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BUSINESS SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION BUSINESS SEGMENT INFORMATION
Terex is a global manufacturer of materials processing machinery and aerial work platforms. The Company designs, builds and supports products used in maintenance, manufacturing, energy, recycling, minerals, materials management and construction applications. Certain Terex products and solutions enable customers to reduce their impact on the environment 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 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: Materials Processing (“MP”), Aerials and Utilities. As Aerials and Utilities operating segments share similar economic characteristics, these operating segments are aggregated into one reportable segment, Aerial Work Platforms (“AWP”). The Company operates in two reportable segments: (i) MP and (ii) AWP.

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.

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 transmission and distribution lines, tree trimming, certain construction and foundation drilling applications, and for other commercial operations, as well as in a wide range of infrastructure projects.

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 2023, 2022 or 2021.
Business segment information is presented below (in millions):
 Year Ended December 31,
 202320222021
Net sales
MP$2,227.0 $1,941.6 $1,691.8 
AWP2,921.7 2,483.6 2,178.8 
Corporate and Other / Eliminations2.8 (7.5)16.2 
Total$5,151.5 $4,417.7 $3,886.8 
Income (loss) from operations
MP$358.6 $297.8 $240.9 
AWP371.3 196.2 152.1 
Corporate and Other / Eliminations(93.4)(74.0)(65.0)
Total$636.5 $420.0 $328.0 
Depreciation and amortization
MP$16.2 $14.4 $13.3 
AWP31.7 24.8 25.9 
Corporate8.5 8.0 11.0 
Total$56.4 $47.2 $50.2 
Capital expenditures
MP$37.6 $25.2 $15.8 
AWP79.3 77.6 41.2 
Corporate10.3 6.8 2.7 
Total$127.2 $109.6 $59.7 

December 31,
20232022
Identifiable assets  
MP (1)
$2,091.4 $1,800.1 
AWP (1)
2,216.2 1,959.5 
Corporate and Other / Eliminations
(692.1)(641.5)
Total$3,615.5 $3,118.1 
(1)     Increase primarily due to higher receivables and inventory.


Sales between segments are generally priced to recover costs plus a reasonable markup for profit, which is eliminated in consolidation. Certain eliminations that were previously presented within the AWP segment are now eliminated within Corporate and Other / Eliminations and this change in presentation has been applied retrospectively.

Long-lived assets consist of net fixed assets, which can be attributed to the specific geographic regions (in millions):
 December 31,
 20232022
Long-lived Assets  
U.S.
$192.1 $187.6 
United Kingdom96.4 81.8 
Mexico125.4 82.6 
China65.2 54.1 
Other European countries62.0 40.2 
All other28.7 19.3 
Total$569.8 $465.6 
Geographic net sales information is presented below (in millions):
 Year Ended December 31, 2023
MPAWPCorporate and Other / EliminationsTotal
Net sales by region 
North America$973.9 $2,042.6 $14.5 $3,031.0 
Western Europe609.4 434.0 0.2 1,043.6 
Asia-Pacific426.3 235.1 0.2 661.6 
Rest of World (1)
217.4 210.0 (12.1)415.3 
Total (2)
$2,227.0 $2,921.7 $2.8 $5,151.5 
(1) Includes intercompany sales and eliminations.
(2) Total sales include $2.8 billion attributable to the U.S., the Company’s country of domicile.
 Year Ended December 31, 2022
MPAWPCorporate and Other / EliminationsTotal
Net sales by region  
North America$818.6 $1,666.4 $12.2 $2,497.2 
Western Europe566.6 386.9 0.4 953.9 
Asia-Pacific384.6 227.2 0.6 612.4 
Rest of World (1)
171.8 203.1 (20.7)354.2 
Total (2)
$1,941.6 $2,483.6 $(7.5)$4,417.7 
(1) Includes intercompany sales and eliminations.
(2) Total sales include $2.2 billion attributable to the U.S., the Company’s country of domicile.
 Year Ended December 31, 2021
MPAWPCorporate and Other / EliminationsTotal
Net sales by region  
North America$667.4 $1,415.8 $26.3 $2,109.5 
Western Europe515.6 346.7 0.5 862.8 
Asia-Pacific349.3 310.3 3.1 662.7 
Rest of World (1)
159.5 106.0 (13.7)251.8 
Total (2)
$1,691.8 $2,178.8 $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.

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, 2023
MPAWPCorporate and Other / EliminationsTotal
Net sales by product type  
Aerial Work Platforms$— $2,033.3 $3.1 $2,036.4 
Materials Processing Equipment1,412.0 — — 1,412.0 
Specialty Equipment814.1 — 0.7 814.8 
Utility Equipment— 574.8 — 574.8 
Other (1)
0.9 313.6 (1.0)313.5 
Total$2,227.0 $2,921.7 $2.8 $5,151.5 
(1) Includes other product types, intercompany sales and eliminations.
 Year Ended December 31, 2022
MPAWPCorporate and Other / EliminationsTotal
Net sales by product type  
Aerial Work Platforms$— $1,798.8 $1.2 $1,800.0 
Materials Processing Equipment1,155.0 — 0.5 1,155.5 
Specialty Equipment780.7 — 1.3 782.0 
Utility Equipment— 466.4 — 466.4 
Other (1)
5.9 218.4 (10.5)213.8 
Total$1,941.6 $2,483.6 $(7.5)$4,417.7 
(1) Includes other product types, intercompany sales and eliminations.
 Year Ended December 31, 2021
MPAWPCorporate and Other / EliminationsTotal
Net sales by product type  
Aerial Work Platforms$— $1,611.8 $1.6 $1,613.4 
Materials Processing Equipment995.9 — 1.3 997.2 
Specialty Equipment693.5 — 2.2 695.7 
Utility Equipment— 380.6 0.6 381.2 
Other (1)
2.4 186.4 10.5 199.3 
Total$1,691.8 $2,178.8 $16.2 $3,886.8 
(1) Includes other product types, intercompany sales and eliminations.