Company Quick10K Filing
AGCO
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 77 $6,018
10-Q 2019-11-08 Quarter: 2019-09-30
10-Q 2019-08-09 Quarter: 2019-06-30
10-Q 2019-05-09 Quarter: 2019-03-31
10-K 2019-03-01 Annual: 2018-12-31
10-Q 2018-11-08 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
10-Q 2018-05-09 Quarter: 2018-03-31
10-K 2018-02-28 Annual: 2017-12-31
10-Q 2017-11-08 Quarter: 2017-09-30
10-Q 2017-08-08 Quarter: 2017-06-30
10-Q 2017-05-09 Quarter: 2017-03-31
10-K 2017-02-28 Annual: 2016-12-31
10-Q 2016-11-08 Quarter: 2016-09-30
10-Q 2016-08-09 Quarter: 2016-06-30
10-Q 2016-05-06 Quarter: 2016-03-31
10-K 2016-02-26 Annual: 2015-12-31
10-Q 2015-11-09 Quarter: 2015-09-30
10-Q 2015-08-07 Quarter: 2015-06-30
10-Q 2015-05-07 Quarter: 2015-03-31
10-K 2015-02-27 Annual: 2014-12-31
10-Q 2014-11-07 Quarter: 2014-09-30
10-Q 2014-08-08 Quarter: 2014-06-30
10-Q 2014-05-09 Quarter: 2014-03-31
10-K 2014-02-28 Annual: 2013-12-31
10-Q 2013-11-07 Quarter: 2013-09-30
10-Q 2013-08-08 Quarter: 2013-06-30
10-Q 2013-05-08 Quarter: 2013-03-31
10-K 2013-02-27 Annual: 2012-12-31
10-Q 2012-11-07 Quarter: 2012-09-30
10-Q 2012-08-07 Quarter: 2012-06-30
10-Q 2012-05-09 Quarter: 2012-03-31
10-K 2012-02-27 Annual: 2011-12-31
10-Q 2011-11-04 Quarter: 2011-09-30
10-Q 2011-08-05 Quarter: 2011-06-30
10-Q 2011-05-06 Quarter: 2011-03-31
10-K 2011-02-25 Annual: 2010-12-31
10-Q 2010-11-05 Quarter: 2010-09-30
10-Q 2010-08-06 Quarter: 2010-06-30
10-Q 2010-05-07 Quarter: 2010-03-31
10-K 2010-02-26 Annual: 2009-12-31
8-K 2019-10-29 Earnings, Exhibits
8-K 2019-09-25 Officers, Exhibits
8-K 2019-07-30 Earnings, Exhibits
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-04-25 Officers, Amend Bylaw, Shareholder Vote, Exhibits
8-K 2019-04-24 Enter Agreement, Exhibits
8-K 2019-02-05 Earnings, Exhibits
8-K 2019-01-22 Other Events, Exhibits
8-K 2018-10-30 Earnings, Exhibits
8-K 2018-10-26 Officers
8-K 2018-07-31 Earnings, Exhibits
8-K 2018-07-25 Officers
8-K 2018-05-15 Officers
8-K 2018-05-01 Earnings, Exhibits
8-K 2018-04-26 Shareholder Vote
8-K 2018-02-06 Earnings, Exhibits
AGCO 2019-09-30
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 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 agcoex311-2019q3.htm
EX-31.2 agcoex312-2019q3.htm
EX-32.1 agcoex321-2019q3.htm

AGCO Earnings 2019-09-30

AGCO 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
MIDD 7,407 4,887 3,088 2,918 1,086 329 619 9,321 37% 15.0 7%
WWD 7,266 4,016 2,311 2,883 542 267 562 8,216 19% 14.6 7%
GDI 7,082 4,594 2,809 2,651 996 259 418 8,396 38% 20.1 6%
PNR 6,254 4,170 2,363 2,940 1,034 369 485 7,400 35% 15.3 9%
OC 6,254 10,183 5,778 7,127 1,624 515 1,275 9,564 23% 7.5 5%
AGCO 6,018 8,415 5,286 9,225 2,033 376 789 7,116 22% 9.0 4%
WSO 5,567 2,632 1,277 4,590 1,130 288 381 5,863 25% 15.4 11%
CW 5,278 3,427 1,774 2,461 890 293 507 5,853 36% 11.5 9%
LECO 5,159 2,394 2,119 3,017 1,030 315 488 5,680 34% 11.6 13%
BWXT 4,877 1,756 1,462 1,793 501 208 351 5,691 28% 16.2 12%

Document
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agco:reportable_segment iso4217:BRL
 
 
 
 
 
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 September 30, 2019
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)

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
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
As of November 4, 2019, there were 75,522,341 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 2.
 
 
 
 
Item 6.
 
 
 


Table of Contents

PART I.
FINANCIAL INFORMATION

ITEM 1.
FINANCIAL STATEMENTS

AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited and in millions, except share amounts)
 
September 30, 2019
 
December 31, 2018
ASSETS
Current Assets:
 
 
 
Cash and cash equivalents
$
282.0

 
$
326.1

Accounts and notes receivable, net
918.1

 
880.3

Inventories, net
2,311.3

 
1,908.7

Other current assets
445.2

 
422.3

Total current assets
3,956.6

 
3,537.4

Property, plant and equipment, net
1,349.8

 
1,373.1

Right-of-use lease assets
193.5

 

Investment in affiliates
399.2

 
400.0

Deferred tax assets
71.3

 
104.9

Other assets
134.1

 
142.4

Intangible assets, net
518.7

 
573.1

Goodwill
1,456.0

 
1,495.5

Total assets
$
8,079.2

 
$
7,626.4

 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
 
 
 
Current portion of long-term debt
$
63.6

 
$
72.6

Short-term borrowings
229.7

 
138.0

Senior term loan
218.0

 

Accounts payable
817.3

 
865.9

Accrued expenses
1,530.8

 
1,522.4

Other current liabilities
168.3

 
167.8

Total current liabilities
3,027.7

 
2,766.7

Long-term debt, less current portion and debt issuance costs
1,269.2

 
1,275.3

Operating lease liabilities
154.8

 

Pension and postretirement health care benefits
202.9

 
223.2

Deferred tax liabilities
113.6

 
116.3

Other noncurrent liabilities
272.2

 
251.4

Total liabilities
5,040.4

 
4,632.9

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 2019 and 2018

 

Common stock; $0.01 par value, 150,000,000 shares authorized, 75,915,726 and 76,536,755 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively
0.8

 
0.8

Additional paid-in capital
3.9

 
10.2

Retained earnings
4,567.0

 
4,477.3

Accumulated other comprehensive loss
(1,595.1
)
 
(1,555.4
)
Total AGCO Corporation stockholders’ equity
2,976.6

 
2,932.9

Noncontrolling interests
62.2

 
60.6

Total stockholders’ equity
3,038.8

 
2,993.5

Total liabilities and stockholders’ equity
$
8,079.2

 
$
7,626.4

See accompanying notes to condensed consolidated financial statements.

3

Table of Contents

AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in millions, except per share data)
 
Three Months Ended September 30,
 
2019
 
2018
Net sales
$
2,109.4

 
$
2,214.7

Cost of goods sold
1,659.2

 
1,741.0

Gross profit
450.2

 
473.7

Selling, general and administrative expenses
245.0

 
260.5

Operating expenses:
 
 
 
Engineering expenses
82.3

 
83.3

Restructuring expenses
1.3

 
1.5

Amortization of intangibles
14.9

 
15.3

Bad debt expense
0.8

 
1.8

Income from operations
105.9

 
111.3

Interest expense, net
6.4

 
7.0

Other expense, net
20.8

 
19.1

Income before income taxes and equity in net earnings of affiliates
78.7

 
85.2

Income tax provision
83.2

 
23.9

(Loss) income before equity in net earnings of affiliates
(4.5
)
 
61.3

Equity in net earnings of affiliates
10.8

 
9.4

Net income
6.3

 
70.7

Net loss attributable to noncontrolling interests
1.3

 
0.4

Net income attributable to AGCO Corporation and subsidiaries
$
7.6

 
$
71.1

Net income per common share attributable to AGCO Corporation and subsidiaries:
 
 
 
Basic
$
0.10

 
$
0.90

Diluted
$
0.10

 
$
0.89

Cash dividends declared and paid per common share
$
0.16

 
$
0.15

Weighted average number of common and common equivalent shares outstanding:
 
 
 
Basic
76.1

 
78.7

Diluted
76.7

 
79.7

See accompanying notes to condensed consolidated financial statements.


4

Table of Contents

AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in millions, except per share data)
 
Nine Months Ended September 30,
 
2019
 
2018
Net sales
$
6,527.8

 
$
6,759.8

Cost of goods sold
5,057.0

 
5,301.8

Gross profit
1,470.8

 
1,458.0

Selling, general and administrative expenses
767.9

 
796.9

Operating expenses:
 
 
 
Engineering expenses
254.3

 
267.2

Restructuring expenses
3.0

 
10.1

Amortization of intangibles
45.6

 
49.2

Bad debt expense
2.1

 
4.7

Income from operations
397.9

 
329.9

Interest expense, net
15.9

 
38.5

Other expense, net
47.0

 
57.8

Income before income taxes and equity in net earnings of affiliates
335.0

 
233.6

Income tax provision
155.8

 
73.8

Income before equity in net earnings of affiliates
179.2

 
159.8

Equity in net earnings of affiliates
33.2

 
26.3

Net income
212.4

 
186.1

Net loss attributable to noncontrolling interests
1.1

 
0.7

Net income attributable to AGCO Corporation and subsidiaries
$
213.5

 
$
186.8

Net income per common share attributable to AGCO Corporation and subsidiaries:
 
 
 
Basic
$
2.79

 
$
2.36

Diluted
$
2.77

 
$
2.33

Cash dividends declared and paid per common share
$
0.47

 
$
0.45

Weighted average number of common and common equivalent shares outstanding:
 
 
 
Basic
76.4

 
79.2

Diluted
77.1

 
80.1

See accompanying notes to condensed consolidated financial statements.


5

Table of Contents

AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited and in millions)
 
Three Months Ended September 30,
 
2019
 
2018
Net income
$
6.3

 
$
70.7

Other comprehensive loss, net of reclassification adjustments:
 
 
 
Foreign currency translation adjustments
(62.7
)
 
(53.1
)
Defined benefit pension plans, net of tax
2.8

 
2.9

Deferred gains and losses on derivatives, net of tax
(1.6
)
 
0.9

Other comprehensive loss, net of reclassification adjustments
(61.5
)
 
(49.3
)
Comprehensive (loss) income
(55.2
)
 
21.4

Comprehensive loss attributable to noncontrolling interests
2.0

 
1.3

Comprehensive (loss) income attributable to AGCO Corporation and subsidiaries
$
(53.2
)
 
$
22.7


 
Nine Months Ended September 30,
 
2019
 
2018
Net income
$
212.4

 
$
186.1

Other comprehensive loss, net of reclassification adjustments:
 
 
 
Foreign currency translation adjustments
(46.1
)
 
(233.8
)
Defined benefit pension plans, net of tax
8.8

 
9.0

Deferred gains and losses on derivatives, net of tax
(0.9
)
 
1.5

Other comprehensive loss, net of reclassification adjustments
(38.2
)
 
(223.3
)
Comprehensive income (loss)
174.2

 
(37.2
)
Comprehensive (income) loss attributable to noncontrolling interests
(0.4
)
 
3.7

Comprehensive income (loss) attributable to AGCO Corporation and subsidiaries
$
173.8

 
$
(33.5
)
See accompanying notes to condensed consolidated financial statements.

6

Table of Contents

AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in millions)
 
Nine Months Ended September 30,
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Net income
$
212.4

 
$
186.1

Adjustments to reconcile net income to net cash used in operating activities:
 
 
 
Depreciation
159.2

 
170.1

Amortization of intangibles
45.6

 
49.2

Stock compensation expense
32.9

 
33.0

Equity in net earnings of affiliates, net of cash received
(26.3
)
 
(21.8
)
Deferred income tax provision (benefit)
43.1

 
(17.7
)
Loss on extinguishment of debt

 
15.7

Other
1.9

 
(2.2
)
Changes in operating assets and liabilities:
 
 
 
Accounts and notes receivable, net
(85.1
)
 
(59.8
)
Inventories, net
(503.4
)
 
(398.0
)
Other current and noncurrent assets
(47.0
)
 
(67.3
)
Accounts payable
(4.1
)
 
(18.4
)
Accrued expenses
23.7

 
55.9

Other current and noncurrent liabilities
66.9

 
71.2

Total adjustments
(292.6
)
 
(190.1
)
Net cash used in operating activities
(80.2
)
 
(4.0
)
Cash flows from investing activities:
 
 
 
Purchases of property, plant and equipment
(188.1
)
 
(138.5
)
Proceeds from sale of property, plant and equipment
0.9

 
2.6

Investments in unconsolidated affiliates

 
(5.8
)
Other

 
0.4

Net cash used in investing activities
(187.2
)
 
(141.3
)
Cash flows from financing activities:
 
 
 
Proceeds from indebtedness
1,998.3

 
3,262.5

Repayments of indebtedness
(1,600.5
)
 
(3,046.1
)
Purchases and retirement of common stock
(100.0
)
 
(84.3
)
Payment of dividends to stockholders
(35.9
)
 
(35.6
)
Payment of minimum tax withholdings on stock compensation
(27.5
)
 
(3.7
)
Payment of debt issuance costs
(0.5
)
 
(1.6
)
Investment by noncontrolling interests
1.2

 
0.8

Net cash provided by financing activities
235.1

 
92.0

Effects of exchange rate changes on cash and cash equivalents
(11.8
)
 
(21.7
)
Decrease in cash and cash equivalents
(44.1
)
 
(75.0
)
Cash and cash equivalents, beginning of period
326.1

 
367.7

Cash and cash equivalents, end of period
$
282.0

 
$
292.7

See accompanying notes to condensed consolidated financial statements.


7

Table of Contents

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, 2018. Results for interim periods are not necessarily indicative of the results for the year. Certain prior period amounts have been reclassified to conform to the current period presentation.

Recent Accounting Pronouncements

In February 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”), which allows for the election to reclassify the disproportionate income tax effects of the Tax Cuts and Jobs Act (the “2017 Tax Act”) on items within accumulated other comprehensive income (loss) to retained earnings. These disproportionate income tax effect items are referred to as “stranded tax effects.” The amendments within ASU 2018-02 only relate to the reclassification of the income tax effects of the 2017 Tax Act. Certain disclosures are required in the period of adoption as to whether an entity has elected to reclassify the stranded tax effects. The Company adopted the standard effective January 1, 2019, and the adoption did not have a material impact on the Company’s results of operations, financial condition and cash flows.

In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”), which eliminates Step 2 from the goodwill impairment test. Under the standard, an entity should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, resulting in an impairment charge that is the amount by which the carrying amount exceeds the reporting unit’s fair value. The impairment charge, however, should not exceed the total amount of goodwill allocated to a reporting unit. The impairment assessment under ASU 2017-04 applies to all reporting units, including those with a zero or negative carrying amount. ASU 2017-04 is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods using a prospective approach. Early adoption is permitted for any interim or annual goodwill impairment test performed on testing dates after January 1, 2017. The Company expects to adopt ASU 2017-04 effective January 1, 2020 and will apply the standard to all impairment tests performed thereafter.

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 October 2019, the FASB voted to delay the effective date of ASU 2016-13 for smaller reporting companies and other non-SEC reporting entities. The approval applies to the Company’s equity method finance joint ventures who will now be required to adopt ASU 2016-13 for annual periods beginning after December 15, 2022 and interim periods within those annual periods. 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. The effective dates for ASU 2019-04 are the same as the effective dates for ASU 2016-03. The standard, and its subsequent modification, is not expected to have a material impact on the Company’s results of operations, financial condition and cash flows as it relates to the Company’s financial assets; however, it will likely impact the results of operations and financial condition of the Company’s finance joint ventures. Therefore, adoption of the standard by the Company’s finance joint ventures will likely impact the Company’s “Investment in affiliates” and “Equity in net earnings of affiliates.” The Company’s finance joint ventures are currently evaluating the standard’s impact to their results of operations and financial condition.


8

Table of Contents
Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)




In February 2016, the FASB issued ASU 2016-02, “Leases” (“ASU 2016-02”), which superseded the existing lease guidance under current U.S. GAAP. ASU 2016-02 is based on the principle that entities should recognize assets and liabilities arising from leases. The new standard does not significantly change the lessees’ recognition, measurement and presentation of expenses and cash flows from the previous accounting standard and leases continue to be classified as finance or operating. The primary change under ASU 2016-02 is the requirement for entities to recognize a lease liability for payments and a right-of-use (“ROU”) asset representing the right to use the leased asset during the term of an operating lease arrangement. Lessees were permitted to make an accounting policy election to not recognize the asset and liability for leases with a term of 12 months or less. Lessors’ accounting under the new standard was largely unchanged from the previous accounting standard. In addition, ASU 2016-02 expanded the disclosure requirements of lease arrangements. Upon adoption, lessees and lessors were required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. In July 2018, the FASB issued ASU 2018-11, “Targeted Improvements,” which allowed for a new, optional transition method that provided the option to use the effective date as the date of initial application on transition. Under this option, the comparative periods would continue to apply the legacy guidance in ASC 840, including the disclosure requirements, and a cumulative effect adjustment would be recognized in the period of adoption rather than the earliest period presented. Under this transition option, comparative reporting would not be required and the provisions of the standard would be applied prospectively to leases in effect at the date of adoption.

The Company adopted the new guidance effective January 1, 2019 using a modified retrospective approach and no cumulative effect adjustment was recorded upon adoption. Based on the Company’s current lease portfolio, the adoption of the standard as of January 1, 2019 resulted in the recognition on that date of ROU assets and operating lease liabilities in the amount of approximately $194.2 million and $196.4 million, respectively, in the Company’s Condensed Consolidated Balance Sheets. The adoption of the new standard did not materially impact the Company’s Condensed Consolidated Statements of Operations or Condensed Consolidated Statements of Cash Flows.

ASU 2016-02 provided a number of optional practical expedients in transition. The Company elected the “package of practical expedients” which permitted the Company not to reassess its prior conclusions about lease identification, lease classification and initial direct costs. The Company has elected the short-term lease exemption for all leases with a term of 12 months or less for both existing and ongoing operating leases. The Company elected the practical expedient to separate lease and non-lease components for a majority of its operating leases, other than real estate and office equipment leases.

In connection with the adoption of ASU 2016-02 on January 1, 2019, the Company completed the design of new processes and internal controls, which included the implementation of a software solution and the cataloging of the Company’s existing and ongoing population of leased assets. See Note 19 for additional information and related disclosures.


9

Table of Contents
Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)




2.    RESTRUCTURING EXPENSES

From 2014 through 2019, the Company announced and initiated several actions to rationalize employee headcount at various manufacturing facilities and various administrative offices located in Europe, South America, Africa, China and the United States in order to reduce costs in response to softening global market demand and lower production volumes. The aggregate headcount reduction was approximately 3,890 employees between 2014 and 2018. During the nine months ended September 30, 2019, the Company recorded severance and related costs associated with further rationalizations in connection with the termination of approximately 140 employees. Restructuring expenses activity during the nine months ended September 30, 2019 is summarized as follows (in millions):
 
Write-down of Property, Plant and Equipment
 
Employee Severance
 
Total
Balance as of December 31, 2018
$

 
$
7.1

 
$
7.1

First quarter 2019 provision
0.3

 
1.4

 
1.7

Less: Non-cash expense
(0.3
)
 

 
(0.3
)
Cash expense

 
1.4

 
1.4

First quarter 2019 cash activity

 
(2.6
)
 
(2.6
)
Foreign currency translation

 
(0.1
)
 
(0.1
)
Balance as of March 31, 2019
$

 
$
5.8

 
$
5.8

Second quarter 2019 provision

 

 

Second quarter 2019 cash activity

 
(0.8
)
 
(0.8
)
Foreign currency translation

 

 

Balance as of June 30, 2019
$

 
$
5.0

 
$
5.0

Third quarter 2019 provision

 
1.3

 
1.3

Third quarter 2019 cash activity

 
(1.1
)
 
(1.1
)
Foreign currency translation

 
(0.4
)
 
(0.4
)
Balance as of September 30, 2019
$

 
$
4.8

 
$
4.8



3.    STOCK COMPENSATION PLANS

The Company recorded stock compensation expense as follows for the three and nine months ended September 30, 2019 and 2018 (in millions):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Cost of goods sold
 
$
0.3

 
$
0.8

 
$
1.3

 
$
2.7

Selling, general and administrative expenses
 
7.8

 
9.7

 
32.0

 
30.6

Total stock compensation expense
 
$
8.1

 
$
10.5

 
$
33.3

 
$
33.3



Stock Incentive Plan    

Under the Company’s Long-Term Incentive Plan (the “Plan”), up to 10,000,000 shares of AGCO common stock may be issued. As of September 30, 2019, of the 10,000,000 shares reserved for issuance under the Plan, approximately 3,500,240 shares were available for grant, assuming the maximum number of shares are earned related to the performance award grants discussed below. The Plan allows the Company, under the direction of the Board of Directors’ Compensation Committee, to make grants of performance shares, stock appreciation rights, restricted stock units and restricted stock awards to employees, officers and non-employee directors of the Company.


10

Table of Contents
Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)




Long-Term Incentive Plan and Related Performance Awards

The weighted average grant-date fair value of performance awards granted under the Plan during the nine months ended September 30, 2019 and 2018 was $61.01 and $71.40, respectively.

During the nine months ended September 30, 2019, the Company granted 542,180 performance awards related to varying performance periods. The awards granted assume the maximum target levels of performance are achieved. The compensation expense associated with all awards granted under the Plan is amortized ratably over the vesting or performance period based on the Company’s projected assessment of the level of performance that will be achieved. Performance award transactions during the nine months ended September 30, 2019 were as follows and are presented as if the Company were to achieve its maximum levels of performance under the plan awards:
Shares awarded but not earned at January 1
938,862

Shares awarded
542,180

Shares forfeited
(43,856
)
Shares earned
(11,200
)
Shares awarded but not earned at September 30
1,425,986



As of September 30, 2019, the total compensation cost related to unearned performance awards not yet recognized, assuming the Company’s current projected assessment of the level of performance that will be achieved, was approximately $37.0 million, and the weighted average period over which it is expected to be recognized was approximately two years. The compensation cost not yet recognized could be higher or lower based on actual achieved levels of performance.

Restricted Stock Unit Awards

During the nine months ended September 30, 2019, the Company granted 165,160 restricted stock unit (“RSU”) awards. These awards entitle the participant to receive one share of the Company’s common stock for each RSU granted and vest one-third per year over a three-year requisite service period. The compensation expense associated with these awards is being amortized ratably over the requisite service period for the awards that are expected to vest. The weighted average grant-date fair value of the RSUs granted under the Plan during the nine months ended September 30, 2019 and 2018 was $61.01 and $63.99, respectively. RSU transactions during the nine months ended September 30, 2019 were as follows:
RSUs awarded but not vested at January 1
352,975

RSUs awarded
165,160

RSUs forfeited
(7,604
)
RSUs vested
(111,419
)
RSUs awarded but not vested at September 30
399,112



As of September 30, 2019, the total compensation cost related to the unvested RSUs not yet recognized was approximately $15.4 million, and the weighted average period over which it is expected to be recognized was approximately one and one-half years.

Stock-Settled Appreciation Rights

Compensation expense associated with the stock-settled appreciation rights (“SSARs”) is amortized ratably over the requisite service period for the awards that are expected to vest. The Company estimates the fair value of the grants using the Black-Scholes option pricing model. SSAR transactions during the nine months ended September 30, 2019 were as follows:
SSARs outstanding at January 1
1,099,592

SSARs granted
243,600

SSARs exercised
(452,552
)
SSARs canceled or forfeited
(21,077
)
SSARs outstanding at September 30
869,563




11

Table of Contents
Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)




As of September 30, 2019, the total compensation cost related to the unvested SSARs not yet recognized was approximately $4.5 million, and the weighted average period over which it is expected to be recognized was approximately two and one-half years.

Director Restricted Stock Grants

The Plan provides for annual restricted stock grants of the Company’s common stock to all non-employee directors. The 2019 grant was made on April 25, 2019 and equated to 19,386 shares of common stock, of which 14,105 shares of common stock were issued after shares were withheld for taxes. The Company recorded stock compensation expense of approximately $1.4 million during the nine months ended September 30, 2019 associated with these grants.

4.    GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of acquired intangible assets during the nine months ended September 30, 2019 are summarized as follows (in millions):
 
Trademarks and Tradenames
 
Customer Relationships
 
Patents and Technology
 
Land Use Rights
 
Total
Gross carrying amounts:
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2018
$
203.4

 
$
586.3

 
$
155.8

 
$
8.6

 
$
954.1

Foreign currency translation
(4.1
)
 
(9.4
)
 
(3.8
)
 
(0.3
)
 
(17.6
)
Balance as of September 30, 2019
$
199.3

 
$
576.9

 
$
152.0

 
$
8.3

 
$
936.5

 
Trademarks and Tradenames
 
Customer Relationships
 
Patents and Technology
 
Land Use Rights
 
Total
Accumulated amortization:
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2018
$
73.4

 
$
310.8

 
$