Company Quick10K Filing
Terex
Price26.25 EPS0
Shares72 P/E63
MCap1,885 P/FCF24
Net Debt691 EBIT153
TEV2,576 TEV/EBIT17
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-04-30
10-K 2020-12-31 Filed 2021-02-12
10-Q 2020-09-30 Filed 2020-10-28
10-Q 2020-06-30 Filed 2020-08-03
10-Q 2020-03-31 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-02-14
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-07-30
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-25
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-16
10-Q 2017-09-30 Filed 2017-11-01
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-02-27
10-Q 2016-09-30 Filed 2016-11-01
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-04-27
10-K 2015-12-31 Filed 2016-02-22
10-Q 2015-09-30 Filed 2015-10-23
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-23
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-07-24
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-25
10-Q 2013-09-30 Filed 2013-10-25
10-Q 2013-06-30 Filed 2013-07-26
10-Q 2013-03-31 Filed 2013-04-26
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-10-29
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-04-30
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-01
10-Q 2011-03-31 Filed 2011-04-28
10-K 2010-12-31 Filed 2011-02-18
10-Q 2010-09-30 Filed 2010-11-02
10-Q 2010-07-30 Filed 2010-07-30
10-Q 2010-03-31 Filed 2010-04-30
10-K 2009-12-31 Filed 2010-02-24
8-K 2020-10-28
8-K 2020-10-27
8-K 2020-10-06
8-K 2020-09-07
8-K 2020-09-01
8-K 2020-08-07
8-K 2020-07-31
8-K 2020-07-30
8-K 2020-06-26
8-K 2020-06-08
8-K 2020-05-14
8-K 2020-05-01
8-K 2020-04-30
8-K 2020-04-23
8-K 2020-04-17
8-K 2020-03-31
8-K 2020-03-25
8-K 2020-02-14
8-K 2020-02-13
8-K 2020-01-29
8-K 2020-01-14
8-K 2019-10-31
8-K 2019-10-30
8-K 2019-10-21
8-K 2019-10-18
8-K 2019-09-22
8-K 2019-08-07
8-K 2019-07-31
8-K 2019-07-30
8-K 2019-07-29
8-K 2019-07-18
8-K 2019-06-13
8-K 2019-06-03
8-K 2019-05-16
8-K 2019-05-01
8-K 2019-04-30
8-K 2019-04-18
8-K 2019-03-07
8-K 2019-02-26
8-K 2019-02-26
8-K 2019-02-24
8-K 2019-02-19
8-K 2019-02-13
8-K 2018-11-05
8-K 2018-11-01
8-K 2018-10-22
8-K 2018-08-21
8-K 2018-08-01
8-K 2018-07-31
8-K 2018-07-19
8-K 2018-05-15
8-K 2018-05-02
8-K 2018-05-01
8-K 2018-04-23
8-K 2018-04-10
8-K 2018-02-28
8-K 2018-02-15
8-K 2018-02-14
8-K 2018-02-13
8-K 2018-02-01

TEX 10Q Quarterly Report

Part I.Financial Information
Item 1. Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
EX-31.1 tex3312021-ex311.htm
EX-31.2 tex3312021-ex312.htm
EX-32 tex3312021-ex32.htm

Terex Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
2.11.61.10.70.2-0.32012201420172020
Rev, G Profit, Net Income
1.10.80.40.1-0.3-0.62012201420172020
Ops, Inv, Fin

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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 March 31, 2021

or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 1-10702

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: 69.8 million as of April 27, 2021.
The Exhibit Index begins on page 38.




GENERAL

This Quarterly Report on Form 10-Q filed by Terex Corporation generally speaks as of March 31, 2021 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 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;
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 business is affected by the cyclical nature of markets we serve;
our financial results could be adversely impacted by the United Kingdom’s (“U.K.”) departure from the European Union (“E.U.”);
changes affecting the availability of the London Interbank Offered Rate (“LIBOR”) may have consequences on us that cannot yet reasonably be predicted;
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 financing and 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 retention of key management personnel;
possible work stoppages and other labor matters;
changes in import/export regulatory regimes and the escalation of global trade conflicts could continue to negatively impact sales of our products and our financial results;
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;
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 March 31, 2021

  PAGE
   
   
   
   
  

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
March 31,
 20212020
Net sales$864.2 $833.6 
Cost of goods sold(688.8)(696.9)
Gross profit175.4 136.7 
Selling, general and administrative expenses(113.9)(143.8)
Income (loss) from operations61.5 (7.1)
Other income (expense)
Interest income0.7 0.9 
Interest expense(15.3)(17.7)
Loss on early extinguishment of debt(2.1) 
Other income (expense) – net 2.6 (1.6)
Income (loss) from continuing operations before income taxes47.4 (25.5)
(Provision for) benefit from income taxes(7.7)0.8 
Income (loss) from continuing operations39.7 (24.7)
Income (loss) from discontinued operations – net of tax (0.2)
Gain (loss) on disposition of discontinued operations – net of tax0.4  
Net income (loss)$40.1 $(24.9)
Basic earnings (loss) per share:
Income (loss) from continuing operations$0.57 $(0.35)
Income (loss) from discontinued operations – net of tax  
Gain (loss) on disposition of discontinued operations – net of tax0.01  
Net income (loss)$0.58 $(0.35)
Diluted earnings (loss) per share:
Income (loss) from continuing operations$0.56 $(0.35)
Income (loss) from discontinued operations – net of tax  
Gain (loss) on disposition of discontinued operations – net of tax0.01  
Net income (loss)$0.57 $(0.35)
Weighted average number of shares outstanding in per share calculation
Basic69.5 70.5 
Diluted70.8 70.5 
Comprehensive income (loss)$33.0 $(81.1)

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)
 March 31,
2021
December 31,
2020
Assets  
Current assets  
Cash and cash equivalents$572.9 $665.0 
  Trade receivables (net of allowance of $10.1 and $9.5 at March 31, 2021 and December 31, 2020, respectively)
488.3 381.2 
Inventories658.8 610.4 
Prepaid and other current assets181.9 222.0 
Total current assets1,901.9 1,878.6 
Non-current assets  
Property, plant and equipment – net396.8 406.6 
Goodwill275.9 275.4 
Intangible assets – net7.9 8.3 
Other assets383.0 462.9 
Total assets$2,965.5 $3,031.8 
Liabilities and Stockholders’ Equity
Current liabilities  
Current portion of long-term debt$5.7 $7.6 
Trade accounts payable474.0 369.9 
Other current liabilities358.3 345.8 
Total current liabilities838.0 723.3 
Non-current liabilities  
Long-term debt, less current portion973.5 1,166.2 
Other non-current liabilities207.9 220.8 
Total liabilities2,019.4 2,110.3 
Commitments and contingencies
Stockholders’ equity  
Common stock, $0.01 par value – authorized 300.0 shares; issued 83.4 and 82.9 shares at March 31, 2021 and December 31, 2020, respectively
0.9 0.9 
Additional paid-in capital835.7 837.9 
Retained earnings781.7 750.3 
Accumulated other comprehensive income (loss)(215.5)(208.4)
Less cost of shares of common stock in treasury – 14.2 and 14.3 shares at March 31, 2021 and December 31, 2020, respectively
(456.7)(459.2)
Total stockholders’ equity946.1 921.5 
Total liabilities and stockholders’ equity$2,965.5 $3,031.8 

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, 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 stock0.5  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 


Outstanding
Shares
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Common
Stock in
Treasury
Total
Balance at December 31, 2019
70.4 $0.8 $824.4 $771.4 $(257.5)$(406.8)$932.3 
Net income (loss)— — — (24.9)— — (24.9)
Other comprehensive income (loss) – net of tax
— — — — (56.2)— (56.2)
Issuance of common stock0.6 0.1 26.4 — — — 26.5 
Compensation under stock-based plans – net
0.1 — (29.5)— — 3.2 (26.3)
Dividends— — 0.2 (8.6)— — (8.4)
Acquisition of treasury stock(2.5)— — — — (54.9)(54.9)
Other— — — (1.9)— — (1.9)
Balance at March 31, 2020
68.6 $0.9 $821.5 $736.0 $(313.7)$(458.5)$786.2 


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

6


TEREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)
(in millions)
 Three Months Ended
March 31,
 20212020
Operating Activities  
Net income (loss)$40.1 $(24.9)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:  
Depreciation and amortization12.8 11.8 
(Gain) loss on disposition of discontinued operations(0.4) 
Deferred taxes(0.1)4.7 
Impairments2.3 0.1 
(Gain) loss on sale of assets(0.6) 
Loss on early extinguishment of debt2.1  
Stock-based compensation expense9.9 7.3 
Inventory and other non-cash charges0.6 6.1 
Changes in operating assets and liabilities (net of effects of acquisitions and divestitures):  
Trade receivables(114.1)(16.3)
Inventories(60.6)2.1 
Trade accounts payable111.3 (35.5)
Other assets and liabilities131.4 (39.6)
Foreign exchange and other operating activities, net3.4 (4.5)
Net cash provided by (used in) operating activities138.1 (88.7)
Investing Activities  
Capital expenditures(7.3)(25.2)
Proceeds from sale of capital assets1.2 0.5 
Proceeds (payments) from disposition of discontinued operations 4.5 
Net cash provided by (used in) investing activities(6.1)(20.2)
Financing Activities  
Repayments of debt(197.5)(1.5)
Proceeds from issuance of debt 170.0 
Share repurchases(0.2)(54.8)
Dividends paid(8.3)(8.4)
Other financing activities, net(8.9)(7.0)
Net cash provided by (used in) financing activities(214.9)98.3 
Effect of Exchange Rate Changes on Cash and Cash Equivalents(9.4)(14.5)
Net Increase (Decrease) in Cash and Cash Equivalents(92.3)(25.1)
Cash and Cash Equivalents at Beginning of Period670.1 540.1 
Cash and Cash Equivalents at End of Period$577.8 $515.0 

The accompanying notes are an integral part of these condensed consolidated financial statements.
7


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 March 31, 2021 and for the three months ended March 31, 2021 and 2020 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, 2020 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, 2020.

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 all other investments. All intercompany balances, transactions and profits have been eliminated. Certain prior period amounts have been reclassified to conform with the 2021 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 months ended March 31, 2021 are not necessarily indicative of results that may be expected for the year ending December 31, 2021.

Cash and cash equivalents include $4.6 million and $5.0 million at March 31, 2021 and December 31, 2020, respectively, which were not immediately available for use. These consist primarily of cash balances held in escrow to secure various obligations of the Company.

The following table provides amounts of cash and cash equivalents presented in the Condensed Consolidated Statement of Cash Flows (in millions):

 March 31, 2021December 31, 2020
Cash and cash equivalents:  
Cash and cash equivalents - continuing operations$572.9 $665.0 
Cash and cash equivalents - held for sale(1)
4.9 5.1 
Total cash and cash equivalents$577.8 $670.1 
(1)     Amounts relate to the Company’s utility hot lines tools business located in South America.

Recently Issued Accounting Standards

Accounting Standards Implemented in 2021

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2019-12, “Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application of Topic 740. The Company adopted ASU 2019-12 on January 1, 2021. Adoption did not have a material effect on the Company’s consolidated financial statements.

8


Accounting Standards to be Implemented

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this ASU were effective upon issuance and may be applied through December 31, 2022. The Company is currently evaluating the impact of this guidance on its 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. The Company has off-balance sheet customer credit exposure related to guarantees provided to financial institutions as disclosed in Note K – “Litigation and Contingencies”.

The following table summarizes changes in the consolidated allowance for doubtful accounts (in millions):
Balance as of December 31, 2020
$9.5 
Provision for credit losses1.2 
Other adjustments(0.6)
Balance as of March 31, 2021
$10.1 

Finance Receivables. The Company’s net finance receivable balances include both sales-type leases and commercial loans. The Company had $23.2 million and $116.0 million of net finance receivables at March 31, 2021 and December 31, 2020, respectively. The allowance for credit losses on finance receivables was $10.5 million and $13.8 million at March 31, 2021 and December 31, 2020, respectively. In February 2021, the Company transferred finance receivables of $89.7 million to a U.S. regional bank, which qualified for sales treatment under ASC 860. The Company received $99.4 million cash proceeds from the sale and recognized a net gain of $5.6 million.

Guarantees. The Company issues guarantees to financial institutions related to financing of equipment purchases by customers. The expectation of losses or non-performance is assessed based on consideration of historical customer reviews, 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.

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, 2020
$52.9 
Accruals for warranties issued during the period11.2 
Changes in estimates(0.2)
Settlements during the period(11.3)
Foreign exchange effect/other(0.6)
Balance as of March 31, 2021
$52.0 

9


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 interest rate caps, commodity swaps, cross currency swaps and foreign exchange contracts, discussed in Note H – “Derivative Financial Instruments” and debt discussed in Note I – “Long-term Obligations”. These instruments are valued using a market approach, which uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. 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.

NOTE B – BUSINESS SEGMENT INFORMATION

Terex is a global manufacturer of aerial work platforms and materials processing machinery. The Company designs, builds and supports products used in construction, maintenance, manufacturing, energy, minerals and materials management applications. Terex’s products are manufactured in North and South America, Europe, Australia and Asia and sold worldwide. The Company 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: Aerials, Utilities and Materials Processing (“MP”). 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) AWP and (ii) MP.

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.

MP designs, manufactures, services and markets materials processing and specialty equipment, including crushers, washing systems, screens, 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.

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.

10


Business segment information is presented below (in millions):
 Three Months Ended
March 31,
 20212020
Net sales  
AWP$476.7 $511.7 
MP378.2 315.6 
Corporate and Other / Eliminations9.3 6.3 
Total$864.2 $833.6 
Income (loss) from operations  
AWP$26.6 $(5.9)
MP49.1 25.0 
Corporate and Other / Eliminations(14.2)(26.2)
Total$61.5 $(7.1)

Sales between segments are generally priced to recover costs plus a reasonable markup for profit, which is eliminated in consolidation.
 March 31,
2021
December 31,
2020
Identifiable assets  
AWP (1)
$1,700.9 $1,541.0 
MP1,597.9 1,596.3 
Corporate and Other / Eliminations (2)
(339.2)(111.8)
Assets held for sale5.9 6.3 
Total$2,965.5 $3,031.8 

(1)     Increase primarily due to higher trade receivable and inventory balances.
(2)     Change primarily due to lower cash and finance receivable balances.

Geographic net sales information is presented below (in millions):
 Three Months Ended
March 31, 2021
Three Months Ended
March 31, 2020
 AWPMPCorporate and Other / EliminationsTotalAWPMPCorporate and Other / EliminationsTotal
Net sales by region  
North America$296.0 $146.4 $10.2 $452.6 $342.5 $114.4 $14.4 $471.3 
Western Europe94.3 118.3 0.1 212.7 88.8 105.7 0.1 194.6 
Asia-Pacific70.3 82.3 0.2 152.8 51.1 59.0 0.2 110.3 
Rest of World (1)
16.1 31.2 (1.2)46.1 29.3 36.5 (8.4)57.4 
Total (2)
$476.7 $378.2 $9.3 $864.2 $511.7 $315.6 $6.3 $833.6 

(1)     Includes intercompany sales and eliminations.
(2)     Total sales include $415.7 million and $431.1 million for the three months ended March 31, 2021 and 2020, respectively, 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.
11



Product type net sales information is presented below (in millions):
 Three Months Ended
March 31, 2021
Three Months Ended
March 31, 2020
 AWPMPCorporate and Other / EliminationsTotalAWPMPCorporate and Other / EliminationsTotal
Net sales by product type  
Aerial Work Platforms$356.8 $ $0.4 $357.2 $346.7 $ $0.4 $347.1 
Materials Processing Equipment 228.6  228.6  188.1  188.1 
Specialty Equipment 149.1 0.7 149.8  126.3 0.3 126.6 
Other (1)
119.9 0.5 8.2 128.6 165.0 1.2 5.6 171.8 
Total$476.7 $378.2 $9.3 $864.2 $511.7 $315.6 $6.3 $833.6 
(1)     Includes other product types, intercompany sales and eliminations.


NOTE C – INCOME TAXES

During the three months ended March 31, 2021, the Company recognized income tax expense of $7.7 million on income of $47.4 million, an effective tax rate of 16.2%, as compared to income tax benefit of $0.8 million on loss of $25.5 million, an effective tax rate of 3.1%, for the three months ended March 31, 2020. The higher effective tax rate for the three months ended March 31, 2021 when compared with the three months ended March 31, 2020 is primarily due to U.S. tax on foreign income partially offset by geographic mix and the 2020 benefit of the Coronavirus Aid, Relief, and Economic Security Act.



12


NOTE D – EARNINGS PER SHARE
(in millions, except per share data)Three Months Ended
March 31,
 20212020
Income (loss) from continuing operations
$39.7 $(24.7)
Income (loss) from discontinued operations – net of tax (0.2)
Gain (loss) on disposition of discontinued operations – net of tax
0.4  
Net income (loss)$40.1 $(24.9)
Basic shares:  
Weighted average shares outstanding69.5 70.5 
Earnings (loss) per share – basic:  
Income (loss) from continuing operations$0.57 $(0.35)
Income (loss) from discontinued operations – net of tax  
Gain (loss) on disposition of discontinued operations – net of tax
0.01