XML 48 R44.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONSOLIDATING FINANCIAL STATEMENTS (Tables)
 12 Months Ended
Dec. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Income Statement [Table Text Block]
TEREX CORPORATION
CONDENSED CONSOLIDATING STATEMENT OF INCOME
YEAR ENDED DECEMBER 31, 2014
(in millions)
 
Terex
Corporation
 
Wholly-owned
Guarantors
 
Non-guarantor
Subsidiaries
 
Intercompany
Eliminations
 
Consolidated
Net sales
$
42.5

 
$
3,352.1

 
$
4,958.3

 
$
(1,044.0
)
 
$
7,308.9

Cost of goods sold
(39.2
)
 
(2,762.3
)
 
(4,097.9
)
 
1,044.0

 
(5,855.4
)
Gross profit
3.3

 
589.8

 
860.4

 
—

 
1,453.5

Selling, general and administrative expenses
7.3

 
(250.9
)
 
(786.8
)
 
—

 
(1,030.4
)
Income (loss) from operations
10.6

 
338.9

 
73.6

 
—

 
423.1

Interest income
129.7

 
73.8

 
4.5

 
(201.4
)
 
6.6

Interest expense
(165.6
)
 
(16.5
)
 
(138.4
)
 
201.4

 
(119.1
)
Income (loss) from subsidiaries
390.0

 
14.6

 
(2.5
)
 
(402.1
)
 
—

Loss on early extinguishment of debt
(1.5
)
 
—

 
(1.1
)
 
—

 
(2.6
)
Other income (expense) – net
(56.8
)
 
5.2

 
40.8

 
—

 
(10.8
)
Income (loss) from continuing operations before income taxes
306.4

 
416.0

 
(23.1
)
 
(402.1
)
 
297.2

(Provision for) benefit from income taxes
4.7

 
(22.3
)
 
(20.1
)
 
—

 
(37.7
)
Income (loss) from continuing operations
311.1

 
393.7

 
(43.2
)
 
(402.1
)
 
259.5

Income from discontinued operations – net of tax
0.6

 
—

 
0.8

 
—

 
1.4

Gain (loss) on disposition of discontinued operations – net of tax
7.3

 
—

 
51.3

 
—

 
58.6

Net income (loss)
319.0

 
393.7

 
8.9

 
(402.1
)
 
319.5

Net loss (income) attributable to noncontrolling interest
—

 
—

 
(0.5
)
 
—

 
(0.5
)
Net income (loss) attributable to Terex Corporation
$
319.0

 
$
393.7

 
$
8.4

 
$
(402.1
)
 
$
319.0

 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss), net of tax
$
5.7

 
$
390.3

 
$
(241.5
)
 
$
(148.4
)
 
$
6.1

Comprehensive loss (income) attributable to noncontrolling interest
—

 
—

 
(0.4
)
 
—

 
(0.4
)
Comprehensive income (loss) attributable to Terex Corporation
$
5.7

 
$
390.3

 
$
(241.9
)
 
$
(148.4
)
 
$
5.7


TEREX CORPORATION
CONDENSED CONSOLIDATING STATEMENT OF INCOME
YEAR ENDED DECEMBER 31, 2013
(in millions)

 
Terex
Corporation
 
Wholly-owned
Guarantors
 
Non-guarantor
Subsidiaries
 
Intercompany
Eliminations
 
Consolidated
Net sales
$
173.2

 
$
3,156.1

 
$
4,814.2

 
$
(1,059.5
)
 
$
7,084.0

Cost of goods sold
(162.3
)
 
(2,542.4
)
 
(3,999.3
)
 
1,059.5

 
(5,644.5
)
Gross profit
10.9

 
613.7

 
814.9

 
—

 
1,439.5

Selling, general and administrative expenses
(23.9
)
 
(234.1
)
 
(762.4
)
 
—

 
(1,020.4
)
Income (loss) from operations
(13.0
)
 
379.6

 
52.5

 
—

 
419.1

Interest income
272.4

 
337.8

 
11.9

 
(615.4
)
 
6.7

Interest expense
(431.6
)
 
(151.1
)
 
(158.8
)
 
615.4

 
(126.1
)
Income (loss) from subsidiaries
392.6

 
35.0

 
(0.6
)
 
(427.0
)
 
—

Loss on early extinguishment of debt
—

 
—

 
(5.2
)
 
—

 
(5.2
)
Other income (expense) – net
(57.4
)
 
3.6

 
50.6

 
—

 
(3.2
)
Income (loss) from continuing operations before income taxes
163.0

 
604.9

 
(49.6
)
 
(427.0
)
 
291.3

(Provision for) benefit from income taxes
50.6

 
(125.6
)
 
(12.4
)
 
—

 
(87.4
)
Income (loss) from continuing operations
213.6

 
479.3

 
(62.0
)
 
(427.0
)
 
203.9

Income (loss) from discontinued operations – net of tax
12.8

 
—

 
1.6

 
—

 
14.4

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

 
3.0

 
—

 
2.6

Net income (loss)
226.0

 
479.3

 
(57.4
)
 
(427.0
)
 
220.9

Net loss (income) attributable to noncontrolling interest
—

 
—

 
5.1

 
—

 
5.1

Net income (loss) attributable to Terex Corporation
$
226.0

 
$
479.3

 
$
(52.3
)
 
$
(427.0
)
 
$
226.0

 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss), net of tax
233.6

 
484.3

 
(95.7
)
 
(393.3
)
 
228.9

Comprehensive loss (income) attributable to noncontrolling interest
—

 
—

 
4.7

 
—

 
4.7

Comprehensive income (loss) attributable to Terex Corporation
$
233.6

 
$
484.3

 
$
(91.0
)
 
$
(393.3
)
 
$
233.6


TEREX CORPORATION
CONDENSED CONSOLIDATING STATEMENT OF INCOME
YEAR ENDED DECEMBER 31, 2012
(in millions)

 
Terex
Corporation
 
Wholly-owned
Guarantors
 
Non-guarantor
Subsidiaries
 
Intercompany
Eliminations
 
Consolidated
Net sales
$
195.8

 
$
2,656.1

 
$
4,992.8

 
$
(862.5
)
 
$
6,982.2

Cost of goods sold
(177.3
)
 
(2,226.5
)
 
(4,040.8
)
 
862.5

 
(5,582.1
)
Gross profit
18.5

 
429.6

 
952.0

 
—

 
1,400.1

Selling, general and administrative expenses
(31.9
)
 
(208.2
)
 
(793.2
)
 
—

 
(1,033.3
)
Income (loss) from operations
(13.4
)
 
221.4

 
158.8

 
—

 
366.8

Interest income
225.5

 
258.2

 
10.6

 
(485.5
)
 
8.8

Interest expense
(364.3
)
 
(109.3
)
 
(176.5
)
 
485.5

 
(164.6
)
Income (loss) from subsidiaries
310.3

 
(4.1
)
 
(0.6
)
 
(305.6
)
 
—

Loss on early extinguishment of debt
(79.6
)
 
—

 
(3.4
)
 
—

 
(83.0
)
Other income (expense) – net
(33.1
)
 
32.4

 
(1.0
)
 
—

 
(1.7
)
Income (loss) from continuing operations before income taxes
45.4

 
398.6

 
(12.1
)
 
(305.6
)
 
126.3

(Provision for) benefit from income taxes
50.2

 
(76.3
)
 
(25.4
)
 
—

 
(51.5
)
Income (loss) from continuing operations
95.6

 
322.3

 
(37.5
)
 
(305.6
)
 
74.8

Income (loss) from discontinued operations – net of tax
12.1

 
—

 
16.3

 
—

 
28.4

Gain (loss) on disposition of discontinued operations – net of tax
(1.9
)
 
—

 
2.3

 
—

 
0.4

Net income (loss)
105.8

 
322.3

 
(18.9
)
 
(305.6
)
 
103.6

Net loss (income) attributable to noncontrolling interest
—

 
—

 
2.2

 
—

 
2.2

Net income (loss) attributable to Terex Corporation
$
105.8

 
$
322.3

 
$
(16.7
)
 
$
(305.6
)
 
$
105.8

 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss), net of tax
$
107.2

 
$
323.3

 
$
(69.0
)
 
$
(256.0
)
 
$
105.5

Comprehensive loss (income) attributable to noncontrolling interest
—

 
—

 
1.7

 
—

 
1.7

Comprehensive income (loss) attributable to Terex Corporation
$
107.2

 
$
323.3

 
$
(67.3
)
 
$
(256.0
)
 
$
107.2
Condensed consolidating balance sheet
TEREX CORPORATION
CONDENSED CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2014
(in millions)
 
Terex
Corporation
 
Wholly-owned
Guarantors
 
Non-guarantor
Subsidiaries
 
Intercompany
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
99.0

 
$
1.9

 
$
377.3

 
$
—

 
$
478.2

Trade receivables – net
7.7

 
307.4

 
771.3

 
—

 
1,086.4

Intercompany receivables
55.3

 
85.9

 
136.3

 
(277.5
)
 
—

Inventories
—

 
374.5

 
1,086.4

 
—

 
1,460.9

Prepaid assets
100.8

 
32.9

 
114.3

 
—

 
248.0

Other current assets
65.7

 
0.1

 
16.9

 
—

 
82.7

Current assets – discontinued operations
—

 
—

 
—

 
—

 
—

Total current assets
328.5

 
802.7

 
2,502.5

 
(277.5
)
 
3,356.2

Property, plant and equipment – net
65.4

 
117.0

 
507.9

 
—

 
690.3

Goodwill
—

 
170.1

 
960.9

 
—

 
1,131.0

Non-current intercompany receivables
1,501.4

 
2,059.9

 
41.9

 
(3,603.2
)
 
—

Investment in and advances to (from) subsidiaries
3,564.2

 
199.3

 
152.0

 
(3,809.2
)
 
106.3

Other assets
43.8

 
142.7

 
457.7

 
—

 
644.2

Non-current assets – discontinued operations
—

 
—

 
—

 
—

 
—

Total assets
$
5,503.3

 
$
3,491.7

 
$
4,622.9

 
$
(7,689.9
)
 
$
5,928.0

 
 
 
 
 
 
 
 
 
 
Liabilities and Stockholders’ Equity
 

 
 

 
 

 
 

 
 

Current liabilities
 

 
 

 
 

 
 

 
 

Notes payable and current portion of long-term debt
$
125.0

 
$
2.0

 
$
25.5

 
$
—

 
$
152.5

Trade accounts payable
18.0

 
212.6

 
505.5

 
—

 
736.1

Intercompany payables
19.8

 
117.8

 
139.9

 
(277.5
)
 
—

Accruals and other current liabilities
74.6

 
118.1

 
561.8

 
—

 
754.5

Current liabilities – discontinued operations
—

 
—

 
—

 
—

 
—

Total current liabilities
237.4

 
450.5

 
1,232.7

 
(277.5
)
 
1,643.1

Long-term debt, less current portion
1,150.0

 
7.6

 
478.7

 
—

 
1,636.3

Non-current intercompany payables
2,047.1

 
41.8

 
1,514.3

 
(3,603.2
)
 
—

Other non-current liabilities
62.9

 
27.2

 
519.4

 
—

 
609.5

Non-current liabilities – discontinued operations
—

 
—

 
—

 
—

 
—

Redeemable noncontrolling interest
—

 
—

 
—

 
—

 
—

Total stockholders’ equity
2,005.9

 
2,964.6

 
877.8

 
(3,809.2
)
 
2,039.1

Total liabilities, redeemable noncontrolling interest and stockholders’ equity
$
5,503.3

 
$
3,491.7

 
$
4,622.9

 
$
(7,689.9
)
 
$
5,928.0


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

Prepaid assets
47.9

 
40.3

 
132.7

 
—

 
220.9

Other current assets
42.5

 
0.4

 
48.2

 
—

 
91.1

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
)
 
—

Other non-current liabilities
75.1

 
27.1

 
545.5

 
—

 
647.7

Non-current liabilities – discontinued operations
—

 
—

 
5.7

 
—

 
5.7

Redeemable non-controlling 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
YEAR ENDED DECEMBER 31, 2014
(in millions)

 
Terex
Corporation
 
Wholly-owned
Guarantors
 
Non-guarantor
Subsidiaries
 
Intercompany
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
(113.4
)
 
$
691.4

 
$
245.7

 
$
(413.0
)
 
$
410.7

Cash flows from investing activities
 
 
 
 
 
 
 
 
 

Capital expenditures
(4.4
)
 
(32.2
)
 
(44.9
)
 
—

 
(81.5
)
Other investments
(20.0
)
 
—

 
—

 
—

 
(20.0
)
Proceeds from disposition of discontinued operations
31.3

 
—

 
130.9

 
—

 
162.2

Proceeds from sale of assets
25.0

 
12.1

 
6.2

 
—

 
43.3

Intercompany investing activities (1)
363.5

 
—

 
—

 
(363.5
)
 
—

Other investing activities, net
—

 
(1.6
)
 
(7.4
)
 
—

 
(9.0
)
Net cash provided by (used in) investing activities
395.4

 
(21.7
)
 
84.8

 
(363.5
)
 
95.0

Cash flows from financing activities
 

 
 

 
 

 
 
 
 

Repayments of debt
(1,018.8
)
 
(3.2
)
 
(779.8
)
 
—

 
(1,801.8
)
Proceeds from issuance of debt
1,011.0

 
51.9

 
621.3

 
—

 
1,684.2

Purchase of noncontrolling interest
—

 
—

 
(80.3
)
 
—

 
(80.3
)
Intercompany financing activities (1)
—

 
(717.5
)
 
(59.0
)
 
776.5

 
—

Share repurchases
(171.2
)
 
—

 
—

 
—

 
(171.2
)
Dividends paid
(21.8
)
 
—

 
—

 
—

 
(21.8
)
Other financing activities, net
1.5

 
(2.9
)
 
(4.4
)
 
—

 
(5.8
)
Net cash provided by (used in) financing activities
(199.3
)
 
(671.7
)
 
(302.2
)
 
776.5

 
(396.7
)
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
(38.9
)
 
—

 
(38.9
)
Net increase (decrease) in cash and cash equivalents
82.7

 
(2.0
)
 
(10.6
)
 
—

 
70.1

Cash and cash equivalents, beginning of period
16.3

 
3.9

 
387.9

 
—

 
408.1

Cash and cash equivalents, end of period
$
99.0

 
$
1.9

 
$
377.3

 
$
—

 
$
478.2


(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
YEAR ENDED DECEMBER 31, 2013
(in millions)
 
Terex
Corporation
 
Wholly-owned
Guarantors
 
Non-guarantor
Subsidiaries
 
Intercompany
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
(244.1
)
 
$
599.9

 
$
7.7

 
$
(175.0
)
 
$
188.5

Cash flows from investing activities
 

 
 
 
 

 
 
 
 

Capital expenditures
(9.4
)
 
(24.5
)
 
(48.9
)
 
—

 
(82.8
)
Proceeds from disposition of discontinued operations
(2.8
)
 
—

 
3.5

 
—

 
0.7

Proceeds from sale of assets
4.4

 
35.1

 
6.6

 
—

 
46.1

Intercompany investing activities (1)
253.1

 
(18.7
)
 
(0.6
)
 
(233.8
)
 
—

Other investing activities, net
—

 
—

 
(1.4
)
 
—

 
(1.4
)
Net cash provided by (used in) investing activities
245.3


(8.1
)
 
(40.8
)
 
(233.8
)

(37.4
)
Cash flows from financing activities
 

 
 

 
 

 
 
 
 

Repayments of debt
(54.0
)
 
(0.1
)
 
(517.7
)
 
—

 
(571.8
)
Proceeds from issuance of debt
61.8

 
3.8

 
359.6

 
—

 
425.2

Purchase of noncontrolling interest
—

 
—

 
(228.1
)
 
—

 
(228.1
)
Distributions to noncontrolling interest
—

 
—

 
(18.5
)
 
—

 
(18.5
)
Intercompany financing activities (1)
—

 
(592.0
)
 
183.2

 
408.8

 
—

Share repurchases
(31.4
)
 
—

 
—

 
—

 
(31.4
)
Dividends paid
(5.5
)
 
—

 
—

 
—

 
(5.5
)
Other financing activities, net
4.6

 
—

 
5.4

 
—

 
10.0

Net cash provided by (used in) financing activities
(24.5
)
 
(588.3
)
 
(216.1
)
 
408.8

 
(420.1
)
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
(0.9
)
 
—

 
(0.9
)
Net increase (decrease) in cash and cash equivalents
(23.3
)
 
3.5

 
(250.1
)
 
—

 
(269.9
)
Cash and cash equivalents, beginning of period
39.6

 
0.4

 
638.0

 
—

 
678.0

Cash and cash equivalents, end of period
$
16.3

 
$
3.9

 
$
387.9

 
$
—

 
$
408.1


(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
YEAR ENDED DECEMBER 31, 2012
(in millions)

 
Terex
Corporation
 
Wholly-
owned
Guarantors
 
Non-
guarantor
Subsidiaries
 
Intercompany
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
(15.5
)
 
$
136.5

 
$
171.3

 
$
—

 
$
292.3

Cash flows from investing activities
 

 
 

 
 

 
 

 
 

Capital expenditures
(7.1
)
 
(17.1
)
 
(58.3
)
 
—

 
(82.5
)
 Other investments
(4.5
)
 
—

 
(19.6
)
 
—

 
(24.1
)
Proceeds from disposition of discontinued operations
—

 
—

 
3.5

 
—

 
3.5

Proceeds from sale of assets
0.6

 
6.1

 
27.9

 
—

 
34.6

Intercompany investing activities
(89.6
)
 
(127.3
)
 
134.0

 
82.9

 
—

Other investing activities, net
—

 
—

 
(7.8
)
 
—

 
(7.8
)
Net cash provided by (used in) investing activities
(100.6
)

(138.3
)

79.7

 
82.9

 
(76.3
)
Cash flows from financing activities
 

 
 

 
 

 
 

 
 

Repayments of debt
(1,260.4
)
 
(0.1
)
 
(272.5
)
 
—

 
(1,533.0
)
Proceeds from issuance of debt
1,175.0

 
—

 
59.3

 
—

 
1,234.3

Purchase of noncontrolling interest
—

 
—

 
(3.5
)
 
—

 
(3.5
)
Distributions to noncontrolling interest
—

 
—

 
(4.9
)
 
—

 
(4.9
)
Intercompany financing activities
(6.0
)
 
—

 
88.9

 
(82.9
)
 
—

Other financing activities, net
(16.9
)
 
—

 
0.7

 
—

 
(16.2
)
Net cash provided by (used in) financing activities
(108.3
)
 
(0.1
)
 
(132.0
)
 
(82.9
)
 
(323.3
)
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
11.2

 
—

 
11.2

Net increase (decrease) in cash and cash equivalents
(224.4
)
 
(1.9
)
 
130.2

 
—

 
(96.1
)
Cash and cash equivalents, beginning of period
264.0

 
2.3

 
507.8

 
—

 
774.1

Cash and cash equivalents, end of period
$
39.6

 
$
0.4

 
$
638.0

 
$
—

 
$
678.0