CONSOLIDATING FINANCIAL STATEMENTS (Tables)

9 Months Ended

Sep. 30, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statement of Comprehensive Income

TEREX CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

THREE MONTHS ENDED SEPTEMBER 30, 2014

(in millions)

	Terex Corporation			Wholly-owned Guarantors			Non-guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net sales	$	0.5		$	814.0		$	1,214.4		$	(219.1	)	$	1,809.8
Cost of goods sold	(0.4		)	(675.1		)	(996.1		)	219.1			(1,452.5		)
Gross profit	0.1			138.9			218.3			—			357.3
Selling, general and administrative expenses	0.7			(64.0		)	(177.2		)	—			(240.5		)
Income (loss) from operations	0.8			74.9			41.1			—			116.8
Interest income	33.4			18.5			1.6			(51.2		)	2.3
Interest expense	(41.4		)	(4.0		)	(34.6		)	51.2			(28.8		)
Loss on early extinguishment of debt	(1.5		)	—			(1.1		)	—			(2.6		)
Income (loss) from subsidiaries	73.3			1.4			0.1			(74.8		)	—
Other income (expense) – net	(11.9		)	(4.3		)	14.9			—			(1.3		)
Income (loss) from continuing operations before income taxes	52.7			86.5			22.0			(74.8		)	86.4
(Provision for) benefit from income taxes	6.7			(25.3		)	(9.1		)	—			(27.7		)
Income (loss) from continuing operations	59.4			61.2			12.9			(74.8		)	58.7
Income (loss) from discontinued operations – net of tax	—			—			—			—			—
Gain (loss) on disposition of discontinued operations – net of tax	4.8			—			0.7			—			5.5
Net income (loss)	64.2			61.2			13.6			(74.8		)	64.2
Net loss (income) attributable to noncontrolling interest	—			—			—			—			—
Net income (loss) attributable to Terex Corporation	$	64.2		$	61.2		$	13.6		$	(74.8	)	$	64.2
Comprehensive income (loss), net of tax	$	(106.6	)	$	60.9		$	(110.5	)	$	49.6		$	(106.6	)
Comprehensive loss (income) attributable to noncontrolling interest	—			—			—			—			—
Comprehensive income (loss) attributable to Terex Corporation	$	(106.6	)	$	60.9		$	(110.5	)	$	49.6		$	(106.6	)

TEREX CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

NINE MONTHS ENDED SEPTEMBER 30, 2014

(in millions)

	Terex Corporation			Wholly-owned Guarantors			Non-guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net sales	$	40.4		$	2,616.4		$	3,655.8		$	(793.1	)	$	5,519.5
Cost of goods sold	(37.4		)	(2,134.4		)	(3,026.3		)	793.1			(4,405.0		)
Gross profit	3.0			482.0			629.5			—			1,114.5
Selling, general and administrative expenses	(4.2		)	(198.0		)	(559.6		)	—			(761.8		)
Income (loss) from operations	(1.2		)	284.0			69.9			—			352.7
Interest income	97.2			55.1			3.3			(150.8		)	4.8
Interest expense	(124.2		)	(12.5		)	(105.0		)	150.8			(90.9		)
Loss on early extinguishment of debt	(1.5		)	—			(1.1		)	—			(2.6		)
Income (loss) from subsidiaries	273.0			5.5			(1.6		)	(276.9		)	—
Other income (expense) – net	(34.9		)	(1.8		)	30.5			—			(6.2		)
Income (loss) from continuing operations before income taxes	208.4			330.3			(4.0		)	(276.9		)	257.8
(Provision for) benefit from income taxes	22.7			(99.4		)	(2.5		)	—			(79.2		)
Income (loss) from continuing operations	231.1			230.9			(6.5		)	(276.9		)	178.6
Income (loss) from discontinued operations – net of tax	0.6			—			0.8			—			1.4
Gain (loss) on disposition of discontinued operations – net of tax	7.3			—			51.2			—			58.5
Net income (loss)	239.0			230.9			45.5			(276.9		)	238.5
Net loss attributable to noncontrolling interest	—			—			0.5			—			0.5
Net income (loss) attributable to Terex Corporation	$	239.0		$	230.9		$	46.0		$	(276.9	)	$	239.0
Comprehensive income (loss), net of tax	$	109.7		$	231.3		$	(66.2	)	$	(166.0	)	$	108.8
Comprehensive loss (income) attributable to noncontrolling interest	—			—			0.9			—			0.9
Comprehensive income (loss) attributable to Terex Corporation	$	109.7		$	231.3		$	(65.3	)	$	(166.0	)	$	109.7

TEREX CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

THREE MONTHS ENDED SEPTEMBER 30, 2013

(in millions)

	Terex Corporation			Wholly-owned Guarantors			Non-guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net sales	$	42.5		$	783.9		$	1,194.1		$	(263.5	)	$	1,757.0
Cost of goods sold	(39.3		)	(630.5		)	(969.3		)	263.5			(1,375.6		)
Gross profit	3.2			153.4			224.8			—			381.4
Selling, general and administrative expenses	(1.0		)	(59.4		)	(182.4		)	—			(242.8		)
Income (loss) from operations	2.2			94.0			42.4			—			138.6
Interest income	67.7			88.6			1.8			(156.6		)	1.5
Interest expense	(111.5		)	(37.5		)	(39.4		)	156.6			(31.8		)
Loss on early extinguishment of debt	—			—			—			—			—
Income (loss) from subsidiaries	102.2			3.6			0.2			(106.0		)	—
Other income (expense) – net	(10.2		)	1.2			7.3			—			(1.7		)
Income (loss) from continuing operations before income taxes	50.4			149.9			12.3			(106.0		)	106.6
(Provision for) benefit from income taxes	34.9			(49.1		)	(8.6		)	—			(22.8		)
Income (loss) from continuing operations	85.3			100.8			3.7			(106.0		)	83.8
Income (loss) from discontinued operations – net of tax	9.5			—			0.8			—			10.3
Gain (loss) on disposition of discontinued operations – net of tax	(0.4		)	—			—			—			(0.4		)
Net income (loss)	94.4			100.8			4.5			(106.0		)	93.7
Net loss (income) attributable to noncontrolling interest	—			—			0.7			—			0.7
Net income (loss) attributable to Terex Corporation	$	94.4		$	100.8		$	5.2		$	(106.0	)	$	94.4
Comprehensive income (loss), net of tax	$	184.0		$	102.2		$	24.2		$	(127.1	)	$	183.3
Comprehensive loss (income) attributable to noncontrolling interest	—			—			0.7			—			0.7
Comprehensive income (loss) attributable to Terex Corporation	$	184.0		$	102.2		$	24.9		$	(127.1	)	$	184.0

TEREX CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

NINE MONTHS ENDED SEPTEMBER 30, 2013

(in millions)

	Terex Corporation			Wholly-owned Guarantors			Non-guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net sales	$	125.5		$	2,395.2		$	3,542.4		$	(790.9	)	$	5,272.2
Cost of goods sold	(118.5		)	(1,935.4		)	(2,955.4		)	790.9			(4,218.4		)
Gross profit	7.0			459.8			587.0			—			1,053.8
Selling, general and administrative expenses	(11.5		)	(172.7		)	(581.9		)	—			(766.1		)
Income (loss) from operations	(4.5		)	287.1			5.1			—			287.7
Interest income	199.8			242.0			6.7			(443.5		)	5.0
Interest expense	(310.8		)	(109.8		)	(119.5		)	443.5			(96.6		)
Loss on early extinguishment of debt	—			—			(5.2		)	—			(5.2		)
Income (loss) from subsidiaries	206.5			5.0			—			(211.5		)	—
Other income (expense) – net	(31.5		)	5.9			20.0			—			(5.6		)
Income (loss) from continuing operations before income taxes	59.5			430.2			(92.9		)	(211.5		)	185.3
(Provision for) benefit from income taxes	68.6			(132.8		)	(0.9		)	—			(65.1		)
Income (loss) from continuing operations	128.1			297.4			(93.8		)	(211.5		)	120.2
Income (loss) from discontinued operations – net of tax	11.9			—			0.9			—			12.8
Gain (loss) on disposition of discontinued operations – net of tax	(0.4		)	—			3.0			—			2.6
Net income (loss)	139.6			297.4			(89.9		)	(211.5		)	135.6
Net loss (income) attributable to noncontrolling interest	—			—			4.0			—			4.0
Net income (loss) attributable to Terex Corporation	$	139.6		$	297.4		$	(85.9	)	$	(211.5	)	$	139.6
Comprehensive income (loss), net of tax	$	117.5		$	298.1		$	(127.7	)	$	(174.4	)	$	113.5
Comprehensive loss (income) attributable to noncontrolling interest	—			—			4.0			—			4.0
Comprehensive income (loss) attributable to Terex Corporation	$	117.5		$	298.1		$	(123.7	)	$	(174.4	)	$	117.5

Condensed Consolidating Balance Sheet

TEREX CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEET

SEPTEMBER 30, 2014

(in millions)

	Terex Corporation		Wholly-owned Guarantors		Non-guarantor Subsidiaries		Intercompany Eliminations			Consolidated
Assets
Current assets
Cash and cash equivalents	$	33.1	$	2.2	$	309.2	$	—		$	344.5
Trade receivables – net	13.9		350.4		831.9		—			1,196.2
Intercompany receivables	90.0		110.7		78.5		(279.2		)	—
Inventories	—		389.2		1,287.6		—			1,676.8
Other current assets	85.1		45.7		189.4		—			320.2
Total current assets	222.1		898.2		2,696.6		(279.2		)	3,537.7
Property, plant and equipment – net	68.6		130.7		540.2		—			739.5
Goodwill	—		170.1		1,014.6		—			1,184.7
Non-current intercompany receivables	1,558.1		2,292.7		42.1		(3,892.9		)	—
Investment in and advances to (from) subsidiaries	4,130.6		197.2		153.5		(4,398.4		)	82.9
Other assets	35.9		224.9		484.1		—			744.9
Total assets	$	6,015.3	$	3,913.8	$	4,931.1	$	(8,570.5	)	$	6,289.7
Liabilities and Stockholders’ Equity
Current liabilities
Notes payable and current portion of long-term debt	$	122.9	$	2.4	$	35.1	$	—		$	160.4
Trade accounts payable	12.8		220.6		481.9		—			715.3
Intercompany payables	13.1		65.4		200.7		(279.2		)	—
Accruals and other current liabilities	94.4		147.6		650.5		—			892.5
Total current liabilities	243.2		436.0		1,368.2		(279.2		)	1,768.2
Long-term debt, less current portion	1,199.9		9.3		482.3		—			1,691.5
Non-current intercompany payables	2,281.1		41.8		1,570.0		(3,892.9		)	—
Retirement plans and other non-current liabilities	73.4		26.5		481.5		—			581.4
Total stockholders’ equity	2,217.7		3,400.2		1,029.1		(4,398.4		)	2,248.6
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	6,015.3	$	3,913.8	$	4,931.1	$	(8,570.5	)	$	6,289.7

TEREX CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2013

(in millions)

	Terex Corporation		Wholly-owned Guarantors		Non-guarantor Subsidiaries		Intercompany Eliminations			Consolidated
Assets
Current assets
Cash and cash equivalents	$	16.3	$	3.9	$	387.9	$	—		$	408.1
Trade receivables – net	34.9		328.2		813.7		—			1,176.8
Intercompany receivables	52.8		121.8		124.0		(298.6		)	—
Inventories	28.6		392.6		1,192.0		—			1,613.2
Other current assets	90.4		40.7		180.9		—			312.0
Current assets – discontinued operations	21.3		—		108.0		—			129.3
Total current assets	244.3		887.2		2,806.5		(298.6		)	3,639.4
Property, plant and equipment – net	72.5		118.6		598.3		—			789.4
Goodwill	—		170.1		1,075.5		—			1,245.6
Non-current intercompany receivables	1,586.4		2,157.8		42.0		(3,786.2		)	—
Investment in and advances to (from) subsidiaries	3,874.9		191.7		162.3		(4,138.9		)	90.0
Other assets	36.7		178.2		541.8		—			756.7
Non-current assets – discontinued operations	1.2		—		14.4		—			15.6
Total assets	$	5,816.0	$	3,703.6	$	5,240.8	$	(8,223.7	)	$	6,536.7
Liabilities and Stockholders’ Equity
Current liabilities
Notes payable and current portion of long-term debt	$	3.7	$	0.7	$	82.4	$	—		$	86.8
Trade accounts payable	14.0		221.7		453.4		—			689.1
Intercompany payables	46.9		97.2		154.5		(298.6		)	—
Accruals and other current liabilities	68.1		130.9		703.7		—			902.7
Current liabilities – discontinued operations	3.9		—		42.2		—			46.1
Total current liabilities	136.6		450.5		1,436.2		(298.6		)	1,724.7
Long-term debt, less current portion	1,271.0		4.8		614.1		—			1,889.9
Non-current intercompany payables	2,143.2		41.8		1,601.2		(3,786.2		)	—
Retirement plans and other non-current liabilities	75.1		27.1		545.5		—			647.7
Non-current liabilities – discontinued operations	—		—		5.7		—			5.7
Redeemable noncontrolling interest	—		—		53.9		—			53.9
Total stockholders’ equity	2,190.1		3,179.4		984.2		(4,138.9		)	2,214.8
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	5,816.0	$	3,703.6	$	5,240.8	$	(8,223.7	)	$	6,536.7

Condensed Consolidating Statement of Cash Flows

TEREX CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

NINE MONTHS ENDED SEPTEMBER 30, 2014

(in millions)

	Terex Corporation			Wholly-owned Guarantors			Non-guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	(189.3	)	$	175.2		$	130.7		$	—		$	116.6
Cash flows from investing activities
Capital expenditures	(4.1		)	(21.7		)	(32.8		)	—			(58.6		)
Proceeds from disposition of discontinued operations	31.3			—			130.9			—			162.2
Proceeds from sale of assets	—			2.2			0.8			—			3.0
Intercompany investing activities (1)	212.6			—			—			(212.6		)	—
Other investing activities, net	—			—			(7.4		)	—			(7.4		)
Net cash provided by (used in) investing activities	239.8			(19.5		)	91.5			(212.6		)	99.2
Cash flows from financing activities
Repayments of debt	(752.0		)	(1.1		)	(766.8		)	—			(1,519.9		)
Proceeds from issuance of debt	794.2			7.3			610.2			—			1,411.7
Purchase of noncontrolling interest	—			—			(73.4		)	—			(73.4		)
Share repurchases	(61.5		)	—			—			—			(61.5		)
Dividends paid	(16.5		)	—			—			—			(16.5		)
Intercompany financing activities (1)	—			(163.6		)	(49.0		)	212.6			—
Other financing activities, net	2.1			—			(4.1		)	—			(2.0		)
Net cash provided by (used in) financing activities	(33.7		)	(157.4		)	(283.1		)	212.6			(261.6		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(17.8		)	—			(17.8		)
Net increase (decrease) in cash and cash equivalents	16.8			(1.7		)	(78.7		)	—			(63.6		)
Cash and cash equivalents at beginning of period	16.3			3.9			387.9			—			408.1
Cash and cash equivalents at end of period	$	33.1		$	2.2		$	309.2		$	—		$	344.5

(1) Intercompany investing and financing activities include cash pooling activity between Terex Corporation and Wholly-Owned Guarantors.

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	$	324.1		$	(168.5	)	$	7.5		$	—		$	163.1
Cash flows from investing activities
Capital expenditures	(6.7		)	(18.0		)	(36.2		)	—			(60.9		)
Proceeds from disposition of discontinued operations	(2.8		)	—			3.5			—			0.7
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	—			—			(1.4		)	—			(1.4		)
Net cash provided by (used in) investing activities	(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		)
Share repurchases	(1.1		)	—			—			—			(1.1		)
Intercompany financing activities	—			174.0			153.2			(327.2		)	—
Other financing activities, net	2.4			—			7.2			—			9.6
Net cash provided by (used in) financing activities	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			3.1			(323.0		)	—			(307.4		)
Cash and cash equivalents at beginning of period	39.6			0.4			638.0			—			678.0
Cash and cash equivalents at end of period	$	52.1		$	3.5		$	315.0		$	—		$	370.6