What changed in this filing

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Item 1. Financial Statements

2023-10-27 compared with 2023-08-02 · 130 added, 98 removed, 651 unchanged (26% of the section changed)

4 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

2023 2022 2023 2022

29 unchanged sentences

(in millions, except par value)

September 30,

2023 December 31,

1 unchanged sentence

Cash and cash equivalents $ 352.3 $ 304.1

Receivables (net of allowance of $ 10.5 and $ 9.4 at June 30, 2023 and December 31, 2022, respectively)

Receivables (net of allowance of $ 9.9 and $ 9.4 at September 30, 2023 and December 31, 2022, respectively)

Inventories 1,117.0 988.4

15 unchanged sentences

Long-term debt, less current portion 706.3 773.6

Non-current operating leases 91.4 62.8

Other non-current liabilities 105.1 101.9

3 unchanged sentences

Common stock, $ 0.01 par value – authorized 300.0 shares;

issued 84.6 and 84.0 shares at June 30, 2023 and December 31, 2022, respectively

issued 84.6 and 84.0 shares at September 30, 2023 and December 31, 2022, respectively

Additional paid-in capital 888.0 881.6

1 unchanged sentence

Accumulated other comprehensive income (loss) ( 357.3 ) ( 341.6 )

Less cost of shares of common stock in treasury – 17.9 and 17.2 shares at June 30, 2023 and December 31, 2022, respectively

Less cost of shares of common stock in treasury – 17.9 and 17.2 shares at September 30, 2023 and December 31, 2022, respectively

( 594.9 ) ( 560.3 )

33 unchanged sentences

66.7 $ 0.9 $ 879.1 $ 1,452.0 $ ( 305.3 ) $ ( 594.5 ) $ 1,432.2

Net income (loss) — — — 119.2 — — 119.2

Other comprehensive income (loss) – net of tax — — — — ( 52.0 ) — ( 52.0 )

Compensation under stock-based plans – net — — 8.7 — — — 8.7

Dividends — — 0.2 ( 11.6 ) — — ( 11.4 )

Acquisition of treasury stock — — — — — ( 0.5 ) ( 0.5 )

Other — — — ( 0.1 ) — 0.1 —

Balance at September 30, 2023

66.7 $ 0.9 $ 888.0 $ 1,559.5 $ ( 357.3 ) $ ( 594.9 ) $ 1,496.2

Shares Common

26 unchanged sentences

67.4 $ 0.9 $ 867.0 $ 1,044.6 $ ( 320.9 ) $ ( 542.7 ) $ 1,048.9

Net income (loss) — — — 81.8 — — 81.8

Other comprehensive income (loss) – net of tax — — — — ( 80.4 ) — ( 80.4 )

Issuance of common stock related to compensation — — 0.4 — — — 0.4

Compensation under stock-based plans – net — — 6.4 — — — 6.4

Dividends — — 0.2 ( 9.0 ) — — ( 8.8 )

Acquisition of treasury stock ( 0.5 ) — — — — ( 13.6 ) ( 13.6 )

Balance at September 30, 2022

66.9 $ 0.9 $ 874.0 $ 1,117.4 $ ( 401.3 ) $ ( 556.3 ) $ 1,034.7

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

2 unchanged sentences

(in millions)

Six Months Ended

Nine Months Ended

September 30,

Operating Activities

33 unchanged sentences

Basis of Presentation and Principles of Consolidation.

The accompanying unaudited Condensed Consolidated Financial Statements of Terex Corporation and subsidiaries as of June 30, 2023 and for the three and six months ended June 30, 2023 and 2022 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.

The accompanying unaudited Condensed Consolidated Financial Statements of Terex Corporation and subsidiaries as of September 30, 2023 and for the three and nine months ended September 30, 2023 and 2022 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.

9 unchanged sentences

Except as otherwise disclosed, all such adjustments consist only of those of a normal recurring nature.

Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of results that may be expected for the year ending December 31, 2023.

Cash and cash equivalents include $ 2.5 million and $ 3.5 million at June 30, 2023 and December 31, 2022, respectively, which were not immediately available for use.

Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of results that may be expected for the year ending December 31, 2023.

Cash and cash equivalents include $ 2.1 million and $ 3.5 million at September 30, 2023 and December 31, 2022, respectively, which were not immediately available for use.

These consist primarily of cash balances held in escrow to secure various obligations of the Company .

13 unchanged sentences

Provision for credit losses 1.2

Balance as of June 30, 2023

Balance as of September 30, 2023

(1 Includes utilization of established reserves, net of recoveries and the impact of foreign exchange rate changes.

20 unchanged sentences

Foreign exchange effect/other ( 0.7 )

Balance as of June 30, 2023

Balance as of September 30, 2023

Assets Held for Sale .

27 unchanged sentences

AWP designs, manufactures, services and markets aerial work platform equipment, utility equipment and telehandlers as well as their related components and replacement parts.

Customers use these products to construct and maintain industrial, commercial, institutional and residential buildings and facilities, for construction and maintenance of utility and telecommunication lines, tree trimming, certain construction and foundation drilling applications, and for other commercial operations, as well as in a wide range of infrastructure projects.

Customers use these products to construct and maintain industrial, commercial, institutional and residential buildings and facilities, for construction and maintenance of transmission and distribution lines, tree trimming, certain construction and foundation drilling applications, and for other commercial operations, as well as in a wide range of infrastructure projects.

The Company assists customers in their rental, leasing and acquisition of its products through Terex Financial Services (“TFS”).

4 unchanged sentences

Three Months Ended

June 30, 2023,

Six Months Ended

June 30, 2023,

September 30,

Nine Months Ended

September 30,

2023 2022 2023 2022

8 unchanged sentences

Total $ 163.2 $ 120.8 $ 520.8 $ 299.2

September 30,

2023 December 31,

7 unchanged sentences

Three Months Ended

June 30, 2023

September 30, 2023

Three Months Ended

June 30, 2022

September 30, 2022

MP AWP Corporate and Other / Eliminations Total MP AWP Corporate and Other / Eliminations Total

7 unchanged sentences

(1) Includes intercompany sales and eliminations.

(2) Total sales include $ 771.4 million and $ 564.1 million for the three months ended June 30, 2023 and 2022, respectively, attributable to the U.S., the Company’s country of domicile.

Six Months Ended

June 30, 2023

Six Months Ended

June 30, 2022

(2) Total sales include $ 716.9 million and $ 568.6 million for the three months ended September 30, 2023 and 2022, respectively, attributable to the U.S., the Company’s country of domicile.

Nine Months Ended

September 30, 2023

Nine Months Ended

September 30, 2022

MP AWP Corporate and Other / Eliminations Total MP AWP Corporate and Other / Eliminations Total

7 unchanged sentences

(1) Includes intercompany sales and eliminations.

(2) Total sales include $ 1.4 billion and $ 1.1 billion for the six months ended June 30, 2023 and 2022, respectively, attributable to the U.S., the Company’s country of domicile.

(2) Total sales include $ 2.1 billion and $ 1.6 billion for the nine months ended September 30, 2023 and 2022, respectively, attributable to the U.S., the Company’s country of domicile.

The Company attributes sales to unaffiliated customers in different geographical areas based on the location of the customer.

1 unchanged sentence

Three Months Ended

June 30, 2023

September 30, 2023

Three Months Ended

June 30, 2022

September 30, 2022

MP AWP Corporate and Other / Eliminations Total MP AWP Corporate and Other / Eliminations Total

7 unchanged sentences

(1) Includes other product types, intercompany sales and eliminations.

Six Months Ended

June 30, 2023

Six Months Ended

June 30, 2022

Nine Months Ended

September 30, 2023

Nine Months Ended

September 30, 2022

MP AWP Corporate and Other / Eliminations Total MP AWP Corporate and Other / Eliminations Total

8 unchanged sentences

NOTE C – INCOME TAXES

During the three months ended June 30, 2023, the Company recognized income tax expense of $ 32.0 million on income of $ 191.8 million, an effective tax rate of 16.7 %, as compared to income tax expense of $ 15.1 million on income of $ 89.2 million, an effective tax rate of 16.9 %, for the three months ended June 30, 2022.

The lower effective tax rate for the three months ended June 30, 2023 when compared with the three months ended June 30, 2022 is primarily due to lower tax expense on permanent items partially offset by higher tax related to geographic distribution of income.

During the six months ended June 30, 2023, the Company recognized income tax expense of $ 55.3 million on income of $ 325.0 million, an effective tax rate of 17.0 %, as compared to income tax expense of $ 27.0 million on income of $ 153.4 million, an effective tax rate of 17.6 %, for the six months ended June 30, 2022.

The lower effective tax rate for the six months ended June 30, 2023 when compared with the six months ended June 30, 2022 is primarily due to lower tax expense on permanent items partially offset by higher tax related to geographic distribution of income.

During the three months ended September 30, 2023, the Company recognized income tax expense of $ 29.8 million on income of $ 149.0 million, an effective tax rate of 20.0 %, as compared to income tax expense of $ 25.6 million on income of $ 107.4 million, an effective tax rate of 23.8 %, for the three months ended September 30, 2022.

The lower effective tax rate for the three months ended September 30, 2023 when compared with the three months ended September 30, 2022 is primarily due to lower tax related to geographic distribution of income and lower expense on permanent items.

During the nine months ended September 30, 2023, the Company recognized income tax expense of $ 85.2 million on income of $ 474.0 million, an effective tax rate of 18.0 %, as compared to income tax expense of $ 52.6 million on income of $ 260.8 million, an effective tax rate of 20.2 %, for the nine months ended September 30, 2022.

The lower effective tax rate for the nine months ended September 30, 2023 when compared with the nine months ended September 30, 2022 is primarily due to lower tax expense on permanent items.

On December 15, 2022, the European Union (“EU”) Member States formally adopted the EU’s Pillar Two Directive, which generally provides for a minimum effective tax rate of 15% for large corporations, as established by the Organization for Economic Co-operation and Development (“OECD”) Pillar Two Framework.

10 unchanged sentences

(in millions, except per share data) Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

2023 2022 2023 2022

9 unchanged sentences

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

— — 0.04 ( 0.01 )

Net income (loss) $ 1.77 $ 1.21 $ 5.79 $ 3.02

8 unchanged sentences

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

( 0.01 ) — 0.03 —

Net income (loss) $ 1.75 $ 1.20 $ 5.72 $ 2.99

Non-vested restricted stock awards and restricted stock units (“Restricted Stock Awards”) 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 Awards of approximately 0.5 million and 0.9 million were outstanding during the three months ended June 30, 2023 and 2022, 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.

Weighted average Restricted Stock Awards of approximately 0.3 million and 0.6 million were outstanding during the six months ended June 30, 2023 and 2022, 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.

There were no weighted average Restricted Stock Awards outstanding during the three months ended September 30, 2023 that would have an anti-dilutive effect.

Weighted average Restricted Stock Awards of approximately 0.5 million were outstanding during the three months ended September 30, 2022, 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.

Weighted average Restricted Stock Awards of approximately 0.3 million and 0.6 million were outstanding during the nine months ended September 30, 2023 and 2022, 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.

NOTE F – INVENTORIES

Inventories consist of the following (in millions):

September 30,

2023 December 31,

4 unchanged sentences

Inventories $ 1,117.0 $ 988.4

Work-in-process inventory includes approximately $ 23 million and $ 36 million of substantially completed inventory awaiting installation of final components at June 30, 2023 and December 31, 2022, respectively.

Reserves for lower of cost or net realizable value and excess and obsolete inventory were $ 65.7 million and $ 61.0 million at June 30, 2023 and December 31, 2022, respectively.

Work-in-process inventory includes approximately $ 20 million and $ 36 million of substantially completed inventory awaiting installation of final components at September 30, 2023 and December 31, 2022, respectively.

Reserves for lower of cost or net realizable value and excess and obsolete inventory were $ 65.5 million and $ 61.0 million at September 30, 2023 and December 31, 2022, respectively.

NOTE G – PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment – net consist of the following (in millions):

September 30,

2023 December 31,

16 unchanged sentences

Foreign exchange effect and other 0.3 ( 0.2 ) 0.1

Balance at June 30, 2023, gross

Balance at September 30, 2023, gross

208.8 137.8 346.6

Accumulated impairment ( 23.2 ) ( 38.6 ) ( 61.8 )

Balance at June 30, 2023, net

Balance at September 30, 2023, net

$ 185.6 $ 99.2 $ 284.8

In connection with the MARCO acquisition, the Company recognized goodwill of $ 0.3 million.

In connection with the MARCO acquisition, the Company recognized goodwill of $ 0.3 million in April 2023.

The goodwill associated with the transaction was attributable primarily to the assembled workforce and expected synergies from the business combination.

2 unchanged sentences

Intangible assets, net were comprised of the following (in millions):

June 30, 2023 December 31, 2022

September 30, 2023 December 31, 2022

Weighted Average Life

8 unchanged sentences

$ 77.9 $ ( 62.1 ) $ 15.8 $ 77.9 $ ( 60.5 ) $ 17.4

In connection with the MARCO acquisition, the Company recognized customer relationships of $ 0.2 million with an estimated useful life of four years and trademarks of $ 0.3 million with an estimated useful life of ten years .

See Note D – “Acquisitions” for additional information regarding the acquisition.

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2023 2022 2023 2022

11 unchanged sentences

Commodity Swaps

Derivatives designated as cash flow hedging instruments include commodity swaps with outstanding notional value of $ 29.4 million and $ 22.5 million at June 30, 2023 and December 31, 2022, respectively.

Commodity swaps outstanding at June 30, 2023 mature on or before November 30, 2024.

Derivatives designated as cash flow hedging instruments include commodity swaps with outstanding notional value of $ 25.6 million and $ 22.5 million at September 30, 2023 and December 31, 2022, respectively.

Commodity swaps outstanding at September 30, 2023 mature on or before November 30, 2024.

The Company uses commodity swaps to mitigate price risk for hot rolled coil steel.

3 unchanged sentences

Cross Currency Swaps

Derivatives designated as net investment hedging instruments include cross currency swaps with outstanding notional value of $ 151.8 million and $ 121.4 million at June 30, 2023 and December 31, 2022, respectively.

Derivatives designated as net investment hedging instruments include cross currency swaps with outstanding notional value of $ 216.0 million and $ 121.4 million at September 30, 2023 and December 31, 2022, 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.

6 unchanged sentences

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 June 30, 2023 mature on or before June 2024.

The Company had $ 60.9 million and $ 7.8 million notional value of foreign exchange contracts outstanding that were designated as cash flow hedging instruments at June 30, 2023 and December 31, 2022, respectively.

Foreign exchange contracts outstanding at September 30, 2023 mature on or before June 2024.

The Company had $ 23.6 million and $ 7.8 million notional value of foreign exchange contracts outstanding that were designated as cash flow hedging instruments at September 30, 2023 and December 31, 2022, respectively.

For effective hedging instruments, changes in the fair value of foreign exchange contracts are deferred in AOCI until the hedged transactions affect earnings.

Gains or losses on foreign exchange contracts are reclassified to COGS in the Condensed Consolidated Statement of Comprehensive Income (Loss).

The Company had $ 363.8 million and $ 241.1 million notional value of foreign exchange contracts outstanding that were not designated as cash flow hedging instruments at June 30, 2023 and December 31, 2022, respectively.

The Company had $ 410.2 million and $ 241.1 million notional value of foreign exchange contracts outstanding that were not designated as cash flow hedging instruments at September 30, 2023 and December 31, 2022, 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.

1 unchanged sentence

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):

September 30,

2023 December 31,

15 unchanged sentences

Instrument Three Months Ended

June 30, 2023

Six Months Ended

June 30, 2023

September 30, 2023

Nine Months Ended

September 30, 2023

Income Statement Account Three Months Ended

June 30, 2023

Six Months Ended

June 30, 2023

September 30, 2023

Nine Months Ended

September 30, 2023

Foreign exchange contracts $ 0.8 $ 0.4 Cost of goods sold $ — $ ( 0.2 )

4 unchanged sentences

Instrument Three Months Ended

June 30, 2022

Six Months Ended

June 30, 2022

September 30, 2022

Nine Months Ended

September 30, 2022

Income Statement Account Three Months Ended

June 30, 2022

Six Months Ended

June 30, 2022

September 30, 2022

Nine Months Ended

September 30, 2022

Foreign exchange contracts $ ( 0.2 ) $ ( 0.2 ) Cost of goods sold $ — $ 0.1

6 unchanged sentences

Three Months Ended

June 30, 2023

Six Months Ended

June 30, 2023

September 30, 2023

Nine Months Ended

September 30, 2023

Three Months Ended

June 30, 2023

Six Months Ended

June 30, 2023

September 30, 2023

Nine Months Ended

September 30, 2023

Income Statement Accounts in which effects of cash flow hedges are recorded $ ( 997.6 ) $ ( 3,014.8 ) $ ( 17.0 ) $ ( 47.3 )

8 unchanged sentences

Three Months Ended

June 30, 2022

Six Months Ended

June 30, 2022

September 30, 2022

Nine Months Ended

September 30, 2022

Three Months Ended

June 30, 2022

Six Months Ended

June 30, 2022

September 30, 2022

Nine Months Ended

September 30, 2022

Income Statement Accounts in which effects of cash flow hedges are recorded $ ( 883.4 ) $ ( 2,564.3 ) $ ( 13.5 ) $ ( 35.8 )

9 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Instrument Income Statement Account 2023

8 unchanged sentences

See Note M - “Stockholders’ Equity” for unrealized net gains (losses), net of tax, included in AOCI.

Within unrealized net gains (losses) included in AOCI as of June 30, 2023, it is estimated that approximately $ 3 million of losses are expected to be reclassified into earnings in the next twelve months.

Within unrealized net gains (losses) included in AOCI as of September 30, 2023, it is estimated that approximately $ 2 million of gains are expected to be reclassified into earnings in the next twelve months.

NOTE J – LONG-TERM OBLIGATIONS

2 unchanged sentences

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.

In prior periods, the Company prepaid in full the senior secured term loans prior to their maturity date to reduce the Company’s outstanding debt and lower its leverage.

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:

3 unchanged sentences

The principal changes contained in the Amendment relate to the replacement of the adjusted LIBOR with term Secured Overnight Financing Rate.

In 2019, the Company entered into an Incremental Assumption Agreement and Amendment to its credit agreement that provided the Company with an additional term loan (the “2019 Term Loan”) in the amount of $ 200 million.

The Company prepaid the 2019 Term Loan during 2021 and the $ 400 million senior secured term loan during 2022 prior to their maturity date to reduce the Company’s outstanding debt and lower its leverage.

Unlimited incremental commitments may be extended at the option of the existing or new lenders and can be in the form of revolving credit commitments, term loan commitments, or a combination of both, with incremental amounts in excess of $ 300 million as long as the Company satisfies the maximum permitted level of senior secured leverage as defined in the Credit Agreement.

9 unchanged sentences

The Credit Agreement also contains customary default provisions.

The Company was in compliance with all covenants contained in the Credit Agreement as of June 30, 2023.

The Company had $ 134.5 million and $ 177.0 million of Revolver amounts outstanding at June 30, 2023 and December 31, 2022, respectively.

The weighted average interest rate on the Revolver amounts was 6.84 % and 6.10 % at June 30, 2023 and December 31, 2022, respectively.

The Company was in compliance with all covenants contained in the Credit Agreement as of September 30, 2023.

The Company had $ 106.0 million and $ 177.0 million of Revolver amounts outstanding at September 30, 2023 and December 31, 2022, respectively.

The weighted average interest rate on the Revolver amounts was 7.01 % and 6.10 % at September 30, 2023 and December 31, 2022, 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.

7 unchanged sentences

Letters of credit outstanding (in millions):

June 30, 2023 December 31, 2022

September 30, 2023 December 31, 2022

$400 Million Facility $ — $ —

12 unchanged sentences

Fair Value of Debt

The Company estimates the fair value of its debt set forth below as of June 30, 2023, as follows (in millions, except for quotes):

The Company estimates the fair value of its debt set forth below as of September 30, 2023, as follows (in millions, except for quotes):

Book Value Quote Fair Value

11 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

2023 2022 2023 2022

34 unchanged sentences

TLA challenged the claim of Sao Paulo and learned in October 2019 that the Sao Paulo claim has survived the administrative tribunal process.

While the Company believes the position of the state of Sao Paulo is without merit and continues to vigorously oppose it, no assurance can be given as to the final resolution of the ICMS litigation or that TLA will not ultimately be required to pay ICMS and interest to the state of Sao Paulo.

While the Company continues to strongly oppose the state of Sao Paulo and plans to assert vigorous defenses, no assurance can be given as to the final resolution of the ICMS litigation or that TLA will not ultimately be required to pay the ICMS tax and interest to the state of Sao Paulo.

The Company is involved in various other legal proceedings which have arisen in the normal course of its operations.

4 unchanged sentences

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 June 30, 2023 and December 31, 2022, the maximum exposure determined was $ 103.3 million and $ 121.4 million, respectively.

For credit guarantees outstanding as of September 30, 2023 and December 31, 2022, the maximum exposure determined was $ 89.5 million and $ 121.4 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 $ 5.5 million and $ 6.3 million at June 30, 2023 and December 31, 2022, respectively.

The allowance for credit losses on credit guarantees was $ 5.4 million and $ 6.3 million at September 30, 2023 and December 31, 2022, respectively.

There can be no assurance that historical experience in used equipment markets will be indicative of future results.

2 unchanged sentences

Changes in Accumulated Other Comprehensive Income (Loss)

The table below presents changes in AOCI by component for the three and six months ended June 30, 2023 and 2022.

The table below presents changes in AOCI by component for the three and nine months ended September 30, 2023 and 2022.

All amounts are net of tax (in millions).

Three Months Ended

June 30, 2023

September 30, 2023

Three Months Ended

June 30, 2022

September 30, 2022

CTA Derivative Hedging Adj.

13 unchanged sentences

$ ( 310.9 ) $ 2.8 $ ( 3.8 ) $ ( 45.4 ) $ ( 357.3 ) $ ( 359.7 ) $ ( 1.0 ) $ ( 3.9 ) $ ( 36.7 ) $ ( 401.3 )

Six Months Ended

June 30, 2023

Six Months Ended

June 30, 2022

Nine Months Ended

September 30, 2023

Nine Months Ended

September 30, 2022

CTA Derivative Hedging Adj.

13 unchanged sentences

Stock-Based Compensation

During the six months ended June 30, 2023, the Company awarded 0.6 million shares of Restricted Stock Awards to its employees with a weighted average fair value of $ 59.42 per share.

During the nine months ended September 30, 2023, the Company awarded 0.6 million shares of Restricted Stock Awards to its employees with a weighted average fair value of $ 59.42 per share.

Approximately 61 % of these awards are time-based and vest ratably on each of the first three anniversary dates of the grants.

16 unchanged sentences

The table below presents shares repurchased, inclusive of transactions executed but not settled, by the Company under these programs.

Six Months Ended

Nine Months Ended

Total Number of

4 unchanged sentences

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

Year First Quarter Second Quarter

Year First Quarter Second Quarter Third Quarter

$ 0.15 $ 0.15 $ 0.17

$ 0.13 $ 0.13 $ 0.13

In July 2023, Terex’s Board of Directors declared a dividend of $ 0.17 per share, which will be paid on September 19, 2023 to the Company’s shareholders of record as of August 14, 2023.

In October 2023, Terex’s Board of Directors declared a dividend of $ 0.17 per share, which will be paid on December 19, 2023 to the Company’s shareholders of record as of November 9, 2023.

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.

What changed 10-Q

Item 1. Financial Statements