10-Q 1 tex-20220930.htm 10-Q TEREX CORPORATION SEPTEMBER 30, 2022 tex-20220930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 1-10702
tex-20220930_g1.jpg

Terex Corporation
(Exact name of registrant as specified in its charter)
Delaware 34-1531521
(State of Incorporation) (IRS Employer Identification No.)
45 Glover Ave, 4th Floor, Norwalk, Connecticut 06850
(Address of principal executive offices)

(203) 222-7170
(Registrant’s telephone number, including area code)
_______________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock ($0.01 par value)TEXNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer Non-accelerated filer
Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No
Number of outstanding shares of common stock: 67.5 million as of October 25, 2022.
The Exhibit Index begins on page 45.



GENERAL

This Quarterly Report on Form 10-Q filed by Terex Corporation generally speaks as of September 30, 2022 unless specifically noted otherwise. Unless otherwise indicated, Terex Corporation, together with its consolidated subsidiaries, is hereinafter referred to as “Terex,” the “Registrant,” “us,” “we,” “our” or the “Company.”

Forward-Looking Information

Certain information in this Quarterly Report includes forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”) and the Private Securities Litigation Reform Act of 1995) regarding future events or our future financial performance that involve certain contingencies and uncertainties, including those discussed below in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Contingencies and Uncertainties.” In addition, when included in this Quarterly Report or in documents incorporated herein by reference, the words “may,” “expects,” “should,” “intends,” “anticipates,” “believes,” “plans,” “projects,” “estimates,” “will” and the negatives thereof and analogous or similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statement is not forward-looking. We have based these forward-looking statements on current expectations and projections about future events. These statements are not guarantees of future performance. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those reflected in such forward-looking statements. Such risks and uncertainties, many of which are beyond our control, include, among others:

our business has been, and could be further, adversely impacted by global health pandemics such as the outbreak of a new strain of coronavirus (“COVID-19”);
our business is highly competitive and is affected by our cost structure, pricing, product initiatives and other actions taken by competitors;
we are dependent upon third-party suppliers, making us vulnerable to supply shortages and price increases;
consolidation within our customer base and suppliers;
our operations are subject to a number of potential risks that arise from operating a multinational business, including compliance with changing regulatory environments and political instability;
a material disruption to one of our significant facilities;
our business is sensitive to government spending;
our ability to integrate acquired businesses;
our business is affected by the cyclical nature of markets we serve;
our need to comply with restrictive covenants contained in our debt agreements;
our ability to generate sufficient cash flow to service our debt obligations and operate our business;
our ability to access the capital markets to raise funds and provide liquidity;
the financial condition of suppliers and customers, and their continued access to capital;
exposure from providing credit support for some of our customers;
we may experience losses in excess of recorded reserves;
our business is global and subject to changes in exchange rates between currencies, commodity price changes, regional economic conditions and trade relations;
our ability to attract and retain key management personnel and skilled labor;
possible work stoppages and other labor matters;
changes in import/export regulatory regimes, imposition of tariffs, escalation of global trade conflicts and unfairly traded imports, particularly from China, could continue to negatively impact our business;
compliance with changing laws and regulations, particularly environmental and tax laws and regulations;
litigation, product liability claims and other liabilities;
our compliance with the United States (“U.S.”) Foreign Corrupt Practices Act and similar worldwide anti-corruption laws;
increased regulatory focus on privacy and data security issues and expanding laws;
our ability to comply with an injunction and related obligations imposed by the U.S. Securities and Exchange Commission (“SEC”);
our ability to successfully implement our strategy;
disruption or breach in our information technology systems and storage of sensitive data; and
other factors.

Actual events or our actual future results may differ materially from any forward-looking statement due to these and other risks, uncertainties and material factors. The forward-looking statements contained herein speak only as of the date of this Quarterly Report and the forward-looking statements contained in documents incorporated herein by reference speak only as of the date of the respective documents. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained or incorporated by reference in this Quarterly Report to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.



TEREX CORPORATION AND SUBSIDIARIES
Index to Quarterly Report on Form 10-Q
For the Quarterly Period Ended September 30, 2022

3


PART I.FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS


TEREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(unaudited)
(in millions, except per share data)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2022202120222021
Net sales$1,120.5 $993.8 $3,200.1 $2,896.7 
Cost of goods sold(883.4)(815.3)(2,564.3)(2,311.2)
Gross profit237.1 178.5 635.8 585.5 
Selling, general and administrative expenses(116.3)(104.3)(336.6)(327.3)
Income (loss) from operations120.8 74.2 299.2 258.2 
Other income (expense)  
Interest income1.1 0.6 2.1 2.9 
Interest expense(13.5)(12.3)(35.8)(40.6)
Loss on early extinguishment of debt  (0.1)(27.7)
Other income (expense) – net (1.0)(1.1)(4.6)2.7 
Income (loss) from continuing operations before income taxes107.4 61.4 260.8 195.5 
(Provision for) benefit from income taxes(25.6)(13.9)(52.6)(36.0)
Income (loss) from continuing operations81.8 47.5 208.2 159.5 
Gain (loss) on disposition of discontinued operations – net of tax 0.6 (0.4)2.6 
Net income (loss)$81.8 $48.1 $207.8 $162.1 
Basic earnings (loss) per share:  
Income (loss) from continuing operations$1.21 $0.68 $3.03 $2.29 
Gain (loss) on disposition of discontinued operations – net of tax— 0.01 (0.01)0.04 
Net income (loss)$1.21 $0.69 $3.02 $2.33 
Diluted earnings (loss) per share:  
Income (loss) from continuing operations$1.20 $0.67 $2.99 $2.25 
Gain (loss) on disposition of discontinued operations – net of tax— 0.01 — 0.04 
Net income (loss)$1.20 $0.68 $2.99 $2.29 
Weighted average number of shares outstanding in per share calculation  
Basic67.8 69.8 68.8 69.7 
Diluted68.4 70.9 69.6 70.8 
Comprehensive income (loss)$1.4 $18.8 $35.0 $141.2 

The accompanying notes are an integral part of these condensed consolidated financial statements.
4


TEREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(unaudited)
(in millions, except par value)
 September 30,
2022
December 31,
2021
Assets  
Current assets  
Cash and cash equivalents$231.7 $266.9 
  Trade receivables (net of allowance of $9.0 and $9.7 at September 30, 2022 and December 31, 2021, respectively)
531.1 507.7 
Inventories981.2 813.5 
Prepaid and other current assets123.0 179.7 
Total current assets1,867.0 1,767.8 
Non-current assets  
Property, plant and equipment – net450.4 429.6 
Goodwill273.1 280.1 
Intangible assets – net17.5 13.4 
Other assets368.5 372.6 
Total assets$2,976.5 $2,863.5 
Liabilities and Stockholders’ Equity
Current liabilities  
Current portion of long-term debt$1.9 $5.6 
Trade accounts payable589.4 537.7 
Accrued freight47.3 36.2 
Other current liabilities314.1 330.4 
Total current liabilities952.7 909.9 
Non-current liabilities  
Long-term debt, less current portion824.6 668.5 
Other non-current liabilities164.5 175.5 
Total liabilities1,941.8 1,753.9 
Commitments and contingencies
Stockholders’ equity  
Common stock, $0.01 par value – authorized 300.0 shares; issued 84.0 and 83.4 shares at September 30, 2022 and December 31, 2021, respectively
0.9 0.9 
Additional paid-in capital874.0 860.0 
Retained earnings1,117.4 936.9 
Accumulated other comprehensive income (loss)(401.3)(228.5)
Less cost of shares of common stock in treasury – 17.1 and 14.2 shares at September 30, 2022 and December 31, 2021, respectively
(556.3)(459.7)
Total stockholders’ equity1,034.7 1,109.6 
Total liabilities and stockholders’ equity$2,976.5 $2,863.5 

The accompanying notes are an integral part of these condensed consolidated financial statements.
5


TEREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
(unaudited)
(in millions)
Outstanding
Shares
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Common
Stock in
Treasury
Total
Balance at December 31, 2021
69.2 $0.9 $860.0 $936.9 $(228.5)$(459.7)$1,109.6 
Net income (loss)— — — 51.9 — — 51.9 
Other comprehensive income (loss) – net of tax
— — — — (20.0)— (20.0)
Issuance of common stock related to compensation0.5 — 16.3 — — — 16.3 
Compensation under stock-based plans – net
0.1 — (15.8)— — 1.0 (14.8)
Dividends— — 0.2 (9.3)— — (9.1)
Acquisition of treasury stock(0.5)— — — — (19.8)(19.8)
Balance at March 31, 3022
69.3 $0.9 $860.7 $979.5 $(248.5)$(478.5)$1,114.1 
Net income (loss)— — — 74.1 — — 74.1 
Other comprehensive income (loss) – net of tax— — — — (72.4)— (72.4)
Issuance of common stock related to compensation0.1 — 1.8 — — — 1.8 
Compensation under stock-based plans – net(0.1)— 4.3 — — 0.1 4.4 
Dividends— — 0.2 (9.1)— — (8.9)
Acquisition of treasury stock(1.9)— — — — (64.3)(64.3)
Other— — — 0.1 — — 0.1 
Balance at June 30, 2022
67.4 $0.9 $867.0 $1,044.6 $(320.9)$(542.7)$1,048.9 
Net income (loss)— — — 81.8 — — 81.8 
Other comprehensive income (loss) – net of tax— — — — (80.4)— (80.4)
Issuance of common stock— — 0.4 — — — 0.4 
Compensation under stock-based plans – net— — 6.4 — —  6.4 
Dividends— — 0.2 (9.0)— — (8.8)
Acquisition of treasury stock(0.5)— — — — (13.6)(13.6)
Balance at September 30, 2022
66.9 $0.9 $874.0 $1,117.4 $(401.3)$(556.3)$1,034.7 

The accompanying notes are an integral part of these condensed consolidated financial statements.
6


TEREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
(unaudited)
(in millions)
Outstanding
Shares
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Common
Stock in
Treasury
Total
Balance at December 31, 2020
68.6 $0.9 $837.9 $750.3 $(208.4)$(459.2)$921.5 
Net income (loss)— — — 40.1 — — 40.1 
Other comprehensive income (loss) – net of tax
— — — — (7.1)— (7.1)
Issuance of common stock related to compensation0.5 — 11.4 — — — 11.4 
Compensation under stock-based plans – net
0.1 — (13.8)— — 2.8 (11.0)
Dividends— — 0.2 (8.5)— — (8.3)
Acquisition of treasury stock— — — — — (0.3)(0.3)
Other— — — (0.2)— — (0.2)
Balance at March 31, 2021
69.2 $0.9 $835.7 $781.7 $(215.5)$(456.7)$946.1 
Net income (loss)— — — 73.9 — — 73.9 
Other comprehensive income (loss) – net of tax— — — — 15.5 — 15.5 
Issuance of common stock related to compensation— — 0.4 — — — 0.4 
Compensation under stock-based plans – net— — 7.8 — — 0.1 7.9 
Dividends— — 0.1 (8.5)— — (8.4)
Acquisition of treasury stock— — — — — (1.4)(1.4)
Other— — — (0.1)— — (0.1)
Balance at June 30, 2021
69.2 $0.9 $844.0 $847.0 $(200.0)$(458.0)$1,033.9 
Net income (loss)— — — 48.1 — — 48.1 
Other comprehensive income (loss) – net of tax— — — — (29.3)— (29.3)
Issuance of common stock— — 0.2 — — — 0.2 
Compensation under stock-based plans – net— — 6.5 — —  6.5 
Dividends— — 0.1 (8.5)— — (8.4)
Acquisition of treasury stock— — — — — (0.2)(0.2)
Other— — — — — (0.1)(0.1)
Balance at September 30, 2021
69.2 $0.9 $850.8 $886.6 $(229.3)$(458.3)$1,050.7 

The accompanying notes are an integral part of these condensed consolidated financial statements.

7


TEREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)
(in millions)
 Nine Months Ended
September 30,
 20222021
Operating Activities  
Net income (loss)$207.8 $162.1 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:  
Depreciation and amortization35.1 37.9 
Loss on early extinguishment of debt0.1 27.7 
Stock-based compensation expense22.9 24.1 
Inventory and other non-cash charges19.4 15.6 
Changes in operating assets and liabilities (net of effects of acquisitions and divestitures):  
Trade receivables(56.4)(143.5)
Inventories(234.0)(159.9)
Trade accounts payable91.5 185.8 
Other assets and liabilities44.8 171.1 
Foreign exchange and other operating activities, net(27.0)3.2 
Net cash provided by (used in) operating activities104.2 324.1 
Investing Activities  
Capital expenditures(78.8)(31.7)
Acquisitions, net of cash acquired, and investments(50.1)(42.9)
Other investing activities, net4.5 1.2 
Net cash provided by (used in) investing activities(124.4)(73.4)
Financing Activities  
Repayments of debt(103.8)(882.5)
Proceeds from issuance of debt254.3 600.1 
Payment of debt extinguishment costs (16.9)
Share repurchases(96.6)(1.7)
Dividends paid(26.8)(25.1)
Other financing activities, net(13.8)(22.6)
Net cash provided by (used in) financing activities13.3 (348.7)
Effect of Exchange Rate Changes on Cash and Cash Equivalents(28.3)(13.9)
Net Increase (Decrease) in Cash and Cash Equivalents(35.2)(111.9)
Cash and Cash Equivalents at Beginning of Period266.9 670.1 
Cash and Cash Equivalents at End of Period$231.7 $558.2 

The accompanying notes are an integral part of these condensed consolidated financial statements.
8


TEREX CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

NOTE A – BASIS OF PRESENTATION

Basis of Presentation and Principles of Consolidation. The accompanying unaudited Condensed Consolidated Financial Statements of Terex Corporation and subsidiaries as of September 30, 2022 and for the three and nine months ended September 30, 2022 and 2021 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by U.S. GAAP to be included in full-year financial statements. The accompanying Condensed Consolidated Balance Sheet as of December 31, 2021 has been derived from audited consolidated financial statements as of that date, but does not include all disclosures required by U.S. GAAP. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for year ended December 31, 2021.

The Condensed Consolidated Financial Statements include accounts of Terex Corporation, its majority-owned subsidiaries and other controlled subsidiaries (“Terex” or the “Company”). The Company consolidates all majority-owned and controlled subsidiaries, applies equity method of accounting for investments in which the Company is able to exercise significant influence and applies the cost method for investments which do not have readily determinable fair values. All intercompany balances, transactions and profits have been eliminated. Certain prior period amounts have been reclassified to conform with the 2022 presentation.

In the opinion of management, adjustments considered necessary for the fair statement of these interim financial statements have been made. Except as otherwise disclosed, all such adjustments consist only of those of a normal recurring nature. Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of results that may be expected for the year ending December 31, 2022.

Cash and cash equivalents include $3.4 million and $3.7 million at September 30, 2022 and December 31, 2021, respectively, which were not immediately available for use. These consist primarily of cash balances held in escrow to secure various obligations of the Company.

Recently Issued Accounting Standards to be Implemented. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met to ease an entity’s financial reporting burden as the market transitions from London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The FASB further issued ASU 2021-01 in January 2021 to clarify the scope of Topic 848. The guidance was effective upon issuance and may be applied through December 31, 2022. Adoption is not expected to have a material effect on the Company’s consolidated financial statements.

Accounts Receivable and Allowance for Doubtful Accounts. Trade accounts receivable are recorded at invoiced amount and do not bear interest. Allowance for doubtful accounts is the Company’s estimate of current expected credit losses on its existing accounts receivable and determined based on historical customer assessments, current financial conditions, and reasonable and supportable forecasts. Account balances are charged off against the allowance when the Company determines the receivable will not be recovered. There can be no assurance that the Company’s estimate of accounts receivable collection will be indicative of future results.

9


The following table summarizes changes in the consolidated allowance for doubtful accounts (in millions):
Balance as of December 31, 2021
$9.7 
Provision for credit losses0.8 
Other (1)
(1.5)
Balance as of September 30, 2022
$9.0 
(1)     Includes utilization of established reserves, net of recoveries and the impact of foreign exchange rate changes.

Guarantees. The Company issues guarantees to financial institutions related to financing of equipment purchases by customers. The expectation of losses or non-performance is evaluated based on consideration of historical customer assessments, current financial conditions, reasonable and supportable forecasts, equipment collateral value and other factors. Reserves are recorded for expected loss over the contractual period of risk exposure. See Note L – “Litigation and Contingencies” for additional information regarding guarantees issued to financial institutions.

Accrued Warranties. The Company records accruals for potential warranty claims based on its claim experience. The Company’s products are typically sold with a standard warranty covering defects that arise during a fixed period. Each business provides a warranty specific to products it offers. The specific warranty offered by a business is a function of customer expectations and competitive forces. Warranty length is generally a fixed period of time, a fixed number of operating hours or both.

A liability for estimated warranty claims is accrued at the time of sale. The current portion of the product warranty liability is included in Other current liabilities and the non-current portion is included in Other non-current liabilities in the Company’s Condensed Consolidated Balance Sheet. The liability is established using historical warranty claims experience for each product sold. Historical claims experience may be adjusted for known design improvements or for the impact of unusual product quality issues. Assumptions are updated for known events that may affect the potential warranty liability.

The following table summarizes changes in the consolidated product warranty liability (in millions):
Balance as of December 31, 2021
$44.1 
Accruals for warranties issued during the period29.5 
Changes in estimates(2.0)
Settlements during the period(27.5)
Foreign exchange effect/other(2.8)
Balance as of September 30, 2022
$41.3 

Fair Value Measurements. Assets and liabilities measured at fair value on a recurring basis under the provisions of Accounting Standards Codification (“ASC”) 820, “Fair Value Measurement and Disclosure” (“ASC 820”) include commodity swaps, cross currency swaps and foreign exchange contracts discussed in Note I – “Derivative Financial Instruments” and debt discussed in Note J – “Long-Term Obligations”. These instruments are valued using observable market data for similar assets and liabilities or the present value of future cash payments and receipts. ASC 820 establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three levels:

Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 – Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and
Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity).

Determining which category an asset or liability falls within this hierarchy requires judgment. The Company evaluates its hierarchy disclosures each quarter.

10


NOTE B – 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 environmental impact 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 and financing 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, Aerial Work Platforms (“AWP”). 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.

11


Business segment information is presented below (in millions):
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2022202120222021
Net sales  
MP$457.9 $418.7 $1,391.3 $1,237.7 
AWP662.6 572.5 1,811.8 1,644.4 
Corporate and Other / Eliminations 2.6 (3.0)14.6 
Total$1,120.5 $993.8 $3,200.1 $2,896.7 
Income (loss) from operations  
MP$66.8 $57.1 $210.8 $178.3 
AWP63.5 34.9 142.2 126.7 
Corporate and Other / Eliminations(9.5)(17.8)(53.8)(46.8)
Total$120.8 $74.2 $299.2 $258.2 

 September 30,
2022
December 31,
2021
Identifiable assets  
MP$1,687.2 $1,648.0 
AWP (1)
2,023.8 1,870.8 
Corporate and Other / Eliminations(734.5)(655.3)
Total$2,976.5 $2,863.5 
(1)     Increase primarily due to higher inventory and fixed assets.

Sales between segments are generally priced to recover costs plus a reasonable markup for profit, which is eliminated in consolidation.

12


Geographic net sales information is presented below (in millions):
 
Three Months Ended
September 30, 2022
Three Months Ended
September 30, 2021
 MPAWPCorporate and Other / EliminationsTotalMPAWPCorporate and Other / EliminationsTotal
Net sales by region