For 2020, EU farm income is expected to be down modestly driven primarily by lower milk prices, partially offset by more normal crop production. Increasing demand for commodities, driven by the growing world population, rising emerging market protein consumption and biofuel use, are expected to support elevated farm income and healthy conditions in our industry.”Further information concerning these and other factors is included in AGCO’s filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2016 and subsequent Form 10-Qs. Income from operations decreased approximately $5.4 million for the full year of 2017 compared to 2016 due to the negative impact of material cost inflation and higher costs related to the localization of emissions compliant products.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSThe Company’s finance joint ventures in Europe, Brazil and Australia also provide wholesale financing to the Company’s dealers. The quantitative goodwill impairment analysis was performed in accordance with the provisions of Accounting Standards Codification (“ASC”) 350, “Intangibles - Goodwill and Other” and Accounting Standards Update (“ASU”) 2017-04, “Simplifying the Test for Goodwill Impairment” (“ASU 2017 - 04”).During the three months ended September 30, 2019, the Company recorded a non-cash adjustment to establish a valuation allowance against its Brazilian net deferred income tax assets.The restructuring expenses recorded during the year ended December 31, 2019 related primarily to severance and other costs associated with the Company’s rationalization of certain European, South American, U.S., Chinese and African manufacturing operations and various administrative offices, as well as the rationalization of its grain and protein business. We remain well-positioned to continue investing in premium technology, smart farming solutions and enhanced digital capabilities for our customers in order to improve our global market position. Management also uses these adjusted amounts to compare performance tobudget when such impacts are significant.AGCO further provides net sales amounts that have been adjusted to exclude theimpact of currency translation. AGCO’s broad portfolio of brands empowers farmers to contribute to food security sustainably and profitably. The number of shares excluded from the weighted average number of common shares and common share equivalents outstanding was approximately 1.1 million shares for the three months ended December 31, 2019.Basic net (loss) income per share:Adjustments to reconcile net income to net cash provided by operating activities:During the three months ended December 31, 2018, the Company repaid its outstanding term loan under its former revolving credit and term loan facility. Based on these assumptions, 2018 earnings per share is targeted to be approximately $3.50.North American net sales increased approximately 3.6% in the full year of 2017 compared to 2016, excluding the positive impact of currency translation. Industry demand is expected to improve in Brazil in 2020. Martin Bauknecht. Our long-term global view remains positive. About the AGCO. 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. As part of the Company’s annual impairment evaluation of goodwill, the Company concluded that it was more likely than not that the fair value of the reporting unit was less than its carrying amount. GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission. AGCO disclaims any obligation to update any forward-looking statements except as required by law.
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agco financial statements