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BUSINESS SEGMENT INFORMATION
 3 Months Ended
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 2068 
Other segment items (2)
20 35 1267 
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,
 20252024
Depreciation and amortization
MP$5 $5 
Aerials
6 6 
ES
24 2 
Corporate4 2 
Total$39 $15 
Capital expenditures
MP$4 $13 
Aerials
23 19 
ES
7 1 
Corporate2 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
ESCorporate and Other / EliminationsTotal
Net sales by region 
North America$171 $331 $396 $— $898 
Western Europe95 67 — — 162 
Asia-Pacific76 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
ESCorporate and Other / EliminationsTotal
Net sales by region
North America$236 $408 $148 $2 $794 
Western Europe136 126 — — 262 
Asia-Pacific103 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
ESCorporate and Other / EliminationsTotal
Net sales by product type
Aerial Work Platforms$— $386 $— $— $386 
Materials Processing Equipment237 — — — 237 
Specialty Equipment145 — — — 145 
Utility Equipment— — 132 — 132 
ESG Equipment
— — 243 — 243 
Other (1)
— 64 24 (2)86 
Total$382 $450 $399 $(2)$1,229 
(1)     Includes other product types, intercompany sales and eliminations.
Three Months Ended
March 31, 2024
MPAerialsESCorporate and Other / EliminationsTotal
Net sales by product type
Aerial Work Platforms$— $542 $— $— $542 
Materials Processing Equipment357 — — — 357 
Specialty Equipment163 — — — 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.