TEREX CORP, 10-Q filed on 5/2/2025
Quarterly Report
v3.25.1
Cover - shares
shares in Millions
 3 Months Ended
Mar. 31, 2025
Apr. 29, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 1-10702  
Entity Registrant Name Terex Corporation  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 34-1531521  
Entity Address, Address Line One 301 Merritt 7, 4th Floor  
Entity Address, City or Town Norwalk  
Entity Address, State or Province CT  
Entity Address, Postal Zip Code 06851  
City Area Code 203  
Local Phone Number 222-7170  
Title of 12(b) Security Common Stock ($0.01 par value)  
Trading Symbol TEX  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   65.6
Entity Central Index Key 0000097216  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.25.1
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Net sales $ 1,229 $ 1,292
Cost of goods sold (999) (995)
Gross profit 230 297
Selling, general and administrative expenses (161) (139)
Operating profit 69 158
Other income (expense)    
Interest income 2 4
Interest expense (43) (15)
Other income (expense) – net  (2) (10)
Income (loss) before income taxes 26 137
(Provision for) benefit from income taxes (5) (28)
Net income (loss) $ 21 $ 109
Earnings (loss) per share    
Basic (in dollars per share) $ 0.32 $ 1.62
Diluted (in dollars per share) $ 0.31 $ 1.60
Weighted average number of shares outstanding in per share calculation    
Basic (in shares) 66.3 67.0
Diluted (in shares) 66.9 67.9
Comprehensive income (loss) $ 53 $ 80
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEET - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 298 $ 388
Receivables (net of allowance of $10 and $9 at March 31, 2025 and December 31, 2024, respectively) 783 643
Inventories 1,204 1,147
Prepaid and other current assets 151 142
Total current assets 2,436 2,320
Non-current assets    
Property, plant and equipment – net 720 714
Goodwill 1,086 1,093
Intangible assets – net 1,088 1,107
Other assets 510 496
Total assets 5,840 5,730
Current liabilities    
Current portion of long-term debt 4 4
Trade accounts payable 668 580
Accrued compensation and benefits 117 117
Other current liabilities 364 372
Total current liabilities 1,153 1,073
Non-current liabilities    
Long-term debt, less current portion 2,582 2,580
Other non-current liabilities 261 245
Total liabilities 3,996 3,898
Commitments and contingencies
Stockholders’ equity    
Common stock, $0.01 par value – authorized 300.0 shares; issued 85.5 and 85.1 shares at March 31, 2025 and December 31, 2024, respectively 1 1
Additional paid-in capital 919 921
Retained earnings 1,974 1,964
Accumulated other comprehensive income (loss) (350) (382)
Less cost of shares of common stock in treasury – 20.0 and 19.4 shares at March 31, 2025 and December 31, 2024 (700) (672)
Total stockholders’ equity 1,844 1,832
Total liabilities and stockholders’ equity $ 5,840 $ 5,730
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Current assets    
Trade receivables, allowance (in dollars) $ 10 $ 9
Stockholders’ equity    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common authorized (in shares) 300,000,000.0 300,000,000.0
Common issued (in shares) 85,500,000 85,100,000
Treasury stock (in shares) 20,000,000.0 19,400,000
v3.25.1
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Common Stock in Treasury
Total stockholders' equity, Beginning of Period at Dec. 31, 2023 $ 1,672 $ 1 $ 906 $ 1,675 $ (287) $ (623)
Shares oustanding, Beginning of Period (in shares) at Dec. 31, 2023   66.1        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 109     109    
Other comprehensive income (loss) – net of tax (29)       (29)  
Issuance of common stock related to compensation 24   24      
Issuance of common stock related to compensation (in shares)   0.5        
Compensation under stock-based plans – net (30)   (31)     1
Dividends (11)     (11)    
Acquisition of treasury stock (3)         (3)
Other 0   1 (1)  
Total stockholders' equity, End of Period at Mar. 31, 2024 1,732 $ 1 900 1,772 (316) (625)
Shares outstanding, End of Period (in shares) at Mar. 31, 2024   66.6        
Total stockholders' equity, Beginning of Period at Dec. 31, 2024 1,832 $ 1 921 1,964 (382) (672)
Shares oustanding, Beginning of Period (in shares) at Dec. 31, 2024   65.7        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 21     21    
Other comprehensive income (loss) – net of tax 32       32  
Issuance of common stock related to compensation 22   22      
Issuance of common stock related to compensation (in shares)   0.4        
Compensation under stock-based plans – net (in shares)   0.2        
Compensation under stock-based plans – net (19)   (25)     6
Dividends (11)     (11)    
Acquisition of treasury stock (33)         (33)
Acquisition of Treasury Stock (in shares)   (0.8)        
Other 0   1     (1)
Total stockholders' equity, End of Period at Mar. 31, 2025 $ 1,844 $ 1 $ 919 $ 1,974 $ (350) $ (700)
Shares outstanding, End of Period (in shares) at Mar. 31, 2025   65.5        
v3.25.1
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating Activities    
Net income (loss) $ 21 $ 109
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 39 15
Stock-based compensation expense 10 10
Inventory and other non-cash charges 2 18
Changes in operating assets and liabilities (net of effects of acquisitions and divestitures):    
Receivables (134) (145)
Inventories (43) (55)
Trade accounts payable 102 19
Other assets and liabilities (19) (4)
Foreign exchange and other operating activities, net 1 (1)
Net cash provided by (used in) operating activities (21) (34)
Investing Activities    
Capital expenditures (36) (35)
Proceeds from sale of capital assets 2 0
Acquisitions, net of cash acquired, and investments (2) (2)
Other investing activities, net 10 1
Net cash provided by (used in) investing activities (26) (36)
Financing Activities    
Repayments of debt (61) (28)
Proceeds from issuance of debt 61 127
Share repurchases (32) (3)
Dividends paid (11) (11)
Other financing activities, net (7) (14)
Net cash provided by (used in) financing activities (50) 71
Effect of Exchange Rate Changes on Cash and Cash Equivalents 7 (7)
Net Increase (Decrease) in Cash and Cash Equivalents (90) (6)
Cash and Cash Equivalents at Beginning of Period 388 371
Cash and Cash Equivalents at End of Period $ 298 $ 365
v3.25.1
BASIS OF PRESENTATION
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION 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, 2025 and for the three months ended March 31, 2025 and 2024 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, 2024 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, 2024.

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 2025 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, 2025 are not necessarily indicative of results that may be expected for the year ending December 31, 2025.

Accounting Standards to be Implemented. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure in the rate reconciliation table additional categories of information about federal, state and foreign income taxes and provide more details about the reconciliation items in some categories if the items meet a quantitative threshold. The guidance also requires disclosure of income taxes paid, net of refunds, disaggregated by federal (national), state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold. The guidance is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this guidance on its disclosures to the consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40), which requires more detailed disclosures about specified categories of expenses (including purchases of inventory, employee compensation, intangible asset amortization, and depreciation) included in certain expense captions presented on the face of the income statement (such as cost of sales and SG&A expenses). The guidance is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of this guidance on its disclosures to the consolidated financial statements.

Receivables and Allowance for Doubtful Accounts. Receivables include $700 million and $560 million of trade accounts receivable at March 31, 2025 and December 31, 2024, respectively. 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 following table summarizes changes in the consolidated allowance for doubtful accounts (in millions):

Balance as of December 31, 2024
$9 
Provision for credit losses1 
Balance as of March 31, 2025
$10 

Revenue Recognition. The Company estimated that $30 million and $20 million at March 31, 2025 and December 31, 2024, respectively, in revenue is expected to be recognized in the future related to performance obligations that are unsatisfied (or partially satisfied) at the end of the reporting period. Remaining consideration pertains to contracts with multiple performance obligations and multi-year service agreements which are typically recognized as the performance obligation is satisfied. We expect to recognize approximately 56% of the Company’s unsatisfied (or partially satisfied) performance obligations as revenue through 2026, 20% in 2027, and 15% in 2028, with the remaining balance to be recognized in 2029 and thereafter. The Company applied the standard’s practical expedient that permits the omission of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice for services performed.

Contract liabilities relate to advance consideration received from customers or advance billings for which revenue has not been recognized. Current contract liabilities are recorded in Other current liabilities and non-current contract liabilities are recorded in Other non-current liabilities in the Consolidated Balance Sheet. Contract liabilities are reduced when the associated revenue from the contract is recognized. The Company had no contract assets as of March 31, 2025 and December 31, 2024.

March 31, 2025December 31, 2024
Contract liabilities - current
$17 $20 
Contract liabilities - non-current
19 16 

Supplier Finance. The Company has supplier finance programs to pay third-party banks the stated amount of confirmed invoices from its designated suppliers on the original maturity dates of the invoices. Terex or the bank may terminate the agreement upon 30 days’ notice. The supplier invoices that have been confirmed as valid under the program require payment in full within 60-90 days of invoice date. Confirmed obligation amounts outstanding were $36 million and $25 million at March 31, 2025 and December 31, 2024, respectively. Confirmed obligation amounts outstanding were included in Trade accounts payable in the Company’s Condensed Consolidated Balance Sheet.

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 K – “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, 2024
$54 
Accruals for warranties issued during the period12 
Changes in estimates3 
Settlements during the period(14)
Foreign exchange effect/other1 
Balance as of March 31, 2025
$56 

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.
v3.25.1
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.

 
v3.25.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
During the three months ended March 31, 2025, the Company recognized income tax expense of $5 million on income of $26 million, an effective tax rate of 20.3%, as compared to income tax expense of $28 million on income of $137 million, an effective tax rate of 20.5%, for the three months ended March 31, 2024. The lower effective tax rate for the three months ended March 31, 2025 when compared with the three months ended March 31, 2024 is primarily due to lower tax related to geographic distribution of income.
v3.25.1
ACQUISITIONS
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
ACQUISITIONS ACQUISITIONS
Environmental Solutions Group Acquisition

On October 8, 2024 (“Closing Date”), in accordance with the Transaction Agreement, dated as of July 21, 2024, as amended by the First Amendment to the Transaction Agreement, dated as of October 8, 2024 (and as may be further amended, the “TA”), by and between the Company and Dover Corporation (“Dover”), the Company completed its acquisition of the subsidiaries and assets that constitute ESG from Dover for a purchase price of $2,010 million in cash, subject to customary closing adjustments to be finalized after the Closing Date (the “Acquisition”). The Company financed the purchase price and related fees and expenses using the net proceeds from the 6.25% Senior Notes, new term loan borrowings under the New Term Facility and cash on hand. See Note J – “Long-Term Obligations” for definition of the New Term Facility and additional details on financing transactions.

ESG designs and manufactures refuse collection bodies, waste compaction equipment, and associated parts and digital solutions. ESG's product brands include Heil, Marathon, Curotto-Can, Bayne Thinline, and Parts Central as well as digital solutions offerings 3rd Eye and Soft-Pak. ESG's products and services across equipment, digital, and aftermarket offerings are complementary to Terex's businesses, and will allow Terex to expand its customer base, providing customers with a broader suite of environmental equipment solutions, and realizing economies of scale. ESG will also complement and strengthen Terex’s portfolio with synergies in the fast-growing waste and recycling end market.

Net Assets Acquired

The Company has applied purchase accounting to ESG and the results of the operations are included in the Company’s consolidated financial statements following the Closing Date. The application of purchase accounting under ASC 805 requires the recognition and measurement of the identifiable assets acquired and liabilities assumed at their estimated fair values as of the acquisition date. The net assets and liabilities of ESG were recorded at their estimated fair value using Level 3 inputs. In valuing acquired assets and liabilities, fair value estimates are based on, but are not limited to, future expected cash flows, market rate assumptions for contractual obligations, future revenue growth, profitability, appropriate discount rates, attrition rates, royalty rates, growth rates and economic lives. The Company believes that such information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed; however, certain tax positions require further analysis and were not yet final as of March 31, 2025. Accordingly, these preliminary estimates are subject to adjustments during the measurement period, not to exceed one year from the acquisition date, based upon new information obtained about facts and circumstances that existed as of the date of closing the acquisition. The finalization of these items could impact the purchase price allocation.

The transaction was recorded as a business combination using the acquisition method which requires measurement of identifiable assets acquired and liabilities assumed at their estimated fair values as of the acquisition date. Goodwill was calculated as the excess of the aggregate of the fair value of the consideration transferred over the fair value of the net assets recognized. Accordingly, the aggregate value of the consideration paid by Terex to complete the Acquisition is allocated to the assets acquired and liabilities assumed in the Acquisition based upon their estimated fair values as of the acquisition date.

The following table summarizes the preliminary estimated fair values of the ESG assets acquired and liabilities assumed and related deferred income taxes as of the Closing Date (in millions).
October 8, 2024
Cash acquired
$11 
Receivables, net
131 
Inventory, net
106 
Prepaid and other current assets
2 
Property, plant & equipment
85 
Goodwill
792 
Identified intangibles subject to amortization
1,114 
Other assets
7 
Total assets acquired
$2,248 
Trade accounts payable
118 
Other current liabilities
82 
Other non-current liabilities
48 
Total liabilities assumed
$248 
Net assets acquired
$2,000 

During the first quarter of 2025, additional adjustments to fair value of inventory and intangibles were recorded. These adjustments do not have a material effect on our Condensed Consolidated Financial Statements. Terex anticipates that the net assets acquired may differ from the preliminary assessment outlined above upon completion of the fair value assessment. Any changes to the initial estimates of fair value of the assets and liabilities will be recorded as adjustments to those assets and liabilities and residual amounts will be allocated to goodwill.

In April 2025, the purchase price was finalized following a post-closing adjustment agreed upon with Dover, resulting in a $10 million reduction in both the purchase price and goodwill.

Goodwill of $792 million resulting from the acquisition was assigned to the ES segment. Goodwill consists of intangible assets that do not qualify for separate recognition which includes assembled workforce and expected synergies from the business combinations.

The following table summarizes the identifiable definite-lived intangible assets acquired (in millions):
Weighted Average Life
(in years)		Gross Carrying Amount
Definite-lived intangible assets:
Trade names
15$141 
Customer relationships
14824 
Technology
12149 
Total definite-lived intangible assets
$1,114 

Unaudited Pro Forma Information

The following unaudited pro forma information has been presented as if the ESG Acquisition occurred on January 1, 2023. This information is based on historical results of operations, adjusted for acquisition accounting adjustments, and is not necessarily indicative of what the results would have been had the Company operated the business since January 1, 2023, nor does it intend to be a projection of future results.
(in millions, except per share data)
Three Months Ended
 March 31, 2024
Net sales
$1,502 
Net income
$99 
Basic earnings per share net income
$1.47 
Diluted earnings per share net income
$1.45 
v3.25.1
EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Three Months Ended
March 31,
(in millions, except per share data)
 20252024
Net income (loss)$21 $109 
Basic:
  
Weighted average shares outstanding
66.3 67.0 
Earnings (loss) per share
$0.32 $1.62 
Diluted:
  
Basic weighted average shares outstanding
66.3 67.0 
Effect of dilutive restricted stock
0.6 0.9 
Diluted weighted average shares outstanding66.9 67.9 
Earnings (loss) per share
$0.31 $1.60 
 
Non-vested restricted stock awards and restricted stock units (“Restricted Stock”) granted by the Company are treated as potential common shares outstanding in computing diluted earnings per share using the treasury stock method. Weighted average Restricted Stock of approximately 0.5 million and 0.3 million were outstanding during the three months ended March 31, 2025 and 2024, respectively, but were not included in the computation of diluted shares as the effect would be anti-dilutive or performance targets were not expected to be achieved for awards contingent upon performance.
v3.25.1
INVENTORIES
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
Inventories consist of the following (in millions):
March 31,
2025		December 31,
2024
Finished equipment$456 $406 
Replacement parts188 168 
Work-in-process126 121 
Raw materials and supplies434 452 
Inventories$1,204 $1,147 

Inventory reserves were $82 million and $79 million at March 31, 2025 and December 31, 2024, respectively.
v3.25.1
PROPERTY, PLANT AND EQUIPMENT
 3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment – net consist of the following (in millions):
 March 31,
2025		December 31,
2024
Property$78 $76 
Plant355 348 
Equipment612 587 
Leasehold improvements62 60 
Construction in progress100 111 
Property, plant and equipment – gross 1,207 1,182 
Less: Accumulated depreciation(487)(468)
Property, plant and equipment – net$720 $714 
v3.25.1
GOODWILL AND INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
An analysis of changes in the Company’s goodwill by business segment is as follows (in millions):
 MPAerialsESTotal
Balance at December 31, 2024, gross
$214 $138 803 $1,155 
Accumulated impairment(23)(39)— (62)
Balance at December 31, 2024, net
191 99 803 $1,093 
Foreign exchange effect and other3 1 (11)(7)
Balance at March 31, 2025, gross
217 139 792 1,148 
Accumulated impairment(23)(39)— (62)
Balance at March 31, 2025, net
$194 $100 $792 $1,086 

Intangible assets, net were comprised of the following (in millions):
March 31, 2025December 31, 2024
Weighted Average Life
(in years)		Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Definite-lived intangible assets:
Technology12$159 $(15)$144 $159 $(12)$147 
Customer relationships
15859 (58)801 858 (44)814 
Trade names
14152 (13)139 152 (10)142 
Land use rights
804 (1)3 4 (1)3 
Other1018 (17)1 18 (17)1 
Total definite-lived intangible assets
$1,192 $(104)$1,088 $1,191 $(84)$1,107 

Three Months Ended
March 31,
(in millions)20252024
Aggregate Amortization Expense$20 $1 

Estimated aggregate intangible asset amortization expense for each of the next five years is as follows (in millions):
2025$82 
202681 
202781 
202881 
202980 
v3.25.1
DERIVATIVE FINANCIAL INSTRUMENTS
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS
The Company operates internationally, with manufacturing and sales facilities in various locations around the world. In the normal course of business, the Company uses derivatives to manage commodity, currency and interest rate exposures. For a derivative to qualify for hedge accounting treatment at inception and throughout the hedge period, the Company formally documents the nature and relationships between hedging instruments and hedged items, as well as its risk-management objectives and strategies for undertaking various hedge transactions, and methods of assessing hedge effectiveness. Additionally, for hedges of forecasted transactions, significant characteristics and expected terms of a forecasted transaction must be specifically identified and it must be probable that each forecasted transaction will occur. If it is deemed probable the forecasted transaction will not occur, then the gain or loss would be recognized in current earnings. Financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged. The Company does not engage in trading or other speculative use of financial instruments. The Company records all derivative contracts at fair value on a recurring basis.

Commodity Swaps

Derivatives designated as cash flow hedging instruments include commodity swaps with outstanding notional value of $5 million and $9 million at March 31, 2025 and December 31, 2024, respectively. Commodity swaps outstanding at March 31, 2025 mature on or before August 31, 2025. The Company uses commodity swaps to mitigate price risk for hot rolled coil steel. Fair value of commodity swaps are based on observable market data for similar assets and liabilities. Changes in the fair value of commodity swaps are deferred in Accumulated other comprehensive income (loss) (“AOCI”). Gains or losses on commodity swaps are reclassified to Cost of goods sold (“COGS”) in the Condensed Consolidated Statement of Comprehensive Income (Loss) when the hedged transaction affects earnings.

Cross Currency Swaps

Derivatives designated as net investment hedging instruments include cross currency swaps with outstanding notional value of $480 million and $466 million at March 31, 2025 and December 31, 2024, respectively. The Company uses these cross currency swaps to mitigate its exposure to changes in foreign currency exchange rates related to a net investment in a Euro-denominated functional currency subsidiary. Fair values of cross currency swaps are based on the present value of future cash payments and receipts. Changes in the fair value of cross currency swaps are deferred in AOCI. Gains or losses on cross currency swaps are reclassified to Selling, general and administrative expenses in the Condensed Consolidated Statement of Comprehensive Income (Loss) when the net investment is liquidated.

Foreign Exchange Contracts

The Company enters into foreign exchange contracts to manage variability of future cash flows associated with changing currency exchange rates. Foreign currency exchange contracts, whether designated or not designated as cash flow hedges, are used to mitigate exposure to changes in foreign currency exchange rates on recognized assets and liabilities or forecasted transactions. Fair values of these contracts are derived using quoted forward foreign exchange prices to interpolate values of outstanding trades at the reporting date based on their maturities. Foreign exchange contracts outstanding at March 31, 2025 mature on or before May 30, 2025.

The Company had $205 million and $314 million notional value of foreign exchange contracts outstanding that were not designated as cash flow hedging instruments at March 31, 2025 and December 31, 2024, respectively. The majority of gains and losses recognized from foreign exchange contracts not designated as hedging instruments are offset by changes in the underlying exposures the contracts are intended to mitigate, resulting in no material net impact on earnings. Changes in the fair value of these derivative financial instruments are recognized as gains or losses in COGS and Other income (expense) – net in the Condensed Consolidated Statement of Comprehensive Income (Loss). The Company had no foreign exchange contracts outstanding that were designated as cash flow hedging instruments at March 31, 2025 and December 31, 2024.
The following table provides the location and fair value amounts of derivative instruments designated and not designated as hedging instruments that are reported in the Condensed Consolidated Balance Sheet (in millions):
March 31,
2025		December 31,
2024
Instrument (1)
Balance Sheet AccountDerivatives designated as hedgesDerivatives not designated as hedgesDerivatives designated as hedgesDerivatives not designated as hedges
Foreign exchange contractsOther current assets$— $1 $— $— 
Cross currency swaps - net investment hedgeOther current assets4 — 7 — 
Cross currency swaps - net investment hedgeOther non-current assets— — 7 — 
Commodity swapsOther current liabilities— — (1)— 
Cross currency swaps - net investment hedgeOther non-current liabilities(19)— — — 
Net derivative asset (liability)$(15)$1 $13 $— 
(1) Categorized as Level 2 under the ASC 820 Fair Value Hierarchy.

The following tables provide the effect of derivative instruments that are designated as hedges in AOCI (in millions):

Gain (Loss) Recognized on Derivatives in OCI, net of taxGain (Loss) Reclassified from AOCI into Income (Loss)
Instrument
Three Months Ended
March 31, 2025
Three Months Ended
March 31, 2024		Income Statement Account
Three Months Ended
March 31, 2025
Three Months Ended
March 31, 2024
Commodity swaps$1 $(1)Cost of goods sold$(1)$— 
Cross currency swaps - net investment hedge(14)5 Selling, general and administrative expenses— — 
Total$(13)$4 Total$(1)$— 
The following tables provide the effect of derivative instruments that are designated as hedges in the Condensed Consolidated Statement of Comprehensive Income (Loss) (in millions):
Classification and amount of Gain (Loss) Recognized in Income (Loss)
Cost of goods soldInterest expense
Three Months Ended
March 31, 2025
Three Months Ended
 March 31, 2024
Three Months Ended
March 31, 2025
Three Months Ended
 March 31, 2024
Income Statement Accounts in which effects of cash flow hedges are recorded$(999)$(995)$(43)$(15)
Gain (loss) reclassified from AOCI into Income (loss):
Commodity swaps(1)— — — 
Amount excluded from effectiveness testing recognized in Income (loss) based on amortization approach:
Cross currency swaps - net investment hedge— — 1 1 
Total$(1)$— $1 $1 
Derivatives not designated as hedges are used to offset foreign exchange gains or losses resulting from the underlying exposures of foreign currency denominated assets and liabilities. The following table provides the effect of non-designated derivatives in the Condensed Consolidated Statement of Comprehensive Income (Loss) (in millions):
Gain (Loss) Recognized in Income (Loss)
Three Months Ended
March 31,
InstrumentIncome Statement Account
2025
2024
Foreign exchange contractsCost of goods sold$1 $(1)
Total$1 $(1)

In the Condensed Consolidated Statement of Comprehensive Income (Loss), the Company records hedging activity related to commodity swaps, cross currency swaps and foreign exchange contracts in the accounts for which the hedged items are recorded. On the Condensed Consolidated Statement of Cash Flows, the Company presents cash flows from hedging activities in the same manner as it records the underlying item being hedged.

Counterparties to the Company’s derivative financial instruments are major financial institutions and commodity trading companies with credit ratings of investment grade or better and no collateral is required. There are no significant risk concentrations. Management continues to monitor counterparty risk and believes the risk of incurring losses on derivative contracts related to credit risk is unlikely and any losses would be immaterial.
 
See Note L - “Stockholders’ Equity” for unrealized net gains (losses), net of tax, included in AOCI. Within unrealized net gains (losses) included in AOCI as of March 31, 2025, it is estimated that approximately $3 million of gains are expected to be reclassified into earnings in the next twelve months.
v3.25.1
LONG-TERM OBLIGATIONS
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
LONG-TERM OBLIGATIONS LONG-TERM OBLIGATIONS
Credit Agreement
On January 31, 2017, the Company entered into a credit agreement with the lenders and issuing banks party thereto and Credit Suisse AG, Cayman Islands Branch (“CSAG”), as administrative agent and collateral agent, to provide the Company with a multi-currency revolving line of credit and senior secured term loans. This was subsequently amended to include (i) a $600 million revolving line of credit (the “Revolver”) and (ii) senior secured term loans totaling $600 million with a maturity date of January 31, 2024. On April 1, 2021, the Company entered into an amendment and restatement of the credit agreement (as amended and restated, the “Credit Agreement”) which included the following principal changes to the original credit agreement: (i) extension of the term of the Revolver to expire on April 1, 2026, (ii) reinstatement of financial covenants that were waived in 2020, (iii) decrease in the interest rate on the drawn Revolver by 25 basis points and (iv) certain other technical changes, including additional language regarding the potential cessation of LIBOR as a benchmark rate. In 2022, the Company completed the prepayment in full of the senior secured term loans.

On January 31, 2017, the Company entered into a Guarantee and Collateral Agreement with CSAG, as collateral agent for the lenders, granting security and guarantees to the lenders for amounts borrowed under the Credit Agreement. Pursuant to the Guarantee and Collateral Agreement, Terex is required to (a) pledge as collateral the capital stock of the Company’s material domestic subsidiaries and 65% of the capital stock of certain of the Company’s material foreign subsidiaries and (b) provide a first priority security interest in substantially all of the Company’s domestic assets. On December 29, 2022, the Company entered into an amendment to the Guarantee and Collateral Agreement which included the following principal changes to the original agreement: (i) enabling a subsidiary to enter into hedging derivatives with external counterparties and (ii) inclusion of Terex subsidiary entities’ cash management services provided by lending banks to be secured under the Guarantee and Collateral Agreement.

On May 8, 2023, the Company and certain of its subsidiaries entered into an Amendment No. 1 (“Amendment No. 1”) to the Credit Agreement, with the lenders and issuing banks party thereto and CSAG. The principal changes contained in the Amendment No. 1 relate to the replacement of the adjusted LIBOR with term Secured Overnight Financing Rate. The Credit Agreement contemplated uncommitted incremental amounts in excess of $300 million that may be extended by the lenders, at their option, as long as the Company satisfies the maximum permitted level of senior secured leverage as defined in the Credit Agreement.
On October 8, 2024, the Company entered into an Incremental Assumption Agreement, Borrowing Subsidiary Agreement and Amendment No. 2 (the “Amendment No. 2”) to the Credit Agreement dated as of April 1, 2021 (the “Amended Credit Agreement”), with certain of its subsidiaries, the lenders and issuing banks party thereto and UBS AG as successor administrative agent and successor collateral agent.

The Amendment No. 2 (i) increased the size of the Company’s existing revolving credit facilities to $800 million and extended the maturity of the Company’s existing revolving credit facilities to expire on October 8, 2029 (the “New Revolving Credit Facilities”) and (ii) provided for a new seven-year term loan facility in an aggregate principal amount of $1,250 million with a maturity date of October 8, 2031 (the “New Term Facility”, together with the New Revolving Credit Facilities, the “New Credit Facilities”). In addition, the Amended Credit Agreement increased the size of the letter of credit facility. The Amended Credit Agreement provides for the issuance of letters of credit (the “L/C Facility”) of up to $500 million (the utilization of which would decrease availability under the New Revolving Credit Facilities) and permits the Company to have additional secured facilities for the issuance of letters of credit outside of the Amended Credit Agreement (the “Additional L/C Facility”) of up to $400 million (the utilization of which would not decrease availability under the New Revolving Credit Facilities). The aggregate amount of letters of credit which the Company may issue under the L/C Facility and the Additional L/C Facility may not at any time exceed $500 million, of which up to $400 million may be issued under the Additional L/C Facility. Borrowings under the New Term Facility initially bear interest at a per annum rate equal to Term SOFR, plus 2.00% subject to a stepdown of 0.25% based on achieving and maintaining a first lien net leverage ratio equal to or less than 0.50x.

The Amended Credit Agreement contains customary representations and warranties, negative and affirmative covenants and default provisions. The covenants limit, in certain circumstances, the Company’s ability to take a variety of actions, including, but not limited to: incurring or guaranteeing additional indebtedness or issuing preferred equity; creating or maintaining liens; making investments; paying dividends or making other restricted payments; consolidating or merging or transferring all or substantially all of the Company’s assets and the assets of the Company’s subsidiaries; transferring or selling assets, including stock of the Company’s subsidiaries; and redeeming debt. In particular, the New Revolving Credit Facilities requires the Company to maintain a first lien net leverage ratio of not more than 3.00x, which will be tested only if more than 30% of the total revolving credit commitments extended under the New Revolving Credit Facilities are utilized as of the last day of any fiscal quarter, subject to certain exclusions. The New Term Facility does not have the benefit of, or have any rights with respect to, the financial maintenance covenant. The Amended Credit Agreement provides for customary events of default which include, among other things, (subject in certain cases to customary grace and cure periods) defaults based on (i) the failure to make payments under the Indenture when due, (ii) breach of covenants, (iii) the occurrence of a default under other material indebtedness, (iv) a change of control, (v) bankruptcy events and (vi) material judgments. The Company was in compliance with all covenants contained in the Amended Credit Agreement as of March 31, 2025.

The Company had no Revolver amounts outstanding at March 31, 2025 and December 31, 2024, respectively.

The Company obtains letters of credit that generally serve as collateral for certain liabilities included in the Condensed Consolidated Balance Sheet and guaranteeing the Company’s performance under contracts. Letters of credit can be issued under two facilities provided in the Amended Credit Agreement and via bilateral arrangements outside the Amended Credit Agreement.

The Company also has bilateral arrangements to issue letters of credit with various other financial institutions (the “Bilateral Arrangements”). The Bilateral Arrangements are not secured under the Amended Credit Agreement and do not decrease availability under the Revolver.

Letters of credit outstanding (in millions):
March 31, 2025December 31, 2024
$500 Million Facility
$— $— 
$400 Million Facility
56 47 
Bilateral Arrangements48 48 
Total$104 $95 

5% Senior Notes

In April 2021, the Company sold and issued $600 million aggregate principal amount of Senior Notes Due 2029 (“5% Notes”) at par in a private offering. The proceeds from the 5% Notes, together with cash on hand, was used: (i) to fund redemption and discharge of 5-5/8% Senior Notes and (ii) to pay related premiums, fees, discounts and expenses. The 5% Notes are jointly and
severally guaranteed by certain of the Company’s domestic subsidiaries. The proceeds from the offering are presented in long term debt in the Condensed Consolidated Balance Sheet as of March 31, 2025 and December 31, 2024. The Company may redeem the 5% Notes in whole or in part, on or after May 15, 2024, at the redemption prices set forth in an indenture dated as of April 1, 2021.

6.25% Senior Notes

On October 8, 2024, the Company sold and issued $750 million aggregate principal amount of Senior Notes Due 2032 (“6.25% Notes”) at par in a private offering. The proceeds from the 6.25% Notes, together with new term loan borrowings under the New Term Facility and cash on hand, were used to consummate the Company’s acquisition of ESG, and to pay the related fees, costs, and expenses. The 6.25% Notes are jointly and severally guaranteed by certain of the Company’s domestic subsidiaries. The proceeds from the offering are presented in long term debt in the Condensed Consolidated Balance Sheet as of March 31, 2025 and December 31, 2024.

The Company may redeem the 6.25% Notes in whole or in part, on or after October 15, 2027, at the redemption prices set forth in an indenture dated as of October 8, 2024 (the “Indenture”). Prior to October 15, 2027, the Company may redeem the 6.25% Notes, in whole or in part, at a price equal to 100% of the principal amount thereof plus a “make-whole” premium set forth in the Indenture. In addition, prior to October 15, 2027, the Company may redeem up to 40% of the 6.25% Notes with an amount equal to the proceeds of certain equity offerings.

Secured Borrowings

In October 2023, the Company entered into a Framework Agreement to transfer value added tax (“VAT”) receivables to a financial institution in exchange for cash in advance. This arrangement was accounted for as a secured borrowing with a pledge of collateral for the cash proceeds received, as the transfer does not meet the criteria for sale accounting. As a result, the VAT receivables pledged as collateral remain in receivables and a liability of $19 million and $18 million are presented in long term debt in the Condensed Consolidated Balance Sheet as of March 31, 2025 and December 31, 2024, respectively. The long term debt classification is based on estimated timing of VAT refund from the Italian government which is expected to be greater than 12 months.

Fair Value of Debt

The Company estimates the fair value of its debt set forth below as of March 31, 2025, as follows (in millions, except for quotes):
 Book ValueQuoteFair Value
5% Notes$600 0.95375 $572 
6.25% Notes
750 0.97000 728 
New Term Facility (net of discount)
1,244 1.00000 1,244 

The fair value of debt reported in the table above is based on adjusted price quotations on the debt instruments in an inactive market. The Company believes that the carrying value of its other borrowings, including amounts outstanding, if any, for the revolving credit line under the Credit Agreement, approximate fair market value based on maturities for debt of similar terms. Fair values of debt reported in the table above are categorized under Level 2 of the ASC 820 hierarchy. See Note A – “Basis of Presentation” for an explanation of ASC 820 hierarchy.
v3.25.1
LITIGATION AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
LITIGATION AND CONTINGENCIES LITIGATION AND CONTINGENCIES
General

The Company is involved in various legal proceedings, including product liability, general liability, workers’ compensation liability, employment, commercial, intellectual property and tax litigation, which have arisen in the normal course of operations. The Company is insured for product liability, general liability, workers’ compensation, employer’s liability, property damage and other insurable risks required by law or contract, with retained liability or deductibles. The Company records and maintains an estimated liability in the amount of management’s estimate of the Company’s aggregate exposure for such retained liabilities and deductibles. For such retained liabilities and deductibles, the Company determines its exposure based on probable loss estimations, which requires such losses to be both probable and the amount or range of probable loss to be estimable. The Company believes it has made appropriate and adequate reserves and accruals for its current contingencies and the likelihood of a material loss beyond amounts accrued is remote. The Company believes the outcome of such matters, individually and in aggregate, will not have a material adverse effect on its condensed consolidated financial statements. However, outcomes of lawsuits cannot be predicted and, if determined adversely, could ultimately result in the Company incurring significant liabilities which could have a material adverse effect on its results of operations.

Other

The Company is involved in various other legal proceedings which have arisen in the normal course of its operations. The Company has recorded provisions for estimated losses in circumstances where a loss is probable and the amount or range of possible amounts of the loss is estimable.

Credit Guarantees

The Company may assist customers in their rental, leasing and acquisition of its products by facilitating financing transactions directly between (i) end-user customers, distributors and rental companies and (ii) third-party financial institutions, providing recourse in certain circumstances. The current amount of the maximum liability is generally limited to our customer’s remaining payments due to the third-party financial institutions at the time of default; however, it cannot be reasonably estimated due to limited availability of the unique facts and circumstances of each arrangement, such as whether changes have been made to the structure of the contractual obligation between the funder and customer.

For credit guarantees outstanding as of March 31, 2025 and December 31, 2024, the maximum exposure determined was $69 million and $72 million, respectively. Terms of these guarantees coincide with the financing arranged by the customer and generally do not exceed five years. The allowance for credit losses on credit guarantees was $7 million at March 31, 2025 and December 31, 2024.

There can be no assurance that historical experience in used equipment markets will be indicative of future results. The Company’s ability to recover losses experienced from its guarantees may be affected by economic conditions in used equipment markets at the time of loss.
v3.25.1
STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2025
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Changes in Accumulated Other Comprehensive Income (Loss)

The table below presents changes in AOCI by component for the three months ended March 31, 2025 and 2024. All amounts are net of tax (in millions).
Three Months Ended
March 31, 2025
Three Months Ended
March 31, 2024
CTADerivative Hedging Adj.Debt & Equity Securities Adj.Pension Liability Adj.TotalCTADerivative Hedging Adj.Debt & Equity Securities Adj.Pension Liability Adj.Total
Beginning balance$(338)$7 $(3)$(48)$(382)$(228)$(5)$(3)$(51)$(287)
Other comprehensive income (loss) before reclassifications
46 (14)1 (3)30 (34)4 — 1 (29)
Amounts reclassified from AOCI
— 1 — 1 2 — — — — — 
Net other comprehensive income (loss)
46 (13)1 (2)32 (34)4 — 1 (29)
Ending balance
$(292)$(6)$(2)$(50)$(350)$(262)$(1)$(3)$(50)$(316)
Stock-Based Compensation

During the three months ended March 31, 2025, the Company awarded 0.9 million shares of Restricted Stock to its employees with a weighted average fair value of $40.96 per share. Approximately 62% of these awards are time-based and vest ratably on each of the first three anniversary dates of the grants. Approximately 26% cliff vest at the end of a three-year period and are subject to performance targets that may or may not be met and for which the performance period has not yet been completed. Approximately 12% cliff vest and are based on performance targets containing a market condition determined over a three-year period.

Fair value of time-based awards is based on the market price of our common stock at the date of grant approval. The fair value of performance-based awards, except for awards based on a market condition, is based on the market price of our common stock at the date of grant approval, except fair values are multiplied by the probability of achievement as of the period-end date. For awards based on a market condition, fair value is based on the Monte Carlo method at grant date. The Monte Carlo method is a statistical simulation technique used to provide the grant date fair value of an award. The Company used the Monte Carlo method to determine grant date fair value of $42.06 per share for awards with a market condition granted on March 15, 2025.

The following table presents the weighted-average assumptions used in the valuations:

Grant date
March 15, 2025
Dividend yields1.69 %
Expected volatility41.56 %
Risk free interest rate3.96 %
Expected life (in years)3
Share Repurchases

In July 2018, Terex’s Board of Directors (“Board”) authorized the repurchase of up to $300 million of the Company’s outstanding shares of common stock. In December 2022, Terex’s Board authorized the additional repurchase of up to $150 million of the Company’s outstanding shares of common stock. The table below presents shares repurchased, inclusive of transactions executed but not settled, by the Company under these programs.

Three Months Ended
March 31
Total Number of
Shares Repurchased
Amount of Shares Repurchased
(in millions)
2025
798,723$33
2024
46,337$3

Dividends

The table below presents dividends declared by Terex’s Board and paid to the Company’s stockholders:

YearFirst Quarter
2025
$0.17 
2024
$0.17 
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income (loss) $ 21 $ 109
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
BASIS OF PRESENTATION (Policies)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Terex Corporation and subsidiaries as of March 31, 2025 and for the three months ended March 31, 2025 and 2024 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, 2024 has been derived from audited consolidated financial statements as of that date, but does not include all disclosures required by U.S. GAAP.
Principals of Consolidation 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.
Reclassification Certain prior period amounts have been reclassified to conform with the 2025 presentation.
Accounting Standards to be Implemented
Accounting Standards to be Implemented. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure in the rate reconciliation table additional categories of information about federal, state and foreign income taxes and provide more details about the reconciliation items in some categories if the items meet a quantitative threshold. The guidance also requires disclosure of income taxes paid, net of refunds, disaggregated by federal (national), state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold. The guidance is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this guidance on its disclosures to the consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40), which requires more detailed disclosures about specified categories of expenses (including purchases of inventory, employee compensation, intangible asset amortization, and depreciation) included in certain expense captions presented on the face of the income statement (such as cost of sales and SG&A expenses). The guidance is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of this guidance on its disclosures to the consolidated financial statements.
Receivables and Allowance for Doubtful Accounts
Receivables and Allowance for Doubtful Accounts. Receivables include $700 million and $560 million of trade accounts receivable at March 31, 2025 and December 31, 2024, respectively. 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.
Supplier Finance Supplier Finance. The Company has supplier finance programs to pay third-party banks the stated amount of confirmed invoices from its designated suppliers on the original maturity dates of the invoices. Terex or the bank may terminate the agreement upon 30 days’ notice. The supplier invoices that have been confirmed as valid under the program require payment in full within 60-90 days of invoice date.
Guarantees
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 K – “Litigation and Contingencies” for additional information regarding guarantees issued to financial institutions.
Accrued Warranties
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.
Fair Value Measurements
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.
Revenue
Revenue Recognition. The Company estimated that $30 million and $20 million at March 31, 2025 and December 31, 2024, respectively, in revenue is expected to be recognized in the future related to performance obligations that are unsatisfied (or partially satisfied) at the end of the reporting period. Remaining consideration pertains to contracts with multiple performance obligations and multi-year service agreements which are typically recognized as the performance obligation is satisfied. We expect to recognize approximately 56% of the Company’s unsatisfied (or partially satisfied) performance obligations as revenue through 2026, 20% in 2027, and 15% in 2028, with the remaining balance to be recognized in 2029 and thereafter. The Company applied the standard’s practical expedient that permits the omission of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice for services performed.
Contract liabilities relate to advance consideration received from customers or advance billings for which revenue has not been recognized. Current contract liabilities are recorded in Other current liabilities and non-current contract liabilities are recorded in Other non-current liabilities in the Consolidated Balance Sheet. Contract liabilities are reduced when the associated revenue from the contract is recognized
v3.25.1
BASIS OF PRESENTATION (Tables)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Allowance for Doubtful Accounts Rollforward
The following table summarizes changes in the consolidated allowance for doubtful accounts (in millions):

Balance as of December 31, 2024
$9 
Provision for credit losses1 
Balance as of March 31, 2025
$10 
Changes in Product Warranty Liability
The following table summarizes changes in the consolidated product warranty liability (in millions):

Balance as of December 31, 2024
$54 
Accruals for warranties issued during the period12 
Changes in estimates3 
Settlements during the period(14)
Foreign exchange effect/other1 
Balance as of March 31, 2025
$56 
Contract with Customer, Contract Asset, Contract Liability, and Receivable The Company had no contract assets as of March 31, 2025 and December 31, 2024.
March 31, 2025December 31, 2024
Contract liabilities - current
$17 $20 
Contract liabilities - non-current
19 16 
v3.25.1
BUSINESS SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Business Segment Information
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 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
 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 
Revenue from External Customers by Geographic Areas
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.
 
Revenue from External Customers by Products and Services
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.

 
v3.25.1
ACQUISITIONS (Tables)
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the preliminary estimated fair values of the ESG assets acquired and liabilities assumed and related deferred income taxes as of the Closing Date (in millions).
October 8, 2024
Cash acquired
$11 
Receivables, net
131 
Inventory, net
106 
Prepaid and other current assets
2 
Property, plant & equipment
85 
Goodwill
792 
Identified intangibles subject to amortization
1,114 
Other assets
7 
Total assets acquired
$2,248 
Trade accounts payable
118 
Other current liabilities
82 
Other non-current liabilities
48 
Total liabilities assumed
$248 
Net assets acquired
$2,000 
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination
The following table summarizes the identifiable definite-lived intangible assets acquired (in millions):
Weighted Average Life
(in years)		Gross Carrying Amount
Definite-lived intangible assets:
Trade names
15$141 
Customer relationships
14824 
Technology
12149 
Total definite-lived intangible assets
$1,114 
Business Acquisition, Pro Forma Information
The following unaudited pro forma information has been presented as if the ESG Acquisition occurred on January 1, 2023. This information is based on historical results of operations, adjusted for acquisition accounting adjustments, and is not necessarily indicative of what the results would have been had the Company operated the business since January 1, 2023, nor does it intend to be a projection of future results.
(in millions, except per share data)
Three Months Ended
 March 31, 2024
Net sales
$1,502 
Net income
$99 
Basic earnings per share net income
$1.47 
Diluted earnings per share net income
$1.45 
v3.25.1
EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share
Three Months Ended
March 31,
(in millions, except per share data)
 20252024
Net income (loss)$21 $109 
Basic:
  
Weighted average shares outstanding
66.3 67.0 
Earnings (loss) per share
$0.32 $1.62 
Diluted:
  
Basic weighted average shares outstanding
66.3 67.0 
Effect of dilutive restricted stock
0.6 0.9 
Diluted weighted average shares outstanding66.9 67.9 
Earnings (loss) per share
$0.31 $1.60 
v3.25.1
INVENTORIES (Tables)
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories consist of the following (in millions):
March 31,
2025		December 31,
2024
Finished equipment$456 $406 
Replacement parts188 168 
Work-in-process126 121 
Raw materials and supplies434 452 
Inventories$1,204 $1,147 
v3.25.1
PROPERTY, PLANT AND EQUIPMENT (Tables)
 3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
Property, plant and equipment – net consist of the following (in millions):
 March 31,
2025		December 31,
2024
Property$78 $76 
Plant355 348 
Equipment612 587 
Leasehold improvements62 60 
Construction in progress100 111 
Property, plant and equipment – gross 1,207 1,182 
Less: Accumulated depreciation(487)(468)
Property, plant and equipment – net$720 $714 
v3.25.1
GOODWILL AND INTANGIBLE ASSETS (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Goodwill by Business Segment
An analysis of changes in the Company’s goodwill by business segment is as follows (in millions):
 MPAerialsESTotal
Balance at December 31, 2024, gross
$214 $138 803 $1,155 
Accumulated impairment(23)(39)— (62)
Balance at December 31, 2024, net
191 99 803 $1,093 
Foreign exchange effect and other3 1 (11)(7)
Balance at March 31, 2025, gross
217 139 792 1,148 
Accumulated impairment(23)(39)— (62)
Balance at March 31, 2025, net
$194 $100 $792 $1,086 
Schedule of Intangible Assets by Class
Intangible assets, net were comprised of the following (in millions):
March 31, 2025December 31, 2024
Weighted Average Life
(in years)		Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Definite-lived intangible assets:
Technology12$159 $(15)$144 $159 $(12)$147 
Customer relationships
15859 (58)801 858 (44)814 
Trade names
14152 (13)139 152 (10)142 
Land use rights
804 (1)3 4 (1)3 
Other1018 (17)1 18 (17)1 
Total definite-lived intangible assets
$1,192 $(104)$1,088 $1,191 $(84)$1,107 
Finite-lived Intangible Assets Amortization Expense
Three Months Ended
March 31,
(in millions)20252024
Aggregate Amortization Expense$20 $1 
Schedule of Intangible Assets Amortization Expense
Estimated aggregate intangible asset amortization expense for each of the next five years is as follows (in millions):
2025$82 
202681 
202781 
202881 
202980 
v3.25.1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of fair value of derivative instruments designated as hedging instruments that are reported in the Consolidated Balance Sheet
The following table provides the location and fair value amounts of derivative instruments designated and not designated as hedging instruments that are reported in the Condensed Consolidated Balance Sheet (in millions):
March 31,
2025		December 31,
2024
Instrument (1)
Balance Sheet AccountDerivatives designated as hedgesDerivatives not designated as hedgesDerivatives designated as hedgesDerivatives not designated as hedges
Foreign exchange contractsOther current assets$— $1 $— $— 
Cross currency swaps - net investment hedgeOther current assets4 — 7 — 
Cross currency swaps - net investment hedgeOther non-current assets— — 7 — 
Commodity swapsOther current liabilities— — (1)— 
Cross currency swaps - net investment hedgeOther non-current liabilities(19)— — — 
Net derivative asset (liability)$(15)$1 $13 $— 
(1) Categorized as Level 2 under the ASC 820 Fair Value Hierarchy.
Schedule of derivative instruments that are designated as hedges in the Consolidated Statement of Comprehensive Income
The following tables provide the effect of derivative instruments that are designated as hedges in AOCI (in millions):

Gain (Loss) Recognized on Derivatives in OCI, net of taxGain (Loss) Reclassified from AOCI into Income (Loss)
Instrument
Three Months Ended
March 31, 2025
Three Months Ended
March 31, 2024		Income Statement Account
Three Months Ended
March 31, 2025
Three Months Ended
March 31, 2024
Commodity swaps$1 $(1)Cost of goods sold$(1)$— 
Cross currency swaps - net investment hedge(14)5 Selling, general and administrative expenses— — 
Total$(13)$4 Total$(1)$— 
The following tables provide the effect of derivative instruments that are designated as hedges in the Condensed Consolidated Statement of Comprehensive Income (Loss) (in millions):
Classification and amount of Gain (Loss) Recognized in Income (Loss)
Cost of goods soldInterest expense
Three Months Ended
March 31, 2025
Three Months Ended
 March 31, 2024
Three Months Ended
March 31, 2025
Three Months Ended
 March 31, 2024
Income Statement Accounts in which effects of cash flow hedges are recorded$(999)$(995)$(43)$(15)
Gain (loss) reclassified from AOCI into Income (loss):
Commodity swaps(1)— — — 
Amount excluded from effectiveness testing recognized in Income (loss) based on amortization approach:
Cross currency swaps - net investment hedge— — 1 1 
Total$(1)$— $1 $1 
Schedule of fair value of derivative instruments not designated as hedging instruments that are reported in the Consolidated Statement of Comprehensive Income and Balance Sheet
Derivatives not designated as hedges are used to offset foreign exchange gains or losses resulting from the underlying exposures of foreign currency denominated assets and liabilities. The following table provides the effect of non-designated derivatives in the Condensed Consolidated Statement of Comprehensive Income (Loss) (in millions):
Gain (Loss) Recognized in Income (Loss)
Three Months Ended
March 31,
InstrumentIncome Statement Account
2025
2024
Foreign exchange contractsCost of goods sold$1 $(1)
Total$1 $(1)
v3.25.1
LONG-TERM OBLIGATIONS (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Letters of credit outstanding (in millions):
March 31, 2025December 31, 2024
$500 Million Facility
$— $— 
$400 Million Facility
56 47 
Bilateral Arrangements48 48 
Total$104 $95 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The Company estimates the fair value of its debt set forth below as of March 31, 2025, as follows (in millions, except for quotes):
 Book ValueQuoteFair Value
5% Notes$600 0.95375 $572 
6.25% Notes
750 0.97000 728 
New Term Facility (net of discount)
1,244 1.00000 1,244 
v3.25.1
STOCKHOLDERS' EQUITY (Tables)
 3 Months Ended
Mar. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The table below presents changes in AOCI by component for the three months ended March 31, 2025 and 2024. All amounts are net of tax (in millions).
Three Months Ended
March 31, 2025
Three Months Ended
March 31, 2024
CTADerivative Hedging Adj.Debt & Equity Securities Adj.Pension Liability Adj.TotalCTADerivative Hedging Adj.Debt & Equity Securities Adj.Pension Liability Adj.Total
Beginning balance$(338)$7 $(3)$(48)$(382)$(228)$(5)$(3)$(51)$(287)
Other comprehensive income (loss) before reclassifications
46 (14)1 (3)30 (34)4 — 1 (29)
Amounts reclassified from AOCI
— 1 — 1 2 — — — — — 
Net other comprehensive income (loss)
46 (13)1 (2)32 (34)4 — 1 (29)
Ending balance
$(292)$(6)$(2)$(50)$(350)$(262)$(1)$(3)$(50)$(316)
Schedule of Weighted-Average Assumptions Used in the Valuations
The following table presents the weighted-average assumptions used in the valuations:

Grant date
March 15, 2025
Dividend yields1.69 %
Expected volatility41.56 %
Risk free interest rate3.96 %
Expected life (in years)3
Schedule of Repurchase Agreements The table below presents shares repurchased, inclusive of transactions executed but not settled, by the Company under these programs.
Three Months Ended
March 31
Total Number of
Shares Repurchased
Amount of Shares Repurchased
(in millions)
2025
798,723$33
2024
46,337$3
Dividends Declared
The table below presents dividends declared by Terex’s Board and paid to the Company’s stockholders:

YearFirst Quarter
2025
$0.17 
2024
$0.17 
v3.25.1
BASIS OF PRESENTATION - Additional Information (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade receivables $ 783.0 $ 643.0
Supplier finance program, obligation 36.0 25.0
Revenue, Remaining Performance Obligation, Amount $ 30.0 20.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Revenue, Remaining Performance Obligation, Percentage 56.00%  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Revenue, Remaining Performance Obligation, Percentage 20.00%  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Revenue, Remaining Performance Obligation, Percentage 15.00%  
Trade Accounts Receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade receivables $ 700.0 $ 560.0
v3.25.1
BASIS OF PRESENTATION - Allowance for doubtful accounts rollforward (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]  
Balance as of December 31, 2024 $ 9
Provision for credit losses 1
Balance as of March 31, 2025 $ 10
v3.25.1
BASIS OF PRESENTATION - Changes in Product Warranty Liability (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Changes in consolidated current and non-current product warranty liability  
Balance as of December 31, 2024 $ 54
Accruals for warranties issued during the period 12
Changes in estimates 3
Settlements during the period (14)
Foreign exchange effect/other 1
Balance as of March 31, 2025 $ 56
v3.25.1
BASIS OF PRESENTATION (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Contract with Customer, Liability, Current $ 17 $ 20
Contract with Customer, Liability, Noncurrent $ 19 $ 16
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period  
v3.25.1
BUSINESS SEGMENT INFORMATION - Additional Information (Details)
 3 Months Ended
Mar. 31, 2025
segments
customer
Segment Reporting Information [Line Items]  
Number of reportable segments | segments 3
Aerials And Utilities Operating Segements  
Segment Reporting Information [Line Items]  
Number of reportable segments | customer 1
v3.25.1
BUSINESS SEGMENT INFORMATION - Net Sales and Income (Loss) from Operations by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reconciliation [Abstract]    
Net sales $ 1,229 $ 1,292
Less    
Cost of goods sold 999 995
Segment operating profit 69 158
Operating Segments    
Segment Reconciliation [Abstract]    
Net sales 1,231 1,294
Less    
Cost of goods sold 1,002 999
Compensation expense 68 59
Other segment items 67 57
Segment operating profit 94 179
Operating Segments | Materials Processing Segment    
Segment Reconciliation [Abstract]    
Net sales 382 520
Less    
Cost of goods sold 301 398
Compensation expense 25 28
Other segment items 20 22
Segment operating profit 36 72
Operating Segments | Aerials Segment    
Segment Reconciliation [Abstract]    
Net sales 450 623
Less    
Cost of goods sold 390 479
Compensation expense 23 25
Other segment items 35 27
Segment operating profit 2 92
Operating Segments | Environmental Solutions Segment    
Segment Reconciliation [Abstract]    
Net sales 399 151
Less    
Cost of goods sold 311 122
Compensation expense 20 6
Other segment items 12 8
Segment operating profit 56 15
Corporate and Other / Eliminations    
Segment Reconciliation [Abstract]    
Net sales (2) (2)
Intersegment Eliminations    
Segment Reconciliation [Abstract]    
Net sales (2) (2)
Less    
Segment operating profit $ (25) $ (21)
v3.25.1
BUSINESS SEGMENT INFORMATION - Identifiable Assets by Segment (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Assets $ 5,840 $ 5,730
Operating Segments | Materials Processing Segment    
Segment Reporting Information [Line Items]    
Assets 1,943 1,885
Operating Segments | Aerials Segment    
Segment Reporting Information [Line Items]    
Assets 1,767 1,660
Operating Segments | Environmental Solutions Segment    
Segment Reporting Information [Line Items]    
Assets 2,823 2,806
Corporate and Other / Eliminations    
Segment Reporting Information [Line Items]    
Assets $ (693) $ (621)
v3.25.1
BUSINESS SEGMENT INFORMATION - Net Sales by Region (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Net sales $ 1,229 $ 1,292
UNITED STATES    
Segment Reporting Information [Line Items]    
Net sales 817 733
North America    
Segment Reporting Information [Line Items]    
Net sales 898 794
Western Europe    
Segment Reporting Information [Line Items]    
Net sales 162 262
Asia-Pacific    
Segment Reporting Information [Line Items]    
Net sales 102 147
Rest of World    
Segment Reporting Information [Line Items]    
Net sales 67 89
Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 1,231 1,294
Corporate and Other / Eliminations    
Segment Reporting Information [Line Items]    
Net sales (2) (2)
Corporate and Other / Eliminations | North America    
Segment Reporting Information [Line Items]    
Net sales 0 2
Corporate and Other / Eliminations | Western Europe    
Segment Reporting Information [Line Items]    
Net sales 0 0
Corporate and Other / Eliminations | Asia-Pacific    
Segment Reporting Information [Line Items]    
Net sales 0 0
Corporate and Other / Eliminations | Rest of World    
Segment Reporting Information [Line Items]    
Net sales (2) (4)
Materials Processing Segment | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 382 520
Materials Processing Segment | Operating Segments | North America    
Segment Reporting Information [Line Items]    
Net sales 171 236
Materials Processing Segment | Operating Segments | Western Europe    
Segment Reporting Information [Line Items]    
Net sales 95 136
Materials Processing Segment | Operating Segments | Asia-Pacific    
Segment Reporting Information [Line Items]    
Net sales 76 103
Materials Processing Segment | Operating Segments | Rest of World    
Segment Reporting Information [Line Items]    
Net sales 40 45
Aerials Segment | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 450 623
Aerials Segment | Operating Segments | North America    
Segment Reporting Information [Line Items]    
Net sales 331 408
Aerials Segment | Operating Segments | Western Europe    
Segment Reporting Information [Line Items]    
Net sales 67 126
Aerials Segment | Operating Segments | Asia-Pacific    
Segment Reporting Information [Line Items]    
Net sales 25 42
Aerials Segment | Operating Segments | Rest of World    
Segment Reporting Information [Line Items]    
Net sales 27 47
Environmental Solutions Segment | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 399 151
Environmental Solutions Segment | Operating Segments | North America    
Segment Reporting Information [Line Items]    
Net sales 396 148
Environmental Solutions Segment | Operating Segments | Western Europe    
Segment Reporting Information [Line Items]    
Net sales 0 0
Environmental Solutions Segment | Operating Segments | Asia-Pacific    
Segment Reporting Information [Line Items]    
Net sales 1 2
Environmental Solutions Segment | Operating Segments | Rest of World    
Segment Reporting Information [Line Items]    
Net sales $ 2 $ 1
v3.25.1
BUSINESS SEGMENT INFORMATION - Net Sales by Product Type (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Net sales $ 1,229 $ 1,292
Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 1,231 1,294
Operating Segments | Materials Processing Segment    
Segment Reporting Information [Line Items]    
Net sales 382 520
Operating Segments | Aerials Segment    
Segment Reporting Information [Line Items]    
Net sales 450 623
Operating Segments | Environmental Solutions Segment    
Segment Reporting Information [Line Items]    
Net sales 399 151
Corporate and Other / Eliminations    
Segment Reporting Information [Line Items]    
Net sales (2) (2)
Aerial Work Platforms    
Segment Reporting Information [Line Items]    
Net sales 386 542
Aerial Work Platforms | Operating Segments | Materials Processing Segment    
Segment Reporting Information [Line Items]    
Net sales 0 0
Aerial Work Platforms | Operating Segments | Aerials Segment    
Segment Reporting Information [Line Items]    
Net sales 386 542
Aerial Work Platforms | Operating Segments | Environmental Solutions Segment    
Segment Reporting Information [Line Items]    
Net sales 0 0
Aerial Work Platforms | Corporate and Other / Eliminations    
Segment Reporting Information [Line Items]    
Net sales 0 0
Materials Processing Equipment    
Segment Reporting Information [Line Items]    
Net sales 237 357
Materials Processing Equipment | Operating Segments | Materials Processing Segment    
Segment Reporting Information [Line Items]    
Net sales 237 357
Materials Processing Equipment | Operating Segments | Aerials Segment    
Segment Reporting Information [Line Items]    
Net sales 0 0
Materials Processing Equipment | Operating Segments | Environmental Solutions Segment    
Segment Reporting Information [Line Items]    
Net sales 0 0
Materials Processing Equipment | Corporate and Other / Eliminations    
Segment Reporting Information [Line Items]    
Net sales 0 0
Specialty Equipment    
Segment Reporting Information [Line Items]    
Net sales 145 163
Specialty Equipment | Operating Segments | Materials Processing Segment    
Segment Reporting Information [Line Items]    
Net sales 145 163
Specialty Equipment | Operating Segments | Aerials Segment    
Segment Reporting Information [Line Items]    
Net sales 0 0
Specialty Equipment | Operating Segments | Environmental Solutions Segment    
Segment Reporting Information [Line Items]    
Net sales 0 0
Specialty Equipment | Corporate and Other / Eliminations    
Segment Reporting Information [Line Items]    
Net sales 0 0
Utility Equipment    
Segment Reporting Information [Line Items]    
Net sales 132 151
Utility Equipment | Operating Segments | Materials Processing Segment    
Segment Reporting Information [Line Items]    
Net sales 0 0
Utility Equipment | Operating Segments | Aerials Segment    
Segment Reporting Information [Line Items]    
Net sales 0 0
Utility Equipment | Operating Segments | Environmental Solutions Segment    
Segment Reporting Information [Line Items]    
Net sales 132 151
Utility Equipment | Corporate and Other / Eliminations    
Segment Reporting Information [Line Items]    
Net sales 0 0
ESG Equipment    
Segment Reporting Information [Line Items]    
Net sales 243 0
ESG Equipment | Operating Segments | Materials Processing Segment    
Segment Reporting Information [Line Items]    
Net sales 0 0
ESG Equipment | Operating Segments | Aerials Segment    
Segment Reporting Information [Line Items]    
Net sales 0 0
ESG Equipment | Operating Segments | Environmental Solutions Segment    
Segment Reporting Information [Line Items]    
Net sales 243 0
ESG Equipment | Corporate and Other / Eliminations    
Segment Reporting Information [Line Items]    
Net sales   0
Other    
Segment Reporting Information [Line Items]    
Net sales 86 79
Other | Operating Segments | Materials Processing Segment    
Segment Reporting Information [Line Items]    
Net sales 0 0
Other | Operating Segments | Aerials Segment    
Segment Reporting Information [Line Items]    
Net sales 64 81
Other | Operating Segments | Environmental Solutions Segment    
Segment Reporting Information [Line Items]    
Net sales 24 0
Other | Corporate and Other / Eliminations    
Segment Reporting Information [Line Items]    
Net sales $ (2) $ (2)
v3.25.1
BUSINESS SEGMENT INFORMATION (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Depreciation, Depletion and Amortization $ 39 $ 15
Payments to Acquire Productive Assets 36 35
Operating Segments | Materials Processing Segment    
Segment Reporting Information [Line Items]    
Depreciation, Depletion and Amortization 5 5
Payments to Acquire Productive Assets 4 13
Operating Segments | Aerials Segment    
Segment Reporting Information [Line Items]    
Depreciation, Depletion and Amortization 6 6
Payments to Acquire Productive Assets 23 19
Operating Segments | Environmental Solutions Segment    
Segment Reporting Information [Line Items]    
Depreciation, Depletion and Amortization 24 2
Payments to Acquire Productive Assets 7 1
Corporate and Other / Eliminations    
Segment Reporting Information [Line Items]    
Depreciation, Depletion and Amortization 4 2
Payments to Acquire Productive Assets $ 2 $ 2
v3.25.1
INCOME TAXES (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Income Tax Expense (Benefit) $ 5 $ 28
Income from continuing operations before income taxes $ 26 $ 137
Effective income tax rate, continuing operations 20.30% 20.50%
v3.25.1
ACQUISITIONS - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended
Oct. 08, 2024
Apr. 30, 2025
Mar. 31, 2025
Senior Notes Due 2032, 6.25% | Senior Notes      
Business Acquisition [Line Items]      
Interest rate (as a percent) 6.25%    
Subsequent Event      
Business Acquisition [Line Items]      
Goodwill, Measurement Period Adjustment   $ 10  
Environmental Solutions Group (ESG)      
Business Acquisition [Line Items]      
Net sales     $ 1,502
Net income     $ 99
Basic earnings per share net income (in dollars per share)     $ 1.47
Diluted earnings per share net income (in dollars per share)     $ 1.45
Payments to Acquire Businesses, Net of Cash Acquired $ 2,010    
Environmental Solutions Group (ESG) | Subsequent Event      
Business Acquisition [Line Items]      
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred   $ 10  
v3.25.1
ACQUISITIONS - Schedule of Preliminary Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Oct. 08, 2024
Assets      
Goodwill $ 1,086.0 $ 1,093.0  
Environmental Solutions Group (ESG)      
Assets      
Cash acquired     $ 11.0
Receivables, net     131.0
Inventory, net     106.0
Prepaid and other current assets     2.0
Property, plant & equipment     85.0
Goodwill     792.0
Identified intangibles subject to amortization     1,114.0
Other assets     7.0
Total assets acquired     2,248.0
Liabilities [Abstract]      
Trade accounts payable     118.0
Other current liabilities     82.0
Other non-current liabilities     48.0
Total liabilities assumed     248.0
Net assets acquired     $ 2,000.0
v3.25.1
ACQUISITIONS - Schedule of Finite-Lived Intangible Assets Acquired (Details) - Environmental Solutions Group (ESG)
$ in Millions
Oct. 08, 2024
USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]  
Gross Carrying Amount $ 1,114.0
Trade Names  
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted Average Life (in years) 15 years
Gross Carrying Amount $ 141.0
Customer relationships  
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted Average Life (in years) 14 years
Gross Carrying Amount $ 824.0
Technology-Based Intangible Assets  
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted Average Life (in years) 12 years
Gross Carrying Amount $ 149.0
v3.25.1
ACQUISITIONS - Schedule of Pro Forma Information (Details) - Environmental Solutions Group (ESG)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
$ / shares
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]  
Net sales | $ $ 1,502
Net income | $ $ 99
Basic earnings per share net income (in dollars per share) | $ / shares $ 1.47
Diluted earnings per share net income (in dollars per share) | $ / shares $ 1.45
v3.25.1
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings per share    
Net income (loss) $ 21 $ 109
Basic:    
Weighted average shares outstanding - basic (in shares) 66.3 67.0
Earnings (loss) per share (in dollars per share) $ 0.32 $ 1.62
Diluted:    
Weighted average shares outstanding - basic (in shares) 66.3 67.0
Restricted stock (in shares) 0.6 0.9
Diluted weighted average shares outstanding (in shares) 66.9 67.9
Earnings (loss) per share (in dollars per share) $ 0.31 $ 1.60
Restricted Stock    
Diluted:    
Antidilutive securities excluded from computation of earnings per share (in shares) 0.5 0.3
v3.25.1
INVENTORIES (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Finished equipment $ 456 $ 406
Replacement parts 188 168
Work-in-process 126 121
Raw materials and supplies 434 452
Inventories 1,204 1,147
Inventory reserves $ 82 $ 79
v3.25.1
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Property, plant and equipment.    
Property, plant and equipment – gross  $ 1,207 $ 1,182
Less: Accumulated depreciation (487) (468)
Property, plant and equipment – net 720 714
Property    
Property, plant and equipment.    
Property, plant and equipment – gross  78 76
Plant    
Property, plant and equipment.    
Property, plant and equipment – gross  355 348
Equipment    
Property, plant and equipment.    
Property, plant and equipment – gross  612 587
Leasehold improvements    
Property, plant and equipment.    
Property, plant and equipment – gross  62 60
Construction in progress    
Property, plant and equipment.    
Property, plant and equipment – gross  $ 100 $ 111
v3.25.1
GOODWILL AND INTANGIBLE ASSETS (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Changes in goodwill by business segment  
Balance at December 31, 2024, gross $ 1,155
Accumulated impairment (62)
Balance at December 31, 2024, net 1,093
Foreign exchange effect and other (7)
Balance at March 31, 2025, gross 1,148
Accumulated impairment (62)
Balance at March 31, 2025, net 1,086
Environmental Solutions Segment  
Changes in goodwill by business segment  
Balance at December 31, 2024, gross 803
Accumulated impairment 0
Balance at December 31, 2024, net 803
Foreign exchange effect and other (11)
Balance at March 31, 2025, gross 792
Accumulated impairment 0
Balance at March 31, 2025, net 792
Aerials Segment  
Changes in goodwill by business segment  
Balance at December 31, 2024, gross 138
Accumulated impairment (39)
Balance at December 31, 2024, net 99
Foreign exchange effect and other 1
Balance at March 31, 2025, gross 139
Accumulated impairment (39)
Balance at March 31, 2025, net 100
Materials Processing Segment  
Changes in goodwill by business segment  
Balance at December 31, 2024, gross 214
Accumulated impairment (23)
Balance at December 31, 2024, net 191
Foreign exchange effect and other 3
Balance at March 31, 2025, gross 217
Accumulated impairment (23)
Balance at March 31, 2025, net $ 194
v3.25.1
GOODWILL AND INTANGIBLE ASSETS - INTANGIBLE ASSETS (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Definite-lived intangible assets:      
Gross Carrying Amount $ 1,192   $ 1,191
Accumulated Amortization (104)   (84)
Net Carrying Amount 1,088   1,107
Aggregate Amortization Expense 20 $ 1  
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract]      
2025 82    
2026 81    
2027 81    
2028 81    
2029 $ 80    
Technology      
Definite-lived intangible assets:      
Weighted Average Life (in years) 12 years    
Gross Carrying Amount $ 159   159
Accumulated Amortization (15)   (12)
Net Carrying Amount $ 144   147
Customer relationships      
Definite-lived intangible assets:      
Weighted Average Life (in years) 15 years    
Gross Carrying Amount $ 859   858
Accumulated Amortization (58)   (44)
Net Carrying Amount $ 801   814
Land use rights      
Definite-lived intangible assets:      
Weighted Average Life (in years) 80 years    
Gross Carrying Amount $ 4   4
Accumulated Amortization (1)   (1)
Net Carrying Amount $ 3   3
Other      
Definite-lived intangible assets:      
Weighted Average Life (in years) 10 years    
Gross Carrying Amount $ 18   18
Accumulated Amortization (17)   (17)
Net Carrying Amount $ 1   1
Trade Names      
Definite-lived intangible assets:      
Weighted Average Life (in years) 14 years    
Gross Carrying Amount $ 152   152
Accumulated Amortization (13)   (10)
Net Carrying Amount $ 139   $ 142
v3.25.1
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Cash flow hedge gain (loss) to be reclassified within twelve months $ 3  
Derivatives designated as hedges | Foreign exchange contracts    
Derivative [Line Items]    
Derivative, notional amount 0 $ 0
Derivatives designated as hedges | Cross currency swaps - net investment hedge | Net Investment Hedging    
Derivative [Line Items]    
Derivative, notional amount 480 466
Derivatives designated as hedges | Commodity swaps    
Derivative [Line Items]    
Derivative, notional amount 5 9
Derivatives not designated as hedges | Foreign exchange contracts    
Derivative [Line Items]    
Derivative, notional amount $ 205 $ 314
v3.25.1
DERIVATIVE FINANCIAL INSTRUMENTS - Balance Sheet Table (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Derivatives designated as hedges    
Derivative [Line Items]    
Net derivative asset (liability) $ (15.0) $ 13.0
Derivatives designated as hedges | Other current assets | Foreign exchange contracts    
Derivative [Line Items]    
Derivative assets 0.0 0.0
Derivatives designated as hedges | Other current assets | Cross currency swaps - net investment hedge    
Derivative [Line Items]    
Derivative assets 4.0 7.0
Derivatives designated as hedges | Other current liabilities | Commodity swaps    
Derivative [Line Items]    
Derivatives liabilities 0.0 (1.0)
Derivatives designated as hedges | Other non-current liabilities | Cross currency swaps - net investment hedge | Net Investment Hedging    
Derivative [Line Items]    
Derivatives liabilities (19.0) 0.0
Derivatives designated as hedges | Other non-current assets | Cross currency swaps - net investment hedge    
Derivative [Line Items]    
Derivative assets 0.0 7.0
Derivatives not designated as hedges    
Derivative [Line Items]    
Net derivative asset (liability) 1.0 0.0
Derivatives not designated as hedges | Other current assets | Foreign exchange contracts    
Derivative [Line Items]    
Derivative assets 1.0 0.0
Derivatives not designated as hedges | Other current assets | Cross currency swaps - net investment hedge    
Derivative [Line Items]    
Derivative assets 0.0 0.0
Derivatives not designated as hedges | Other current liabilities | Commodity swaps    
Derivative [Line Items]    
Derivatives liabilities 0.0 0.0
Derivatives not designated as hedges | Other non-current liabilities | Cross currency swaps - net investment hedge | Net Investment Hedging    
Derivative [Line Items]    
Derivatives liabilities 0.0 0.0
Derivatives not designated as hedges | Other non-current assets | Cross currency swaps - net investment hedge    
Derivative [Line Items]    
Derivative assets $ 0.0 $ 0.0
v3.25.1
DERIVATIVE FINANCIAL INSTRUMENTS - Effect of derivative instruments designated as hedges in AOCI (Details) - Derivatives designated as hedges - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flow Hedging    
Derivative [Line Items]    
Gain (Loss) Recognized on Derivatives in OCI, net of tax $ (13) $ 4
Gain (Loss) Reclassified from AOCI into Income (Loss) (1) 0
Cash Flow Hedging | Cost of goods sold    
Derivative [Line Items]    
Gain (Loss) Reclassified from AOCI into Income (Loss) (1) 0
Cash Flow Hedging | Interest Expense    
Derivative [Line Items]    
Gain (Loss) Reclassified from AOCI into Income (Loss) 1 1
Cash Flow Hedging | Commodity swaps    
Derivative [Line Items]    
Gain (Loss) Recognized on Derivatives in OCI, net of tax 1 (1)
Gain (Loss) Reclassified from AOCI into Income (Loss) (1) 0
Cash Flow Hedging | Commodity swaps | Cost of goods sold    
Derivative [Line Items]    
Gain (Loss) Reclassified from AOCI into Income (Loss) (1) 0
Net Investment Hedging | Cross currency swaps - net investment hedge    
Derivative [Line Items]    
Gain (Loss) Recognized on Derivatives in OCI, net of tax (14) 5
Net Investment Hedging | Cross currency swaps - net investment hedge | Selling, general and administrative expenses    
Derivative [Line Items]    
Gain (Loss) Reclassified from AOCI into Income (Loss) $ 0 $ 0
v3.25.1
DERIVATIVE FINANCIAL INSTRUMENTS - Effect of derivative instruments on income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement Accounts in which effects of cash flow hedges are recorded    
Cost of goods sold $ (999) $ (995)
Derivative, Excluded Component, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Cost of goods sold, Interest Expense, Nonoperating  
Cash Flow Hedging | Derivatives designated as hedges    
Income Statement Accounts in which effects of cash flow hedges are recorded    
Gain (Loss) Reclassified from AOCI into Income (Loss) $ (1) 0
Amount excluded from effectiveness testing recognized in Income (loss) based on amortization approach:    
Total (1) 0
Cash Flow Hedging | Derivatives designated as hedges | Cost of goods sold    
Income Statement Accounts in which effects of cash flow hedges are recorded    
Gain (Loss) Reclassified from AOCI into Income (Loss) (1) 0
Amount excluded from effectiveness testing recognized in Income (loss) based on amortization approach:    
Total (1) 0
Cash Flow Hedging | Derivatives designated as hedges | Interest Expense    
Income Statement Accounts in which effects of cash flow hedges are recorded    
Gain (Loss) Reclassified from AOCI into Income (Loss) 1 1
Amount excluded from effectiveness testing recognized in Income (loss) based on amortization approach:    
Total 1 1
Cash Flow Hedging | Commodity swaps | Derivatives designated as hedges    
Income Statement Accounts in which effects of cash flow hedges are recorded    
Gain (Loss) Reclassified from AOCI into Income (Loss) (1) 0
Amount excluded from effectiveness testing recognized in Income (loss) based on amortization approach:    
Total (1) 0
Cash Flow Hedging | Commodity swaps | Derivatives designated as hedges | Cost of goods sold    
Income Statement Accounts in which effects of cash flow hedges are recorded    
Gain (Loss) Reclassified from AOCI into Income (Loss) (1) 0
Amount excluded from effectiveness testing recognized in Income (loss) based on amortization approach:    
Total (1) 0
Cash Flow Hedging | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest    
Income Statement Accounts in which effects of cash flow hedges are recorded    
Cost of goods sold (999) (995)
Interest expense (43) (15)
Net Investment Hedging | Cross currency swaps - net investment hedge | Derivatives designated as hedges    
Amount excluded from effectiveness testing recognized in Income (loss) based on amortization approach:    
Cross currency swaps - net investment hedge $ 1 $ 1
v3.25.1
DERIVATIVE FINANCIAL INSTRUMENTS -Effect of derivative instruments not designated as hedges on income (Details) - Derivatives not designated as hedges - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative [Line Items]    
Gain (Loss) Recognized in Income (Loss) $ 1 $ (1)
Foreign exchange contracts    
Derivative [Line Items]    
Gain (Loss) Recognized in Income (Loss) $ 1 $ (1)
v3.25.1
LONG-TERM OBLIGATIONS - Credit Agreement (Details) - USD ($)
$ in Millions
Oct. 08, 2024
Mar. 31, 2025
Dec. 31, 2024
Apr. 10, 2018
Jan. 31, 2017
Environmental Solutions Group (ESG)          
Debt Instrument [Line Items]          
Payments to Acquire Businesses, Net of Cash Acquired $ 2,010        
Credit Agreement          
Debt Instrument [Line Items]          
Percentage of capital stock of foreign subsidiary pledged as collateral for borrowings (as a percent)         65.00%
Line of Credit | Credit Agreement          
Debt Instrument [Line Items]          
Incremental borrowing capacity         $ 300
Line of Credit | Revolving Credit Facility | New Revolving Credit Facilities          
Debt Instrument [Line Items]          
Line of credit facility, maximum borrowing capacity $ 800        
Revolving commitments extended, percentage threshold 30.00%        
First lien net leverage ratio 3.00        
Line of Credit | Revolving Credit Facility | Credit Agreement          
Debt Instrument [Line Items]          
Available borrowing capacity       $ 600  
Line of credit   $ 0 $ 0    
Line of Credit | Letter of Credit | Letter Of Credit Facility          
Debt Instrument [Line Items]          
Line of credit facility, maximum borrowing capacity $ 500        
Letters of credit maximum available under additional facilities 400        
Line of Credit | Letter of Credit | Letter Of Credit Facility And Additional Letter Of Credit Facility          
Debt Instrument [Line Items]          
Letter of credit facility, aggregate maximum borrowing capacity 500        
Line of Credit | Letter of Credit | Additional Letter Of Credit Facility          
Debt Instrument [Line Items]          
Letters of credit maximum available under additional facilities 400        
Line of Credit | Secured Debt | New Term Facility          
Debt Instrument [Line Items]          
Face amount of debt $ 1,250        
Debt instrument, term 7 years        
Debt Instrument, Basis Spread on Variable Rate 2.00%        
Debt Instrument, Basis Spread On Variable Rate, Interest Rate Step Down 0.25%        
Debt Instrument, Maximum First Lien Net Leverage Ratio For Step Down Interest 0.50        
Line of Credit | Secured Debt | Credit Agreement          
Debt Instrument [Line Items]          
Line of credit         $ 600
v3.25.1
LONG-TERM OBLIGATIONS - Schedule of Letters of Credit Outstanding (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Continuing Operations [Member]    
Debt Instrument [Line Items]    
Letters of credit outstanding, amount $ 104 $ 95
Credit Agreement | Continuing Operations [Member]    
Debt Instrument [Line Items]    
Letters of credit outstanding, amount 0 0
Credit Agreement | Revolving Credit Facility | Line of Credit    
Debt Instrument [Line Items]    
Line of credit 0 0
Additional Credit Agreement 2017 | Continuing Operations [Member]    
Debt Instrument [Line Items]    
Letters of credit outstanding, amount 56 47
Bilateral Arrangements 2017 Credit Agreement | Continuing Operations [Member]    
Debt Instrument [Line Items]    
Letters of credit outstanding, amount $ 48 $ 48
v3.25.1
LONG-TERM OBLIGATIONS - 5% Senior Notes (Details) - Senior Notes - 5% Notes
Apr. 01, 2021
USD ($)
Debt Instrument [Line Items]  
Face amount of debt $ 600,000,000
Interest rate (as a percent) 5.00%
v3.25.1
LONG-TERM OBLIGATIONS - 6.25% Senior Notes (Details) - Senior Notes Due 2032, 6.25% - Senior Notes
Oct. 08, 2024
USD ($)
Debt Instrument [Line Items]  
Face amount of debt $ 750,000,000
Interest rate (as a percent) 6.25%
Redemption price, percentage 100.00%
Redemption, percentage of notes 40.00%
v3.25.1
LONG-TERM OBLIGATIONS - Fair Value of Debt (Details)
$ in Millions
Mar. 31, 2025
USD ($)
$ / shares
Senior Notes | 5% Notes  
Debt Instrument [Line Items]  
Book Value $ 600
Fair Value 572
Senior Notes | Senior Notes Due 2032, 6.25%  
Debt Instrument [Line Items]  
Book Value 750
Fair Value 728
Line of Credit | Secured Debt | New Term Facility  
Debt Instrument [Line Items]  
Book Value 1,244
Fair Value $ 1,244
Measurement Input, Quoted Price | Senior Notes | 5% Notes  
Debt Instrument [Line Items]  
Quote | $ / shares 0.95375
Measurement Input, Quoted Price | Senior Notes | Senior Notes Due 2032, 6.25%  
Debt Instrument [Line Items]  
Quote | $ / shares 0.97000
Measurement Input, Quoted Price | Line of Credit | Secured Debt | New Term Facility  
Debt Instrument [Line Items]  
Quote | $ / shares 1.00000
v3.25.1
LONG-TERM OBLIGATIONS - Secured Borrowings (Details) - Foreign Tax Jurisdiction - Italian Agency of Revenue - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
VAT Receivable $ 19 $ 18
Advance loan on income tax receivable $ 19 $ 18
v3.25.1
LITIGATION AND CONTINGENCIES (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Loss Contingencies and Guarantee Obligations    
Guarantee terms maximum 5 years  
Allowance for credit losses on guarantees $ 7  
Credit Guarantee    
Loss Contingencies and Guarantee Obligations    
Guarantees, maximum exposure $ 69 $ 72
v3.25.1
STOCKHOLDERS' EQUITY - Accumulated Other Comprehensive Income (Loss) Rollforward (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Beginning balance $ (382)      
Total stockholders’ equity 1,844 $ 1,732 $ 1,832 $ 1,672
Ending balance (350)      
CTA        
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Other comprehensive income (loss) before reclassifications 46 (34)    
Amounts reclassified from AOCI 0 0    
Net other comprehensive income (loss) 46 (34)    
Total stockholders’ equity (292) (262) (338) (228)
Derivative Hedging Adj.        
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Other comprehensive income (loss) before reclassifications (14) 4    
Amounts reclassified from AOCI 1 0    
Net other comprehensive income (loss) (13) 4    
Total stockholders’ equity (6) (1) 7 (5)
Debt & Equity Securities Adj.        
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Other comprehensive income (loss) before reclassifications 1 0    
Amounts reclassified from AOCI 0 0    
Net other comprehensive income (loss) 1 0    
Total stockholders’ equity (2) (3) (3) (3)
Pension Liability Adj.        
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Other comprehensive income (loss) before reclassifications (3) 1    
Amounts reclassified from AOCI 1 0    
Net other comprehensive income (loss) (2) 1    
Total stockholders’ equity (50) (50) (48) (51)
Accumulated Other Comprehensive Income        
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Other comprehensive income (loss) before reclassifications 30 (29)    
Amounts reclassified from AOCI 2 0    
Net other comprehensive income (loss) 32 (29)    
Total stockholders’ equity $ (350) $ (316) $ (382) $ (287)
v3.25.1
STOCKHOLDERS' EQUITY - Stock-Based Compensation (Details) - $ / shares
shares in Millions
 3 Months Ended
Mar. 15, 2025
Mar. 31, 2025
Restricted Stock    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Granted (in shares)   0.9
Granted (in dollars per shares)   $ 40.96
Restricted Stock, Time-based    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Percentage of awards   62.00%
Award vesting period   3 years
Restricted Stock, Time-based | Tranche 1    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting percentage   33.33%
Restricted Stock, Time-based | Tranche 2    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting percentage   33.33%
Restricted Stock, Time-based | Tranche 3    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting percentage   33.33%
Performance Shares    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Percentage of awards   26.00%
Award vesting period   3 years
Performance Shares | Tranche 1    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting percentage   100.00%
Market Condition Award    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Percentage of awards   12.00%
Award vesting period   3 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]    
Dividend yields (as a percent) 1.69%  
Expected volatility (as a percent) 41.56%  
Risk-free interest rate (as a percent) 3.96%  
Expected life (in years) 3 years  
Market Condition Award | Tranche 1    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting percentage   100.00%
Market Condition Award | March 8, 2018    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Granted (in dollars per shares) $ 42.06  
v3.25.1
STOCKHOLDERS' EQUITY - Share Repurchases and Dividends (Details) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 19, 2022
Jul. 12, 2018
Stock repurchase program, authorized amount     $ 150,000,000 $ 300,000,000
Treasury stock acquired, cost method $ 33,000,000 $ 3,000,000    
Dividends declared (in dollars per share) $ 0.17 $ 0.17    
Dividends paid (in dollars per share) $ 0.17 $ 0.17    
Share repurchase program approved by Board of Directors        
Treasury stock acquired (in shares) 798,723 46,337    
Treasury stock acquired, cost method $ 33,000,000 $ 3,000,000