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BUSINESS SEGMENT INFORMATION | 3 Months Ended
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Mar. 31, 2025
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. Effective January 1, 2025, the Company reports its business in the following reportable segments: (i) Materials Processing (“MP”), (ii) Aerials and (iii) Environmental Solutions (“ES”). The Company’s Environmental Solutions Group (“ESG”) and Utilities operating segments share similar economic characteristics and are aggregated into one reportable segment, ES. 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. Aerials designs, manufactures, services and markets aerial work platform 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, and for other commercial operations, as well as in a wide range of infrastructure projects. ES designs, manufactures, services and markets waste, recycling and utility equipment and solutions, including refuse collection bodies, hydraulic cart lifters, automated carry cans, compaction, balers, recycling equipment, digger derricks, insulated aerial devices, self-propelled articulating insulated booms, and 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, and for construction and maintenance of transmission and distribution lines, tree trimming, and foundation drilling applications. 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. Business segment information is presented below (in millions):
| Three Months Ended March 31, 2025 |  |
| MP |  | Aerials |  | ES |  | Total |  |  |  |
Net sales | $ | 382 |  |  | $ | 450 |  |  | $ | 399 |  |  | $ | 1,231 |  |  |  |  |
Reconciliation of net sales |  |  |  |  |  |  |  |  |  |  |
Corporate and Other / Eliminations |  |  |  |  |  |  | (2) |  |  |  |  |
Consolidated net sales |  |  |  |  |  |  | 1,229 |  |  |  |  |
Less: (1) |  |  |  |  |  |  |  |  |  |  |
Cost of goods sold | 301 |  |  | 390 |  |  | 311 |  |  | 1,002 |  |  |  |  |
Compensation expense | 25 |  |  | 23 |  |  | 20 |  | 68 |  |  |  |  |
Other segment items (2) | 20 |  |  | 35 |  |  | 12 |  | 67 |  |  |  |  |
Segment operating profit | $ | 36 |  |  | $ | 2 |  |  | $ | 56 |  |  | $ | 94 |  |  |  |  |
Reconciliation of operating profit |  |  |  |  |  |  |  |  |  |  |
Corporate and Other / Eliminations |  |  |  |  |  |  | (25) |  |  |  |  |
Consolidated operating profit |  |  |  |  |  |  | $ | 69 |  |  |  |  |
(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, professional services, travel & entertainment, depreciation & amortization, property & utilities, selling & marketing, research & development and communication & software expenses. Individually, each of these categories represents an insignificant amount.
| Three Months Ended March 31, 2024
| MP |  | Aerials |  | ES |  | Total
Net sales | $ | 520 |  |  | $ | 623 |  |  | $ | 151 |  |  | $ | 1,294 |
Reconciliation of net sales |  |  |  |  |  |  |
Corporate and Other / Eliminations |  |  |  |  |  |  | (2) |
Consolidated net sales |  |  |  |  |  |  | 1,292 |
Less: (1) |  |  |  |  |  |  |
Cost of goods sold | 398 |  |  | 479 |  |  | 122 |  |  | 999
Compensation expense | 28 |  |  | 25 |  |  | 6 |  |  | 59
Other segment items (2) | 22 |  |  | 27 |  |  | 8 |  |  | 57
Segment operating profit | $ | 72 |  |  | $ | 92 |  |  | $ | 15 |  |  | $ | 179 |
Reconciliation of operating profit |  |  |  |  |  |  |
Corporate and Other / Eliminations |  |  |  |  |  |  | (21) |
Consolidated operating profit |  |  |  |  |  |  | $ | 158 |
(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, professional services, travel & entertainment, depreciation & amortization, property & utilities, selling & marketing, research & development and communication & software expenses. Individually, each of these categories represents an insignificant amount.
|  |  | Three Months Ended March 31,
|  |  | 2025 |  | 2024
Depreciation and amortization |  |  |  |  |
MP |  |  | $ | 5 |  |  | $ | 5 |
Aerials |  |  | 6 |  |  | 6 |
ES |  |  | 24 |  |  | 2 |
Corporate |  |  | 4 |  |  | 2 |
Total |  |  | $ | 39 |  |  | $ | 15 |
Capital expenditures |  |  |  |  |
MP |  |  | $ | 4 |  |  | $ | 13 |
Aerials |  |  | 23 |  |  | 19 |
ES |  |  | 7 |  |  | 1 |
Corporate |  |  | 2 |  |  | 2 |
Total |  |  | $ | 36 |  |  | $ | 35 |
| March 31, 2025 |  | December 31, 2024
Identifiable assets |  |  |
MP | $ | 1,943 |  |  | $ | 1,885 |
Aerials | 1,767 |  |  | 1,660 |
ES | 2,823 |  |  | 2,806 |
Corporate and Other / Eliminations | (693) |  |  | (621) |
Total | $ | 5,840 |  |  | $ | 5,730 |
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, 2025 |  |
|  |  | MP |  | Aerials |  | ES |  | Corporate and Other / Eliminations |  | Total |  |  |  |  |  |  |  |  |  |  |  |
Net sales by region |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  |  | $ | 171 |  |  | $ | 331 |  |  | $ | 396 |  |  | $ | — |  |  | $ | 898 |  |  |  |  |  |  |  |  |  |  |  |  |
Western Europe |  |  | 95 |  |  | 67 |  |  | — |  |  | — |  |  | 162 |  |  |  |  |  |  |  |  |  |  |  |  |
Asia-Pacific |  |  | 76 |  |  | 25 |  |  | 1 |  | — |  |  | 102 |  |  |  |  |  |  |  |  |  |  |  |  |
Rest of World (1) |  |  | 40 |  |  | 27 |  |  | 2 |  | (2) |  |  | 67 |  |  |  |  |  |  |  |  |  |  |  |  |
Total (2) |  |  | $ | 382 |  |  | $ | 450 |  |  | $ | 399 |  |  | $ | (2) |  |  | $ | 1,229 |  |  |  |  |  |  |  |  |  |  |  |  |
(1) Includes intercompany sales and eliminations. (2) Total sales for all segments in the aggregate include $817 million for the three months ended March 31, 2025 attributable to the U.S., the Company’s country of domicile.
|  | Three Months Ended March 31, 2024
|  | MP |  | Aerials |  | ES |  | Corporate and Other / Eliminations |  | Total
Net sales by region |  |  |  |  |  |  |  |  |  |
North America |  | $ | 236 |  |  | $ | 408 |  |  | $ | 148 |  |  | $ | 2 |  |  | $ | 794 |
Western Europe |  | 136 |  |  | 126 |  |  | — |  |  | — |  |  | 262 |
Asia-Pacific |  | 103 |  |  | 42 |  |  | 2 |  |  | — |  |  | 147 |
Rest of World (1) |  | 45 |  |  | 47 |  |  | 1 |  |  | (4) |  |  | 89 |
Total (2) |  | $ | 520 |  |  | $ | 623 |  |  | $ | 151 |  |  | $ | (2) |  |  | $ | 1,292 |
(1) Includes intercompany sales and eliminations. (2) Total sales for all segments in the aggregate include $733 million for the three months ended March 31, 2024 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, 2025 |  |
|  |  | MP |  | Aerials |  | ES |  | Corporate and Other / Eliminations |  | Total |  |  |  |  |  |  |  |  |  |  |  |
Net sales by product type |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerial Work Platforms |  |  | $ | — |  |  | $ | 386 |  |  | $ | — |  |  | $ | — |  |  | $ | 386 |  |  |  |  |  |  |  |  |  |  |  |  |
Materials Processing Equipment |  |  | 237 |  |  | — |  |  | — |  |  | — |  |  | 237 |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Equipment |  |  | 145 |  |  | — |  |  | — |  |  | — |  |  | 145 |  |  |  |  |  |  |  |  |  |  |  |  |
Utility Equipment |  |  | — |  |  | — |  |  | 132 |  |  | — |  |  | 132 |  |  |  |  |  |  |  |  |  |  |  |  |
ESG Equipment |  |  | — |  |  | — |  |  | 243 |  |  | — |  |  | 243 |  |  |  |  |  |  |  |  |  |  |  |  |
Other (1) |  |  | — |  |  | 64 |  |  | 24 |  |  | (2) |  |  | 86 |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  |  | $ | 382 |  |  | $ | 450 |  |  | $ | 399 |  |  | $ | (2) |  |  | $ | 1,229 |  |  |  |  |  |  |  |  |  |  |  |  |
(1) Includes other product types, intercompany sales and eliminations.
|  | Three Months Ended March 31, 2024
|  | MP |  | Aerials |  | ES |  | Corporate and Other / Eliminations |  | Total
Net sales by product type |  |  |  |  |  |  |  |  |  |
Aerial Work Platforms |  | $ | — |  |  | $ | 542 |  |  | $ | — |  |  | $ | — |  |  | $ | 542 |
Materials Processing Equipment |  | 357 |  |  | — |  |  | — |  |  | — |  |  | 357 |
Specialty Equipment |  | 163 |  |  | — |  |  | — |  |  | — |  |  | 163 |
Utility Equipment |  | — |  |  | — |  |  | 151 |  |  | — |  |  | 151 |
ESG Equipment |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other (1) |  | — |  |  | 81 |  |  | — |  |  | (2) |  |  | 79 |
Total |  | $ | 520 |  |  | $ | 623 |  |  | $ | 151 |  |  | $ | (2) |  |  | $ | 1,292 |
(1) Includes other product types, intercompany sales and eliminations.

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