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LEASES
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
LEASES LEASES
Terex has operating leases for real property, vehicles and office and industrial equipment, generally expiring over terms from 1 to 15 years. Many of the leases held by Terex include options to extend or terminate the lease. Real property leases are used for office, administrative and industrial purposes. The base terms of these leases typically expire between 2 and 15 years, with options to renew between 2 and 15 years. Most of our renewal options are linked to market conditions and Terex cannot estimate how existing renewal options will affect the monthly payments. The vehicle leases mainly include cars and trucks. Term length for these leases typically varies between 1 and 5 years. Office and industrial equipment leases primarily include machinery used for conducting business at office locations and manufacturing sites worldwide. Term length for these leases typically varies between 2 and 6 years.

Operating Leases

Operating lease cost consists of the following (in millions):
Year Ended December 31,
202420232022
Operating lease cost$38 $38 $32 
Variable lease cost6 5 4 
Short-term lease cost8 6 5 
Total operating lease costs$52 $49 $41 

Variable lease costs are expensed as incurred and are not included in the determination of right-of-use assets or lease liabilities. Operating lease obligations consist primarily of commitments to rent real properties.

Supplemental balance sheet information related to leases (in millions, except lease term and discount rate):
December 31,
20242023
Operating lease right-of-use assets included within Other assets
$136 $126 
Current maturities of operating leases included within Other current liabilities
$31 $28 
Non-current operating leases included within Other non-current liabilities
103 92 
Total operating lease liabilities$134 $120 
Weighted average discount rate for operating leases5.80 %5.69 %
Weighted average remaining operating lease term in years55
Maturities of operating lease liabilities (in millions):
2025$39 
202635 
202726 
202820 
202913 
Thereafter24 
Total undiscounted operating lease payments157 
Less: Imputed interest(23)
Total operating lease liabilities134 
Less: Current maturities of operating lease liabilities (31)
Non-current operating lease liabilities$103 
Supplemental cash flow and other information related to operating leases (in millions):
December 31,
20242023
Cash paid for amounts included in the measurement of operating lease liabilities$41 $47 
Operating right-of-use assets obtained in exchange for operating lease liabilities$29 $68