AGCO Corp Q2 2024 10-Q Filing

TL;DR

**AGCO Q2 2024 10-Q filed. Financials and operations detailed.**

AI Summary

AGCO Corporation filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial figures and segment information are presented, reflecting the company's ongoing activities in the farm machinery and equipment sector.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational details for AGCO Corp, crucial for understanding the company's performance in the agricultural equipment market.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Players & Entities

• AGCO CORP /DE (company) — Filer
• 20240630 (date) — Period of Report
• 20240808 (date) — Filed as of Date
• FARM MACHINERY & EQUIPMENT [3523] (industry) — Standard Industrial Classification
• DE (location) — State of Incorporation
• DULUTH (location) — Business Address City
• GA (location) — Business Address State
• 30096 (zip_code) — Business Address Zip
• 7708139200 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.01 — registrant's common stock, par value of $0.01 per share, outstanding. AGCO CORPORAT

Filing Documents

• agco-20240630.htm (10-Q) — 2352KB
• agcoex221-q22024.htm (EX-22.1) — 5KB
• agcoex311-q22024.htm (EX-31.1) — 10KB
• agcoex312-q22024.htm (EX-31.2) — 10KB
• agcoex321-q22024.htm (EX-32.1) — 7KB
• 0000880266-24-000052.txt ( ) — 14341KB
• agco-20240630.xsd (EX-101.SCH) — 75KB
• agco-20240630_cal.xml (EX-101.CAL) — 128KB
• agco-20240630_def.xml (EX-101.DEF) — 456KB
• agco-20240630_lab.xml (EX-101.LAB) — 934KB
• agco-20240630_pre.xml (EX-101.PRE) — 706KB
• agco-20240630_htm.xml (XML) — 3130KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION:

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of June 30 , 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three Months Ended June 3 0 , 2024 and 2023 4 Condensed Consolidated Statements of Operations for the Six Months Ended June 3 0 , 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three a nd Six Months Ended June 30 , 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30 , 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 42

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 56

Controls and Procedures

Item 4. Controls and Procedures 56

OTHER INFORMATION

PART II. OTHER INFORMATION:

Legal Proceedings

Item 1. Legal Proceedings 57

Risk Factors

Item 1A. Risk Factors 57

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58

Other Information

Item 5. Other Information 58

Exhibits

Item 6. Exhibits 59

SIGNATURES

SIGNATURES 60 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS AGCO CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited and in millions, except share amounts) June 30, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 657.3 $ 595.5 Accounts and notes receivable, net 1,465.9 1,605.3 Inventories, net 3,499.4 3,440.7 Other current assets 583.1 699.3 Current assets held for sale 433.0 — Total current assets 6,638.7 6,340.8 Property, plant and equipment, net 1,802.1 1,920.9 Right-of-use lease assets 168.4 176.2 Investments in affiliates 518.3 512.7 Deferred tax assets 499.0 481.6 Other assets 442.3 346.8 Noncurrent assets held for sale 448.3 — Intangible assets, net 689.9 308.8 Goodwill 2,407.8 1,333.4 Total assets $ 13,614.8 $ 11,421.2 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY Current Liabilities: Borrowings due within one year $ 320.2 $ 15.0 Accounts payable 1,075.7 1,207.3 Accrued expenses 2,543.1 2,903.8 Other current liabilities 154.2 217.5 Current liabilities held for sale 270.3 — Total current liabilities 4,363.5 4,343.6 Long-term debt, less current portion and debt issuance costs 3,595.2 1,377.2 Operating lease liabilities 127.4 134.4 Pension and postretirement health care benefits 164.7 170.5 Deferred tax liabilities 111.5 122.6 Other noncurrent liabilities 666.0 616.1 Noncurrent liabilities held for sale 27.9 — Total liabilities 9,056.2 6,764.4 Commitments and contingencies (Note 17) Redeemable noncontrolling interests 504.7 — Stockholders' Equity: AGCO Corporation stockholders' equity: Preferred stock; $ 0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding in 2024 and 2023 — — Common stock; $ 0.01 par value, 150,000,000 shares authorized, 74,634,538 and 74,517,973 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 0.7 0.7 Additional paid-in capital 9.2 4.1 Retained earnings 5,930.6 6,360.0 Accumulated other comprehensive l

View Full Filing

View this 10-Q filing on SEC EDGAR