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TABLE OF CONTENTS
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Percentage of Net Sales
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|||||||
Product
|
|
Product Description
|
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2017
|
|
2016
|
|
2015
|
|||
Tractors
|
•
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High horsepower tractors (100 to 600 horsepower); typically used on larger farms, primarily for row crop production
|
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57
|
%
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57
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%
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57
|
%
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•
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Utility tractors (40 to 100 horsepower); typically used on small- and medium-sized farms and in specialty agricultural industries, including dairy, livestock, orchards and vineyards
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•
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Compact tractors (under 40 horsepower); typically used on small farms and specialty agricultural industries, as well as for landscaping and residential uses
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Replacement Parts
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•
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Replacement parts for all of the products we sell, including products no longer in production. Most of our products can be economically maintained with parts and service for a period of ten to 20 years. Our parts inventories are maintained and distributed through a network of master and regional warehouses throughout North America, South America, Europe, Africa, China and Australia in order to provide timely response to customer demand for replacement parts
|
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16
|
%
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16
|
%
|
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16
|
%
|
Grain Storage and Protein Production Systems
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•
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Grain storage bins and related drying and handling equipment systems; seed-processing systems; swine and poultry feed storage and delivery, ventilation and watering systems; and egg production systems and broiler production equipment
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13
|
%
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12
|
%
|
|
10
|
%
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Hay Tools and Forage Equipment, Implements & Other Equipment
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•
|
Round and rectangular balers, loader wagons, self-propelled windrowers, forage harvesters, disc mowers, spreaders, rakes, tedders, and mower conditioners; used for the harvesting and packaging of vegetative feeds used in the cattle, dairy, horse and renewable fuel industries
|
|
7
|
%
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7
|
%
|
|
9
|
%
|
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•
|
Implements, including disc harrows, which cut through crop residue, leveling seed beds and mixing chemicals with the soils; heavy tillage, which break up soil and mix crop residue into topsoil, with or without prior discing; field cultivators, which prepare a smooth seed bed and destroy weeds; and drills, which are primarily used for small grain seeding
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•
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Planters and other planting equipment; used to apply fertilizer and plant seeds in the field, typically used in row crop seeding
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•
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Other equipment, including loaders; used for a variety of tasks, including lifting and transporting hay crops
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Combines
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•
|
Combines, sold with a variety of threshing technologies and complemented by a variety of crop-harvesting heads; typically used in harvesting grain crops such as corn, wheat, soybeans and rice
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4
|
%
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4
|
%
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4
|
%
|
Application Equipment
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•
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Self-propelled, three- and four-wheeled vehicles and related equipment; for use in the application of liquid and dry fertilizers and crop protection chemicals both prior to planting crops (“pre-emergence”) and after crops emerge from the ground (“post-emergence”)
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3
|
%
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4
|
%
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4
|
%
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Independent Dealers and Distributors
|
|
Percent of Net Sales
|
|||||||
Geographical region
|
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2017
|
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2017
|
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2016
|
|
2015
|
|||
Europe
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|
1,530
|
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53
|
%
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53
|
%
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|
51
|
%
|
North America
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|
1,830
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23
|
%
|
|
24
|
%
|
|
26
|
%
|
South America
|
|
250
|
|
13
|
%
|
|
12
|
%
|
|
13
|
%
|
Rest of World
(1)
|
|
590
|
|
11
|
%
|
|
11
|
%
|
|
10
|
%
|
•
|
annual reports on Form 10-K;
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•
|
quarterly reports on Form 10-Q;
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•
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current reports on Form 8-K;
|
•
|
proxy statements for the annual meetings of stockholders;
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•
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reports on Form SD; and
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•
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Forms 3, 4 and 5
|
•
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charters for the standing committees of our board of directors, which are available under the heading “Charters of the Committees of the Board” in the “Governance, Committees, & Charters” section of the “Corporate Governance” section of our website located under “Investors,” and
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•
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our Global Code of Conduct, which is available under the heading “Global Code of Conduct” in the “Corporate Governance” section of our website located under “Investors.”
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•
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innovation;
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•
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customer acceptance;
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•
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the efficiency of our suppliers in providing component parts and of our manufacturing facilities in producing final products; and
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•
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the performance and quality of our products relative to those of our competitors.
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•
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requiring us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, which would reduce the availability of our cash flow to fund future working capital, capital expenditures, acquisitions and other general corporate purposes;
|
•
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increasing our vulnerability to general adverse economic and industry conditions;
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•
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limiting our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate;
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•
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restricting us from being able to introduce new products or pursuing business opportunities;
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•
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placing us at a competitive disadvantage compared to our competitors that may have less indebtedness; and
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•
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limiting, along with the financial and other restrictive covenants in our indebtedness, among other things, our ability to borrow additional funds, pay cash dividends or engage in or enter into certain transactions.
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•
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the costs of integrating acquired businesses and their operations may be higher than we expect and may require significant attention from our management;
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•
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the businesses we acquire may have undisclosed liabilities, such as environmental liabilities or liabilities for violations of laws, such as the FCPA, that we did not expect; and
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•
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our ability to successfully carry out our growth strategies for acquired businesses will be affected by, among other things, our ability to maintain and enhance our relationships with their existing customers, our ability to provide additional product distribution opportunities to them through our existing distribution channels, changes in the spending patterns and preferences of customers and potential customers, fluctuating economic and competitive conditions and our ability to retain their key personnel.
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Location
|
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Description of Property
|
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Leased
(Sq. Ft.)
|
|
Owned
(Sq. Ft.)
|
||
United States:
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Assumption, Illinois
|
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Manufacturing/Sales and Administrative Office
|
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933,900
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Batavia, Illinois
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Parts Distribution
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310,200
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Duluth, Georgia
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Corporate Headquarters
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159,000
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Hesston, Kansas
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Manufacturing
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1,461,800
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Jackson, Minnesota
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Manufacturing
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51,400
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986,400
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International:
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Beauvais, France
(1)
|
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Manufacturing
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14,300
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1,566,600
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Breganze, Italy
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Manufacturing
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1,562,000
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Ennery, France
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Parts Distribution
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700,000
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360,300
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Linnavuori, Finland
|
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Manufacturing
|
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16,600
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396,300
|
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Hohenmölsen, Germany
|
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Manufacturing
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437,000
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Marktoberdorf, Germany
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Manufacturing
|
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159,000
|
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1,472,200
|
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Wolfenbüttel, Germany
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Manufacturing
|
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538,200
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Stockerau, Austria
|
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Manufacturing
|
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160,700
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Biatorbagy, Hungary
|
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Manufacturing
|
|
224,500
|
|
|
|
|
Thisted, Denmark
|
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Manufacturing
|
|
133,200
|
|
|
295,300
|
|
Suolahti, Finland
|
|
Manufacturing/Parts Distribution
|
|
48,100
|
|
|
553,000
|
|
Canoas, Brazil
|
|
Regional Headquarters/Manufacturing
|
|
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|
|
1,120,000
|
|
Mogi das Cruzes, Brazil
|
|
Manufacturing
|
|
|
|
|
727,200
|
|
Santa Rosa, Brazil
|
|
Manufacturing
|
|
|
|
|
508,900
|
|
Changzhou, China
|
|
Manufacturing
|
|
241,100
|
|
|
767,000
|
|
(1)
|
Includes our joint venture, GIMA, in which we own a 50% interest.
|
Item 5.
|
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
|
High
|
|
Low
|
|
Dividend
|
||||||
2017
|
|
|
|
|
|
||||||
First Quarter
|
$
|
64.90
|
|
|
$
|
57.76
|
|
|
$
|
0.14
|
|
Second Quarter
|
68.04
|
|
|
58.01
|
|
|
0.14
|
|
|||
Third Quarter
|
74.40
|
|
|
64.36
|
|
|
0.14
|
|
|||
Fourth Quarter
|
75.95
|
|
|
65.30
|
|
|
0.14
|
|
|
High
|
|
Low
|
|
Dividend
|
||||||
2016
|
|
|
|
|
|
||||||
First Quarter
|
$
|
53.35
|
|
|
$
|
42.40
|
|
|
$
|
0.13
|
|
Second Quarter
|
56.00
|
|
|
44.68
|
|
|
0.13
|
|
|||
Third Quarter
|
50.21
|
|
|
45.47
|
|
|
0.13
|
|
|||
Fourth Quarter
|
61.22
|
|
|
48.78
|
|
|
0.13
|
|
|
|
Cumulative Total Return for the Years Ended December 31
|
||||||||||||||||||||||
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
||||||||||||
AGCO Corporation
|
|
$
|
100.00
|
|
|
$
|
121.36
|
|
|
$
|
93.50
|
|
|
$
|
94.80
|
|
|
$
|
122.12
|
|
|
$
|
152.04
|
|
S&P Midcap 400 Index
|
|
100.00
|
|
|
133.50
|
|
|
146.54
|
|
|
143.35
|
|
|
173.08
|
|
|
201.20
|
|
||||||
Peer Group Index
|
|
100.00
|
|
|
124.92
|
|
|
124.30
|
|
|
96.34
|
|
|
137.24
|
|
|
198.60
|
|
|
|
Years Ended December 31,
|
||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
|
|
(In millions, except per share data)
|
||||||||||||||||||
Operating Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net sales
|
|
$
|
8,306.5
|
|
|
$
|
7,410.5
|
|
|
$
|
7,467.3
|
|
|
$
|
9,723.7
|
|
|
$
|
10,786.9
|
|
Gross profit
|
|
1,765.3
|
|
|
1,515.5
|
|
|
1,560.6
|
|
|
2,066.3
|
|
|
2,390.6
|
|
|||||
Income from operations
|
|
403.3
|
|
|
288.4
|
|
|
361.1
|
|
|
646.5
|
|
|
900.7
|
|
|||||
Net income
|
|
189.3
|
|
|
160.2
|
|
|
264.0
|
|
|
404.2
|
|
|
592.3
|
|
|||||
Net (income) loss attributable to noncontrolling interests
|
|
(2.9
|
)
|
|
(0.1
|
)
|
|
2.4
|
|
|
6.2
|
|
|
4.9
|
|
|||||
Net income attributable to AGCO Corporation and subsidiaries
|
|
$
|
186.4
|
|
|
$
|
160.1
|
|
|
$
|
266.4
|
|
|
$
|
410.4
|
|
|
$
|
597.2
|
|
Net income per common share — diluted
|
|
$
|
2.32
|
|
|
$
|
1.96
|
|
|
$
|
3.06
|
|
|
$
|
4.36
|
|
|
$
|
6.01
|
|
Cash dividends declared and paid per common share
|
|
$
|
0.56
|
|
|
$
|
0.52
|
|
|
$
|
0.48
|
|
|
$
|
0.44
|
|
|
$
|
0.40
|
|
Weighted average shares outstanding — diluted
|
|
80.2
|
|
|
81.7
|
|
|
87.1
|
|
|
94.2
|
|
|
99.4
|
|
|
|
As of December 31,
|
||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
|
|
(In millions, except number of employees)
|
||||||||||||||||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
|
$
|
367.7
|
|
|
$
|
429.7
|
|
|
$
|
426.7
|
|
|
$
|
363.7
|
|
|
$
|
1,047.2
|
|
Total assets
|
|
7,971.7
|
|
|
7,168.4
|
|
|
6,497.7
|
|
|
7,364.5
|
|
|
8,390.2
|
|
|||||
Total long-term debt, excluding current portion and debt issuance costs
|
|
1,618.1
|
|
|
1,610.0
|
|
|
925.2
|
|
|
993.3
|
|
|
932.9
|
|
|||||
Stockholders’ equity
|
|
3,095.3
|
|
|
2,837.2
|
|
|
2,883.3
|
|
|
3,496.9
|
|
|
4,044.8
|
|
|||||
Other Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Number of employees
|
|
20,462
|
|
|
19,795
|
|
|
19,588
|
|
|
20,828
|
|
|
22,111
|
|
|
Years Ended December 31,
|
|||||||
|
2017
(1)
|
|
2016
(1)
|
|
2015
(1)
|
|||
Net sales
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of goods sold
|
78.7
|
|
|
79.5
|
|
|
79.1
|
|
Gross profit
|
21.3
|
|
|
20.5
|
|
|
20.9
|
|
Selling, general and administrative expenses
|
11.7
|
|
|
11.7
|
|
|
11.4
|
|
Engineering expenses
|
3.9
|
|
|
4.0
|
|
|
3.8
|
|
Restructuring expenses
|
0.1
|
|
|
0.2
|
|
|
0.3
|
|
Amortization of intangibles
|
0.7
|
|
|
0.7
|
|
|
0.6
|
|
Income from operations
|
4.9
|
|
|
3.9
|
|
|
4.8
|
|
Interest expense, net
|
0.5
|
|
|
0.7
|
|
|
0.6
|
|
Other expense, net
|
0.9
|
|
|
0.4
|
|
|
0.5
|
|
Income before income taxes and equity in net earnings of affiliates
|
3.4
|
|
|
2.8
|
|
|
3.7
|
|
Income tax provision
|
1.6
|
|
|
1.2
|
|
|
1.0
|
|
Income before equity in net earnings of affiliates
|
1.8
|
|
|
1.5
|
|
|
2.8
|
|
Equity in net earnings of affiliates
|
0.5
|
|
|
0.6
|
|
|
0.8
|
|
Net income
|
2.3
|
|
|
2.2
|
|
|
3.5
|
|
Net loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
Net income attributable to AGCO Corporation and subsidiaries
|
2.3
|
%
|
|
2.2
|
%
|
|
3.6
|
%
|
(1)
|
Rounding may impact summation of amounts.
|
|
|
|
|
|
Change
|
|
Change due to Currency
Translation
|
|
Change due to Acquisitions
|
|||||||||||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|
$
|
|
%
|
|
$
|
|
%
|
|||||||||||||
North America
|
$
|
1,876.7
|
|
|
$
|
1,807.7
|
|
|
$
|
69.0
|
|
|
3.8
|
%
|
|
$
|
4.7
|
|
|
0.3
|
%
|
|
$
|
38.8
|
|
|
2.1
|
%
|
South America
|
1,063.5
|
|
|
917.5
|
|
|
146.0
|
|
|
15.9
|
%
|
|
41.3
|
|
|
4.5
|
%
|
|
4.1
|
|
|
0.4
|
%
|
|||||
EME
|
4,614.3
|
|
|
4,089.7
|
|
|
524.6
|
|
|
12.8
|
%
|
|
57.6
|
|
|
1.4
|
%
|
|
110.6
|
|
|
2.7
|
%
|
|||||
APA
|
752.0
|
|
|
595.6
|
|
|
156.4
|
|
|
26.3
|
%
|
|
13.9
|
|
|
2.3
|
%
|
|
24.1
|
|
|
4.0
|
%
|
|||||
|
$
|
8,306.5
|
|
|
$
|
7,410.5
|
|
|
$
|
896.0
|
|
|
12.1
|
%
|
|
$
|
117.5
|
|
|
1.6
|
%
|
|
$
|
177.6
|
|
|
2.4
|
%
|
|
2017
|
|
2016
|
||||||||||
|
$
|
|
% of
Net Sales
|
|
$
|
|
% of
Net Sales
|
||||||
Gross profit
|
$
|
1,765.3
|
|
|
21.3
|
%
|
|
$
|
1,515.5
|
|
|
20.5
|
%
|
Selling, general and administrative expenses
|
970.7
|
|
|
11.7
|
%
|
|
867.9
|
|
|
11.7
|
%
|
||
Engineering expenses
|
323.1
|
|
|
3.9
|
%
|
|
296.1
|
|
|
4.0
|
%
|
||
Restructuring expenses
|
11.2
|
|
|
0.1
|
%
|
|
11.9
|
|
|
0.2
|
%
|
||
Amortization of intangibles
|
57.0
|
|
|
0.7
|
%
|
|
51.2
|
|
|
0.7
|
%
|
||
Income from operations
|
$
|
403.3
|
|
|
4.9
|
%
|
|
$
|
288.4
|
|
|
3.9
|
%
|
|
|
|
|
|
Change
|
|
Change due to Currency
Translation
|
|
Change due to Acquisitions
|
|||||||||||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|
$
|
|
%
|
|
$
|
|
%
|
|||||||||||||
North America
|
$
|
1,807.7
|
|
|
$
|
1,965.0
|
|
|
$
|
(157.3
|
)
|
|
(8.0
|
)%
|
|
$
|
(25.9
|
)
|
|
(1.3
|
)%
|
|
$
|
82.4
|
|
|
4.2
|
%
|
South America
|
917.5
|
|
|
949.0
|
|
|
(31.5
|
)
|
|
(3.3
|
)%
|
|
(72.2
|
)
|
|
(7.6
|
)%
|
|
3.6
|
|
|
0.4
|
%
|
|||||
EME
|
4,089.7
|
|
|
4,037.6
|
|
|
52.1
|
|
|
1.3
|
%
|
|
(87.4
|
)
|
|
(2.2
|
)%
|
|
46.2
|
|
|
1.1
|
%
|
|||||
APA
|
595.6
|
|
|
515.7
|
|
|
79.9
|
|
|
15.5
|
%
|
|
(10.5
|
)
|
|
(2.0
|
)%
|
|
41.0
|
|
|
8.0
|
%
|
|||||
|
$
|
7,410.5
|
|
|
$
|
7,467.3
|
|
|
$
|
(56.8
|
)
|
|
(0.8
|
)%
|
|
$
|
(196.0
|
)
|
|
(2.6
|
)%
|
|
$
|
173.2
|
|
|
2.3
|
%
|
|
2016
|
|
2015
|
||||||||||
|
$
|
|
% of
Net Sales
|
|
$
|
|
% of
Net Sales
(1)
|
||||||
Gross profit
|
$
|
1,515.5
|
|
|
20.5
|
%
|
|
$
|
1,560.6
|
|
|
20.9
|
%
|
Selling, general and administrative expenses
|
867.9
|
|
|
11.7
|
%
|
|
852.3
|
|
|
11.4
|
%
|
||
Engineering expenses
|
296.1
|
|
|
4.0
|
%
|
|
282.2
|
|
|
3.8
|
%
|
||
Restructuring expenses
|
11.9
|
|
|
0.2
|
%
|
|
22.3
|
|
|
0.3
|
%
|
||
Amortization of intangibles
|
51.2
|
|
|
0.7
|
%
|
|
42.7
|
|
|
0.6
|
%
|
||
Income from operations
|
$
|
288.4
|
|
|
3.9
|
%
|
|
$
|
361.1
|
|
|
4.8
|
%
|
|
Three Months Ended
|
||||||||||||||
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
|
(In millions, except per share data)
|
||||||||||||||
2017:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales
|
$
|
1,627.6
|
|
|
$
|
2,165.2
|
|
|
$
|
1,986.3
|
|
|
$
|
2,527.4
|
|
Gross profit
|
330.3
|
|
|
475.4
|
|
|
428.6
|
|
|
531.0
|
|
||||
Income from operations
|
15.6
|
|
|
148.4
|
|
|
97.0
|
|
|
142.3
|
|
||||
Net (loss) income
|
(8.2
|
)
|
|
91.6
|
|
|
60.8
|
|
|
45.1
|
|
||||
Net income attributable to noncontrolling interests
|
(1.9
|
)
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(0.8
|
)
|
||||
Net (loss) income attributable to AGCO Corporation and subsidiaries
|
(10.1
|
)
|
|
91.5
|
|
|
60.7
|
|
|
44.3
|
|
||||
Net (loss) income per common share attributable to AGCO Corporation and subsidiaries — diluted
|
(0.13
|
)
|
|
1.14
|
|
|
0.76
|
|
|
0.55
|
|
||||
2016:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales
|
$
|
1,559.3
|
|
|
$
|
1,995.6
|
|
|
$
|
1,761.6
|
|
|
$
|
2,094.0
|
|
Gross profit
|
314.7
|
|
|
427.0
|
|
|
353.5
|
|
|
420.3
|
|
||||
Income from operations
|
19.4
|
|
|
118.6
|
|
|
59.0
|
|
|
91.4
|
|
||||
Net income
|
10.2
|
|
|
49.4
|
|
|
39.4
|
|
|
61.2
|
|
||||
Net (income) loss attributable to noncontrolling interests
|
(2.4
|
)
|
|
0.9
|
|
|
0.6
|
|
|
0.8
|
|
||||
Net income attributable to AGCO Corporation and subsidiaries
|
7.8
|
|
|
50.3
|
|
|
40.0
|
|
|
62.0
|
|
||||
Net income per common share attributable to AGCO Corporation and subsidiaries — diluted
|
0.09
|
|
|
0.61
|
|
|
0.50
|
|
|
0.77
|
|
|
December 31, 2017
|
||
1.056% Senior term loan due 2020
|
$
|
239.8
|
|
Credit facility, expires 2020
|
471.2
|
|
|
Senior term loans due 2021
|
119.9
|
|
|
5
7
/
8
% Senior notes due 2021
|
305.3
|
|
|
Senior term loans due between 2019 and 2026
|
449.7
|
|
|
Other long-term debt
|
131.6
|
|
|
Debt issuance costs
|
(4.0
|
)
|
|
|
$
|
1,713.5
|
|
|
Payments Due By Period
|
||||||||||||||||||
|
Total
|
|
2018
|
|
2019 to
2020 |
|
2021 to
2022 |
|
2023 and
Beyond |
||||||||||
Indebtedness
(1)
|
$
|
1,713.5
|
|
|
$
|
95.4
|
|
|
$
|
802.9
|
|
|
$
|
657.9
|
|
|
$
|
157.3
|
|
Interest payments related to indebtedness
(2)
|
132.4
|
|
|
29.2
|
|
|
74.1
|
|
|
23.4
|
|
|
5.7
|
|
|||||
Capital lease obligations
|
17.8
|
|
|
5.5
|
|
|
6.2
|
|
|
2.6
|
|
|
3.5
|
|
|||||
Operating lease obligations
|
167.2
|
|
|
47.5
|
|
|
51.7
|
|
|
28.4
|
|
|
39.6
|
|
|||||
Unconditional purchase obligations
|
74.9
|
|
|
64.4
|
|
|
9.5
|
|
|
1.0
|
|
|
—
|
|
|||||
Other short-term and long-term obligations
(3)
|
356.1
|
|
|
105.8
|
|
|
121.1
|
|
|
93.3
|
|
|
35.9
|
|
|||||
Total contractual cash obligations
|
$
|
2,461.9
|
|
|
$
|
347.8
|
|
|
$
|
1,065.5
|
|
|
$
|
806.6
|
|
|
$
|
242.0
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Amount of Commitment Expiration Per Period
|
||||||||||||||||||
|
Total
|
|
2018
|
|
2019 to
2020 |
|
2021 to
2022 |
|
2023 and
Beyond |
||||||||||
Standby letters of credit and similar instruments
|
$
|
15.2
|
|
|
$
|
15.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Guarantees
|
115.1
|
|
|
109.2
|
|
|
4.8
|
|
|
1.1
|
|
|
—
|
|
|||||
Total commercial commitments and letters of credit
|
$
|
130.3
|
|
|
$
|
124.4
|
|
|
$
|
4.8
|
|
|
$
|
1.1
|
|
|
$
|
—
|
|
(1)
|
Indebtedness amounts reflect the principal amount of our senior term loan, senior notes and credit facility.
|
(2)
|
Estimated interest payments are calculated assuming current interest rates over minimum maturity periods specified in debt agreements. Debt may be repaid sooner or later than such minimum maturity periods.
|
(3)
|
Other short-term and long-term obligations include estimates of future minimum contribution requirements under our U.S. and non-U.S. defined benefit pension and postretirement plans. These estimates are based on current legislation in the countries we operate within and are subject to change. Other short-term and long-term obligations also include income tax liabilities related to uncertain income tax positions connected with ongoing income tax audits in various jurisdictions.
|
• Discount rates
|
• Inflation
|
• Salary growth
|
• Expected return on plan assets
|
• Retirement rates and ages
|
• Mortality rates
|
•
|
Our inflation assumption is based on an evaluation of external market indicators.
|
•
|
The salary growth assumptions reflect our long-term actual experience, the near-term outlook and assumed inflation.
|
•
|
The expected return on plan asset assumptions reflects asset allocations, investment strategy, historical experience and the views of investment managers, and reflects a projection of the expected arithmetic returns over ten years.
|
•
|
Determination of retirement rates and ages as well as termination rates, based on actual plan experience, actuarial standards of practice and the manner in which our defined benefit plans are being administered.
|
•
|
The mortality rates for the U.K. defined benefit pension plan was updated in 2016 to reflect expected improvements in the life expectancy of the plan participants. The mortality rates for the U.S. defined benefit pension plans were updated in 2017 to reflect the Society of Actuaries’ most recent findings on the topic of mortality.
|
•
|
The fair value of assets used to determine the expected return on assets does not reflect any delayed recognition of asset gains and losses.
|
• Health care cost trends
|
• Inflation
|
• Discount rates
|
• Medical coverage elections
|
• Retirement rates
|
• Mortality rates
|
|
One Percentage
Point Increase
|
|
One Percentage
Point Decrease
|
||||
Effect on service and interest cost
|
$
|
0.2
|
|
|
$
|
(0.1
|
)
|
Effect on accumulated postretirement benefit obligation
|
$
|
3.9
|
|
|
$
|
(3.2
|
)
|
|
Page
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net sales
|
$
|
8,306.5
|
|
|
$
|
7,410.5
|
|
|
$
|
7,467.3
|
|
Cost of goods sold
|
6,541.2
|
|
|
5,895.0
|
|
|
5,906.7
|
|
|||
Gross profit
|
1,765.3
|
|
|
1,515.5
|
|
|
1,560.6
|
|
|||
Selling, general and administrative expenses
|
970.7
|
|
|
867.9
|
|
|
852.3
|
|
|||
Engineering expenses
|
323.1
|
|
|
296.1
|
|
|
282.2
|
|
|||
Restructuring expenses
|
11.2
|
|
|
11.9
|
|
|
22.3
|
|
|||
Amortization of intangibles
|
57.0
|
|
|
51.2
|
|
|
42.7
|
|
|||
Income from operations
|
403.3
|
|
|
288.4
|
|
|
361.1
|
|
|||
Interest expense, net
|
45.1
|
|
|
52.1
|
|
|
45.4
|
|
|||
Other expense, net
|
74.4
|
|
|
31.4
|
|
|
36.3
|
|
|||
Income before income taxes and equity in net earnings of affiliates
|
283.8
|
|
|
204.9
|
|
|
279.4
|
|
|||
Income tax provision
|
133.6
|
|
|
92.2
|
|
|
72.5
|
|
|||
Income before equity in net earnings of affiliates
|
150.2
|
|
|
112.7
|
|
|
206.9
|
|
|||
Equity in net earnings of affiliates
|
39.1
|
|
|
47.5
|
|
|
57.1
|
|
|||
Net income
|
189.3
|
|
|
160.2
|
|
|
264.0
|
|
|||
Net (income) loss attributable to noncontrolling interests
|
(2.9
|
)
|
|
(0.1
|
)
|
|
2.4
|
|
|||
Net income attributable to AGCO Corporation and subsidiaries
|
$
|
186.4
|
|
|
$
|
160.1
|
|
|
$
|
266.4
|
|
Net income per common share attributable to AGCO Corporation and subsidiaries:
|
|
|
|
|
|
|
|
|
|||
Basic
|
$
|
2.34
|
|
|
$
|
1.97
|
|
|
$
|
3.06
|
|
Diluted
|
$
|
2.32
|
|
|
$
|
1.96
|
|
|
$
|
3.06
|
|
Cash dividends declared and paid per common share
|
$
|
0.56
|
|
|
$
|
0.52
|
|
|
$
|
0.48
|
|
Weighted average number of common and common equivalent shares outstanding:
|
|
|
|
|
|
|
|
|
|||
Basic
|
79.5
|
|
|
81.4
|
|
|
87.0
|
|
|||
Diluted
|
80.2
|
|
|
81.7
|
|
|
87.1
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net income
|
$
|
189.3
|
|
|
$
|
160.2
|
|
|
$
|
264.0
|
|
Other comprehensive income (loss), net of reclassification adjustments:
|
|
|
|
|
|
||||||
Defined benefit pension plans, net of taxes:
|
|
|
|
|
|
||||||
Prior service cost arising during the year
|
—
|
|
|
(2.6
|
)
|
|
(4.7
|
)
|
|||
Net loss recognized due to settlement
|
0.2
|
|
|
0.4
|
|
|
0.2
|
|
|||
Net gain recognized due to curtailment
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|||
Net actuarial gain (loss) arising during the year
|
6.6
|
|
|
(62.9
|
)
|
|
2.1
|
|
|||
Amortization of prior service cost included in net periodic pension cost
|
1.3
|
|
|
1.1
|
|
|
0.4
|
|
|||
Amortization of net actuarial losses included in net periodic pension cost
|
11.3
|
|
|
8.6
|
|
|
6.3
|
|
|||
Derivative adjustments:
|
|
|
|
|
|
||||||
Net changes in fair value of derivatives
|
2.0
|
|
|
(7.7
|
)
|
|
(4.6
|
)
|
|||
Net losses reclassified from accumulated other comprehensive loss into income
|
2.0
|
|
|
1.0
|
|
|
2.7
|
|
|||
Foreign currency translation adjustments
|
57.8
|
|
|
82.4
|
|
|
(558.2
|
)
|
|||
Other comprehensive income (loss), net of reclassification adjustments
|
81.2
|
|
|
20.2
|
|
|
(555.8
|
)
|
|||
Comprehensive income (loss)
|
270.5
|
|
|
180.4
|
|
|
(291.8
|
)
|
|||
Comprehensive (income) loss attributable to noncontrolling interests
|
(4.1
|
)
|
|
(1.7
|
)
|
|
4.5
|
|
|||
Comprehensive income (loss) attributable to AGCO Corporation and subsidiaries
|
$
|
266.4
|
|
|
$
|
178.7
|
|
|
$
|
(287.3
|
)
|
|
December 31,
2017 |
|
December 31,
2016 |
||||
ASSETS
|
|||||||
Current Assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
367.7
|
|
|
$
|
429.7
|
|
Accounts and notes receivable, net
|
1,019.4
|
|
|
890.4
|
|
||
Inventories, net
|
1,872.9
|
|
|
1,514.8
|
|
||
Other current assets
|
367.7
|
|
|
330.8
|
|
||
Total current assets
|
3,627.7
|
|
|
3,165.7
|
|
||
Property, plant and equipment, net
|
1,485.3
|
|
|
1,361.3
|
|
||
Investment in affiliates
|
409.0
|
|
|
414.9
|
|
||
Deferred tax assets
|
112.2
|
|
|
99.7
|
|
||
Other assets
|
147.1
|
|
|
143.1
|
|
||
Intangible assets, net
|
649.0
|
|
|
607.3
|
|
||
Goodwill
|
1,541.4
|
|
|
1,376.4
|
|
||
Total assets
|
$
|
7,971.7
|
|
|
$
|
7,168.4
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|||||||
Current Liabilities:
|
|
|
|
|
|
||
Current portion of long-term debt
|
$
|
95.4
|
|
|
$
|
85.4
|
|
Accounts payable
|
917.5
|
|
|
722.6
|
|
||
Accrued expenses
|
1,407.9
|
|
|
1,160.8
|
|
||
Other current liabilities
|
229.8
|
|
|
176.1
|
|
||
Total current liabilities
|
2,650.6
|
|
|
2,144.9
|
|
||
Long-term debt, less current portion and debt issuance costs
|
1,618.1
|
|
|
1,610.0
|
|
||
Pensions and postretirement health care benefits
|
247.3
|
|
|
270.0
|
|
||
Deferred tax liabilities
|
130.5
|
|
|
112.4
|
|
||
Other noncurrent liabilities
|
229.9
|
|
|
193.9
|
|
||
Total liabilities
|
4,876.4
|
|
|
4,331.2
|
|
||
Commitments and contingencies (Note 12)
|
|
|
|
|
|
||
Stockholders’ Equity:
|
|
|
|
|
|
||
AGCO Corporation stockholders’ equity:
|
|
|
|
|
|
||
Preferred stock; $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding in 2017 and 2016
|
—
|
|
|
—
|
|
||
Common stock; $0.01 par value, 150,000,000 shares authorized, 79,553,825 and 79,465,393 shares issued and outstanding at December 31, 2017 and 2016, respectively
|
0.8
|
|
|
0.8
|
|
||
Additional paid-in capital
|
136.6
|
|
|
103.3
|
|
||
Retained earnings
|
4,253.8
|
|
|
4,113.6
|
|
||
Accumulated other comprehensive loss
|
(1,361.6
|
)
|
|
(1,441.6
|
)
|
||
Total AGCO Corporation stockholders’ equity
|
3,029.6
|
|
|
2,776.1
|
|
||
Noncontrolling interests
|
65.7
|
|
|
61.1
|
|
||
Total stockholders’ equity
|
3,095.3
|
|
|
2,837.2
|
|
||
Total liabilities and stockholders’ equity
|
$
|
7,971.7
|
|
|
$
|
7,168.4
|
|
|
|
|
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Noncontrolling
Interests
|
|
Total
Stockholders’
Equity
|
||||||||||||||||||||||||||
|
Common Stock
|
|
|
|
Defined
Benefit
Pension
Plans
|
|
Cumulative
Translation
Adjustment
|
|
Deferred
(Losses) Gains on
Derivatives
|
|
Accumulated
Other
Comprehensive Loss
|
|
|
||||||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Balance, December 31, 2014
|
89,146,093
|
|
|
0.9
|
|
|
582.5
|
|
|
3,771.6
|
|
|
(253.3
|
)
|
|
(653.1
|
)
|
|
(0.1
|
)
|
|
(906.5
|
)
|
|
48.4
|
|
|
3,496.9
|
|
||||||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
266.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.4
|
)
|
|
264.0
|
|
||||||||||
Payment of dividends to shareholders
|
—
|
|
|
—
|
|
|
—
|
|
|
(42.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42.0
|
)
|
||||||||||
Issuance of restricted stock
|
15,711
|
|
|
—
|
|
|
0.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
||||||||||
Issuance of stock awards
|
172,759
|
|
|
—
|
|
|
(5.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5.6
|
)
|
||||||||||
SSARs exercised
|
22,176
|
|
|
—
|
|
|
(0.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.7
|
)
|
||||||||||
Stock compensation
|
—
|
|
|
—
|
|
|
11.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11.4
|
|
||||||||||
Excess tax benefit of stock awards
|
—
|
|
|
—
|
|
|
0.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.7
|
|
||||||||||
Changes in noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.1
|
|
|
1.1
|
|
||||||||||
Purchases and retirement of common stock
|
(5,541,930
|
)
|
|
(0.1
|
)
|
|
(287.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(287.5
|
)
|
||||||||||
Defined benefit pension plans, net of taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Prior service cost arising during year
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.7
|
)
|
|
—
|
|
|
—
|
|
|
(4.7
|
)
|
|
—
|
|
|
(4.7
|
)
|
||||||||||
Net loss recognized due to settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
||||||||||
Net actuarial gain arising during year
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.1
|
|
|
—
|
|
|
—
|
|
|
2.1
|
|
|
—
|
|
|
2.1
|
|
||||||||||
Amortization of prior service cost included in net periodic pension cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
||||||||||
Amortization of net actuarial losses included in net periodic pension cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.3
|
|
|
—
|
|
|
—
|
|
|
6.3
|
|
|
—
|
|
|
6.3
|
|
||||||||||
Deferred gains and losses on derivatives, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.9
|
)
|
|
(1.9
|
)
|
|
—
|
|
|
(1.9
|
)
|
||||||||||
Change in cumulative translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(556.1
|
)
|
|
—
|
|
|
(556.1
|
)
|
|
(2.1
|
)
|
|
(558.2
|
)
|
||||||||||
Balance, December 31, 2015
|
83,814,809
|
|
|
0.8
|
|
|
301.7
|
|
|
3,996.0
|
|
|
(249.0
|
)
|
|
(1,209.2
|
)
|
|
(2.0
|
)
|
|
(1,460.2
|
)
|
|
45.0
|
|
|
2,883.3
|
|
||||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
160.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
160.2
|
|
||||||||||
Payment of dividends to shareholders
|
—
|
|
|
—
|
|
|
—
|
|
|
(42.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42.5
|
)
|
||||||||||
Issuance of restricted stock
|
15,395
|
|
|
—
|
|
|
0.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
||||||||||
Issuance of stock awards
|
27,333
|
|
|
—
|
|
|
(0.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.9
|
)
|
||||||||||
SSARs exercised
|
21,106
|
|
|
—
|
|
|
(0.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.9
|
)
|
||||||||||
Stock compensation
|
—
|
|
|
—
|
|
|
17.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17.3
|
|
||||||||||
Investment by noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12.2
|
|
|
12.2
|
|
||||||||||
Changes in noncontrolling interest
|
—
|
|
|
—
|
|
|
(2.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.2
|
|
|
—
|
|
||||||||||
Purchases and retirement of common stock
|
(4,413,250
|
)
|
|
—
|
|
|
(212.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(212.5
|
)
|
||||||||||
Defined benefit pension plans, net of taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Prior service cost arising during year
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.6
|
)
|
|
—
|
|
|
—
|
|
|
(2.6
|
)
|
|
—
|
|
|
(2.6
|
)
|
||||||||||
Net loss recognized due to settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
||||||||||
Net gain recognized due to curtailment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
||||||||||
Net actuarial loss arising during year
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(62.9
|
)
|
|
—
|
|
|
—
|
|
|
(62.9
|
)
|
|
—
|
|
|
(62.9
|
)
|
||||||||||
Amortization of prior service cost included in net periodic pension cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.1
|
|
|
—
|
|
|
—
|
|
|
1.1
|
|
|
—
|
|
|
1.1
|
|
||||||||||
Amortization of net actuarial losses included in net periodic pension cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8.6
|
|
—
|
|
—
|
|
|
—
|
|
|
8.6
|
|
|
—
|
|
|
8.6
|
|
|||||||||
Deferred gains and losses on derivatives, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6.7
|
)
|
|
(6.7
|
)
|
|
—
|
|
|
(6.7
|
)
|
||||||||||
Change in cumulative translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
80.8
|
|
|
—
|
|
|
80.8
|
|
|
1.6
|
|
|
82.4
|
|
||||||||||
Balance, December 31, 2016
|
79,465,393
|
|
|
0.8
|
|
|
103.3
|
|
|
4,113.6
|
|
|
(304.5
|
)
|
|
(1,128.4
|
)
|
|
(8.7
|
)
|
|
(1,441.6
|
)
|
|
61.1
|
|
|
2,837.2
|
|
||||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
186.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.9
|
|
|
189.3
|
|
||||||||||
Payment of dividends to shareholders
|
—
|
|
|
—
|
|
|
—
|
|
|
(44.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(44.5
|
)
|
||||||||||
Issuance of restricted stock
|
12,066
|
|
|
—
|
|
|
0.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
||||||||||
Issuance of stock awards
|
54,309
|
|
|
—
|
|
|
(2.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.2
|
)
|
||||||||||
SSARs exercised
|
92,521
|
|
|
—
|
|
|
(4.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.4
|
)
|
||||||||||
Stock compensation
|
—
|
|
|
—
|
|
|
39.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39.1
|
|
||||||||||
Investment by noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|
0.5
|
|
||||||||||
Purchases and retirement of common stock
|
(70,464
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Adjustment related to the adoption of ASU 2016-09
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.7
|
)
|
||||||||||
Defined benefit pension plans, net of taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net loss recognized due to settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
||||||||||
Net actuarial gain arising during year
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.6
|
|
|
—
|
|
|
—
|
|
|
6.6
|
|
|
—
|
|
|
6.6
|
|
||||||||||
Amortization of prior service cost included in net periodic pension cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.3
|
|
|
—
|
|
|
—
|
|
|
1.3
|
|
|
—
|
|
|
1.3
|
|
||||||||||
Amortization of net actuarial losses included in net periodic pension cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11.3
|
|
|
—
|
|
|
—
|
|
|
11.3
|
|
|
—
|
|
|
11.3
|
|
||||||||||
Deferred gains and losses on derivatives, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.0
|
|
|
4.0
|
|
|
—
|
|
|
4.0
|
|
||||||||||
Change in cumulative translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
56.6
|
|
|
—
|
|
|
56.6
|
|
|
1.2
|
|
|
57.8
|
|
||||||||||
Balance, December 31, 2017
|
79,553,825
|
|
|
$
|
0.8
|
|
|
$
|
136.6
|
|
|
$
|
4,253.8
|
|
|
$
|
(285.1
|
)
|
|
$
|
(1,071.8
|
)
|
|
$
|
(4.7
|
)
|
|
$
|
(1,361.6
|
)
|
|
$
|
65.7
|
|
|
$
|
3,095.3
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|||
Net income
|
$
|
189.3
|
|
|
$
|
160.2
|
|
|
$
|
264.0
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|||
Depreciation
|
222.8
|
|
|
223.4
|
|
|
217.4
|
|
|||
Deferred debt issuance cost amortization
|
0.7
|
|
|
1.0
|
|
|
2.0
|
|
|||
Amortization of intangibles
|
57.0
|
|
|
51.2
|
|
|
42.7
|
|
|||
Stock compensation expense
|
38.2
|
|
|
18.1
|
|
|
12.2
|
|
|||
Proceeds from termination of hedging instrument
|
—
|
|
|
7.3
|
|
|
—
|
|
|||
Equity in net earnings of affiliates, net of cash received
|
41.2
|
|
|
(1.4
|
)
|
|
(19.0
|
)
|
|||
Deferred income tax (benefit) provision
|
(14.1
|
)
|
|
2.1
|
|
|
(26.8
|
)
|
|||
Other
|
2.3
|
|
|
1.3
|
|
|
(0.1
|
)
|
|||
Changes in operating assets and liabilities, net of effects from purchase of businesses:
|
|
|
|
|
|
|
|
|
|||
Accounts and notes receivable, net
|
(34.7
|
)
|
|
(4.5
|
)
|
|
3.8
|
|
|||
Inventories, net
|
(196.0
|
)
|
|
(33.1
|
)
|
|
117.6
|
|
|||
Other current and noncurrent assets
|
(36.6
|
)
|
|
(98.7
|
)
|
|
(49.3
|
)
|
|||
Accounts payable
|
123.5
|
|
|
62.8
|
|
|
37.3
|
|
|||
Accrued expenses
|
149.0
|
|
|
47.0
|
|
|
(34.8
|
)
|
|||
Other current and noncurrent liabilities
|
35.0
|
|
|
(67.2
|
)
|
|
(42.8
|
)
|
|||
Total adjustments
|
388.3
|
|
|
209.3
|
|
|
260.2
|
|
|||
Net cash provided by operating activities
|
577.6
|
|
|
369.5
|
|
|
524.2
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|||
Purchases of property, plant and equipment
|
(203.9
|
)
|
|
(201.0
|
)
|
|
(211.4
|
)
|
|||
Proceeds from sale of property, plant and equipment
|
4.1
|
|
|
2.4
|
|
|
1.5
|
|
|||
Purchase of businesses, net of cash acquired
|
(293.1
|
)
|
|
(383.8
|
)
|
|
(25.4
|
)
|
|||
Investment in consolidated affiliates, net of cash acquired
|
—
|
|
|
(11.8
|
)
|
|
—
|
|
|||
Investments in unconsolidated affiliates
|
(0.8
|
)
|
|
(4.5
|
)
|
|
(3.8
|
)
|
|||
Restricted cash and other
|
—
|
|
|
0.4
|
|
|
(1.7
|
)
|
|||
Net cash used in investing activities
|
(493.7
|
)
|
|
(598.3
|
)
|
|
(240.8
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|||
Proceeds from debt obligations
|
3,513.9
|
|
|
3,117.9
|
|
|
1,951.9
|
|
|||
Repayments of debt obligations
|
(3,639.7
|
)
|
|
(2,622.4
|
)
|
|
(1,769.5
|
)
|
|||
Purchases and retirement of common stock
|
—
|
|
|
(212.5
|
)
|
|
(287.5
|
)
|
|||
Payment of dividends to stockholders
|
(44.5
|
)
|
|
(42.5
|
)
|
|
(42.0
|
)
|
|||
Payment of minimum tax withholdings on stock compensation
|
(6.9
|
)
|
|
(2.0
|
)
|
|
(6.3
|
)
|
|||
Payment of debt issuance costs
|
—
|
|
|
(2.5
|
)
|
|
(0.7
|
)
|
|||
Excess tax benefit related to stock compensation
|
—
|
|
|
—
|
|
|
0.7
|
|
|||
Investments by noncontrolling interests
|
0.5
|
|
|
0.4
|
|
|
—
|
|
|||
Net cash (used in) provided by financing activities
|
(176.7
|
)
|
|
236.4
|
|
|
(153.4
|
)
|
|||
Effects of exchange rate changes on cash and cash equivalents
|
30.8
|
|
|
(4.6
|
)
|
|
(67.0
|
)
|
|||
(Decrease) increase in cash and cash equivalents
|
(62.0
|
)
|
|
3.0
|
|
|
63.0
|
|
|||
Cash and cash equivalents, beginning of year
|
429.7
|
|
|
426.7
|
|
|
363.7
|
|
|||
Cash and cash equivalents, end of year
|
$
|
367.7
|
|
|
$
|
429.7
|
|
|
$
|
426.7
|
|
Year Ended December 31, 2017
|
North
America
|
|
South
America
|
|
Europe/
Middle East
|
|
Asia/Pacific/Africa
|
|
Consolidated
|
|||||||||||||
0 to 6 months
|
$
|
1,399.6
|
|
|
$
|
1,063.5
|
|
|
$
|
4,603.9
|
|
|
$
|
752.0
|
|
|
$
|
7,819.0
|
|
|
94.1
|
%
|
7 to 12 months
|
467.7
|
|
|
—
|
|
|
10.4
|
|
|
—
|
|
|
478.1
|
|
|
5.8
|
%
|
|||||
13 to 24 months
|
9.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9.4
|
|
|
0.1
|
%
|
|||||
|
$
|
1,876.7
|
|
|
$
|
1,063.5
|
|
|
$
|
4,614.3
|
|
|
$
|
752.0
|
|
|
$
|
8,306.5
|
|
|
100.0
|
%
|
|
2017
|
|
2016
|
||||
Sales incentive discounts
|
$
|
33.1
|
|
|
$
|
34.5
|
|
Doubtful accounts
|
37.5
|
|
|
33.7
|
|
||
|
$
|
70.6
|
|
|
$
|
68.2
|
|
|
2017
|
|
2016
|
||||
Finished goods
|
$
|
684.1
|
|
|
$
|
589.3
|
|
Repair and replacement parts
|
605.9
|
|
|
532.5
|
|
||
Work in process
|
178.7
|
|
|
113.8
|
|
||
Raw materials
|
404.2
|
|
|
279.2
|
|
||
Inventories, net
|
$
|
1,872.9
|
|
|
$
|
1,514.8
|
|
|
2017
|
|
2016
|
||||
Land
|
$
|
130.6
|
|
|
$
|
112.1
|
|
Buildings and improvements
|
792.0
|
|
|
681.8
|
|
||
Machinery and equipment
|
2,391.6
|
|
|
2,116.1
|
|
||
Furniture and fixtures
|
147.6
|
|
|
126.4
|
|
||
Gross property, plant and equipment
|
3,461.8
|
|
|
3,036.4
|
|
||
Accumulated depreciation and amortization
|
(1,976.5
|
)
|
|
(1,675.1
|
)
|
||
Property, plant and equipment, net
|
$
|
1,485.3
|
|
|
$
|
1,361.3
|
|
|
North
America
|
|
South
America
|
|
Europe/
Middle East
|
|
Asia/Pacific/Africa
|
|
Consolidated
|
||||||||||
Balance as of December 31, 2014
|
$
|
513.6
|
|
|
$
|
169.7
|
|
|
$
|
445.4
|
|
|
$
|
64.1
|
|
|
$
|
1,192.8
|
|
Acquisition
|
5.1
|
|
|
—
|
|
|
4.4
|
|
|
12.7
|
|
|
22.2
|
|
|||||
Foreign currency translation
|
—
|
|
|
(55.3
|
)
|
|
(38.6
|
)
|
|
(6.6
|
)
|
|
(100.5
|
)
|
|||||
Balance as of December 31, 2015
|
518.7
|
|
|
114.4
|
|
|
411.2
|
|
|
70.2
|
|
|
1,114.5
|
|
|||||
Acquisitions
|
25.2
|
|
|
—
|
|
|
196.4
|
|
|
47.6
|
|
|
269.2
|
|
|||||
Foreign currency translation
|
—
|
|
|
24.4
|
|
|
(25.7
|
)
|
|
(6.0
|
)
|
|
(7.3
|
)
|
|||||
Balance as of December 31, 2016
|
543.9
|
|
|
138.8
|
|
|
581.9
|
|
|
111.8
|
|
|
1,376.4
|
|
|||||
Acquisitions
|
67.2
|
|
|
—
|
|
|
17.4
|
|
|
—
|
|
|
84.6
|
|
|||||
Foreign currency translation
|
—
|
|
|
(2.4
|
)
|
|
71.7
|
|
|
11.1
|
|
|
80.4
|
|
|||||
Balance as of December 31, 2017
|
$
|
611.1
|
|
|
$
|
136.4
|
|
|
$
|
671.0
|
|
|
$
|
122.9
|
|
|
$
|
1,541.4
|
|
Intangible Asset
|
|
Weighted-Average
Useful Life
|
|
Patents and technology
|
|
12
|
years
|
Customer relationships
|
|
13
|
years
|
Trademarks and trade names
|
|
19
|
years
|
Land use rights
|
|
45
|
years
|
|
Trademarks and
Trade Names |
|
Customer
Relationships
|
|
Patents and
Technology
|
|
Land Use Rights
|
|
Total
|
||||||||||
Gross carrying amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Balance as of December 31, 2015
|
$
|
122.2
|
|
|
$
|
492.3
|
|
|
$
|
92.5
|
|
|
$
|
9.1
|
|
|
$
|
716.1
|
|
Acquisitions
|
61.2
|
|
|
69.0
|
|
|
32.3
|
|
|
—
|
|
|
162.5
|
|
|||||
Foreign currency translation
|
(4.2
|
)
|
|
(3.3
|
)
|
|
(2.7
|
)
|
|
(0.6
|
)
|
|
(10.8
|
)
|
|||||
Balance as of December 31, 2016
|
179.2
|
|
|
558.0
|
|
|
122.1
|
|
|
8.5
|
|
|
867.8
|
|
|||||
Acquisitions
|
19.5
|
|
|
24.4
|
|
|
28.1
|
|
|
—
|
|
|
72.0
|
|
|||||
Foreign currency translation
|
9.7
|
|
|
18.0
|
|
|
9.8
|
|
|
0.6
|
|
|
38.1
|
|
|||||
Balance as of December 31, 2017
|
$
|
208.4
|
|
|
$
|
600.4
|
|
|
$
|
160.0
|
|
|
$
|
9.1
|
|
|
$
|
977.9
|
|
|
Trademarks and
Trade Names |
|
Customer
Relationships
|
|
Patents and
Technology
|
|
Land Use Rights
|
|
Total
|
||||||||||
Accumulated amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Balance as of December 31, 2015
|
$
|
41.9
|
|
|
$
|
193.8
|
|
|
$
|
55.1
|
|
|
$
|
2.9
|
|
|
$
|
293.7
|
|
Amortization expense
|
8.0
|
|
|
37.4
|
|
|
5.6
|
|
|
0.2
|
|
|
51.2
|
|
|||||
Foreign currency translation
|
(0.2
|
)
|
|
1.8
|
|
|
(1.2
|
)
|
|
(0.4
|
)
|
|
—
|
|
|||||
Balance as of December 31, 2016
|
49.7
|
|
|
233.0
|
|
|
59.5
|
|
|
2.7
|
|
|
344.9
|
|
|||||
Amortization expense
|
10.3
|
|
|
38.5
|
|
|
8.0
|
|
|
0.2
|
|
|
57.0
|
|
|||||
Foreign currency translation
|
1.4
|
|
|
8.2
|
|
|
5.9
|
|
|
0.1
|
|
|
15.6
|
|
|||||
Balance as of December 31, 2017
|
$
|
61.4
|
|
|
$
|
279.7
|
|
|
$
|
73.4
|
|
|
$
|
3.0
|
|
|
$
|
417.5
|
|
|
Trademarks and
Trade Names |
||
Indefinite-lived intangible assets:
|
|
|
|
Balance as of December 31, 2015
|
$
|
85.3
|
|
Foreign currency translation
|
(0.9
|
)
|
|
Balance as of December 31, 2016
|
84.4
|
|
|
Foreign currency translation
|
4.2
|
|
|
Balance as of December 31, 2017
|
$
|
88.6
|
|
|
2017
|
|
2016
|
||||
Reserve for volume discounts and sales incentives
|
$
|
489.1
|
|
|
$
|
407.3
|
|
Warranty reserves
|
273.6
|
|
|
223.1
|
|
||
Accrued employee compensation and benefits
|
283.3
|
|
|
234.0
|
|
||
Accrued taxes
|
135.4
|
|
|
113.5
|
|
||
Other
|
226.5
|
|
|
182.9
|
|
||
|
$
|
1,407.9
|
|
|
$
|
1,160.8
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Balance at beginning of the year
|
$
|
255.6
|
|
|
$
|
230.3
|
|
|
$
|
284.6
|
|
Acquisitions
|
5.1
|
|
|
3.7
|
|
|
0.2
|
|
|||
Accruals for warranties issued during the year
|
215.9
|
|
|
214.6
|
|
|
152.6
|
|
|||
Settlements made (in cash or in kind) during the year
|
(183.1
|
)
|
|
(188.7
|
)
|
|
(186.2
|
)
|
|||
Foreign currency translation
|
22.5
|
|
|
(4.3
|
)
|
|
(20.9
|
)
|
|||
Balance at the end of the year
|
$
|
316.0
|
|
|
$
|
255.6
|
|
|
$
|
230.3
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Cost of goods sold
|
$
|
2.8
|
|
|
$
|
1.5
|
|
|
$
|
0.9
|
|
Selling, general and administrative expenses
|
35.6
|
|
|
16.9
|
|
|
11.6
|
|
|||
Total stock compensation expense
|
$
|
38.4
|
|
|
$
|
18.4
|
|
|
$
|
12.5
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Interest expense
|
$
|
54.5
|
|
|
$
|
65.4
|
|
|
$
|
64.1
|
|
Interest income
|
(9.4
|
)
|
|
(13.3
|
)
|
|
(18.7
|
)
|
|||
|
$
|
45.1
|
|
|
$
|
52.1
|
|
|
$
|
45.4
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Basic net income per share:
|
|
|
|
|
|
|
|
|
|||
Net income attributable to AGCO Corporation and subsidiaries
|
$
|
186.4
|
|
|
$
|
160.1
|
|
|
$
|
266.4
|
|
Weighted average number of common shares outstanding
|
79.5
|
|
|
81.4
|
|
|
87.0
|
|
|||
Basic net income per share attributable to AGCO Corporation and subsidiaries
|
$
|
2.34
|
|
|
$
|
1.97
|
|
|
$
|
3.06
|
|
Diluted net income per share:
|
|
|
|
|
|
|
|
|
|||
Net income attributable to AGCO Corporation and subsidiaries
|
$
|
186.4
|
|
|
$
|
160.1
|
|
|
$
|
266.4
|
|
Weighted average number of common shares outstanding
|
79.5
|
|
|
81.4
|
|
|
87.0
|
|
|||
Dilutive SSARs, performance share awards and restricted stock units
|
0.7
|
|
|
0.3
|
|
|
0.1
|
|
|||
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share
|
80.2
|
|
|
81.7
|
|
|
87.1
|
|
|||
Diluted net income per share attributable to AGCO Corporation and subsidiaries
|
$
|
2.32
|
|
|
$
|
1.96
|
|
|
$
|
3.06
|
|
|
AGCO Corporation and Subsidiaries
|
|
Noncontrolling
Interests
|
||||||||||||
|
2017
|
|
2017
|
||||||||||||
|
Before-tax
Amount
|
|
Income
Taxes
|
|
After-tax
Amount
|
|
After-tax
Amount
|
||||||||
Defined benefit pension plans
|
$
|
24.2
|
|
|
$
|
(4.8
|
)
|
|
$
|
19.4
|
|
|
$
|
—
|
|
Net gain on derivatives
|
4.1
|
|
|
(0.1
|
)
|
|
4.0
|
|
|
—
|
|
||||
Foreign currency translation adjustments
|
56.6
|
|
|
—
|
|
|
56.6
|
|
|
1.2
|
|
||||
Total components of other comprehensive income
|
$
|
84.9
|
|
|
$
|
(4.9
|
)
|
|
$
|
80.0
|
|
|
$
|
1.2
|
|
|
AGCO Corporation and Subsidiaries
|
|
Noncontrolling
Interests
|
||||||||||||
|
2016
|
|
2016
|
||||||||||||
|
Before-tax
Amount
|
|
Income
Taxes
|
|
After-tax
Amount
|
|
After-tax
Amount
|
||||||||
Defined benefit pension plans
|
$
|
(68.2
|
)
|
|
$
|
12.7
|
|
|
$
|
(55.5
|
)
|
|
$
|
—
|
|
Net loss on derivatives
|
(6.8
|
)
|
|
0.1
|
|
|
(6.7
|
)
|
|
—
|
|
||||
Foreign currency translation adjustments
|
80.8
|
|
|
—
|
|
|
80.8
|
|
|
1.6
|
|
||||
Total components of other comprehensive income
|
$
|
5.8
|
|
|
$
|
12.8
|
|
|
$
|
18.6
|
|
|
$
|
1.6
|
|
|
AGCO Corporation and Subsidiaries
|
|
Noncontrolling
Interests
|
||||||||||||
|
2015
|
|
2015
|
||||||||||||
|
Before-tax
Amount
|
|
Income
Taxes
|
|
After-tax
Amount
|
|
After-tax
Amount
|
||||||||
Defined benefit pension plans
|
$
|
4.9
|
|
|
$
|
(0.6
|
)
|
|
$
|
4.3
|
|
|
$
|
—
|
|
Net loss on derivatives
|
(3.1
|
)
|
|
1.2
|
|
|
(1.9
|
)
|
|
—
|
|
||||
Foreign currency translation adjustments
|
(556.1
|
)
|
|
—
|
|
|
(556.1
|
)
|
|
(2.1
|
)
|
||||
Total components of other comprehensive loss
|
$
|
(554.3
|
)
|
|
$
|
0.6
|
|
|
$
|
(553.7
|
)
|
|
$
|
(2.1
|
)
|
Current assets
|
$
|
84.6
|
|
Property, plant and equipment
|
24.3
|
|
|
Intangible assets
|
7.6
|
|
|
Goodwill
|
17.4
|
|
|
Total assets acquired
|
133.9
|
|
|
|
|
||
Current liabilities
|
23.6
|
|
|
Long-term liabilities
|
8.2
|
|
|
Total liabilities assumed
|
31.8
|
|
|
Net assets acquired
|
$
|
102.1
|
|
Intangible Asset
|
|
Amount
|
|
Weighted-Average Useful Life
|
|||
Customer relationships
|
|
$
|
3.0
|
|
|
5
|
years
|
Technology
|
|
3.0
|
|
|
12
|
years
|
|
Trademarks
|
|
1.6
|
|
|
10
|
years
|
|
|
|
$
|
7.6
|
|
|
|
|
Current assets
|
$
|
59.5
|
|
Property, plant and equipment
|
20.8
|
|
|
Intangible assets
|
64.4
|
|
|
Goodwill
|
67.2
|
|
|
Total assets acquired
|
211.9
|
|
|
|
|
||
Current liabilities
|
12.2
|
|
|
Total liabilities assumed
|
12.2
|
|
|
Net assets acquired
|
$
|
199.7
|
|
Intangible Asset
|
|
Amount
|
|
Weighted-Average Useful Life
|
|||
Customer relationships
|
|
$
|
21.4
|
|
|
14
|
years
|
Technology
|
|
25.1
|
|
|
10
|
years
|
|
Trademarks
|
|
17.9
|
|
|
20
|
years
|
|
|
|
$
|
64.4
|
|
|
|
|
Current assets
|
$
|
74.2
|
|
Property, plant and equipment
|
21.9
|
|
|
Intangible assets
|
128.9
|
|
|
Goodwill
|
237.9
|
|
|
Total assets acquired
|
462.9
|
|
|
|
|
||
Current liabilities
|
63.8
|
|
|
Deferred tax liabilities
|
38.5
|
|
|
Long-term debt and other noncurrent liabilities
|
10.5
|
|
|
Total liabilities assumed
|
112.8
|
|
|
Net assets acquired
|
$
|
350.1
|
|
Intangible Asset
|
|
Amount
|
|
Weighted-Average Useful Life
|
|||
Customer relationships
|
|
$
|
50.4
|
|
|
9
|
years
|
Technology
|
|
22.5
|
|
|
10
|
years
|
|
Trademarks
|
|
56.0
|
|
|
20
|
years
|
|
|
|
$
|
128.9
|
|
|
|
|
Intangible Asset
|
|
Amount
|
|
Weighted-Average Useful Life
|
|||
Customer relationships
|
|
$
|
15.7
|
|
|
10
|
years
|
Technology
|
|
7.9
|
|
|
10
|
years
|
|
Trademarks
|
|
3.9
|
|
|
10
|
years
|
|
|
|
$
|
27.5
|
|
|
|
|
Intangible Asset
|
|
Amount
|
|
Weighted-Average Useful Life
|
|||
Customer relationships
|
|
$
|
4.1
|
|
|
10
|
years
|
Technology
|
|
3.6
|
|
|
10
|
years
|
|
Trademarks
|
|
1.9
|
|
|
10
|
years
|
|
|
|
$
|
9.6
|
|
|
|
|
|
Write-down of Property, Plant
and Equipment
|
|
Employee Severance
|
|
Facility Closure Costs
|
|
Total
|
||||||||
Balance as of December 31, 2014
|
$
|
—
|
|
|
$
|
25.3
|
|
|
$
|
0.1
|
|
|
$
|
25.4
|
|
2015 provision
|
—
|
|
|
23.0
|
|
|
—
|
|
|
23.0
|
|
||||
2015 provision reversal
|
—
|
|
|
(0.7
|
)
|
|
—
|
|
|
(0.7
|
)
|
||||
2015 cash activity
|
—
|
|
|
(29.4
|
)
|
|
(0.1
|
)
|
|
(29.5
|
)
|
||||
Foreign currency translation
|
—
|
|
|
(1.3
|
)
|
|
—
|
|
|
(1.3
|
)
|
||||
Balance as of December 31, 2015
|
—
|
|
|
16.9
|
|
|
—
|
|
|
16.9
|
|
||||
2016 provision
|
—
|
|
|
11.0
|
|
|
1.0
|
|
|
12.0
|
|
||||
2016 provision reversal
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
||||
2016 cash activity
|
—
|
|
|
(13.1
|
)
|
|
(0.2
|
)
|
|
(13.3
|
)
|
||||
Foreign currency translation
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
(0.2
|
)
|
||||
Balance as of December 31, 2016
|
—
|
|
|
14.5
|
|
|
0.8
|
|
|
15.3
|
|
||||
2017 provision
|
0.2
|
|
|
12.4
|
|
|
—
|
|
|
12.6
|
|
||||
Less: Non-cash expense
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
||||
Cash expense
|
—
|
|
|
12.4
|
|
|
—
|
|
|
12.4
|
|
||||
2017 provision reversal
|
—
|
|
|
(1.4
|
)
|
|
—
|
|
|
(1.4
|
)
|
||||
2017 cash activity
|
—
|
|
|
(16.0
|
)
|
|
(0.8
|
)
|
|
(16.8
|
)
|
||||
Foreign currency translation
|
—
|
|
|
1.4
|
|
|
—
|
|
|
1.4
|
|
||||
Balance as of December 31, 2017
|
$
|
—
|
|
|
$
|
10.9
|
|
|
$
|
—
|
|
|
$
|
10.9
|
|
|
2017
|
|
2016
|
||||
Finance joint ventures
|
$
|
373.7
|
|
|
$
|
380.8
|
|
Manufacturing joint ventures
|
20.1
|
|
|
17.8
|
|
||
Other affiliates
|
15.2
|
|
|
16.3
|
|
||
|
$
|
409.0
|
|
|
$
|
414.9
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Finance joint ventures
|
$
|
39.9
|
|
|
$
|
45.5
|
|
|
$
|
53.8
|
|
Manufacturing and other joint ventures
|
(0.8
|
)
|
|
2.0
|
|
|
3.3
|
|
|||
|
$
|
39.1
|
|
|
$
|
47.5
|
|
|
$
|
57.1
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues
|
$
|
305.7
|
|
|
$
|
297.4
|
|
|
$
|
313.0
|
|
Costs
|
183.0
|
|
|
159.0
|
|
|
158.1
|
|
|||
Income before income taxes
|
$
|
122.7
|
|
|
$
|
138.4
|
|
|
$
|
154.9
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
United States
|
$
|
(141.6
|
)
|
|
$
|
(150.0
|
)
|
|
$
|
(49.1
|
)
|
Foreign
|
425.4
|
|
|
354.9
|
|
|
328.5
|
|
|||
Income before income taxes and equity in net earnings of affiliates
|
$
|
283.8
|
|
|
$
|
204.9
|
|
|
$
|
279.4
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Current:
|
|
|
|
|
|
|
|
|
|||
United States:
|
|
|
|
|
|
|
|
|
|||
Federal
|
$
|
20.3
|
|
|
$
|
(24.3
|
)
|
|
$
|
(1.3
|
)
|
State
|
0.6
|
|
|
0.2
|
|
|
2.8
|
|
|||
Foreign
|
126.8
|
|
|
114.2
|
|
|
97.8
|
|
|||
|
147.7
|
|
|
90.1
|
|
|
99.3
|
|
|||
Deferred:
|
|
|
|
|
|
|
|
|
|||
United States:
|
|
|
|
|
|
|
|
|
|||
Federal
|
0.9
|
|
|
21.9
|
|
|
(19.0
|
)
|
|||
State
|
—
|
|
|
—
|
|
|
—
|
|
|||
Foreign
|
(15.0
|
)
|
|
(19.8
|
)
|
|
(7.8
|
)
|
|||
|
(14.1
|
)
|
|
2.1
|
|
|
(26.8
|
)
|
|||
|
$
|
133.6
|
|
|
$
|
92.2
|
|
|
$
|
72.5
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Provision for income taxes at United States federal statutory rate of 35%
|
$
|
99.3
|
|
|
$
|
71.7
|
|
|
$
|
97.8
|
|
State and local income taxes, net of federal income tax effects
|
(5.7
|
)
|
|
(6.0
|
)
|
|
(2.0
|
)
|
|||
Taxes on foreign income which differ from the United States statutory rate
|
(57.7
|
)
|
|
(44.5
|
)
|
|
(34.9
|
)
|
|||
Tax effect of permanent differences
|
60.6
|
|
|
14.4
|
|
|
7.1
|
|
|||
Change in valuation allowance
|
(1.4
|
)
|
|
37.9
|
|
|
(4.5
|
)
|
|||
Change in tax contingency reserves
|
3.8
|
|
|
23.4
|
|
|
15.4
|
|
|||
Research and development tax credits
|
(5.0
|
)
|
|
(3.8
|
)
|
|
(4.9
|
)
|
|||
Impacts related to the 2017 Tax Act
|
42.0
|
|
|
—
|
|
|
—
|
|
|||
Other
|
(2.3
|
)
|
|
(0.9
|
)
|
|
(1.5
|
)
|
|||
|
$
|
133.6
|
|
|
$
|
92.2
|
|
|
$
|
72.5
|
|
|
2017
|
|
2016
|
||||
Deferred Tax Assets:
|
|
|
|
|
|
||
Net operating loss carryforwards
|
$
|
83.4
|
|
|
$
|
85.5
|
|
Sales incentive discounts
|
60.2
|
|
|
73.7
|
|
||
Inventory valuation reserves
|
34.4
|
|
|
39.9
|
|
||
Pensions and postretirement health care benefits
|
52.2
|
|
|
70.4
|
|
||
Warranty and other reserves
|
92.2
|
|
|
118.1
|
|
||
Research and development tax credits
|
2.9
|
|
|
11.2
|
|
||
Foreign tax credits
|
10.4
|
|
|
24.0
|
|
||
Other
|
19.2
|
|
|
24.6
|
|
||
Total gross deferred tax assets
|
354.9
|
|
|
447.4
|
|
||
Valuation allowance
|
(81.9
|
)
|
|
(116.0
|
)
|
||
Total net deferred tax assets
|
273.0
|
|
|
331.4
|
|
||
Deferred Tax Liabilities:
|
|
|
|
|
|
||
Tax over book depreciation and amortization
|
229.1
|
|
|
284.9
|
|
||
Investment in affiliates
|
53.9
|
|
|
45.6
|
|
||
Other
|
8.3
|
|
|
13.6
|
|
||
Total deferred tax liabilities
|
291.3
|
|
|
344.1
|
|
||
Net deferred tax (liabilities) assets
|
$
|
(18.3
|
)
|
|
$
|
(12.7
|
)
|
Amounts recognized in Consolidated Balance Sheets:
|
|
|
|
|
|
||
Deferred tax assets - noncurrent
|
$
|
112.2
|
|
|
$
|
99.7
|
|
Deferred tax liabilities - noncurrent
|
(130.5
|
)
|
|
(112.4
|
)
|
||
|
$
|
(18.3
|
)
|
|
$
|
(12.7
|
)
|
|
2017
|
|
2016
|
||||
Gross unrecognized income tax benefits
|
$
|
139.9
|
|
|
$
|
133.0
|
|
Additions for tax positions of the current year
|
16.4
|
|
|
14.4
|
|
||
Additions for tax positions of prior years
|
4.8
|
|
|
15.2
|
|
||
Reductions for tax positions of prior years for:
|
|
|
|
|
|
||
Changes in judgments
|
1.4
|
|
|
(1.2
|
)
|
||
Settlements during the year
|
(0.4
|
)
|
|
(13.8
|
)
|
||
Lapses of applicable statute of limitations
|
(14.4
|
)
|
|
(5.0
|
)
|
||
Foreign currency translation
|
15.7
|
|
|
(2.7
|
)
|
||
Gross unrecognized income tax benefits
|
$
|
163.4
|
|
|
$
|
139.9
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
1.056% Senior term loan due 2020
|
$
|
239.8
|
|
|
$
|
211.0
|
|
Credit facility, expires 2020
|
471.2
|
|
|
329.2
|
|
||
Senior term loans due 2021
|
119.9
|
|
|
316.5
|
|
||
5
7
/8
% Senior notes due 2021
|
305.3
|
|
|
306.6
|
|
||
Senior term loans due between 2019 and 2026
|
449.7
|
|
|
395.6
|
|
||
Other long-term debt
|
131.6
|
|
|
141.6
|
|
||
Debt issuance costs
|
(4.0
|
)
|
|
(5.1
|
)
|
||
|
1,713.5
|
|
|
1,695.4
|
|
||
Less: Current portion of other long-term debt
|
(95.4
|
)
|
|
(85.4
|
)
|
||
Total indebtedness, less current portion
|
$
|
1,618.1
|
|
|
$
|
1,610.0
|
|
2019
|
$
|
81.0
|
|
2020
|
721.9
|
|
|
2021
|
655.4
|
|
|
2022
|
2.5
|
|
|
Thereafter
|
157.3
|
|
|
|
$
|
1,618.1
|
|
Maturity Date
|
|
Floating or Fixed Interest Rate
|
|
Interest Rate
|
|
Interest Payment
|
|
Term Loan Amount
|
||
October 19, 2019
|
|
Floating
|
|
EURIBOR + 0.75%
|
|
Semi-Annually
|
|
€
|
1.0
|
|
October 19, 2019
|
|
Fixed
|
|
0.75%
|
|
Annually
|
|
55.0
|
|
|
October 19, 2021
|
|
Floating
|
|
EURIBOR + 1.00%
|
|
Semi-Annually
|
|
25.5
|
|
|
October 19, 2021
|
|
Fixed
|
|
1.00%
|
|
Annually
|
|
166.5
|
|
|
October 19, 2023
|
|
Floating
|
|
EURIBOR + 1.25%
|
|
Semi-Annually
|
|
1.0
|
|
|
October 19, 2023
|
|
Fixed
|
|
1.33%
|
|
Annually
|
|
73.5
|
|
|
October 19, 2026
|
|
Fixed
|
|
1.98%
|
|
Annually
|
|
52.5
|
|
|
|
|
|
|
|
|
|
|
€
|
375.0
|
|
Pension benefits
|
|
2017
|
|
2016
|
|
2015
|
||||||
Service cost
|
|
$
|
17.1
|
|
|
$
|
16.2
|
|
|
$
|
18.7
|
|
Interest cost
|
|
20.6
|
|
|
24.6
|
|
|
31.2
|
|
|||
Expected return on plan assets
|
|
(35.9
|
)
|
|
(38.8
|
)
|
|
(44.4
|
)
|
|||
Amortization of net actuarial losses
|
|
13.4
|
|
|
10.0
|
|
|
8.0
|
|
|||
Amortization of prior service cost
|
|
1.2
|
|
|
1.0
|
|
|
0.4
|
|
|||
Net loss recognized due to settlement
|
|
0.2
|
|
|
0.4
|
|
|
0.2
|
|
|||
Net gain recognized due to curtailment
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|||
Special termination benefits
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|||
Net annual pension cost
|
|
$
|
16.6
|
|
|
$
|
13.3
|
|
|
$
|
14.6
|
|
|
2017
|
|
2016
|
|
2015
|
|||
All plans:
|
|
|
|
|
|
|
|
|
Weighted average discount rate
|
2.7
|
%
|
|
3.6
|
%
|
|
3.5
|
%
|
Weighted average expected long-term rate of return on plan assets
|
5.8
|
%
|
|
6.8
|
%
|
|
6.8
|
%
|
Rate of increase in future compensation
|
1.5%-5.0%
|
|
|
2.0%-5.0%
|
|
|
2.25%-5.0%
|
|
U.S.-based plans:
|
|
|
|
|
|
|
|
|
Weighted average discount rate
|
4.25
|
%
|
|
4.60
|
%
|
|
4.15
|
%
|
Weighted average expected long-term rate of return on plan assets
(1)
|
6.0
|
%
|
|
6.0
|
%
|
|
6.0
|
%
|
Rate of increase in future compensation
(2)
|
5.0
|
%
|
|
5.0
|
%
|
|
5.0
|
%
|
(1)
|
Applicable for U.S. funded, qualified plans.
|
(2)
|
Applicable for U.S. unfunded, nonqualified plan.
|
Postretirement benefits
|
|
2017
|
|
2016
|
|
2015
|
||||||
Service cost
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
|
1.4
|
|
|
1.4
|
|
|
1.3
|
|
|||
Amortization of prior service cost
|
|
0.2
|
|
|
0.2
|
|
|
0.2
|
|
|||
Amortization of net actuarial losses
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|||
Net annual postretirement benefit cost
|
|
$
|
1.8
|
|
|
$
|
1.6
|
|
|
$
|
1.6
|
|
Weighted average discount rate
|
|
5.3
|
%
|
|
5.1
|
%
|
|
4.6
|
%
|
|
|
Pension and ENPP
Benefits
|
|
Postretirement
Benefits
|
||||||||||||
Change in benefit obligation
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Benefit obligation at beginning of year
|
|
$
|
849.8
|
|
|
$
|
844.4
|
|
|
$
|
28.6
|
|
|
$
|
27.3
|
|
Service cost
|
|
17.1
|
|
|
16.2
|
|
|
0.1
|
|
|
—
|
|
||||
Interest cost
|
|
20.6
|
|
|
24.6
|
|
|
1.4
|
|
|
1.4
|
|
||||
Plan participants’ contributions
|
|
1.1
|
|
|
1.1
|
|
|
—
|
|
|
—
|
|
||||
Actuarial losses
|
|
0.5
|
|
|
121.9
|
|
|
1.8
|
|
|
0.6
|
|
||||
Amendments
|
|
—
|
|
|
3.3
|
|
|
—
|
|
|
—
|
|
||||
Settlements
|
|
(0.7
|
)
|
|
(3.8
|
)
|
|
—
|
|
|
—
|
|
||||
Curtailments
|
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
|
—
|
|
||||
Benefits paid
|
|
(42.6
|
)
|
|
(44.1
|
)
|
|
(1.6
|
)
|
|
(1.2
|
)
|
||||
Foreign currency exchange rate changes
|
|
70.9
|
|
|
(113.4
|
)
|
|
(0.1
|
)
|
|
0.5
|
|
||||
Benefit obligation at end of year
|
|
$
|
916.7
|
|
|
$
|
849.8
|
|
|
$
|
30.2
|
|
|
$
|
28.6
|
|
|
||||||||||||||||
|
|
Pension and ENPP
Benefits
|
|
Postretirement
Benefits
|
||||||||||||
|
|
|
||||||||||||||
Change in plan assets
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Fair value of plan assets at beginning of year
|
|
$
|
601.7
|
|
|
$
|
630.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Actual return on plan assets
|
|
47.3
|
|
|
84.4
|
|
|
—
|
|
|
—
|
|
||||
Employer contributions
|
|
30.3
|
|
|
31.3
|
|
|
1.6
|
|
|
1.2
|
|
||||
Plan participants’ contributions
|
|
1.1
|
|
|
1.1
|
|
|
—
|
|
|
—
|
|
||||
Benefits paid
|
|
(42.6
|
)
|
|
(44.1
|
)
|
|
(1.6
|
)
|
|
(1.2
|
)
|
||||
Settlements
|
|
(0.7
|
)
|
|
(3.8
|
)
|
|
—
|
|
|
—
|
|
||||
Foreign currency exchange rate changes
|
|
54.7
|
|
|
(97.9
|
)
|
|
—
|
|
|
—
|
|
||||
Fair value of plan assets at end of year
|
|
$
|
691.8
|
|
|
$
|
601.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Funded status
|
|
$
|
(224.9
|
)
|
|
$
|
(248.1
|
)
|
|
$
|
(30.2
|
)
|
|
$
|
(28.6
|
)
|
Unrecognized net actuarial losses
|
|
360.1
|
|
|
384.7
|
|
|
3.8
|
|
|
2.0
|
|
||||
Unrecognized prior service cost
|
|
12.2
|
|
|
13.4
|
|
|
3.2
|
|
|
3.4
|
|
||||
Accumulated other comprehensive loss
|
|
(372.3
|
)
|
|
(398.1
|
)
|
|
(7.0
|
)
|
|
(5.4
|
)
|
||||
Net amount recognized
|
|
$
|
(224.9
|
)
|
|
$
|
(248.1
|
)
|
|
$
|
(30.2
|
)
|
|
$
|
(28.6
|
)
|
Amounts recognized in Consolidated
Balance Sheets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other current liabilities
|
|
(3.9
|
)
|
|
(3.5
|
)
|
|
(1.6
|
)
|
|
(1.5
|
)
|
||||
Accrued expenses
|
|
(2.3
|
)
|
|
(1.7
|
)
|
|
—
|
|
|
—
|
|
||||
Pensions and postretirement health care benefits (noncurrent)
|
|
(218.7
|
)
|
|
(242.9
|
)
|
|
(28.6
|
)
|
|
(27.1
|
)
|
||||
Net amount recognized
|
|
$
|
(224.9
|
)
|
|
$
|
(248.1
|
)
|
|
$
|
(30.2
|
)
|
|
$
|
(28.6
|
)
|
|
|
Before-Tax
Amount
|
|
Income
Tax
|
|
After-Tax
Amount
|
||||||
Accumulated other comprehensive loss as of December 31, 2015
|
|
$
|
(336.6
|
)
|
|
$
|
(87.6
|
)
|
|
$
|
(249.0
|
)
|
Prior service cost arising during the year
|
|
(3.3
|
)
|
|
(0.7
|
)
|
|
(2.6
|
)
|
|||
Net loss recognized due to settlement
|
|
0.5
|
|
|
0.1
|
|
|
0.4
|
|
|||
Net gain recognized due to curtailment
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|||
Net actuarial loss arising during the year
|
|
(76.5
|
)
|
|
(13.6
|
)
|
|
(62.9
|
)
|
|||
Amortization of prior service cost
|
|
1.2
|
|
|
0.1
|
|
|
1.1
|
|
|||
Amortization of net actuarial losses
|
|
10.0
|
|
|
1.4
|
|
|
8.6
|
|
|||
Accumulated other comprehensive loss as of December 31, 2016
|
|
$
|
(404.8
|
)
|
|
$
|
(100.3
|
)
|
|
$
|
(304.5
|
)
|
Net loss recognized due to settlement
|
|
0.3
|
|
|
0.1
|
|
|
0.2
|
|
|||
Net actuarial gain arising during the year
|
|
9.0
|
|
|
2.4
|
|
|
6.6
|
|
|||
Amortization of prior service cost
|
|
1.4
|
|
|
0.1
|
|
|
1.3
|
|
|||
Amortization of net actuarial losses
|
|
13.5
|
|
|
2.2
|
|
|
11.3
|
|
|||
Accumulated other comprehensive loss as of December 31, 2017
|
|
$
|
(380.6
|
)
|
|
$
|
(95.5
|
)
|
|
$
|
(285.1
|
)
|
|
2017
|
|
2016
|
||
All plans:
|
|
|
|
|
|
Weighted average discount rate
|
2.5
|
%
|
|
2.7
|
%
|
Rate of increase in future compensation
|
1.75%-5.0%
|
|
|
1.5%-5.0%
|
|
U.S.-based plans:
|
|
|
|
|
|
Weighted average discount rate
|
3.70
|
%
|
|
4.25
|
%
|
Rate of increase in future compensation
(1)
|
5.0
|
%
|
|
5.0
|
%
|
(1)
|
Applicable for U.S. unfunded, nonqualified plan.
|
|
One Percentage
Point Increase
|
|
One Percentage
Point Decrease
|
||||
Effect on service and interest cost
|
$
|
0.2
|
|
|
$
|
(0.1
|
)
|
Effect on accumulated postretirement benefit obligation
|
$
|
3.9
|
|
|
$
|
(3.2
|
)
|
2018
|
$
|
47.6
|
|
2019
|
46.6
|
|
|
2020
|
48.5
|
|
|
2021
|
49.4
|
|
|
2022
|
50.0
|
|
|
2023 through 2027
|
271.6
|
|
|
|
$
|
513.7
|
|
2018
|
$
|
1.6
|
|
2019
|
1.7
|
|
|
2020
|
1.7
|
|
|
2021
|
1.8
|
|
|
2022
|
1.8
|
|
|
2023 through 2027
|
9.4
|
|
|
|
$
|
18.0
|
|
Asset Category
|
|
2017
|
|
2016
|
||
Large and small cap domestic equity securities
|
|
31
|
%
|
|
29
|
%
|
International equity securities
|
|
12
|
%
|
|
11
|
%
|
Domestic fixed income securities
|
|
43
|
%
|
|
42
|
%
|
Other investments
|
|
14
|
%
|
|
18
|
%
|
Total
|
|
100
|
%
|
|
100
|
%
|
Asset Category
|
|
2017
|
|
2016
|
||
Equity securities
|
|
40
|
%
|
|
39
|
%
|
Fixed income securities
|
|
53
|
%
|
|
54
|
%
|
Other investments
|
|
7
|
%
|
|
7
|
%
|
Total
|
|
100
|
%
|
|
100
|
%
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Global equities
|
$
|
121.7
|
|
|
$
|
121.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Non-U.S. equities
|
4.3
|
|
|
4.3
|
|
|
—
|
|
|
—
|
|
||||
U.K. equities
|
129.9
|
|
|
129.9
|
|
|
—
|
|
|
—
|
|
||||
U.S. large cap equities
|
6.9
|
|
|
6.9
|
|
|
—
|
|
|
—
|
|
||||
U.S. small cap equities
|
4.4
|
|
|
4.4
|
|
|
—
|
|
|
—
|
|
||||
Total equity securities
|
267.2
|
|
|
267.2
|
|
|
—
|
|
|
—
|
|
||||
Fixed income:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Aggregate fixed income
|
136.0
|
|
|
136.0
|
|
|
—
|
|
|
—
|
|
||||
International fixed income
|
214.4
|
|
|
214.4
|
|
|
—
|
|
|
—
|
|
||||
Total fixed income share
(1)
|
350.4
|
|
|
350.4
|
|
|
—
|
|
|
—
|
|
||||
Alternative investments:
|
|
|
|
|
|
|
|
||||||||
Private equity fund
|
2.4
|
|
|
—
|
|
|
—
|
|
|
2.4
|
|
||||
Hedge funds measured at net asset value
(4)
|
34.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total alternative investments
(2)
|
37.2
|
|
|
—
|
|
|
—
|
|
|
2.4
|
|
||||
Miscellaneous funds
(3)
|
25.4
|
|
|
—
|
|
|
—
|
|
|
25.4
|
|
||||
Cash and equivalents measured at net asset value
(4)
|
11.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total assets
|
$
|
691.8
|
|
|
$
|
617.6
|
|
|
$
|
—
|
|
|
$
|
27.8
|
|
(1)
|
30%
of “fixed income” securities are in investment-grade corporate bonds;
29%
are in government treasuries;
15%
are in foreign securities;
13%
are in high-yield securities; and
13%
are in other various fixed income securities.
|
(2)
|
39%
of “alternative investments” are in relative value funds;
26%
are in long-short equity funds;
21%
are in event-driven funds;
8%
are distributed in hedged and non-hedged funds; and
6%
are in credit funds.
|
(3)
|
“Miscellaneous funds” is comprised of insurance contracts in Finland, Norway and Switzerland.
|
(4)
|
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.
|
|
Total
|
|
Alternative
Investments
|
|
Miscellaneous
Funds
|
||||||
Beginning balance as of December 31, 2016
|
$
|
23.8
|
|
|
$
|
2.4
|
|
|
$
|
21.4
|
|
Actual return on plan assets:
|
|
|
|
|
|
|
|
|
|||
(a) Relating to assets still held at reporting date
|
(2.3
|
)
|
|
(0.1
|
)
|
|
(2.2
|
)
|
|||
(b) Relating to assets sold during period
|
—
|
|
|
—
|
|
|
—
|
|
|||
Purchases, sales and /or settlements
|
3.4
|
|
|
0.1
|
|
|
3.3
|
|
|||
Foreign currency exchange rate changes
|
2.9
|
|
|
—
|
|
|
2.9
|
|
|||
Ending balance as of December 31, 2017
|
$
|
27.8
|
|
|
$
|
2.4
|
|
|
$
|
25.4
|
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Global equities
|
$
|
103.6
|
|
|
$
|
103.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Non-U.S. equities
|
4.1
|
|
|
4.1
|
|
|
—
|
|
|
—
|
|
||||
U.K. equities
|
109.1
|
|
|
109.1
|
|
|
—
|
|
|
—
|
|
||||
U.S. large cap equities
|
6.2
|
|
|
6.2
|
|
|
—
|
|
|
—
|
|
||||
U.S. small cap equities
|
4.3
|
|
|
4.3
|
|
|
—
|
|
|
—
|
|
||||
Total equity securities
|
227.3
|
|
|
227.3
|
|
|
—
|
|
|
—
|
|
||||
Fixed income:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Aggregate fixed income
|
118.0
|
|
|
118.0
|
|
|
—
|
|
|
—
|
|
||||
International fixed income
|
191.9
|
|
|
191.9
|
|
|
—
|
|
|
—
|
|
||||
Total fixed income share
(1)
|
309.9
|
|
|
309.9
|
|
|
—
|
|
|
—
|
|
||||
Alternative investments:
|
|
|
|
|
|
|
|
||||||||
Private equity fund
|
2.4
|
|
|
—
|
|
|
—
|
|
|
2.4
|
|
||||
Hedge funds measured at net asset value
(4)
|
34.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total alternative investments
(2)
|
36.8
|
|
|
—
|
|
|
—
|
|
|
2.4
|
|
||||
Miscellaneous funds
(3)
|
21.4
|
|
|
—
|
|
|
—
|
|
|
21.4
|
|
||||
Cash and equivalents measured at net asset value
(4)
|
6.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total assets
|
$
|
601.7
|
|
|
$
|
537.2
|
|
|
$
|
—
|
|
|
$
|
23.8
|
|
(1)
|
31%
of “fixed income” securities are in foreign securities;
25%
are in government treasuries;
19%
are in investment-grade corporate bonds;
13%
are in high-yield securities; and
12%
are in other various fixed income securities.
|
(2)
|
32%
of “alternative investments” are in relative value funds;
27%
are in long-short equity funds;
23%
are in event-driven funds;
12%
are distributed in hedged and non-hedged funds; and
6%
are in credit funds.
|
(3)
|
“Miscellaneous funds” is comprised of insurance contracts in Finland, Norway and Switzerland.
|
(4)
|
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.
|
|
Total
|
|
Alternative
Investments
|
|
Miscellaneous
Funds
|
||||||
Beginning balance as of December 31, 2015
|
$
|
24.1
|
|
|
$
|
2.4
|
|
|
$
|
21.7
|
|
Actual return on plan assets:
|
|
|
|
|
|
|
|
|
|||
(a) Relating to assets still held at reporting date
|
1.0
|
|
|
—
|
|
|
1.0
|
|
|||
(b) Relating to assets sold during period
|
—
|
|
|
—
|
|
|
—
|
|
|||
Purchases, sales and /or settlements
|
(0.8
|
)
|
|
—
|
|
|
(0.8
|
)
|
|||
Foreign currency exchange rate changes
|
(0.5
|
)
|
|
—
|
|
|
(0.5
|
)
|
|||
Ending balance as of December 31, 2016
|
$
|
23.8
|
|
|
$
|
2.4
|
|
|
$
|
21.4
|
|
|
Defined Benefit Pension Plans
|
|
Cumulative Translation Adjustment
|
|
Deferred Net Gains (Losses) on Derivatives
|
|
Total
|
||||||||
Accumulated other comprehensive loss, December 31, 2015
|
$
|
(249.0
|
)
|
|
$
|
(1,209.2
|
)
|
|
$
|
(2.0
|
)
|
|
$
|
(1,460.2
|
)
|
Other comprehensive loss before reclassifications
|
(65.2
|
)
|
|
80.8
|
|
|
(7.7
|
)
|
|
7.9
|
|
||||
Net losses reclassified from accumulated other comprehensive loss
|
9.7
|
|
|
—
|
|
|
1.0
|
|
|
10.7
|
|
||||
Other comprehensive (loss) income, net of reclassification adjustments
|
(55.5
|
)
|
|
80.8
|
|
|
(6.7
|
)
|
|
18.6
|
|
||||
Accumulated other comprehensive loss, December 31, 2016
|
(304.5
|
)
|
|
(1,128.4
|
)
|
|
(8.7
|
)
|
|
(1,441.6
|
)
|
||||
Other comprehensive income before reclassifications
|
6.8
|
|
|
56.6
|
|
|
2.0
|
|
|
65.4
|
|
||||
Net losses reclassified from accumulated other comprehensive loss
|
12.6
|
|
|
—
|
|
|
2.0
|
|
|
14.6
|
|
||||
Other comprehensive income, net of reclassification adjustments
|
19.4
|
|
|
56.6
|
|
|
4.0
|
|
|
80.0
|
|
||||
Accumulated other comprehensive loss, December 31, 2017
|
$
|
(285.1
|
)
|
|
$
|
(1,071.8
|
)
|
|
$
|
(4.7
|
)
|
|
$
|
(1,361.6
|
)
|
Details about Accumulated Other Comprehensive Loss Components
|
|
Amount Reclassified from Accumulated Other Comprehensive Loss
|
|
Affected Line Item within the Consolidated
Statements of Operations
|
||||||
|
Year ended December 31, 2017
(1)
|
|
Year ended December 31, 2016
(1)
|
|
||||||
Derivatives:
|
|
|
|
|
|
|
||||
Net gains on foreign currency contracts
|
|
$
|
(0.2
|
)
|
|
$
|
(1.0
|
)
|
|
Cost of goods sold
|
Net losses on interest rate contract
|
|
2.4
|
|
|
2.0
|
|
|
Interest expense, net
|
||
Reclassification before tax
|
|
2.2
|
|
|
1.0
|
|
|
|
||
|
|
(0.2
|
)
|
|
—
|
|
|
Income tax provision
|
||
Reclassification net of tax
|
|
$
|
2.0
|
|
|
$
|
1.0
|
|
|
|
|
|
|
|
|
|
|
||||
Defined benefit pension plans:
|
|
|
|
|
|
|
||||
Amortization of net actuarial losses
|
|
$
|
13.5
|
|
|
$
|
10.0
|
|
|
(2)
|
Amortization of prior service cost
|
|
1.4
|
|
|
1.2
|
|
|
(2)
|
||
Reclassification before tax
|
|
14.9
|
|
|
11.2
|
|
|
|
||
|
|
(2.3
|
)
|
|
(1.5
|
)
|
|
Income tax provision
|
||
Reclassification net of tax
|
|
$
|
12.6
|
|
|
$
|
9.7
|
|
|
|
|
|
|
|
|
|
|
||||
Net losses reclassified from accumulated other comprehensive loss
|
|
$
|
14.6
|
|
|
$
|
10.7
|
|
|
|
(1)
|
(Gains) losses included within the Consolidated Statements of Operations for the years ended
December 31, 2017
and
2016
, respectively.
|
(2)
|
These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 8 to the Company’s Consolidated Financial Statements.
|
|
|
Years Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Weighted average grant-date fair value
|
|
$
|
61.94
|
|
|
$
|
47.93
|
|
|
$
|
45.54
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Weighted average grant-date fair value
|
$
|
11.45
|
|
|
$
|
7.98
|
|
|
$
|
7.41
|
|
Weighted average assumptions under Black-Scholes option model:
|
|
|
|
|
|
|
|
|
|||
Expected life of awards (years)
|
3.0
|
|
|
3.0
|
|
|
3.0
|
|
|||
Risk-free interest rate
|
1.5
|
%
|
|
1.1
|
%
|
|
0.9
|
%
|
|||
Expected volatility
|
25.9
|
%
|
|
25.9
|
%
|
|
25.9
|
%
|
|||
Expected dividend yield
|
0.9
|
%
|
|
1.1
|
%
|
|
1.1
|
%
|
SSARs outstanding at January 1
|
|
1,458,611
|
|
SSARs granted
|
|
286,200
|
|
SSARs exercised
|
|
(670,269
|
)
|
SSARs canceled or forfeited
|
|
(14,350
|
)
|
SSARs outstanding at December 31
|
|
1,060,192
|
|
SSAR price ranges per share:
|
|
|
|
Granted
|
$
|
63.47-70.41
|
|
Exercised
|
|
32.01-55.23
|
|
Canceled or forfeited
|
|
32.01-63.47
|
|
Weighted average SSAR exercise prices per share:
|
|
|
|
Granted
|
$
|
63.51
|
|
Exercised
|
|
52.04
|
|
Canceled or forfeited
|
|
48.42
|
|
Outstanding at December 31
|
|
52.48
|
|
|
|
SSARs Outstanding
|
|
SSARs Exercisable
|
||||||||||||
Range of Exercise Prices
|
|
Number of
Shares
|
|
Weighted Average
Remaining
Contractual Life
(Years)
|
|
Weighted Average
Exercise Price
|
|
Exercisable as of December 31, 2017
|
|
Weighted Average
Exercise Price
|
||||||
$43.39-$52.94
|
|
614,600
|
|
|
4.1
|
|
$
|
46.35
|
|
|
248,975
|
|
|
$
|
47.62
|
|
$55.07-$70.41
|
|
445,592
|
|
|
5.0
|
|
$
|
60.94
|
|
|
99,067
|
|
|
$
|
57.11
|
|
|
|
1,060,192
|
|
|
|
|
|
|
348,042
|
|
|
$
|
50.32
|
|
|
|
|
Recognized in Earnings
|
||||||
|
Gain (Loss) Recognized in Accumulated
Other Comprehensive Loss
|
|
Classification of Gain (Loss)
|
|
Gain (Loss) Reclassified from Accumulated
Other Comprehensive Loss into Income
|
||||
2017
|
|
|
|
|
|
||||
Foreign currency contracts
(1)
|
$
|
2.7
|
|
|
Cost of goods sold
|
|
$
|
0.4
|
|
Interest rate contract
|
(0.7
|
)
|
|
Interest expense, net
|
|
(2.4
|
)
|
||
Total
|
$
|
2.0
|
|
|
|
|
$
|
(2.0
|
)
|
2016
|
|
|
|
|
|
||||
Foreign currency contracts
|
$
|
(2.6
|
)
|
|
Cost of goods sold
|
|
$
|
1.0
|
|
Interest rate contract
|
(5.1
|
)
|
|
Interest expense, net
|
|
(2.0
|
)
|
||
Total
|
$
|
(7.7
|
)
|
|
|
|
$
|
(1.0
|
)
|
2015
|
|
|
|
|
|
||||
Foreign currency contracts
|
$
|
(2.3
|
)
|
|
Cost of goods sold
|
|
$
|
(2.4
|
)
|
Interest rate contract
|
(2.3
|
)
|
|
Interest expense, net
|
|
(0.3
|
)
|
||
Total
|
$
|
(4.6
|
)
|
|
|
|
$
|
(2.7
|
)
|
|
|
Before-Tax
Amount
|
|
Income
Tax
|
|
After-Tax
Amount
|
||||||
Accumulated derivative net losses as of December 31, 2014
|
|
$
|
(0.2
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(0.1
|
)
|
Net changes in fair value of derivatives
|
|
(6.2
|
)
|
|
(1.6
|
)
|
|
(4.6
|
)
|
|||
Net losses reclassified from accumulated other comprehensive loss into income
|
|
3.1
|
|
|
0.4
|
|
|
2.7
|
|
|||
Accumulated derivative net losses as of December 31, 2015
|
|
(3.3
|
)
|
|
(1.3
|
)
|
|
(2.0
|
)
|
|||
Net changes in fair value of derivatives
|
|
(7.8
|
)
|
|
(0.1
|
)
|
|
(7.7
|
)
|
|||
Net losses reclassified from accumulated other comprehensive loss into income
|
|
1.0
|
|
|
—
|
|
|
1.0
|
|
|||
Accumulated derivative net losses as of December 31, 2016
|
|
(10.1
|
)
|
|
(1.4
|
)
|
|
(8.7
|
)
|
|||
Net changes in fair value of derivatives
|
|
1.9
|
|
|
(0.1
|
)
|
|
2.0
|
|
|||
Net losses reclassified from accumulated other comprehensive loss into income
|
|
2.2
|
|
|
0.2
|
|
|
2.0
|
|
|||
Accumulated derivative net losses as of December 31, 2017
|
|
$
|
(6.0
|
)
|
|
$
|
(1.3
|
)
|
|
$
|
(4.7
|
)
|
|
Notional Amount as of
|
|
(Loss) Gain Recognized in Accumulated
Other Comprehensive Loss for the Years Ended
|
||||||||||||
|
December 31, 2017
|
|
December 31, 2016
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||
Foreign currency denominated debt
|
$
|
374.2
|
|
|
$
|
329.2
|
|
|
$
|
(45.0
|
)
|
|
$
|
12.7
|
|
|
|
|
For the Years Ended
|
||||||||||
|
Classification of
Gain (Loss)
|
|
December 31, 2017
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||
Foreign currency contracts
|
Other expense, net
|
|
$
|
38.3
|
|
|
$
|
(5.7
|
)
|
|
$
|
(67.3
|
)
|
|
Asset Derivatives as of December 31, 2017
|
|
Liability Derivatives as of December 31, 2017
|
||||||||
|
Balance Sheet
Location
|
|
Fair
Value
|
|
Balance Sheet
Location
|
|
Fair
Value
|
||||
Derivative instruments designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
||
Foreign currency contracts
|
Other current assets
|
|
$
|
—
|
|
|
Other current liabilities
|
|
$
|
1.2
|
|
Interest rate contract
|
Other noncurrent assets
|
|
—
|
|
|
Other noncurrent liabilities
|
|
4.8
|
|
||
Derivative instruments not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||
Foreign currency contracts
|
Other current assets
|
|
7.8
|
|
|
Other current liabilities
|
|
11.0
|
|
||
Total derivative instruments
|
|
|
$
|
7.8
|
|
|
|
|
$
|
17.0
|
|
|
Asset Derivatives as of December 31, 2016
|
|
Liability Derivatives as of December 31, 2016
|
||||||||
|
Balance Sheet
Location
|
|
Fair
Value
|
|
Balance Sheet
Location
|
|
Fair
Value
|
||||
Derivative instruments designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
||
Foreign currency contracts
|
Other current assets
|
|
$
|
0.2
|
|
|
Other current liabilities
|
|
$
|
3.9
|
|
Interest rate contract
|
Other noncurrent assets
|
|
—
|
|
|
Other noncurrent liabilities
|
|
6.4
|
|
||
Derivative instruments not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||
Foreign currency contracts
|
Other current assets
|
|
6.3
|
|
|
Other current liabilities
|
|
3.1
|
|
||
Total derivative instruments
|
|
|
$
|
6.5
|
|
|
|
|
$
|
13.4
|
|
|
Payments Due By Period
|
||||||||||||||||||||||||||
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
||||||||||||||
Interest payments related to indebtedness
(1)
|
$
|
29.2
|
|
|
$
|
26.8
|
|
|
$
|
47.3
|
|
|
$
|
20.9
|
|
|
$
|
2.5
|
|
|
$
|
5.7
|
|
|
$
|
132.4
|
|
Capital lease obligations
|
5.5
|
|
|
3.8
|
|
|
2.4
|
|
|
1.5
|
|
|
1.1
|
|
|
3.5
|
|
|
17.8
|
|
|||||||
Operating lease obligations
|
47.5
|
|
|
30.0
|
|
|
21.7
|
|
|
16.3
|
|
|
12.1
|
|
|
39.6
|
|
|
167.2
|
|
|||||||
Unconditional purchase obligations
(2)
|
64.4
|
|
|
7.3
|
|
|
2.2
|
|
|
0.9
|
|
|
0.1
|
|
|
—
|
|
|
74.9
|
|
|||||||
Other short-term and long-term obligations
(3)
|
105.8
|
|
|
71.0
|
|
|
50.1
|
|
|
60.2
|
|
|
33.1
|
|
|
35.9
|
|
|
356.1
|
|
|||||||
Total contractual cash obligations
|
$
|
252.4
|
|
|
$
|
138.9
|
|
|
$
|
123.7
|
|
|
$
|
99.8
|
|
|
$
|
48.9
|
|
|
$
|
84.7
|
|
|
$
|
748.4
|
|
(1)
|
Estimated interest payments are calculated assuming current interest rates over minimum maturity periods specified in debt agreements. Debt may be repaid sooner or later than such minimum maturity periods (unaudited).
|
(2)
|
Unconditional purchase obligations exclude routine purchase orders entered into in the normal course of business.
|
(3)
|
Other short-term and long-term obligations include estimates of future minimum contribution requirements under the Company’s U.S. and non-U.S. defined benefit pension and postretirement plans. These estimates are based on current legislation in the countries the Company operates within and are subject to change. Other short-term and long-term obligations also include income tax liabilities related to uncertain income tax positions connected with ongoing income tax audits in various jurisdictions (unaudited).
|
|
Amount of Commitment Expiration Per Period
|
||||||||||||||||||||||||||
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
||||||||||||||
Guarantees
|
$
|
109.2
|
|
|
$
|
2.8
|
|
|
$
|
2.0
|
|
|
$
|
0.9
|
|
|
$
|
0.2
|
|
|
$
|
—
|
|
|
$
|
115.1
|
|
|
As of December 31, 2017
|
|||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||
Derivative assets
|
$
|
—
|
|
$
|
7.8
|
|
$
|
—
|
|
$
|
7.8
|
|
Derivative liabilities
|
$
|
—
|
|
$
|
17.0
|
|
$
|
—
|
|
$
|
17.0
|
|
|
As of December 31, 2016
|
|||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||
Derivative assets
|
$
|
—
|
|
$
|
6.5
|
|
$
|
—
|
|
$
|
6.5
|
|
Derivative liabilities
|
$
|
—
|
|
$
|
13.4
|
|
$
|
—
|
|
$
|
13.4
|
|
Years Ended December 31,
|
|
North
America
|
|
South
America
|
|
Europe/
Middle East
|
|
Asia/Pacific/Africa
|
|
Consolidated
|
||||||||||
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net sales
|
|
$
|
1,876.7
|
|
|
$
|
1,063.5
|
|
|
$
|
4,614.3
|
|
|
$
|
752.0
|
|
|
$
|
8,306.5
|
|
Income from operations
|
|
64.7
|
|
|
14.5
|
|
|
500.0
|
|
|
48.8
|
|
|
628.0
|
|
|||||
Depreciation
|
|
61.5
|
|
|
30.5
|
|
|
113.0
|
|
|
17.8
|
|
|
222.8
|
|
|||||
Assets
|
|
1,064.1
|
|
|
752.1
|
|
|
2,074.4
|
|
|
499.4
|
|
|
4,390.0
|
|
|||||
Capital expenditures
|
|
59.1
|
|
|
43.0
|
|
|
92.9
|
|
|
8.9
|
|
|
203.9
|
|
|||||
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net sales
|
|
$
|
1,807.7
|
|
|
$
|
917.5
|
|
|
$
|
4,089.7
|
|
|
$
|
595.6
|
|
|
$
|
7,410.5
|
|
Income from operations
|
|
39.1
|
|
|
19.9
|
|
|
409.4
|
|
|
19.7
|
|
|
488.1
|
|
|||||
Depreciation
|
|
62.5
|
|
|
22.9
|
|
|
116.6
|
|
|
21.4
|
|
|
223.4
|
|
|||||
Assets
|
|
978.5
|
|
|
739.4
|
|
|
1,635.2
|
|
|
426.3
|
|
|
3,779.4
|
|
|||||
Capital expenditures
|
|
45.3
|
|
|
56.0
|
|
|
90.1
|
|
|
9.6
|
|
|
201.0
|
|
|||||
2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
1,965.0
|
|
|
$
|
949.0
|
|
|
$
|
4,037.6
|
|
|
$
|
515.7
|
|
|
$
|
7,467.3
|
|
Income (loss) from operations
|
|
123.4
|
|
|
34.4
|
|
|
401.3
|
|
|
(12.2
|
)
|
|
546.9
|
|
|||||
Depreciation
|
|
62.7
|
|
|
20.9
|
|
|
120.3
|
|
|
13.5
|
|
|
217.4
|
|
|||||
Assets
|
|
984.4
|
|
|
495.7
|
|
|
1,732.9
|
|
|
396.5
|
|
|
3,609.5
|
|
|||||
Capital expenditures
|
|
48.6
|
|
|
28.6
|
|
|
95.4
|
|
|
38.8
|
|
|
211.4
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Segment income from operations
|
$
|
628.0
|
|
|
$
|
488.1
|
|
|
$
|
546.9
|
|
Corporate expenses
|
(120.9
|
)
|
|
(119.7
|
)
|
|
(109.2
|
)
|
|||
Stock compensation expense
|
(35.6
|
)
|
|
(16.9
|
)
|
|
(11.6
|
)
|
|||
Restructuring expenses
|
(11.2
|
)
|
|
(11.9
|
)
|
|
(22.3
|
)
|
|||
Amortization of intangibles
|
(57.0
|
)
|
|
(51.2
|
)
|
|
(42.7
|
)
|
|||
Consolidated income from operations
|
$
|
403.3
|
|
|
$
|
288.4
|
|
|
$
|
361.1
|
|
|
|
|
|
|
|
||||||
Segment assets
|
$
|
4,390.0
|
|
|
$
|
3,779.4
|
|
|
$
|
3,609.5
|
|
Cash and cash equivalents
|
367.7
|
|
|
429.7
|
|
|
426.7
|
|
|||
Investments in affiliates
|
409.0
|
|
|
414.9
|
|
|
392.9
|
|
|||
Deferred tax assets, other current and noncurrent assets
|
614.6
|
|
|
560.7
|
|
|
446.4
|
|
|||
Intangible assets, net
|
649.0
|
|
|
607.3
|
|
|
507.7
|
|
|||
Goodwill
|
1,541.4
|
|
|
1,376.4
|
|
|
1,114.5
|
|
|||
Consolidated total assets
|
$
|
7,971.7
|
|
|
$
|
7,168.4
|
|
|
$
|
6,497.7
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Net sales:
|
|
|
|
|
|
|
|
|
|||
United States
|
$
|
1,445.7
|
|
|
$
|
1,404.6
|
|
|
$
|
1,624.0
|
|
Canada
|
296.9
|
|
|
286.7
|
|
|
233.6
|
|
|||
Germany
|
997.4
|
|
|
891.2
|
|
|
913.2
|
|
|||
France
|
815.7
|
|
|
746.9
|
|
|
762.6
|
|
|||
United Kingdom and Ireland
|
512.6
|
|
|
440.7
|
|
|
414.5
|
|
|||
Finland and Scandinavia
|
721.3
|
|
|
677.7
|
|
|
637.0
|
|
|||
Other Europe
|
1,396.0
|
|
|
1,127.9
|
|
|
1,077.7
|
|
|||
South America
|
1,046.0
|
|
|
898.2
|
|
|
932.3
|
|
|||
Middle East and Algeria
|
171.3
|
|
|
205.4
|
|
|
232.8
|
|
|||
Africa
|
138.1
|
|
|
116.2
|
|
|
113.6
|
|
|||
Asia
|
366.4
|
|
|
266.8
|
|
|
201.0
|
|
|||
Australia and New Zealand
|
247.4
|
|
|
212.6
|
|
|
201.1
|
|
|||
Mexico, Central America and Caribbean
|
151.7
|
|
|
135.6
|
|
|
123.9
|
|
|||
|
$
|
8,306.5
|
|
|
$
|
7,410.5
|
|
|
$
|
7,467.3
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Net sales:
|
|
|
|
|
|
|
|
|
|||
Tractors
|
$
|
4,785.2
|
|
|
$
|
4,225.1
|
|
|
$
|
4,244.1
|
|
Replacement parts
|
1,305.0
|
|
|
1,211.3
|
|
|
1,204.4
|
|
|||
Grain storage and protein production systems
|
1,049.6
|
|
|
892.5
|
|
|
766.2
|
|
|||
Other machinery
|
582.5
|
|
|
521.6
|
|
|
629.6
|
|
|||
Combines
|
349.0
|
|
|
302.8
|
|
|
331.9
|
|
|||
Application equipment
|
235.2
|
|
|
257.2
|
|
|
291.1
|
|
|||
|
$
|
8,306.5
|
|
|
$
|
7,410.5
|
|
|
$
|
7,467.3
|
|
|
2017
|
|
2016
|
||||
United States
|
$
|
647.9
|
|
|
$
|
594.6
|
|
Germany
|
405.5
|
|
|
344.8
|
|
||
Brazil
|
217.9
|
|
|
210.4
|
|
||
Finland
|
149.9
|
|
|
145.9
|
|
||
China
|
127.7
|
|
|
130.0
|
|
||
Denmark
|
125.7
|
|
|
119.6
|
|
||
Italy
|
123.0
|
|
|
106.7
|
|
||
France
|
66.0
|
|
|
59.9
|
|
||
Other
|
182.1
|
|
|
172.3
|
|
||
|
$
|
2,045.7
|
|
|
$
|
1,884.2
|
|
(a)
|
Securities Authorized for Issuance Under Equity Compensation Plans
|
(b)
|
Security Ownership of Certain Beneficial Owners and Management
|
Schedule
|
|
Description
|
Schedule II
|
|
Valuation and Qualifying Accounts
|
Exhibit
Number
|
|
Description of Exhibit
|
|
The Filings Referenced for
Incorporation by Reference are
AGCO Corporation
|
|
|
June 30, 2002, Form 10-Q, Exhibit 3.1
|
||
|
|
December 10, 2014, Form 8-K, Exhibit 3.1
|
||
|
|
December 6, 2011, Form 8-K, Exhibit 4.1
|
||
|
|
September 30, 2017, Form 10-Q, Exhibit 10.5
|
||
|
|
March 31, 2006, Form 10-Q, Exhibit 10.2
|
||
|
|
March 31, 2006, Form 10-Q, Exhibit 10.3
|
||
|
|
March 31, 2006, Form 10-Q, Exhibit 10.4
|
||
|
|
January 27, 2016, Form 8-K, Exhibit 10.1
|
||
|
|
March 31, 2006, Form 10-Q, Exhibit 10.6
|
||
|
|
March 25, 2013, Form DEF14A, Appendix A
|
||
|
|
October 2, 2015, Form 8-K, Exhibit 99.1
|
||
|
|
December 31, 2015, Form 10-K, Exhibit 10.9
|
||
|
|
December 31, 2009, Form 10-K, Exhibit 10.12
|
||
|
|
March 31, 2010, Form 10-Q, Exhibit 10.2
|
||
|
|
June 30, 2008, Form 10-Q, Exhibit 10.6
|
||
|
|
Filed herewith
|
||
|
|
December 31, 2015, Form 10-K, Exhibit 10.13
|
||
|
|
December 31, 2009, Form 10-K, Exhibit 10.17
|
||
|
|
December 31, 2014, Form 10-K, Exhibit 10.15
|
||
|
|
June 30, 2014, Form 10-Q, Exhibit 10.1
|
||
|
|
June 30, 2015, Form 10-Q, Exhibit 10.1
|
||
|
|
September 30, 2015, Form 10-Q, Exhibit 10.1
|
||
|
|
September 4, 2014, Form 8-K, Exhibit 10.1
|
||
|
|
September 4, 2014, Form 8-K, Exhibit 10.2
|
||
|
|
September 4, 2014, Form 8-K, Exhibit 10.3
|
||
|
|
July 27, 2017, Form 8-K, Exhibit 10.1
|
||
|
|
July 27, 2017, Form 8-K, Exhibit 10.2
|
||
|
|
July 27, 2017, Form 8-K, Exhibit 10.3
|
Exhibit
Number
|
|
Description of Exhibit
|
|
The Filings Referenced for
Incorporation by References are
AGCO Corporation
|
|
|
July 27, 2017, Form 8-K, Exhibit 10.4
|
||
|
|
December 10, 2014, Form 8-K, Exhibit 10.1
|
||
|
|
Filed herewith
|
||
|
|
Filed herewith
|
||
|
|
Filed herewith
|
||
|
|
Filed herewith
|
||
|
|
Filed herewith
|
||
|
|
Filed herewith
|
||
|
|
Filed herewith
|
||
101.INS
|
|
XBRL Instance Document
|
|
Filed herewith
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
|
Filed herewith
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
Filed herewith
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase
|
|
Filed herewith
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase
|
|
Filed herewith
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
Filed herewith
|
|
|
AGCO Corporation
|
|
|
|
|
|
|
|
By:
|
/s/ MARTIN RICHENHAGEN
|
|
|
|
Martin Richenhagen
|
|
|
|
Chairman of the Board, President
and Chief Executive Officer
|
Dated:
|
February 28, 2018
|
|
|
|
Signature
|
|
Title
|
|
Date
|
|
/s/ MARTIN RICHENHAGEN
|
|
Chairman of the Board, President and Chief
Executive Officer
|
|
February 28, 2018
|
|
Martin Richenhagen
|
|
|
|
|
|
/s/ ANDREW H. BECK
|
|
Senior Vice President and Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
|
|
February 28, 2018
|
|
Andrew H. Beck
|
|
|
|
|
|
/s/ ROY V. ARMES *
|
|
Director
|
|
February 28, 2018
|
|
Roy V. Armes
|
|
|
|
|
|
/s/ MICHAEL C. ARNOLD *
|
|
Director
|
|
February 28, 2018
|
|
Michael C. Arnold
|
|
|
|
|
|
/s/ P. GEORGE BENSON *
|
|
Director
|
|
February 28, 2018
|
|
P. George Benson
|
|
|
|
|
|
/s/ SUZANNE P. CLARK *
|
|
Director
|
|
February 28, 2018
|
|
Suzanne P. Clark
|
|
|
|
|
|
/s/ WOLFGANG DEML *
|
|
Director
|
|
February 28, 2018
|
|
Wolfgang Deml
|
|
|
|
|
|
/s/ GEORGE E. MINNICH *
|
|
Director
|
|
February 28, 2018
|
|
George E. Minnich
|
|
|
|
|
|
/s/ GERALD L. SHAHEEN *
|
|
Director
|
|
February 28, 2018
|
|
Gerald L. Shaheen
|
|
|
|
|
|
/s/ MALLIKA SRINIVASAN *
|
|
Director
|
|
February 28, 2018
|
|
Mallika Srinivasan
|
|
|
|
|
|
/s/ HENDRIKUS VISSER *
|
|
Director
|
|
February 28, 2018
|
|
Hendrikus Visser
|
|
|
|
|
|
|
|
|
|
|
*By:
|
/s/ ANDREW H. BECK
|
|
|
|
February 28, 2018
|
|
Andrew H. Beck
|
|
|
|
|
|
Attorney-in-Fact
|
|
|
|
|
|
|
|
|
Additions
|
|
|
|
|
|
|
||||||||||||||
Description
|
|
Balance at
Beginning
of Period
|
|
Acquired
Businesses
|
|
Charged to
Costs and
Expenses
|
|
Deductions
|
|
Foreign
Currency
Translation
|
|
Balance at
End of Period
|
||||||||||||
Year ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Allowances for doubtful accounts
|
|
$
|
33.7
|
|
|
$
|
2.2
|
|
|
$
|
4.9
|
|
|
$
|
(5.3
|
)
|
|
$
|
2.0
|
|
|
$
|
37.5
|
|
Year ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Allowances for doubtful accounts
|
|
$
|
29.3
|
|
|
$
|
2.2
|
|
|
$
|
3.6
|
|
|
$
|
(1.1
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
33.7
|
|
Year ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Allowances for doubtful accounts
|
|
$
|
32.1
|
|
|
$
|
—
|
|
|
$
|
5.6
|
|
|
$
|
(3.0
|
)
|
|
$
|
(5.4
|
)
|
|
$
|
29.3
|
|
|
|
|
|
Additions
|
|
|
|
|
|
|
||||||||||||||
Description
|
|
Balance at
Beginning
of Period
|
|
Charged to
Costs and
Expenses
|
|
Reversal of
Accrual
|
|
Deductions
|
|
Foreign
Currency
Translation
|
|
Balance at
End of Period
|
||||||||||||
Year ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accruals of severance, relocation and other integration costs
|
|
$
|
15.3
|
|
|
$
|
12.4
|
|
|
$
|
(1.4
|
)
|
|
$
|
(16.8
|
)
|
|
$
|
1.4
|
|
|
$
|
10.9
|
|
Year ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accruals of severance, relocation and other integration costs
|
|
$
|
16.9
|
|
|
$
|
12.0
|
|
|
$
|
(0.1
|
)
|
|
$
|
(13.3
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
15.3
|
|
Year ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accruals of severance, relocation and other integration costs
|
|
$
|
25.4
|
|
|
$
|
23.0
|
|
|
$
|
(0.7
|
)
|
|
$
|
(29.5
|
)
|
|
$
|
(1.3
|
)
|
|
$
|
16.9
|
|
|
|
|
|
Additions
|
|
|
|
|
|
|
||||||||||||||
Description
|
|
Balance at
Beginning
of Period
|
|
Acquired
Businesses
|
|
Charged
(Credited) to
Costs and
Expenses
|
|
Deductions
|
|
Foreign
Currency
Translation
|
|
Balance at
End of Period
|
||||||||||||
Year ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Deferred tax valuation allowance
|
|
$
|
116.0
|
|
|
$
|
—
|
|
|
$
|
(38.4
|
)
|
|
$
|
—
|
|
|
$
|
4.3
|
|
|
$
|
81.9
|
|
Year ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Deferred tax valuation allowance
|
|
$
|
75.8
|
|
|
$
|
—
|
|
|
$
|
37.9
|
|
|
$
|
—
|
|
|
$
|
2.3
|
|
|
$
|
116.0
|
|
Year ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Deferred tax valuation allowance
|
|
$
|
93.3
|
|
|
$
|
—
|
|
|
$
|
(4.5
|
)
|
|
$
|
—
|
|
|
$
|
(13.0
|
)
|
|
$
|
75.8
|
|
Executive initials:
|
/s/ RBC
|
|
Company initials:
|
/s/ DEK
|
AGCO CORPORATION
|
|
|
|
By:
|
/s/ Debra E. Kuper
|
Name:
|
Debra E. Kuper
|
Title:
|
Vice President and General Counsel
|
|
|
EXECUTIVE
|
|
By:
|
/s/ Robert Crain
|
Name:
|
Robert Crain
|
Date:
|
9/5/08
|
EXHIBIT A
|
||
DEFINITION OF "TERRITORY"
PURSUANT TO SECTION 4(b)(v)
|
||
|
|
|
CODE
|
COUNTRY
|
AGCO RECOGNISED
DISTRIBUTION/ REPRESENTATIVE
|
AF
|
AFGHANISTAN
|
Y
|
AL
|
ALBANIA
|
Y
|
DZ
|
ALGERIA
|
Y
|
AO
|
ANGOLA
|
Y
|
AG
|
ANTIGUA AND BARBUDA
|
Y
|
AR
|
ARGENTINA
|
Y
|
AU
|
AUSTRALIA
|
Y
|
AT
|
AUSTRIA
|
Y
|
AY
|
AZORES
|
Y
|
BH
|
BAHRAIN
|
Y
|
BD
|
BANGLADESH
|
Y
|
BB
|
BARBADOS, WEST INDIES
|
Y
|
BE
|
BELGIUM
|
Y
|
BJ
|
BENIN
|
Y
|
BO
|
BOLIVIA
|
Y
|
BA
|
BOSNIA
|
Y
|
BR
|
BRAZIL
|
Y
|
BG
|
BULGARIA
|
Y
|
BI
|
BURUNDI
|
Y
|
CM
|
CAMEROON
|
Y
|
CA
|
CANADA
|
Y
|
CF
|
CENTRAL AFRICAN REPUBLIC
|
Y
|
CL
|
CHILE
|
Y
|
CN
|
CHINA
|
Y
|
CO
|
COLOMBIA
|
Y
|
CG
|
CONGO
|
Y
|
CD
|
CONGO, DEM REP
|
Y
|
CR
|
COSTA RICA
|
Y
|
HR
|
CROATIA
|
Y
|
CY
|
CYPRUS
|
Y
|
CZ
|
CZECH REPUBLIC
|
Y
|
DK
|
DENMARK
|
Y
|
DJ
|
DJIBOUTI
|
Y
|
EC
|
ECUADOR
|
Y
|
EG
|
EGYPT
|
Y
|
SV
|
EL SALVADOR
|
Y
|
EE
|
ESTONIA
|
Y
|
ET
|
ETHIOPIA
|
Y
|
FJ
|
FIJI
|
Y
|
FI
|
FINLAND
|
Y
|
FR
|
FRANCE
|
Y
|
GF
|
FRENCH GUIANA
|
Y
|
PF
|
FRENCH POLYNESIA
|
Y
|
GA
|
GABON
|
Y
|
GM
|
GAMBIA
|
Y
|
GE
|
GEORGIA
|
Y
|
DE
|
GERMANY
|
Y
|
GH
|
GHANA
|
Y
|
GR
|
GREECE
|
Y
|
GP
|
GUADELOUPE
|
Y
|
GT
|
GUATEMALA
|
Y
|
GY
|
GUYANA
|
Y
|
HT
|
HAITI
|
Y
|
HN
|
HONDURAS
|
Y
|
HK
|
HONG KONG
|
Y
|
HU
|
HUNGARY
|
Y
|
IR
|
I.RO. IRAN
|
Y
|
IS
|
ICELAND
|
Y
|
IN
|
INDIA
|
Y
|
ID
|
INDONESIA
|
Y
|
IQ
|
IRAQ
|
Y
|
IE
|
IRELAND
|
Y
|
IL
|
ISRAEL
|
Y
|
IT
|
ITALY
|
Y
|
CI
|
IVORY COAST
|
Y
|
JM
|
JAMAICA, WEST INDIES
|
Y
|
JP
|
JAPAN
|
Y
|
JO
|
JORDAN
|
Y
|
KZ
|
KAZAKHSTAN
|
Y
|
KE
|
KENYA
|
Y
|
KW
|
KUWAIT
|
Y
|
LV
|
LATVIA
|
Y
|
LB
|
LEBANON
|
Y
|
LY
|
LIBYA
|
Y
|
LT
|
LITHUANIA
|
Y
|
LU
|
LUXEMBOURG
|
Y
|
MK
|
MACEDONIA
|
Y
|
MK
|
MACEDONIA
|
Y
|
MG
|
MADAGASCAR
|
Y
|
MW
|
MALAWI
|
Y
|
MY
|
MALAYSIA
|
Y
|
ML
|
MALI
|
Y
|
MQ
|
MARTINIQUE
|
Y
|
MU
|
MAURITIUS
|
Y
|
MX
|
MEXICO
|
Y
|
MA
|
MOROCCO
|
Y
|
MZ
|
MOZAMBIQUE
|
Y
|
MM
|
MYANMAR
|
Y
|
NP
|
NEPAL
|
Y
|
NL
|
NETHERLANDS
|
Y
|
NC
|
NEW CALEDONIA
|
Y
|
NZ
|
NEW ZEALAND
|
Y
|
NG
|
NIGERIA
|
Y
|
NO
|
NORWAY
|
Y
|
OM
|
OMAN
|
Y
|
PK
|
PAKISTAN
|
Y
|
PS
|
PALESTINE
|
Y
|
PG
|
PAPUA NEW GUINEA
|
Y
|
PE
|
PERU
|
Y
|
PH
|
PHILIPPINES
|
Y
|
PL
|
POLAND
|
Y
|
PT
|
PORTUGAL
|
Y
|
PR
|
PUERTO RICO
|
Y
|
QA
|
QATAR
|
Y
|
PA
|
REP. OF PANAMA
|
Y
|
ZM
|
REP. OF ZAMBIA
|
Y
|
RO
|
ROMANIA
|
Y
|
RU
|
RUSSIA
|
Y
|
RW
|
RWANDA
|
Y
|
WS
|
SAMOA
|
Y
|
SA
|
SAUDI ARABIA
|
Y
|
SN
|
SENEGAL
|
Y
|
CS
|
SERBIA AND MONTENEGRO
|
Y
|
SC
|
SEYCHELLES
|
Y
|
SG
|
SINGAPORE
|
Y
|
SK
|
SLOVAKIA
|
Y
|
SI
|
SLOVENIA
|
Y
|
SB
|
SOLOMON ISLANDS
|
Y
|
ZA
|
SOUTH AFRICA
|
Y
|
KR
|
SOUTH KOREA
|
Y
|
ES
|
SPAIN
|
Y
|
LK
|
SRI LANKA
|
Y
|
SD
|
SUDAN
|
Y
|
SR
|
SURINAME
|
Y
|
SE
|
SWEDEN
|
Y
|
CH
|
SWITZERLAND
|
Y
|
SY
|
SYRIA
|
Y
|
TW
|
TAIWAN
|
Y
|
TZ
|
TANZANIA
|
Y
|
TH
|
THAILAND
|
Y
|
CD
|
THE DEM. REP. OF THE CONGO
|
Y
|
TG
|
TOGO
|
Y
|
TO
|
TONGA
|
Y
|
TT
|
TRINIDAD AND TOBAGO
|
Y
|
TN
|
TUNISIA
|
Y
|
TR
|
TURKEY
|
Y
|
UG
|
UGANDA
|
Y
|
UA
|
UKRAINE
|
Y
|
AE
|
UNITED ARAB EMIRATES
|
Y
|
GB
|
UNITED KINGDOM
|
Y
|
US
|
UNITED STATES
|
Y
|
UY
|
URUGUAY
|
Y
|
VN
|
VIETNAM
|
Y
|
ZW
|
ZIMBABWE
|
Y
|
Retainers (1)
|
USD
|
|
|
Annual Lead Director Retainer (paid only to Lead Director):
|
30,000
|
|
|
Annual Director Base Retainer (applies to all Directors):
|
100,000
|
|
|
Annual Committee Chairperson Retainer:
(except Audit Committee and Compensation Committee Chair)
|
15,000
|
|
|
Annual Audit Committee Chairperson Retainer:
|
25,000
|
|
|
Annual Compensation Committee Chairperson Retainer:
|
20,000
|
|
|
Additional Annual Retainer for Board Members serving on three committees:
|
6,000
|
|
|
Additional Compensation
|
|
|
|
Annual AGCO Stock Grant Award
(2)
|
120,000
|
1)
|
Payments of annual retainers are made in accordance with the following provisions:
|
I)
|
Annual Retainers are paid quarterly in four installments (for ease of calculation purposes quarters are divided into 90 days with a 360 day year).
|
II)
|
Annual Retainers accrue as of the first day of each calendar quarter based on the Board and Committee Membership Roster in effect on that date.
|
III)
|
Annual Retainers are paid in advance during the first month of the given calendar quarter (e.g., January for the first quarter).
|
IV)
|
Changes to Board and Committee Memberships (including Chairpersons) will be reviewed and adjustments made to current quarter’s retainer amounts (up or down).
|
V)
|
Any changes in the Retainer amounts due for the current quarter will be reflected in the ensuing quarter’s retainer payment.
|
AGCO CORP /DE
|
Exhibit 21.1
|
12/31/2017
|
|
|
|
Wholly Owned Subsidiaries of AGCO Corporation
|
Country of
Jurisdiction
|
|
|
AGCO Argentina SA
|
Argentina
|
Indamo SA
|
Argentina
|
AGCO Australia Ltd
|
Australia
|
Lely Australia Pty Ltd
|
Australia
|
Sparex Australia PTY Ltd
|
Australia
|
AGCO Austria GmbH
|
Austria
|
Cimbria Heid GmbH
|
Austria
|
Sparex Maschinensubehor Handelsgesellschaft m.b.H
|
Austria
|
Sparex Belgium BVBA
|
Belgium
|
AGCO do Brasil Maquinas e Equipamentos Agricolas Ltda
|
Brazil
|
AGCO do Brasil Soluções Agrícolas Ltda
|
Brazil
|
GSI Brasil Industria e Comercio de Equipamentos Agropecuarios Ltd
|
Brazil
|
Tecnoagro Maquinas Agrícolas Ltda
|
Brazil
|
AGCO Canada Ltd
|
Canada
|
GSI Electronique Inc
|
Canada
|
Sparex Canada Ltd
|
Canada
|
Cimbria HMD SRO
|
Czech Republic
|
AGCO (Changzhou) Agricultural Machinery Co. Ltd
|
China
|
AGCO (China) Investment Co., Ltd
|
China
|
AGCO Dafeng (Yanzhou) Agricultural Machinery Co., Ltd
|
China
|
AGCO (Daqing) Agricultural Machinery Co., Ltd.
|
China
|
AGCO Genpowex (Shanghai) Co., Ltd
|
China
|
AGCO GSI (Changzhou) Agriculture Equipment Co., Ltd
|
China
|
Beijing AGCO Trading Co., Ltd
|
China
|
Manway Development Limited
|
China
|
Matexi (Shanghai) Trading Limited
|
China
|
Shanghai GSI Agriculture Equipment Co., Ltd
|
China
|
The GSI Group (Shanghai) Co. Ltd
|
China
|
AGCO A/S
|
Denmark
|
AGCO Danmark A/S
|
Denmark
|
A/S Cimbria
|
Denmark
|
Cimbria Bulk Equipment A/S
|
Denmark
|
Cimbria Unigrain A/S
|
Denmark
|
Cimbria Manufacturing A/S
|
Denmark
|
Sparex Limited ApS
|
Denmark
|
XBA BidCo ApS
|
Denmark
|
XBA FinCo ApS
|
Denmark
|
XBA MidCo ApS
|
Denmark
|
AGCO Power Oy
|
Finland
|
AGCO Suomi Oy
|
Finland
|
Valtra OY AB
|
Finland
|
AGCO Distribution SAS
|
France
|
AGCO France SAS
|
France
|
AGCO SAS
|
France
|
C-Lines France SAS
|
France
|
C-Lines International SAS
|
France
|
Sparex S.A.R.L.
|
France
|
AGCO Deutschland GmbH
|
Germany
|
AGCO Feucht GmbH
|
Germany
|
AGCO GmbH
|
Germany
|
AGCO Hohenmölsen GmbH
|
Germany
|
Farmer Automatic GmbH & Co. KG
|
Germany
|
Farmer Automatic Management GmbH
|
Germany
|
Fendt GmbH
|
Germany
|
Fendt Immobilien GmbH
|
Germany
|
Lely Agrartecknik GmbH
|
Germany
|
Lely Maschinenfabrik GmbH
|
Germany
|
Sparex Handels-Und Vertriebs GmbH
|
Germany
|
Unterstutzungskasse der Fella-Werke Gesellschaft mit beschankter Haftung
|
Germany
|
Valtra Deutschland GmbH
|
Germany
|
Welger Vertriebs GmbH
|
Germany
|
AGCO Holdings (Hong Kong) Ltd
|
Hong Kong
|
C-Lines Asia Limited
|
Hong Kong
|
AGCO Hungary Kft
|
Hungary
|
GSI Hungary Kft
|
Hungary
|
AGCO Trading (India) Private Ltd
|
India
|
Lely Ireland Limited
|
Ireland
|
Sparex (Tractor Accessories) Ltd
|
Ireland
|
AGCO Italia SpA
|
Italy
|
Cimbria Heid Italia SRL
|
Italy
|
Cimbria SRL
|
Italy
|
C-Lines Italia Srl
|
Italy
|
Farmec Srl
|
Italy
|
Laverda AGCO SPA
|
Italy
|
Tecno Poultry Equipment S.P.A.
|
Italy
|
Cimbria East Africa Limited
|
Kenya
|
AGCO Luxembourg S.a.r.l
|
Luxembourg
|
AGCO GSI Asia Sdn Bhd
|
Malaysia
|
AGCO GSI (Malaysia) Sdn. Bhd.
|
Malaysia
|
Cimbria Far East SDN. BHD
|
Malaysia
|
Cumberland Sales & Services Sdn Bhd
|
Malaysia
|
MY C-Lines SDN BHD
|
Malaysia
|
AGCO Mexico S de RL de CV
|
Mexico
|
GSI Cumberland De Mexico, S. De RL De CV
|
Mexico
|
GSI Cumberland De Mexico Servicios, SA De CV
|
Mexico
|
Impulsora Inqro S.A. de C.V.
|
Mexico
|
Prestadora de Servicios Mexicana del Bajio, SA de CV
|
Mexico
|
Sparex Mexicana S.A. de CV
|
Mexico
|
Ag-Chem Europe Fertilizer Equipment BV
|
Netherlands
|
Ag-Chem Europe Industrial Equipment BV
|
Netherlands
|
AGCO Holding BV
|
Netherlands
|
AGCO International Holdings BV
|
Netherlands
|
AGCO Netherlands BV
|
Netherlands
|
Forage Company BV
|
Netherlands
|
Sparex Limited Vestiging Holland BV
|
Netherlands
|
Valtra International BV
|
Netherlands
|
AGCO New Zealand Limited
|
New Zealand
|
Lely New Zealand Ltd
|
New Zealand
|
Sparex New Zealand Ltd
|
New Zealand
|
Eikmaskin AS
|
Norway
|
AGCO Sp Z.o.o
|
Poland
|
Sparex Polska Sp. Z.o.o.
|
Poland
|
Sparex Portugal Importacao e Comercio de Pecas Lda
|
Portugal
|
Valtractor Comercio de Tractores e Maquinas Agricolas SA
|
Portugal
|
AGCO LLC
|
Russia
|
Cimbria LLC
|
Russia
|
AGCO Holdings (Singapore) Pte. Ltd
|
Singapore
|
AGCO Holdings South Africa
|
South Africa
|
AGCO South Africa Pty Ltd
|
South Africa
|
C-Lines South Africa (Proprietary) Limited
|
South Africa
|
Sparex (Proprietary) Ltd
|
South Africa
|
AGCO Iberia SA
|
Spain
|
Sparex Agrirepuestos SL
|
Spain
|
AGCO AB
|
Sweden
|
AGCO International GmbH
|
Switzerland
|
AGCO Tarim Makineleri Ticaret Ltd Sirketi
|
Turkey
|
Sparex Tarim Parca Sanayi Ve Ticaret Limited Sirketi
|
Turkey
|
C-Lines Middle East DMCC
|
United Arab Emirates
|
AGCO Funding Company
|
United Kingdom
|
AGCO International Ltd
|
United Kingdom
|
AGCO Ltd
|
United Kingdom
|
AGCO Machinery Ltd
|
United Kingdom
|
AGCO Manufacturing Ltd
|
United Kingdom
|
AGCO Pension Trust Ltd
|
United Kingdom
|
AGCO Receivables Ltd
|
United Kingdom
|
AGCO Services Ltd
|
United Kingdom
|
Cimbria Holdings Limited
|
United Kingdom
|
Cimbria (UK) Limited
|
United Kingdom
|
Massey Ferguson Staff Pension Trust Ltd
|
United Kingdom
|
Massey Ferguson Works Pension Trust Ltd
|
United Kingdom
|
Sparex Holdings Ltd
|
United Kingdom
|
Sparex International Ltd
|
United Kingdom
|
Sparex Ltd
|
United Kingdom
|
Spenco Engineering Company Ltd
|
United Kingdom
|
AGCO Jackson Assembly Company
|
United States
|
Assumption Leasing Company, Inc.
|
United States
|
Export Market Services LLC
|
United States
|
Intersystems Holdings, Inc.
|
United States
|
Intersystems International Inc.
|
United States
|
Massey Ferguson Corp.
|
United States
|
Precision Planting LLC
|
United States
|
Sparex, Inc.
|
United States
|
The GSI Group, LLC
|
United States
|
AGCO Zambia Ltd
|
Zambia
|
|
|
50% or Greater Joint Venture Interests of the Registrant
|
|
|
|
Deutz AGCO Motores SA
|
Argentina
|
Groupement International De Mecanique Agricole SA
|
France
|
AGCO-RM (Distribution) Holding BV
|
Netherlands
|
AGCO Machinery LLC
|
Russia
|
AGCO - Amity JV, LLC
|
United States
|
Intelligent Agricultural Solutions, LLC
|
United States
|
USC LLC
|
United States
|
|
|
Less Than 50% Joint Venture Interests of the Registrant
|
|
|
|
Algerian Tractor Company Spa
|
Algeria
|
AGCO Capital Argentina SA
|
Argentina
|
AGCO Finance PTY Ltd
|
Australia
|
AGCO Finance GmbH, Landmaschinen Leasing
|
Austria
|
AGCO Finance NV
|
Belgium
|
Banco De Lage Landen Brasil S.A
|
Brazil
|
De Lage Landen Participacoes Ltda (dbaAgricredit do Brasil Ltda)
|
Brazil
|
Massey Ferguson Administradora de Consorcios Ltda
|
Brazil
|
AGCO Finance Canada Ltd
|
Canada
|
AGCO Finance S.N.C.
|
France
|
AGCO Finance GmbH
|
Germany
|
DKE-Data GmbH & Co. KG
|
Germany
|
DKE-Data Verwaltungs GmbH
|
Germany
|
Tractors and Farm Equipment Ltd
|
India
|
AGCO Finance DAC
|
Ireland
|
Libyan Tractor and Agricultural Commodities Company
|
Libya
|
Compagnie Maghebine de Materials Agricoles et Industriels SA
|
Morocco
|
AGCO Finance B.V
|
Netherlands
|
AGCO RM (Manufacturing) Holding BV
|
Netherlands
|
AGCO Finance Ltd
|
New Zealand
|
AGCO Finance Sp.z.o.o
|
Poland
|
AGCO Finance LLC
|
Russia
|
GolAZ OJSC
|
Russia
|
AGCO Finance AG
|
Switzerland
|
Cimbria Unigrain (Thailand) Ltd
|
Thailand
|
AGCO Finance Ltd
|
United Kingdom
|
AGCO Finance LLC
|
United States
|
Signature
|
|
Date
|
|
|
|
/s/ Martin Richenhagen
|
|
February 28, 2018
|
Martin Richenhagen
|
|
|
|
|
|
/s/ Roy V. Armes
|
|
February 28, 2018
|
Roy V. Armes
|
|
|
|
|
|
/s/ Michael C. Arnold
|
|
February 28, 2018
|
Michael C. Arnold
|
|
|
|
|
|
/s/ P. George Benson
|
|
February 28, 2018
|
P. George Benson
|
|
|
|
|
|
/s/ Suzanne P. Clark
|
|
February 28, 2018
|
Suzanne P. Clark
|
|
|
|
|
|
/s/ Wolfgang Deml
|
|
February 28, 2018
|
Wolfgang Deml
|
|
|
|
|
|
/s/ George E. Minnich
|
|
February 28, 2018
|
George E. Minnich
|
|
|
|
|
|
/s/ Gerald L. Shaheen
|
|
February 28, 2018
|
Gerald L. Shaheen
|
|
|
|
|
|
/s/ Mallika Srinivasan
|
|
February 28, 2018
|
Mallika Srinivasan
|
|
|
|
|
|
/s/ Hendrikus Visser
|
|
February 28, 2018
|
Hendrikus Visser
|
|
|
|
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Dated:
|
February 28, 2018
|
|
|
|
|
|
|
/s/ Martin Richenhagen
|
|
|
Martin Richenhagen
|
|
|
Chairman of the Board, President and Chief Executive Officer
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Dated:
|
February 28, 2018
|
|
|
|
|
|
|
/s/ Andrew H. Beck
|
|
|
Andrew H. Beck
|
|
|
Senior Vice President and Chief Financial Officer
|
|
/s/ Martin Richenhagen
|
|
|
Martin Richenhagen
|
|
|
Chairman of the Board, President and Chief Executive Officer
|
|
|
February 28, 2018
|
|
|
|
|
|
/s/Andrew H. Beck
|
|
|
Andrew H. Beck
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
February 28, 2018
|
|