☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
|
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34-1531521
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||
(State of Incorporation)
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(IRS Employer Identification No.)
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200 Nyala Farm Road,
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Westport,
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Connecticut
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06880
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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COMMON STOCK, $.01 PAR VALUE
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TEX
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New York Stock Exchange
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Yes
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☒
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No
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☐
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Yes
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☐
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No
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☒
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Yes
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☒
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No
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☐
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Yes
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☒
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No
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☐
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Large Accelerated Filer
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☒
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Accelerated Filer
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☐
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Non-accelerated Filer
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☐
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Smaller Reporting Company
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☐
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Emerging growth company
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☐
|
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Yes
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☐
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No
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☒
|
•
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our business is cyclical and weak general economic conditions affect the sales of our products and financial results;
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•
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changes in import/export regulatory regimes and the escalation of global trade conflicts could continue to negatively impact sales of our products and our financial results;
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•
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our financial results could be adversely impacted by the United Kingdom’s (“U.K.”) departure from the European Union (“E.U.”);
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•
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changes affecting the availability of the London Interbank Offered Rate ("LIBOR") may have consequences on us that cannot yet reasonably be predicted;
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•
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our need to comply with restrictive covenants contained in our debt agreements;
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•
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our ability to generate sufficient cash flow to service our debt obligations and operate our business;
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•
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our ability to access the capital markets to raise funds and provide liquidity;
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•
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our business is sensitive to government spending;
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•
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our business is highly competitive and is affected by our cost structure, pricing, product initiatives and other actions taken by competitors;
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•
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our retention of key management personnel;
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•
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the financial condition of suppliers and customers, and their continued access to capital;
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•
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exposure from providing financing and credit support for some of our customers;
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•
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we may experience losses in excess of recorded reserves;
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•
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we are dependent upon third-party suppliers, making us vulnerable to supply shortages and price increases;
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•
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our business is global and subject to changes in exchange rates between currencies, commodity price changes, regional economic conditions and trade restrictions;
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•
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our operations are subject to a number of potential risks that arise from operating a multinational business, including compliance with changing regulatory environments, the Foreign Corrupt Practices Act and other similar laws, and political instability;
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•
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a material disruption to one of our significant facilities;
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•
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possible work stoppages and other labor matters;
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•
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compliance with changing laws and regulations, particularly environmental and tax laws and regulations;
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•
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litigation, product liability claims and other liabilities;
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•
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our ability to comply with an injunction and related obligations imposed by the United States Securities and Exchange Commission (“SEC”);
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•
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disruption or breach in our information technology systems and storage of sensitive data;
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•
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our ability to successfully implement our Execute to Win strategy; and
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•
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other factors.
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PAGE
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PART I
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|
ITEM 1.
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BUSINESS
|
•
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Aerial work platform equipment is manufactured in Redmond and Moses Lake, Washington, Rock Hill, South Carolina, Umbertide, Italy and Changzhou, China;
|
•
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Utility products are manufactured in Watertown and Huron, South Dakota and Betim, Brazil;
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•
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Telehandlers are manufactured in Oklahoma City, Oklahoma and Umbertide, Italy; and
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•
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Trailer-mounted light towers, trailer-mounted booms and self-propelled aerials are manufactured in Rock Hill, South Carolina.
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•
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Mobile crushers, mobile screens, track conveyors and washing systems are manufactured in Omagh and Dungannon, Northern Ireland;
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•
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Mobile crushers, mobile screens, base crushers, base screens, modular and wheeled crushing and screening plants, track conveyors and washing systems are manufactured in Hosur, India;
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•
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Modular, mobile and static crushing and screening equipment and base crushers are manufactured in Oklahoma City, Oklahoma;
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•
|
Static crushers and screens are manufactured in Subang Jaya, Malaysia;
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•
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Crushing and screening equipment is manufactured in Durand, Michigan;
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•
|
Static and mobile crushers are manufactured in Coalville, England;
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•
|
Fabrications, sub-assemblies and steel kits are manufactured in Ballymoney, Northern Ireland;
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•
|
Wood processing, biomass and recycling equipment systems are manufactured in Newton, New Hampshire, Dungannon, Northern Ireland and Campsie, Northern Ireland;
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•
|
Material handlers are manufactured in Bad Schönborn, Germany;
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•
|
Concrete pavers and tracked conveyors are manufactured in Canton, South Dakota;
|
•
|
Front discharge concrete mixer trucks are manufactured in Fort Wayne, Indiana;
|
•
|
Pick and carry cranes are manufactured in Brisbane, Australia; and
|
•
|
Tracked conveyors are manufactured in Campsie, Northern Ireland.
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•
|
Rough terrain cranes are manufactured in Crespellano, Italy; and
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•
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Tower cranes are manufactured in Fontanafredda, Italy.
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•
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Integrity: Integrity reflects honesty, ethics, transparency and accountability. We are committed to maintaining high ethical standards in all of our business dealings and we never sacrifice our integrity for profit.
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•
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Respect: Respect incorporates concern for safety, health, teamwork, diversity, inclusion and performance. We treat all our team members, customers and suppliers with respect and dignity.
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•
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Improvement: Improvement encompasses quality, problem-solving systems, a continuous improvement culture and collaboration. We continuously search for new and better ways of doing things, focusing on continuous improvement and the elimination of waste.
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•
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Servant Leadership: Servant leadership requires service to others, humility, authenticity and leading by example. We work to serve the needs of our customers, investors and team members.
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•
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Courage: Courage entails willingness to take risks, responsibility, action and empowerment. We have the courage to make a difference even when it is difficult.
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•
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Citizenship: Citizenship means social responsibility and environmental stewardship. We comply with all laws, respect all people’s values and cultures, and are good global, national and local citizens.
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1.
|
Focus the portfolio on businesses best positioned to generate returns above the cost of capital through the cycle.
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2.
|
Simplify company structure, systems and footprint to improve efficiency and enhance global competitiveness.
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3.
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Execute to Win, driving process discipline, execution rigor, and accountability in core processes.
|
1.
|
Lifecycle Solutions are comprehensive solutions that include our equipment and other offerings such as financing, spare parts, technical and repair services, operator training, and technology solutions that drive Customer ROIC.
|
2.
|
Commercial Excellence is about driving process discipline and execution in our commercial operations, such as sales, pricing, marketing, and sales support.
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3.
|
Strategic Sourcing involves implementing a standard, Terex-wide strategic sourcing process that will help us leverage our spending, thereby achieving lower costs from suppliers.
|
1.
|
Maintain an optimal capital structure (~2.5 x average net debt to EBITDA over the cycle).
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2.
|
Organic growth investments (product & service development, maintenance capex, geographic expansion).
|
3.
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Restructuring investments (transformation initiatives, general & administrative cost reduction, footprint rationalization).
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4.
|
Efficient return of capital to shareholders (dividends and share repurchases).
|
•
|
Portable material lifts are used primarily indoors in the construction, industrial and theatrical markets.
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•
|
Portable aerial work platforms are used primarily indoors in a variety of markets to perform overhead maintenance.
|
•
|
Trailer-mounted articulating booms are used both indoors and outdoors. They provide versatile reach, and they have the ability to be towed between job sites.
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•
|
Self-propelled articulating booms are primarily used in construction and industrial applications, both indoors and outdoors. They feature lifting versatility with up, out and over position capabilities to access difficult to reach overhead areas.
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•
|
Self-propelled telescopic booms are used outdoors in commercial, industrial and institutional construction, as well as highway and bridge maintenance projects.
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•
|
Scissor lifts are used in indoor and outdoor applications in a variety of construction, industrial, institutional and commercial settings.
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•
|
Digger derricks are insulated products used to dig holes, hoist and set utility poles, as well as lift transformers and other materials at job sites near energized power lines. Auger drills are used to dig holes for utility poles or construction foundations requiring larger diameter holes in difficult soil conditions.
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•
|
Insulated aerial devices are used to elevate workers and material to work areas at the top of utility poles near energized transmission and distribution lines and for trimming trees near energized electrical lines, as well as for miscellaneous purposes such as sign maintenance.
|
•
|
Jaw crushers are used for crushing larger rock, primarily at the quarry face or on recycling duties. Applications include hard rock, sand and gravel and recycled materials. Cone crushers are used in secondary and tertiary applications to reduce a number of materials, including quarry rock and riverbed gravel.
|
•
|
Horizontal shaft impactors are primary and secondary crushers. They are typically applied to reduce soft to medium hard materials, as well as recycled materials. Vertical shaft impactors are secondary and tertiary crushers that reduce material utilizing various rotor configurations and are highly adaptable to any application.
|
•
|
Heavy duty inclined and horizontal screens and feeders, which are used in low to high tonnage applications and are available as either stationary or heavy-duty mobile equipment. Screens are used in all phases of plant design from handling quarried material to fine screening. Dry screening is used to process materials such as sand, gravel, quarry rock, coal, ore, construction and demolition waste, soil, compost and wood chips.
|
•
|
Feeders are used to unload materials from hoppers and bulk material storage at controlled rates. They are available for applications ranging from primary feed hoppers to fine material bin unloading. Our range includes apron feeders, grizzly feeders and pan feeders.
|
•
|
Material handlers are designed for handling logs, scrap, recycling and other bulky materials with clamshell, magnet or grapple attachments.
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•
|
Pick and carry cranes are designed for a wide variety of applications, including use at mine sites, large fabrication yards, building and construction sites and in machinery maintenance and installation. They combine high road speed with all-terrain capability.
|
•
|
Concrete mixer trucks are machines with a large revolving drum in which cement is mixed with other materials to make concrete. We offer models with custom chassis with configurations from three to seven axles.
|
•
|
Our concrete pavers are used to finish bridges, concrete streets, highways and airport surfaces.
|
•
|
Self-erecting tower cranes unfold from sections and can be trailer mounted; certain larger models have a telescopic tower and folding jib. These cranes can be assembled on site in a few hours. Applications include residential and small commercial construction.
|
•
|
Hammerhead tower cranes have a tower and a horizontal jib assembled from sections. The tower extends above the jib into an A-frame to which suspension cables supporting the jib are attached. These cranes are assembled on-site in one to three days depending on height, and can increase in height with the project.
|
•
|
Flat top tower cranes have a tower and a horizontal jib assembled from sections. There is no A-frame above the jib, which is self-supporting and consists of reinforced jib sections. These cranes are assembled on-site in one to two days, and can increase in height with the project.
|
•
|
Luffing jib tower cranes have a tower and an angled jib assembled from sections. There is one A-frame above the jib to which suspension cables supporting the jib are attached. Unlike other tower cranes, there is no trolley to control linear movement of the load, which is accomplished by changing the jib angle. These cranes are assembled on-site in two to three days, and can increase in height with the project.
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(in millions)
|
||||||
AWP
|
$
|
752.5
|
|
|
$
|
1,098.1
|
|
MP
|
295.4
|
|
|
512.6
|
|
||
Corporate and other
|
33.3
|
|
|
50.7
|
|
||
Total
|
$
|
1,081.2
|
|
|
$
|
1,661.4
|
|
BUSINESS SEGMENT
|
|
PRODUCTS
|
|
PRIMARY COMPETITORS
|
Aerial Work Platforms
|
|
Portable Material Lifts and Portable Aerial Work Platforms
|
|
Oshkosh (JLG), Vestil, Sumner and Wesco
|
|
|
|
|
|
|
|
Boom Lifts
|
|
Oshkosh (JLG), Haulotte, Linamar (Skyjack), Xtreme/Tanfield (Snorkel), JCB and Aichi
|
|
|
|
|
|
|
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Scissor Lifts
|
|
Oshkosh (JLG), Linamar (Skyjack), Haulotte, Manitou and Xtreme/Tanfield (Snorkel), JCB and Dingli
|
|
|
|
|
|
|
|
Telehandlers
|
|
Oshkosh (JLG), Skytrak, Caterpillar and Lull brands), JCB, CNH, Merlo and Manitou (Gehl)
|
|
|
|
|
|
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Trailer-mounted Light Towers
|
|
Allmand Bros., Generac, Wacker Neuson and Doosan
|
|
|
|
|
|
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Utility Equipment
|
|
Altec and Time Manufacturing
|
|
|
|
|
|
Materials Processing
|
|
Crushing & Screening Equipment
|
|
Metso, Sandvik, Deere (Kleeman), Astec Industries, Keestrack, Rubble Master and Portafill
|
|
|
|
|
|
|
|
Washing Systems
|
|
CDE Global, Metso, McLanahan, Azfab, Phoenix Process Equipment, Matec, Weir/Trio and Superior
|
|
|
|
|
|
|
|
Wood Processing, Biomass and Recycling Equipment
|
|
Doppstadt, Komptech, Morbark, Vermeer, Astec Industries, Eggersmann, Jenz and Bandit
|
|
|
|
|
|
|
|
Conveyors
|
|
Superior, Astec/Telestack, Metso/McCloskey, Puzzulona Thor, Deere (Kleeman), Weir/Trio and Edge
|
|
|
|
|
|
|
|
Material Handlers
|
|
Sennebogen, Liebherr and Caterpillar
|
|
|
|
|
|
|
|
Concrete Pavers
|
|
Gomaco, Deere (Wirtgen), Power Curbers, Guntert & Zimmerman and Allen Equipment
|
|
|
|
|
|
|
|
Concrete Mixer Trucks
|
|
Oshkosh, Kimble and Continental Manufacturing and McNeilus
|
|
|
|
|
|
|
|
Pick and Carry Cranes
|
|
TIDD and Humma
|
|
|
|
|
|
Corporate and Other
|
|
Rough Terrain Cranes
|
|
Liebherr, Manitowoc (Grove), Tadano-Faun, Link-Belt, XCMG, Kato, Zoomlion and Sany
|
|
|
|
|
|
|
|
Tower Cranes
|
|
Liebherr, Manitowoc (Potain), Comansa, Jaso, Zoomlion, XCMG and Wolffkran
|
•
|
trade protection measures and currency exchange controls;
|
•
|
labor unrest;
|
•
|
global and regional economic conditions;
|
•
|
political instability;
|
•
|
terrorist activities and the U.S. and international response thereto;
|
•
|
restrictions on the transfer of funds into or out of a country;
|
•
|
export duties and quotas;
|
•
|
domestic and foreign customs and tariffs;
|
•
|
current and changing regulatory environments;
|
•
|
difficulties protecting our intellectual property;
|
•
|
transportation delays and interruptions;
|
•
|
costs and difficulties in integrating, staffing and managing international operations, especially in developing markets such as China, India, Brazil and the Middle East;
|
•
|
difficulty in obtaining distribution support;
|
•
|
natural disasters; and
|
•
|
current and changing tax laws.
|
ITEM 1B.
|
UNRESOLVED STAFF COMMENTS
|
ITEM 2.
|
PROPERTIES
|
BUSINESS SEGMENT
|
|
FACILITY LOCATION
|
|
BUSINESS SEGMENT
|
|
FACILITY LOCATION
|
|
|
|
|
|
|
|
Corporate/Other
|
|
Westport, Connecticut (1)
|
|
MP
|
|
Louisville, Kentucky
|
|
|
Schaffhausen, Switzerland (1)
|
|
|
|
Durand, Michigan
|
|
|
Crespellano, Italy
|
|
|
|
Coalville, England
|
|
|
Fontanafredda, Italy
|
|
|
|
Hosur, India
|
AWP
|
|
Rock Hill, South Carolina
|
|
|
|
Subang Jaya, Malaysia (1)
|
|
|
Moses Lake, Washington (1)
|
|
|
|
Ballymoney, Northern Ireland
|
|
|
North Bend, Washington (1)
|
|
|
|
Campsie, Northern Ireland
|
|
|
Redmond, Washington (1)
|
|
|
|
Dungannon, Northern Ireland (1)
|
|
|
Changzhou, China
|
|
|
|
Omagh, Northern Ireland (1)
|
|
|
Umbertide, Italy
|
|
|
|
Newton, New Hampshire
|
|
|
Darra, Australia (1)
|
|
|
|
Canton, South Dakota
|
|
|
Watertown, South Dakota (1)
|
|
|
|
Fort Wayne, Indiana
|
|
|
Huron, South Dakota
|
|
|
|
Bad Schönborn, Germany
|
|
|
Betim, Brazil (1) (2)
|
|
|
|
Brisbane, Australia (1)
|
|
|
|
|
Multiple Business Segments
|
|
Southaven, Mississippi (1)
|
|
|
|
|
|
|
Oklahoma City, Oklahoma
|
(1)
|
These facilities are either partially or fully leased or subleased.
|
ITEM 3.
|
LEGAL PROCEEDINGS
|
ITEM 4.
|
MINE SAFETY DISCLOSURE
|
PART II
|
|
ITEM 5.
|
MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
|
|
|
Issuer Purchases of Equity Securities
|
||||||
Period
|
|
Total Number of Shares Purchased (1)
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)
|
|
Approximate Dollar Value of Shares that May Yet be Purchased
Under the Plans or Programs (in thousands) (2)
|
October 1, 2019 – October 31, 2019
|
|
2,498
|
|
$23.99
|
|
—
|
|
$200,000
|
November 1, 2019 – November 30, 2019
|
|
140,156
|
|
$27.69
|
|
138,275
|
|
$196,176
|
December 1, 2019 – December 31, 2019
|
|
41,625
|
|
$28.08
|
|
37,000
|
|
$195,146
|
Total
|
|
184,279
|
|
$27.72
|
|
175,275
|
|
$195,146
|
(1)
|
Amount includes shares of common stock purchased to satisfy requirements under the Company’s deferred compensation obligations to employees.
|
(2)
|
In July 2018, our Board of Directors authorized and the Company publicly announced the repurchase of up to an additional $300 million of the Company’s outstanding common shares.
|
ITEM 6.
|
SELECTED FINANCIAL DATA
|
(in millions, except per share amounts and employees)
|
AS OF OR FOR THE YEAR ENDED DECEMBER 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
SUMMARY OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
$
|
4,353.1
|
|
|
$
|
4,517.2
|
|
|
$
|
3,793.7
|
|
|
$
|
3,808.5
|
|
|
$
|
4,141.3
|
|
Income (loss) from operations
|
335.0
|
|
|
412.5
|
|
|
228.2
|
|
|
124.9
|
|
|
300.4
|
|
|||||
Income (loss) from continuing operations
|
209.7
|
|
|
241.7
|
|
|
111.0
|
|
|
47.8
|
|
|
108.9
|
|
|||||
Income (loss) from discontinued operations – net of tax
|
(155.4
|
)
|
|
(130.4
|
)
|
|
(49.6
|
)
|
|
(226.8
|
)
|
|
36.7
|
|
|||||
Gain (loss) on disposition of discontinued operations – net of tax
|
0.1
|
|
|
2.4
|
|
|
67.3
|
|
|
3.5
|
|
|
3.4
|
|
|||||
Net income (loss) attributable to common stockholders
|
54.4
|
|
|
113.7
|
|
|
128.7
|
|
|
(176.1
|
)
|
|
145.9
|
|
|||||
Per Common and Common Equivalent Share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic attributable to common stockholders
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) from continuing operations
|
$
|
2.95
|
|
|
$
|
3.21
|
|
|
$
|
1.20
|
|
|
$
|
0.45
|
|
|
$
|
1.02
|
|
Income (loss) from discontinued operations – net of tax
|
(2.18
|
)
|
|
(1.73
|
)
|
|
(0.53
|
)
|
|
(2.11
|
)
|
|
0.31
|
|
|||||
Gain (loss) on disposition of discontinued operations – net of tax
|
—
|
|
|
0.03
|
|
|
0.72
|
|
|
0.03
|
|
|
0.03
|
|
|||||
Net income (loss) attributable to common stockholders
|
0.77
|
|
|
1.51
|
|
|
1.39
|
|
|
(1.63
|
)
|
|
1.36
|
|
|||||
Diluted attributable to common stockholders
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) from continuing operations
|
$
|
2.92
|
|
|
$
|
3.14
|
|
|
$
|
1.17
|
|
|
$
|
0.45
|
|
|
$
|
1.00
|
|
Income (loss) from discontinued operations – net of tax
|
(2.16
|
)
|
|
(1.69
|
)
|
|
(0.52
|
)
|
|
(2.11
|
)
|
|
0.30
|
|
|||||
Gain (loss) on disposition of discontinued operations – net of tax
|
—
|
|
|
0.03
|
|
|
0.71
|
|
|
0.03
|
|
|
0.03
|
|
|||||
Net income (loss) attributable to common stockholders
|
0.76
|
|
|
1.48
|
|
|
1.36
|
|
|
(1.63
|
)
|
|
1.33
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
CURRENT ASSETS AND LIABILITIES
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets
|
$
|
2,019.7
|
|
|
$
|
2,423.0
|
|
|
$
|
2,383.0
|
|
|
$
|
2,700.5
|
|
|
$
|
3,140.2
|
|
Current liabilities
|
872.4
|
|
|
1,214.7
|
|
|
1,035.5
|
|
|
1,407.0
|
|
|
1,458.6
|
|
|||||
PROPERTY, PLANT AND EQUIPMENT
|
|
|
|
|
|
|
|
|
|
||||||||||
Net property, plant and equipment
|
$
|
389.4
|
|
|
$
|
317.3
|
|
|
$
|
277.7
|
|
|
$
|
277.1
|
|
|
$
|
329.8
|
|
Capital expenditures
|
(105.5
|
)
|
|
(91.0
|
)
|
|
(31.7
|
)
|
|
(48.8
|
)
|
|
(74.4
|
)
|
|||||
Depreciation
|
39.6
|
|
|
39.0
|
|
|
47.0
|
|
|
52.0
|
|
|
50.9
|
|
|||||
TOTAL ASSETS
|
$
|
3,195.6
|
|
|
$
|
3,485.9
|
|
|
$
|
3,462.5
|
|
|
$
|
5,006.8
|
|
|
$
|
5,616.0
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
CAPITALIZATION
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt
|
$
|
1,175.7
|
|
|
$
|
1,214.7
|
|
|
$
|
979.1
|
|
|
$
|
1,570.0
|
|
|
$
|
1,791.0
|
|
Total Terex Corporation Stockholders’ Equity
|
932.3
|
|
|
860.5
|
|
|
1,222
|
|
|
1,484.7
|
|
|
1,877.4
|
|
|||||
Dividends per share of Common Stock
|
0.44
|
|
|
0.40
|
|
|
0.32
|
|
|
0.28
|
|
|
0.24
|
|
|||||
Shares of Common Stock outstanding at year end
|
70.4
|
|
|
69.6
|
|
|
80.2
|
|
|
105.0
|
|
|
107.7
|
|
|||||
EMPLOYEES (1), (2)
|
9,500
|
|
|
9,900
|
|
|
8,900
|
|
|
9,200
|
|
|
10,500
|
|
ITEM 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
Dec '19
|
Sep '19
|
Jun '19
|
Mar '19
|
Dec '18
|
||||||||||
Annualized effective tax rate as adjusted
|
15.6
|
%
|
15.6
|
%
|
15.6
|
%
|
15.6
|
%
|
|
||||||
Income (loss) from operations as adjusted
|
$
|
35.3
|
|
$
|
86.2
|
|
$
|
127.9
|
|
$
|
104.8
|
|
|
||
Multiplied by: 1 minus annualized effective tax rate
|
84.4
|
%
|
84.4
|
%
|
84.4
|
%
|
84.4
|
%
|
|
||||||
Adjusted net operating income (loss) after tax
|
$
|
29.8
|
|
$
|
72.8
|
|
$
|
107.9
|
|
$
|
88.5
|
|
|
||
Debt as adjusted
|
$
|
1,175.7
|
|
$
|
1,175.6
|
|
$
|
1,351.9
|
|
$
|
1,477.8
|
|
$
|
1,219.4
|
|
Less: Cash and cash equivalents as adjusted
|
(540.1
|
)
|
(475.5
|
)
|
(394.6
|
)
|
(330.2
|
)
|
(372.1
|
)
|
|||||
Debt less Cash and cash equivalents as adjusted
|
$
|
635.6
|
|
$
|
700.1
|
|
$
|
957.3
|
|
$
|
1,147.6
|
|
$
|
847.3
|
|
Total Terex Corporation stockholders’ equity as adjusted
|
$
|
963.7
|
|
$
|
881.3
|
|
$
|
852.2
|
|
$
|
743.4
|
|
$
|
752.5
|
|
Debt less Cash and cash equivalents plus Total Terex Corporation stockholders’ equity as adjusted
|
$
|
1,599.3
|
|
$
|
1,581.4
|
|
$
|
1,809.5
|
|
$
|
1,891.0
|
|
$
|
1,599.8
|
|
December 31, 2019 ROIC
|
17.6
|
%
|
|
NOPAT as adjusted (last 4 quarters)
|
$
|
299.0
|
|
Average Debt less Cash and cash equivalents plus Total Terex Corporation stockholders’ equity, as adjusted (5 quarters)
|
$
|
1,696.2
|
|
|
Three months ended 12/31/19
|
Three months ended 9/30/19
|
Three months ended 6/30/19
|
Three months ended 3/31/19
|
|
||||||||||
Reconciliation of income (loss) from operations:
|
|
|
|
|
|
||||||||||
Income (loss) from operations as reported
|
$
|
22.9
|
|
$
|
86.4
|
|
$
|
126.0
|
|
$
|
99.7
|
|
|
||
Adjustments:
|
|
|
|
|
|
||||||||||
Deal related
|
—
|
|
(0.9
|
)
|
(7.0
|
)
|
0.2
|
|
|
||||||
Restructuring and related
|
9.8
|
|
2.2
|
|
8.7
|
|
1.7
|
|
|
||||||
Transformation
|
3.4
|
|
2.2
|
|
4.0
|
|
4.1
|
|
|
||||||
Other
|
0.2
|
|
—
|
|
—
|
|
—
|
|
|
||||||
(Income) loss from TFS
|
(1.0
|
)
|
(3.7
|
)
|
(3.8
|
)
|
(0.9
|
)
|
|
||||||
Income (loss) from operations as adjusted
|
$
|
35.3
|
|
$
|
86.2
|
|
$
|
127.9
|
|
$
|
104.8
|
|
|
||
|
|
|
|
|
|
||||||||||
|
As of 12/31/19
|
As of 9/30/19
|
As of 6/30/19
|
As of 3/31/19
|
As of 12/31/18
|
||||||||||
Reconciliation of Cash and cash equivalents:
|
|
|
|
|
|
||||||||||
Cash and cash equivalents - continuing operations
|
$
|
535.1
|
|
$
|
470.6
|
|
$
|
367.5
|
|
$
|
304.6
|
|
$
|
339.5
|
|
Cash and cash equivalents - assets held for sale
|
5.0
|
|
4.9
|
|
27.1
|
|
25.6
|
|
32.6
|
|
|||||
Cash and cash equivalents as adjusted
|
$
|
540.1
|
|
$
|
475.5
|
|
$
|
394.6
|
|
$
|
330.2
|
|
$
|
372.1
|
|
|
|
|
|
|
|
||||||||||
Reconciliation of Debt:
|
|
|
|
|
|
||||||||||
Debt - continuing operations
|
$
|
1,175.7
|
|
$
|
1,175.6
|
|
$
|
1,347.7
|
|
$
|
1,473.4
|
|
$
|
1,214.7
|
|
Debt - liabilities held for sale
|
—
|
|
—
|
|
4.2
|
|
4.4
|
|
4.7
|
|
|||||
Debt as adjusted
|
$
|
1,175.7
|
|
$
|
1,175.6
|
|
$
|
1,351.9
|
|
$
|
1,477.8
|
|
$
|
1,219.4
|
|
|
|
|
|
|
|
||||||||||
Reconciliation of Terex Corporation stockholders’ equity:
|
|
|
|
|
|
||||||||||
Terex Corporation stockholders’ equity as reported
|
$
|
932.3
|
|
$
|
866.3
|
|
$
|
860.1
|
|
$
|
781.8
|
|
$
|
860.5
|
|
TFS Assets
|
(154.0
|
)
|
(159.0
|
)
|
(180.2
|
)
|
(204.6
|
)
|
(185.1
|
)
|
|||||
Effects of adjustments, net of tax:
|
|
|
|
|
|
||||||||||
Deal related
|
75.3
|
|
75.3
|
|
75.8
|
|
83.1
|
|
—
|
|
|||||
Restructuring and related
|
31.0
|
|
22.7
|
|
19.2
|
|
9.5
|
|
6.8
|
|
|||||
Transformation
|
23.5
|
|
20.6
|
|
18.4
|
|
13.9
|
|
9.1
|
|
|||||
Pension annuitization
|
56.3
|
|
56.3
|
|
56.3
|
|
56.3
|
|
56.3
|
|
|||||
Other
|
7.4
|
|
6.4
|
|
6.8
|
|
4.4
|
|
5.1
|
|
|||||
(Income) loss from TFS
|
(8.1
|
)
|
(7.3
|
)
|
(4.2
|
)
|
(1.0
|
)
|
(0.2
|
)
|
|||||
Terex Corporation stockholders’ equity as adjusted
|
$
|
963.7
|
|
$
|
881.3
|
|
$
|
852.2
|
|
$
|
743.4
|
|
$
|
752.5
|
|
|
|
|
|
|
|||||
Year Ended December 31, 2019
|
Income (loss) from continuing operations before income taxes
|
(Provision for) benefit from income taxes
|
Income tax rate
|
|
|||||
Reconciliation of annualized effective tax rate:
|
|
|
|
|
|||||
As reported
|
$
|
247.5
|
|
$
|
(37.8
|
)
|
15.3
|
%
|
|
Effect of adjustments:
|
|
|
|
|
|||||
Deal related
|
(7.5
|
)
|
0.2
|
|
|
|
|||
Restructuring and related
|
22.4
|
|
(4.7
|
)
|
|
|
|||
Transformation
|
13.7
|
|
(2.8
|
)
|
|
|
|||
Other
|
0.6
|
|
(0.1
|
)
|
|
|
|||
Tax related
|
—
|
|
2.0
|
|
|
|
|||
As adjusted
|
276.7
|
|
(43.2
|
)
|
15.6
|
%
|
|
|
2019
|
|
2018
|
|
|
|||||||||||
|
|
|
% of
Sales
|
|
|
|
% of
Sales
|
|
% Change In Reported Amounts
|
|||||||
|
($ amounts in millions)
|
|
|
|||||||||||||
Net sales
|
$
|
4,353.1
|
|
|
—
|
|
|
$
|
4,517.2
|
|
|
—
|
|
|
(3.6
|
)%
|
Gross profit
|
$
|
887.8
|
|
|
20.4
|
%
|
|
$
|
961.9
|
|
|
21.3
|
%
|
|
(7.7
|
)%
|
SG&A
|
$
|
552.8
|
|
|
12.7
|
%
|
|
$
|
549.4
|
|
|
12.2
|
%
|
|
0.6
|
%
|
Income (loss) from operations
|
$
|
335.0
|
|
|
7.7
|
%
|
|
$
|
412.5
|
|
|
9.1
|
%
|
|
(18.8
|
)%
|
|
2019
|
|
2018
|
|
|
|||||||||||
|
|
|
% of
Sales
|
|
|
|
% of
Sales
|
|
% Change In Reported Amounts
|
|||||||
|
($ amounts in millions)
|
|
|
|||||||||||||
Net sales
|
$
|
2,726.6
|
|
|
—
|
|
|
$
|
2,950.4
|
|
|
—
|
|
|
(7.6
|
)%
|
Income from operations
|
$
|
196.2
|
|
|
7.2
|
%
|
|
$
|
300.5
|
|
|
10.2
|
%
|
|
(34.7
|
)%
|
|
2019
|
|
2018
|
|
|
|||||||||||
|
|
|
% of
Sales
|
|
|
|
% of
Sales
|
|
% Change In Reported Amounts
|
|||||||
|
($ amounts in millions)
|
|
|
|||||||||||||
Net sales
|
$
|
1,371.4
|
|
|
—
|
|
|
$
|
1,322.6
|
|
|
—
|
|
|
3.7
|
%
|
Income from operations
|
$
|
196.8
|
|
|
14.4
|
%
|
|
$
|
176.0
|
|
|
13.3
|
%
|
|
11.8
|
%
|
|
2018
|
|
2017
|
|
|
|||||||||||
|
|
|
% of
Sales
|
|
|
|
% of
Sales
|
|
% Change In Reported Amounts
|
|||||||
|
($ amounts in millions)
|
|
|
|||||||||||||
Net sales
|
$
|
4,517.2
|
|
|
—
|
|
|
$
|
3,793.7
|
|
|
—
|
|
|
19.1
|
%
|
Gross profit
|
$
|
961.9
|
|
|
21.3
|
%
|
|
$
|
767.3
|
|
|
20.2
|
%
|
|
25.4
|
%
|
SG&A
|
$
|
549.4
|
|
|
12.2
|
%
|
|
$
|
539.1
|
|
|
14.2
|
%
|
|
1.9
|
%
|
Income (loss) from operations
|
$
|
412.5
|
|
|
9.1
|
%
|
|
$
|
228.2
|
|
|
6.0
|
%
|
|
80.8
|
%
|
|
2018
|
|
2017
|
|
|
|||||||||||
|
|
|
% of
Sales
|
|
|
|
% of
Sales
|
|
% Change In Reported Amounts
|
|||||||
|
($ amounts in millions)
|
|
|
|||||||||||||
Net sales
|
$
|
2,950.4
|
|
|
—
|
|
|
$
|
2,433.2
|
|
|
—
|
|
|
21.3
|
%
|
Income (loss) from operations
|
$
|
300.5
|
|
|
10.2
|
%
|
|
$
|
199.8
|
|
|
8.2
|
%
|
|
50.4
|
%
|
|
2018
|
|
2017
|
|
|
|||||||||||
|
|
|
% of
Sales
|
|
|
|
% of
Sales
|
|
% Change In Reported Amounts
|
|||||||
|
($ amounts in millions)
|
|
|
|||||||||||||
Net sales
|
$
|
1,322.6
|
|
|
—
|
|
|
$
|
1,119.8
|
|
|
—
|
|
|
18.1
|
%
|
Income (loss) from operations
|
$
|
176.0
|
|
|
13.3
|
%
|
|
$
|
125.1
|
|
|
11.2
|
%
|
|
40.7
|
%
|
|
2018
|
|
2017
|
|
|
|||||||||||
|
|
|
% of
Sales
|
|
|
|
% of
Sales
|
|
% Change In Reported Amounts
|
|||||||
|
($ amounts in millions)
|
|
|
|||||||||||||
Net sales
|
$
|
244.2
|
|
|
—
|
|
|
$
|
240.7
|
|
|
—
|
|
|
1.5
|
%
|
Income (loss) from operations
|
$
|
(64.0
|
)
|
|
(26.2
|
)%
|
|
$
|
(96.7
|
)
|
|
(40.2
|
)%
|
|
33.8
|
%
|
($ amounts in millions)
|
Increase
|
|
Decrease
|
||||||||||||
|
Discount Rate
|
|
Expected long-
term rate of return
|
|
Discount Rate
|
|
Expected long-
term rate of return
|
||||||||
U. S. Plan:
|
|
|
|
|
|
|
|
||||||||
Net pension expense
|
$
|
(0.2
|
)
|
|
$
|
—
|
|
|
$
|
0.2
|
|
|
$
|
—
|
|
Projected benefit obligation
|
$
|
(1.2
|
)
|
|
$
|
—
|
|
|
$
|
1.2
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-U.S. Plans:
|
|
|
|
|
|
|
|
||||||||
Net pension expense
|
$
|
0.2
|
|
|
$
|
(0.3
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
0.3
|
|
Projected benefit obligation
|
$
|
(5.9
|
)
|
|
$
|
—
|
|
|
$
|
6.3
|
|
|
—
|
|
|
Year Ended
12/31/2019 |
||
Net cash provided by (used in) operating activities
|
|
173.4
|
|
|
Increase (decrease) in TFS assets
|
|
(31.1
|
)
|
|
Capital expenditures, net of proceeds from sale of capital assets (1)
|
|
(94.4
|
)
|
|
Deal related net working capital adjustment
|
|
38.5
|
|
|
Free cash flow
|
|
$
|
86.4
|
|
•
|
Many of our customers fund their purchases through third-party finance companies that extend credit based on the credit-worthiness of customers and expected residual value of our equipment. Changes either in customers’ credit profile or used equipment values may affect the ability of customers to purchase equipment. There can be no assurance third-party finance companies will continue to extend credit to our customers as they have in the past.
|
•
|
As our sales change, the amount of working capital needed to support our business may change.
|
•
|
Our suppliers extend payment terms to us primarily based on our overall credit rating. Declines in our credit rating may influence suppliers’ willingness to extend terms and in turn accelerate cash requirements of our business.
|
•
|
Sales of our products are subject to general economic conditions, weather, competition, translation effect of foreign currency exchange rate changes, and other factors that in many cases are outside our direct control. For example, during periods of economic uncertainty, our customers have delayed purchasing decisions, which reduces cash generated from operations.
|
•
|
Availability and utilization of other sources of liquidity such as trade receivables sales programs.
|
|
Three months ended 12/31/19
|
||
Net Sales
|
$
|
885.0
|
|
x
|
4
|
|
|
Trailing Three Month Annualized Net Sales
|
$
|
3,540.0
|
|
|
As of 12/31/19
|
||
Inventories
|
$
|
847.7
|
|
Trade Receivables
|
401.9
|
|
|
Trade Accounts Payable
|
(508.1
|
)
|
|
Customer Advances
|
(17.9
|
)
|
|
Working Capital
|
$
|
723.6
|
|
|
Payments due by period
|
||||||||||||||||||
|
Total
|
|
< 1 year
|
|
1-3 years
|
|
3-5 years
|
|
> 5 years
|
||||||||||
Long-term debt obligations
|
$
|
1,450.9
|
|
|
$
|
63.2
|
|
|
$
|
123.7
|
|
|
$
|
659.5
|
|
|
$
|
604.5
|
|
Finance lease obligations
|
4.1
|
|
|
1.0
|
|
|
2.0
|
|
|
1.0
|
|
|
0.1
|
|
|||||
Operating lease obligations
|
153.2
|
|
|
34.2
|
|
|
52.6
|
|
|
38.8
|
|
|
27.6
|
|
|||||
Purchase obligations (1)
|
528.5
|
|
|
527.8
|
|
|
0.6
|
|
|
0.1
|
|
|
—
|
|
|||||
Total
|
$
|
2,136.7
|
|
|
$
|
626.2
|
|
|
$
|
178.9
|
|
|
$
|
699.4
|
|
|
$
|
632.2
|
|
(1)
|
Purchase obligations include non-cancellable and cancellable commitments. In many cases, cancellable commitments contain penalty provisions for cancellation.
|
ITEM 8.
|
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
|
2019
|
|
2018
|
||||||||||||||||||||||||||||
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
||||||||||||||||
Net sales
|
$
|
885.0
|
|
|
$
|
1,024.6
|
|
|
$
|
1,306.9
|
|
|
$
|
1,136.6
|
|
|
$
|
1,048.8
|
|
|
$
|
1,098.8
|
|
|
$
|
1,253.0
|
|
|
$
|
1,116.6
|
|
Gross profit
|
168.6
|
|
|
209.6
|
|
|
271.8
|
|
|
237.8
|
|
|
214.6
|
|
|
240.1
|
|
|
278.6
|
|
|
228.6
|
|
||||||||
Net income (loss) from continuing operations
|
18.5
|
|
|
52.4
|
|
|
81.6
|
|
|
57.2
|
|
|
19.6
|
|
|
69.2
|
|
|
84.2
|
|
|
68.7
|
|
||||||||
Income (loss) from discontinued operations – net of tax
|
(3.6
|
)
|
|
(10.1
|
)
|
|
(17.3
|
)
|
|
(124.4
|
)
|
|
(50.2
|
)
|
|
(30.8
|
)
|
|
(28.3
|
)
|
|
(21.1
|
)
|
||||||||
Gain (loss) on disposition of discontinued operations – net of tax
|
9.6
|
|
|
(20.9
|
)
|
|
10.8
|
|
|
0.6
|
|
|
(2.4
|
)
|
|
0.2
|
|
|
1.9
|
|
|
2.7
|
|
||||||||
Net income (loss)
|
24.5
|
|
|
21.4
|
|
|
75.1
|
|
|
(66.6
|
)
|
|
(33.0
|
)
|
|
38.6
|
|
|
57.8
|
|
|
50.3
|
|
||||||||
Per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income (loss) from continuing operations
|
$
|
0.26
|
|
|
$
|
0.73
|
|
|
$
|
1.14
|
|
|
$
|
0.81
|
|
|
$
|
0.27
|
|
|
$
|
0.94
|
|
|
$
|
1.11
|
|
|
$
|
0.86
|
|
Income (loss) from discontinued operations – net of tax
|
(0.05
|
)
|
|
(0.14
|
)
|
|
(0.24
|
)
|
|
(1.76
|
)
|
|
(0.69
|
)
|
|
(0.42
|
)
|
|
(0.37
|
)
|
|
(0.26
|
)
|
||||||||
Gain (loss) on disposition of discontinued operations – net of tax
|
0.13
|
|
|
(0.29
|
)
|
|
0.15
|
|
|
0.01
|
|
|
(0.03
|
)
|
|
—
|
|
|
0.03
|
|
|
0.03
|
|
||||||||
Net income (loss)
|
0.34
|
|
|
0.30
|
|
|
1.05
|
|
|
(0.94
|
)
|
|
(0.45
|
)
|
|
0.52
|
|
|
0.77
|
|
|
0.63
|
|
||||||||
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income (loss) from continuing operations
|
$
|
0.26
|
|
|
$
|
0.73
|
|
|
$
|
1.14
|
|
|
$
|
0.79
|
|
|
$
|
0.26
|
|
|
$
|
0.92
|
|
|
$
|
1.10
|
|
|
$
|
0.84
|
|
Income (loss) from discontinued operations – net of tax
|
(0.05
|
)
|
|
(0.14
|
)
|
|
(0.24
|
)
|
|
(1.73
|
)
|
|
(0.68
|
)
|
|
(0.41
|
)
|
|
(0.37
|
)
|
|
(0.26
|
)
|
||||||||
Gain (loss) on disposition of discontinued operations – net of tax
|
0.13
|
|
|
(0.29
|
)
|
|
0.15
|
|
|
0.01
|
|
|
(0.03
|
)
|
|
—
|
|
|
0.02
|
|
|
0.04
|
|
||||||||
Net income (loss)
|
0.34
|
|
|
0.30
|
|
|
1.05
|
|
|
(0.93
|
)
|
|
(0.45
|
)
|
|
0.51
|
|
|
0.75
|
|
|
0.62
|
|
ITEM 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
ITEM 9A.
|
CONTROLS AND PROCEDURES
|
ITEM 9B.
|
OTHER INFORMATION
|
PART III
|
|
ITEM 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
ITEM 11.
|
EXECUTIVE COMPENSATION
|
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
Plan Category
|
|
Number of securities to be issued upon exercise of outstanding options, warrants and rights
|
|
Weighted average exercise price of outstanding options, warrants and rights
|
|
Number of securities remaining available for future issuance under equity compensation plans
|
Equity compensation plans approved by stockholders
|
|
__ (1)
|
|
$—
|
|
2,310,083
|
Equity compensation plans not approved by stockholders
|
|
—
|
|
—
|
|
—
|
Total
|
|
—
|
|
|
|
2,310,083
|
(1)
|
This does not include 2,442,260 shares of restricted stock awards and 758,179 shares held in a rabbi trust for a deferred compensation plan.
|
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
|
ITEM 14.
|
PRINCIPAL ACCOUNTANT FEES AND SERVICES
|
PART IV
|
|
ITEM 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
|
Exhibit No.
|
Exhibit
|
2.1
|
|
|
|
2.2
|
|
|
|
2.3
|
|
|
|
3.1
|
|
|
|
3.2
|
|
|
|
3.3
|
|
|
|
3.4
|
|
|
|
3.5
|
|
|
|
4.1
|
|
|
|
4.2
|
|
|
|
4.3
|
|
|
|
4.4
|
|
|
|
10.1
|
|
|
|
10.2
|
|
|
|
10.3
|
|
|
|
10.4
|
|
|
|
10.5
|
|
|
|
10.6
|
|
|
|
10.7
|
|
|
|
10.8
|
|
|
|
10.9
|
|
|
|
10.10
|
|
|
|
10.11
|
|
|
|
10.12
|
|
|
|
10.13
|
|
|
|
10.14
|
|
|
|
10.15
|
|
|
|
10.16
|
|
|
|
|
|
104
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
|
|
|
*
|
Exhibit filed with this document.
|
**
|
Exhibit furnished with this document.
|
***
|
Denotes a management contract or compensatory plan or arrangement.
|
ITEM 16.
|
FORM 10-K SUMMARY
|
By:
|
/s/ John L. Garrison, Jr.
|
|
February 14, 2020
|
|
John L. Garrison, Jr.
|
|
|
|
Chairman and Chief Executive
Officer
|
|
|
NAME
|
TITLE
|
DATE
|
|
|
|
/s/ John L. Garrison, Jr
|
Chairman and Chief Executive
|
February 14, 2020
|
John L. Garrison, Jr.
|
Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
|
/s/ John D. Sheehan
|
Senior Vice President and Chief Financial
|
February 14, 2020
|
John D. Sheehan
|
Officer
|
|
|
(Principal Financial Officer)
|
|
|
|
|
/s/ Mark I. Clair
|
Vice President, Controller and Chief
|
February 14, 2020
|
Mark I. Clair
|
Accounting Officer
|
|
|
(Principal Accounting Officer)
|
|
|
|
|
*/s/ Paula H. J. Cholmondeley
|
Director
|
|
Paula H. J. Cholmondeley
|
|
|
|
|
|
*/s/ Don DeFosset
|
Director
|
|
Don DeFosset
|
|
|
|
|
|
*/s/ Thomas J. Hansen
|
Director
|
|
Thomas J. Hansen
|
|
|
|
|
|
*/s/ Raimund Klinkner
|
Director
|
|
Raimund Klinkner
|
|
|
|
|
|
*/s/ Andra M. Rush
|
Director
|
|
Andra M. Rush
|
|
|
|
|
|
*/s/ David A. Sachs
|
Lead Director
|
|
David A. Sachs
|
|
|
|
|
|
*/s/ Scott W. Wine
|
Director
|
|
Scott W. Wine
|
|
|
|
|
|
*By /s/ John D. Sheehan
|
|
February 14, 2020
|
John D. Sheehan, as Attorney-in-Fact
|
|
|
Page
|
|
|
|
Year Ended
December 31, |
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net sales
|
$
|
4,353.1
|
|
|
$
|
4,517.2
|
|
|
$
|
3,793.7
|
|
Cost of goods sold
|
(3,465.3
|
)
|
|
(3,555.3
|
)
|
|
(3,026.4
|
)
|
|||
Gross profit
|
887.8
|
|
|
961.9
|
|
|
767.3
|
|
|||
Selling, general and administrative expenses
|
(552.8
|
)
|
|
(549.4
|
)
|
|
(539.1
|
)
|
|||
Income (loss) from operations
|
335.0
|
|
|
412.5
|
|
|
228.2
|
|
|||
Other income (expense)
|
|
|
|
|
|
||||||
Interest income
|
6.5
|
|
|
8.7
|
|
|
6.3
|
|
|||
Interest expense
|
(87.9
|
)
|
|
(72.8
|
)
|
|
(67.2
|
)
|
|||
Loss on early extinguishment of debt
|
—
|
|
|
(0.7
|
)
|
|
(52.6
|
)
|
|||
Other income (expense) – net
|
(6.1
|
)
|
|
(60.6
|
)
|
|
48.7
|
|
|||
Income (loss) from continuing operations before income taxes
|
247.5
|
|
|
287.1
|
|
|
163.4
|
|
|||
(Provision for) benefit from income taxes
|
(37.8
|
)
|
|
(45.4
|
)
|
|
(52.4
|
)
|
|||
Income (loss) from continuing operations
|
209.7
|
|
|
241.7
|
|
|
111.0
|
|
|||
Income (loss) from discontinued operations – net of tax
|
(155.4
|
)
|
|
(130.4
|
)
|
|
(49.6
|
)
|
|||
Gain (loss) on disposition of discontinued operations – net of tax
|
0.1
|
|
|
2.4
|
|
|
67.3
|
|
|||
Net income (loss)
|
$
|
54.4
|
|
|
$
|
113.7
|
|
|
$
|
128.7
|
|
|
|
|
|
|
|
||||||
Basic earnings (loss) per share:
|
|
|
|
|
|
||||||
Income (loss) from continuing operations
|
$
|
2.95
|
|
|
$
|
3.21
|
|
|
$
|
1.20
|
|
Income (loss) from discontinued operations – net of tax
|
(2.18
|
)
|
|
(1.73
|
)
|
|
(0.53
|
)
|
|||
Gain (loss) on disposition of discontinued operations – net of tax
|
—
|
|
|
0.03
|
|
|
0.72
|
|
|||
Net income (loss)
|
$
|
0.77
|
|
|
$
|
1.51
|
|
|
$
|
1.39
|
|
Diluted earnings (loss) per share:
|
|
|
|
|
|
||||||
Income (loss) from continuing operations
|
$
|
2.92
|
|
|
$
|
3.14
|
|
|
$
|
1.17
|
|
Income (loss) from discontinued operations – net of tax
|
(2.16
|
)
|
|
(1.69
|
)
|
|
(0.52
|
)
|
|||
Gain (loss) on disposition of discontinued operations – net of tax
|
—
|
|
|
0.03
|
|
|
0.71
|
|
|||
Net income (loss)
|
$
|
0.76
|
|
|
$
|
1.48
|
|
|
$
|
1.36
|
|
Weighted average number of shares outstanding in per share calculation
|
|
|
|
|
|
||||||
Basic
|
71.1
|
|
|
75.4
|
|
|
92.8
|
|
|||
Diluted
|
71.8
|
|
|
76.9
|
|
|
94.9
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net income (loss)
|
|
$
|
54.4
|
|
|
$
|
113.7
|
|
|
$
|
128.7
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
||||||
Cumulative translation adjustment, net of (provision for) benefit from taxes of $(3.9), $0.0 and $(7.5), respectively
|
|
17.4
|
|
|
(80.9
|
)
|
|
470.6
|
|
|||
Derivative hedging adjustment, net of (provision for) benefit from taxes of $(1.6), $1.7 and $(1.2), respectively
|
|
3.6
|
|
|
(6.5
|
)
|
|
4.5
|
|
|||
Debt and equity securities adjustment, net of (provision for) benefit from taxes of $0.0, $0.0 and $0.0, respectively
|
|
1.8
|
|
|
(0.9
|
)
|
|
3.7
|
|
|||
Pension liability adjustment:
|
|
|
|
|
|
|
||||||
Net gain (loss), net of (provision for) benefit from taxes of $1.9, $1.0 and $(2.8), respectively
|
|
(7.8
|
)
|
|
(4.3
|
)
|
|
5.0
|
|
|||
Amortization of actuarial (gain) loss, net of provision for (benefit from) taxes of $(0.6), $(1.7) and $(2.2), respectively
|
|
1.9
|
|
|
5.8
|
|
|
5.7
|
|
|||
Settlement of U.S. defined benefit pension obligations, net of provision for (benefit from) taxes of $0.0, $(24.4) and $0.0, respectively
|
|
—
|
|
|
42.6
|
|
|
—
|
|
|||
Divestiture of business, net of provision for (benefit from) taxes of $(5.3), $0.0 and $(23.9), respectively
|
|
12.6
|
|
|
—
|
|
|
55.5
|
|
|||
Foreign exchange and other effects, net of (provision for) benefit from taxes of $(0.7), $0.2 and $1.9, respectively
|
|
(2.2
|
)
|
|
1.5
|
|
|
(5.1
|
)
|
|||
Total pension liability adjustment
|
|
4.5
|
|
|
45.6
|
|
|
61.1
|
|
|||
Other comprehensive income (loss)
|
|
27.3
|
|
|
(42.7
|
)
|
|
539.9
|
|
|||
Comprehensive income (loss)
|
|
$
|
81.7
|
|
|
$
|
71.0
|
|
|
$
|
668.6
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Assets
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
535.1
|
|
|
$
|
339.5
|
|
Trade receivables (net of allowance of $9.9 and $9.1 at December 31, 2019 and 2018, respectively)
|
401.9
|
|
|
535.0
|
|
||
Inventories
|
847.7
|
|
|
918.9
|
|
||
Prepaid and other current assets
|
225.8
|
|
|
170.1
|
|
||
Current assets held for sale
|
9.2
|
|
|
459.5
|
|
||
Total current assets
|
2,019.7
|
|
|
2,423.0
|
|
||
Non-current assets
|
|
|
|
||||
Property, plant and equipment – net
|
389.4
|
|
|
317.3
|
|
||
Goodwill
|
269.9
|
|
|
265.2
|
|
||
Intangible assets – net
|
9.7
|
|
|
11.4
|
|
||
Other assets
|
506.3
|
|
|
400.6
|
|
||
Non-current assets held for sale
|
0.6
|
|
|
68.4
|
|
||
Total assets
|
$
|
3,195.6
|
|
|
$
|
3,485.9
|
|
|
|
|
|
||||
Liabilities and Stockholders’ Equity
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Current portion of long-term debt
|
$
|
6.9
|
|
|
$
|
4.1
|
|
Trade accounts payable
|
508.1
|
|
|
687.2
|
|
||
Accrued compensation and benefits
|
100.3
|
|
|
123.1
|
|
||
Other current liabilities
|
248.7
|
|
|
220.8
|
|
||
Current liabilities held for sale
|
8.4
|
|
|
179.5
|
|
||
Total current liabilities
|
872.4
|
|
|
1,214.7
|
|
||
Non-current liabilities
|
|
|
|
||||
Long-term debt, less current portion
|
1,168.8
|
|
|
1,210.6
|
|
||
Other non-current liabilities
|
220.9
|
|
|
113.1
|
|
||
Non-current liabilities held for sale
|
1.2
|
|
|
86.5
|
|
||
Total liabilities
|
2,263.3
|
|
|
2,624.9
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Stockholders’ equity
|
|
|
|
||||
Common stock, $.01 par value – authorized 300.0 shares; issued 82.2 and 81.3 shares at December 31, 2019 and 2018, respectively
|
0.8
|
|
|
0.8
|
|
||
Additional paid-in capital
|
824.4
|
|
|
797.3
|
|
||
Retained earnings
|
771.4
|
|
|
749.0
|
|
||
Accumulated other comprehensive income (loss)
|
(257.5
|
)
|
|
(284.8
|
)
|
||
Less cost of shares of common stock in treasury – 11.8 and 11.7 shares at December 31, 2019 and 2018, respectively
|
(406.8
|
)
|
|
(401.8
|
)
|
||
Total Terex Corporation stockholders’ equity
|
932.3
|
|
|
860.5
|
|
||
Noncontrolling interest
|
—
|
|
|
0.5
|
|
||
Total stockholders’ equity
|
932.3
|
|
|
861.0
|
|
||
Total liabilities and stockholders’ equity
|
$
|
3,195.6
|
|
|
$
|
3,485.9
|
|
|
Outstanding
Shares
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Common
Stock in
Treasury
|
|
Non-controlling
Interest
|
|
Total
|
|||||||||||||||
Balance at December 31, 2016
|
105.0
|
|
|
$
|
1.3
|
|
|
$
|
1,300.0
|
|
|
$
|
1,897.9
|
|
|
$
|
(779.4
|
)
|
|
$
|
(935.1
|
)
|
|
$
|
36.5
|
|
|
$
|
1,521.2
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
128.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
128.7
|
|
|||||||
Other comprehensive income (loss) – net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
539.9
|
|
|
—
|
|
|
—
|
|
|
539.9
|
|
|||||||
Issuance of common stock
|
0.8
|
|
|
—
|
|
|
21.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21.0
|
|
|||||||
Compensation under stock-based plans – net
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|
(0.4
|
)
|
|
—
|
|
|
4.0
|
|
|
—
|
|
|
3.8
|
|
|||||||
Dividends
|
—
|
|
|
—
|
|
|
0.8
|
|
|
(30.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29.5
|
)
|
|||||||
Divestiture
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(36.0
|
)
|
|
(36.0
|
)
|
|||||||
Acquisition of treasury stock
|
(25.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(926.6
|
)
|
|
—
|
|
|
(926.6
|
)
|
|||||||
Balance at December 31, 2017
|
80.2
|
|
|
1.3
|
|
|
1,322.0
|
|
|
1,995.9
|
|
|
(239.5
|
)
|
|
(1,857.7
|
)
|
|
0.5
|
|
|
1,222.5
|
|
|||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
113.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
113.7
|
|
|||||||
Other comprehensive income (loss) – net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42.7
|
)
|
|
—
|
|
|
—
|
|
|
(42.7
|
)
|
|||||||
Issuance of common stock
|
0.8
|
|
|
—
|
|
|
17.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17.3
|
|
|||||||
Compensation under stock-based plans – net
|
0.1
|
|
|
—
|
|
|
6.3
|
|
|
—
|
|
|
—
|
|
|
1.7
|
|
|
—
|
|
|
8.0
|
|
|||||||
Dividends
|
—
|
|
|
—
|
|
|
0.9
|
|
|
(30.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30.0
|
)
|
|||||||
Retirement of treasury stock
|
—
|
|
|
(0.5
|
)
|
|
(549.2
|
)
|
|
(1,332.3
|
)
|
|
—
|
|
|
1,882.0
|
|
|
—
|
|
|
—
|
|
|||||||
Acquisition of treasury stock
|
(11.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(427.8
|
)
|
|
—
|
|
|
(427.8
|
)
|
|||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
2.6
|
|
|
(2.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Balance at December 31, 2018
|
69.6
|
|
|
0.8
|
|
|
797.3
|
|
|
749.0
|
|
|
(284.8
|
)
|
|
(401.8
|
)
|
|
0.5
|
|
|
861.0
|
|
|||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
54.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54.4
|
|
|||||||
Other comprehensive income (loss) – net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27.3
|
|
|
—
|
|
|
—
|
|
|
27.3
|
|
|||||||
Issuance of common stock
|
0.9
|
|
|
—
|
|
|
27.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27.8
|
|
|||||||
Compensation under stock-based plans – net
|
0.1
|
|
|
—
|
|
|
(1.3
|
)
|
|
—
|
|
|
—
|
|
|
2.7
|
|
|
—
|
|
|
1.4
|
|
|||||||
Dividends
|
—
|
|
|
—
|
|
|
0.6
|
|
|
(32.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31.4
|
)
|
|||||||
Acquisition of treasury stock
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7.7
|
)
|
|
—
|
|
|
(7.7
|
)
|
|||||||
Divestiture
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.5
|
)
|
|
(0.5
|
)
|
|||||||
Balance at December 31, 2019
|
70.4
|
|
|
$
|
0.8
|
|
|
$
|
824.4
|
|
|
$
|
771.4
|
|
|
$
|
(257.5
|
)
|
|
$
|
(406.8
|
)
|
|
$
|
—
|
|
|
$
|
932.3
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Operating Activities
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
54.4
|
|
|
$
|
113.7
|
|
|
$
|
128.7
|
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
49.6
|
|
|
59.7
|
|
|
66.5
|
|
|||
(Gain) loss on disposition of discontinued operations
|
(0.1
|
)
|
|
(2.4
|
)
|
|
(68.7
|
)
|
|||
Deferred taxes
|
(17.6
|
)
|
|
(9.1
|
)
|
|
37.6
|
|
|||
Impairments
|
83.6
|
|
|
9.0
|
|
|
6.8
|
|
|||
(Gain) loss on sale of assets
|
(9.8
|
)
|
|
(1.9
|
)
|
|
(58.0
|
)
|
|||
Loss on early extinguishment of debt
|
—
|
|
|
0.7
|
|
|
52.6
|
|
|||
Stock-based compensation expense
|
43.1
|
|
|
36.7
|
|
|
38.5
|
|
|||
Pension plan settlements
|
—
|
|
|
67.8
|
|
|
1.5
|
|
|||
Inventory and other non-cash charges
|
47.6
|
|
|
30.3
|
|
|
34.0
|
|
|||
Changes in operating assets and liabilities (net of effects of acquisitions and divestitures):
|
|
|
|
|
|
||||||
Trade receivables
|
176.1
|
|
|
(107.9
|
)
|
|
(0.5
|
)
|
|||
Inventories
|
20.3
|
|
|
(284.2
|
)
|
|
(33.5
|
)
|
|||
Trade accounts payable
|
(220.1
|
)
|
|
213.2
|
|
|
25.0
|
|
|||
Other assets and liabilities
|
(57.0
|
)
|
|
(25.1
|
)
|
|
(46.0
|
)
|
|||
Foreign exchange and other operating activities, net
|
3.3
|
|
|
(6.3
|
)
|
|
(31.5
|
)
|
|||
Net cash provided by (used in) operating activities
|
173.4
|
|
|
94.2
|
|
|
153.0
|
|
|||
Investing Activities
|
|
|
|
|
|
||||||
Capital expenditures
|
(108.9
|
)
|
|
(103.8
|
)
|
|
(43.5
|
)
|
|||
Proceeds from sale of capital assets
|
4.3
|
|
|
2.8
|
|
|
20.2
|
|
|||
Proceeds from disposition of investments
|
30.7
|
|
|
19.3
|
|
|
783.2
|
|
|||
Proceeds (payments) from disposition of discontinued operations
|
177.7
|
|
|
2.5
|
|
|
775.7
|
|
|||
Other investing activities, net
|
—
|
|
|
(6.7
|
)
|
|
—
|
|
|||
Net cash provided by (used in) investing activities
|
103.8
|
|
|
(85.9
|
)
|
|
1,535.6
|
|
|||
Financing Activities
|
|
|
|
|
|
||||||
Repayments of debt
|
(1,660.5
|
)
|
|
(1,150.1
|
)
|
|
(1,594.1
|
)
|
|||
Proceeds from issuance of debt
|
1,616.6
|
|
|
1,382.3
|
|
|
1,010.7
|
|
|||
Payment of debt extinguishment costs
|
—
|
|
|
(0.5
|
)
|
|
(36.4
|
)
|
|||
Share repurchases
|
(7.4
|
)
|
|
(427.5
|
)
|
|
(924.9
|
)
|
|||
Dividends paid
|
(31.4
|
)
|
|
(30.0
|
)
|
|
(29.5
|
)
|
|||
Other financing activities, net
|
(21.0
|
)
|
|
(19.1
|
)
|
|
(32.3
|
)
|
|||
Net cash provided by (used in) financing activities
|
(103.7
|
)
|
|
(244.9
|
)
|
|
(1,606.5
|
)
|
|||
Effect of Exchange Rate Changes on Cash and Cash Equivalents
|
(5.5
|
)
|
|
(21.4
|
)
|
|
46.1
|
|
|||
Net Increase (Decrease) in Cash and Cash Equivalents
|
168.0
|
|
|
(258.0
|
)
|
|
128.2
|
|
|||
Cash and Cash Equivalents at Beginning of Period
|
372.1
|
|
|
630.1
|
|
|
501.9
|
|
|||
Cash and Cash Equivalents at End of Period
|
$
|
540.1
|
|
|
$
|
372.1
|
|
|
$
|
630.1
|
|
Balance as of December 31, 2017
|
$
|
35.7
|
|
Accruals for warranties issued during the period
|
43.7
|
|
|
Changes in estimates
|
7.2
|
|
|
Settlements during the period
|
(46.1
|
)
|
|
Foreign exchange effect/other
|
(0.7
|
)
|
|
Balance as of December 31, 2018
|
39.8
|
|
|
Accruals for warranties issued during the period
|
41.1
|
|
|
Changes in estimates
|
13.4
|
|
|
Settlements during the period
|
(50.1
|
)
|
|
Foreign exchange effect/other
|
3.3
|
|
|
Balance as of December 31, 2019
|
$
|
47.5
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net sales
|
|
|
|
|
|
||||||
AWP
|
$
|
2,726.6
|
|
|
$
|
2,950.4
|
|
|
$
|
2,433.2
|
|
MP
|
1,371.4
|
|
|
1,322.6
|
|
|
1,119.8
|
|
|||
Corporate and Other / Eliminations
|
255.1
|
|
|
244.2
|
|
|
240.7
|
|
|||
Total
|
$
|
4,353.1
|
|
|
$
|
4,517.2
|
|
|
$
|
3,793.7
|
|
Income (loss) from operations
|
|
|
|
|
|
||||||
AWP
|
$
|
196.2
|
|
|
$
|
300.5
|
|
|
$
|
199.8
|
|
MP
|
196.8
|
|
|
176.0
|
|
|
125.1
|
|
|||
Corporate and Other / Eliminations
|
(58.0
|
)
|
|
(64.0
|
)
|
|
(96.7
|
)
|
|||
Total
|
$
|
335.0
|
|
|
$
|
412.5
|
|
|
$
|
228.2
|
|
Depreciation and amortization
|
|
|
|
|
|
||||||
AWP
|
$
|
23.0
|
|
|
$
|
20.9
|
|
|
$
|
23.2
|
|
MP
|
7.7
|
|
|
7.6
|
|
|
8.0
|
|
|||
Corporate
|
15.7
|
|
|
16.8
|
|
|
21.8
|
|
|||
Total
|
$
|
46.4
|
|
|
$
|
45.3
|
|
|
$
|
53.0
|
|
Capital expenditures
|
|
|
|
|
|
||||||
AWP
|
$
|
82.1
|
|
|
$
|
49.7
|
|
|
$
|
15.6
|
|
MP
|
11.5
|
|
|
33.1
|
|
|
6.7
|
|
|||
Corporate
|
11.9
|
|
|
8.2
|
|
|
9.4
|
|
|||
Total
|
$
|
105.5
|
|
|
$
|
91.0
|
|
|
$
|
31.7
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Identifiable assets
|
|
|
|
||||
AWP
|
$
|
1,814.4
|
|
|
$
|
1,983.5
|
|
MP
|
1,172.1
|
|
|
1,160.1
|
|
||
Corporate and Other / Eliminations (1)
|
199.3
|
|
|
(185.6
|
)
|
||
Assets held for sale (2)
|
9.8
|
|
|
527.9
|
|
||
Total
|
$
|
3,195.6
|
|
|
$
|
3,485.9
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Long-lived Assets
|
|
|
|
|
|
||
United States
|
$
|
246.8
|
|
|
$
|
193.1
|
|
United Kingdom
|
69.0
|
|
|
61.4
|
|
||
Germany
|
11.0
|
|
|
10.7
|
|
||
Other European countries
|
21.6
|
|
|
18.6
|
|
||
All other
|
41.0
|
|
|
33.5
|
|
||
Total
|
$
|
389.4
|
|
|
$
|
317.3
|
|
|
Year Ended December 31, 2019
|
||||||||||||||
|
AWP
|
|
MP
|
|
Corporate and Other / Eliminations
|
|
Total
|
||||||||
Net sales by region
|
|
|
|
|
|
|
|
|
|
||||||
North America
|
$
|
1,801.8
|
|
|
$
|
535.2
|
|
|
$
|
146.9
|
|
|
$
|
2,483.9
|
|
Western Europe
|
431.1
|
|
|
418.0
|
|
|
96.8
|
|
|
945.9
|
|
||||
Asia-Pacific
|
325.1
|
|
|
288.5
|
|
|
15.0
|
|
|
628.6
|
|
||||
Rest of World (1)
|
168.6
|
|
|
129.7
|
|
|
(3.6
|
)
|
|
294.7
|
|
||||
Total (2)
|
$
|
2,726.6
|
|
|
$
|
1,371.4
|
|
|
$
|
255.1
|
|
|
$
|
4,353.1
|
|
|
Year Ended December 31, 2018
|
||||||||||||||
|
AWP
|
|
MP
|
|
Corporate and Other / Eliminations
|
|
Total
|
||||||||
Net sales by region
|
|
|
|
|
|
|
|
|
|
||||||
North America
|
$
|
1,985.2
|
|
|
$
|
518.5
|
|
|
$
|
135.8
|
|
|
$
|
2,639.5
|
|
Western Europe
|
530.5
|
|
|
382.0
|
|
|
75.4
|
|
|
987.9
|
|
||||
Asia-Pacific
|
274.8
|
|
|
269.6
|
|
|
30.8
|
|
|
575.2
|
|
||||
Rest of World (1)
|
159.9
|
|
|
152.5
|
|
|
2.2
|
|
|
314.6
|
|
||||
Total (2)
|
$
|
2,950.4
|
|
|
$
|
1,322.6
|
|
|
$
|
244.2
|
|
|
$
|
4,517.2
|
|
|
Year Ended December 31, 2017
|
||||||||||||||
|
AWP
|
|
MP
|
|
Corporate and Other / Eliminations
|
|
Total
|
||||||||
Net sales by region
|
|
|
|
|
|
|
|
|
|
||||||
North America
|
$
|
1,570.7
|
|
|
$
|
507.1
|
|
|
$
|
143.9
|
|
|
$
|
2,221.7
|
|
Western Europe
|
404.2
|
|
|
282.7
|
|
|
92.1
|
|
|
779.0
|
|
||||
Asia-Pacific
|
265.0
|
|
|
204.8
|
|
|
37.2
|
|
|
507.0
|
|
||||
Rest of World (1)
|
193.3
|
|
|
125.2
|
|
|
(32.5
|
)
|
|
286.0
|
|
||||
Total (2)
|
$
|
2,433.2
|
|
|
$
|
1,119.8
|
|
|
$
|
240.7
|
|
|
$
|
3,793.7
|
|
|
Year Ended December 31, 2019
|
||||||||||||||
|
AWP
|
|
MP
|
|
Corporate and Other / Eliminations
|
|
Total
|
||||||||
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
|
—
|
|
|
473.3
|
|
|
—
|
|
|
473.3
|
|
||||
Other (1)
|
814.5
|
|
|
2.7
|
|
|
252.3
|
|
|
1,069.5
|
|
||||
Total
|
$
|
2,726.6
|
|
|
$
|
1,371.4
|
|
|
$
|
255.1
|
|
|
$
|
4,353.1
|
|
|
Year Ended December 31, 2018
|
||||||||||||||
|
AWP
|
|
MP
|
|
Corporate and Other / Eliminations
|
|
Total
|
||||||||
Net sales by product type
|
|
|
|
|
|
|
|
|
|
||||||
Aerial Work Platforms
|
$
|
2,128.6
|
|
|
$
|
—
|
|
|
$
|
3.5
|
|
|
$
|
2,132.1
|
|
Materials Processing Equipment
|
—
|
|
|
877.0
|
|
|
—
|
|
|
877.0
|
|
||||
Specialty Equipment
|
—
|
|
|
421.1
|
|
|
—
|
|
|
421.1
|
|
||||
Other (1)
|
821.8
|
|
|
24.5
|
|
|
240.7
|
|
|
1,087.0
|
|
||||
Total
|
$
|
2,950.4
|
|
|
$
|
1,322.6
|
|
|
$
|
244.2
|
|
|
$
|
4,517.2
|
|
|
Year Ended December 31, 2017
|
||||||||||||||
|
AWP
|
|
MP
|
|
Corporate and Other / Eliminations
|
|
Total
|
||||||||
Net sales by product type
|
|
|
|
|
|
|
|
|
|
||||||
Aerial Work Platforms
|
$
|
1,718.0
|
|
|
$
|
—
|
|
|
$
|
2.7
|
|
|
$
|
1,720.7
|
|
Materials Processing Equipment
|
—
|
|
|
726.9
|
|
|
0.6
|
|
|
727.5
|
|
||||
Specialty Equipment
|
—
|
|
|
376.3
|
|
|
—
|
|
|
376.3
|
|
||||
Other (1)
|
715.2
|
|
|
16.6
|
|
|
204.1
|
|
|
935.9
|
|
||||
Compact Construction Equipment (2)
|
—
|
|
|
—
|
|
|
33.3
|
|
|
33.3
|
|
||||
Total
|
$
|
2,433.2
|
|
|
$
|
1,119.8
|
|
|
$
|
240.7
|
|
|
$
|
3,793.7
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
United States
|
|
$
|
(32.4
|
)
|
|
$
|
(9.5
|
)
|
|
$
|
(13.4
|
)
|
Foreign
|
|
279.9
|
|
|
296.6
|
|
|
176.8
|
|
|||
Income (loss) from continuing operations before income taxes
|
|
$
|
247.5
|
|
|
$
|
287.1
|
|
|
$
|
163.4
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Current:
|
|
|
|
|
|
|
|
|
|
|||
Federal
|
|
$
|
14.7
|
|
|
$
|
21.4
|
|
|
$
|
(10.1
|
)
|
State
|
|
1.2
|
|
|
1.8
|
|
|
2.2
|
|
|||
Foreign
|
|
38.1
|
|
|
31.2
|
|
|
22.7
|
|
|||
Current income tax provision (benefit)
|
|
54.0
|
|
|
54.4
|
|
|
14.8
|
|
|||
Deferred:
|
|
|
|
|
|
|
|
|
|
|||
Federal
|
|
(14.9
|
)
|
|
(14.4
|
)
|
|
36.6
|
|
|||
State
|
|
(3.3
|
)
|
|
1.2
|
|
|
(0.6
|
)
|
|||
Foreign
|
|
2.0
|
|
|
4.2
|
|
|
1.6
|
|
|||
Deferred income tax (benefit) provision
|
|
(16.2
|
)
|
|
(9.0
|
)
|
|
37.6
|
|
|||
Provision for (benefit from) income taxes
|
|
$
|
37.8
|
|
|
$
|
45.4
|
|
|
$
|
52.4
|
|
|
|
2019
|
|
2018
|
||||
Property, plant and equipment
|
|
$
|
(14.5
|
)
|
|
$
|
(10.1
|
)
|
Intangibles
|
|
(4.7
|
)
|
|
(5.0
|
)
|
||
Inventories
|
|
6.4
|
|
|
6.4
|
|
||
Accrued warranties and product liability
|
|
9.8
|
|
|
8.3
|
|
||
Loss carry forwards
|
|
198.5
|
|
|
195.5
|
|
||
Retirement plans
|
|
13.3
|
|
|
12.1
|
|
||
Accrued compensation and benefits
|
|
22.0
|
|
|
18.8
|
|
||
Operating lease ROU asset
|
|
(30.9
|
)
|
|
—
|
|
||
Operating lease liability
|
|
32.2
|
|
|
—
|
|
||
Other
|
|
9.2
|
|
|
11.1
|
|
||
Deferred tax assets valuation allowance
|
|
(107.0
|
)
|
|
(114.3
|
)
|
||
Net deferred tax assets (liabilities)
|
|
$
|
134.3
|
|
|
$
|
122.8
|
|
|
|
Year Ended December 31,
|
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
||||||
Tax at statutory federal income tax rate
|
|
$
|
51.9
|
|
|
$
|
60.3
|
|
|
$
|
57.2
|
|
|
State taxes
|
|
(1.7
|
)
|
|
2.3
|
|
|
1.0
|
|
|
|||
Change in valuation allowance
|
|
(4.9
|
)
|
|
(13.9
|
)
|
|
(2.1
|
)
|
|
|||
Foreign tax differential on income/losses of foreign subsidiaries
|
|
(14.5
|
)
|
|
(18.0
|
)
|
|
(33.7
|
)
|
|
|||
U.S. tax on multi-national operations
|
|
7.2
|
|
|
16.3
|
|
|
7.7
|
|
|
|||
Change in foreign tax rates
|
|
3.7
|
|
|
0.7
|
|
|
—
|
|
|
|||
Tax effect of dispositions
|
|
—
|
|
|
—
|
|
|
(27.2
|
)
|
|
|||
2017 Federal Tax Act
|
|
—
|
|
|
5.5
|
|
|
46.9
|
|
(1)
|
|||
Expired stock awards
|
|
—
|
|
|
—
|
|
|
2.0
|
|
|
|||
Pension plan settlement
|
|
—
|
|
|
(7.1
|
)
|
|
—
|
|
|
|||
Other
|
|
(3.9
|
)
|
|
(0.7
|
)
|
|
0.6
|
|
|
|||
Provision for (benefit from) income taxes
|
|
$
|
37.8
|
|
|
$
|
45.4
|
|
|
$
|
52.4
|
|
|
Balance as of January 1, 2017
|
$
|
30.6
|
|
Additions for current year tax positions
|
—
|
|
|
Additions for prior year tax positions
|
11.9
|
|
|
Reductions for prior year tax positions
|
(0.7
|
)
|
|
Reductions for current year tax positions
|
—
|
|
|
Reductions for expiration of statute of limitations
|
(1.3
|
)
|
|
Settlements
|
(6.8
|
)
|
|
Balance as of December 31, 2017
|
33.7
|
|
|
Additions for current year tax positions
|
—
|
|
|
Additions for prior year tax positions
|
6.1
|
|
|
Reductions for prior year tax positions
|
(14.8
|
)
|
|
Reductions for current year tax positions
|
—
|
|
|
Reductions for expiration of statute of limitations
|
(0.8
|
)
|
|
Settlements
|
(10.7
|
)
|
|
Balance as of December 31, 2018
|
13.5
|
|
|
Additions for current year tax positions
|
—
|
|
|
Additions for prior year tax positions
|
2.0
|
|
|
Reductions for prior year tax positions
|
(0.4
|
)
|
|
Reductions for current year tax positions
|
—
|
|
|
Reductions for expiration of statute of limitations
|
(0.8
|
)
|
|
Settlements
|
—
|
|
|
Balance as of December 31, 2019
|
$
|
14.3
|
|
|
Year ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
Cranes
|
|
Cranes
|
|
Cranes
|
||||||
Net sales
|
$
|
327.2
|
|
|
$
|
607.8
|
|
|
$
|
569.7
|
|
Cost of sales
|
(335.2
|
)
|
|
(602.9
|
)
|
|
(521.0
|
)
|
|||
Selling, general and administrative expenses
|
(75.6
|
)
|
|
(117.5
|
)
|
|
(97.5
|
)
|
|||
Impairment of Mobile Cranes disposal group
|
(82.1
|
)
|
|
—
|
|
|
—
|
|
|||
Asset impairments
|
—
|
|
|
(6.6
|
)
|
|
0.5
|
|
|||
Other income (expense)
|
(4.5
|
)
|
|
(19.1
|
)
|
|
(3.1
|
)
|
|||
Income (loss) from discontinued operations before income taxes
|
(170.2
|
)
|
|
(138.3
|
)
|
|
(51.4
|
)
|
|||
(Provision for) benefit from income taxes
|
14.8
|
|
|
7.9
|
|
|
0.4
|
|
|||
Gain (loss) on disposition of discontinued operations – net of tax
|
—
|
|
|
—
|
|
|
1.4
|
|
|||
Income (loss) from discontinued operations – net of tax
|
$
|
(155.4
|
)
|
|
$
|
(130.4
|
)
|
|
$
|
(49.6
|
)
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
5.0
|
|
|
$
|
32.6
|
|
Trade receivables – net
|
3.5
|
|
|
126.9
|
|
||
Inventories
|
5.3
|
|
|
295.5
|
|
||
Prepaid and other current assets
|
0.2
|
|
|
9.4
|
|
||
Impairment reserve
|
(4.8
|
)
|
|
(4.9
|
)
|
||
Current assets held for sale
|
$
|
9.2
|
|
|
$
|
459.5
|
|
|
|
|
|
||||
Property, plant and equipment – net
|
$
|
0.6
|
|
|
$
|
28.8
|
|
Intangible assets – net
|
2.4
|
|
|
4.3
|
|
||
Impairment reserve
|
(2.8
|
)
|
|
(2.9
|
)
|
||
Other assets
|
0.4
|
|
|
38.2
|
|
||
Non-current assets held for sale
|
$
|
0.6
|
|
|
$
|
68.4
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Current portion of long-term debt
|
$
|
—
|
|
|
$
|
0.6
|
|
Trade accounts payable
|
4.6
|
|
|
101.6
|
|
||
Accruals and other current liabilities
|
3.8
|
|
|
77.3
|
|
||
Current liabilities held for sale
|
$
|
8.4
|
|
|
$
|
179.5
|
|
|
|
|
|
||||
Long-term debt, less current portion
|
$
|
—
|
|
|
$
|
4.1
|
|
Retirement plans
|
—
|
|
|
71.8
|
|
||
Other non-current liabilities
|
1.2
|
|
|
10.6
|
|
||
Non-current liabilities held for sale
|
$
|
1.2
|
|
|
$
|
86.5
|
|
|
December 31, 2019
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||
Cash and cash equivalents:
|
|
|
|
|
|
||||||
Cash and cash equivalents - continuing operations
|
$
|
535.1
|
|
|
$
|
339.5
|
|
|
$
|
571.6
|
|
Cash and cash equivalents - held for sale
|
5.0
|
|
|
32.6
|
|
|
58.5
|
|
|||
Total cash and cash equivalents
|
$
|
540.1
|
|
|
$
|
372.1
|
|
|
$
|
630.1
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Non-cash operating items:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
$
|
3.3
|
|
|
$
|
14.4
|
|
|
$
|
13.1
|
|
Gain (loss) on disposition of discontinued operations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1.4
|
)
|
Deferred taxes
|
$
|
(1.4
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(0.1
|
)
|
Impairments
|
$
|
82.1
|
|
|
$
|
6.6
|
|
|
$
|
(0.5
|
)
|
Investing activities:
|
|
|
|
|
|
||||||
Capital expenditures
|
$
|
(3.4
|
)
|
|
$
|
(12.8
|
)
|
|
$
|
(13.4
|
)
|
|
Year Ended December 31,
|
||||||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||||||||||||||
|
Cranes
|
MHPS
|
Other
|
Total
|
|
MHPS
|
Atlas
|
Other
|
Total
|
|
MHPS
|
Atlas
|
Total
|
||||||||||||||||||||||
Gain (loss) on disposition of discontinued operations
|
$
|
(1.0
|
)
|
$
|
(4.6
|
)
|
$
|
—
|
|
$
|
(5.6
|
)
|
|
$
|
(1.2
|
)
|
$
|
3.2
|
|
$
|
—
|
|
$
|
2.0
|
|
|
$
|
88.5
|
|
$
|
3.5
|
|
$
|
92.0
|
|
(Provision for) benefit from income taxes
|
2.2
|
|
3.4
|
|
0.1
|
|
5.7
|
|
|
(1.9
|
)
|
(0.5
|
)
|
2.8
|
|
0.4
|
|
|
(24.2
|
)
|
(0.5
|
)
|
(24.7
|
)
|
|||||||||||
Gain (loss) on disposition of discontinued operations – net of tax
|
$
|
1.2
|
|
$
|
(1.2
|
)
|
$
|
0.1
|
|
$
|
0.1
|
|
|
$
|
(3.1
|
)
|
$
|
2.7
|
|
$
|
2.8
|
|
$
|
2.4
|
|
|
$
|
64.3
|
|
$
|
3.0
|
|
$
|
67.3
|
|
|
For the year ended December 31,
|
||||||||||
|
(in millions, except per share data)
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Income (loss) from continuing operations
|
$
|
209.7
|
|
|
$
|
241.7
|
|
|
$
|
111.0
|
|
Income (loss) from discontinued operations-net of tax
|
(155.4
|
)
|
|
(130.4
|
)
|
|
(49.6
|
)
|
|||
Gain (loss) on disposition of discontinued operations-net of tax
|
0.1
|
|
|
2.4
|
|
|
67.3
|
|
|||
Net income (loss)
|
$
|
54.4
|
|
|
$
|
113.7
|
|
|
$
|
128.7
|
|
Basic shares:
|
|
|
|
|
|
||||||
Weighted average shares outstanding
|
71.1
|
|
|
75.4
|
|
|
92.8
|
|
|||
Earnings (loss) per share - basic:
|
|
|
|
|
|
||||||
Income (loss) from continuing operations
|
$
|
2.95
|
|
|
$
|
3.21
|
|
|
$
|
1.20
|
|
Income (loss) from discontinued operations-net of tax
|
(2.18
|
)
|
|
(1.73
|
)
|
|
(0.53
|
)
|
|||
Gain (loss) on disposition of discontinued operations-net of tax
|
—
|
|
|
0.03
|
|
|
0.72
|
|
|||
Net income (loss)
|
$
|
0.77
|
|
|
$
|
1.51
|
|
|
$
|
1.39
|
|
Diluted shares:
|
|
|
|
|
|
||||||
Weighted average shares outstanding - basic
|
71.1
|
|
|
75.4
|
|
|
92.8
|
|
|||
Effect of dilutive securities:
|
|
|
|
|
|
||||||
Restricted stock awards
|
0.7
|
|
|
1.5
|
|
|
2.1
|
|
|||
Diluted weighted average shares outstanding
|
71.8
|
|
|
76.9
|
|
|
94.9
|
|
|||
Earnings (loss) per share - diluted:
|
|
|
|
|
|
||||||
Income (loss) from continuing operations
|
$
|
2.92
|
|
|
$
|
3.14
|
|
|
$
|
1.17
|
|
Income (loss) from discontinued operations-net of tax
|
(2.16
|
)
|
|
(1.69
|
)
|
|
(0.52
|
)
|
|||
Gain (loss) on disposition of discontinued operations-net of tax
|
—
|
|
|
0.03
|
|
|
0.71
|
|
|||
Net income (loss)
|
$
|
0.76
|
|
|
$
|
1.48
|
|
|
$
|
1.36
|
|
|
December 31,
2019 |
|
December 31,
2018 |
||||
Commercial loans
|
$
|
145.7
|
|
|
$
|
154.0
|
|
Sales-type leases
|
20.5
|
|
|
45.5
|
|
||
Total finance receivables, gross
|
166.2
|
|
|
199.5
|
|
||
Allowance for credit losses
|
(11.0
|
)
|
|
(5.5
|
)
|
||
Total finance receivables, net
|
$
|
155.2
|
|
|
$
|
194.0
|
|
|
|
Year Ended December 31, 2019
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
||||||||||||||||||||||||||||||
|
|
Commercial Loans
|
|
Sales-Type Leases
|
|
Total
|
|
Commercial Loans
|
|
Sales-Type Leases
|
|
Total
|
|
Commercial Loans
|
|
Sales-Type Leases
|
|
Total
|
||||||||||||||||||
Balance, beginning of period
|
|
$
|
4.0
|
|
|
$
|
1.5
|
|
|
$
|
5.5
|
|
|
$
|
5.7
|
|
|
$
|
0.9
|
|
|
$
|
6.6
|
|
|
$
|
5.9
|
|
|
$
|
0.4
|
|
|
$
|
6.3
|
|
Provision for credit losses
|
|
6.9
|
|
|
(1.0
|
)
|
|
5.9
|
|
|
(0.5
|
)
|
|
0.6
|
|
|
0.1
|
|
|
0.2
|
|
|
0.5
|
|
|
0.7
|
|
|||||||||
Charge offs
|
|
(0.4
|
)
|
|
—
|
|
|
(0.4
|
)
|
|
(1.1
|
)
|
|
—
|
|
|
(1.1
|
)
|
|
(0.4
|
)
|
|
—
|
|
|
(0.4
|
)
|
|||||||||
Recoveries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Balance, end of period
|
|
$
|
10.5
|
|
|
$
|
0.5
|
|
|
$
|
11.0
|
|
|
$
|
4.0
|
|
|
$
|
1.5
|
|
|
$
|
5.5
|
|
|
$
|
5.7
|
|
|
$
|
0.9
|
|
|
$
|
6.6
|
|
|
|
December 31, 2019
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||||||||
|
|
Commercial Loans
|
|
Sales-Type Leases
|
|
Total
|
|
Commercial Loans
|
|
Sales-Type Leases
|
|
Total
|
|
Commercial Loans
|
|
Sales-Type Leases
|
|
Total
|
||||||||||||||||||
Recorded investment
|
|
$
|
7.8
|
|
|
$
|
—
|
|
|
$
|
7.8
|
|
|
$
|
1.5
|
|
|
$
|
—
|
|
|
$
|
1.5
|
|
|
$
|
6.0
|
|
|
$
|
—
|
|
|
$
|
6.0
|
|
Related allowance
|
|
7.8
|
|
|
—
|
|
|
7.8
|
|
|
0.6
|
|
|
—
|
|
|
0.6
|
|
|
2.4
|
|
|
—
|
|
|
2.4
|
|
|||||||||
Average recorded investment
|
|
7.5
|
|
|
—
|
|
|
7.5
|
|
|
2.4
|
|
|
—
|
|
|
2.4
|
|
|
3.7
|
|
|
—
|
|
|
3.7
|
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
Allowance for credit losses, ending balance:
|
|
Commercial Loans
|
|
Sales-Type Leases
|
|
Total
|
|
Commercial Loans
|
|
Sales-Type Leases
|
|
Total
|
||||||||||||
Individually evaluated for impairment
|
|
$
|
7.8
|
|
|
$
|
—
|
|
|
$
|
7.8
|
|
|
$
|
0.6
|
|
|
$
|
—
|
|
|
$
|
0.6
|
|
Collectively evaluated for impairment
|
|
2.7
|
|
|
0.5
|
|
|
3.2
|
|
|
3.4
|
|
|
1.5
|
|
|
4.9
|
|
||||||
Total allowance for credit losses
|
|
$
|
10.5
|
|
|
$
|
0.5
|
|
|
$
|
11.0
|
|
|
$
|
4.0
|
|
|
$
|
1.5
|
|
|
$
|
5.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Finance receivables, ending balance:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
|
$
|
7.8
|
|
|
$
|
—
|
|
|
$
|
7.8
|
|
|
$
|
1.5
|
|
|
$
|
—
|
|
|
$
|
1.5
|
|
Collectively evaluated for impairment
|
|
137.9
|
|
|
20.5
|
|
|
158.4
|
|
|
152.5
|
|
|
45.5
|
|
|
198.0
|
|
||||||
Total finance receivables
|
|
$
|
145.7
|
|
|
$
|
20.5
|
|
|
$
|
166.2
|
|
|
$
|
154.0
|
|
|
$
|
45.5
|
|
|
$
|
199.5
|
|
|
December 31, 2019
|
||||||||||||||||||||||
|
Current
|
|
31-60 days past due
|
|
61-90 days past due
|
|
Greater than 90 days past due
|
|
Total past due
|
|
Total Finance Receivables
|
||||||||||||
Commercial loans
|
$
|
135.1
|
|
|
$
|
2.4
|
|
|
$
|
0.1
|
|
|
$
|
8.1
|
|
|
$
|
10.6
|
|
|
$
|
145.7
|
|
Sales-type leases
|
20.2
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
|
20.5
|
|
||||||
Total finance receivables
|
$
|
155.3
|
|
|
$
|
2.4
|
|
|
$
|
0.4
|
|
|
$
|
8.1
|
|
|
$
|
10.9
|
|
|
$
|
166.2
|
|
|
December 31, 2018
|
||||||||||||||||||||||
|
Current
|
|
31-60 days past due
|
|
61-90 days past due
|
|
Greater than 90 days past due
|
|
Total past due
|
|
Total Finance Receivables
|
||||||||||||
Commercial loans
|
$
|
152.2
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
1.7
|
|
|
$
|
1.8
|
|
|
$
|
154.0
|
|
Sales-type leases
|
45.3
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
45.5
|
|
||||||
Total finance receivables
|
$
|
197.5
|
|
|
$
|
0.3
|
|
|
$
|
—
|
|
|
$
|
1.7
|
|
|
$
|
2.0
|
|
|
$
|
199.5
|
|
Rating
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Superior
|
|
$
|
1.7
|
|
|
$
|
7.5
|
|
Above Average
|
|
17.3
|
|
|
30.7
|
|
||
Average
|
|
42.1
|
|
|
56.9
|
|
||
Below Average
|
|
96.2
|
|
|
94.5
|
|
||
Sub Standard
|
|
8.9
|
|
|
9.9
|
|
||
Total
|
|
$
|
166.2
|
|
|
$
|
199.5
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Finished equipment
|
$
|
408.1
|
|
|
$
|
478.4
|
|
Replacement parts
|
160.8
|
|
|
143.3
|
|
||
Work-in-process
|
78.7
|
|
|
86.5
|
|
||
Raw materials and supplies
|
200.1
|
|
|
210.7
|
|
||
Inventories
|
$
|
847.7
|
|
|
$
|
918.9
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Property
|
$
|
40.9
|
|
|
$
|
39.6
|
|
Plant
|
168.1
|
|
|
161.3
|
|
||
Equipment
|
358.3
|
|
|
337.3
|
|
||
Leasehold improvements
|
55.8
|
|
|
49.1
|
|
||
Construction in progress
|
101.1
|
|
|
42.2
|
|
||
Property, plant and equipment – gross
|
724.2
|
|
|
629.5
|
|
||
Less: Accumulated depreciation
|
(334.8
|
)
|
|
(312.2
|
)
|
||
Property, plant and equipment – net
|
$
|
389.4
|
|
|
$
|
317.3
|
|
|
AWP
|
|
MP
|
|
Total
|
||||||
Balance at December 31, 2017, gross
|
$
|
140.2
|
|
|
$
|
195.2
|
|
|
$
|
335.4
|
|
Accumulated impairment
|
(38.6
|
)
|
|
(23.2
|
)
|
|
(61.8
|
)
|
|||
Balance at December 31, 2017, net
|
101.6
|
|
|
172.0
|
|
|
273.6
|
|
|||
Foreign exchange effect and other
|
(1.0
|
)
|
|
(7.4
|
)
|
|
(8.4
|
)
|
|||
Balance at December 31, 2018, gross
|
139.2
|
|
|
187.8
|
|
|
327.0
|
|
|||
Accumulated impairment
|
(38.6
|
)
|
|
(23.2
|
)
|
|
(61.8
|
)
|
|||
Balance at December 31, 2018, net
|
100.6
|
|
|
164.6
|
|
|
265.2
|
|
|||
Foreign exchange effect and other
|
0.1
|
|
|
4.6
|
|
|
4.7
|
|
|||
Balance at December 31, 2019, gross
|
139.3
|
|
|
192.4
|
|
|
331.7
|
|
|||
Accumulated impairment
|
(38.6
|
)
|
|
(23.2
|
)
|
|
(61.8
|
)
|
|||
Balance at December 31, 2019, net
|
$
|
100.7
|
|
|
$
|
169.2
|
|
|
$
|
269.9
|
|
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
Weighted Average Life
(in years) |
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
||||||||||||
Definite-lived intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Technology
|
7
|
|
$
|
9.4
|
|
|
$
|
(8.8
|
)
|
|
$
|
0.6
|
|
|
$
|
9.7
|
|
|
$
|
(9.1
|
)
|
|
$
|
0.6
|
|
Customer Relationships
|
22
|
|
25.6
|
|
|
(22.8
|
)
|
|
2.8
|
|
|
25.6
|
|
|
(21.7
|
)
|
|
3.9
|
|
||||||
Land Use Rights
|
81
|
|
4.3
|
|
|
(0.7
|
)
|
|
3.6
|
|
|
4.4
|
|
|
(0.6
|
)
|
|
3.8
|
|
||||||
Other
|
8
|
|
25.1
|
|
|
(22.4
|
)
|
|
2.7
|
|
|
24.9
|
|
|
(21.8
|
)
|
|
3.1
|
|
||||||
Total definite-lived intangible assets
|
|
|
$
|
64.4
|
|
|
$
|
(54.7
|
)
|
|
$
|
9.7
|
|
|
$
|
64.6
|
|
|
$
|
(53.2
|
)
|
|
$
|
11.4
|
|
|
For the Year Ended December 31,
|
||||||||||
(in millions)
|
2019
|
|
2018
|
|
2017
|
||||||
Aggregate Amortization Expense
|
$
|
1.8
|
|
|
$
|
1.8
|
|
|
$
|
1.8
|
|
2020
|
|
$
|
1.4
|
|
2021
|
|
1.3
|
|
|
2022
|
|
1.3
|
|
|
2023
|
|
0.8
|
|
|
2024
|
|
0.6
|
|
Gain (Loss) Recognized on Derivatives in OCI, net of tax:
|
Year Ended December 31, 2017
|
||
Instrument
|
|
||
Foreign exchange contracts
|
$
|
5.4
|
|
Cross currency swaps
|
(0.9
|
)
|
|
Total
|
$
|
4.5
|
|
|
|
||
Gain (Loss) Reclassified from AOCI into Income (Loss) (Effective):
|
Year Ended December 31, 2017
|
||
Income Statement Account
|
|
||
Cost of goods sold
|
$
|
1.5
|
|
Other income (expense) – net
|
(3.1
|
)
|
|
Total
|
$
|
(1.6
|
)
|
|
Classification and amount of Gain or Loss
Recognized in Income
|
||||||||||||
|
Cost of goods sold
|
|
Other income (expense) - net
|
||||||||||
|
Year Ended December 31,
|
||||||||||||
|
2019
|
2018
|
|
2019
|
2018
|
||||||||
Income Statement Accounts in which effects of cash flow hedges are recorded
|
$
|
(3,465.3
|
)
|
$
|
(3,555.3
|
)
|
|
$
|
(6.1
|
)
|
$
|
(60.6
|
)
|
Gain (Loss) Reclassified from AOCI into Income (Loss):
|
|
|
|
|
|||||||||
Foreign exchange contracts
|
(5.5
|
)
|
(1.4
|
)
|
|
—
|
|
—
|
|
||||
Commodity swaps
|
(2.8
|
)
|
(0.2
|
)
|
|
—
|
|
—
|
|
||||
Cross currency swaps
|
—
|
|
—
|
|
|
1.1
|
|
2.1
|
|
||||
Total
|
$
|
(8.3
|
)
|
$
|
(1.6
|
)
|
|
$
|
1.1
|
|
$
|
2.1
|
|
Gain (Loss) Recognized on Derivatives (Ineffective) in Income (Loss):
|
December 31, 2017
|
||
Income Statement Account
|
|
||
Cost of goods sold
|
$
|
1.2
|
|
Other income (expense) – net
|
(0.1
|
)
|
|
Total
|
$
|
1.1
|
|
|
|
Year Ended December 31,
|
||||||||
Instrument
|
Income Statement Account
|
2019
|
2018
|
2017
|
||||||
Foreign exchange contracts
|
Other income (expense) – net
|
$
|
(0.2
|
)
|
$
|
(0.1
|
)
|
$
|
(1.1
|
)
|
Debt conversion feature
|
Other income (expense) – net
|
$
|
(0.5
|
)
|
$
|
(0.9
|
)
|
$
|
0.4
|
|
Total
|
|
$
|
(0.7
|
)
|
$
|
(1.0
|
)
|
$
|
(0.7
|
)
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
5-5/8% Senior Notes due February 1, 2025, net of unamortized debt issuance costs of $7.5 and $8.9 at December 31, 2019 and 2018, respectively
|
$
|
592.5
|
|
|
$
|
591.1
|
|
2017 Credit Agreement – term debt due January 31, 2024 (“Original Term Loan”, as defined below), net of unamortized debt issuance costs of $4.0 and $5.0 at December 31, 2019 and 2018, respectively
|
383.8
|
|
|
386.4
|
|
||
2017 Credit Agreement – term debt due January 31, 2024 (“2019 Term Loan”, as defined below), net of unamortized debt issuance costs of $2.1 at December 31, 2019
|
195.6
|
|
|
—
|
|
||
2017 Credit Agreement – revolver
|
—
|
|
|
237.0
|
|
||
Finance lease obligations
|
3.7
|
|
|
—
|
|
||
Other
|
0.1
|
|
|
0.2
|
|
||
Total debt
|
1,175.7
|
|
|
1,214.7
|
|
||
Less: Current portion of long-term debt
|
(6.9
|
)
|
|
(4.1
|
)
|
||
Long-term debt, less current portion
|
$
|
1,168.8
|
|
|
$
|
1,210.6
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
Continuing Operations
|
|
Discontinued Operations
|
|
Total
|
|
Continuing Operations
|
|
Discontinued Operations
|
|
Total
|
||||||||||||
$400 Million Facility
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
$300 Million Facility
|
34.8
|
|
|
—
|
|
|
34.8
|
|
|
33.4
|
|
|
—
|
|
|
33.4
|
|
||||||
Bilateral Arrangements
|
45.3
|
|
|
—
|
|
|
45.3
|
|
|
32.0
|
|
|
10.4
|
|
|
42.4
|
|
||||||
Total
|
$
|
80.1
|
|
|
$
|
—
|
|
|
$
|
80.1
|
|
|
$
|
65.4
|
|
|
$
|
10.4
|
|
|
$
|
75.8
|
|
2020
|
$
|
6.1
|
|
2021
|
5.5
|
|
|
2022
|
5.5
|
|
|
2023
|
5.5
|
|
|
2024
|
561.4
|
|
|
Thereafter
|
601.5
|
|
|
Total Debt
|
1,185.5
|
|
|
Less: Unamortized debt issuance costs
|
$
|
(13.5
|
)
|
Net debt
|
$
|
1,172.0
|
|
2019
|
Book Value
|
|
Quote
|
|
FV
|
||||||
5-5/8% Notes
|
$
|
600.0
|
|
|
$
|
1.03375
|
|
|
$
|
620
|
|
2017 Credit Agreement - Original Term Loan (net of discount)
|
$
|
387.8
|
|
|
$
|
1.00656
|
|
|
$
|
390
|
|
2017 Credit Agreement - 2019 Term Loan (net of discount)
|
$
|
197.7
|
|
|
$
|
1.00938
|
|
|
$
|
200
|
|
2018
|
Book Value
|
|
Quote
|
|
FV
|
||||||
5-5/8% Notes
|
$
|
600.0
|
|
|
$
|
0.93250
|
|
|
$
|
560
|
|
2017 Credit Agreement - Original Term Loan (net of discount)
|
$
|
391.4
|
|
|
$
|
0.96750
|
|
|
$
|
379
|
|
|
Year Ended
|
||
|
December 31, 2019
|
||
Operating lease cost
|
$
|
33.8
|
|
Variable lease cost
|
6.7
|
|
|
Short-term lease cost
|
5.0
|
|
|
Total operating lease costs
|
$
|
45.5
|
|
|
December 31, 2019
|
||
Operating lease right-of-use assets included within Other assets
|
$
|
122.9
|
|
|
|
||
Current maturities of operating leases included within Other current liabilities
|
$
|
25.9
|
|
Non-current operating leases included within Other liabilities
|
104.7
|
|
|
Total operating lease liabilities
|
$
|
130.6
|
|
|
|
||
Weighted average discount rate for operating leases
|
5.58
|
%
|
|
Weighted average remaining operating lease term in years
|
6
|
|
Years Ending December 31,
|
December 31, 2019
|
||
2020
|
$
|
31.3
|
|
2021
|
27.8
|
|
|
2022
|
24.8
|
|
|
2023
|
21.9
|
|
|
2024
|
16.9
|
|
|
Thereafter
|
27.6
|
|
|
Total undiscounted operating lease payments
|
150.3
|
|
|
Less: Imputed interest
|
(19.7
|
)
|
|
Total operating lease liabilities
|
130.6
|
|
|
Less: Current maturities of operating lease liabilities
|
(25.9
|
)
|
|
Non-current operating lease liabilities
|
$
|
104.7
|
|
|
Year Ended
|
||
|
December 31, 2019
|
||
Cash paid for amounts included in the measurement of operating lease liabilities
|
$
|
36.6
|
|
Operating right-of-use assets obtained in exchange for operating lease liabilities
|
$
|
22.9
|
|
2019
|
$
|
30.5
|
|
2020
|
25.8
|
|
|
2021
|
22.9
|
|
|
2022
|
18.7
|
|
|
2023
|
16.4
|
|
|
Thereafter
|
37.0
|
|
|
Total minimum obligations
|
$
|
151.3
|
|
|
U.S. Pension Benefits
|
|
Non-U.S. Pension Benefits
|
|
Other Benefits
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
Accumulated benefit obligation at end of year
|
$
|
43.1
|
|
|
$
|
35.1
|
|
|
$
|
151.1
|
|
|
$
|
136.6
|
|
|
|
|
|
|
|
||
Change in benefit obligation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Benefit obligation at beginning of year
|
$
|
39.1
|
|
|
$
|
128.0
|
|
|
$
|
138.4
|
|
|
$
|
154.6
|
|
|
$
|
0.9
|
|
|
$
|
1.1
|
|
Service cost
|
0.2
|
|
|
0.4
|
|
|
1.9
|
|
|
1.8
|
|
|
—
|
|
|
—
|
|
||||||
Interest cost
|
1.6
|
|
|
4.3
|
|
|
3.6
|
|
|
3.4
|
|
|
0.1
|
|
|
—
|
|
||||||
Transfer from held for sale
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
2.1
|
|
|
—
|
|
||||||
Settlements
|
—
|
|
|
(77.5
|
)
|
|
(2.4
|
)
|
|
(2.7
|
)
|
|
—
|
|
|
—
|
|
||||||
Curtailments
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Plan amendments
|
—
|
|
|
—
|
|
|
—
|
|
|
2.6
|
|
|
—
|
|
|
—
|
|
||||||
Actuarial loss (gain)
|
3.4
|
|
|
(8.2
|
)
|
|
12.6
|
|
|
(6.5
|
)
|
|
(0.1
|
)
|
|
(0.2
|
)
|
||||||
Benefits paid
|
(1.2
|
)
|
|
(7.9
|
)
|
|
(5.8
|
)
|
|
(6.5
|
)
|
|
(0.2
|
)
|
|
—
|
|
||||||
Foreign exchange effect
|
—
|
|
|
—
|
|
|
4.9
|
|
|
(8.3
|
)
|
|
—
|
|
|
—
|
|
||||||
Benefit obligation at end of year
|
43.1
|
|
|
39.1
|
|
|
153.0
|
|
|
138.4
|
|
|
2.8
|
|
|
0.9
|
|
||||||
Change in plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Fair value of plan assets at beginning of year
|
—
|
|
|
90.4
|
|
|
107.5
|
|
|
121.2
|
|
|
—
|
|
|
—
|
|
||||||
Actual return on plan assets
|
—
|
|
|
(4.7
|
)
|
|
10.9
|
|
|
(4.1
|
)
|
|
—
|
|
|
—
|
|
||||||
Settlements
|
—
|
|
|
(77.5
|
)
|
|
(2.4
|
)
|
|
(2.7
|
)
|
|
—
|
|
|
—
|
|
||||||
Employer contribution
|
1.2
|
|
|
6.0
|
|
|
7.1
|
|
|
5.8
|
|
|
0.2
|
|
|
—
|
|
||||||
Employee contribution
|
—
|
|
|
—
|
|
|
0.5
|
|
|
0.5
|
|
|
—
|
|
|
—
|
|
||||||
Benefits paid
|
(1.2
|
)
|
|
(7.9
|
)
|
|
(5.8
|
)
|
|
(6.5
|
)
|
|
(0.2
|
)
|
|
—
|
|
||||||
Transfer to held for sale
|
—
|
|
|
(6.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Foreign exchange effect
|
—
|
|
|
—
|
|
|
4.3
|
|
|
(6.7
|
)
|
|
—
|
|
|
—
|
|
||||||
Fair value of plan assets at end of year
|
—
|
|
|
—
|
|
|
122.1
|
|
|
107.5
|
|
|
—
|
|
|
—
|
|
||||||
Funded status
|
$
|
(43.1
|
)
|
|
$
|
(39.1
|
)
|
|
$
|
(30.9
|
)
|
|
$
|
(30.9
|
)
|
|
$
|
(2.8
|
)
|
|
$
|
(0.9
|
)
|
Amounts recognized in the statement of financial position are included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Other current liabilities
|
$
|
2.4
|
|
|
$
|
1.3
|
|
|
$
|
0.6
|
|
|
$
|
0.5
|
|
|
$
|
0.3
|
|
|
$
|
0.1
|
|
Other non-current liabilities
|
40.7
|
|
|
37.8
|
|
|
30.3
|
|
|
30.4
|
|
|
2.5
|
|
|
0.8
|
|
||||||
Total liabilities
|
$
|
43.1
|
|
|
$
|
39.1
|
|
|
$
|
30.9
|
|
|
$
|
30.9
|
|
|
$
|
2.8
|
|
|
$
|
0.9
|
|
Amounts recognized in accumulated other comprehensive loss consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Actuarial net loss
|
$
|
3.1
|
|
|
$
|
(0.9
|
)
|
|
$
|
48.3
|
|
|
$
|
61.3
|
|
|
$
|
0.4
|
|
|
$
|
0.5
|
|
Prior service cost
|
—
|
|
|
—
|
|
|
2.6
|
|
|
2.7
|
|
|
—
|
|
|
—
|
|
||||||
Total amounts recognized in accumulated other comprehensive loss
|
$
|
3.1
|
|
|
$
|
(0.9
|
)
|
|
$
|
50.9
|
|
|
$
|
64.0
|
|
|
$
|
0.4
|
|
|
$
|
0.5
|
|
|
U.S. Pension Benefits
|
|
Non-U.S. Pension Benefits
|
|
Other Benefits
|
|||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
|||||||||
Weighted-average assumptions as of December 31:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate(1)
|
3.31
|
%
|
|
4.41
|
%
|
|
3.78
|
%
|
|
1.87
|
%
|
|
2.67
|
%
|
|
2.43
|
%
|
|
3.10
|
%
|
|
4.14
|
%
|
|
3.58
|
%
|
Expected return on plan assets
|
—
|
%
|
|
—
|
%
|
|
7.00
|
%
|
|
4.40
|
%
|
|
4.40
|
%
|
|
4.43
|
%
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
Rate of compensation increase(1)
|
—
|
%
|
|
3.75
|
%
|
|
3.75
|
%
|
|
0.17
|
%
|
|
0.19
|
%
|
|
0.14
|
%
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
U.S. Pension Benefits
|
|
Non-U.S. Pension Benefits
|
|
Other Benefits
|
||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||
Components of net periodic cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Service cost
|
$
|
0.2
|
|
|
$
|
0.4
|
|
|
$
|
0.6
|
|
|
$
|
1.9
|
|
|
$
|
1.8
|
|
|
$
|
1.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
1.6
|
|
|
4.3
|
|
|
5.1
|
|
|
3.6
|
|
|
3.4
|
|
|
3.9
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|||||||||
Expected return on plan assets
|
—
|
|
|
(5.6
|
)
|
|
(6.0
|
)
|
|
(4.7
|
)
|
|
(5.0
|
)
|
|
(5.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Recognition of prior service cost
|
—
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Amortization of actuarial loss
|
(0.5
|
)
|
|
2.6
|
|
|
3.3
|
|
|
1.5
|
|
|
1.4
|
|
|
1.4
|
|
|
—
|
|
|
—
|
|
|
(1.3
|
)
|
|||||||||
Settlements
|
—
|
|
|
50.5
|
|
|
—
|
|
|
0.6
|
|
|
0.8
|
|
|
1.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Other
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
(0.7
|
)
|
|
(0.4
|
)
|
|
(0.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Net periodic cost
|
$
|
1.1
|
|
|
$
|
52.3
|
|
|
$
|
3.1
|
|
|
$
|
2.3
|
|
|
$
|
2.0
|
|
|
$
|
3.2
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
(1.3
|
)
|
|
U.S. Pension Benefits
|
|
Non-U.S. Pension Benefits
|
|
Other Benefits
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net (gain) loss
|
$
|
3.4
|
|
|
$
|
4.7
|
|
|
$
|
6.4
|
|
|
$
|
0.9
|
|
|
$
|
(0.1
|
)
|
|
$
|
(0.3
|
)
|
Amortization of actuarial gain (loss)
|
0.6
|
|
|
(3.4
|
)
|
|
(2.5
|
)
|
|
(3.2
|
)
|
|
—
|
|
|
(0.1
|
)
|
||||||
Amortization of prior service cost
|
—
|
|
|
(0.1
|
)
|
|
(0.2
|
)
|
|
2.5
|
|
|
—
|
|
|
—
|
|
||||||
Disposals
|
—
|
|
|
—
|
|
|
(17.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Settlements
|
—
|
|
|
(67.0
|
)
|
|
(0.6
|
)
|
|
(0.8
|
)
|
|
—
|
|
|
—
|
|
||||||
Foreign exchange effect
|
—
|
|
|
—
|
|
|
1.6
|
|
|
(3.7
|
)
|
|
—
|
|
|
—
|
|
||||||
Total recognized in other comprehensive income (loss)
|
$
|
4.0
|
|
|
$
|
(65.8
|
)
|
|
$
|
(13.2
|
)
|
|
$
|
(4.3
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(0.4
|
)
|
|
U.S. Pension
Benefits
|
|
Non-U.S. Pension Benefits
|
|
Other
Benefits
|
||||||
Amounts expected to be recognized as components of net periodic cost for the year ending December 31, 2020:
|
|
|
|
|
|
||||||
Actuarial net loss
|
$
|
—
|
|
|
$
|
1.7
|
|
|
$
|
—
|
|
Prior service cost
|
—
|
|
|
0.1
|
|
|
—
|
|
|||
Total amount expected to be recognized as components of net periodic cost for the year ending December 31, 2020
|
$
|
—
|
|
|
$
|
1.8
|
|
|
$
|
—
|
|
|
U.S. Pension
Benefits
|
|
Non-U.S. Pension Benefits
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Projected benefit obligation
|
$
|
43.1
|
|
|
$
|
39.1
|
|
|
$
|
153.0
|
|
|
$
|
138.4
|
|
Accumulated benefit obligation
|
$
|
43.1
|
|
|
$
|
35.1
|
|
|
$
|
151.1
|
|
|
$
|
136.6
|
|
Fair value of plan assets
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
122.1
|
|
|
$
|
107.5
|
|
|
Non-U.S. Pension Plans
|
||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Cash, including money market funds
|
$
|
2.3
|
|
|
$
|
2.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
U.S. equities
|
16.1
|
|
|
—
|
|
|
16.1
|
|
|
—
|
|
||||
Non-U.S. equities
|
14.1
|
|
|
—
|
|
|
14.1
|
|
|
—
|
|
||||
Non-U.S. corporate bond funds
|
2.8
|
|
|
—
|
|
|
2.8
|
|
|
—
|
|
||||
Non-U.S. governmental fixed income funds
|
25.2
|
|
|
—
|
|
|
25.2
|
|
|
—
|
|
||||
Group annuity insurance contracts
|
35.5
|
|
|
—
|
|
|
—
|
|
|
35.5
|
|
||||
Real estate
|
3.8
|
|
|
—
|
|
|
3.8
|
|
|
—
|
|
||||
Other securities
|
22.3
|
|
|
—
|
|
|
22.3
|
|
|
—
|
|
||||
Total investments measured at fair value
|
$
|
122.1
|
|
|
$
|
2.3
|
|
|
$
|
84.3
|
|
|
$
|
35.5
|
|
|
|
Non-U.S. Pension Plans
|
||||||||||||||
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Cash, including money market funds
|
|
$
|
0.7
|
|
|
$
|
0.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
U.S. equities
|
|
11.1
|
|
|
—
|
|
|
11.1
|
|
|
—
|
|
||||
Non-U.S. equities
|
|
10.7
|
|
|
—
|
|
|
10.7
|
|
|
—
|
|
||||
Non-U.S. corporate bond funds
|
|
2.5
|
|
|
—
|
|
|
2.5
|
|
|
—
|
|
||||
Non-U.S. governmental fixed income funds
|
|
59.7
|
|
|
—
|
|
|
59.7
|
|
|
—
|
|
||||
Real estate
|
|
3.7
|
|
|
—
|
|
|
3.7
|
|
|
—
|
|
||||
Other securities
|
|
19.1
|
|
|
—
|
|
|
19.1
|
|
|
—
|
|
||||
Total investments measured at fair value
|
|
$
|
107.5
|
|
|
$
|
0.7
|
|
|
$
|
106.8
|
|
|
$
|
—
|
|
|
|
Non-U.S. Pension Benefits
|
||
Balance at beginning of year
|
|
$
|
—
|
|
Transfers into Level 3
|
|
35.5
|
|
|
Balance at end of year
|
|
$
|
35.5
|
|
Year Ending December 31,
|
|
U.S. Pension Benefits
|
|
Non-U.S. Pension Benefits
|
|
Other Benefits
|
||||||
2020
|
|
$
|
2.4
|
|
|
$
|
6.0
|
|
|
$
|
0.4
|
|
2021
|
|
$
|
2.4
|
|
|
$
|
5.5
|
|
|
$
|
0.3
|
|
2022
|
|
$
|
2.3
|
|
|
$
|
5.6
|
|
|
$
|
0.3
|
|
2023
|
|
$
|
2.5
|
|
|
$
|
5.7
|
|
|
$
|
0.3
|
|
2024
|
|
$
|
2.5
|
|
|
$
|
6.1
|
|
|
$
|
0.2
|
|
2025-2029
|
|
$
|
12.3
|
|
|
$
|
31.6
|
|
|
$
|
0.8
|
|
|
Grant date
|
|
Grant date
|
|
Grant date
|
|
March 12, 2019
|
|
March 8, 2018
|
|
March 2, 2017
|
Dividend yields
|
1.31%
|
|
1.00%
|
|
1.01%
|
Expected historical volatility
|
36.64%
|
|
40.41%
|
|
42.78%
|
Risk free interest rate
|
2.40%
|
|
2.38%
|
|
1.55%
|
Expected life (in years)
|
3
|
|
3
|
|
3
|
Grant date fair value per share
|
$38.77
|
|
$41.57
|
|
$36.48
|
|
|
Restricted Stock
Awards
|
|
Weighted
Average Grant
Date Fair Value
|
|||
Nonvested at December 31, 2018
|
|
2,976,227
|
|
|
$
|
34.32
|
|
Granted
|
|
1,137,983
|
|
|
$
|
33.84
|
|
Vested
|
|
(1,432,294
|
)
|
|
$
|
30.82
|
|
Canceled, expired or other
|
|
(239,656
|
)
|
|
$
|
32.76
|
|
Nonvested at December 31, 2019
|
|
2,442,260
|
|
|
$
|
35.53
|
|
|
|
Cumulative
Translation
Adjustment
|
|
Derivative
Hedging
Adjustment
|
|
Debt & Equity
Securities
Adjustment
|
|
Pension
Liability
Adjustment
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||||
Balance at January 1, 2017
|
|
$
|
(615.3
|
)
|
|
$
|
(2.4
|
)
|
|
$
|
0.6
|
|
|
$
|
(162.3
|
)
|
|
$
|
(779.4
|
)
|
Current year change
|
|
470.6
|
|
|
4.5
|
|
|
3.7
|
|
|
61.1
|
|
|
539.9
|
|
|||||
Balance at December 31, 2017
|
|
(144.7
|
)
|
|
2.1
|
|
|
4.3
|
|
|
(101.2
|
)
|
|
(239.5
|
)
|
|||||
Current year change
|
|
(80.9
|
)
|
|
(6.5
|
)
|
|
(3.5
|
)
|
|
45.6
|
|
|
(45.3
|
)
|
|||||
Balance at December 31, 2018
|
|
(225.6
|
)
|
|
(4.4
|
)
|
|
0.8
|
|
|
(55.6
|
)
|
|
(284.8
|
)
|
|||||
Current year change
|
|
17.4
|
|
|
3.6
|
|
|
1.8
|
|
|
4.5
|
|
|
27.3
|
|
|||||
Balance at December 31, 2019
|
|
$
|
(208.2
|
)
|
|
$
|
(0.8
|
)
|
|
$
|
2.6
|
|
|
$
|
(51.1
|
)
|
|
$
|
(257.5
|
)
|
|
|
|
Year ended December 31, 2019
|
|
Year ended December 31, 2018
|
||||||||||||||||||||||||||||
|
CTA (1)
|
Derivative
Hedging
Adj.
|
Debt &
Equity
Securities
Adj.
|
Pension
Liability
Adj. (2)
|
Total
|
|
CTA
|
Derivative
Hedging
Adj.
|
Debt &
Equity
Securities
Adj.
|
Pension
Liability
Adj. (3)
|
Total
|
||||||||||||||||||||
Beginning balance
|
$
|
(225.6
|
)
|
$
|
(4.4
|
)
|
$
|
0.8
|
|
$
|
(55.6
|
)
|
$
|
(284.8
|
)
|
|
$
|
(144.7
|
)
|
$
|
2.1
|
|
$
|
4.3
|
|
$
|
(101.2
|
)
|
$
|
(239.5
|
)
|
Other comprehensive income (loss) before reclassifications
|
(8.7
|
)
|
(2.6
|
)
|
1.8
|
|
(10.0
|
)
|
(19.5
|
)
|
|
(80.2
|
)
|
(7.4
|
)
|
(0.9
|
)
|
(2.8
|
)
|
(91.3
|
)
|
||||||||||
Amounts reclassified from AOCI
|
26.1
|
|
6.2
|
|
—
|
|
14.5
|
|
46.8
|
|
|
(0.7
|
)
|
0.9
|
|
—
|
|
48.4
|
|
48.6
|
|
||||||||||
Net other comprehensive income (loss)
|
17.4
|
|
3.6
|
|
1.8
|
|
4.5
|
|
27.3
|
|
|
(80.9
|
)
|
(6.5
|
)
|
(0.9
|
)
|
45.6
|
|
(42.7
|
)
|
||||||||||
Other (4)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
(2.6
|
)
|
—
|
|
(2.6
|
)
|
||||||||||
Ending balance
|
$
|
(208.2
|
)
|
$
|
(0.8
|
)
|
$
|
2.6
|
|
$
|
(51.1
|
)
|
$
|
(257.5
|
)
|
|
$
|
(225.6
|
)
|
$
|
(4.4
|
)
|
$
|
0.8
|
|
$
|
(55.6
|
)
|
$
|
(284.8
|
)
|
|
•
|
A consolidated class action complaint for violations of securities laws was filed in the United States District Court, District of Connecticut on November 18, 2010 and is entitled Sheet Metal Workers Local 32 Pension Fund and Ironworkers St. Louis Council Pension Fund, individually and on behalf of all others similarly situated v. Terex Corporation, et al.
|
•
|
A stockholder derivative complaint for violation of the Securities and Exchange Act of 1934, breach of fiduciary duty, waste of corporate assets and unjust enrichment was filed on April 12, 2010 in the United States District Court, District of Connecticut and is entitled Peter Derrer, derivatively on behalf of Terex Corporation v. Ronald M. DeFeo, Phillip C. Widman, Thomas J. Riordan, G. Chris Andersen, Donald P. Jacobs, David A. Sachs, William H. Fike, Donald DeFosset, Helge H. Wehmeier, Paula H.J. Cholmondeley, Oren G. Shaffer, Thomas J. Hansen, and David C. Wang, and Terex Corporation.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Balance
Beginning
of Year
|
|
Charges to
Earnings
|
|
Other (1)
|
|
Deductions (2)
|
|
Balance End
of Year
|
||||||||||
Year ended December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deducted from asset accounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Allowance for doubtful accounts - Current
|
$
|
9.1
|
|
|
$
|
6.4
|
|
|
$
|
(0.6
|
)
|
|
$
|
(5.0
|
)
|
|
$
|
9.9
|
|
Allowance for doubtful accounts - Non-current
|
21.6
|
|
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
21.3
|
|
|||||
Reserve for inventory
|
49.8
|
|
|
4.1
|
|
|
3.1
|
|
|
(3.8
|
)
|
|
53.2
|
|
|||||
Valuation allowances for deferred tax assets
|
114.3
|
|
|
(4.1
|
)
|
|
(3.2
|
)
|
|
—
|
|
|
107.0
|
|
|||||
Totals
|
$
|
194.8
|
|
|
$
|
6.4
|
|
|
$
|
(1.0
|
)
|
|
$
|
(8.8
|
)
|
|
$
|
191.4
|
|
Year ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deducted from asset accounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Allowance for doubtful accounts - Current
|
$
|
9.3
|
|
|
$
|
2.4
|
|
|
$
|
—
|
|
|
$
|
(2.6
|
)
|
|
$
|
9.1
|
|
Allowance for doubtful accounts - Non-current
|
22.2
|
|
|
0.2
|
|
|
(0.8
|
)
|
|
—
|
|
|
21.6
|
|
|||||
Reserve for inventory
|
53.4
|
|
|
6.5
|
|
|
(1.7
|
)
|
|
(8.4
|
)
|
|
49.8
|
|
|||||
Valuation allowances for deferred tax assets
|
134.6
|
|
|
(15.8
|
)
|
|
(4.5
|
)
|
|
—
|
|
|
114.3
|
|
|||||
Totals
|
$
|
219.5
|
|
|
$
|
(6.7
|
)
|
|
$
|
(7.0
|
)
|
|
$
|
(11.0
|
)
|
|
$
|
194.8
|
|
Year ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deducted from asset accounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Allowance for doubtful accounts - Current
|
$
|
9.4
|
|
|
$
|
0.4
|
|
|
$
|
0.2
|
|
|
$
|
(0.7
|
)
|
|
$
|
9.3
|
|
Allowance for doubtful accounts - Non-current
|
25.2
|
|
|
—
|
|
|
1.5
|
|
|
(4.5
|
)
|
|
22.2
|
|
|||||
Reserve for inventory
|
56.3
|
|
|
11.2
|
|
|
6.8
|
|
|
(20.9
|
)
|
|
53.4
|
|
|||||
Valuation allowances for deferred tax assets
|
148.1
|
|
|
0.3
|
|
|
(13.8
|
)
|
|
—
|
|
|
134.6
|
|
|||||
Totals
|
$
|
239.0
|
|
|
$
|
11.9
|
|
|
$
|
(5.3
|
)
|
|
$
|
(26.1
|
)
|
|
$
|
219.5
|
|
(1)
|
Primarily represents the impact of foreign currency exchange, business divestitures and other amounts recorded to accumulated other comprehensive income (loss).
|
(2)
|
Primarily represents the utilization of established reserves, net of recoveries.
|
• the distinctive serial designation and the number of shares;
|
||
• the dividend rate or rates, whether dividends shall be cumulative and, if so, from what date, the payment date or dates for dividends, and any participating or other special rights with respect to dividends;
|
||
• any voting powers of the shares;
|
||
• whether the shares will be redeemable and, if so, the price or prices at which, and the terms and conditions on which, the shares may be redeemed;
|
||
• the amount or amounts payable upon the shares in the event of voluntary or involuntary liquidation, dissolution or winding up of us prior to any payment or distribution of our assets to any class or classes of our stock ranking junior to the preferred stock;
|
||
• whether the shares will be entitled to the benefit of a sinking or retirement fund and, if so entitled, the amount of the fund and the manner of its application, including the price or prices at which the shares may be redeemed or purchased through the application of the fund;
|
||
• whether the shares will be convertible into, or exchangeable for, shares of any other class or of any other series of the same or any other class of our stock or the stock of another issuer, and if so convertible or exchangeable, the conversion price or prices, or the rates of exchange, and any adjustments to the conversion price or rates of exchange at which the conversion or exchange may be made, and any other terms and conditions of the conversion or exchange; and
|
||
• any other preferences, privileges and powers, and relative, participating, optional, or other special rights, and qualifications, limitations or restrictions, as our board of directors may deem advisable and as shall not be inconsistent with the provisions of our Charter.
|
||
|
||
|
|
|
Name of Subsidiary
|
Jurisdiction of Incorporation
|
A.S.V. Holding, LLC
|
Minnesota
|
B-L Pegson Limited
|
United Kingdom
|
Brown Lenox & Co. Limited
|
United Kingdom
|
CBI Europe B.V.
|
Netherlands
|
Continental Biomass Holding B.V.
|
Netherlands
|
CMI Terex Corporation
|
Oklahoma
|
ETW Global Finance (Barbados) SRL
|
Barbados
|
Fermec Holdings Ltd.
|
United Kingdom
|
Fermec International Ltd.
|
United Kingdom
|
Fermec Manufacturing Ltd.
|
United Kingdom
|
Genie Cayman Holdings
|
Cayman Islands
|
Genie France S.A.R.L.
|
France
|
Genie Industries Iberica, S.L.
|
Spain
|
Genie Industries, B.V.
|
The Netherlands
|
Genie Industries, Inc.
|
Washington
|
Genie Korea Ltd.
|
Korea
|
Genie Scandinavia AB
|
Sweden
|
Genie UK Limited
|
United Kingdom
|
Gru Comedil S.r.l.
|
Italy
|
Industrial Conveyors Sdn Bhd
|
Malaysia
|
Jaques International Holdings Pty. Ltd.
|
Australia
|
New Terex Holdings UK Limited
|
United Kingdom
|
Pegson Group Limited
|
United Kingdom
|
Platform Service and Repair Limited
|
United Kingdom
|
Power Legend International Limited
|
Cayman Islands
|
Power Legend Industries Limited
|
British Virgin Islands
|
Powerscreen International (Canada) ULC
|
Canada
|
Powerscreen International (U.K.) Limited
|
United Kingdom
|
Powerscreen International Limited
|
United Kingdom
|
Powerscreen Limited
|
Ireland
|
Powerscreen USA LLC
|
Kentucky
|
Schaeff & Co.
|
United Kingdom
|
Schaeff Grundbesitz GmbH & Co. OHG
|
Germany
|
Schaeff Limited
|
United Kingdom
|
Schaeff Service Limited
|
United Kingdom
|
Sempurna Enterprise Sdn Bhd
|
Malaysia
|
Terex Advance Mixer, Inc.
|
Delaware
|
Terex Aerials Limited
|
Ireland
|
Terex Asia
|
Mauritius
|
Terex Australia Pty. Ltd.
|
Australia
|
Terex Betim Equipamentos Ltda
|
Brazil
|
Terex Canada Ltd.
|
Canada
|
Terex Chile Limitada
|
Chile
|
Terex (China) Investment Co., Ltd.
|
China
|
Terex (Changzhou) Machinery Co., Ltd.
|
China
|
Name of Subsidiary
|
Jurisdiction of Incorporation
|
Terex Distribution Limited
|
United Kingdom
|
Terex Deutschland Bau-Beteiligungen GmbH
|
Germany
|
Terex Deutschland GmbH
|
Germany
|
Terex Equipment & Machinery España S.L.U.
|
Spain
|
Terex Equipment Middle East LLC
|
United Arab Emirates
|
Terex European Holdings B.V.
|
The Netherlands
|
Terex Finance and Lease (China) Limited
|
China
|
Terex Financial Services, Inc.
|
Delaware
|
Terex Financial Services Europe Limited
|
United Kingdom
|
Terex France SARL
|
France
|
Terex GB Limited
|
United Kingdom
|
Terex Germany GmbH & Co. KG
|
Germany
|
Terex Global GmbH
|
Switzerland
|
Terex India Private Limited
|
India
|
Terex International Financial Services Company Unlimited Company
|
N. Ireland
|
Terex International Holdings 1 Limited
|
United Kingdom
|
Terex International Holdings 2 Limited
|
United Kingdom
|
Terex Italia S.r.l.
|
Italy
|
Terex Japan K.K.
|
Japan
|
Terex Latin America Equipamentos Ltda.
|
Brazil
|
Terex Latin America, S. de R.L. de C.V.
|
Mexico
|
Terex Makina Satis Anonim Sirketi
|
Turkey
|
Terex Master Trust
|
Delaware
|
Terex Malaysia Sdn Bhd
|
Malaysia
|
Terex Netherlands Holdings B.V.
|
The Netherlands
|
Terex Operations Italy Srl
|
Italy
|
Terex Pegson Limited
|
United Kingdom
|
Terex Roadbuilding Europe N.V.
|
Belgium
|
Terex S.A. (Proprietary) Limited
|
South Africa
|
Terex (Shanghai) Management Co., Ltd.
|
China
|
Terex Singapore Pte. Ltd.
|
Singapore
|
Terex South Dakota, Inc.
|
Delaware
|
Terex (Thailand) Limited
|
Thailand
|
Terex United Kingdom Limited
|
United Kingdom
|
Terex USA, LLC
|
Delaware
|
Terex Utilities, Inc.
|
Oregon
|
Terex Verwaltungs GmbH
|
Austria
|
Terex Washington, Inc.
|
Washington
|
Webster Schaeff & Co. 2000
|
United Kingdom
|
SIGNATURE
|
TITLE
|
DATE
|
/s/ John L. Garrison, Jr
|
Chairman and Chief Executive Officer
|
January 21, 2020
|
John L. Garrison, Jr.
|
(Principal Executive Officer)
|
|
|
|
|
/s/ Paula H. J. Cholmondeley
|
Director
|
January 24, 2020
|
Paula H. J. Cholmondeley
|
|
|
|
|
|
/s/ Don DeFosset
|
Director
|
January 21, 2020
|
Don DeFosset
|
|
|
|
|
|
/s/ Thomas J. Hansen
|
Director
|
January 21, 2020
|
Thomas J. Hansen
|
|
|
|
|
|
/s/ Raimund Klinkner
|
Director
|
January 21, 2020
|
Raimund Klinkner
|
|
|
|
|
|
/s/ Andra M. Rush
|
Director
|
January 25, 2020
|
Andra M. Rush
|
|
|
|
|
|
/s/ David A. Sachs
|
Lead Director
|
January 31, 2020
|
David A. Sachs
|
|
|
|
|
|
/s/ Scott W. Wine
|
Director
|
January 21, 2020
|
Scott W. Wine
|
|
|
1.
|
I have reviewed this annual report on Form 10-K of Terex Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
1.
|
I have reviewed this annual report on Form 10-K of Terex Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
/s/ John L. Garrison, Jr.
|
|
John L. Garrison, Jr.
|
|
Chairman and Chief Executive Officer
|
|
|
|
February 14, 2020
|
|
/s/ John D. Sheehan
|
|
John D. Sheehan
|
|
Senior Vice President and
|
|
Chief Financial Officer
|
|
|
|
February 14, 2020
|