XML 31 R12.htm IDEA: XBRL DOCUMENT v3.22.0.1
BUSINESS SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION BUSINESS SEGMENT INFORMATION
Terex is a global manufacturer of aerial work platforms and materials processing machinery. The Company designs, builds and supports products used in construction, maintenance, manufacturing, energy, minerals and materials management applications. Terex products and solutions enable customers to reduce their environmental impact including electric and hybrid offerings that deliver quiet and emission-free performance, products that support renewable energy, and products that aid in the recovery of useful materials from various types of waste. The Company’s products are manufactured in North America, Europe, Australia and Asia and sold worldwide. Terex engages with customers through all stages of the product life cycle, from initial specification and financing to parts and service support.

The Company identifies its operating segments according to how business activities are managed and evaluated, and has identified three operating segments: Aerials, Utilities and Materials Processing (“MP”). As Aerials and Utilities operating segments share similar economic characteristics, these operating segments are aggregated into one operating segment, Aerial Work Platforms (“AWP”). The Company operates in two reportable segments: (i) AWP and (ii) MP.

AWP designs, manufactures, services and markets aerial work platform equipment, utility equipment and telehandlers as well as their related components and replacement parts. Customers use these products to construct and maintain industrial, commercial, institutional and residential buildings and facilities, for construction and maintenance of utility and telecommunication lines, tree trimming, certain construction and foundation drilling applications, and for other commercial operations, as well as in a wide range of infrastructure projects.

MP designs, manufactures, services and markets materials processing and specialty equipment, including crushers, washing systems, screens, trommels, apron feeders, material handlers, pick and carry cranes, rough terrain cranes, tower cranes, wood processing, biomass and recycling equipment, concrete mixer trucks and concrete pavers, conveyors, and their related components and replacement parts. Customers use these products in construction, infrastructure and recycling projects, in various quarrying and mining applications, as well as in landscaping and biomass production industries, material handling applications, maintenance applications to lift equipment or material, moving materials and equipment on rugged or uneven terrain, lifting construction material and placing material at point of use.

The Company assists customers in their rental, leasing and acquisition of its products through Terex Financial Services (“TFS”). TFS uses its equipment financing experience to facilitate financial products and services to assist customers in the acquisition of the Company’s equipment. TFS is included in Corporate and Other.

Corporate and Other also includes eliminations among the two reportable segments, as well as general and corporate items.

None of the Company’s customers individually accounted for more than 10% of consolidated net sales in 2021, 2020 or 2019.
Business segment information is presented below (in millions):
 Year Ended December 31,
 202120202019
Net sales
AWP$2,178.8 $1,782.9 $2,726.6 
MP1,691.8 1,256.8 1,602.6 
Corporate and Other / Eliminations16.2 36.7 23.9 
Total$3,886.8 $3,076.4 $4,353.1 
Income (loss) from operations
AWP$152.1 $0.5 $196.2 
MP240.9 143.4 227.9 
Corporate and Other / Eliminations(65.0)(75.5)(89.1)
Total$328.0 $68.4 $335.0 
Depreciation and amortization
AWP$25.9 $23.2 $23.0 
MP13.3 11.4 9.1 
Corporate11.0 15.1 14.3 
Total$50.2 $49.7 $46.4 
Capital expenditures
AWP$41.2 $47.4 $82.1 
MP15.8 11.6 12.9 
Corporate2.7 5.5 10.5 
Total$59.7 $64.5 $105.5 

Sales between segments are generally priced to recover costs plus a reasonable markup for profit, which is eliminated in consolidation.
December 31,
(in millions)20212020
Identifiable assets  
AWP(1)
$1,870.8 $1,541.0 
MP1,648.0 1,596.3 
Corporate and Other / Eliminations (2)
(655.3)(111.8)
Assets held for sale— 6.3 
Total$2,863.5 $3,031.8 
(1)     Increase primarily due to higher trade receivable and inventory balances.
(2)     Change primarily due to lower cash and finance receivable balances and higher intercompany eliminations.

Long-lived assets consist of net fixed assets, which can be attributed to the specific geographic regions (in millions):
 December 31,
 20212020
Long-lived Assets  
United States$218.0 $237.4 
United Kingdom76.4 74.5 
China55.8 39.5 
Other European countries38.9 36.2 
All other40.5 19.0 
Total$429.6 $406.6 
Geographic net sales information is presented below (in millions):
 Year Ended December 31, 2021
AWPMPCorporate and Other / EliminationsTotal
Net sales by region  
North America$1,415.8 $667.4 $26.3 $2,109.5 
Western Europe346.7 515.6 0.5 862.8 
Asia-Pacific310.3 349.3 3.1 662.7 
Rest of World (1)
106.0 159.5 (13.7)251.8 
Total (2)
$2,178.8 $1,691.8 $16.2 $3,886.8 
(1) Includes intercompany sales and eliminations.
(2) Total sales include $1.9 billion attributable to the U.S., the Company’s country of domicile.
 Year Ended December 31, 2020
AWPMPCorporate and Other / EliminationsTotal
Net sales by region  
North America$1,185.2 $497.7 $62.5 $1,745.4 
Western Europe230.7 379.0 0.3 610.0 
Asia-Pacific271.6 256.0 2.6 530.2 
Rest of World (1)
95.4 124.1 (28.7)190.8 
Total (2)
$1,782.9 $1,256.8 $36.7 $3,076.4 
(1) Includes intercompany sales and eliminations.
(2) Total sales include $1.6 billion attributable to the U.S., the Company’s country of domicile.
 Year Ended December 31, 2019
AWPMPCorporate and Other / EliminationsTotal
Net sales by region  
North America$1,801.8 $605.6 $76.5 $2,483.9 
Western Europe431.1 514.2 0.6 945.9 
Asia-Pacific325.1 301.4 2.1 628.6 
Rest of World (1)
168.6 181.4 (55.3)294.7 
Total (2)
$2,726.6 $1,602.6 $23.9 $4,353.1 
(1) Includes intercompany sales and eliminations.
(2) Total sales include $2.3 billion attributable to the U.S., the Company’s country of domicile.

The Company attributes sales to unaffiliated customers in different geographical areas based on the location of the customer.

Product type net sales information is presented below (in millions):
 Year Ended December 31, 2021
AWPMPCorporate and Other / EliminationsTotal
Net sales by product type  
Aerial Work Platforms$1,611.8 $— $1.6 $1,613.4 
Materials Processing Equipment— 995.9 1.3 997.2 
Specialty Equipment— 693.5 2.2 695.7 
Utility Equipment380.6 — 0.6 381.2 
Other (1)
186.4 2.4 10.5 199.3 
Total$2,178.8 $1,691.8 $16.2 $3,886.8 
(1) Includes other product types, intercompany sales and eliminations.
 Year Ended December 31, 2020
AWPMPCorporate and Other / EliminationsTotal
Net sales by product type  
Aerial Work Platforms$1,234.8 $— $0.9 $1,235.7 
Materials Processing Equipment— 760.5 — 760.5 
Specialty Equipment— 493.6 1.4 495.0 
Utility Equipment352.4 — — 352.4 
Other (1)
195.7 2.7 34.4 232.8 
Total$1,782.9 $1,256.8 $36.7 $3,076.4 
(1) Includes other product types, intercompany sales and eliminations.
 Year Ended December 31, 2019
AWPMPCorporate and Other / EliminationsTotal
Net sales by product type  
Aerial Work Platforms$1,912.1 $— $2.8 $1,914.9 
Materials Processing Equipment— 895.4 — 895.4 
Specialty Equipment— 699.9 5.3 705.2 
Utility Equipment419.2 — — 419.2 
Other (1)
395.3 7.3 15.8 418.4 
Total$2,726.6 $1,602.6 $23.9 $4,353.1 
(1) Includes other product types, intercompany sales and eliminations.