Recoverable Indirect Taxes

Recoverable Indirect Taxes	3 Months Ended
	Mar. 31, 2024
Recoverable Indirect Taxes [Abstract]
Recoverable Indirect Taxes	RECOVERABLE INDIRECT TAXES The Company’s Brazilian operations incur value added taxes (“VAT”) on certain purchases of raw materials, components and services. These taxes are accumulated as tax credits and create assets that are reduced by the VAT collected from the Company’s sales in the Brazilian market. The Company regularly assesses the recoverability of these tax credits and establishes reserves when necessary against them, through analyses that include, amongst others, the history of realization, the transfer of tax credits to third parties as authorized by the government, anticipated changes in the supply chain and the future expectation of tax debits from the Company’s ongoing operations. The Company believes that these tax credits, net of established reserves, are realizable. The Company had recorded approximately $93.9 million and $93.5 million, respectively, of VAT tax credits, net of reserves, as of March 31, 2024 and December 31, 2023.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2024
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. The Company designates certain foreign currency contracts as cash flow hedges of expected future sales and purchases. The total notional value of derivatives that were designated as cash flow hedges was approximately $494.5 million and $262.2 million as of March 31, 2024 and December 31, 2023, respectively. Steel Commodity Contracts The Company designates certain steel commodity contracts as cash flow hedges of expected future purchases of steel. The total notional value of derivatives that were designated as cash flow hedges was approximately $1.6 million and $2.5 million as of March 31, 2024 and December 31, 2023, respectively. Interest Rate Risk The Company entered into treasury rate locks in early March 2024 to fix the interest rate for the 2034 Notes issued on March 21, 2024. The derivative position settled on March 28, 2024 with a cash settlement that offset changes in the benchmark treasury rate between the execution of the treasury rate lock and the debt pricing date for the 2034 Notes. This treasury rate lock was designated as a cash flow hedge and the gain at termination of $8.2 million was recognized in accumulated other comprehensive loss. The amount recognized in accumulated other comprehensive loss is reclassified to interest expense as interest payments are made on the 2034 Notes through the maturity date. 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, 2024 and 2023 (in millions): Recognized in Net Income Three Months Ended March 31, Gain (Loss) Recognized in Accumulated Other Comprehensive Loss Classification of Gain (Loss) Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Total Amount of the Line Item in the Condensed Consolidated Statements of Operations Containing Hedge Gains (Losses) 2024 Foreign currency contracts (1) $ (1.2) Cost of goods sold $ (2.3) $ 2,158.9 Commodity contracts (2) (0.3) Cost of goods sold — $ 2,158.9 Treasury rate locks 6.1 Interest expense, net — $ 1.9 Total $ 4.6 $ (2.3) 2023 Foreign currency contracts $ (1.9) Cost of goods sold $ (1.8) $ 2,478.6 Commodity contracts 0.9 Cost of goods sold 0.3 $ 2,478.6 Total $ (1.0) $ (1.5) ____________________________________ (1) The outstanding contracts as of March 31, 2024 range in maturity through December 2024. (2) The outstanding contracts as of March 31, 2024 range in maturity through June 2024. The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the three months ended March 31, 2024 (in millions): Before-Tax Amount Income Tax Expense (Benefit) After-Tax Amount Accumulated derivative net losses as of December 31, 2023 $ (1.3) $ (0.5) $ (0.8) Net changes in fair value of derivatives 6.8 2.2 4.6 Net losses reclassified from accumulated other comprehensive loss into income 2.6 0.3 2.3 Accumulated derivative net gains as of March 31, 2024 $ 8.1 $ 2.0 $ 6.1 As of March 31, 2024, approximately $0.6 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 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 $267.4 million as of March 31, 2024) 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 of its multi-currency revolving credit facility maturing December 2027 as a hedge of its net investment in foreign operations to offset foreign currency translation gains or losses on the net investment. This portion of the multi-currency revolving credit facility was repaid in December 2023. The Company recognized the change in fair value of the foreign currency denominated debt designated as a net investment hedge, a gain of $0.9 million, net of tax, in accumulated other comprehensive loss during the three months ended March 31, 2023. The following table summarizes the notional values of the instrument designated as a net investment hedge (in millions): Notional Amount as of March 31, 2024 December 31, 2023 Cross currency swap contract $ 300.0 $ 300.0 The following table summarizes the changes in the fair value of the cross currency swap contract designated as a net investment hedge during the three months ended March 31, 2024 and 2023 (in millions): Cross currency swap contract Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Three Months Ended Before-Tax Amount Income Tax Expense (Benefit) After-Tax Amount March 31, 2024 $ 4.7 $ 1.2 $ 3.5 March 31, 2023 (1.0) (0.2) (0.8) Derivative Transactions Not Designated as Hedging Instruments The Company enters into foreign currency contracts to economically hedge a portion of its receivables and payables on the Company and its subsidiaries’ balance sheets that are denominated in foreign currencies other than the functional currency. These contracts are 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, 2024 and December 31, 2023, the Company had outstanding foreign currency contracts with a notional amount of approximately $2,545.2 million and $3,125.1 million, respectively. The following table summarizes the results on net income of derivatives not designated as hedging instruments (in millions): Gain (Loss) Recognized in Net Income for the Three Months Ended Classification of Gain (Loss) March 31, 2024 March 31, 2023 Foreign currency contracts Other expense, net $ (8.3) $ 11.2 The table below sets forth the fair value of derivative instruments as of March 31, 2024 (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 $ 3.6 Other current liabilities $ 2.8 Commodity contracts Other current assets — Other current liabilities 0.2 Cross currency swap contract Other noncurrent assets 25.0 Other noncurrent liabilities — Derivative instruments not designated as hedging instruments: Foreign currency contracts (1) Other current assets 2.4 Other current liabilities 4.8 Total derivative instruments $ 31.0 $ 7.8 __________________________________ (1) The outstanding contracts as of March 31, 2024 range in maturity through August 2024. The table below sets forth the fair value of derivative instruments as of December 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 $ 1.3 Other current liabilities $ 1.2 Commodity contracts Other current assets — Other current liabilities — Cross currency swap contract Other noncurrent assets 20.3 Other noncurrent liabilities — Derivative instruments not designated as hedging instruments: Foreign currency contracts (1) Other current assets 17.1 Other current liabilities 12.8 Total derivative instruments $ 38.7 $ 14.0 ___________________________________ (1) The outstanding contracts as of December 31, 2023 range in maturity through February 2024.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	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, 2024 and 2023 (in millions): Common Additional Retained Accumulated Other Noncontrolling Total Stockholders’ Balance, December 31, 2023 $ 0.7 $ 4.1 $ 6,360.0 $ (1,708.1) $ 0.1 $ 4,656.8 Stock compensation — 8.4 — — — 8.4 Issuance of stock awards — (12.4) (0.5) — — (12.9) SSARs exercised — (0.1) — — — (0.1) Comprehensive income: Net income — — 168.0 — — 168.0 Other comprehensive (loss) income: Foreign currency translation adjustments — — — (52.0) — (52.0) Defined benefit pension plans, net of tax — — — 1.7 — 1.7 Deferred gains and losses on derivatives, net of tax — — — 6.9 — 6.9 Payment of dividends to stockholders — — (21.6) — — (21.6) Balance, March 31, 2024 $ 0.7 $ — $ 6,505.9 $ (1,751.5) $ 0.1 $ 4,755.2 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: 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 The Company had no comprehensive loss attributable to noncontrolling interests recorded for the three months ended March 31, 2024 and 2023. 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, 2024 (in millions): Defined Benefit Pension Plans Deferred Net (Losses) Gains on Derivatives Cumulative Translation Adjustment Total Accumulated other comprehensive loss, December 31, 2023 $ (238.6) $ (0.8) $ (1,468.7) $ (1,708.1) Other comprehensive income (loss) before reclassifications — 4.6 (52.0) (47.4) Net losses reclassified from accumulated other comprehensive loss 1.7 2.3 — 4.0 Other comprehensive income (loss) 1.7 6.9 (52.0) (43.4) Accumulated other comprehensive loss, March 31, 2024 $ (236.9) $ 6.1 $ (1,520.7) $ (1,751.5) 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, 2024 and 2023 (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, 2024 (1) Three Months Ended March 31, 2023 (1) Derivatives: Net losses on foreign currency contracts $ 2.6 $ 2.2 Cost of goods sold Net gains on commodity contracts — (0.4) Cost of goods sold Reclassification before tax 2.6 1.8 Income tax benefit (0.3) (0.3) Income tax provision Reclassification net of tax $ 2.3 $ 1.5 Defined benefit pension plans: Amortization of net actuarial losses $ 2.2 $ 2.0 Other expense, net (2) Amortization of prior service cost 0.4 0.4 Other expense, net (2) Reclassification before tax 2.6 2.4 Income tax benefit (0.9) (0.6) Income tax provision Reclassification net of tax $ 1.7 $ 1.8 Net losses reclassified from accumulated other comprehensive loss $ 4.0 $ 3.3 __________________________________ (1) Losses included within the Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023, respectively. (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 14 for additional information. Share Repurchase Program In November 2023, the Company entered into an accelerated share repurchase (“ASR”) agreement with a financial institution to repurchase $53.0 million of shares of its common stock. The Company received approximately 371,669 shares associated with this transaction as of December 31, 2023. In January 2024, the Company received an additional 82,883 shares upon final settlement of its November 2023 ASR agreement. 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, 2024, the Company did not purchase any shares directly or enter into any accelerated share repurchase agreements. As of March 31, 2024, the remaining amount authorized to be repurchased under board-approved share repurchase authorizations was approximately $57.0 million, which has no expiration date. Dividends During the three months ended March 31, 2024 and March 31, 2023, the Company declared and paid cash dividends of $0.29 and $0.24 per common share, respectively. On April 25, 2024, the Company's Board of Directors declared a regular quarterly dividend of $0.29 per common share to be paid on June 14, 2024, to all stockholders of record as of the close of business on May 15, 2024. In addition, on April 25, 2024, the Company's Board of Directors declared a special variable dividend of $2.50 per common share that will be paid on June 20, 2024, to all stockholders of record as of the close of business on May 20, 2024.

Net Income Per Common Share

Net Income Per Common Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Income Per Common Share	NET INCOME PER COMMON SHARE Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted net income per common share assumes the exercise of outstanding stock-settled stock appreciation rights ("SSARs") and the vesting of restricted stock unit awards ("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, 2024 and 2023 is as follows (in millions, except per share data): Three Months Ended March 31, 2024 2023 Basic net income per share: Net income attributable to AGCO Corporation and subsidiaries $ 168.0 $ 232.6 Weighted average number of common shares outstanding 74.6 74.9 Basic net income per share attributable to AGCO Corporation and subsidiaries $ 2.25 $ 3.11 Diluted net income per share: Net income attributable to AGCO Corporation and subsidiaries $ 168.0 $ 232.6 Weighted average number of common shares outstanding 74.6 74.9 Dilutive SSARs and RSUs 0.1 0.1 Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share 74.7 75.0 Diluted net income per share attributable to AGCO Corporation and subsidiaries $ 2.25 $ 3.10

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES At March 31, 2024 and December 31, 2023, the Company had approximately $369.7 million and $351.2 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, 2024 and December 31, 2023 exclude certain indirect favorable effects that relate to other tax jurisdictions of approximately $115.8 million and $103.9 million, respectively. In addition, the gross unrecognized income tax benefits as of March 31, 2024 and December 31, 2023 exclude certain deposits made in a foreign jurisdiction of approximately $26.2 million, net of $19.3 million refunds received, and $26.9 million, net of $19.7 million refunds received, respectively, associated with an ongoing audit. At March 31, 2024 and December 31, 2023, the Company had approximately $11.2 million and $9.9 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, 2024 and December 31, 2023, the Company had approximately $361.2 million and $344.2 million, respectively, of accrued taxes reflected in “Other noncurrent liabilities”, and approximately $2.7 million and $2.9 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, 2024 and December 31, 2023, the Company had accrued interest and penalties related to unrecognized tax benefits of approximately $28.8 million and $27.9 million, respectively. Generally, tax years 2019 through 2023 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, 2024, a number of income tax examinations in foreign jurisdictions are ongoing. The Company maintains a valuation allowance to 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 December 31, 2023 would have been approximately 131.5 million Brazilian reais (or approximately $27.1 million) and subject to significant interest and penalties. In the first quarter of 2023, the Brazilian government issued a “Litigation Zero” tax amnesty program, whereby cases being disputed at the administrative court level of review for a period of more than ten years could be considered for amnesty. Enrollment in the amnesty program was not considered an admission of guilt and allowed for outstanding contested cases to be settled at a significant monetary discount. The Company contested the disallowance and had been historically advised by its legal and tax advisors that its position was allowable under the tax laws of Brazil. After weighing various impacts involved with enrollment, including the avoidance of potential interest, penalties and legal costs, the Company enrolled in the program in the quarter ended March 31, 2023. The Company recorded approximately 182.6 million Brazilian reais (or approximately $34.8 million) within “Income tax provision” net of associated U.S. income tax credits of approximately $8.4 million and completed its installment payments related to its enrollment in the program during the year ended December 31, 2023.

Pension and Postretirement Bene

Pension and Postretirement Benefit Plans	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023 are set forth below (in millions): Three Months Ended March 31, Pension benefits 2024 2023 Service cost $ 2.1 $ 2.4 Interest cost 7.0 7.2 Expected return on plan assets (7.7) (7.2) Amortization of net actuarial losses 2.2 2.0 Amortization of prior service cost 0.3 0.3 Net periodic pension cost $ 3.9 $ 4.7 Three Months Ended March 31, Postretirement benefits 2024 2023 Service cost $ 0.1 $ — Interest cost 0.4 0.3 Amortization of prior service cost 0.1 0.1 Net periodic postretirement benefit cost $ 0.6 $ 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. During the three months ended March 31, 2024, the Company made approximately $10.8 million of contributions to its defined pension benefit plans. The Company currently estimates its minimum contributions for 2024 to its defined pension benefit plans will aggregate approximately $29.2 million. During the three months ended March 31, 2024, the Company made approximately $0.4 million of contributions to its postretirement health care and life insurance benefit plans. The Company currently estimates that it will make approximately $1.7 million of contributions to its postretirement health care and life insurance benefit plans during 2024.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
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 10 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, 2024 and December 31, 2023 are summarized below (in millions): As of March 31, 2024 Level 1 Level 2 Level 3 Total Derivative assets $ — $ 31.0 $ — $ 31.0 Derivative liabilities — 7.8 — 7.8 As of December 31, 2023 Level 1 Level 2 Level 3 Total Derivative assets $ — $ 38.7 $ — $ 38.7 Derivative liabilities — 14.0 — 14.0 The carrying amounts of long-term debt under the Company’s 1.002% EIB senior term loan due 2025, EIB senior term loans due 2029 and 2030 and senior term loans due between 2025 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, 2024, the estimated fair value of the Company's 0.800% senior notes due 2028, based on listed market values, was approximately €529.1 million (or approximately $570.7 million), compared to the carrying value of €600.0 million (or approximately $647.2 million). At March 31, 2024, the estimated fair value of the Company's 5.450% senior notes due 2027, based on listed market values, was approximately $402.0 million, compared to the carrying value of $400.0 million. At March 31, 2024, the estimated fair value of the Company's 5.800% senior notes due 2034, based on listed market values, was approximately $708.4 million, compared to the carrying value of $700.0 million. See Note 8 for additional information on the Company’s long-term debt.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Leases Lease payment amounts for operating and finance leases with remaining terms greater than one year as of March 31, 2024 and December 31, 2023 were as follows (in millions): March 31, 2024 December 31, 2023 Operating Leases (1) Finance Leases Operating Leases (1) Finance Leases 2024 $ 41.5 $ 0.5 $ 52.8 $ 0.7 2025 47.0 0.6 43.0 0.6 2026 36.1 0.4 32.6 0.4 2027 22.3 0.4 19.7 0.3 2028 16.2 0.2 14.7 0.1 Thereafter 47.1 5.8 46.5 5.8 Total lease payments 210.2 7.9 209.3 7.9 Less: imputed interest (2) (31.3) (2.1) (29.5) (2.0) Present value of leased liabilities $ 178.9 $ 5.8 $ 179.8 $ 5.9 __________________________________ (1) Operating lease payments include options to extend or terminate at the Company's sole discretion, which are included in the determination of lease term when they are reasonably certain to be exercised. (2) Calculated for each lease using either the implicit interest rate or the incremental borrowing rate when the implicit interest rate is not readily available. Off-Balance Sheet Arrangements Guarantees At March 31, 2024, the Company had outstanding guarantees issued to its Argentine finance joint venture, AGCO Capital Argentina S.A. (“AGCO Capital”), of approximately $43.6 million. Such guarantees generally obligate the Company to repay outstanding finance obligations owed to AGCO Capital if end users default on such loans to the extent that, due to non-Credit Risk, the end users are not able, or not required, to pay their loans, or are required to pay in a different currency than the one agreed in their loan. The Company also has obligations to guarantee indebtedness owed to certain of its finance joint ventures if dealers or end users default on loans. Losses under such guarantees historically have been insignificant, and the guarantees are not material. The Company believes the credit risk associated with these guarantees is not material. In addition, at March 31, 2024, the Company had accrued approximately $12.6 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 $180.1 million. Other At March 31, 2024, the Company had outstanding designated and non-designated foreign exchange contracts with a gross notional amount of approximately $3,039.7 million. The outstanding contracts as of March 31, 2024 range in maturity through December 2024. The Company also had outstanding designated steel commodity contracts with a gross notional amount of approximately $1.6 million that range in maturity through June 2024. The Company sells a majority of its wholesale receivables in North America, Europe and Brazil to its U.S., Canadian, European and Brazilian finance joint ventures. The Company also sells certain accounts receivable under factoring arrangements to financial institutions around the world. The Company accounts for the sale of such receivables as off-balance sheet transactions. Refer to Note 3 for discussion of the Company’s accounts receivable sales agreements. Contingencies During 2017, the Company purchased Precision Planting, which provides precision agricultural technology solutions. In 2018, Deere & Company (“Deere”) filed separate complaints in the U.S. District Court of Delaware against the Company and Precision Planting alleging that certain products of those entities infringed certain patents of Deere. The two complaints subsequently were consolidated into a single case, Case No. 1:18-cv-00827-CFC. In July 2022, the case was tried before a jury, which determined that the Company and Precision Planting had not infringed the Deere patents. Following customary post-trial procedures, the Court entered a judgement in the Company’s favor, and Deere appealed the judgment to the U.S. Court of Appeals for the Federal Circuit. The appeal is fully briefed and is awaiting oral arguments before the court. The Company has an indemnity right under the purchase agreement related to the acquisition of Precision Planting from its previous owner. Pursuant to that right, the previous owner of Precision Planting currently is responsible for the litigation costs associated with the complaint and is obligated to reimburse AGCO for some or all of the damages in the event of an adverse outcome in the litigation. The Company is a party to various other legal claims and actions incidental to its business. The Company believes that none of these claims or actions, either individually or in the aggregate, 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, 2024
Revenue from Contract with Customer [Abstract]
Revenue	REVENUE Contract Liabilities Contract liabilities relate to the following: (1) unrecognized revenues where payment of consideration precedes the Company’s performance with respect to extended warranty and maintenance contracts and where the performance obligation is satisfied over time, (2) unrecognized revenues where payment of consideration precedes the Company’s performance with respect to certain grain storage and protein production systems and where the performance obligation is satisfied over time and (3) unrecognized revenues where payment of consideration precedes the Company’s performance with respect to precision technology services and where the performance obligation is satisfied over time. Significant changes in the balance of contract liabilities for the three months ended March 31, 2024 and 2023 were as follows (in millions): Three Months Ended March 31, 2024 2023 Balance at beginning of period $ 310.7 $ 239.0 Advance consideration received 52.5 58.5 Revenue recognized during the period for extended warranty contracts, maintenance services and technology services (32.2) (24.9) Revenue recognized during the period related to grain storage and protein production systems (4.7) (16.0) Foreign currency translation (4.8) 3.0 Balance at March 31 $ 321.5 $ 259.6 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, 2024, the Company recognized approximately $33.2 million of revenue that was recorded as a contract liability at the beginning of 2024. 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. 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, 2024 are $91.3 million for the remainder of 2024, $101.9 million in 2025, $63.2 million in 2026, $32.6 million in 2027 and $14.7 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, 2024 disaggregated by primary geographical markets and major products consisted of the following (in millions): North America South America Europe/Middle East Asia/Pacific/Africa Consolidated Primary geographical markets: United States $ 598.8 $ — $ — $ — $ 598.8 Canada 99.9 — — — 99.9 Brazil — 229.6 — — 229.6 Other South America — 71.2 — — 71.2 Germany — — 511.3 — 511.3 France — — 324.9 — 324.9 United Kingdom and Ireland — — 138.4 — 138.4 Finland and Scandinavia — — 163.1 — 163.1 Italy — — 69.3 — 69.3 Other Europe — — 360.6 — 360.6 Middle East and Algeria — — 161.4 — 161.4 Africa — — — 23.4 23.4 Asia — — — 74.6 74.6 Australia and New Zealand — — — 68.7 68.7 Mexico, Central America and Caribbean 30.9 2.6 — — 33.5 $ 729.6 $ 303.4 $ 1,729.0 $ 166.7 $ 2,928.7 Major products: Tractors $ 252.7 $ 172.9 $ 1,260.7 $ 90.9 $ 1,777.2 Replacement parts 94.0 39.1 277.7 22.9 433.7 Grain storage and protein production systems 128.5 30.4 22.1 24.2 205.2 Combines, application equipment and other machinery 254.4 61.0 168.5 28.7 512.6 $ 729.6 $ 303.4 $ 1,729.0 $ 166.7 $ 2,928.7 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.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	SEGMENT REPORTING The Company has four operating segments that are also its reportable segments, which consist of the North America, South America, Europe/Middle East and Asia/Pacific/Africa regions. The Company’s reportable segments are geography based and distribute a full range of agricultural machinery and precision agriculture technology. The Company evaluates segment performance primarily based on income from operations. Sales for each segment are based on the location of the third-party customer. The Company’s selling, general and administrative expenses and engineering expenses are 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, 2024 and 2023 and assets as of March 31, 2024 and December 31, 2023 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 Total Segments 2024 Net sales $ 729.6 $ 303.4 $ 1,729.0 $ 166.7 $ 2,928.7 Income from operations 42.4 16.2 282.9 8.0 349.5 Depreciation 17.2 9.4 32.6 4.1 63.3 Capital expenditures 17.6 15.3 61.4 0.7 95.0 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 Assets As of March 31, 2024 $ 1,946.7 $ 1,369.7 $ 3,214.7 $ 868.9 $ 7,400.0 As of December 31, 2023 1,883.2 1,394.9 3,017.4 875.2 7,170.7 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, 2024 2023 Segment income from operations $ 349.5 $ 459.1 Corporate expenses (53.0) (42.1) Amortization of intangibles (13.9) (14.8) Stock compensation expense (8.0) (13.5) Restructuring expenses (1.0) (1.4) Consolidated income from operations $ 273.6 $ 387.3 March 31, 2024 December 31, 2023 Segment assets $ 7,400.0 $ 7,170.7 Cash and cash equivalents 2,455.8 595.5 Investments in affiliates 520.5 512.7 Deferred tax assets, other current and noncurrent assets 1,466.2 1,500.1 Intangible assets, net 291.6 308.8 Goodwill 1,325.8 1,333.4 Consolidated total assets $ 13,459.9 $ 11,421.2

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income attributable to AGCO Corporation and subsidiaries	$ 168	$ 232.6

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncements to be Adopted	New Accounting Pronouncements to be Adopted In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which expands annual and interim disclosure requirements and requires entities to disclose its significant segment expense categories and amounts for each reportable segment. The ASU is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the potential effect that the updated standard will have on its financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The requirements will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the potential effect that the updated standard will have on its financial statement disclosures.

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Changes in the carrying amount of goodwill during the three months ended March 31, 2024 are summarized as follows (in millions): North America South America Europe/Middle East Asia/Pacific/Africa Consolidated Balance as of December 31, 2023 $ 668.2 $ 93.5 $ 458.5 $ 113.2 $ 1,333.4 Acquisitions — — 8.7 — 8.7 Foreign currency translation (0.9) (3.0) (10.0) (2.4) (16.3) Balance as of March 31, 2024 $ 667.3 $ 90.5 $ 457.2 $ 110.8 $ 1,325.8
Schedule of Acquired Finite-Lived Intangible Assets	Changes in the carrying amount of acquired intangible assets during the three months ended March 31, 2024 are summarized as follows (in millions): Gross carrying amounts: Trademarks and Trade Names Customer Relationships Patents and Technology Land Use Rights Total Balance as of December 31, 2023 $ 194.3 $ 580.7 $ 148.2 $ 6.3 $ 929.5 Foreign currency translation (1.8) (4.5) (2.1) (0.1) (8.5) Balance as of March 31, 2024 $ 192.5 $ 576.2 $ 146.1 $ 6.2 $ 921.0 Accumulated amortization: Trademarks and Trade Names Customer Relationships Patents and Technology Land Use Rights Total Balance as of December 31, 2023 $ 114.5 $ 483.4 $ 113.3 $ 1.7 $ 712.9 Amortization expense 2.5 9.1 2.3 — 13.9 Foreign currency translation (0.9) (3.7) (1.9) (0.1) (6.6) Balance as of March 31, 2024 $ 116.1 $ 488.8 $ 113.7 $ 1.6 $ 720.2
Schedule of Acquired Indefinite-Lived Intangible Assets	Indefinite-lived intangible assets: Trademarks and Trade Names Balance as of December 31, 2023 $ 85.9 Foreign currency translation (0.9) Balance as of March 31, 2024 $ 85.0

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories, net at March 31, 2024 and December 31, 2023 were as follows (in millions): March 31, 2024 December 31, 2023 Finished goods $ 1,608.6 $ 1,460.7 Repair and replacement parts 831.9 823.1 Work in process 379.8 255.2 Raw materials 961.6 901.7 Inventories, net $ 3,781.9 $ 3,440.7

Product Warranty (Tables)

Product Warranty (Tables)	3 Months Ended
	Mar. 31, 2024
Guarantees and Product Warranties [Abstract]
Schedule of Warranty Reserve Activity	The warranty reserve activity for the three months ended March 31, 2024 and 2023, including deferred revenue associated with the Company's extended warranties that have been sold, was as follows (in millions): Three Months Ended March 31, 2024 2023 Balance at beginning of period $ 800.8 $ 640.0 Accruals for warranties issued 92.1 89.7 Settlements made and deferred revenue recognized (82.0) (64.5) Foreign currency translation (17.8) 11.8 Balance at March 31 $ 793.1 $ 677.0

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Long-term debt consisted of the following at March 31, 2024 and December 31, 2023 (in millions): March 31, 2024 December 31, 2023 Credit facility, expires 2027 $ 580.0 $ — 1.002% EIB Senior term loan due 2025 269.7 276.7 EIB Senior Term Loan due 2029 269.7 276.7 EIB Senior Term Loan due 2030 183.4 — Senior term loans due between 2025 and 2028 158.0 162.1 0.800% Senior notes due 2028 647.2 664.0 5.450% Senior notes due 2027 400.0 — 5.800% Senior notes due 2034 700.0 — Term Loan Facility borrowings 500.0 — Other long-term debt 2.9 3.1 Debt issuance costs (13.5) (3.1) 3,697.4 1,379.5 Less: Current portion of other long-term debt (2.0) (2.3) 1.002% EIB Senior term loan due 2025 (269.7) — Total long-term indebtedness $ 3,425.7 $ 1,377.2

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023 (in millions): Recognized in Net Income Three Months Ended March 31, Gain (Loss) Recognized in Accumulated Other Comprehensive Loss Classification of Gain (Loss) Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Total Amount of the Line Item in the Condensed Consolidated Statements of Operations Containing Hedge Gains (Losses) 2024 Foreign currency contracts (1) $ (1.2) Cost of goods sold $ (2.3) $ 2,158.9 Commodity contracts (2) (0.3) Cost of goods sold — $ 2,158.9 Treasury rate locks 6.1 Interest expense, net — $ 1.9 Total $ 4.6 $ (2.3) 2023 Foreign currency contracts $ (1.9) Cost of goods sold $ (1.8) $ 2,478.6 Commodity contracts 0.9 Cost of goods sold 0.3 $ 2,478.6 Total $ (1.0) $ (1.5) ____________________________________ (1) The outstanding contracts as of March 31, 2024 range in maturity through December 2024. (2) The outstanding contracts as of March 31, 2024 range in maturity through June 2024. The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the three months ended March 31, 2024 (in millions): Before-Tax Amount Income Tax Expense (Benefit) After-Tax Amount Accumulated derivative net losses as of December 31, 2023 $ (1.3) $ (0.5) $ (0.8) Net changes in fair value of derivatives 6.8 2.2 4.6 Net losses reclassified from accumulated other comprehensive loss into income 2.6 0.3 2.3 Accumulated derivative net gains as of March 31, 2024 $ 8.1 $ 2.0 $ 6.1
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, 2024 December 31, 2023 Cross currency swap contract $ 300.0 $ 300.0 The following table summarizes the changes in the fair value of the cross currency swap contract designated as a net investment hedge during the three months ended March 31, 2024 and 2023 (in millions): Cross currency swap contract Gain (Loss) Recognized in Accumulated Other Comprehensive Loss for the Three Months Ended Before-Tax Amount Income Tax Expense (Benefit) After-Tax Amount March 31, 2024 $ 4.7 $ 1.2 $ 3.5 March 31, 2023 (1.0) (0.2) (0.8)
Schedule of Derivatives Not Designated as Hedging Instrument	The following table summarizes the results on net income of derivatives not designated as hedging instruments (in millions): Gain (Loss) Recognized in Net Income for the Three Months Ended Classification of Gain (Loss) March 31, 2024 March 31, 2023 Foreign currency contracts Other expense, net $ (8.3) $ 11.2
Fair Value of Derivative Instruments	The table below sets forth the fair value of derivative instruments as of March 31, 2024 (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 $ 3.6 Other current liabilities $ 2.8 Commodity contracts Other current assets — Other current liabilities 0.2 Cross currency swap contract Other noncurrent assets 25.0 Other noncurrent liabilities — Derivative instruments not designated as hedging instruments: Foreign currency contracts (1) Other current assets 2.4 Other current liabilities 4.8 Total derivative instruments $ 31.0 $ 7.8 __________________________________ (1) The outstanding contracts as of March 31, 2024 range in maturity through August 2024. The table below sets forth the fair value of derivative instruments as of December 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 $ 1.3 Other current liabilities $ 1.2 Commodity contracts Other current assets — Other current liabilities — Cross currency swap contract Other noncurrent assets 20.3 Other noncurrent liabilities — Derivative instruments not designated as hedging instruments: Foreign currency contracts (1) Other current assets 17.1 Other current liabilities 12.8 Total derivative instruments $ 38.7 $ 14.0 ___________________________________ (1) The outstanding contracts as of December 31, 2023 range in maturity through February 2024.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [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, 2024 and 2023 (in millions): Common Additional Retained Accumulated Other Noncontrolling Total Stockholders’ Balance, December 31, 2023 $ 0.7 $ 4.1 $ 6,360.0 $ (1,708.1) $ 0.1 $ 4,656.8 Stock compensation — 8.4 — — — 8.4 Issuance of stock awards — (12.4) (0.5) — — (12.9) SSARs exercised — (0.1) — — — (0.1) Comprehensive income: Net income — — 168.0 — — 168.0 Other comprehensive (loss) income: Foreign currency translation adjustments — — — (52.0) — (52.0) Defined benefit pension plans, net of tax — — — 1.7 — 1.7 Deferred gains and losses on derivatives, net of tax — — — 6.9 — 6.9 Payment of dividends to stockholders — — (21.6) — — (21.6) Balance, March 31, 2024 $ 0.7 $ — $ 6,505.9 $ (1,751.5) $ 0.1 $ 4,755.2 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: 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
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, 2024 (in millions): Defined Benefit Pension Plans Deferred Net (Losses) Gains on Derivatives Cumulative Translation Adjustment Total Accumulated other comprehensive loss, December 31, 2023 $ (238.6) $ (0.8) $ (1,468.7) $ (1,708.1) Other comprehensive income (loss) before reclassifications — 4.6 (52.0) (47.4) Net losses reclassified from accumulated other comprehensive loss 1.7 2.3 — 4.0 Other comprehensive income (loss) 1.7 6.9 (52.0) (43.4) Accumulated other comprehensive loss, March 31, 2024 $ (236.9) $ 6.1 $ (1,520.7) $ (1,751.5)
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, 2024 and 2023 (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, 2024 (1) Three Months Ended March 31, 2023 (1) Derivatives: Net losses on foreign currency contracts $ 2.6 $ 2.2 Cost of goods sold Net gains on commodity contracts — (0.4) Cost of goods sold Reclassification before tax 2.6 1.8 Income tax benefit (0.3) (0.3) Income tax provision Reclassification net of tax $ 2.3 $ 1.5 Defined benefit pension plans: Amortization of net actuarial losses $ 2.2 $ 2.0 Other expense, net (2) Amortization of prior service cost 0.4 0.4 Other expense, net (2) Reclassification before tax 2.6 2.4 Income tax benefit (0.9) (0.6) Income tax provision Reclassification net of tax $ 1.7 $ 1.8 Net losses reclassified from accumulated other comprehensive loss $ 4.0 $ 3.3 __________________________________ (1) Losses included within the Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023, respectively. (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 14 for additional information.

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023 is as follows (in millions, except per share data): Three Months Ended March 31, 2024 2023 Basic net income per share: Net income attributable to AGCO Corporation and subsidiaries $ 168.0 $ 232.6 Weighted average number of common shares outstanding 74.6 74.9 Basic net income per share attributable to AGCO Corporation and subsidiaries $ 2.25 $ 3.11 Diluted net income per share: Net income attributable to AGCO Corporation and subsidiaries $ 168.0 $ 232.6 Weighted average number of common shares outstanding 74.6 74.9 Dilutive SSARs and RSUs 0.1 0.1 Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share 74.7 75.0 Diluted net income per share attributable to AGCO Corporation and subsidiaries $ 2.25 $ 3.10

Pension and Postretirement Be_2

Pension and Postretirement Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023 are set forth below (in millions): Three Months Ended March 31, Pension benefits 2024 2023 Service cost $ 2.1 $ 2.4 Interest cost 7.0 7.2 Expected return on plan assets (7.7) (7.2) Amortization of net actuarial losses 2.2 2.0 Amortization of prior service cost 0.3 0.3 Net periodic pension cost $ 3.9 $ 4.7 Three Months Ended March 31, Postretirement benefits 2024 2023 Service cost $ 0.1 $ — Interest cost 0.4 0.3 Amortization of prior service cost 0.1 0.1 Net periodic postretirement benefit cost $ 0.6 $ 0.4

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value	Assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 are summarized below (in millions): As of March 31, 2024 Level 1 Level 2 Level 3 Total Derivative assets $ — $ 31.0 $ — $ 31.0 Derivative liabilities — 7.8 — 7.8 As of December 31, 2023 Level 1 Level 2 Level 3 Total Derivative assets $ — $ 38.7 $ — $ 38.7 Derivative liabilities — 14.0 — 14.0

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023 were as follows (in millions): March 31, 2024 December 31, 2023 Operating Leases (1) Finance Leases Operating Leases (1) Finance Leases 2024 $ 41.5 $ 0.5 $ 52.8 $ 0.7 2025 47.0 0.6 43.0 0.6 2026 36.1 0.4 32.6 0.4 2027 22.3 0.4 19.7 0.3 2028 16.2 0.2 14.7 0.1 Thereafter 47.1 5.8 46.5 5.8 Total lease payments 210.2 7.9 209.3 7.9 Less: imputed interest (2) (31.3) (2.1) (29.5) (2.0) Present value of leased liabilities $ 178.9 $ 5.8 $ 179.8 $ 5.9 __________________________________ (1) Operating lease payments include options to extend or terminate at the Company's sole discretion, which are included in the determination of lease term when they are reasonably certain to be exercised. (2) Calculated for each lease using either the implicit interest rate or the incremental borrowing rate when the implicit interest rate is not readily available.
Summary of Finance Lease Maturity	Lease payment amounts for operating and finance leases with remaining terms greater than one year as of March 31, 2024 and December 31, 2023 were as follows (in millions): March 31, 2024 December 31, 2023 Operating Leases (1) Finance Leases Operating Leases (1) Finance Leases 2024 $ 41.5 $ 0.5 $ 52.8 $ 0.7 2025 47.0 0.6 43.0 0.6 2026 36.1 0.4 32.6 0.4 2027 22.3 0.4 19.7 0.3 2028 16.2 0.2 14.7 0.1 Thereafter 47.1 5.8 46.5 5.8 Total lease payments 210.2 7.9 209.3 7.9 Less: imputed interest (2) (31.3) (2.1) (29.5) (2.0) Present value of leased liabilities $ 178.9 $ 5.8 $ 179.8 $ 5.9 __________________________________ (1) Operating lease payments include options to extend or terminate at the Company's sole discretion, which are included in the determination of lease term when they are reasonably certain to be exercised. (2) Calculated for each lease using either the implicit interest rate or the incremental borrowing rate when the implicit interest rate is not readily available.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023 were as follows (in millions): Three Months Ended March 31, 2024 2023 Balance at beginning of period $ 310.7 $ 239.0 Advance consideration received 52.5 58.5 Revenue recognized during the period for extended warranty contracts, maintenance services and technology services (32.2) (24.9) Revenue recognized during the period related to grain storage and protein production systems (4.7) (16.0) Foreign currency translation (4.8) 3.0 Balance at March 31 $ 321.5 $ 259.6
Disaggregation of Revenue	Net sales for the three months ended March 31, 2024 disaggregated by primary geographical markets and major products consisted of the following (in millions): North America South America Europe/Middle East Asia/Pacific/Africa Consolidated Primary geographical markets: United States $ 598.8 $ — $ — $ — $ 598.8 Canada 99.9 — — — 99.9 Brazil — 229.6 — — 229.6 Other South America — 71.2 — — 71.2 Germany — — 511.3 — 511.3 France — — 324.9 — 324.9 United Kingdom and Ireland — — 138.4 — 138.4 Finland and Scandinavia — — 163.1 — 163.1 Italy — — 69.3 — 69.3 Other Europe — — 360.6 — 360.6 Middle East and Algeria — — 161.4 — 161.4 Africa — — — 23.4 23.4 Asia — — — 74.6 74.6 Australia and New Zealand — — — 68.7 68.7 Mexico, Central America and Caribbean 30.9 2.6 — — 33.5 $ 729.6 $ 303.4 $ 1,729.0 $ 166.7 $ 2,928.7 Major products: Tractors $ 252.7 $ 172.9 $ 1,260.7 $ 90.9 $ 1,777.2 Replacement parts 94.0 39.1 277.7 22.9 433.7 Grain storage and protein production systems 128.5 30.4 22.1 24.2 205.2 Combines, application equipment and other machinery 254.4 61.0 168.5 28.7 512.6 $ 729.6 $ 303.4 $ 1,729.0 $ 166.7 $ 2,928.7 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.

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Sales Information By Reportable Segments	Segment results for the three months ended March 31, 2024 and 2023 and assets as of March 31, 2024 and December 31, 2023 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 Total Segments 2024 Net sales $ 729.6 $ 303.4 $ 1,729.0 $ 166.7 $ 2,928.7 Income from operations 42.4 16.2 282.9 8.0 349.5 Depreciation 17.2 9.4 32.6 4.1 63.3 Capital expenditures 17.6 15.3 61.4 0.7 95.0 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 Assets As of March 31, 2024 $ 1,946.7 $ 1,369.7 $ 3,214.7 $ 868.9 $ 7,400.0 As of December 31, 2023 1,883.2 1,394.9 3,017.4 875.2 7,170.7
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, 2024 2023 Segment income from operations $ 349.5 $ 459.1 Corporate expenses (53.0) (42.1) Amortization of intangibles (13.9) (14.8) Stock compensation expense (8.0) (13.5) Restructuring expenses (1.0) (1.4) Consolidated income from operations $ 273.6 $ 387.3
Reconciliation of Assets from Segment to Consolidated	March 31, 2024 December 31, 2023 Segment assets $ 7,400.0 $ 7,170.7 Cash and cash equivalents 2,455.8 595.5 Investments in affiliates 520.5 512.7 Deferred tax assets, other current and noncurrent assets 1,466.2 1,500.1 Intangible assets, net 291.6 308.8 Goodwill 1,325.8 1,333.4 Consolidated total assets $ 13,459.9 $ 11,421.2

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Millions, ₺ in Billions, $ in Billions	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2024 TRY (₺)	Mar. 31, 2024 ARS ($)	Dec. 31, 2023 USD ($)
Basis Of Presentation [Line Items]
Net sales	$ 2,928.7	$ 3,333.5
Assets	13,459.9				$ 11,421.2
Cash and cash equivalents	2,455.8				$ 595.5
Turkey | Subsidiaries
Basis Of Presentation [Line Items]
Net sales	156.3
Assets	225.7		₺ 7.3
Turkey | Turkish lira | Subsidiaries
Basis Of Presentation [Line Items]
Assets, reporting currency denominated value	201.5		6.5
Liabilities, reporting currency denominated value	172.3		₺ 5.6
Argentia | AGCO Capital
Basis Of Presentation [Line Items]
Net monetary assets	14.1			$ 11.8
Argentia | Subsidiaries
Basis Of Presentation [Line Items]
Net sales	44.2
Assets	265			220.8
Argentia | Pesos
Basis Of Presentation [Line Items]
Assets, reporting currency denominated value	98.5			82.1
Liabilities, reporting currency denominated value	20.2			16.8
Cash and cash equivalents	$ 40.1			$ 33.4

Acquisitions (Details)

Acquisitions (Details) - Subsequent Event $ in Millions	Apr. 01, 2024 USD ($)
Trimble Ag joint venture
Business Acquisition [Line Items]
Percentage of noncontrolling interest owned by parent	85%
Percentage of noncontrolling interest owned by noncontrolling owner	15%
Trimble, Inc.
Business Acquisition [Line Items]
Payments to acquire interest in joint venture	$ 1,954

Accounts Receivable Sales Agr_2

Accounts Receivable Sales Agreements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding accounts receivable securitization	$ 218.6		$ 211.3
Other expense, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loss on sales of receivables	27.9	$ 28.5
Trade Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash received from receivables sold	213.3	233.3
United States, Canada, Europe, and Brazil
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash received from receivables sold	$ 2,400	$ 1,700

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill at beginning of period	$ 1,333.4
Acquisitions	8.7
Foreign currency translation	(16.3)
Goodwill at end of period	1,325.8
North America
Goodwill [Roll Forward]
Goodwill at beginning of period	668.2
Acquisitions	0
Foreign currency translation	(0.9)
Goodwill at end of period	667.3
Other South America
Goodwill [Roll Forward]
Goodwill at beginning of period	93.5
Acquisitions	0
Foreign currency translation	(3)
Goodwill at end of period	90.5
Europe/Middle East
Goodwill [Roll Forward]
Goodwill at beginning of period	458.5
Acquisitions	8.7
Foreign currency translation	(10)
Goodwill at end of period	457.2
Asia/Pacific/Africa
Goodwill [Roll Forward]
Goodwill at beginning of period	113.2
Acquisitions	0
Foreign currency translation	(2.4)
Goodwill at end of period	$ 110.8

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Schedule of Change in Carrying Amount of Intangible Assets) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Gross carrying amounts:
Balance at beginning of period	$ 929.5
Foreign currency translation	(8.5)
Balance at end of period	921
Accumulated amortization:
Balance at beginning of period	712.9
Amortization of intangibles	13.9	$ 14.8
Foreign currency translation	(6.6)
Balance at end of period	720.2
Trademarks and Trade Names
Gross carrying amounts:
Balance at beginning of period	194.3
Foreign currency translation	(1.8)
Balance at end of period	192.5
Accumulated amortization:
Balance at beginning of period	114.5
Amortization of intangibles	2.5
Foreign currency translation	(0.9)
Balance at end of period	116.1
Customer Relationships
Gross carrying amounts:
Balance at beginning of period	580.7
Foreign currency translation	(4.5)
Balance at end of period	576.2
Accumulated amortization:
Balance at beginning of period	483.4
Amortization of intangibles	9.1
Foreign currency translation	(3.7)
Balance at end of period	488.8
Patents and Technology
Gross carrying amounts:
Balance at beginning of period	148.2
Foreign currency translation	(2.1)
Balance at end of period	146.1
Accumulated amortization:
Balance at beginning of period	113.3
Amortization of intangibles	2.3
Foreign currency translation	(1.9)
Balance at end of period	113.7
Land Use Rights
Gross carrying amounts:
Balance at beginning of period	6.3
Foreign currency translation	(0.1)
Balance at end of period	6.2
Accumulated amortization:
Balance at beginning of period	1.7
Amortization of intangibles	0
Foreign currency translation	(0.1)
Balance at end of period	$ 1.6

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Indefinite-Lived Intangible Assets) (Details) - Trademarks and Trade Names $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Indefinite-lived intangible assets:
Balance at beginning of period	$ 85.9
Foreign currency translation	(0.9)
Balance at end of period	$ 85

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles	$ 13.9	$ 14.8
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	4 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	50 years

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 1,608.6	$ 1,460.7
Repair and replacement parts	831.9	823.1
Work in process	379.8	255.2
Raw materials	961.6	901.7
Inventories, net	3,781.9	3,440.7
Reserve for surplus and obsolete inventories	$ 247.7	$ 238.9

Product Warranty (Warranty Rese

Product Warranty (Warranty Reserve Activity) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Warranty reserve activity:
Balance at beginning of period	$ 800.8	$ 640
Accruals for warranties issued	92.1	89.7
Settlements made and deferred revenue recognized	(82)	(64.5)
Foreign currency translation	(17.8)	11.8
Balance at end of period	$ 793.1	$ 677

Product Warranty (Narrative) (D

Product Warranty (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Product Warranty Liability [Line Items]
Product warranty period, minimum, years	1 year
Product warranty period, maximum, years	4 years
Product warranty accrual, current	$ 661.9	$ 679.9	$ 572.1
Product warranty accrual, noncurrent	$ 131.2	$ 120.9	$ 104.9
Minimum
Product Warranty Liability [Line Items]
Extended product warranty, period	3 years
Maximum
Product Warranty Liability [Line Items]
Extended product warranty, period	5 years

Supplier Finance Programs (Deta

Supplier Finance Programs (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Supplier Finance Program [Line Items]
Amount outstanding reflected in Accounts Payable	$ 87.5	$ 82.7
Minimum
Supplier Finance Program [Line Items]
Payment terms period	30 days
Maximum
Supplier Finance Program [Line Items]
Payment terms period	180 days

Indebtedness (Components of Ind

Indebtedness (Components of Indebtedness) (Details) € in Millions, $ in Millions	Mar. 31, 2024 USD ($)	Mar. 31, 2024 EUR (€)	Mar. 21, 2024	Jan. 25, 2024	Dec. 31, 2023 USD ($)	Sep. 29, 2023	Oct. 06, 2021	Jan. 25, 2019 EUR (€)
Debt Instrument [Line Items]
Debt issuance costs	$ (13.5)				$ (3.1)
Total long-term debt	3,697.4				1,379.5
Total long-term indebtedness	3,425.7				1,377.2
Senior Notes | 1.002% EIB Senior term loan due 2025
Debt Instrument [Line Items]
Interest rate percentage								1.002%
Long-term debt, gross	269.7				276.7			€ 250
Less current portion of long-term debt	(269.7)				0
Senior Notes | Senior term loans due between 2025 and 2028
Debt Instrument [Line Items]
Long-term debt, gross	158	€ 146.5			162.1
Senior Notes | 0.800% Senior notes due 2028
Debt Instrument [Line Items]
Interest rate percentage							0.80%
Long-term debt, gross	647.2	€ 600			664
Senior Notes | 5.450% Senior notes due 2027
Debt Instrument [Line Items]
Interest rate percentage			5.45%
Long-term debt, gross	400				0
Senior Notes | 5.800% Senior notes due 2034
Debt Instrument [Line Items]
Interest rate percentage			5.80%
Long-term debt, gross	700				0
Other long term debt
Debt Instrument [Line Items]
Long-term debt, gross	2.9				3.1
Less current portion of long-term debt	(2)				(2.3)
Revolving Credit Facility | Line of Credit | Credit facility, expires 2027
Debt Instrument [Line Items]
Long-term debt, gross	580				0
Multi-Currency Finance Contract | EIB Senior Term Loan due 2029
Debt Instrument [Line Items]
Interest rate percentage						3.98%
Long-term debt, gross	269.7				276.7
Multi-Currency Finance Contract | EIB Senior Term Loan due 2030
Debt Instrument [Line Items]
Interest rate percentage				3.416%
Long-term debt, gross	183.4				0
Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 500				$ 0

Indebtedness (Narrative) (Detai

Indebtedness (Narrative) (Details)			1 Months Ended			3 Months Ended			25 Months Ended	49 Months Ended
	Sep. 28, 2023 USD ($)	Oct. 06, 2021 EUR (€)	Mar. 21, 2027	Mar. 31, 2024 USD ($) loan_agreement	Dec. 31, 2022 USD ($)	Mar. 21, 2034	Mar. 31, 2024 USD ($) loan_agreement	Mar. 31, 2023 USD ($)	Aug. 31, 2023 EUR (€)	Oct. 31, 2023 EUR (€)	Mar. 31, 2024 EUR (€) loan_agreement	Mar. 25, 2024 USD ($)	Mar. 21, 2024 USD ($)	Feb. 15, 2024 EUR (€)	Jan. 25, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Oct. 26, 2023 EUR (€)	Sep. 29, 2023 EUR (€)	Jun. 30, 2022 EUR (€)	Jan. 25, 2019 EUR (€)	Oct. 31, 2018 USD ($)	Aug. 31, 2018 EUR (€) loan_agreement	Oct. 31, 2016 EUR (€) loan_agreement
Debt Instrument [Line Items]
Repayments of debt							$ 400,000	$ 4,400,000
Letters of credit outstanding				$ 14,700,000			14,700,000									$ 14,700,000
Bridge Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 2,000,000,000
Remaining borrowing capacity												$ 0
Debt instrument term	364 days
Other Short-Term Borrowings
Debt Instrument [Line Items]
Short-term debt outstanding				28,700,000			28,700,000									12,700,000
Multi-Currency Revolving Credit Facility | Line of Credit | EURIBOR | Minimum
Debt Instrument [Line Items]
Margin on variable rate					0.875%
Multi-Currency Revolving Credit Facility | Line of Credit | EURIBOR | Maximum
Debt Instrument [Line Items]
Margin on variable rate					1.875%
Multi-Currency Revolving Credit Facility | Line of Credit | Interest Accrual, Option One | SOFR
Debt Instrument [Line Items]
Margin on variable rate					0.10%
Multi-Currency Revolving Credit Facility | Line of Credit | Interest Accrual, Option One | SOFR | Minimum
Debt Instrument [Line Items]
Margin on variable rate					0.875%
Multi-Currency Revolving Credit Facility | Line of Credit | Interest Accrual, Option One | SOFR | Maximum
Debt Instrument [Line Items]
Margin on variable rate					1.875%
Multi-Currency Revolving Credit Facility | Line of Credit | Interest Accrual, Option Two | SOFR
Debt Instrument [Line Items]
Margin on variable rate					1%
Multi-Currency Revolving Credit Facility | Line of Credit | Interest Accrual, Option Two | SOFR | Minimum
Debt Instrument [Line Items]
Margin on variable rate					0%
Multi-Currency Revolving Credit Facility | Line of Credit | Interest Accrual, Option Two | SOFR | Maximum
Debt Instrument [Line Items]
Margin on variable rate					0.875%
Multi-Currency Revolving Credit Facility | Line of Credit | Interest Accrual, Option Two | Fed Funds Effective Rate
Debt Instrument [Line Items]
Margin on variable rate					0.50%
5.800% Senior notes due 2034 | Senior Notes
Debt Instrument [Line Items]
Interest rate percentage													5.80%
Face amount													$ 700,000,000
Long-term debt, gross				700,000,000			700,000,000									0
5.800% Senior notes due 2034 | Senior Notes | Forecast
Debt Instrument [Line Items]
Redemption price, percentage						100%
5.450% Senior notes due 2027 | Senior Notes
Debt Instrument [Line Items]
Interest rate percentage													5.45%
Face amount													$ 400,000,000
Long-term debt, gross				400,000,000			400,000,000									0
5.450% Senior notes due 2027 | Senior Notes | Forecast
Debt Instrument [Line Items]
Redemption price, percentage			100%
0.800% Senior notes due 2028 | Senior Notes
Debt Instrument [Line Items]
Interest rate percentage		0.80%
Face amount | €		€ 600,000,000
Long-term debt, gross				647,200,000			647,200,000				€ 600,000,000					664,000,000
Face amount, issue price percentage		99.993%
1.002% EIB Senior term loan due 2025 | Senior Notes
Debt Instrument [Line Items]
Interest rate percentage																				1.002%
Long-term debt, gross				269,700,000			$ 269,700,000									276,700,000				€ 250,000,000
Senior Term Loans due Between 2023 and 2028 | Senior Notes
Debt Instrument [Line Items]
Repayments of debt | €									€ 244,000,000	€ 322,500,000
Face amount | €																						€ 338,000,000	€ 375,000,000
Number of loan agreements entered | loan_agreement																						7	7
Senior term loans due between 2025 and 2028 | Line of Credit | Minimum
Debt Instrument [Line Items]
Margin on variable rate							1.67%
Senior term loans due between 2025 and 2028 | Line of Credit | Maximum
Debt Instrument [Line Items]
Margin on variable rate							2.26%
Senior term loans due between 2025 and 2028 | Line of Credit | EURIBOR | Minimum
Debt Instrument [Line Items]
Margin on variable rate							1.10%
Senior term loans due between 2025 and 2028 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross				$ 158,000,000			$ 158,000,000				€ 146,500,000					162,100,000
Number of agreements remaining | loan_agreement				4			4				4
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity																					$ 800,000,000
Increase to maximum borrowing capacity					$ 450,000,000
Revolving Credit Facility | 1.25 Billion Multi-Currency Unsecured Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity					1,250,000,000
Line of credit amount outstanding				$ 580,000,000			$ 580,000,000
Remaining borrowing capacity				670,000,000			670,000,000
Revolving Credit Facility | 1.25 Billion Multi-Currency Unsecured Credit Facility, US Dollar Tranche | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity					325,000,000
Revolving Credit Facility | 1.25 Billion Multi-Currency Unsecured Credit Facility, Multi-Currency Tranche | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity					925,000,000
Revolving Credit Facility | Bilateral Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Repayments of debt					$ 240,000,000
Revolving Credit Facility | Uncommitted Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				107,900,000			107,900,000												€ 100,000,000
Line of credit amount outstanding				0			0									0
Remaining borrowing capacity				107,900,000			107,900,000				€ 100,000,000
Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity				500,000,000			500,000,000									250,000,000
Increase to maximum borrowing capacity				250,000,000
Line of credit amount outstanding				500,000,000			500,000,000
Long-term debt, gross				500,000,000			500,000,000									0
Multi-Currency Finance Contract | EIB Senior Term Loan due 2029
Debt Instrument [Line Items]
Maximum borrowing capacity | €																		€ 250,000,000
Line of credit amount outstanding				269,700,000			269,700,000										€ 250,000,000
Interest rate percentage																		3.98%
Long-term debt, gross				269,700,000			269,700,000									276,700,000
Percentage of specified investments																		50%
Multi-Currency Finance Contract | EIB Senior Term Loan due 2030
Debt Instrument [Line Items]
Maximum borrowing capacity | €															€ 170,000,000
Line of credit amount outstanding				183,400,000			183,400,000							€ 170,000,000
Interest rate percentage															3.416%
Long-term debt, gross				$ 183,400,000			$ 183,400,000									$ 0

Recoverable Indirect Taxes (Det

Recoverable Indirect Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Recoverable Indirect Taxes [Abstract]
Value added tax credit	$ 93.9	$ 93.5

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Narrative) (Details) € in Millions, $ in Millions		3 Months Ended
	Mar. 28, 2024 USD ($)	Mar. 31, 2023 USD ($)	Jan. 29, 2028 USD ($)	Jan. 29, 2028 EUR (€)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)
Deferred Net (Losses) Gains on Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Realized net losses in accumulated other comprehensive loss					$ (8.1)	$ 1.3
Foreign currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount					3,039.7
Foreign currency contracts | Deferred Net (Losses) Gains on Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Realized net losses in accumulated other comprehensive loss					0.6
Foreign currency contracts | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount					2,545.2	3,125.1
Foreign currency contracts | Cash Flow Hedging | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount					494.5	262.2
Commodity contracts | Deferred Net (Losses) Gains on Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Realized net 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					1.6	$ 2.5
Treasury rate locks | Cash Flow Hedging | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain recognized in accumulated other comprehensive loss	$ 8.2
Cross currency swap contract payment | Net Investment Hedging | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount					$ 267.4
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 receipt | Net Investment Hedging | Designated as Hedging Instrument | Forecast
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount			$ 300
Foreign currency denominated debt | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain on net investment hedge, net of tax, recognized in other comprehensive loss		$ 0.9
Foreign currency denominated debt | Net Investment Hedging | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount | €							€ 150

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, 2024	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cost of goods sold	$ 2,158.9	$ 2,478.6
Interest expense, net	1.9	0.5
Cash Flow Hedging | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	4.6	(1)
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	(2.3)	(1.5)
Cash Flow Hedging | Designated as Hedging Instrument | Foreign currency contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	(1.2)	(1.9)
Cash Flow Hedging | Designated as Hedging Instrument | Foreign currency contracts | Cost of goods sold
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	(2.3)	(1.8)
Cash Flow Hedging | Designated as Hedging Instrument | Commodity contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	(0.3)	0.9
Cash Flow Hedging | Designated as Hedging Instrument | Commodity contracts | Cost of goods sold
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	0	$ 0.3
Cash Flow Hedging | Designated as Hedging Instrument | Treasury rate locks
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	6.1
Cash Flow Hedging | Designated as Hedging Instrument | Treasury rate locks | Interest expense, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	$ 0

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, 2024 USD ($)
After-Tax Amount
Balance beginning of period	$ 4,656.8
Balance end of period	4,755.2
Deferred Net (Losses) Gains on Derivatives
Before-Tax Amount
Accumulated derivative net gains (losses) as the beginning of the period	(1.3)
Net changes in fair value of derivatives	6.8
Net losses reclassified from accumulated other comprehensive loss into income	2.6
Accumulated derivative net gains (losses) as of the end of the period	8.1
Income Tax Expense (Benefit)
Accumulated derivative net gains (losses) as of the beginning of the period	(0.5)
Net changes in fair value of derivatives	2.2
Net losses reclassified from accumulated other comprehensive loss into income	0.3
Accumulated derivative net gains (losses) as of the end of the period	2
After-Tax Amount
Balance beginning of period	(0.8)
Other comprehensive loss before reclassifications	4.6
Net losses reclassified from accumulated other comprehensive loss into income	2.3
Balance end of period	$ 6.1

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities (Notional Value and Change in Fair Value of Net Investment Hedges) (Details) - Cross currency swap contract - Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivative [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss, Before-Tax Amount	$ 4.7	$ (1)
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss, Income Tax Expense (Benefit)	1.2	(0.2)
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss, After-Tax Amount	3.5	$ (0.8)
Net Investment Hedging
Derivative [Line Items]
Notional amount	$ 300		$ 300

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, 2024	Mar. 31, 2023
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	$ (8.3)	$ 11.2

Derivative Instruments and He_8

Derivative Instruments and Hedging Activities (Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Asset derivatives	$ 31	$ 38.7
Liability derivatives	7.8	14
Foreign currency contracts | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset derivatives	3.6	1.3
Liability derivatives	2.8	1.2
Foreign currency contracts | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset derivatives	2.4	17.1
Liability derivatives	4.8	12.8
Commodity contracts | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset derivatives	0	0
Liability derivatives	0.2	0
Cross currency swap contract | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset derivatives	25	20.3
Liability derivatives	$ 0	$ 0

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule of Stockholders' Equity) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	$ 4,656.8	$ 3,882.6
Stock compensation	8.4	14
Issuance of stock awards	(12.9)	(18.4)
SSARs exercised	(0.1)	(1.1)
Comprehensive income:
Net income	168	232.6
Other comprehensive (loss) income:
Foreign currency translation adjustments	(52)	44.4
Defined benefit pension plans, net of tax	1.7	1.8
Deferred gains and losses on derivatives, net of tax	6.9	0.5
Payment of dividends to stockholders	(21.6)	(18)
Balance end of period	4,755.2	4,132.9	$ 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 (loss) income:
Balance end of period			$ (5.5)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	0.7	0.7
Other comprehensive (loss) income:
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	4.1	30.2
Stock compensation	8.4	14
Issuance of stock awards	(12.4)	(18.4)
SSARs exercised	(0.1)	(1.1)
Other comprehensive (loss) income:
Balance end of period	0	24.7	30.2
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	6,360	5,654.6
Issuance of stock awards	(0.5)
Comprehensive income:
Net income	168	232.6
Other comprehensive (loss) income:
Payment of dividends to stockholders	(21.6)	(18)
Balance end of period	6,505.9	5,863.7	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 (loss) income:
Balance end of period			(5.5)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	(1,708.1)	(1,803.1)
Other comprehensive (loss) income:
Foreign currency translation adjustments	(52)	44.4
Defined benefit pension plans, net of tax	1.7	1.8
Deferred gains and losses on derivatives, net of tax	6.9	0.5
Balance end of period	(1,751.5)	(1,756.4)	(1,803.1)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning of period	0.1	0.2
Other comprehensive (loss) income:
Foreign currency translation adjustments		0
Balance end of period	$ 0.1	$ 0.2	$ 0.2

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	2 Months Ended	3 Months Ended
	Apr. 25, 2024	Jan. 31, 2024	Dec. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Nov. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Comprehensive loss attributable to noncontrolling interests				$ 0	$ 0
Remaining authorized repurchase amount				$ 57
Cash dividends declared and paid per common share (in dollars per share)				$ 0.29	$ 0.24
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared (in dollars per share)	$ 0.29
Subsequent Event | Special Dividends
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared (in dollars per share)	$ 2.50
Accelerated Share Repurchase
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount						$ 53
Stock repurchased and retired (in shares)		82,883	371,669
Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased and retired (in shares)				0

Stockholders' Equity (Changes i

Stockholders' Equity (Changes in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance beginning of period	$ 4,656.8	$ 3,882.6
Other comprehensive (loss) income	(43.4)	46.7
Balance end of period	4,755.2	4,132.9
Defined Benefit Pension Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance beginning of period	(238.6)
Other comprehensive income (loss) before reclassifications	0
Net losses reclassified from accumulated other comprehensive loss	1.7
Other comprehensive (loss) income	1.7
Balance end of period	(236.9)
Deferred Net (Losses) Gains on Derivatives
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance beginning of period	(0.8)
Other comprehensive income (loss) before reclassifications	4.6
Net losses reclassified from accumulated other comprehensive loss	2.3
Other comprehensive (loss) income	6.9
Balance end of period	6.1
Cumulative Translation Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance beginning of period	(1,468.7)
Other comprehensive income (loss) before reclassifications	(52)
Net losses reclassified from accumulated other comprehensive loss	0
Other comprehensive (loss) income	(52)
Balance end of period	(1,520.7)
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance beginning of period	(1,708.1)	(1,803.1)
Other comprehensive income (loss) before reclassifications	(47.4)
Net losses reclassified from accumulated other comprehensive loss	4
Other comprehensive (loss) income	(43.4)
Balance end of period	$ (1,751.5)	$ (1,756.4)

Stockholders' Equity (Reclassif

Stockholders' Equity (Reclassifications out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cost of goods sold	$ 2,158.9	$ 2,478.6
Reclassification before tax	(220.9)	(336.4)
Income tax provision	69.1	120.2
Other expense, net	50.8	50.4
Net losses reclassified from accumulated other comprehensive loss	(168)	(232.6)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Net losses reclassified from accumulated other comprehensive loss	4	3.3
Reclassification out of Accumulated Other Comprehensive Income | Derivatives
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Reclassification before tax	2.6	1.8
Income tax provision	(0.3)	(0.3)
Net losses reclassified from accumulated other comprehensive loss	2.3	1.5
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	0.4
Reclassification out of Accumulated Other Comprehensive Income | Defined benefit plans
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Reclassification before tax	2.6	2.4
Income tax provision	(0.9)	(0.6)
Net losses reclassified from accumulated other comprehensive loss	1.7	1.8
Foreign currency contracts | Reclassification out of Accumulated Other Comprehensive Income | Derivatives
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cost of goods sold	2.6	2.2
Commodity contracts | Reclassification out of Accumulated Other Comprehensive Income | Derivatives
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cost of goods sold	$ 0	$ (0.4)

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, 2024	Mar. 31, 2023
Basic net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$ 168	$ 232.6
Weighted average number of common shares outstanding (in shares)	74.6	74.9
Basic net income per share attributable to AGCO Corporation and subsidiaries (in dollars per share)	$ 2.25	$ 3.11
Diluted net income per share:
Net income attributable to AGCO Corporation and subsidiaries	$ 168	$ 232.6
Weighted average number of common shares outstanding (in shares)	74.6	74.9
Dilutive SSARs, performance share awards and RSUs (in shares)	0.1	0.1
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share (in shares)	74.7	75
Diluted net income per share attributable to AGCO Corporation and subsidiaries (in dollars per share)	$ 2.25	$ 3.10

Income Taxes (Details)

Income Taxes (Details) R$ in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 BRL (R$)	Dec. 31, 2023 BRL (R$)
Income Tax Contingency [Line Items]
Unrecognized income tax benefits that would affect effective tax rate	$ 369.7	$ 351.2
Indirect favorable effects relating to other tax jurisdictions	115.8	103.9
Accrued or deferred taxes relating to uncertain income tax positions	11.2	9.9
Noncurrent liability for uncertain tax positions	361.2	344.2
Deferred tax assets related to uncertain tax positions	2.7	2.9
Accrued interest and penalties relating to unrecognized tax benefits	28.8	27.9
Tax disallowance not including interest and penalties		27.1		R$ 131.5
Amnesty program gross estimate recorded to income tax provision		34.8	R$ 182.6
U.S. tax credits associated with the Amnesty program estimate		8.4
Foreign Tax Authority
Income Tax Contingency [Line Items]
Deposits	26.2	26.9
Refunds received	$ 19.3	$ 19.7

Pension and Postretirement Be_3

Pension and Postretirement Benefit Plans (Net Pension And Postretirement Cost) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2.1	$ 2.4
Interest cost	7	7.2
Expected return on plan assets	(7.7)	(7.2)
Amortization of net actuarial losses	2.2	2
Amortization of prior service cost	0.3	0.3
Net periodic cost	3.9	4.7
Postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.1	0
Interest cost	0.4	0.3
Amortization of prior service cost	0.1	0.1
Net periodic cost	$ 0.6	$ 0.4

Pension and Postretirement Be_4

Pension and Postretirement Benefit Plans (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 10.8
Estimated contributions for current fiscal year	29.2
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	0.4
Estimated contributions for current fiscal year	$ 1.7

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) € in Millions, $ in Millions	Mar. 31, 2024 USD ($)	Mar. 31, 2024 EUR (€)	Mar. 21, 2024	Dec. 31, 2023 USD ($)	Oct. 06, 2021	Jan. 25, 2019 EUR (€)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 31			$ 38.7
Derivative liabilities	7.8			14
Senior Notes | 1.002% EIB Senior term loan due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate percentage						1.002%
Debt carrying amount	269.7			276.7		€ 250
Senior Notes | 5.450% Senior notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate percentage			5.45%
Debt fair value	402
Debt carrying amount	400			0
Senior Notes | 5.800% Senior notes due 2034
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate percentage			5.80%
Debt fair value	708.4
Debt carrying amount	700			0
Senior Notes | 0.800% Senior notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate percentage					0.80%
Debt fair value	570.7	€ 529.1
Debt carrying amount	647.2	€ 600		664
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				38.7
Derivative liabilities				14
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0			0
Derivative liabilities	$ 0			$ 0

Commitments and Contingencies_2

Commitments and Contingencies (Lease Payment Amounts for Operating and Finance Leases) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Operating Leases
2024	$ 41.5	$ 52.8
2025	47	43
2026	36.1	32.6
2027	22.3	19.7
2028	16.2	14.7
Thereafter	47.1	46.5
Total lease payments	210.2	209.3
Less: imputed interest	(31.3)	(29.5)
Present value of leased liabilities	178.9	179.8
Finance Leases
2024	0.5	0.7
2025	0.6	0.6
2026	0.4	0.4
2027	0.4	0.3
2028	0.2	0.1
Thereafter	5.8	5.8
Total lease payments	7.9	7.9
Less: imputed interest	(2.1)	(2)
Present value of leased liabilities	$ 5.8	$ 5.9

Commitments and Contingencies_3

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Foreign currency contracts
Guarantor Obligations [Line Items]
Notional amount	$ 3,039.7
Foreign currency contracts | Cash Flow Hedging | Designated as Hedging Instrument
Guarantor Obligations [Line Items]
Notional amount	494.5	$ 262.2
Commodity contracts | Cash Flow Hedging | Designated as Hedging Instrument
Guarantor Obligations [Line Items]
Notional amount	1.6	$ 2.5
AGCO Capital
Guarantor Obligations [Line Items]
Guarantor obligations, current carrying value	43.6
US and Canada Finance Joint Ventures
Guarantor Obligations [Line Items]
Guarantor obligations, current carrying value	12.6
Guarantor obligation maximum exposure	$ 180.1

Revenue (Contract Assets and Li

Revenue (Contract Assets and Liabilities) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Change in Contract with Customer, Liability [Roll Forward]
Balance at beginning of period	$ 310.7	$ 239
Advance consideration received	52.5	58.5
Foreign currency translation	(4.8)	3
Balance at end of period	321.5	259.6
Revenue recognized that was recorded as a contract liability at the beginning of the period	33.2	35.7
Extended warranty contracts, maintenance services, technology services
Change in Contract with Customer, Liability [Roll Forward]
Revenue recognized during the period for extended warranty contracts	(32.2)	(24.9)
Grain storage and protein production systems
Change in Contract with Customer, Liability [Roll Forward]
Revenue recognized during the period for extended warranty contracts	$ (4.7)	$ (16)

Revenue (Remaining Performance

Revenue (Remaining Performance Obligations) (Details) $ in Millions	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 91.3
Remaining performance obligation, expected timing of satisfaction, period	9 months
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	$ 101.9
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	$ 63.2
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	$ 32.6
Remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 14.7
Remaining performance obligation, expected timing of satisfaction, period

Revenue (Disaggregated Revenue)

Revenue (Disaggregated Revenue) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 2,928.7	$ 3,333.5
Tractors
Disaggregation of Revenue [Line Items]
Net sales	1,777.2	1,908
Replacement parts
Disaggregation of Revenue [Line Items]
Net sales	433.7	455.7
Grain storage and protein production systems
Disaggregation of Revenue [Line Items]
Net sales	205.2	255.9
Combines, application equipment and other machinery
Disaggregation of Revenue [Line Items]
Net sales	512.6	713.9
United States
Disaggregation of Revenue [Line Items]
Net sales	598.8	760.1
Canada
Disaggregation of Revenue [Line Items]
Net sales	99.9	127.9
Brazil
Disaggregation of Revenue [Line Items]
Net sales	229.6	425.4
Other South America
Disaggregation of Revenue [Line Items]
Net sales	71.2	73.7
Germany
Disaggregation of Revenue [Line Items]
Net sales	511.3	395.4
France
Disaggregation of Revenue [Line Items]
Net sales	324.9	301.4
United Kingdom and Ireland
Disaggregation of Revenue [Line Items]
Net sales	138.4	174.9
Finland and Scandinavia
Disaggregation of Revenue [Line Items]
Net sales	163.1	180
Italy
Disaggregation of Revenue [Line Items]
Net sales	69.3	92.2
Other Europe
Disaggregation of Revenue [Line Items]
Net sales	360.6	444.3
Middle East and Algeria
Disaggregation of Revenue [Line Items]
Net sales	161.4	115.6
Africa
Disaggregation of Revenue [Line Items]
Net sales	23.4	30.4
Asia
Disaggregation of Revenue [Line Items]
Net sales	74.6	86.7
Australia and New Zealand
Disaggregation of Revenue [Line Items]
Net sales	68.7	85.7
Mexico, Central America and Caribbean
Disaggregation of Revenue [Line Items]
Net sales	33.5	39.8
North America
Disaggregation of Revenue [Line Items]
Net sales	729.6	923.1
North America | Tractors
Disaggregation of Revenue [Line Items]
Net sales	252.7	312.1
North America | Replacement parts
Disaggregation of Revenue [Line Items]
Net sales	94	101.8
North America | Grain storage and protein production systems
Disaggregation of Revenue [Line Items]
Net sales	128.5	147.1
North America | Combines, application equipment and other machinery
Disaggregation of Revenue [Line Items]
Net sales	254.4	362.1
North America | United States
Disaggregation of Revenue [Line Items]
Net sales	598.8	760.1
North America | Canada
Disaggregation of Revenue [Line Items]
Net sales	99.9	127.9
North America | Brazil
Disaggregation of Revenue [Line Items]
Net sales	0	0
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	0	0
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	30.9	35.1
South America
Disaggregation of Revenue [Line Items]
Net sales	303.4	503.8
South America | Tractors
Disaggregation of Revenue [Line Items]
Net sales	172.9	283
South America | Replacement parts
Disaggregation of Revenue [Line Items]
Net sales	39.1	43.4
South America | Grain storage and protein production systems
Disaggregation of Revenue [Line Items]
Net sales	30.4	40.7
South America | Combines, application equipment and other machinery
Disaggregation of Revenue [Line Items]
Net sales	61	136.8
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	229.6	425.4
South America | Other South America
Disaggregation of Revenue [Line Items]
Net sales	71.2	73.7
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	0	0
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	2.6	4.7
Europe/Middle East
Disaggregation of Revenue [Line Items]
Net sales	1,729	1,703.8
Europe/Middle East | Tractors
Disaggregation of Revenue [Line Items]
Net sales	1,260.7	1,205.7
Europe/Middle East | Replacement parts
Disaggregation of Revenue [Line Items]
Net sales	277.7	283.2
Europe/Middle East | Grain storage and protein production systems
Disaggregation of Revenue [Line Items]
Net sales	22.1	34.1
Europe/Middle East | Combines, application equipment and other machinery
Disaggregation of Revenue [Line Items]
Net sales	168.5	180.7
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	0	0
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	511.3	395.4
Europe/Middle East | France
Disaggregation of Revenue [Line Items]
Net sales	324.9	301.4
Europe/Middle East | United Kingdom and Ireland
Disaggregation of Revenue [Line Items]
Net sales	138.4	174.9
Europe/Middle East | Finland and Scandinavia
Disaggregation of Revenue [Line Items]
Net sales	163.1	180
Europe/Middle East | Italy
Disaggregation of Revenue [Line Items]
Net sales	69.3	92.2
Europe/Middle East | Other Europe
Disaggregation of Revenue [Line Items]
Net sales	360.6	444.3
Europe/Middle East | Middle East and Algeria
Disaggregation of Revenue [Line Items]
Net sales	161.4	115.6
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	166.7	202.8
Asia/Pacific/Africa | Tractors
Disaggregation of Revenue [Line Items]
Net sales	90.9	107.2
Asia/Pacific/Africa | Replacement parts
Disaggregation of Revenue [Line Items]
Net sales	22.9	27.3
Asia/Pacific/Africa | Grain storage and protein production systems
Disaggregation of Revenue [Line Items]
Net sales	24.2	34
Asia/Pacific/Africa | Combines, application equipment and other machinery
Disaggregation of Revenue [Line Items]
Net sales	28.7	34.3
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	0	0
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	0	0
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	23.4	30.4
Asia/Pacific/Africa | Asia
Disaggregation of Revenue [Line Items]
Net sales	74.6	86.7
Asia/Pacific/Africa | Australia and New Zealand
Disaggregation of Revenue [Line Items]
Net sales	68.7	85.7
Asia/Pacific/Africa | Mexico, Central America and Caribbean
Disaggregation of Revenue [Line Items]
Net sales	$ 0	$ 0

Segment Reporting (Segment Resu

Segment Reporting (Segment Results By Reportable Segments) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment	4
Number of reportable segments | segment	4
Net sales	$ 2,928.7	$ 3,333.5
Income from operations	273.6	387.3
Depreciation	63.3	53.6
Assets	13,459.9		$ 11,421.2
North America
Segment Reporting Information [Line Items]
Net sales	729.6	923.1
South America
Segment Reporting Information [Line Items]
Net sales	303.4	503.8
Europe/Middle East
Segment Reporting Information [Line Items]
Net sales	1,729	1,703.8
Asia/Pacific/Africa
Segment Reporting Information [Line Items]
Net sales	166.7	202.8
Operating Segments
Segment Reporting Information [Line Items]
Net sales	2,928.7	3,333.5
Income from operations	349.5	459.1
Depreciation	63.3	53.6
Capital expenditures	95	125.3
Assets	7,400		7,170.7
Operating Segments | North America
Segment Reporting Information [Line Items]
Net sales	729.6	923.1
Income from operations	42.4	102.1
Depreciation	17.2	14.9
Capital expenditures	17.6	37.3
Assets	1,946.7		1,883.2
Operating Segments | South America
Segment Reporting Information [Line Items]
Net sales	303.4	503.8
Income from operations	16.2	99.5
Depreciation	9.4	7.8
Capital expenditures	15.3	20.3
Assets	1,369.7		1,394.9
Operating Segments | Europe/Middle East
Segment Reporting Information [Line Items]
Net sales	1,729	1,703.8
Income from operations	282.9	239.4
Depreciation	32.6	26.8
Capital expenditures	61.4	67
Assets	3,214.7		3,017.4
Operating Segments | Asia/Pacific/Africa
Segment Reporting Information [Line Items]
Net sales	166.7	202.8
Income from operations	8	18.1
Depreciation	4.1	4.1
Capital expenditures	0.7	$ 0.7
Assets	$ 868.9		$ 875.2

Segment Reporting (Income From

Segment Reporting (Income From Operations and Total Assets) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Reconciliation of Income From Operations from Segments to Consolidated
Income from operations	$ 273.6	$ 387.3
Amortization of intangibles	(13.9)	(14.8)
Restructuring expenses	(1)	(1.4)
Reconciliation of Assets from Segment to Consolidated
Assets	13,459.9		$ 11,421.2
Cash and cash equivalents	2,455.8		595.5
Investments in affiliates	520.5		512.7
Intangible assets, net	291.6		308.8
Goodwill	1,325.8		1,333.4
Operating Segments
Reconciliation of Income From Operations from Segments to Consolidated
Income from operations	349.5	459.1
Reconciliation of Assets from Segment to Consolidated
Assets	7,400		7,170.7
Segment Reconciling Items
Reconciliation of Income From Operations from Segments to Consolidated
Corporate expenses	(53)	(42.1)
Amortization of intangibles	(13.9)	(14.8)
Stock compensation expense	(8)	(13.5)
Restructuring expenses	(1)	$ (1.4)
Reconciliation of Assets from Segment to Consolidated
Cash and cash equivalents	2,455.8		595.5
Investments in affiliates	520.5		512.7
Deferred tax assets, other current and noncurrent assets	1,466.2		1,500.1
Intangible assets, net	291.6		308.8
Goodwill	$ 1,325.8		$ 1,333.4