| CONSOLIDATING FINANCIAL STATEMENTS |
CONSOLIDATING FINANCIAL STATEMENTS
On January 18, 2011, the Company repaid the outstanding $297.6 million principal amount outstanding of its 7-3/8% Notes (see Note M – “Long-Term Obligations”). As a result of the Company’s redemption of the 7-3/8% Notes, as of February 7, 2011, the 4% Convertible Notes, 8% Notes and 10-7/8% Notes were jointly and severally guaranteed by the following wholly-owned subsidiaries of the Company (the “Wholly-owned Guarantors”): A.S.V., Inc., CMI Terex Corporation, Duvalpilot Equipment Outfitters, LLC, Fantuzzi Noell USA, Inc., Genie Financial Services, Inc., Genie Holdings, Inc., Genie Industries, Inc., Genie International, Inc., GFS National, Inc., Loegering Mfg. Inc., Powerscreen Holdings USA Inc., Powerscreen International LLC, Powerscreen North America Inc., Powerscreen USA, LLC, Schaeff Incorporated, Schaeff of North America, Inc., Terex Advance Mixer, Inc., Terex Aerials, Inc., Terex Financial Services, Inc., Terex South Dakota, Inc., Terex USA, LLC, Terex Utilities, Inc. and Terex Washington, Inc. All of the guarantees are full and unconditional. The guarantees of the Wholly-owned Guarantors are subject to release in limited circumstances only upon the occurrence of certain customary conditions. No subsidiaries of the Company except the Wholly-owned Guarantors have provided a guarantee of the 4% Convertible Notes, 8% Notes and 10-7/8% Notes.
The following summarized condensed consolidating financial information for the Company segregates the financial information of Terex Corporation, the Wholly-owned Guarantors and the non-guarantor subsidiaries. The results and financial position of businesses acquired are included from the dates of their respective acquisitions.
Terex Corporation consists of parent company operations and non-guarantor subsidiaries directly owned by the parent company. Subsidiaries of the parent company are reported on the equity basis. Wholly-owned Guarantors combine the operations of the Wholly-owned Guarantor subsidiaries. Subsidiaries of Wholly-owned Guarantors that are not themselves guarantors are reported on the equity basis. Non-guarantor subsidiaries combine the operations of subsidiaries which have not provided a guarantee of the obligations of Terex Corporation under the 4% Convertible Notes, 8% Notes and 10-7/8% Notes. Debt and goodwill allocated to subsidiaries are presented on a “push-down” accounting basis.
The Company revised its Condensed Consolidating Financial Statements to correct the presentation of intercompany activities between the Company, the Wholly-owned Guarantors and the non-guarantor subsidiaries for investments, loans, capital contributions and repayments. There were no changes to any of the Company's Condensed Consolidated Financial Statements. The impact of these revisions are shown in Note P – “Consolidating Financial Statements” to our unaudited condensed consolidated financial statements included in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2012.
TEREX CORPORATION CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME YEAR ENDED DECEMBER 31, 2011 (in millions) | | | | | | | | | | | | | | | | | | | | | | Terex Corporation | | Wholly-owned Guarantors | | Non-guarantor Subsidiaries | | Intercompany Eliminations | | Consolidated | Net sales | $ | 336.9 |
| | $ | 2,340.8 |
| | $ | 4,654.9 |
| | $ | (828.0 | ) | | $ | 6,504.6 |
| Cost of goods sold | (301.2 | ) | | (2,044.0 | ) | | (4,027.1 | ) | | 828.0 |
| | (5,544.3 | ) | Gross profit | 35.7 |
| | 296.8 |
| | 627.8 |
| | — |
| | 960.3 |
| Selling, general and administrative expenses | (23.5 | ) | | (226.2 | ) | | (629.4 | ) | | — |
| | (879.1 | ) | Income (loss) from operations | 12.2 |
| | 70.6 |
| | (1.6 | ) | | — |
| | 81.2 |
| Interest income | 161.5 |
| | 201.0 |
| | 15.7 |
| | (363.9 | ) | | 14.3 |
| Interest expense | (302.9 | ) | | (74.3 | ) | | (121.6 | ) | | 363.9 |
| | (134.9 | ) | (Loss) income from subsidiaries | 75.8 |
| | (7.3 | ) | | — |
| | (68.5 | ) | | — |
| Loss on early extinguishment of debt | (7.7 | ) | | — |
| | — |
| | — |
| | (7.7 | ) | Other income (expense) - net | 92.7 |
| | (13.8 | ) | | 52.7 |
| | — |
| | 131.6 |
| Income (loss) from continuing operations before income taxes | 31.6 |
| | 176.2 |
| | (54.8 | ) | | (68.5 | ) | | 84.5 |
| (Provision for) benefit from income taxes | 15.9 |
| | (66.1 | ) | | (0.2 | ) | | — |
| | (50.4 | ) | Income (loss) from continuing operations | 47.5 |
| | 110.1 |
| | (55.0 | ) | | (68.5 | ) | | 34.1 |
| Income from discontinued operations - net of tax | — |
| | — |
| | 5.8 |
| | — |
| | 5.8 |
| Loss on disposition of discontinued operations - net of tax | (2.3 | ) | | — |
| | 3.1 |
| | — |
| | 0.8 |
| Net income (loss) | 45.2 |
| | 110.1 |
| | (46.1 | ) | | (68.5 | ) | | 40.7 |
| Net loss attributable to noncontrolling interest | — |
| | — |
| | 4.5 |
| | — |
| | 4.5 |
| Net income (loss) attributable to Terex Corporation | $ | 45.2 |
| | $ | 110.1 |
| | $ | (41.6 | ) | | $ | (68.5 | ) | | $ | 45.2 |
| | | | | | | | | | | Comprehensive income (loss), net of tax | $ | (180.7 | ) | | $ | 139.5 |
| | $ | (106.1 | ) | | $ | (38.8 | ) | | $ | (186.1 | ) | Comprehensive loss (income) attributable to noncontrolling interest | $ | — |
| | $ | — |
| | $ | 5.4 |
| | $ | — |
| | $ | 5.4 |
| Comprehensive income (loss) attributable to Terex Corporation | $ | (180.7 | ) | | $ | 139.5 |
| | $ | (100.7 | ) | | $ | (38.8 | ) | | $ | (180.7 | ) |
TEREX CORPORATION CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME YEAR ENDED DECEMBER 31, 2010 (in millions)
| | | | | | | | | | | | | | | | | | | | | | Terex Corporation | | Wholly-owned Guarantors | | Non-guarantor Subsidiaries | | Intercompany Eliminations | | Consolidated | Net sales | $ | 218.9 |
| | $ | 1,619.2 |
| | $ | 3,141.4 |
| | $ | (561.3 | ) | | $ | 4,418.2 |
| Cost of goods sold | (200.8 | ) | | (1,439.4 | ) | | (2,736.4 | ) | | 561.3 |
| | (3,815.3 | ) | Gross profit | 18.1 |
| | 179.8 |
| | 405.0 |
| | — |
| | 602.9 |
| Selling, general and administrative expenses | (79.4 | ) | | (187.6 | ) | | (409.7 | ) | | — |
| | (676.7 | ) | Loss from operations | (61.3 | ) | | (7.8 | ) | | (4.7 | ) | | — |
| | (73.8 | ) | Interest income | 56.2 |
| | 193.1 |
| | 28.0 |
| | (267.5 | ) | | 9.8 |
| Interest expense | (323.0 | ) | | (77.3 | ) | | (12.6 | ) | | 267.5 |
| | (145.4 | ) | Income (loss) from subsidiaries | 440.9 |
| | (3.9 | ) | | — |
| | (437.0 | ) | | — |
| Loss on early extinguishment of debt | (1.4 | ) | | — |
| | — |
| | — |
| | (1.4 | ) | Other expense - net | (1.6 | ) | | 17.6 |
| | (43.5 | ) | | — |
| | (27.5 | ) | (Loss) income from continuing operations before income taxes | 109.8 |
| | 121.7 |
| | (32.8 | ) | | (437.0 | ) | | (238.3 | ) | Benefit from (provision for) income taxes | 119.2 |
| | (45.2 | ) | | (47.2 | ) | | — |
| | 26.8 |
| (Loss) income from continuing operations | 229.0 |
| | 76.5 |
| | (80.0 | ) | | (437.0 | ) | | (211.5 | ) | Loss from discontinued operations – net of tax | (3.5 | ) | | (2.3 | ) | | (9.5 | ) | | — |
| | (15.3 | ) | Gain on disposition of discontinued operations - net of tax | 133.0 |
| | 76.9 |
| | 379.4 |
| | — |
| | 589.3 |
| Net income (loss) | 358.5 |
| | 151.1 |
| | 289.9 |
| | (437.0 | ) | | 362.5 |
| Net income attributable to noncontrolling interest | — |
| | — |
| | (4.0 | ) | | — |
| | (4.0 | ) | Net income (loss) attributable to Terex Corporation | $ | 358.5 |
| | $ | 151.1 |
| | $ | 285.9 |
| | $ | (437.0 | ) | | $ | 358.5 |
| | | | | | | | | | | Comprehensive income (loss), net of tax | 422.9 |
| | 152.0 |
| | 295.3 |
| | (443.2 | ) | | 427.0 |
| Comprehensive loss (income) attributable to noncontrolling interest | — |
| | — |
| | (4.1 | ) | | — |
| | (4.1 | ) | Comprehensive income (loss) attributable to Terex Corporation | 422.9 |
| | 152.0 |
| | 291.2 |
| | (443.2 | ) | | 422.9 |
|
TEREX CORPORATION CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME YEAR ENDED DECEMBER 31, 2009 (in millions)
| | | | | | | | | | | | | | | | | | | | | | Terex Corporation | | Wholly-owned Guarantors | | Non-guarantor Subsidiaries | | Intercompany Eliminations | | Consolidated | Net sales | $ | 135.8 |
| | $ | 1,200.0 |
| | $ | 2,806.0 |
| | $ | (283.4 | ) | | $ | 3,858.4 |
| Cost of goods sold | (143.1 | ) | | (1,200.7 | ) | | (2,501.0 | ) | | 283.4 |
| | (3,561.4 | ) | Gross profit | (7.3 | ) | | (0.7 | ) | | 305.0 |
| | — |
| | 297.0 |
| Selling, general and administrative expenses | (63.7 | ) | | (213.8 | ) | | (421.2 | ) | | — |
| | (698.7 | ) | Loss from operations | (71.0 | ) | | (214.5 | ) | | (116.2 | ) | | — |
| | (401.7 | ) | Interest income | 159.0 |
| | 178.1 |
| | 37.1 |
| | (369.3 | ) | | 4.9 |
| Interest expense | (294.8 | ) | | (76.5 | ) | | (117.4 | ) | | 369.3 |
| | (119.4 | ) | Income (loss) from subsidiaries | (231.6 | ) | | (20.3 | ) | | — |
| | 251.9 |
| | — |
| Loss on early extinguishment of debt | (3.3 | ) | | — |
| | — |
| | — |
| | (3.3 | ) | Other expense - net | (6.5 | ) | | 6.0 |
| | (3.8 | ) | | — |
| | (4.3 | ) | (Loss) income from continuing operations before income taxes | (448.2 | ) | | (127.2 | ) | | (200.3 | ) | | 251.9 |
| | (523.8 | ) | Benefit from income taxes | 78.0 |
| | 38.5 |
| | 0.9 |
| | — |
| | 117.4 |
| (Loss) income from continuing operations | (370.2 | ) | | (88.7 | ) | | (199.4 | ) | | 251.9 |
| | (406.4 | ) | Income (loss) from discontinued operations – net of tax | (17.4 | ) | | (2.6 | ) | | 41.7 |
| | — |
| | 21.7 |
| Loss on disposition of discontinued operations - net of tax | (10.8 | ) | | (1.8 | ) | | — |
| | — |
| | (12.6 | ) | Net (loss) income | (398.4 | ) | | (93.1 | ) | | (157.7 | ) | | 251.9 |
| | (397.3 | ) | Net income attributable to noncontrolling interest | — |
| | (0.5 | ) | | (0.6 | ) | | — |
| | (1.1 | ) | Net (loss) income attributable to Terex Corporation | $ | (398.4 | ) | | $ | (93.6 | ) | | $ | (158.3 | ) | | $ | 251.9 |
| | $ | (398.4 | ) | | | | | | | | | | | Comprehensive income (loss), net of tax | (280.1 | ) | | (84.9 | ) | | (103.2 | ) | | 190.4 |
| | (277.8 | ) | Comprehensive loss (income) attributable to noncontrolling interest | — |
| | (0.5 | ) | | (1.8 | ) | | — |
| | (2.3 | ) | Comprehensive income (loss) attributable to Terex Corporation | (280.1 | ) | | (85.4 | ) | | (105.0 | ) | | 190.4 |
| | (280.1 | ) |
TEREX CORPORATION CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2011 (in millions) | | | | | | | | | | | | | | | | | | | | | | Terex Corporation | | Wholly-owned Guarantors | | Non-guarantor Subsidiaries | | Intercompany Eliminations | | Consolidated | Assets | | | | | | | | | | Current assets | | | | | | | | | | Cash and cash equivalents | $ | 264.0 |
| | $ | 2.3 |
| | $ | 507.8 |
| | $ | — |
| | $ | 774.1 |
| Trade receivables - net | 32.0 |
| | 229.1 |
| | 917.0 |
| | — |
| | 1,178.1 |
| Intercompany receivables | 48.9 |
| | 118.3 |
| | 74.8 |
| | (242.0 | ) | | — |
| Inventories | 71.3 |
| | 378.8 |
| | 1,308.0 |
| | — |
| | 1,758.1 |
| Other current assets | 118.0 |
| | 38.2 |
| | 186.7 |
| | — |
| | 342.9 |
| Total current assets | 534.2 |
| | 766.7 |
| | 2,994.3 |
| | (242.0 | ) | | 4,053.2 |
| Property, plant and equipment - net | 62.8 |
| | 109.6 |
| | 663.1 |
| | — |
| | 835.5 |
| Goodwill | — |
| | 149.6 |
| | 1,083.3 |
| | — |
| | 1,232.9 |
| Non-current intercompany receivables | 1,272.8 |
| | 1,236.7 |
| | 40.3 |
| | (2,549.8 | ) | | — |
| Investment in and advances to (from) subsidiaries | 2,698.6 |
| | 68.8 |
| | 42.6 |
| | (2,750.8 | ) | | 59.2 |
| Other assets | 113.4 |
| | 186.1 |
| | 583.1 |
| | — |
| | 882.6 |
| Total assets | $ | 4,681.8 |
| | $ | 2,517.5 |
| | $ | 5,406.7 |
| | $ | (5,542.6 | ) | | $ | 7,063.4 |
| | | | | | | | | | | Liabilities and Stockholders’ Equity | |
| | |
| | |
| | |
| | |
| Current liabilities | |
| | |
| | |
| | |
| | |
| Notes payable and current portion of long-term debt | $ | 4.6 |
| | $ | 0.1 |
| | $ | 72.3 |
| | $ | — |
| | $ | 77.0 |
| Trade accounts payable | 29.6 |
| | 164.8 |
| | 570.2 |
| | — |
| | 764.6 |
| Intercompany payables | — |
| | 49.3 |
| | 192.7 |
| | (242.0 | ) | | — |
| Accruals and other current liabilities | 95.8 |
| | 122.8 |
| | 830.7 |
| | — |
| | 1,049.3 |
| Total current liabilities | 130.0 |
| | 337.0 |
| | 1,665.9 |
| | (242.0 | ) | | 1,890.9 |
| Long-term debt, less current portion | 1,261.6 |
| | 1.8 |
| | 960.0 |
| | — |
| | 2,223.4 |
| Non-current intercompany payables | 1,201.0 |
| | — |
| | 1,348.8 |
| | (2,549.8 | ) | | — |
| Other non-current liabilities | 178.9 |
| | 37.8 |
| | 544.0 |
| | — |
| | 760.7 |
| Total stockholders’ equity | 1,910.3 |
| | 2,140.9 |
| | 888.0 |
| | (2,750.8 | ) | | 2,188.4 |
| Total liabilities and stockholders’ equity | $ | 4,681.8 |
| | $ | 2,517.5 |
| | $ | 5,406.7 |
| | $ | (5,542.6 | ) | | $ | 7,063.4 |
|
TEREX CORPORATION CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2010 (in millions) | | | | | | | | | | | | | | | | | | | | | | Terex Corporation | | Wholly-owned Guarantors | | Non-guarantor Subsidiaries | | Intercompany Eliminations | | Consolidated | Assets | | | | | | | | | | Current assets | | | | | | | | | | Cash and cash equivalents | $ | 164.2 |
| | $ | 2.0 |
| | $ | 728.0 |
| | $ | — |
| | $ | 894.2 |
| Investments in marketable securities | 520.9 |
| | 0.5 |
| | — |
| | — |
| | 521.4 |
| Trade receivables - net | 22.9 |
| | 208.7 |
| | 550.9 |
| | — |
| | 782.5 |
| Intercompany receivables | 9.5 |
| | 93.1 |
| | 44.1 |
| | (146.7 | ) | | — |
| Inventories | 66.3 |
| | 341.6 |
| | 1,040.8 |
| | — |
| | 1,448.7 |
| Other current assets | 154.6 |
| | 37.4 |
| | 130.1 |
| | — |
| | 322.1 |
| Total current assets | 938.4 |
| | 683.3 |
| | 2,493.9 |
| | (146.7 | ) | | 3,968.9 |
| Property, plant and equipment - net | 54.6 |
| | 112.5 |
| | 406.4 |
| | — |
| | 573.5 |
| Goodwill | — |
| | 154.1 |
| | 338.8 |
| | — |
| | 492.9 |
| Non-current intercompany receivables | 709.3 |
| | 1,019.0 |
| | 40.7 |
| | (1,769.0 | ) | | — |
| Investment in and advances to (from) subsidiaries | 2,785.1 |
| | 72.1 |
| | (5.4 | ) | | (2,823.1 | ) | | 28.7 |
| Other assets | 69.6 |
| | 187.2 |
| | 195.6 |
| | — |
| | 452.4 |
| Total assets | $ | 4,557.0 |
| | $ | 2,228.2 |
| | $ | 3,470.0 |
| | $ | (4,738.8 | ) | | $ | 5,516.4 |
| Liabilities and Stockholders’ Equity | |
| | |
| | |
| | |
| | |
| Current liabilities | |
| | |
| | |
| | |
| | |
| Notes payable and current portion of long-term debt | $ | 297.2 |
| | $ | 0.2 |
| | $ | 49.4 |
| | $ | — |
| | $ | 346.8 |
| Trade accounts payable | 24.9 |
| | 130.3 |
| | 414.8 |
| | — |
| | 570.0 |
| Intercompany payables | 43.1 |
| | 26.5 |
| | 77.1 |
| | (146.7 | ) | | — |
| Accruals and other current liabilities | 127.7 |
| | 87.1 |
| | 542.6 |
| | — |
| | 757.4 |
| Total current liabilities | 492.9 |
| | 244.1 |
| | 1,083.9 |
| | (146.7 | ) | | 1,674.2 |
| Long-term debt, less current portion | 879.6 |
| | 119.3 |
| | 340.6 |
| | — |
| | 1,339.5 |
| Non-current intercompany payables | 967.2 |
| | — |
| | 801.8 |
| | (1,769.0 | ) | | — |
| Other non-current liabilities | 134.1 |
| | 52.1 |
| | 205.1 |
| | — |
| | 391.3 |
| Total stockholders’ equity | 2,083.2 |
| | 1,812.7 |
| | 1,038.6 |
| | (2,823.1 | ) | | 2,111.4 |
| Total liabilities and stockholders’ equity | $ | 4,557.0 |
| | $ | 2,228.2 |
| | $ | 3,470.0 |
| | $ | (4,738.8 | ) | | $ | 5,516.4 |
|
TEREX CORPORATION CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2011 (in millions)
| | | | | | | | | | | | | | | | | | | | | | Terex Corporation | | Wholly-owned Guarantors | | Non-guarantor Subsidiaries | | Intercompany Eliminations | | Consolidated | Net cash provided by (used in) operating activities of continuing operations | $ | (10.7 | ) | | $ | 17.0 |
| | $ | 12.8 |
| | $ | — |
| | $ | 19.1 |
| Cash flows from investing activities | | | | | | | | | |
| Capital expenditures | (10.4 | ) | | (22.5 | ) | | (46.2 | ) | | — |
| | (79.1 | ) | Acquisition of business, net of cash acquired | — |
| | (2.0 | ) | | (1,033.2 | ) | | — |
| | (1,035.2 | ) | Proceeds from disposition of discontinued operations | — |
| | — |
| | 0.5 |
| | — |
| | 0.5 |
| Investments in derivative securities | (16.1 | ) | | — |
| | — |
| | — |
| | (16.1 | ) | Proceeds from sale of assets | 531.8 |
| | 0.1 |
| | 7.7 |
| | — |
| | 539.6 |
| Intercompany investing activities | (526.1 | ) | | 12.6 |
| | (47.6 | ) | | 561.1 |
| | — |
| Other investing activities, net | — |
| | — |
| | (2.2 | ) | | — |
| | (2.2 | ) | Net cash (used in) provided by investing activities of continuing operations | (20.8 | ) | | (11.8 | ) | | (1,121.0 | ) | | 561.1 |
| | (592.5 | ) | Cash flows from financing activities | |
| | |
| | |
| | | | |
| Repayments of debt | (298.8 | ) | | (0.5 | ) | | (144.9 | ) | | — |
| | (444.2 | ) | Proceeds from issuance of debt | 455.5 |
| | 1.9 |
| | 469.3 |
| | — |
| | 926.7 |
| Payment of debt issuance cost | (26.6 | ) | | — |
| | — |
| | — |
| | (26.6 | ) | Purchase of noncontrolling interest | — |
| | (6.3 | ) | | — |
| | — |
| | (6.3 | ) | Intercompany financing activities | (2.5 | ) | | — |
| | 563.6 |
| | (561.1 | ) | | — |
| Other financing activities, net | 3.7 |
| | — |
| | 0.9 |
| | — |
| | 4.6 |
| Net cash provided by (used in) financing activities of continuing operations | 131.3 |
| | (4.9 | ) | | 888.9 |
| | (561.1 | ) | | 454.2 |
| Cash flows from discontinued operations | |
| | |
| | |
| | | | |
| Net cash used in operating activities of discontinued operations | — |
| | — |
| | — |
| | — |
| | — |
| Net cash provided by investing activities of discontinued operations | — |
| | — |
| | — |
| | — |
| | — |
| Net cash provided by financing activities of discontinued operations | — |
| | — |
| | — |
| | — |
| | — |
| Net cash used in discontinued operations | — |
| | — |
| | — |
| | — |
| | — |
| Effect of exchange rate changes on cash and cash equivalents | — |
| | — |
| | (0.9 | ) | | — |
| | (0.9 | ) | Net increase (decrease) in cash and cash equivalents | 99.8 |
| | 0.3 |
| | (220.2 | ) | | — |
| | (120.1 | ) | Cash and cash equivalents, beginning of period | 164.2 |
| | 2.0 |
| | 728.0 |
| | — |
| | 894.2 |
| Cash and cash equivalents, end of period | $ | 264.0 |
| | $ | 2.3 |
| | $ | 507.8 |
| | $ | — |
| | $ | 774.1 |
|
TEREX CORPORATION CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2010 (in millions) | | | | | | | | | | | | | | | | | | | | | | Terex Corporation | | Wholly-owned Guarantors | | Non-guarantor Subsidiaries | | Intercompany Eliminations | | Consolidated | Net cash (used in) provided by operating activities of continuing operations | $ | (454.0 | ) | | $ | 65.6 |
| | $ | (221.7 | ) | | $ | — |
| | $ | (610.1 | ) | Cash flows from investing activities | |
| | | | |
| | | | |
| Capital expenditures | (8.7 | ) | | (10.6 | ) | | (35.7 | ) | | — |
| | (55.0 | ) | Acquisition of business | (12.8 | ) | | — |
| | — |
| | — |
| | (12.8 | ) | Investments in and advances to affiliates | (14.6 | ) | | — |
| | (4.7 | ) | | — |
| | (19.3 | ) | Proceeds from disposition of discontinued operations | 294.8 |
| | — |
| | 707.2 |
| | — |
| | 1,002.0 |
| Investments in derivative securities | (21.1 | ) | | — |
| | — |
| | — |
| | (21.1 | ) | Proceeds from sale of assets | 2.4 |
| | 1.4 |
| | 6.2 |
| | — |
| | 10.0 |
| Intercompany investing activities | (17.9 | ) | | — |
| | — |
| | 17.9 |
| | — |
| Net cash provided by (used in) investing activities of continuing operations | 222.1 |
| | (9.2 | ) | | 673.0 |
| | 17.9 |
| | 903.8 |
| Cash flows from financing activities | |
| | |
| | |
| | | | |
| Repayments of debt | (159.3 | ) | | (51.6 | ) | | (154.6 | ) | | — |
| | (365.5 | ) | Proceeds from issuance of debt | — |
| | — |
| | 73.9 |
| | — |
| | 73.9 |
| Payment of debt issuance cost | (6.0 | ) | | (0.8 | ) | | (1.0 | ) | | — |
| | (7.8 | ) | Purchase of noncontrolling interest | — |
| | — |
| | (12.9 | ) | | — |
| | (12.9 | ) | Distributions to noncontrolling interest | — |
| | (0.2 | ) | | (3.2 | ) | | — |
| | (3.4 | ) | Intercompany financing activities | — |
| | — |
| | 17.9 |
| | (17.9 | ) | | — |
| Other financing activities, net | 1.3 |
| | (0.1 | ) | | (1.2 | ) | | — |
| | — |
| Net cash used in financing activities of continuing operations | (164.0 | ) | | (52.7 | ) | | (81.1 | ) | | (17.9 | ) | | (315.7 | ) | Cash flows from discontinued operations | |
| | |
| | |
| | | | |
| Net cash used in operating activities of discontinued operations | (19.3 | ) | | (2.2 | ) | | (31.6 | ) | | — |
| | (53.1 | ) | Net cash provided by investing activities of discontinued operations | — |
| | — |
| | 0.1 |
| | — |
| | 0.1 |
| Net cash provided by financing activities of discontinued operations | — |
| | — |
| | — |
| | — |
| | — |
| Net cash used in discontinued operations | (19.3 | ) | | (2.2 | ) | | (31.5 | ) | | — |
| | (53.0 | ) | Effect of exchange rate changes on cash and cash equivalents | — |
| | — |
| | (2.0 | ) | | — |
| | (2.0 | ) | Net (decrease) increase in cash and cash equivalents | (415.2 | ) | | 1.5 |
| | 336.7 |
| | — |
| | (77.0 | ) | Cash and cash equivalents, beginning of period | 579.4 |
| | 0.5 |
| | 391.3 |
| | — |
| | 971.2 |
| Cash and cash equivalents, end of period | $ | 164.2 |
| | $ | 2.0 |
| | $ | 728.0 |
| | $ | — |
| | $ | 894.2 |
|
TEREX CORPORATION CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2009 (in millions) | | | | | | | | | | | | | | | | | | | | | | Terex Corporation | | Wholly- owned Guarantors | | Non- guarantor Subsidiaries | | Intercompany Eliminations | | Consolidated | Net cash (used in) provided by operating activities | $ | 36.1 |
| | $ | (14.1 | ) | | $ | (62.6 | ) | | $ | — |
| | $ | (40.6 | ) | Cash flows from investing activities | |
| | |
| | |
| | |
| | |
| Acquisition of businesses, net of cash acquired | — |
| | — |
| | (9.8 | ) | | — |
| | (9.8 | ) | Capital expenditures | (11.4 | ) | | (7.4 | ) | | (31.6 | ) | | — |
| | (50.4 | ) | Proceeds from sale of assets | 0.2 |
| | 1.2 |
| | 4.7 |
| | — |
| | 6.1 |
| Intercompany investing activities | (71.1 | ) | | 0.3 |
| | 0.5 |
| | 70.3 |
| | — |
| Net cash used in investing activities | (82.3 | ) | | (5.9 | ) | | (36.2 | ) | | 70.3 |
| | (54.1 | ) | Cash flows from financing activities | |
| | |
| | |
| | |
| | |
| Repayments of debt | (527.8 | ) | | (2.5 | ) | | (154.7 | ) | | — |
| | (685.0 | ) | Proceeds from issuance of debt | 1,035.5 |
| | — |
| | 78.8 |
| | — |
| | 1,114.3 |
| Proceeds from issuance of common stock | 156.3 |
| | — |
| | — |
| | — |
| | 156.3 |
| Payment of debt issuance costs | (17.2 | ) | | — |
| | — |
| | — |
| | (17.2 | ) | Purchase of noncontrolling interest | — |
| | (1.7 | ) | | — |
| | — |
| | (1.7 | ) | Distributions to noncontrolling interest | — |
| | (1.0 | ) | | (6.1 | ) | | — |
| | (7.1 | ) | Intercompany financing activities | (0.5 | ) | | 1.7 |
| | 69.1 |
| | (70.3 | ) | | — |
| Other financing activities, net | 0.6 |
| | — |
| | (1.4 | ) | | — |
| | (0.8 | ) | Net cash provided by (used in) financing activities | 646.9 |
| | (3.5 | ) | | (14.3 | ) | | (70.3 | ) | | 558.8 |
| Cash flows from discontinued operations | |
| | |
| | |
| | |
| | |
| Net cash (used in) provided by operating activities of discontinued operations | (22.6 | ) | | 19.2 |
| | 6.3 |
| | — |
| | 2.9 |
| Net cash used in investing activities of discontinued operations | (0.2 | ) | | (0.4 | ) | | (6.4 | ) | | — |
| | (7.0 | ) | Net cash used in financing activities of discontinued operations | — |
| | (0.2 | ) | | — |
| | — |
| | (0.2 | ) | Net cash provided by (used in) discontinued operations | (22.8 | ) | | 18.6 |
| | (0.1 | ) | | — |
| | (4.3 | ) | Effect of exchange rate changes on cash and cash equivalents | — |
| | — |
| | 27.0 |
| | — |
| | 27.0 |
| Net increase (decrease) in cash and cash equivalents | 577.9 |
| | (4.9 | ) | | (86.2 | ) | | — |
| | 486.8 |
| Cash and cash equivalents, beginning of period | 1.5 |
| | 5.4 |
| | 477.5 |
| | — |
| | 484.4 |
| Cash and cash equivalents, end of period | $ | 579.4 |
| | $ | 0.5 |
| | $ | 391.3 |
| | $ | — |
| | $ | 971.2 |
|
|