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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________

Commission File Number: 001-12930
AGCO CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware58-1960019
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
4205 River Green Parkway
Duluth,Georgia30096
(Address of principal executive offices)
(Zip Code)
(770) 813-9200
(Registrants telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act
Title of ClassTrading SymbolName of exchange on which registered
Common stockAGCONew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes o No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
As of November 2, 2020, there were 74,899,512 shares of the registrant’s common stock, par value of $0.01 per share, outstanding.



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


Table of Contents
PART I.        FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS

AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited and in millions, except share amounts)
September 30, 2020December 31, 2019
ASSETS
Current Assets:
Cash and cash equivalents$511.0 $432.8 
Accounts and notes receivable, net990.1 800.5 
Inventories, net2,057.1 2,078.7 
Other current assets386.5 417.1 
Total current assets3,944.7 3,729.1 
Property, plant and equipment, net1,413.7 1,416.3 
Right-of-use lease assets178.9 187.3 
Investment in affiliates411.3 380.2 
Deferred tax assets69.7 93.8 
Other assets186.5 153.0 
Intangible assets, net462.2 501.7 
Goodwill1,273.3 1,298.3 
Total assets
$7,940.3 $7,759.7 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Current portion of long-term debt$86.2 $2.9 
Short-term borrowings47.7 150.5 
Accounts payable819.9 914.8 
Accrued expenses1,691.9 1,654.2 
Other current liabilities211.8 162.1 
Total current liabilities2,857.5 2,884.5 
Long-term debt, less current portion and debt issuance costs1,429.3 1,191.8 
Operating lease liabilities139.1 148.6 
Pension and postretirement health care benefits224.6 232.1 
Deferred tax liabilities106.6 107.0 
Other noncurrent liabilities333.3 288.7 
Total liabilities5,090.4 4,852.7 
Commitments and contingencies (Note 18)
Stockholders’ Equity:
AGCO Corporation stockholders’ equity:
Preferred stock; $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding in 2020 and 2019
  
Common stock; $0.01 par value, 150,000,000 shares authorized, 74,899,318 and 75,471,562 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively
0.8 0.8 
Additional paid-in capital24.2 4.7 
Retained earnings4,635.7 4,443.5 
Accumulated other comprehensive loss(1,851.0)(1,595.2)
Total AGCO Corporation stockholders’ equity2,809.7 2,853.8 
Noncontrolling interests40.2 53.2 
Total stockholders’ equity2,849.9 2,907.0 
Total liabilities and stockholders’ equity
$7,940.3 $7,759.7 
See accompanying notes to condensed consolidated financial statements.
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AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in millions, except per share data)
Three Months Ended September 30,
20202019
Net sales$2,497.5 $2,109.4 
Cost of goods sold1,918.8 1,659.2 
Gross profit578.7 450.2 
Selling, general and administrative expenses251.3 245.0 
Operating expenses:
Engineering expenses
82.0 82.3 
Amortization of intangibles
14.8 14.9 
Bad debt expense5.8 0.8 
Restructuring expenses
0.8 1.3 
Income from operations224.0 105.9 
Interest expense, net
3.6 6.4 
Other expense, net
15.3 20.8 
Income before income taxes and equity in net earnings of affiliates205.1 78.7 
Income tax provision
57.2 83.2 
Income (loss) before equity in net earnings of affiliates147.9 (4.5)
Equity in net earnings of affiliates
10.2 10.8 
Net income158.1 6.3 
Net (income) loss attributable to noncontrolling interests(0.8)1.3 
Net income attributable to AGCO Corporation and subsidiaries$157.3 $7.6 
Net income per common share attributable to AGCO Corporation and subsidiaries:
Basic
$2.10 $0.10 
Diluted
$2.09 $0.10 
Cash dividends declared and paid per common share$0.16 $0.16 
Weighted average number of common and common equivalent shares outstanding:
Basic
74.9 76.1 
Diluted
75.4 76.7 
See accompanying notes to condensed consolidated financial statements.
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Table of Contents
AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in millions, except per share data)
Nine Months Ended September 30,
20202019
Net sales$6,432.6 $6,527.8 
Cost of goods sold4,970.7 5,057.0 
Gross profit1,461.9 1,470.8 
Selling, general and administrative expenses718.4 767.9 
Operating expenses:
Engineering expenses
242.7 254.3 
Amortization of intangibles
44.7 45.6 
Goodwill impairment charge
20.0  
Bad debt expense9.0 2.1 
Restructuring expenses
5.4 3.0 
Income from operations421.7 397.9 
Interest expense, net
13.1 15.9 
Other expense, net
37.8 47.0 
Income before income taxes and equity in net earnings of affiliates370.8 335.0 
Income tax provision
117.9 155.8 
Income before equity in net earnings of affiliates252.9 179.2 
Equity in net earnings of affiliates
31.5 33.2 
Net income284.4 212.4 
Net loss attributable to noncontrolling interests7.3 1.1 
Net income attributable to AGCO Corporation and subsidiaries$291.7 $213.5 
Net income per common share attributable to AGCO Corporation and subsidiaries:
Basic
$3.89 $2.79 
Diluted
$3.86 $2.77 
Cash dividends declared and paid per common share$0.48 $0.47 
Weighted average number of common and common equivalent shares outstanding:
Basic
75.0 76.4 
Diluted
75.5 77.1 
See accompanying notes to condensed consolidated financial statements.

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Table of Contents
AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited and in millions)
Three Months Ended September 30,
20202019
Net income$158.1 $6.3 
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments(30.3)(62.7)
Defined benefit pension plans, net of tax3.4 2.8 
Deferred gains and losses on derivatives, net of tax(1.1)(1.6)
Other comprehensive loss, net of reclassification adjustments(28.0)(61.5)
Comprehensive income (loss)130.1 (55.2)
Comprehensive loss attributable to noncontrolling interests1.4 2.0 
Comprehensive income (loss) attributable to AGCO Corporation and subsidiaries$131.5 $(53.2)
Nine Months Ended September 30,
20202019
Net income$284.4 $212.4 
Other comprehensive loss, net of reclassification adjustments:
Foreign currency translation adjustments(275.4)(46.1)
Defined benefit pension plans, net of tax10.3 8.8 
Deferred gains and losses on derivatives, net of tax3.9 (0.9)
Other comprehensive loss, net of reclassification adjustments(261.2)(38.2)
Comprehensive income23.2 174.2 
Comprehensive loss (income) attributable to noncontrolling interests12.7 (0.4)
Comprehensive income attributable to AGCO Corporation and subsidiaries$35.9 $173.8 
See accompanying notes to condensed consolidated financial statements.

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AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in millions)
Nine Months Ended September 30,
20202019
Cash flows from operating activities:
Net income $284.4 $212.4 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation154.9 159.2 
Amortization of intangibles44.7 45.6 
Stock compensation expense26.8 32.9 
Goodwill impairment charge20.0  
Equity in net earnings of affiliates, net of cash received(30.9)(26.3)
Deferred income tax provision2.4 43.1 
Other19.2 1.9 
Changes in operating assets and liabilities:
Accounts and notes receivable, net(264.7)(85.1)
Inventories, net(53.4)(503.4)
Other current and noncurrent assets(39.5)(47.0)
Accounts payable(55.6)(4.1)
Accrued expenses22.9 23.7 
Other current and noncurrent liabilities92.9 66.9 
Total adjustments(60.3)(292.6)
Net cash provided by (used in) operating activities224.1 (80.2)
Cash flows from investing activities:
Purchases of property, plant and equipment(183.1)(188.1)
Proceeds from sale of property, plant and equipment0.9 0.9 
Investments in unconsolidated affiliates(4.7) 
Purchase of businesses, net of cash acquired(2.8) 
Net cash used in investing activities(189.7)(187.2)
Cash flows from financing activities:
Proceeds from indebtedness1,195.6 1,998.3 
Repayments of indebtedness(1,027.7)(1,600.5)
Purchases and retirement of common stock(55.0)(100.0)
Payment of dividends to stockholders (36.0)(35.9)
Payment of minimum tax withholdings on stock compensation(16.2)(27.5)
Payment of debt issuance costs(1.4)(0.5)
Investment by noncontrolling interests0.2 1.2 
Net cash provided by financing activities59.5 235.1 
Effects of exchange rate changes on cash, cash equivalents and restricted cash(15.7)(11.8)
Increase (decrease) in cash, cash equivalents and restricted cash78.2 (44.1)
Cash, cash equivalents and restricted cash, beginning of period432.8 326.1 
Cash, cash equivalents and restricted cash, end of period$511.0 $282.0 
See accompanying notes to condensed consolidated financial statements.
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AGCO CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

1.    BASIS OF PRESENTATION

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

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

Recently Adopted Accounting Pronouncements

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

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



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

New Accounting Pronouncements to be Adopted

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

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

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Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)




2.    RESTRUCTURING EXPENSES

    From 2014 through 2020, the Company announced and initiated several actions to rationalize employee headcount at various manufacturing facilities and various administrative offices located in Europe, South America, Africa, China and the United States in order to reduce costs in response to softening global market demand and lower production volumes. The aggregate headcount reduction was approximately 4,160 employees between 2014 and 2019. In addition, during 2019, the Company initiated various restructuring activities in an effort to rationalize its grain storage and protein production system operations. During the nine months ended September 30, 2020, the Company recorded severance and related costs associated with further rationalizations in connection with the termination of approximately 320 employees. Restructuring expenses activity during the three and nine months ended September 30, 2020 is summarized as follows (in millions):
Write-down of Property, Plant and EquipmentEmployee SeveranceFacility Closure CostsTotal
Balance as of December 31, 2019$ $4.8 $ $4.8 
First quarter 2020 provision 0.7 0.2 0.9 
First quarter 2020 provision reversal (0.1) (0.1)
First quarter 2020 cash activity (1.7)(0.2)(1.9)
Foreign currency translation (0.1) (0.1)
Balance as of March 31, 2020$ $3.6 $ $3.6 
Second quarter 2020 provision1.6 2.2  3.8 
Less: Non-cash expense(1.6)  (1.6)
Cash expense 2.2  2.2 
Second quarter 2020 cash activity (0.8) (0.8)
Foreign currency translation (0.1) (0.1)
Balance as of June 30, 2020$ $4.9 $ $4.9 
Third quarter 2020 provision 0.9  0.9 
Third quarter 2020 cash activity (1.1) (1.1)
Third quarter 2020 provision reversal (0.1) (0.1)
Balance as of September 30, 2020$ $4.6 $ $4.6 

3.    STOCK COMPENSATION PLANS

    The Company recorded stock compensation expense as follows for the three and nine months ended September 30, 2020 and 2019 (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Cost of goods sold$0.5 $0.3 $0.9 $1.3 
Selling, general and administrative expenses13.7 7.8 26.3 32.0 
Total stock compensation expense$14.2 $8.1 $27.2 $33.3 

Stock Incentive Plan

    Under the Company’s Long-Term Incentive Plan (the “Plan”), up to 10,000,000 shares of AGCO common stock may be issued. As of September 30, 2020, of the 10,000,000 shares reserved for issuance under the Plan, approximately 3,252,617 shares were available for grant, assuming the maximum number of shares are earned related to the performance award grants discussed below. The Plan allows the Company, under the direction of the Board of Directors’ Compensation Committee, to make grants of performance shares, stock appreciation rights, restricted stock units and restricted stock awards to employees, officers and non-employee directors of the Company.

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Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)



Long-Term Incentive Plan and Related Performance Awards

    The weighted average grant-date fair value of performance awards granted under the Plan during the nine months ended September 30, 2020 and 2019 was $70.84 and $61.01, respectively.

    During the nine months ended September 30, 2020, the Company granted 425,440 performance awards related to varying performance periods. The awards granted assume the maximum target levels of performance are achieved. The compensation expense associated with all awards granted under the Plan is amortized ratably over the vesting or performance period based on the Company’s projected assessment of the level of performance that will be achieved.

    Performance award transactions during the nine months ended September 30, 2020 were as follows and are presented as if the Company were to achieve its maximum levels of performance under the plan awards:
Shares awarded but not earned at January 1932,182 
Shares awarded425,440 
Shares forfeited(65,858)
Shares earned 
Shares awarded but not earned at September 301,291,764 

    As of September 30, 2020, the total compensation cost related to unearned performance awards not yet recognized, assuming the Company’s current projected assessment of the level of performance that will be achieved, was approximately $28.0 million, and the weighted average period over which it is expected to be recognized is approximately two years. The compensation cost not yet recognized could be higher or lower based on actual achieved levels of performance.

Restricted Stock Unit Awards

    During the nine months ended September 30, 2020, the Company granted 95,593 restricted stock unit (“RSU”) awards. These awards entitle the participant to receive one share of the Company’s common stock for each RSU granted and vest one-third per year over a three-year requisite service period, subject to adjustment in certain cases based on performance metric relative to the Company's peer group, commencing in 2020. The compensation expense associated with these awards is being amortized ratably over the requisite service period for the awards that are expected to vest. The weighted average grant-date fair value of the RSUs granted under the Plan during the nine months ended September 30, 2020 and 2019 was $70.83 and $61.01, respectively. RSU transactions during the nine months ended September 30, 2020 were as follows:
RSUs awarded but not vested at January 1396,529 
RSUs awarded95,593 
RSUs forfeited(36,753)
RSUs vested(116,882)
RSUs awarded but not vested at September 30338,487 

    As of September 30, 2020, the total compensation cost related to the unvested RSUs not yet recognized was approximately $9.7 million, and the weighted average period over which it is expected to be recognized is approximately one and one-half years.

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Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)



Stock-Settled Appreciation Rights

    The compensation expense associated with the stock-settled appreciation rights (“SSARs”) is amortized ratably over the requisite service period for the awards that are expected to vest. The Company estimates the fair value of the grants using the Black-Scholes option pricing model. SSAR transactions during the nine months ended September 30, 2020 were as follows:
SSARs outstanding at January 1759,675 
SSARs granted187,100 
SSARs exercised(30,225)
SSARs canceled or forfeited(35,061)
SSARs outstanding at September 30881,489 

    As of September 30, 2020, the total compensation cost related to the unvested SSARs not yet recognized was approximately $4.2 million, and the weighted average period over which it is expected to be recognized is approximately two and one-half years.

Director Restricted Stock Grants

    The Plan provides for annual restricted stock grants of the Company’s common stock to all non-employee directors. The 2020 grant was made on April 30, 2020 and equated to 25,542 shares of common stock, of which 19,862 shares of common stock were issued after shares were withheld for taxes. The Company recorded stock compensation expense of approximately $1.4 million during the nine months ended September 30, 2020 associated with these grants.

4.    GOODWILL AND OTHER INTANGIBLE ASSETS

    Changes in the carrying amount of goodwill during the nine months ended September 30, 2020 are summarized as follows (in millions):
North AmericaSouth AmericaEurope/Middle EastAsia/Pacific/AfricaConsolidated
Balance as of December 31, 2019$606.0 $112.2 $463.3 $116.8 $1,298.3 
Acquisition7.2    7.2 
Impairment charge(20.0)   (20.0)
Foreign currency translation(0.1)(31.5)16.7 2.7 (12.2)
Balance as of September 30, 2020$593.1 $80.7 $480.0 $119.5 $1,273.3 

    On September 10, 2020, the Company acquired 151 Research, Inc., a company specializing in agricultural technology, for approximately $2.8 million. The Company agreed to further contingent consideration related to the acquisition, and therefore recorded a liability of approximately $4.4 million as of September 30, 2020 to reflect estimated achievement of agreed upon targets. The acquisition did not have a material impact on the Company.

    Goodwill is tested for impairment on an annual basis and more often if indications of impairment exist. The Company conducts its annual impairment analyses as of October 1 each fiscal year. The COVID-19 pandemic has adversely impacted the global economy as a whole. Based on current macroeconomic conditions, the Company assessed its goodwill and other intangible assets for indications of impairment as of March 31, 2020, June 30, 2020 and September 30, 2020. As of June 30, 2020, the Company concluded there were indicators of impairment during the three months ended June 30, 2020 related to one of its smaller reporting units, which is a 50%-owned tillage and seeding equipment joint venture. The Company consolidates the reporting unit as it was determined to be the primary beneficiary of the joint venture. Deteriorating market conditions for the products the joint venture sells were negatively impacted by the COVID-19 pandemic in the second quarter, greater than initially expected. As a result, updated strategic reviews with revised forecasts indicated an impairment of the entire goodwill balance of this reporting unit was necessary as of June 30, 2020. During the three months ended June 30, 2020, an impairment charge of approximately $20.0 million was recorded as "Goodwill impairment charge" within the Company's Condensed Consolidated Statements of Operations, with an offsetting benefit of approximately $10.0 million included within "Net loss attributable to noncontrolling interests."
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Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)




    Changes in the carrying amount of acquired intangible assets during the nine months ended September 30, 2020 are summarized as follows (in millions):
Gross carrying amounts:Trademarks and TradenamesCustomer RelationshipsPatents and TechnologyLand Use RightsTotal
Balance as of December 31, 2019$199.3 $579.0 $151.1 $8.5 $937.9 
Foreign currency translation2.3 (3.7)3.0 0.2 1.8 
Balance as of September 30, 2020$201.6 $575.3 $154.1 $8.7 $939.7 
Accumulated amortization:Trademarks and TradenamesCustomer RelationshipsPatents and TechnologyLand Use RightsTotal
Balance as of December 31, 2019$83.3 $347.4 $88.7 $3.1 $522.5 
Amortization expense7.6 30.0 7.0 0.1 44.7 
Foreign currency translation0.5 (4.7)2.1 0.1 (2.0)
Balance as of September 30, 2020$91.4 $372.7 $97.8 $3.3 $565.2 
Indefinite-lived intangible assets:Trademarks and
Tradenames
Balance as of December 31, 2019$86.3 
Foreign currency translation1.4 
Balance as of September 30, 2020$87.7 
    The Company currently amortizes certain acquired intangible assets, primarily on a straight-line basis, over their estimated useful lives, which range from five to 50 years.

5.    INDEBTEDNESS

    Long-term debt consisted of the following at September 30, 2020 and December 31, 2019 (in millions):
September 30, 2020December 31, 2019
Senior term loan due 2022$175.4 $168.1 
Credit facility, expires 2023271.2  
1.002% Senior term loan due 2025
292.4 280.2 
Senior term loans due between 2021 and 2028768.4 736.2 
Other long-term debt10.9 12.5 
Debt issuance costs(2.8)(2.3)
1,515.5 1,194.7 
Senior term loans due 2021(84.2) 
Current portion of other long-term debt(2.0)(2.9)
Total long-term indebtedness, less current portion$1,429.3 $1,191.8 

Senior Term Loan Due 2022

    In October 2018, the Company entered into a term loan agreement with Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (“Rabobank”) in the amount of €150.0 million (or approximately $175.4 million as of September 30, 2020). The Company is permitted to prepay the term loan before its maturity date of October 28, 2022. Interest is payable on the term loan quarterly in arrears at an annual rate equal to the Euro Interbank Offered Rate (“EURIBOR”) plus a margin ranging from 0.875% to 1.875% based on the Company’s credit rating.

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Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)



Credit Facility

    In October 2018, the Company entered into a multi-currency revolving credit facility of $