XML 26 R34.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATING FINANCIAL STATEMENTS (Tables)
 9 Months Ended
Sep. 30, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Statement of Comprehensive Income
.

TEREX CORPORATION
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
THREE MONTHS ENDED SEPTEMBER 30, 2013
(in millions)
 
Terex
Corporation
 
Wholly-owned
Guarantors
 
Non-guarantor
Subsidiaries
 
Intercompany
Eliminations
 
Consolidated
Net sales
$
52.6

 
$
783.9

 
$
1,234.7

 
$
(260.6
)
 
$
1,810.6

Cost of goods sold
(47.3
)
 
(630.3
)
 
(1,006.5
)
 
260.6

 
(1,423.5
)
Gross profit
5.3

 
153.6

 
228.2

 
—

 
387.1

Selling, general and administrative expenses
(0.2
)
 
(59.4
)
 
(186.6
)
 
—

 
(246.2
)
Income (loss) from operations
5.1

 
94.2

 
41.6

 
—

 
140.9

Interest income
67.5

 
88.6

 
2.2

 
(156.8
)
 
1.5

Interest expense
(111.5
)
 
(37.6
)
 
(39.5
)
 
156.8

 
(31.8
)
Income (loss) from subsidiaries
101.9

 
3.7

 
0.2

 
(105.8
)
 
—

Other income (expense) – net
(10.8
)
 
1.3

 
8.3

 
—

 
(1.2
)
Income (loss) from continuing operations before income taxes
52.2

 
150.2

 
12.8

 
(105.8
)
 
109.4

(Provision for) benefit from income taxes
42.6

 
(49.3
)
 
(14.1
)
 
—

 
(20.8
)
Income (loss) from continuing operations
94.8

 
100.9

 
(1.3
)
 
(105.8
)
 
88.6

Income (loss) from discontinued operations – net of tax
—

 
—

 
5.5

 
—

 
5.5

Gain (loss) on disposition of discontinued operations – net of tax
(0.4
)
 
—

 
—

 
—

 
(0.4
)
Net income (loss)
94.4

 
100.9

 
4.2

 
(105.8
)
 
93.7

Net loss attributable to noncontrolling interest
—

 
—

 
0.7

 
—

 
0.7

Net income (loss) attributable to Terex Corporation
$
94.4

 
$
100.9

 
$
4.9

 
$
(105.8
)
 
$
94.4

 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss), net of tax
$
184.0

 
$
102.3

 
$
23.9

 
$
(126.9
)
 
$
183.3

Comprehensive loss (income) attributable to noncontrolling interest
—

 
—

 
0.7

 
—

 
0.7

Comprehensive income (loss) attributable to Terex Corporation
$
184.0

 
$
102.3

 
$
24.6

 
$
(126.9
)
 
$
184.0


TEREX CORPORATION
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
NINE MONTHS ENDED SEPTEMBER 30, 2013
(in millions)
 
Terex
Corporation
 
Wholly-owned
Guarantors
 
Non-guarantor
Subsidiaries
 
Intercompany
Eliminations
 
Consolidated
Net sales
$
169.1

 
$
2,395.3

 
$
3,665.8

 
$
(788.3
)
 
$
5,441.9

Cost of goods sold
(154.2
)
 
(1,935.2
)
 
(3,069.7
)
 
788.3

 
(4,370.8
)
Gross profit
14.9

 
460.1

 
596.1

 
—

 
1,071.1

Selling, general and administrative expenses
(9.4
)
 
(172.8
)
 
(594.3
)
 
—

 
(776.5
)
Income (loss) from operations
5.5

 
287.3

 
1.8

 
—

 
294.6

Interest income
199.7

 
242.0

 
7.3

 
(444.0
)
 
5.0

Interest expense
(311.2
)
 
(109.8
)
 
(119.6
)
 
444.0

 
(96.6
)
Loss on early extinguishment of debt
—

 
—

 
(5.2
)
 
—

 
(5.2
)
Income (loss) from subsidiaries
203.9

 
5.0

 
—

 
(208.9
)
 
—

Other income (expense) – net
(32.3
)
 
6.0

 
20.2

 
—

 
(6.1
)
Income (loss) from continuing operations before income taxes
65.6

 
430.5

 
(95.5
)
 
(208.9
)
 
191.7

(Provision for) benefit from income taxes
74.4

 
(133.5
)
 
(5.1
)
 
—

 
(64.2
)
Income (loss) from continuing operations
140.0

 
297.0

 
(100.6
)
 
(208.9
)
 
127.5

Income (loss) from discontinued operations – net of tax
—

 
—

 
5.5

 
—

 
5.5

Gain (loss) on disposition of discontinued operations – net of tax
(0.4
)
 
—

 
3.0

 
—

 
2.6

Net income (loss)
139.6

 
297.0

 
(92.1
)
 
(208.9
)
 
135.6

Net loss attributable to noncontrolling interest
—

 
—

 
4.0

 
—

 
4.0

Net income (loss) attributable to Terex Corporation
$
139.6

 
$
297.0

 
$
(88.1
)
 
$
(208.9
)
 
$
139.6

 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss), net of tax
$
117.5

 
$
297.7

 
$
(129.9
)
 
$
(171.8
)
 
$
113.5

Comprehensive loss (income) attributable to noncontrolling interest
—

 
—

 
4.0

 
—

 
4.0

Comprehensive income (loss) attributable to Terex Corporation
$
117.5

 
$
297.7

 
$
(125.9
)
 
$
(171.8
)
 
$
117.5

TEREX CORPORATION
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
THREE MONTHS ENDED SEPTEMBER 30, 2012
(in millions)
 
Terex
Corporation
 
Wholly-owned
Guarantors
 
Non-guarantor
Subsidiaries
 
Intercompany
Eliminations
 
Consolidated
Net sales
$
51.9

 
$
663.7

 
$
1,301.6

 
$
(195.2
)
 
$
1,822.0

Cost of goods sold
(45.8
)
 
(548.5
)
 
(1,044.3
)
 
195.2

 
(1,443.4
)
Gross profit
6.1

 
115.2

 
257.3

 
—

 
378.6

Selling, general and administrative expenses
(3.2
)
 
(52.3
)
 
(191.2
)
 
—

 
(246.7
)
Income (loss) from operations
2.9

 
62.9

 
66.1

 
—

 
131.9

Interest income
57.4

 
66.6

 
1.9

 
(124.6
)
 
1.3

Interest expense
(95.1
)
 
(28.4
)
 
(43.7
)
 
124.6

 
(42.6
)
Loss on early extinguishment of debt
(49.4
)
 
—

 
(0.5
)
 
—

 
(49.9
)
Income (loss) from subsidiaries
96.7

 
2.1

 
(0.5
)
 
(98.3
)
 
—

Other income (expense) – net
0.4

 
(0.4
)
 
(3.6
)
 
—

 
(3.6
)
Income (loss) from continuing operations before income taxes
12.9

 
102.8

 
19.7

 
(98.3
)
 
37.1

(Provision for) benefit from income taxes
17.3

 
3.8

 
(29.9
)
 
—

 
(8.8
)
Income (loss) from continuing operations
30.2

 
106.6

 
(10.2
)
 
(98.3
)
 
28.3

Net income (loss)
30.2

 
106.6

 
(10.2
)
 
(98.3
)
 
28.3

Net loss (income) attributable to noncontrolling interest
—

 
—

 
1.9

 
—

 
1.9

Net income (loss) attributable to Terex Corporation
$
30.2

 
$
106.6

 
$
(8.3
)
 
$
(98.3
)
 
$
30.2

 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss), net of tax
$
73.7

 
$
107.4

 
$
2.4

 
$
(111.7
)
 
$
71.8

Comprehensive loss (income) attributable to noncontrolling interest
—

 
—

 
1.9

 
—

 
1.9

Comprehensive income (loss) attributable to Terex Corporation
$
73.7

 
$
107.4

 
$
4.3

 
$
(111.7
)
 
$
73.7


TEREX CORPORATION
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
NINE MONTHS ENDED SEPTEMBER 30, 2012
 
Terex
Corporation
 
Wholly-owned
Guarantors
 
Non-guarantor
Subsidiaries
 
Intercompany
Eliminations
 
Consolidated
Net sales
$
215.8

 
$
2,091.3

 
$
4,023.3

 
$
(677.5
)
 
$
5,652.9

Cost of goods sold
(193.4
)
 
(1,749.1
)
 
(3,249.9
)
 
677.5

 
(4,514.9
)
Gross profit
22.4

 
342.2

 
773.4

 
—

 
1,138.0

Selling, general and administrative expenses
(16.0
)
 
(154.1
)
 
(597.2
)
 
—

 
(767.3
)
Income (loss) from operations
6.4

 
188.1

 
176.2

 
—

 
370.7

Interest income
163.4

 
187.6

 
8.1

 
(352.7
)
 
6.4

Interest expense
(270.5
)
 
(77.5
)
 
(134.7
)
 
352.7

 
(130.0
)
Loss on early extinguishment of debt
(49.4
)
 
—

 
(2.9
)
 
—

 
(52.3
)
Income (loss) from subsidiaries
225.5

 
(5.7
)
 
(0.5
)
 
(219.3
)
 
—

Other income (expense) – net
16.9

 
(3.6
)
 
(16.0
)
 
—

 
(2.7
)
Income (loss) from continuing operations before income taxes
92.3

 
288.9

 
30.2

 
(219.3
)
 
192.1

(Provision for) benefit from income taxes
46.8

 
(56.4
)
 
(52.1
)
 
—

 
(61.7
)
Income (loss) from continuing operations
139.1

 
232.5

 
(21.9
)
 
(219.3
)
 
130.4

Income (loss) from discontinued operations – net of tax
—

 
—

 
2.5

 
—

 
2.5

Gain (loss) on disposition of discontinued operations – net of tax
—

 
—

 
2.3

 
—

 
2.3

Net income (loss)
139.1

 
232.5

 
(17.1
)
 
(219.3
)
 
135.2

Net loss (income) attributable to noncontrolling interest
—

 
—

 
3.9

 
—

 
3.9

Net income (loss) attributable to Terex Corporation
$
139.1

 
$
232.5

 
$
(13.2
)
 
$
(219.3
)
 
$
139.1

 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss), net of tax
$
156.0

 
$
233.4

 
$
(29.8
)
 
$
(207.5
)
 
$
152.1

Comprehensive loss (income) attributable to noncontrolling interest
—

 
—

 
3.9

 
—

 
3.9

Comprehensive income (loss) attributable to Terex Corporation
$
156.0

 
$
233.4

 
$
(25.9
)
 
$
(207.5
)
 
$
156.0


T
Condensed Consolidating Balance Sheet
TEREX CORPORATION
CONDENSED CONSOLIDATING BALANCE SHEET
SEPTEMBER 30, 2013
(in millions)
 
Terex
Corporation
 
Wholly-owned
Guarantors
 
Non-guarantor
Subsidiaries
 
Intercompany
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
52.1

 
$
3.5

 
$
315.0

 
$
—

 
$
370.6

Trade receivables – net
37.1

 
289.7

 
837.7

 
—

 
1,164.5

Intercompany receivables
83.7

 
147.4

 
61.1

 
(292.2
)
 
—

Inventories
39.8

 
371.3

 
1,331.8

 
—

 
1,742.9

Other current assets
95.0

 
49.7

 
180.8

 
—

 
325.5

Total current assets
307.7

 
861.6

 
2,726.4

 
(292.2
)
 
3,603.5

Property, plant and equipment – net
71.3

 
116.6

 
605.5

 
—

 
793.4

Goodwill
—

 
170.1

 
1,071.8

 
—

 
1,241.9

Non-current intercompany receivables
1,487.1

 
2,221.5

 
41.2

 
(3,749.8
)
 
—

Investment in and advances to (from) subsidiaries
3,829.2

 
156.7

 
162.1

 
(4,058.7
)
 
89.3

Other assets
45.4

 
172.7

 
543.3

 
—

 
761.4

Total assets
$
5,740.7

 
$
3,699.2

 
$
5,150.3

 
$
(8,100.7
)
 
$
6,489.5

Liabilities and Stockholders’ Equity
 

 
 

 
 

 
 

 
 

Current liabilities
 

 
 

 
 

 
 

 
 

Notes payable and current portion of long-term debt
$
1.7

 
$
0.1

 
$
88.7

 
$
—

 
$
90.5

Trade accounts payable
14.7

 
249.0

 
446.1

 
—

 
709.8

Intercompany payables
23.7

 
54.7

 
213.8

 
(292.2
)
 
—

Accruals and other current liabilities
84.0

 
138.7

 
804.9

 
—

 
1,027.6

Total current liabilities
124.1

 
442.5

 
1,553.5

 
(292.2
)
 
1,827.9

Long-term debt, less current portion
1,263.0

 
1.7

 
550.7

 
—

 
1,815.4

Non-current intercompany payables
2,174.8

 
41.8

 
1,533.2

 
(3,749.8
)
 
—

Retirement plans and other non-current liabilities
84.6

 
31.4

 
552.4

 
—

 
668.4

Redeemable noncontrolling interest
—

 
—

 
57.8

 
—

 
57.8

Total stockholders’ equity
2,094.2

 
3,181.8

 
902.7

 
(4,058.7
)
 
2,120.0

Total liabilities, redeemable noncontrolling interest and stockholders’ equity
$
5,740.7

 
$
3,699.2

 
$
5,150.3

 
$
(8,100.7
)
 
$
6,489.5


TEREX CORPORATION
CONDENSED CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2012
(in millions)
 
Terex
Corporation
 
Wholly-owned
Guarantors
 
Non-guarantor
Subsidiaries
 
Intercompany
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
39.6

 
$
1.4

 
$
637.0

 
$
—

 
$
678.0

Trade receivables – net
30.4

 
214.0

 
833.3

 
—

 
1,077.7

Intercompany receivables
113.6

 
142.5

 
62.5

 
(318.6
)
 
—

Inventories
48.4

 
387.9

 
1,279.3

 
—

 
1,715.6

Other current assets
102.6

 
37.2

 
186.3

 
—

 
326.1

Total current assets
334.6

 
783.0

 
2,998.4

 
(318.6
)
 
3,797.4

Property, plant and equipment – net
69.7

 
110.8

 
632.8

 
—

 
813.3

Goodwill
—

 
149.6

 
1,095.7

 
—

 
1,245.3

Non-current intercompany receivables
1,294.8

 
1,562.5

 
39.6

 
(2,896.9
)
 
—

Investment in and advances to (from) subsidiaries
3,274.1

 
207.6

 
69.5

 
(3,461.8
)
 
89.4

Other assets
54.3

 
178.7

 
567.8

 
—

 
800.8

Total assets
$
5,027.5

 
$
2,992.2

 
$
5,403.8

 
$
(6,677.3
)
 
$
6,746.2

Liabilities and Stockholders’ Equity
 

 
 

 
 

 
 

 
 

Current liabilities
 

 
 

 
 

 
 

 
 

Notes payable and current portion of long-term debt
$
4.6

 
$
—

 
$
79.2

 
$
—

 
$
83.8

Trade accounts payable
13.0

 
157.2

 
465.3

 
—

 
635.5

Intercompany payables
15.5

 
55.1

 
248.0

 
(318.6
)
 
—

Accruals and other current liabilities
98.0

 
126.0

 
765.5

 
—

 
989.5

Total current liabilities
131.1

 
338.3

 
1,558.0

 
(318.6
)
 
1,708.8

Long-term debt, less current portion
1,254.6

 
1.7

 
758.6

 
—

 
2,014.9

Non-current intercompany payables
1,512.7

 
41.8

 
1,342.4

 
(2,896.9
)
 
—

Retirement plans and other non-current liabilities
121.4

 
33.2

 
589.7

 
—

 
744.3

Redeemable noncontrolling interest
—

 
—

 
246.9

 
—

 
246.9

Total stockholders’ equity
2,007.7

 
2,577.2

 
908.2

 
(3,461.8
)
 
2,031.3

Total liabilities, redeemable noncontrolling interest and stockholders’ equity
$
5,027.5

 
$
2,992.2

 
$
5,403.8

 
$
(6,677.3
)
 
$
6,746.2
Condensed Consolidating Statement of Cash Flows

TEREX CORPORATION
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 2013
(in millions)
 
Terex
Corporation
 
Wholly-owned
Guarantors
 
Non-guarantor
Subsidiaries
 
Intercompany
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities of continuing operations
$
324.1

 
$
(169.5
)
 
$
8.5

 
$
—

 
$
163.1

Cash flows from investing activities
 
 
 
 
 
 
 
 
 

Capital expenditures
(6.7
)
 
(18.0
)
 
(36.2
)
 
—

 
(60.9
)
Proceeds from sale of assets
4.4

 
34.4

 
6.4

 
—

 
45.2

Intercompany investing activities
(307.8
)
 
(18.8
)
 
(0.6
)
 
327.2

 
—

Other investing activities, net
(2.8
)
 
—

 
2.1

 
—

 
(0.7
)
Net cash provided by (used in) investing activities of continuing operations
(312.9
)
 
(2.4
)
 
(28.3
)
 
327.2

 
(16.4
)
Cash flows from financing activities
 

 
 

 
 

 
 
 
 

Repayments of debt
(9.0
)
 
—

 
(494.5
)
 
—

 
(503.5
)
Proceeds from issuance of debt
9.0

 
—

 
284.6

 
—

 
293.6

Purchase of noncontrolling interest
—

 
—

 
(228.1
)
 
—

 
(228.1
)
Distributions to noncontrolling interest
—

 
—

 
(18.4
)
 
—

 
(18.4
)
Intercompany financing activities
—

 
174.0

 
153.2

 
(327.2
)
 
—

Other financing activities, net
1.3

 
—

 
7.2

 
—

 
8.5

Net cash provided by (used in) financing activities of continuing operations
1.3

 
174.0

 
(296.0
)
 
(327.2
)
 
(447.9
)
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
(6.2
)
 
—

 
(6.2
)
Net increase (decrease) in cash and cash equivalents
12.5

 
2.1

 
(322.0
)
 
—

 
(307.4
)
Cash and cash equivalents at beginning of period
39.6

 
1.4

 
637.0

 
—

 
678.0

Cash and cash equivalents at end of period
$
52.1

 
$
3.5

 
$
315.0

 
$
—

 
$
370.6


TEREX CORPORATION
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 2012
(in millions)
 
Terex
Corporation
 
Wholly-owned
Guarantors
 
Non-guarantor
Subsidiaries
 
Intercompany
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities of continuing operations
$
(8.7
)
 
$
134.2

 
$
13.3

 
$
—

 
$
138.8

Cash flows from investing activities
 
 
 
 
 
 
 
 
 

Capital expenditures
(5.2
)
 
(10.2
)
 
(40.7
)
 
—

 
(56.1
)
Other investments
(4.5
)
 
—

 
(9.6
)
 
—

 
(14.1
)
Proceeds from sale of assets
0.8

 
2.5

 
28.0

 
—

 
31.3

Intercompany investing activities
(99.2
)
 
(127.2
)
 
134.0

 
92.4

 
—

Other investing activities, net
—

 
—

 
(5.2
)
 
—

 
(5.2
)
Net cash provided by (used in) investing activities of continuing operations
(108.1
)
 
(134.9
)
 
106.5

 
92.4

 
(44.1
)
Cash flows from financing activities
 

 
 

 
 

 
 
 
 

Repayments of debt
(400.0
)
 
(0.1
)
 
(254.4
)
 
—

 
(654.5
)
Proceeds from issuance of debt
300.0

 
—

 
39.0

 
—

 
339.0

Purchase of noncontrolling interest
—

 
—

 
(3.2
)
 
—

 
(3.2
)
Distributions to noncontrolling interest
—

 
—

 
(4.9
)
 
—

 
(4.9
)
Intercompany financing activities
(6.0
)
 
—

 
98.4

 
(92.4
)
 
—

Other financing activities, net
(2.0
)
 
—

 
(1.2
)
 
—

 
(3.2
)
Net cash provided by (used in) financing activities of continuing operations
(108.0
)
 
(0.1
)
 
(126.3
)
 
(92.4
)
 
(326.8
)
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
0.6

 
—

 
0.6

Net increase (decrease) in cash and cash equivalents
(224.8
)
 
(0.8
)
 
(5.9
)
 
—

 
(231.5
)
Cash and cash equivalents at beginning of period
264.0

 
2.3

 
507.8

 
—

 
774.1

Cash and cash equivalents at end of period
$
39.2

 
$
1.5

 
$
501.9

 
$
—

 
$
542.6