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BUSINESS SEGMENT INFORMATION | 3 Months Ended
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Mar. 31, 2023
Segment Reporting [Abstract] |
BUSINESS SEGMENT INFORMATION | BUSINESS SEGMENT INFORMATION Terex is a global manufacturer of materials processing machinery and aerial work platforms. The Company designs, builds and supports products used in construction, maintenance, manufacturing, energy, recycling, minerals and materials management applications. Certain Terex products and solutions enable customers to reduce their impact on the environment including electric and hybrid offerings that deliver quiet and emission-free performance, products that support renewable energy, and products that aid in the recovery of useful materials from various types of waste. The Company’s products are manufactured in North America, Europe, Australia and Asia and sold worldwide. Terex engages with customers through all stages of the product life cycle, from initial specification to parts and service support. The Company identifies its operating segments according to how business activities are managed and evaluated, and has identified three operating segments: Materials Processing (“MP”), Aerials and Utilities. As Aerials and Utilities operating segments share similar economic characteristics, these operating segments are aggregated into one operating segment, AWP, for the purpose of determining reportable segments. The Company operates in two reportable segments: (i) MP and (ii) AWP. MP designs, manufactures, services and markets materials processing and specialty equipment, including crushers, washing systems, screens, trommels, apron feeders, material handlers, pick and carry cranes, rough terrain cranes, tower cranes, wood processing, biomass and recycling equipment, concrete mixer trucks and concrete pavers, conveyors, and their related components and replacement parts. Customers use these products in construction, infrastructure and recycling projects, in various quarrying and mining applications, as well as in landscaping and biomass production industries, material handling applications, maintenance applications to lift equipment or material, moving materials and equipment on rugged or uneven terrain, lifting construction material and placing material at point of use. AWP designs, manufactures, services and markets aerial work platform equipment, utility equipment and telehandlers as well as their related components and replacement parts. Customers use these products to construct and maintain industrial, commercial, institutional and residential buildings and facilities, for construction and maintenance of utility and telecommunication lines, tree trimming, certain construction and foundation drilling applications, and for other commercial operations, as well as in a wide range of infrastructure projects. The Company assists customers in their rental, leasing and acquisition of its products through Terex Financial Services (“TFS”). TFS uses its equipment financing experience to facilitate financial products and services to assist customers in the acquisition of the Company’s equipment. TFS is included in Corporate and Other. Corporate and Other also includes eliminations among the two reportable segments, as well as general and corporate items. Business segment information is presented below (in millions):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
Net sales |  |  |  |  |  |  |
MP |  |  |  |  | $ | 553.8 |  |  | $ | 452.7 |
AWP |  |  |  |  | 685.9 |  |  | 551.5 |
Corporate and Other / Eliminations |  |  |  |  | (4.0) |  |  | (1.7) |
Total |  |  |  |  | $ | 1,235.7 |  |  | $ | 1,002.5 |
Income (loss) from operations |  |  |  |  |  |  |
MP |  |  |  |  | $ | 85.3 |  |  | $ | 64.5 |
AWP |  |  |  |  | 83.1 |  |  | 32.5 |
Corporate and Other / Eliminations |  |  |  |  | (20.7) |  |  | (22.5) |
Total |  |  |  |  | $ | 147.7 |  |  | $ | 74.5 |
| March 31, 2023 |  | December 31, 2022
Identifiable assets |  |  |
MP | $ | 1,852.8 |  |  | $ | 1,800.1 |
AWP | 2,244.1 |  |  | 2,122.5 |
Corporate and Other / Eliminations | (815.7) |  |  | (804.5) |
Total | $ | 3,281.2 |  |  | $ | 3,118.1 |
Sales between segments are generally priced to recover costs plus a reasonable markup for profit, which is eliminated in consolidation. Geographic net sales information is presented below (in millions):
|  |  | Three Months Ended March 31, 2023 |  |  | Three Months Ended March 31, 2022
|  |  | MP |  | AWP |  | Corporate and Other / Eliminations |  | Total |  |  |  | MP |  | AWP |  | Corporate and Other / Eliminations |  | Total
Net sales by region |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  |  | $ | 248.0 |  |  | $ | 433.6 |  |  | $ | 2.8 |  |  | $ | 684.4 |  |  |  |  | $ | 166.3 |  |  | $ | 365.4 |  |  | $ | 1.9 |  |  | $ | 533.6 |
Western Europe |  |  | 150.6 |  |  | 140.2 |  |  | 0.1 |  |  | 290.9 |  |  |  |  | 148.9 |  |  | 103.5 |  |  | 0.1 |  |  | 252.5 |
Asia-Pacific |  |  | 97.9 |  |  | 54.4 |  |  | 0.2 |  |  | 152.5 |  |  |  |  | 96.7 |  |  | 45.2 |  |  | — |  |  | 141.9 |
Rest of World (1) |  |  | 57.3 |  |  | 57.7 |  |  | (7.1) |  |  | 107.9 |  |  |  |  | 40.8 |  |  | 37.4 |  |  | (3.7) |  |  | 74.5 |
Total (2) |  |  | $ | 553.8 |  |  | $ | 685.9 |  |  | $ | (4.0) |  |  | $ | 1,235.7 |  |  |  |  | $ | 452.7 |  |  | $ | 551.5 |  |  | $ | (1.7) |  |  | $ | 1,002.5 |
(1) Includes intercompany sales and eliminations. (2) Total sales include $628.8 million and $487.7 million for the three months ended March 31, 2023 and 2022, respectively, attributable to the U.S., the Company’s country of domicile.
The Company attributes sales to unaffiliated customers in different geographical areas based on the location of the customer. Product type net sales information is presented below (in millions):
|  |  | Three Months Ended March 31, 2023 |  |  |  | Three Months Ended March 31, 2022
|  |  | MP |  | AWP |  | Corporate and Other / Eliminations |  | Total |  |  |  | MP |  | AWP |  | Corporate and Other / Eliminations |  | Total
Net sales by product type |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerial Work Platforms |  |  | $ | — |  |  | $ | 484.3 |  |  | $ | 0.5 |  |  | $ | 484.8 |  |  |  |  | $ | — |  |  | $ | 403.0 |  |  | $ | 0.3 |  |  | $ | 403.3 |
Materials Processing Equipment |  |  | 334.4 |  |  | — |  |  | — |  |  | 334.4 |  |  |  |  | 267.2 |  |  | — |  |  | 0.5 |  |  | 267.7 |
Specialty Equipment |  |  | 215.7 |  |  | — |  |  | 0.3 |  |  | 216.0 |  |  |  |  | 184.4 |  |  | — |  |  | 0.4 |  |  | 184.8 |
Utility Equipment |  |  | — |  |  | 128.4 |  |  | — |  |  | 128.4 |  |  |  |  | — |  |  | 111.2 |  |  | — |  |  | 111.2 |
Other (1) |  |  | 3.7 |  |  | 73.2 |  |  | (4.8) |  |  | 72.1 |  |  |  |  | 1.1 |  |  | 37.3 |  |  | (2.9) |  |  | 35.5 |
Total |  |  | $ | 553.8 |  |  | $ | 685.9 |  |  | $ | (4.0) |  |  | $ | 1,235.7 |  |  |  |  | $ | 452.7 |  |  | $ | 551.5 |  |  | $ | (1.7) |  |  | $ | 1,002.5 |
(1) Includes other product types, intercompany sales and eliminations.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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