XML 62 R47.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONSOLIDATING FINANCIAL STATEMENTS (Tables)
 12 Months Ended
Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Income Statement
TEREX CORPORATION
CONDENSED CONSOLIDATING STATEMENT OF INCOME (LOSS)
YEAR ENDED DECEMBER 31, 2016
(in millions)
 
Terex
Corporation
 
Wholly-owned
Guarantors
 
Non-guarantor
Subsidiaries
 
Intercompany
Eliminations
 
Consolidated
Net sales
$
5.9

 
$
2,473.6

 
$
2,741.2

 
$
(777.6
)
 
$
4,443.1

Cost of goods sold
(5.1
)
 
(2,160.4
)
 
(2,324.7
)
 
759.5

 
(3,730.7
)
Gross profit
0.8

 
313.2

 
416.5

 
(18.1
)
 
712.4

Selling, general and administrative expenses
(72.0
)
 
(240.4
)
 
(389.9
)
 
18.1

 
(684.2
)
Goodwill and intangible asset impairment
—

 
(43.4
)
 
(132.6
)
 
—

 
(176.0
)
Income (loss) from operations
(71.2
)
 
29.4

 
(106.0
)
 
—

 
(147.8
)
Interest income
96.9

 
68.7

 
1.9

 
(163.2
)
 
4.3

Interest expense
(149.2
)
 
(8.4
)
 
(107.6
)
 
163.2

 
(102.0
)
Income (loss) from subsidiaries
43.5

 
8.2

 
(4.1
)
 
(47.6
)
 
—

Other income (expense) – net
(56.9
)
 
49.5

 
(17.8
)
 
—

 
(25.2
)
Income (loss) from continuing operations before income taxes
(136.9
)
 
147.4

 
(233.6
)
 
(47.6
)
 
(270.7
)
(Provision for) benefit from income taxes
(56.4
)
 
43.5

 
90.3

 
—

 
77.4

Income (loss) from continuing operations
(193.3
)
 
190.9

 
(143.3
)
 
(47.6
)
 
(193.3
)
Income from discontinued operations – net of tax
14.3

 
6.4

 
13.9

 
(20.3
)
 
14.3

Gain (loss) on disposition of discontinued operations – net of tax
0.5

 
—

 
3.0

 
—

 
3.5

Net income (loss)
(178.5
)
 
197.3

 
(126.4
)
 
(67.9
)
 
(175.5
)
Net loss (income) from continuing operations attributable to noncontrolling interest
—

 
—

 
0.3

 
—

 
0.3

Net loss (income) from discontinued operations attributable to noncontrolling interest
—

 
—

 
(0.9
)
 
—

 
(0.9
)
Net income (loss) attributable to Terex Corporation
$
(178.5
)
 
$
197.3

 
$
(127.0
)
 
$
(67.9
)
 
$
(176.1
)
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss), net of tax
$
(305.9
)
 
$
195.8

 
$
(112.9
)
 
$
(82.7
)
 
$
(305.7
)
Comprehensive loss (income) attributable to noncontrolling interest
—

 
—

 
(0.2
)
 
—

 
(0.2
)
Comprehensive income (loss) attributable to Terex Corporation
$
(305.9
)
 
$
195.8

 
$
(113.1
)
 
$
(82.7
)
 
$
(305.9
)

TEREX CORPORATION
CONDENSED CONSOLIDATING STATEMENT OF INCOME (LOSS)
YEAR ENDED DECEMBER 31, 2015
(in millions)

 
Terex
Corporation
 
Wholly-owned
Guarantors
 
Non-guarantor
Subsidiaries
 
Intercompany
Eliminations
 
Consolidated
Net sales
$
10.0

 
$
3,008.0

 
$
2,928.0

 
$
(924.3
)
 
$
5,021.7

Cost of goods sold
(8.0
)
 
(2,503.5
)
 
(2,463.3
)
 
924.3

 
(4,050.5
)
Gross profit
2.0

 
504.5

 
464.7

 
—

 
971.2

Selling, general and administrative expenses
(26.8
)
 
(260.5
)
 
(360.2
)
 
—

 
(647.5
)
Income (loss) from operations
(24.8
)
 
244.0

 
104.5

 
—

 
323.7

Interest income
103.6

 
68.7

 
1.9

 
(170.4
)
 
3.8

Interest expense
(155.2
)
 
(6.5
)
 
(116.8
)
 
170.4

 
(108.1
)
Income (loss) from subsidiaries
239.3

 
8.6

 
(3.0
)
 
(244.9
)
 
—

Other income (expense) – net
(67.7
)
 
41.1

 
2.9

 
—

 
(23.7
)
Income (loss) from continuing operations before income taxes
95.2

 
355.9

 
(10.5
)
 
(244.9
)
 
195.7

(Provision for) benefit from income taxes
33.0

 
(79.5
)
 
(21.0
)
 
—

 
(67.5
)
Income (loss) from continuing operations
128.2

 
276.4

 
(31.5
)
 
(244.9
)
 
128.2

Income (loss) from discontinued operations – net of tax
17.5

 
2.4

 
18.6

 
(21.1
)
 
17.4

Gain (loss) on disposition of discontinued operations – net of tax
0.7

 
—

 
2.7

 
—

 
3.4

Net income (loss)
146.4

 
278.8

 
(10.2
)
 
(266.0
)
 
149.0

Net loss (income) from continuing operations attributable to noncontrolling interest
—

 
—

 
0.2

 
—

 
0.2

Net loss (income) from discontinued operations attributable to noncontrolling interest
—

 
—

 
(3.3
)
 
—

 
(3.3
)
Net income (loss) attributable to Terex Corporation
$
146.4

 
$
278.8

 
$
(13.3
)
 
$
(266.0
)
 
$
145.9

 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss), net of tax
(73.9
)
 
277.1

 
(166.3
)
 
(107.8
)
 
(70.9
)
Comprehensive loss (income) attributable to noncontrolling interest
—

 
—

 
(3.0
)
 
—

 
(3.0
)
Comprehensive income (loss) attributable to Terex Corporation
$
(73.9
)
 
$
277.1

 
$
(169.3
)
 
$
(107.8
)
 
$
(73.9
)

TEREX CORPORATION
CONDENSED CONSOLIDATING STATEMENT OF INCOME (LOSS)
YEAR ENDED DECEMBER 31, 2014
(in millions)

 
Terex
Corporation
 
Wholly-owned
Guarantors
 
Non-guarantor
Subsidiaries
 
Intercompany
Eliminations
 
Consolidated
Net sales
$
42.5

 
$
3,257.0

 
$
3,210.2

 
$
(1,025.7
)
 
$
5,484.0

Cost of goods sold
(39.2
)
 
(2,679.8
)
 
(2,739.2
)
 
1,025.7

 
(4,432.5
)
Gross profit
3.3

 
577.2

 
471.0

 
—

 
1,051.5

Selling, general and administrative expenses
(29.4
)
 
(237.4
)
 
(384.7
)
 
—

 
(651.5
)
Income (loss) from operations
(26.1
)
 
339.8

 
86.3

 
—

 
400.0

Interest income
129.7

 
73.8

 
3.9

 
(201.4
)
 
6.0

Interest expense
(170.5
)
 
(16.6
)
 
(137.0
)
 
201.4

 
(122.7
)
Income (loss) from subsidiaries
348.8

 
9.4

 
(2.9
)
 
(355.3
)
 
—

Other income (expense) – net
(36.1
)
 
4.7

 
26.7

 
—

 
(4.7
)
Income (loss) from continuing operations before income taxes
245.8

 
411.1

 
(23.0
)
 
(355.3
)
 
278.6

(Provision for) benefit from income taxes
6.2

 
(24.3
)
 
(8.5
)
 
—

 
(26.6
)
Income (loss) from continuing operations
252.0

 
386.8

 
(31.5
)
 
(355.3
)
 
252.0

Income (loss) from discontinued operations – net of tax
8.9

 
5.4

 
8.0

 
(13.4
)
 
8.9

Gain (loss) on disposition of discontinued operations – net of tax
7.3

 
—

 
50.7

 
0.6

 
58.6

Net income (loss)
268.2

 
392.2

 
27.2

 
(368.1
)
 
319.5

Net loss (income) from continuing operations attributable to noncontrolling interest
—

 
—

 
1.5

 
—

 
1.5

Net loss (income) from discontinued operations attributable to noncontrolling interest
—

 
—

 
(2.0
)
 
—

 
(2.0
)
Net income (loss) attributable to Terex Corporation
$
268.2

 
$
392.2

 
$
26.7

 
$
(368.1
)
 
$
319.0

 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss), net of tax
$
5.7

 
$
388.8

 
$
(223.1
)
 
$
(165.3
)
 
$
6.1

Comprehensive loss (income) attributable to noncontrolling interest
—

 
—

 
(0.4
)
 
—

 
(0.4
)
Comprehensive income (loss) attributable to Terex Corporation
$
5.7

 
$
388.8

 
$
(223.5
)
 
$
(165.3
)
 
$
5.7
Condensed consolidating balance sheet
TEREX CORPORATION
CONDENSED CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2016
(in millions)
 
Terex
Corporation
 
Wholly-owned
Guarantors
 
Non-guarantor
Subsidiaries
 
Intercompany
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
50.7

 
$
0.4

 
$
377.4

 
$
—

 
$
428.5

Trade receivables – net
5.2

 
167.0

 
340.3

 
—

 
512.5

Intercompany receivables
28.7

 
37.8

 
88.8

 
(155.3
)
 
—

Inventories
0.5

 
310.6

 
542.7

 
—

 
853.8

Prepaid and other current assets
55.3

 
71.1

 
46.4

 
—

 
172.8

Current assets held for sale
—

 
15.1

 
717.8

 
—

 
732.9

Total current assets
140.4

 
602.0

 
2,113.4

 
(155.3
)
 
2,700.5

Property, plant and equipment – net
32.7

 
148.4

 
123.5

 
—

 
304.6

Goodwill
—

 
120.7

 
139.0

 
—

 
259.7

Non-current intercompany receivables
1,257.8

 
2,917.2

 
13.1

 
(4,188.1
)
 
—

Investment in and advances to (from) subsidiaries
4,120.8

 
90.9

 
94.1

 
(4,278.6
)
 
27.2

Other assets
109.8

 
175.8

 
257.9

 
—

 
543.5

Non-current assets held for sale
0.1

 
119.7

 
1,051.5

 
—

 
1,171.3

Total assets
$
5,661.6

 
$
4,174.7

 
$
3,792.5

 
$
(8,622.0
)
 
$
5,006.8

 
 
 
 
 
 
 
 
 
 
Liabilities and Stockholders’ Equity
 

 
 

 
 

 
 

 
 

Current liabilities
 

 
 

 
 

 
 

 
 

Notes payable and current portion of long-term debt
$
—

 
$
0.2

 
$
13.6

 
$
—

 
$
13.8

Trade accounts payable
40.3

 
197.6

 
284.8

 
—

 
522.7

Intercompany payables
4.0

 
42.3

 
109.0

 
(155.3
)
 
—

Accruals and other current liabilities
62.3

 
113.3

 
241.1

 
—

 
416.7

Current liabilities held for sale
—

 
13.3

 
440.5

 
—

 
453.8

Total current liabilities
106.6

 
366.7

 
1,089.0

 
(155.3
)
 
1,407.0

Long-term debt, less current portion
1,140.4

 
—

 
421.6

 
—

 
1,562.0

Non-current intercompany payables
2,884.3

 
—

 
1,303.8

 
(4,188.1
)
 
—

Other non-current liabilities
45.6

 
34.8

 
124.1

 
—

 
204.5

Non-current liabilities held for sale
—

 
—

 
312.1

 
—

 
312.1

Total stockholders’ equity
1,484.7

 
3,773.2

 
541.9

 
(4,278.6
)
 
1,521.2

Total liabilities, noncontrolling interest and stockholders’ equity
$
5,661.6

 
$
4,174.7

 
$
3,792.5

 
$
(8,622.0
)
 
$
5,006.8


TEREX CORPORATION
CONDENSED CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2015
(in millions)
 
Terex
Corporation
 
Wholly-owned
Guarantors
 
Non-guarantor
Subsidiaries
 
Intercompany
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
91.7

 
$
0.2

 
$
279.3

 
$
—

 
$
371.2

Trade receivables – net
5.2

 
241.7

 
456.4

 
—

 
703.3

Intercompany receivables
57.5

 
55.3

 
64.7

 
(177.5
)
 
—

Inventories
—

 
424.2

 
639.4

 
—

 
1,063.6

Prepaid and other current assets
108.6

 
33.9

 
110.0

 
—

 
252.5

Current assets held for sale
—

 
17.1

 
732.5

 
—

 
749.6

Total current assets
263.0

 
772.4

 
2,282.3

 
(177.5
)
 
3,140.2

Property, plant and equipment – net
57.9

 
145.9

 
168.1

 
—

 
371.9

Goodwill
—

 
162.2

 
296.9

 
—

 
459.1

Non-current intercompany receivables
1,353.8

 
2,786.4

 
72.9

 
(4,213.1
)
 
—

Investment in and advances to (from) subsidiaries
4,010.2

 
94.4

 
95.2

 
(4,154.5
)
 
45.3

Other assets
29.2

 
104.3

 
305.5

 
—

 
439.0

Non-current assets held for sale
—

 
29.5

 
1,131.0

 
—

 
1,160.5

Total assets
$
5,714.1

 
$
4,095.1

 
$
4,351.9

 
$
(8,545.1
)
 
$
5,616.0

Liabilities and Stockholders’ Equity
 

 
 

 
 

 
 

 
 

Current liabilities
 

 
 

 
 

 
 

 
 

Notes payable and current portion of long-term debt
$
—

 
$
0.7

 
$
65.7

 
$
—

 
$
66.4

Trade accounts payable
21.4

 
222.8

 
316.5

 
—

 
560.7

Intercompany payables
3.1

 
56.6

 
117.8

 
(177.5
)
 
—

Accruals and other current liabilities
59.8

 
113.5

 
212.2

 
—

 
385.5

Current liabilities held for sale
—

 
17.6

 
428.4

 
—

 
446.0

Total current liabilities
84.3

 
411.2

 
1,140.6

 
(177.5
)
 
1,458.6

Long-term debt, less current portion
1,138.1

 
1.2

 
590.5

 
—

 
1,729.8

Non-current intercompany payables
2,562.3

 
—

 
1,650.8

 
(4,213.1
)
 
—

Other non-current liabilities
52.0

 
35.3

 
129.8

 
—

 
217.1

Non-current liabilities held for sale
—

 
—

 
298.5

 
—

 
298.5

Total stockholders’ equity
1,877.4

 
3,647.4

 
541.7

 
(4,154.5
)
 
1,912.0

Total liabilities, noncontrolling interest and stockholders’ equity
$
5,714.1

 
$
4,095.1

 
$
4,351.9

 
$
(8,545.1
)
 
$
5,616.0
Condensed consolidating statement of cash flows
TEREX CORPORATION
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
YEAR ENDED DECEMBER 31, 2016
(in millions)

 
Terex
Corporation
 
Wholly-owned
Guarantors
 
Non-guarantor
Subsidiaries
 
Intercompany
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
(253.0
)
 
$
420.7

 
$
193.6

 
$
5.7

 
$
367.0

Cash flows from investing activities
 
 
 
 
 
 
 
 
 

Capital expenditures
(2.4
)
 
(32.0
)
 
(38.6
)
 
—

 
(73.0
)
Acquisitions, net of cash acquired
—

 
—

 
(7.0
)
 
—

 
(7.0
)
Proceeds (payments) from disposition of discontinued operations
—

 
—

 
3.5

 
—

 
3.5

Proceeds from sale of assets
0.1

 
5.4

 
61.7

 
—

 
67.2

Intercompany investing activities (1)
327.0

 
(97.5
)
 
(23.4
)
 
(206.1
)
 
—

Other investing activities, net
—

 
—

 
26.6

 
(29.1
)
 
(2.5
)
Net cash provided by (used in) investing activities
324.7

 
(124.1
)
 
22.8

 
(235.2
)
 
(11.8
)
Cash flows from financing activities
 

 
 

 
 

 
 
 
 

Repayments of debt
(1,013.2
)
 
(1.7
)
 
(271.4
)
 
—

 
(1,286.3
)
Proceeds from issuance of debt
1,013.4

 
—

 
84.3

 
—

 
1,097.7

Proceeds from (purchase of) noncontrolling interest, net
—

 
—

 
2.9

 
—

 
2.9

Intercompany financing activities (1)
—

 
(297.1
)
 
67.6

 
229.5

 
—

Share repurchases
(82.7
)
 
—

 
—

 
—

 
(82.7
)
Dividends paid
(30.0
)
 
—

 
—

 
—

 
(30.0
)
Other financing activities, net
—

 
—

 
(1.7
)
 
—

 
(1.7
)
Net cash provided by (used in) financing activities
(112.5
)
 
(298.8
)
 
(118.3
)
 
229.5

 
(300.1
)
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
(19.7
)
 
—

 
(19.7
)
Net increase (decrease) in cash and cash equivalents
(40.8
)
 
(2.2
)
 
78.4

 
—

 
35.4

Cash and cash equivalents, beginning of period
91.6

 
3.1

 
371.8

 
—

 
466.5

Cash and cash equivalents, end of period
$
50.8

 
$
0.9

 
$
450.2

 
$
—

 
$
501.9


(1)
Intercompany investing and financing activities include cash pooling activity between Terex Corporation and Wholly-Owned Guarantors.
TEREX CORPORATION
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
YEAR ENDED DECEMBER 31, 2015
(in millions)
 
Terex
Corporation
 
Wholly-owned
Guarantors
 
Non-guarantor
Subsidiaries
 
Intercompany
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
(510.0
)
 
$
647.6

 
$
277.4

 
$
(202.1
)
 
$
212.9

Cash flows from investing activities
 

 
 
 
 

 
 
 
 

Capital expenditures
(1.6
)
 
(41.9
)
 
(60.3
)
 
—

 
(103.8
)
Acquisitions, net of cash acquired
—

 
(52.1
)
 
(19.1
)
 
—

 
(71.2
)
Proceeds from disposition of discontinued operations
(3.4
)
 
—

 
3.2

 
—

 
(0.2
)
Proceeds from sale of assets
(1.0
)
 
0.9

 
3.2

 
—

 
3.1

Intercompany investing activities (1)
713.3

 
—

 
(231.6
)
 
(481.7
)
 
—

Other investing activities, net
—

 
—

 
33.9

 
(34.5
)
 
(0.6
)
Net cash provided by (used in) investing activities
707.3


(93.1
)
 
(270.7
)
 
(516.2
)

(172.7
)
Cash flows from financing activities
 

 
 

 
 

 
 
 
 

Repayments of debt
(1,317.4
)
 
(7.8
)
 
(72.6
)
 
—

 
(1,397.8
)
Proceeds from issuance of debt
1,188.7

 
—

 
274.1

 
—

 
1,462.8

Proceeds from (purchase of) noncontrolling interest, net
—

 
—

 
(1.2
)
 
—

 
(1.2
)
Intercompany financing activities (1)
—

 
(545.5
)
 
(172.8
)
 
718.3

 
—

Share repurchases
(50.8
)
 
—

 
—

 
—

 
(50.8
)
Dividends paid
(25.8
)
 
—

 
—

 
—

 
(25.8
)
Other financing activities, net
0.6

 
—

 
(2.2
)
 
—

 
(1.6
)
Net cash provided by (used in) financing activities
(204.7
)
 
(553.3
)
 
25.3

 
718.3

 
(14.4
)
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
(37.5
)
 
—

 
(37.5
)
Net increase (decrease) in cash and cash equivalents
(7.4
)
 
1.2

 
(5.5
)
 
—

 
(11.7
)
Cash and cash equivalents, beginning of period
99.0

 
1.9

 
377.3

 
—

 
478.2

Cash and cash equivalents, end of period
$
91.6

 
$
3.1

 
$
371.8

 
$
—

 
$
466.5


(1)
Intercompany investing and financing activities include cash pooling activity between Terex Corporation and Wholly-Owned Guarantors.
TEREX CORPORATION
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
YEAR ENDED DECEMBER 31, 2014
(in millions)

 
Terex
Corporation
 
Wholly-
owned
Guarantors
 
Non-
guarantor
Subsidiaries
 
Intercompany
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
(113.4
)
 
$
901.9

 
$
35.2

 
$
(413.0
)
 
$
410.7

Cash flows from investing activities
 

 
 

 
 

 
 

 
 

Capital expenditures
(4.4
)
 
(31.8
)
 
(45.3
)
 
—

 
(81.5
)
Acquisitions, net of cash acquired
—

 
—

 
(7.4
)
 
—

 
(7.4
)
 Other investments
(20.0
)
 
—

 
—

 
—

 
(20.0
)
Proceeds (payments) from disposition of discontinued operations
31.3

 
—

 
130.9

 
—

 
162.2

Proceeds from sale of assets
25.0

 
12.1

 
6.2

 
—

 
43.3

Intercompany investing activities (1)
363.5

 
—

 
—

 
(363.5
)
 
—

Other investing activities, net
—

 
—

 
(1.6
)
 
—

 
(1.6
)
Net cash provided by (used in) investing activities
395.4


(19.7
)

82.8

 
(363.5
)
 
95.0

Cash flows from financing activities
 

 
 

 
 

 
 

 
 

Repayments of debt
(1,018.8
)
 
(3.2
)
 
(779.8
)
 
—

 
(1,801.8
)
Proceeds from issuance of debt
1,011.0

 
7.2

 
666.0

 
—

 
1,684.2

Purchase of noncontrolling interest
—

 
—

 
(78.6
)
 
—

 
(78.6
)
Intercompany financing activities (1)
—

 
(888.2
)
 
111.7

 
776.5

 
—

Share repurchases
(171.2
)
 
—

 
—

 
—

 
(171.2
)
Dividends paid
(21.8
)
 
—

 
—

 
—

 
(21.8
)
Other financing activities, net
1.5

 
—

 
(9.0
)
 
—

 
(7.5
)
Net cash provided by (used in) financing activities
(199.3
)
 
(884.2
)
 
(89.7
)
 
776.5

 
(396.7
)
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
(38.9
)
 
—

 
(38.9
)
Net increase (decrease) in cash and cash equivalents
82.7

 
(2.0
)
 
(10.6
)
 
—

 
70.1

Cash and cash equivalents, beginning of period
16.3

 
3.9

 
387.9

 
—

 
408.1

Cash and cash equivalents, end of period
$
99.0

 
$
1.9

 
$
377.3

 
$
—

 
$
478.2