1 unchanged sentence
Since that time, we have changed significantly, and much of this change has been historically accomplished through acquisitions and managing our portfolio of companies by divestiture of non-core businesses and products.
−Removed: Today, Terex is a global manufacturer of aerial work platforms and materials processing machinery.
−Removed: We design, build and support products used in construction, maintenance, manufacturing, energy, minerals and materials management applications.
−Removed: Terex products and solutions enable customers to reduce their environmental impact including electric and hybrid offerings that deliver quiet and emission-free performance, products that support renewable energy, and products that aid in the recovery of useful materials from various types of waste.
+Added: Today, Terex is a global manufacturer of materials processing machinery and aerial work platforms.
+Added: We design, build and support products used in construction, maintenance, manufacturing, energy, recycling, minerals and materials management applications.
+Added: 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.
Our products are manufactured in North America, Europe, Australia and Asia and sold worldwide.
2 unchanged sentences
We report our business in the following segments:
−Removed: (i) Aerial Work Platforms (“AWP”) and (ii) Materials Processing (“MP”).
+Added: (i) Materials Processing (“MP”) and (ii) Aerial Work Platforms (“AWP”).
Further information about our industry and reportable segments appears in Part II, Item 7.
– “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note B – “Business Segment Information” in the Notes to Consolidated Financial Statements.
−Removed: AERIAL WORK PLATFORMS
−Removed: Our AWP segment designs, manufactures, services and markets aerial work platform equipment, utility equipment and telehandlers.
−Removed: Products include portable material lifts, portable aerial work platforms, trailer-mounted articulating booms, self-propelled articulating and telescopic booms, scissor lifts, utility equipment (including digger derricks and insulated aerial devices) and telehandlers, as well as their related components and replacement parts.
−Removed: Customers use these products to construct and maintain industrial, commercial, institutional and residential buildings and facilities, for construction and maintenance of utility and telecommunication lines, tree trimming, certain construction and foundation drilling applications, and for other commercial operations, as well as in a wide range of infrastructure projects.
−Removed: We market aerial work platform products principally under the Terex ® and Genie ® brand names.
−Removed: AWP has the following significant manufacturing operations:
−Removed: • Aerial work platform equipment is manufactured in Redmond and Moses Lake, Washington, Umbertide, Italy and Changzhou, China;
−Removed: • Utility products are manufactured in Watertown and Huron, South Dakota and Changzhou, China;
−Removed: • Telehandlers are manufactured in Oklahoma City, Oklahoma, Umbertide, Italy and Monterrey, Mexico.
−Removed: We have a parts and logistics center located in North Bend, Washington for our aerial and utility products.
−Removed: Additionally, a portion of our aerial and utility products parts business is conducted at a shared Terex facility in Southaven, Mississippi.
−Removed: Our European, Asian Pacific and Latin American parts and logistics operations are conducted through a combination of outsourced facilities and Terex managed operations.
−Removed: We also provide service and support for aerial and utility products in the U.S.
−Removed: through a network of service branches and field service operations.
MATERIALS PROCESSING
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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.
−Removed: We market our MP products principally under the Terex ® , Powerscreen ® , Fuchs ® , EvoQuip ® , Canica ® , Cedarapids ® , CBI ® , Simplicity ® , Franna ® , Terex Ecotec ® , Finlay ® , Terex Washing Systems, Terex MPS, Terex Jaques ® , Terex Advance ® , ProStack tm , Terex Bid-Well ® , MDS tm and Terex Recycling Systems brand names and business lines.
+Added: We market our MP products principally under the Terex ® , Powerscreen ® , Fuchs ® , EvoQuip ® , Canica ® , Cedarapids ® , CBI ® , Simplicity ® , Franna ® , Terex Ecotec ® , Finlay ® , ProAll ® , ZenRobotics ® , Terex Washing Systems, Terex MPS, Terex Jaques ® , Terex Advance ® , ProStack ® , Terex Bid-Well ® , MDS tm and Terex Recycling Systems brand names and business lines.
MP has the following significant manufacturing operations:
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• Wood processing, biomass and recycling equipment systems, mobile screens and tracked conveyors are manufactured in Campsie, Northern Ireland;
−Removed: • Fabrications, sub-assemblies and steel kits are manufactured in Ballymoney, Northern Ireland;
+Added: • Fabrications, sub-assemblies and steel kits are manufactured in Ballymoney and Cookstown, Northern Ireland;
• Wood processing, biomass and recycling equipment systems are manufactured in Newton, New Hampshire;
−Removed: • Material handlers are manufactured in Bad Schönborn, Germany;
+Added: • Material handlers are manufactured in Bad Schönborn, Germany and Changzhou, China;
• Concrete pavers are manufactured in Canton, South Dakota;
• Front discharge concrete mixer trucks are manufactured in Fort Wayne, Indiana;
+Added: • Volumetric concrete mixers are manufactured in Olds, Alberta, Canada;
• Pick and carry cranes are manufactured in Brisbane, Australia;
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We have North American distribution centers in Louisville, Kentucky and Southaven, Mississippi and service centers in Australia, Thailand, Turkey and Malaysia.
+Added: AERIAL WORK PLATFORMS
+Added: Our AWP segment designs, manufactures, services and markets aerial work platform equipment, utility equipment and telehandlers.
+Added: Products include portable material lifts, portable aerial work platforms, trailer-mounted articulating booms, self-propelled articulating and telescopic booms, scissor lifts, utility equipment (including digger derricks and insulated aerial devices) and telehandlers, as well as their related components and replacement parts.
+Added: Customers use these products to construct and maintain industrial, commercial, institutional and residential buildings and facilities, for construction and maintenance of utility and telecommunication lines, tree trimming, certain construction and foundation drilling applications, and for other commercial operations, as well as in a wide range of infrastructure projects.
+Added: We market aerial work platform products principally under the Terex ® and Genie ® brand names.
+Added: AWP has the following significant manufacturing operations:
+Added: • Aerial work platform equipment is manufactured in Redmond and Moses Lake, Washington, Umbertide, Italy, Changzhou, China and Monterrey, Mexico;
+Added: • Utility products are manufactured in Watertown and Huron, South Dakota and Changzhou, China;
+Added: • Telehandlers are manufactured in Umbertide, Italy and Monterrey, Mexico.
+Added: We have a parts and logistics center located in North Bend, Washington for our aerial and utility products.
+Added: Additionally, a portion of our aerial and utility products parts business is conducted at a shared Terex facility in Southaven, Mississippi.
+Added: Our European, Asian Pacific and Latin American parts and logistics operations are conducted through a combination of outsourced facilities and Terex managed operations.
+Added: We also provide service and support for aerial and utility products in the U.S.
+Added: through a network of service branches and field service operations.
We may assist customers in their rental, leasing and acquisition of our products through Terex Financial Services (“TFS”).
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If equipment is received, TFS uses the resale channel which maximizes proceeds and/or mitigates risk for Terex and our funding partners.
−Removed: DISCONTINUED OPERATIONS
−Removed: Mobile Cranes
−Removed: On July 31, 2019, we completed the disposition of our Demag ® mobile cranes business (“Demag”) to Tadano Ltd.
−Removed: and certain of its subsidiaries (“Tadano”).
−Removed: Products divested were our Demag ® all terrain cranes and large lattice boom crawler cranes.
−Removed: During 2019, we also exited North American mobile crane product lines manufactured in our Oklahoma City facility.
−Removed: Our actions to sell Demag and cease the manufacturing of mobile crane product lines in our Oklahoma City facility represented a significant strategic shift in our business away from mobile cranes as these businesses constituted a significant part of our operations and financial results.
−Removed: We believe these actions were necessary to execute our strategy.
−Removed: See Note D – “Acquisitions and Discontinued Operations” in the Notes to Consolidated Financial Statements for further information regarding dispositions and our discontinued operations.
BUSINESS STRATEGY
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We comply with all laws, respect all people’s values and cultures, and are good global, national and local citizens.
+Added: Our Terex Way values continue to guide how we conduct business with our stakeholders:
+Added: team member, customers, shareholders, suppliers, our communities and many others.
+Added: Our values drive our unwavering focus on Zero Harm Safety, strong governance, Diversity, Equity & Inclusion (“DEI”), responsible environmental stewardship, and support for the communities where we live and work.
Each business in our Company is unique, but all businesses are managed to a common set of expectations in three broad thematic areas, as defined by our “Execute, Innovate, Grow” operating framework.
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These expectations are fulfilled differently by the various Terex businesses, but the core principles are the same.
−Removed: For example, our Genie business is managed to a defined set of processes that we call the Genie Business System.
+Added: For example, our Genie business is managed to a defined set of processes that we call the Genie Operating System.
Our Materials Processing segment is managed to a similar set of processes that we call the MP Operating System.
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new category and geographic development).
−Removed: We also see a role for increased inorganic investment by adding scope or depth to our Company via acquisitions.
−Removed: We are actively building our inorganic investment pipeline, with an eye towards adding new dimensions to the Company portfolio and applying our skills as a manager of specialized machinery businesses in new and complementary domains.
−Removed: Our Disciplined Capital Allocation approach remains an important part of our overall strategy, including maintenance of an optimal capital structure (~2.5 average net debt to EBITDA over the cycle), growth investments, restructuring investments and efficient return of capital to shareholders via dividends and share repurchases.
+Added: We also see a role for further growth via inorganic investments.
+Added: Over the past two years, we have completed multiple transactions, adding scope and depth to our Company through acquisitions of new facilities and businesses and investments in companies.
+Added: We continue to build and actively pursue our inorganic investment pipeline, with an eye towards adding new dimensions to the Company portfolio and applying our skills as a manager of specialized machinery businesses in new and complementary domains.
+Added: Our Disciplined Capital Allocation approach remains an important part of our overall strategy, including maintenance of an optimal capital structure (of approximately 2.5 average net debt to EBITDA over the cycle), growth investments, restructuring investments and efficient return of capital to shareholders via dividends and share repurchases.
Successful pursuit of the “Execute, Innovate, Grow” strategy will shape the direction of our Company over the coming years.
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We balance the independence of our businesses with the benefits of total Company scale, which is central to how we manage our Company.
−Removed: AERIAL WORK PLATFORMS
−Removed: AERIAL WORK PLATFORMS.
−Removed: Aerial work platform equipment positions workers and materials easily and quickly to elevated work areas, enhancing safety and productivity at height.
−Removed: These products have been developed as alternatives to scaffolding and ladders.
−Removed: We offer a variety of aerial lifts that are categorized into six product families:
−Removed: portable material lifts;
−Removed: portable aerial work platforms;
−Removed: trailer-mounted articulating booms;
−Removed: self-propelled articulating and self-propelled telescopic booms;
−Removed: and scissor lifts.
−Removed: • Portable material lifts are used primarily indoors in the construction, industrial and theatrical markets.
−Removed: • Portable aerial work platforms are used primarily indoors in a variety of markets to perform overhead maintenance.
−Removed: • Trailer-mounted articulating booms are used both indoors and outdoors.
−Removed: They provide versatile reach, and they have the ability to be towed between job sites.
−Removed: • Self-propelled articulating booms are primarily used in construction and industrial applications, both indoors and outdoors.
−Removed: They feature lifting versatility with up, out and over position capabilities to access difficult to reach overhead areas.
−Removed: • Self-propelled telescopic booms are used outdoors in commercial, industrial and institutional construction, as well as highway and bridge maintenance projects.
−Removed: • Scissor lifts are used in indoor and outdoor applications in a variety of construction, industrial, institutional and commercial settings.
−Removed: UTILITY EQUIPMENT.
−Removed: Our utility products include digger derricks and insulated aerial devices.
−Removed: These products are used by electric utilities, tree care companies, telecommunications and cable companies, and the related construction industries, as well as by government organizations.
−Removed: • Digger derricks are insulated products used to dig holes, hoist and set utility poles, as well as lift transformers and other materials at job sites near energized power lines.
−Removed: • Insulated aerial devices are used to elevate workers and material to work areas at the top of utility poles near energized transmission and distribution lines and for trimming trees near energized electrical lines, as well as for miscellaneous purposes such as sign maintenance.
−Removed: TELEHANDLERS.
−Removed: Telehandlers are used to move and place materials on residential and commercial construction sites and in the energy and infrastructure industries.
−Removed: We offer a range of services for aerial and utility products consisting of inspections, preventative maintenance, general repairs, reconditioning, refurbishment, modernization and spare parts, as well as consultancy and training services.
−Removed: Our services are provided on our own products and on third-party products and related equipment.
MATERIALS PROCESSING
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Materials processing equipment is used in processing aggregate materials for building applications and is also used in the quarrying, mining, construction, demolition, recycling, landscaping and biomass production industries.
−Removed: Our materials processing equipment includes crushers, screens, trommels and feeders, washing systems and conveyors as well as wood and biomass chippers and grinders, concrete mixers and pavers.
+Added: Our materials processing equipment includes crushers, screens, trommels and feeders, washing systems and conveyors as well as wood and biomass chippers and grinders.
We manufacture a range of jaw, impactor (both horizontal and vertical shaft) and cone crushers, as well as base crushers for integration within mobile, modular and static plants.
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This equipment is used in, among other things, recycling, wood energy, green waste/construction, demolition recycling industries and pulp and paper.
+Added: Robotic waste sorting equipment consists of smart robots, powered by AI software, designed to pick, sort and recycle waste.
We manufacture a range of conveyors which include tracked and wheeled mobile conveyors.
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SPECIALTY EQUIPMENT.
−Removed: We manufacture material handlers, cranes, concrete mixer trucks and concrete pavers.
+Added: We manufacture material handlers, cranes, concrete mixer trucks, volumetric concrete mixers, concrete pavers and robotics waste sorting equipment.
• Material handlers are designed for handling logs, scrap, recycling and other bulky materials with clamshell, magnet or grapple attachments.
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We offer models with custom chassis with configurations from three to seven axles.
+Added: • Volumetric concrete mixers provide make-to-order, mobile concrete delivery that eliminate concerns over delivery time between a concrete plant and a job site by delivering ingredients that are mixed locally and to the exact specifications of each job.
• Our concrete pavers are used to finish bridges, canals, concrete streets, highways and airport surfaces.
+Added: AERIAL WORK PLATFORMS
+Added: AERIAL WORK PLATFORMS.
+Added: Aerial work platform equipment positions workers and materials easily and quickly to elevated work areas, enhancing safety and productivity at height.
+Added: These products have been developed as alternatives to scaffolding and ladders.
+Added: We offer a variety of aerial lifts that are categorized into six product families:
+Added: portable material lifts;
+Added: portable aerial work platforms;
+Added: trailer-mounted articulating booms;
+Added: self-propelled articulating and self-propelled telescopic booms;
+Added: and scissor lifts.
+Added: • Portable material lifts are used primarily indoors in the construction, industrial and theatrical markets.
+Added: • Portable aerial work platforms are used primarily indoors in a variety of markets to perform overhead maintenance.
+Added: • Trailer-mounted articulating booms are used both indoors and outdoors.
+Added: They provide versatile reach, and they have the ability to be towed between job sites.
+Added: • Self-propelled articulating booms are primarily used in construction and industrial applications, both indoors and outdoors.
+Added: They feature lifting versatility with up, out and over position capabilities to access difficult to reach overhead areas.
+Added: • Self-propelled telescopic booms are used outdoors in commercial, industrial and institutional construction, as well as highway and bridge maintenance projects.
+Added: • Scissor lifts are used in indoor and outdoor applications in a variety of construction, industrial, institutional and commercial settings.
+Added: UTILITY EQUIPMENT.
+Added: Our utility products include digger derricks and insulated aerial devices.
+Added: These products are used by electric utilities, tree care companies, telecommunications and cable companies, and the related construction industries, as well as by government organizations.
+Added: • Digger derricks are insulated products used to dig holes, hoist and set utility poles, as well as lift transformers and other materials at job sites near energized power lines.
+Added: • Insulated aerial devices are used to elevate workers and material to work areas at the top of utility poles near energized transmission and distribution lines and for trimming trees near energized electrical lines, as well as for miscellaneous purposes such as sign maintenance.
+Added: • Self-propelled articulating insulated booms are used for substation work and other applications where electrical hazards exist but use of a bucket truck is prohibitive.
+Added: TELEHANDLERS.
+Added: Telehandlers are used to move and place materials on residential and commercial construction sites and in the energy and infrastructure industries.
+Added: We offer a range of services for aerial and utility products consisting of inspections, preventative maintenance, general repairs, reconditioning, refurbishment, modernization and spare parts, as well as consultancy and training services.
+Added: Our services are provided on our own products and on third-party products and related equipment.
Our backlog as of December 31, 2022 and 2021 was as follows (in millions):
−Removed: AWP $ 1,955.8 $ 825.6
MP $ 1,174.3 $ 1,047.0
+Added: AWP 2,896.6 2,283.7
Total $ 4,070.9 $ 3,330.7
−Removed: We define backlog as firm orders that are expected to be filled within one year, although there can be no assurance that all such backlog orders will be filled within that time.
+Added: We define backlog as firm orders that are expected to be filled, including orders that are expected to be filled beyond one year, although there can be no assurance that all such backlog orders will be filled.
Our backlog orders represent primarily new equipment orders.
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Because many variables can cause changes in backlog and these changes may or may not be of any significance, we consequently view backlog as an important, but not necessarily determinative, indicator of future results.
−Removed: Our overall backlog amounts at December 31, 2021 increased $1,640.8 million from our backlog amounts at December 31, 2020, due to higher orders across all business segments as our customers have increased capital spending in response to an improving global economic outlook.
−Removed: AWP segment backlog at December 31, 2021 increased approximately 137% from our backlog amounts at December 31, 2020.
−Removed: This increase from the prior year was driven by robust demand in all global markets as bookings continue to outpace billings.
+Added: Our overall backlog amounts at December 31, 2022 increased $740.2 million from our backlog amounts at December 31, 2021, driven by strong, global customer demand.
MP segment backlog at December 31, 2022 increased approximately 12% from our backlog amounts at December 31, 2021.
−Removed: This increase from the prior year was driven primarily by higher demand across all MP businesses primarily in North America, Western Europe and Asia Pacific.
+Added: This increase from 2021 was driven primarily by higher demand across aggregates, environmental and cranes businesses primarily in North America, Western Europe and Asia Pacific.
+Added: AWP segment backlog at December 31, 2022 increased approximately 27% from our backlog amounts at December 31, 2021.
+Added: This increase from 2021 was driven by robust demand primarily in the U.S.
We distribute our products through a global network of independent distributors, rental companies and direct sales to customers.
+Added: MATERIALS PROCESSING
+Added: We distribute our products through a global network of independent distributors, rental companies and direct sales to customers.
AERIAL WORK PLATFORMS
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Outside of North America, independent distributors sell our utility equipment directly to customers.
−Removed: MATERIALS PROCESSING
−Removed: We distribute our products through a global network of independent distributors, rental companies and direct sales to customers.
RESEARCH, DEVELOPMENT AND ENGINEERING
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BUSINESS SEGMENT PRODUCTS PRIMARY COMPETITORS
−Removed: Aerial Work Platforms Portable Material Lifts and Portable Aerial Work Platforms Oshkosh (JLG), Sumner, Vestil and Wesco
−Removed: Boom Lifts Aichi, Dingli, Haulotte, JCB, Linamar (Skyjack), Oshkosh (JLG) and Xtreme/Tanfield (Snorkel)
−Removed: Scissor Lifts Dingli, Haulotte, JCB, Linamar (Skyjack), LGMG, Manitou, Oshkosh (JLG) and Xtreme/Tanfield (Snorkel)
−Removed: Utility Equipment Altec, Dur-A-Lift, Posi+ and Time Manufacturing
−Removed: Telehandlers CNH, JCB, Manitou (Gehl), Merlo and Oshkosh (JLG, Skytrak, Caterpillar and Lull brands)
Materials Processing Crushing & Screening Equipment Astec Industries, Deere (Kleeman), Keestrack, Metso, Portafill, Sandvik and Rubble Master
4 unchanged sentences
Concrete Pavers Allen Engineering, Gomaco, Guntert & Zimmerman and Power Curbers
−Removed: Concrete Mixer Trucks Kimble and Continental Manufacturing, McNeilus and Oshkosh
+Added: Concrete Mixer Trucks Beck Industrial, Con-Tech, Continental Mixer, Indiana Phoenix and Oshkosh (McNeilus)
+Added: Volumetric Concrete Mixers Bay-lynx, Cemen Tech, Holcombe and Zimmerman
Pick and Carry Cranes Ace, Escorts, Humma and TIDD
2 unchanged sentences
Tower Cranes Comansa, Jaso, Liebherr, Manitowoc (Potain), Wolffkran, XCMG and Zoomlion
+Added: Robotic Waste Sorting Technology AMP Robotics, Max-Al, Steinert, Tomra and Waste Robotics
+Added: Aerial Work Platforms Portable Material Lifts and Portable Aerial Work Platforms Oshkosh (JLG), Sumner, Vestil and Wesco
+Added: Boom Lifts Dingli, Haulotte, Linamar (Skyjack), Monitou, Oshkosh (JLG), Sinoboom, Xtreme/Tanfield (Snorkel) and Zoomlion
+Added: Scissor Lifts Dingli, Haulotte, LGMG, Linamar (Skyjack), Oshkosh (JLG), Sinoboom, Xtreme/Tanfield (Snorkel) and Zoomlion
+Added: Utility Equipment Altec, Dur-A-Lift, Posi+ and Time Manufacturing
+Added: Telehandlers CNH, JCB, Manitou (Gehl), Merlo and Oshkosh (JLG, Skytrak, Caterpillar and Lull brands)
MAJOR CUSTOMERS
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SAFETY AND ENVIRONMENTAL CONSIDERATIONS
−Removed: As part of The Terex Way, and our Zero Harm Safety and Environmental culture, we are committed to providing a safe and healthy environment for our team members, and strive to provide quality products that are safe to use and operate in an environmentally conscious and respectful manner.
+Added: As part of The Terex Way, and our Zero Harm Safety culture and environmental stewardship, we are committed to providing a safe and healthy environment for our team members, and strive to provide quality products that are safe to use and operate in an environmentally conscious and respectful manner.
Safety is a top priority, not only for our team members, but also our customers.
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We collaborate with customers to design features that help keep operators safe, improve working environments, and help maintain equipment uptime and utilization.
−Removed: During the COVID-19 pandemic, we are taking appropriate precautions and implementing safeguards to protect our team members while they continue to meet our customers' needs around the world.
−Removed: We have implemented measures consistent with recommendations of the Centers for Disease Control and the World Health Organization.
−Removed: Practices include increased frequency of cleaning and disinfecting of facilities, following social distancing practices, mask usage when distancing practices are not possible and managing safe return to work for those impacted by COVID-19.
+Added: We also continue to follow all remaining COVID-19 safety protocols where directed by recognized health authorities or regulatory bodies, and will continue to maintain the necessary protective measures to keep our team safe.
We generate hazardous and non-hazardous wastes in the normal course of our manufacturing operations.
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We are increasing our production of products that have lower greenhouse gas emissions in response to both regulatory initiatives and market demand.
−Removed: We are active in the development of incorporating alternative power solutions within our different product lines.
+Added: We continue to be active in the development of incorporating alternative power solutions within our different product lines and are investing in companies that develop alternative energy solutions.
Globally, job site regulations have become increasingly stringent, requiring quieter equipment with lower or zero emissions.
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Our customers want products that operate on battery electric and fuel-electric hybrid options.
+Added: We were the first to market with an all-electric utility bucket truck, reducing emissions and noise as well as supporting our customers electrification and sustainability goals.
Many Genie ® lift models offer all-electric or fuel-electric hybrid options that deliver quiet, emission-free performance, which is necessary for indoor working environments, as well as city centers with noise and emission restrictions.
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Non-seasonal macro factors are also important and can surpass seasonal influences in importance in some years.
−Removed: Entering 2022, for example, we expect supply chain challenges to have greater influence on our sales than historical seasonal trends.
−Removed: As a result, in 2022, we expect sales to be highest in the second and third quarters, and expect our earnings generated in the second half of the year to be higher than the first half of the year.
+Added: In 2023, traditional seasonality is expected to be less applicable as the supply chain environment has extended product deliveries.
+Added: We expect the first and second half sales to be comparable, with second and third quarter sales modestly higher.
WORKING CAPITAL
4 unchanged sentences
We will continue to pursue cash generation opportunities, including reducing costs and working capital, reviewing alternatives for under-utilized assets, and selectively investing in our businesses to promote growth opportunities.
+Added: For more detail on working capital, see Item 7 – “Liquidity and Capital Resources”.
HUMAN CAPITAL MANAGEMENT
7 unchanged sentences
TEAM MEMBER TALENT AND SUPPORT
−Removed: Terex strives to attract, develop and retain the best people to be part of our team.
+Added: Terex strives to attract, develop and retain outstanding talent to be part of our team.
We have a diverse and highly engaged global workforce.
12 unchanged sentences
These programs are grounded in The Terex Way values and help participants build key skills.
−Removed: Additional training programs are offered around specific topics such as Safety;
−Removed: Diversity, Equity and Inclusion (“DEI”);
+Added: Business specific leadership programs are also conducted in each of our two segments and additional training programs are offered around specific topics such as Safety;
Technical Skills;
8 unchanged sentences
We are committed to increasing and retaining demographic diversity at all levels of our global workforce.
−Removed: We extend a warm welcome to team members of every race, gender, age, religion, identity or experience.
+Added: We value team members of every race, gender, age, religion, identity or experience.
We encourage, value and support non-majority team members in all of our facilities worldwide.
1 unchanged sentence
Diversity in and of itself is not sufficient.
−Removed: We strive to be fair and impartial in our decisions, ensuring Equity within our workplace.
−Removed: By doing so, we create a sense of Inclusion and belonging for all our team members.
−Removed: We are committed to DEI so we can make Terex the kind of place where every team member feels valued, listened to and appreciated.
+Added: We strive to be fair and impartial in our decisions, ensuring Equity within our workplace and we know that creating a culture of Inclusion for all our team members is essential.
+Added: We are committed to all three elements of DEI so we can make Terex the kind of place where every team member feels valued, listened to and appreciated.
Our Company has a vibrant, global initiative to increase representation of women in our workplace because we recognize that women are often under-represented in manufacturing organizations such as ours.
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Having made progress against these goals, we have extended them for another five years.
−Removed: In 2020, we committed to expand our primary DEI focus areas to include race and ethnicity, to ensure that members of under-represented groups have a sense of belonging and can thrive within our organization.
−Removed: We intentionally defined our DEI aspirations, initially focusing on our U.S.
−Removed: We have set aspirations to increase the representation of non-majority team members in leadership, management, indirect manufacturing and indirect selling, general & administrative (“SG&A”) roles.
−Removed: In 2021, we implemented actions to help achieve our aspirations, by creating a DEI governance structure that includes a DEI Governance Council;
−Removed: regional DEI Councils in the Americas, Europe, the Middle East, Africa and Russia (EMEAR) and Asia Pacific;
−Removed: our longstanding Women@Terex Steering Committee;
−Removed: and eight global Affinity Groups.
+Added: In 2020, we expanded our primary DEI focus areas to include race and ethnicity, to ensure that members of under-represented groups have a sense of belonging and can thrive within our organization.
+Added: In 2022, we established five year goals to increase non-majority representation in the U.S.
+Added: in three areas:
+Added: leadership, management, and indirect manufacturing and indirect selling, general & administrative (“SG&A”) roles.
+Added: In 2022, we continued the work of our Global DEI Governance Council, regional DEI Councils in the Americas, Europe, the Middle East, Africa and Russia (EMEAR) and Asia Pacific, and our longstanding Women@Terex Steering Committee.
The DEI Governance Council is sponsored by our Chief Executive Officer (“CEO”) and Chief Human Resources Officer;
our regional councils have Executive Leadership Team (“ELT”) level sponsorship from our segment Presidents.
+Added: As part of our commitment to DEI, at the end of 2021 we launched “Affinity Groups,” a new way for team members to interact, exchange ideas, network, support one another and grow.
+Added: Our Affinity Groups further expanded in 2022 from eight to nine and participation rose two-fold.
+Added: Affinity Groups are a way to bring diverse perspectives into the workplace and our internal culture, and to give everyone support and a voice.
Our DEI efforts are centered around recruitment, engagement, development and retention.
We have completed training for our ELT, senior leadership, managers and the HR community.
−Removed: This training will be cascaded to our more junior managers and supervisors as well.
+Added: This training has been cascaded to our more junior managers and supervisors as well.
We continue to develop tools and resources for use at the individual and site level to foster inclusion.
−Removed: For 2022, we are introducing a component to our annual incentive plan that will be focused on the achievement of specific DEI metrics.
+Added: In 2022, we introduced a component to our annual incentive plan focused on the achievement of specific DEI metrics.
AVAILABLE INFORMATION
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.