Company Quick10K Filing
AGCO
Price76.18 EPS3
Shares77 P/E27
MCap5,873 P/FCF-73
Net Debt1,051 EBIT370
TEV6,924 TEV/EBIT19
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-02-27
10-Q 2012-09-30 Filed 2012-11-07
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-08-20 Officers, Amend Bylaw, Exhibits
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-05-05
8-K 2020-04-30
8-K 2020-04-09
8-K 2020-02-06
8-K 2019-10-29
8-K 2019-09-25
8-K 2019-07-30
8-K 2019-05-02
8-K 2019-04-25
8-K 2019-04-24
8-K 2019-02-05
8-K 2019-01-22
8-K 2018-10-30
8-K 2018-10-26
8-K 2018-07-31
8-K 2018-07-25
8-K 2018-05-15
8-K 2018-05-01
8-K 2018-04-26
8-K 2018-02-06

AGCO 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 agcoex311.htm
EX-31.2 agcoex312.htm
EX-32.1 agcoex321.htm

AGCO Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
3.12.51.81.20.5-0.12012201420172020
Rev, G Profit, Net Income
0.70.40.2-0.1-0.3-0.62012201420172020
Ops, Inv, Fin

Document
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colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">RSUs awarded but not vested at January 1</font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">396,529</font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">RSUs awarded</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">95,593</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">RSUs forfeited</font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(36,051</font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">RSUs vested</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(116,225</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">RSUs awarded but not vested at June 30</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">339,846</font></div></td><td 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from _________ to _________

Commission File Number: 001-12930
AGCO CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware
 
58-1960019
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
4205 River Green Parkway
 

Duluth,
Georgia
 
30096
(Address of principal executive offices)
 
(Zip Code)
(770) 813-9200
(Registrants telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act
Title of Class
Trading Symbol
Name of exchange on which registered
Common stock
AGCO
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes o No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
As of August 3, 2020, there were 74,896,446 shares of the registrant’s common stock, par value of $0.01 per share, outstanding.
 



AGCO CORPORATION AND SUBSIDIARIES
INDEX
 
 
 
Page
Numbers
 
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
 
Item 3.
 
 
 
 
Item 4.
 
 
 
 
 
 
 
 
Item 1.
 
 
 
 
Item 1A.
 
 
 
 
Item 2.
 
 
 
 
Item 6.
 
 
 



PART I.
FINANCIAL INFORMATION

ITEM 1.
FINANCIAL STATEMENTS

AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited and in millions, except share amounts)
 
June 30, 2020
 
December 31, 2019
ASSETS
Current Assets:
 
 
 
Cash and cash equivalents
$
404.4

 
$
432.8

Accounts and notes receivable, net
903.3

 
800.5

Inventories, net
2,169.0

 
2,078.7

Other current assets
394.2

 
417.1

Total current assets
3,870.9

 
3,729.1

Property, plant and equipment, net
1,363.6

 
1,416.3

Right-of-use lease assets
178.0

 
187.3

Investment in affiliates
387.6

 
380.2

Deferred tax assets
68.5

 
93.8

Other assets
192.8

 
153.0

Intangible assets, net
470.0

 
501.7

Goodwill
1,246.6

 
1,298.3

Total assets
$
7,778.0

 
$
7,759.7

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
 
 
 
Current portion of long-term debt
$
1.9

 
$
2.9

Short-term borrowings
102.6

 
150.5

Accounts payable
792.1

 
914.8

Accrued expenses
1,552.4

 
1,654.2

Other current liabilities
158.7

 
162.1

Total current liabilities
2,607.7

 
2,884.5

Long-term debt, less current portion and debt issuance costs
1,652.1

 
1,191.8

Operating lease liabilities
138.2

 
148.6

Pension and postretirement health care benefits
224.7

 
232.1

Deferred tax liabilities
103.5

 
107.0

Other noncurrent liabilities
334.3

 
288.7

Total liabilities
5,060.5

 
4,852.7

Commitments and contingencies (Note 17)


 


Stockholders’ Equity:
 
 
 
AGCO Corporation stockholders’ equity:
 
 
 
Preferred stock; $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding in 2020 and 2019

 

Common stock; $0.01 par value, 150,000,000 shares authorized, 74,895,942 and 75,471,562 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
0.8

 
0.8

Additional paid-in capital
10.1

 
4.7

Retained earnings
4,490.4

 
4,443.5

Accumulated other comprehensive loss
(1,825.2
)
 
(1,595.2
)
Total AGCO Corporation stockholders’ equity
2,676.1

 
2,853.8

Noncontrolling interests
41.4

 
53.2

Total stockholders’ equity
2,717.5

 
2,907.0

Total liabilities and stockholders’ equity
$
7,778.0

 
$
7,759.7

See accompanying notes to condensed consolidated financial statements.

3


AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in millions, except per share data)
 
Three Months Ended June 30,
 
2020
 
2019
Net sales
$
2,006.8

 
$
2,422.6

Cost of goods sold
1,574.1

 
1,858.7

Gross profit
432.7

 
563.9

Selling, general and administrative expenses
219.5

 
260.7

Operating expenses:
 
 
 
Engineering expenses
75.8

 
87.5

Amortization of intangibles
14.9

 
15.4

Goodwill impairment charge
20.0

 

Restructuring expenses
3.8

 

Bad debt expense
1.4

 
0.7

Income from operations
97.3

 
199.6

Interest expense, net
6.1

 
6.0

Other expense, net
10.0

 
11.6

Income before income taxes and equity in net earnings of affiliates
81.2

 
182.0

Income tax provision
31.3

 
53.2

Income before equity in net earnings of affiliates
49.9

 
128.8

Equity in net earnings of affiliates
10.1

 
11.6

Net income
60.0

 
140.4

Net loss attributable to noncontrolling interests
9.7

 
0.4

Net income attributable to AGCO Corporation and subsidiaries
$
69.7

 
$
140.8

Net income per common share attributable to AGCO Corporation and subsidiaries:
 
 
 
Basic
$
0.93

 
$
1.84

Diluted
$
0.93

 
$
1.82

Cash dividends declared and paid per common share
$
0.16

 
$
0.16

Weighted average number of common and common equivalent shares outstanding:
 
 
 
Basic
74.9

 
76.6

Diluted
75.2

 
77.2

See accompanying notes to condensed consolidated financial statements.

4


AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in millions, except per share data)
 
Six Months Ended June 30,
 
2020
 
2019
Net sales
$
3,935.1

 
$
4,418.4

Cost of goods sold
3,051.9

 
3,397.8

Gross profit
883.2

 
1,020.6

Selling, general and administrative expenses
467.1

 
522.9

Operating expenses:
 
 
 
Engineering expenses
160.7

 
172.0

Amortization of intangibles
29.9

 
30.7

Goodwill impairment charge
20.0

 

Restructuring expenses
4.6

 
1.7

Bad debt expense
3.2

 
1.3

Income from operations
197.7

 
292.0

Interest expense, net
9.5

 
9.5

Other expense, net
22.5

 
26.2

Income before income taxes and equity in net earnings of affiliates
165.7

 
256.3

Income tax provision
60.7

 
72.6

Income before equity in net earnings of affiliates
105.0

 
183.7

Equity in net earnings of affiliates
21.3

 
22.4

Net income
126.3

 
206.1

Net loss (income) attributable to noncontrolling interests
8.1

 
(0.2
)
Net income attributable to AGCO Corporation and subsidiaries
$
134.4

 
$
205.9

Net income per common share attributable to AGCO Corporation and subsidiaries:
 
 
 
Basic
$
1.79

 
$
2.69

Diluted
$
1.78

 
$
2.66

Cash dividends declared and paid per common share
$
0.32

 
$
0.31

Weighted average number of common and common equivalent shares outstanding:
 
 
 
Basic
75.1

 
76.6

Diluted
75.6

 
77.3

See accompanying notes to condensed consolidated financial statements.


5


AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(unaudited and in millions)
 
Three Months Ended June 30,
 
2020
 
2019
Net income
$
60.0

 
$
140.4

Other comprehensive (loss) income, net of reclassification adjustments:
 
 
 
Foreign currency translation adjustments
(30.3
)
 
4.4

Defined benefit pension plans, net of tax
3.4

 
3.0

Deferred gains and losses on derivatives, net of tax
(4.4
)
 
4.8

Other comprehensive (loss) income, net of reclassification adjustments
(31.3
)
 
12.2

Comprehensive income
28.7

 
152.6

Comprehensive loss (income) attributable to noncontrolling interests
7.2

 
(0.3
)
Comprehensive income attributable to AGCO Corporation and subsidiaries
$
35.9

 
$
152.3


 
Six Months Ended June 30,
 
2020
 
2019
Net income
$
126.3

 
$
206.1

Other comprehensive (loss) income, net of reclassification adjustments:
 
 
 
Foreign currency translation adjustments
(245.1
)
 
16.6

Defined benefit pension plans, net of tax
6.9

 
6.0

Deferred gains and losses on derivatives, net of tax
5.0

 
0.7

Other comprehensive (loss) income, net of reclassification adjustments
(233.2
)
 
23.3

Comprehensive (loss) income
(106.9
)
 
229.4

Comprehensive loss (income) attributable to noncontrolling interests
11.3

 
(2.4
)
Comprehensive (loss) income attributable to AGCO Corporation and subsidiaries
$
(95.6
)
 
$
227.0

See accompanying notes to condensed consolidated financial statements.


6


AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in millions)
 
Six Months Ended June 30,
 
2020
 
2019
Cash flows from operating activities:
 
 
 
Net income
$
126.3

 
$
206.1

Adjustments to reconcile net income to net cash used in operating activities:
 
 
 
Depreciation
102.3

 
107.1

Amortization of intangibles
29.9

 
30.7

Stock compensation expense
12.7

 
24.8

Goodwill impairment charge
20.0

 

Equity in net earnings of affiliates, net of cash received
(20.7
)
 
(16.8
)
Deferred income tax provision
2.8

 
13.2

Other
11.2

 
3.0

Changes in operating assets and liabilities:
 
 
 
Accounts and notes receivable, net
(181.0
)
 
(143.5
)
Inventories, net
(210.6
)
 
(513.7
)
Other current and noncurrent assets
(62.3
)
 
(18.2
)
Accounts payable
(60.9
)
 
83.1

Accrued expenses
(67.9
)
 
1.6

Other current and noncurrent liabilities
76.6

 
9.7

Total adjustments
(347.9
)
 
(419.0
)
Net cash used in operating activities
(221.6
)
 
(212.9
)
Cash flows from investing activities:
 
 
 
Purchases of property, plant and equipment
(117.5
)
 
(114.9
)
Proceeds from sale of property, plant and equipment
0.5

 
0.1

Investments in unconsolidated affiliates
(3.1
)
 

Net cash used in investing activities
(120.1
)
 
(114.8
)
Cash flows from financing activities:
 
 
 
Proceeds from indebtedness
1,136.5

 
1,621.5

Repayments of indebtedness
(708.9
)
 
(1,219.0
)
Purchases and retirement of common stock
(55.0
)
 
(70.0
)
Payment of dividends to stockholders
(24.0
)
 
(23.7
)
Payment of minimum tax withholdings on stock compensation
(16.1
)
 
(26.7
)
Payment of debt issuance costs
(1.4
)
 
(0.5
)
Investment by noncontrolling interests

 
1.0

Net cash provided by financing activities
331.1

 
282.6

Effects of exchange rate changes on cash, cash equivalents and restricted cash
(17.8
)
 
(1.1
)
Decrease in cash, cash equivalents and restricted cash
(28.4
)
 
(46.2
)
Cash, cash equivalents and restricted cash, beginning of period
432.8

 
326.1

Cash, cash equivalents and restricted cash, end of period
$
404.4

 
$
279.9

See accompanying notes to condensed consolidated financial statements.

7


AGCO CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

1.    BASIS OF PRESENTATION

The condensed consolidated financial statements of AGCO Corporation and its subsidiaries (the “Company” or “AGCO”) included herein have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to present fairly the Company’s financial position, results of operations, comprehensive income (loss) and cash flows at the dates and for the periods presented. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Results for interim periods are not necessarily indicative of the results for the year.

The Company cannot predict the ongoing impact of the coronavirus (“COVID-19”) pandemic due to increased volatility in global economic and political environments, uncertain market demand for its products, supply chain disruptions, possible workforce unavailability, exchange rate and commodity price volatility and availability of financing, and their impact to the Company’s net sales, production volumes, costs and overall financial condition and available funding. The Company may be required to record significant impairment charges in the future with respect to noncurrent assets such as goodwill and other intangible assets and equity method investments, whose fair values may be negatively affected by the COVID-19 pandemic. The Company also may be required to write-down obsolete inventory due to decreased customer demand and sales orders. The Company is closely monitoring the collection of accounts receivable, as well as the operating results of its finance joint ventures around the world. If economic conditions around the world continue to deteriorate, the Company and its finance joint ventures may not collect accounts receivable at expected levels, and the operating results of its finance joint ventures may be negatively impacted, thus negatively impacting the Company’s results of operations and financial condition. The Company also is closely assessing its compliance with debt covenants, the recognition of any future insurance recoveries, cash flow hedging forecasts as compared to actual transactions, the fair value of pension assets, accounting for incentive and stock compensation accruals, revenue recognition and discount reserve setting as well as the realization of deferred tax assets in light of the COVID-19 pandemic.

Recently Adopted Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides temporary accounting relief for contract modifications to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to a new alternative reference rate. ASU 2020-04 can be applied as of the beginning of the interim period that includes March 12, 2020 or any date thereafter. ASU 2020-04 generally will no longer be available to apply after December 31, 2022. Interest on U.S. dollar borrowings under the Company's credit facility and its April 2020 amendment is calculated based upon LIBOR. In the event that LIBOR is no longer published, interest will be calculated upon a base rate. The credit facility and its April 2020 amendment provide for an expedited amendment process once a replacement for LIBOR is established (see Note 5). The Company adopted this standard as of March 31, 2020. The adoption did not have a material impact to the Company’s results of operations, financial condition and cash flows.

In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which requires measurement and recognition of expected versus incurred credit losses for financial assets held. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods as the adoption of the standard relates to the Company. In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments” (“ASU 2019-04”), which provides, among other things, targeted improvements to certain aspects of accounting for credit losses addressed by ASU 2016-13. In November 2019, the FASB issued ASU 2019-11, “Codification Improvements to Topic 326), Financial Instruments - Credit Losses,” which clarifies the treatment of expected recoveries for amounts previously written-off on purchased receivables, provides transition relief for troubled debt restructurings and allows for certain disclosure simplifications of accrued interest. The effective dates for both ASU 2019-04 and ASU 2019-11 are the same as the effective dates for ASU 2016-13. The Company adopted this standard, and its subsequent modifications, as of

8

Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)




January 1, 2020. The adoption did not have a material impact to the Company’s results of operations, financial condition and cash flows.

New Accounting Pronouncements to be Adopted

In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes,” which simplifies various aspects related to accounting for income taxes by removing certain exceptions for investments, intraperiod allocations and interim calculations, and adding guidance to reduce complexity in accounting for income taxes. ASU 2019-12 is effective for annual periods beginning after December 15, 2020, and interim periods within those annual periods using a prospective approach. Early adoption is permitted. Depending on the amendment, adoption may be applied on the retrospective, modified retrospective or prospective basis. The standard will not have a material impact on the Company's results of operations, financial condition and cash flows.

As discussed above, in June 2016, the FASB issued ASU 2016-13, which requires measurement and recognition of expected versus incurred credit losses for financial assets held. In November 2019, the FASB issued ASU 2019-10, “Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates,” which delays the effective date of ASU 2016-13 for smaller reporting companies and other non-SEC reporting entities. This applies to the Company’s equity method finance joint ventures who are now required to adopt ASU 2016-13 for annual periods beginning after December 15, 2022 and interim periods within those annual periods. The standard, and its subsequent modification, will likely impact the results of operations and financial condition of the Company’s finance joint ventures. Therefore, adoption of the standard by the Company’s finance joint ventures will likely impact the Company’s “Investment in affiliates” and “Equity in net earnings of affiliates.” The Company’s finance joint ventures currently are evaluating the impact of ASU 2016-13 to their results of operations and financial condition.

2.    RESTRUCTURING EXPENSES

From 2014 through 2020, the Company announced and initiated several actions to rationalize employee headcount at various manufacturing facilities and various administrative offices located in Europe, South America, Africa, China and the United States in order to reduce costs in response to softening global market demand and lower production volumes. The aggregate headcount reduction was approximately 4,160 employees between 2014 and 2019. In addition, during 2019, the Company initiated various restructuring activities in an effort to rationalize its grain storage and protein production system operations. During the six months ended June 30, 2020, the Company recorded severance and related costs associated with further rationalizations in connection with the termination of approximately 300 employees. Restructuring expenses activity during the three and six months ended June 30, 2020 is summarized as follows (in millions):
 
Write-down of Property, Plant and Equipment
 
Employee Severance
 
Facility Closure Costs
 
Total
Balance as of December 31, 2019
$

 
$
4.8

 
$

 
$
4.8

First quarter 2020 provision

 
0.7

 
0.2

 
0.9

First quarter 2020 provision reversal

 
(0.1
)
 

 
(0.1
)
First quarter 2020 cash activity

 
(1.7
)
 
(0.2
)
 
(1.9
)
Foreign currency translation

 
(0.1
)
 

 
(0.1
)
Balance as of March 31, 2020
$

 
$
3.6

 
$


$
3.6

Second quarter 2020 provision
1.6

 
2.2

 

 
3.8

Less: Non-cash expense
(1.6
)
 

 

 
(1.6
)
Cash expense

 
2.2

 

 
2.2

Second quarter 2020 cash activity

 
(0.8
)
 

 
(0.8
)
Foreign currency translation

 
(0.1
)
 

 
(0.1
)
Balance as of June 30, 2020
$

 
$
4.9

 
$

 
$
4.9




9

Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)




3.    STOCK COMPENSATION PLANS

The Company recorded stock compensation expense as follows for the three and six months ended June 30, 2020 and 2019 (in millions):
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Cost of goods sold
 
$
0.3

 
$
0.5

 
$
0.4

 
$
1.0

Selling, general and administrative expenses
 
10.1