XML 33 R11.htm IDEA: XBRL DOCUMENT v3.25.0.1
BUSINESS SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION BUSINESS SEGMENT INFORMATION
Terex is a global industrial equipment manufacturer of materials processing machinery, waste and recycling solutions, mobile elevating work platforms (MEWPs), and equipment for the electric utility industry. The Company designs, builds and supports products used in maintenance, manufacturing, energy, waste and recycling, minerals and materials management, construction, and the entertainment industry. Terex provides lifecycle support to its customers through its global parts and services organization, and offers complementary digital solutions, designed to help customers maximize their return on their investment. 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, and Asia Pacific 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. The Company reports its business in the following segments: (i) Materials Processing (“MP”), (ii) Aerial Work Platforms (“AWP”) and (iii) Environmental Solutions Group (“ESG”). Our Aerials and Utilities operating segments share similar economic characteristics and are aggregated into one reportable segment, AWP. As the Company continues to integrate ESG during 2025 and refine how it manages those operations in the context of its overall business, it is possible that segment presentation could change.

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

ESG designs, manufactures, services and markets waste and recycling equipment and solutions, including refuse collection bodies, hydraulic cart lifters, automated carry cans, compaction, balers and recycling equipment, cameras with integrated smart technology, as well as related components and replacement parts, and waste hauler software solutions. Customers use these products in the solid waste and recycling industry.

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 three reportable segments, as well as general and corporate items.

The Company’s chief operating decision maker (“CODM”) is the President and Chief Executive Officer. In making resource allocation decisions for the segments, the CODM uses segment gross profit margin and segment profit or loss from operations before interest and income taxes. Such segment resource allocations may include, but are not limited to, allocation of capital resources, personnel and facilities. The primary resource allocation process occurs predominantly in the annual budget and forecasting process. The CODM then reviews and considers budget-to-actual variances on a monthly basis for both gross profit margin and segment profit or loss from operations before interest and income taxes, in order to determine whether to make any adjustments to capital allocations.

None of the Company’s customers individually accounted for more than 10% of consolidated net sales in 2024, 2023 or 2022.
Business segment information is presented below (in millions):
 Year Ended December 31, 2024
MPAWPESGTotal
Net sales
$1,902 $2,996 $228 $5,126 
Reconciliation of net sales
Corporate and Other / Eliminations1 
Consolidated net sales
5,127 
Less: (1)
Cost of goods sold
1,458 2,406 197 4,061 
Compensation expense
108 118 12 238 
Other segment items (2)
84 130 7 221 
Segment income (loss) from operations
$252 $342 $12 $606 
Reconciliation of income (loss) from operations
Corporate and Other / Eliminations(80)
Consolidated income (loss) from operations
$526 
(1) Significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown.
(2) Other segment items includes corporate management charges, travel & entertainment, depreciation & amortization, property & utilities, selling & marketing, research & development and communication & software expenses. Individually, each of these categories represents an insignificant amount.
 
Year Ended December 31, 2023
MPAWPESGTotal
Net sales
$2,227 $2,922 $— $5,149 
Reconciliation of net sales
Corporate and Other / Eliminations3 
Consolidated net sales5,152 
Less: (1)
Cost of goods sold
1,672 2,298 — 3,970 
Compensation expense
113 123 — 236 
Other segment items (2)
83 130 — 213 
Segment income (loss) from operations
$359 $371 $— $730 
Reconciliation of income (loss) from operations
Corporate and Other / Eliminations(93)
Consolidated income (loss) from operations
$637 
(1) Significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown.
(2) Other segment items includes corporate management charges, travel & entertainment, depreciation & amortization, property & utilities, selling & marketing, research & development and communication & software expenses. Individually, each of these categories represents an insignificant amount.
 
Year Ended December 31, 2022
MPAWPESGTotal
Net sales
$1,942 $2,484 $— $4,426 
Reconciliation of net sales
Corporate and Other / Eliminations(8)
Consolidated net sales4,418 
Less: (1)
Cost of goods sold
1,476 2,080 — 3,556 
Compensation expense
93 104 — 197 
Other segment items (2)
75 104 — 179 
Segment income (loss) from operations
$298 $196 $— $494 
Reconciliation of income (loss) from operations
Corporate and Other / Eliminations(74)
Consolidated income (loss) from operations
$420 
(1) Significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown.
(2) Other segment items includes corporate management charges, travel & entertainment, depreciation & amortization, property & utilities, selling & marketing, research & development and communication & software expenses. Individually, each of these categories represents an insignificant amount.
 Year Ended December 31,
 202420232022
Depreciation and amortization
MP$20 $16 $14 
AWP32 32 25 
ESG
20 — — 
Corporate10 8 8 
Total$82 $56 $47 
Capital expenditures
MP$47 $38 $25 
AWP73 79 78 
ESG
3 — — 
Corporate14 10 7 
Total$137 $127 $110 

December 31,
20242023
Identifiable assets  
MP
$1,885 $2,091 
AWP
2,193 2,216 
ESG
2,273 — 
Corporate and Other / Eliminations
(621)(692)
Total$5,730 $3,615 
Sales between segments are generally priced to recover costs plus a reasonable markup for profit, which is eliminated in consolidation.

Long-lived assets consist of net fixed assets, which can be attributed to the specific geographic regions (in millions):
 December 31,
 20242023
Long-lived Assets  
U.S.
$299 $192 
United Kingdom104 97 
Mexico141 125 
China61 65 
Other European countries67 62 
All other42 29 
Total$714 $570 

Geographic net sales information is presented below (in millions):
 
Year Ended December 31, 2024
MPAWP
ESG
Corporate and Other / EliminationsTotal
Net sales by region 
North America$871 $2,263 $227 $6 $3,367 
Western Europe468 388 — 1 857 
Asia-Pacific377 177 — 1 555 
Rest of World (1)
186 168 1 (7)348 
Total (2)
$1,902 $2,996 $228 $1 $5,127 
(1) Includes intercompany sales and eliminations.
(2) Total sales include $3.1 billion attributable to the U.S., the Company’s country of domicile.
 
Year Ended December 31, 2023
MPAWP
ESG
Corporate and Other / EliminationsTotal
Net sales by region  
North America$974 $2,043 $— $14 $3,031 
Western Europe609 434 — 1 1,044 
Asia-Pacific427 235 — — 662 
Rest of World (1)
217 210 — (12)415 
Total (2)
$2,227 $2,922 $— $3 $5,152 
(1) Includes intercompany sales and eliminations.
(2) Total sales include $2.8 billion attributable to the U.S., the Company’s country of domicile.
 
Year Ended December 31, 2022
MPAWP
ESG
Corporate and Other / EliminationsTotal
Net sales by region  
North America$819 $1,666 $— $12 $2,497 
Western Europe567 387 — — 954 
Asia-Pacific384 228 — 1 613 
Rest of World (1)
172 203 — (21)354 
Total (2)
$1,942 $2,484 $— $(8)$4,418 
(1) Includes intercompany sales and eliminations.
(2) Total sales include $2.2 billion attributable to the U.S., the Company’s country of domicile.
The Company attributes sales to unaffiliated customers in different geographical areas based on the location of the customer.

Product type net sales information is presented below (in millions):
 
Year Ended December 31, 2024
MPAWP
ESG
Corporate and Other / EliminationsTotal
Net sales by product type  
Aerial Work Platforms$— $2,031 $— $1 $2,032 
Materials Processing Equipment1,238 — — — 1,238 
Specialty Equipment664 — — — 664 
Utility Equipment— 589 — — 589 
ESG Equipment
— — 204 — 204 
Other (1)
— 376 24 — 400 
Total$1,902 $2,996 $228 $1 $5,127 
(1) Includes other product types, intercompany sales and eliminations.
 
Year Ended December 31, 2023
MPAWP
ESG
Corporate and Other / EliminationsTotal
Net sales by product type  
Aerial Work Platforms$— $2,033 $— $3 $2,036 
Materials Processing Equipment1,412 — — — 1,412 
Specialty Equipment814 — — 1 815 
Utility Equipment— 575 — — 575 
ESG Equipment
— — — — — 
Other (1)
1 314 — (1)314 
Total$2,227 $2,922 $— $3 $5,152 
(1) Includes other product types, intercompany sales and eliminations.
 
Year Ended December 31, 2022
MPAWP
ESG
Corporate and Other / EliminationsTotal
Net sales by product type  
Aerial Work Platforms$— $1,799 $— $1 $1,800 
Materials Processing Equipment1,155 — — 1 1,156 
Specialty Equipment781 — — 1 782 
Utility Equipment— 466 — — 466 
ESG Equipment
— — — — — 
Other (1)
6 219 — (11)214 
Total$1,942 $2,484 $— $(8)$4,418 
(1) Includes other product types, intercompany sales and eliminations.