DOCUMENT_AND_ENTITY_INFORMATIO
DOCUMENT AND ENTITY INFORMATION Document (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Feb. 19, 2014 | Jun. 28, 2013 |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'TEREX CORP | ' | ' |
Entity Central Index Key | '0000097216 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 110.7 | ' |
Entity Public Float | ' | ' | $2,818 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
CONSOLIDATED_STATEMENT_OF_INCO
CONSOLIDATED STATEMENT OF INCOME (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net sales | $7,084 | $6,982.20 | $6,158 |
Cost of goods sold | -5,644.50 | -5,582.10 | -5,234.50 |
Gross profit | 1,439.50 | 1,400.10 | 923.5 |
Selling, general and administrative expenses | -1,020.40 | -1,033.30 | -863.6 |
Income (loss) from operations | 419.1 | 366.8 | 59.9 |
Other income (expense): | ' | ' | ' |
Interest income | 6.7 | 8.8 | 14.3 |
Interest expense | -126.1 | -164.6 | -134.9 |
Loss on early extinguishment of debt | -5.2 | -83 | -7.7 |
Amortization of debt issuance costs | -8.5 | -9.6 | -8.1 |
Other income (expense) - net | 5.3 | 7.9 | 142.1 |
Income (loss) from continuing operations before income taxes | 291.3 | 126.3 | 65.6 |
(Provision for) benefit from income taxes | -87.4 | -51.5 | -45.4 |
Income (loss) from continuing operations | 203.9 | 74.8 | 20.2 |
Income (Loss) from discontinued operations - net of tax | 14.4 | 28.4 | 19.7 |
Gain (loss) on disposition of discontinued operations - net of tax | 2.6 | 0.4 | 0.8 |
Net income (loss) | 220.9 | 103.6 | 40.7 |
Net loss (income) attributable to noncontrolling interest | 5.1 | 2.2 | 4.5 |
Net income (loss) attributable to Terex Corporation | 226 | 105.8 | 45.2 |
Amounts attributable to Terex Corporation common stockholders: | ' | ' | ' |
Income (loss) from continuing operations | 209 | 77 | 24.7 |
Income (Loss) from discontinued operations - net of tax | 14.4 | 28.4 | 19.7 |
Gain (loss) on disposition of discontinued operations - net of tax | 2.6 | 0.4 | 0.8 |
Net income (loss) attributable to Terex Corporation | $226 | $105.80 | $45.20 |
Basic Earnings (Loss) per Share Attributable to Terex Corporation Common Stockholders: | ' | ' | ' |
Income (loss) from continuing operations (in dollars per share) | $1.88 | $0.70 | $0.22 |
Income (loss) from discontinued operations - net of tax (in dollars per share) | $0.13 | $0.26 | $0.18 |
Gain (loss) on disposition of discontinued operations - net of tax (in dollars per share) | $0.02 | $0 | $0.01 |
Net income (loss) attributable to Terex Corporation (in dollars per share) | $2.03 | $0.96 | $0.41 |
Diluted Earnings (Loss) per Share Attributable to Terex Corporation Common Stockholders: | ' | ' | ' |
Income (loss) from continuing operations (in dollars per share) | $1.79 | $0.68 | $0.22 |
Income (loss) from discontinued operations - net of tax (in dollars per share) | $0.12 | $0.25 | $0.18 |
Gain (loss) on disposition of discontinued operations - net of tax (in dollars per share) | $0.02 | $0 | $0.01 |
Net income (loss) attributable to Terex Corporation (in dollars per share) | $1.93 | $0.93 | $0.41 |
Weighted average number of shares outstanding in per share calculation | ' | ' | ' |
Basic (in shares) | 111.1 | 110.3 | 109.5 |
Diluted (in shares) | 117 | 113.9 | 110.7 |
CONSOLIDATED_STATEMENT_OF_COMP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income (loss) | $220.90 | $103.60 | $40.70 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Cumulative translation adjustment, net of (provision for) benefit from taxes | -21.6 | 54.2 | -101.9 |
Derivative hedging adjustment, net of (provision for) benefit from taxes | 3.1 | 3.2 | -1.5 |
Debt and equity securities adjustment, net of (provision for) benefit from taxes | -1.9 | 1 | -99.9 |
Pension liability adjustment: | ' | ' | ' |
Net gain (loss), net of (provision for) benefit from taxes | 24.6 | -57.8 | -26.6 |
Amortization of actuarial (gain) loss, net of provision for (benefit from) taxes | 6.5 | 4.1 | 2.3 |
Foreign exchange and other effects, net of (provision for) benefit from taxes | -2.7 | -2.8 | 0.8 |
Total pension liability adjustment | 28.4 | -56.5 | -23.5 |
Other comprehensive income (loss) | 8 | 1.9 | -226.8 |
Comprehensive income (loss) | 228.9 | 105.5 | -186.1 |
Comprehensive loss (income) attributable to noncontrolling interest | 4.7 | 1.7 | 5.4 |
Comprehensive income (loss) attributable to Terex Corporation | $233.60 | $107.20 | ($180.70) |
CONSOLIDATED_STATEMENT_OF_COMP1
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (PARENTHETICAL) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cumulative translation adjustment, tax portion | ($9.50) | ($5.10) | $0.60 |
Derivative hedging adjustment, tax portion | -0.8 | -2.5 | 0.8 |
Debt and equity securities adjustment, tax portion | 0.6 | -0.5 | 55.6 |
Pension - Net gain (loss), tax portion | -13.7 | 22.5 | 11.8 |
Pension - Amortization of actuarial (gain) loss, tax portion | -3.1 | -1.6 | -1.3 |
Pension - Foreign exchange and other effects, tax portion | $0.90 | $1.10 | ($0.20) |
CONSOLIDATED_BALANCE_SHEET
CONSOLIDATED BALANCE SHEET (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $408.10 | $678 |
Trade receivables (net of allowance at December 31, 2013 and 2012, respectively) | 1,176.80 | 1,026.60 |
Inventories | 1,613.20 | 1,632.20 |
Other current assets | 312 | 319.6 |
Current assets – discontinued operations | 129.3 | 141 |
Total current assets | 3,639.40 | 3,797.40 |
Non-current assets | ' | ' |
Property, plant and equipment - net | 789.4 | 806.8 |
Goodwill | 1,245.60 | 1,245.30 |
Intangible assets – net | 444.8 | 474.4 |
Other assets | 401.9 | 410.8 |
Non-current assets – discontinued operations | 15.6 | 11.5 |
Total assets | 6,536.70 | 6,746.20 |
Current liabilities | ' | ' |
Notes payable and current portion of long-term debt | 86.8 | 83.8 |
Trade accounts payable | 689.1 | 600.2 |
Accrued compensation and benefits | 234.3 | 224 |
Accrued warranties and product liability | 96.2 | 92.1 |
Customer advances | 302.1 | 312.9 |
Other current liabilities | 270.1 | 348.5 |
Current liabilities – discontinued operations | 46.1 | 47.3 |
Total current liabilities | 1,724.70 | 1,708.80 |
Non-current liabilities | ' | ' |
Long-term debt, less current portion | 1,889.90 | 2,014.90 |
Retirement plans | 388.2 | 430.7 |
Other non-current liabilities | 259.5 | 308 |
Non-current liabilities – discontinued operations | 5.7 | 5.6 |
Total liabilities | 4,268 | 4,468 |
Commitments and contingencies | ' | ' |
Redeemable noncontrolling interest | 53.9 | 246.9 |
Stockholders' equity | ' | ' |
Common stock, $.01 par value - authorized 300.0 shares; issued shares at December 31, 2013 and 2012, respectively | 1.2 | 1.2 |
Additional paid-in capital | 1,247.50 | 1,260.70 |
Retained earnings | 1,688.10 | 1,467.70 |
Accumulated other comprehensive income | -116.5 | -124.1 |
Less cost of shares of common stock in treasury - shares at December 31, 2013 and 2012, respectively | -630.2 | -597.8 |
Total Terex Corporation stockholders' equity | 2,190.10 | 2,007.70 |
Noncontrolling interest | 24.7 | 23.6 |
Total stockholders' equity | 2,214.80 | 2,031.30 |
Total liabilities, redeemable noncontrolling interest and stockholders' equity | $6,536.70 | $6,746.20 |
CONSOLIDATED_BALANCE_SHEET_CON
CONSOLIDATED BALANCE SHEET CONSOLIDATED BALANCE SHEET Parenthetical (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Current assets | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | $47.60 | $38.50 |
Stockholders' equity | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common Stock, Shares Authorized | 300 | 300 |
Common Stock, Shares, Issued | 123.7 | 122.9 |
Treasury Stock, Shares | 13.8 | 13 |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Common Stock in Treasury | Noncontrolling Interest |
In Millions, unless otherwise specified | |||||||
Total stockholders' equity, Beginning of Period at Dec. 31, 2010 | $2,111.40 | $1.20 | $1,264.20 | $1,316.70 | $100.40 | ($599.30) | $28.20 |
Shares oustanding, Beginning of Period (in shares) at Dec. 31, 2010 | ' | 108.1 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 40.7 | 0 | 0 | 45.2 | 0 | 0 | -4.5 |
Other Comprehensive Income (Loss), Net of Tax | -226.8 | 0 | 0 | 0 | -225.9 | 0 | -0.9 |
Issuance of Common Stock | 26.5 | 0 | 26.5 | 0 | 0 | 0 | 0 |
Issuance of Common Stock (in shares) | ' | 0.7 | ' | ' | ' | ' | ' |
Compensation under Stock-based Plans - net | -11.1 | 0 | -13.7 | 0 | 0 | 2.6 | 0 |
Compensation under Stock-based Plans - net (in shares) | ' | 0.1 | ' | ' | ' | ' | ' |
Acquisition | 258.3 | 0 | 0 | 0 | 0 | 0 | 258.3 |
Purchase of noncontrolling interest | -6.5 | 0 | -5.2 | 0 | 0 | 0 | -1.3 |
Distributions to noncontrolling interest | -1.7 | 0 | 0 | 0 | 0 | 0 | -1.7 |
Acquisition of Treasury Stock | -2.4 | 0 | 0 | 0 | 0 | -2.4 | 0 |
Acquisition of Treasury Stock (in shares) | ' | -0.1 | ' | ' | ' | ' | ' |
Total stockholders' equity, End of Period at Dec. 31, 2011 | 2,188.40 | 1.2 | 1,271.80 | 1,361.90 | -125.5 | -599.1 | 278.1 |
Shares outstanding, End of Period (in shares) at Dec. 31, 2011 | ' | 108.8 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 103.6 | 0 | 0 | 105.8 | 0 | 0 | -2.2 |
Other Comprehensive Income (Loss), Net of Tax | 1.9 | 0 | 0 | 0 | 1.4 | 0 | 0.5 |
Issuance of Common Stock | 13.5 | 0 | 13.5 | 0 | 0 | 0 | 0 |
Issuance of Common Stock (in shares) | ' | 1 | ' | ' | ' | ' | ' |
Compensation under Stock-based Plans - net | 12.4 | 0 | 7.3 | 0 | 0 | 5.1 | 0 |
Compensation under Stock-based Plans - net (in shares) | ' | 0.2 | ' | ' | ' | ' | ' |
Redeemable noncontrolling interest | -260 | 0 | -12.5 | 0 | 0 | 0 | -247.5 |
Acquisition | 2.1 | 0 | 0 | 0 | 0 | 0 | 2.1 |
Divestiture | -7.4 | 0 | 0 | 0 | 0 | 0 | -7.4 |
Purchase of noncontrolling interest | 0 | 0 | -0.3 | 0 | 0 | 0 | 0.3 |
Distributions to noncontrolling interest | -0.3 | 0 | 0 | 0 | 0 | 0 | -0.3 |
Redemption of convertible debt | -19.1 | 0 | -19.1 | 0 | 0 | 0 | 0 |
Acquisition of Treasury Stock | -3.8 | 0 | 0 | 0 | 0 | -3.8 | 0 |
Acquisition of Treasury Stock (in shares) | ' | -0.1 | ' | ' | ' | ' | ' |
Total stockholders' equity, End of Period at Dec. 31, 2012 | 2,031.30 | 1.2 | 1,260.70 | 1,467.70 | -124.1 | -597.8 | 23.6 |
Shares outstanding, End of Period (in shares) at Dec. 31, 2012 | ' | 109.9 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 220.9 | 0 | 0 | 226 | 0 | 0 | -5.1 |
Other Comprehensive Income (Loss), Net of Tax | 8 | 0 | 0 | 0 | 7.6 | 0 | 0.4 |
Issuance of Common Stock | 17.9 | 0 | 17.9 | 0 | 0 | 0 | 0 |
Issuance of Common Stock (in shares) | ' | 0.8 | ' | ' | ' | ' | ' |
Compensation under Stock-based Plans - net | 23.4 | 0 | 22.1 | 0 | 0 | 1.3 | 0 |
Compensation under Stock-based Plans - net (in shares) | ' | 0.1 | ' | ' | ' | ' | ' |
Acquisition | 7.8 | 0 | 0 | 0 | 0 | 0 | 7.8 |
Dividends, Common Stock, Cash | -5.5 | 0 | 0.1 | -5.6 | 0 | 0 | 0 |
Divestiture | -2 | 0 | 0 | 0 | 0 | 0 | -2 |
Purchase of noncontrolling interest | -54 | 0 | -54 | 0 | 0 | 0 | 0 |
Redemption of convertible debt | 0.7 | 0 | 0.7 | 0 | 0 | 0 | 0 |
Acquisition of Treasury Stock | -33.7 | 0 | 0 | 0 | 0 | -33.7 | 0 |
Acquisition of Treasury Stock (in shares) | ' | -0.9 | ' | ' | ' | ' | ' |
Total stockholders' equity, End of Period at Dec. 31, 2013 | $2,214.80 | $1.20 | $1,247.50 | $1,688.10 | ($116.50) | ($630.20) | $24.70 |
Shares outstanding, End of Period (in shares) at Dec. 31, 2013 | ' | 109.9 | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENT_OF_CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES | ' | ' | ' |
Net income | $220.90 | $103.60 | $40.70 |
Adjustments to reconcile net income (loss) to cash (used in) provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 152.3 | 153 | 126.6 |
Deferred taxes | -2.3 | -25.2 | -2 |
(Gain) loss on sale of assets | 4.3 | -5.9 | -173.5 |
Loss on early extinguishment of debt | 5.2 | 99 | 7.7 |
Stock-based compensation expense | 43.9 | 29.1 | 23.4 |
Other non-cash charges | 53.1 | 70.1 | 92.3 |
Changes in operating assets and liabilities (net of effects of acquisitions and divestitures): | ' | ' | ' |
Trade receivables | -153.1 | 122.5 | -181.2 |
Inventories | -70.4 | -55 | -26.1 |
Trade accounts payable | 86.9 | -126.3 | 64.6 |
Income taxes payable / receivable | -80.7 | -144.8 | 80.6 |
Customer advances | -16.5 | 97.1 | 18.6 |
Other assets and liabilities | -46.4 | -31.6 | -81.1 |
Other operating activities, net | -8.7 | 6.7 | 32.1 |
Net cash provided by (used in) operating activities | 188.5 | 292.3 | 22.7 |
INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | -82.8 | -82.5 | -79.1 |
Acquisition of business, net of cash acquired | 0 | -3.4 | -1,035.20 |
Other investments | 0 | -24.1 | -16.1 |
Proceeds from sale of assets | 46.1 | 34.6 | 539.6 |
Other investing activities, net | -0.7 | -0.9 | -1.7 |
Net cash provided by (used in) investing activities | -37.4 | -76.3 | -592.5 |
FINANCING ACTIVITIES | ' | ' | ' |
Repayments of debt | -571.8 | -1,533 | -447.8 |
Proceeds from issuance of debt | 425.2 | 1,234.30 | 926.7 |
Purchase of noncontrolling interest | -228.1 | -3.5 | -6.3 |
Distributions to noncontrolling interest | -18.5 | -4.9 | 0 |
Share repurchases | -31.4 | 0 | 0 |
Dividends paid | -5.5 | 0 | 0 |
Other financing activities, net | 10 | -16.2 | -22 |
Net cash provided by (used in) financing activities | -420.1 | -323.3 | 450.6 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | -0.9 | 11.2 | -0.9 |
Net (Decrease) Increase in Cash and Cash Equivalents | -269.9 | -96.1 | -120.1 |
Cash and Cash Equivalents at Beginning of Period | 678 | 774.1 | 894.2 |
Cash and Cash Equivalents at End of Period | $408.10 | $678 | $774.10 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||
BASIS OF PRESENTATION | ' | |||
BASIS OF PRESENTATION | ||||
Principles of Consolidation. The Consolidated Financial Statements include the accounts of Terex Corporation and its majority-owned subsidiaries (“Terex” or the “Company”). The Company consolidates all majority-owned and controlled subsidiaries, applies the equity method of accounting for investments in which the Company is able to exercise significant influence, and applies the cost method for all other investments. All material intercompany balances, transactions and profits have been eliminated. | ||||
On August 16, 2011, the Company acquired a majority interest in the shares of Terex Material Handling & Port Solutions AG, formerly known as Demag Cranes AG. The results of Terex Material Handling & Port Solutions AG and its consolidated subsidiaries (“TMHPS AG”) are included within the Material Handling & Port Solutions (“MHPS”) segment since the date of acquisition. See Note I – “Acquisitions.” | ||||
Reclassification. Certain prior year amounts have been reclassified to conform to the current year’s presentation. Effective January 1, 2013, the Company realigned certain operations between its Aerial Work Platforms (“AWP”), Cranes and MHPS segments in an effort to strengthen its ability to service customers and to recognize certain organizational efficiencies. See Note B – “Business Segment Information.” On December 9, 2013, the Company signed an agreement to sell its truck business, which was consolidated in the Construction segment, to Volvo Construction Equipment for approximately $160 million. As a result of this agreement, reporting of the truck business has been included in discontinued operations for all periods presented. See Note D – “Discontinued Operations” for more information on discontinued operations. | ||||
Use of Estimates. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates. | ||||
Cash and Cash Equivalents. Cash equivalents consist of highly liquid investments with original maturities of three months or less. The carrying amount of cash and cash equivalents approximates their fair value. Cash and cash equivalents at December 31, 2013 and 2012 include $14.5 million and $12.4 million, respectively, which were not immediately available for use. These consist primarily of cash balances held in escrow to secure various obligations of the Company. | ||||
Inventories. Inventories are stated at the lower of cost or market (“LCM”) value. Cost is determined principally by the average cost method and the first-in, first-out (“FIFO”) (approximately 55% and 45% , respectively). In valuing inventory, the Company is required to make assumptions regarding the level of reserves required to value potentially obsolete or over-valued items at the lower of cost or market. These assumptions require the Company to analyze the aging of and forecasted demand for its inventory, forecast future products sales prices, pricing trends and margins, and to make judgments and estimates regarding obsolete or excess inventory. Future product sales prices, pricing trends and margins are based on the best available information at that time including actual orders received, negotiations with the Company’s customers for future orders, including their plans for expenditures, and market trends for similar products. The Company’s judgments and estimates for excess or obsolete inventory are based on analysis of actual and forecasted usage. The valuation of used equipment taken in trade from customers requires the Company to use the best information available to determine the value of the equipment to potential customers. This value is subject to change based on numerous conditions. Inventory reserves are established taking into account age, frequency of use, or sale, and in the case of repair parts, the installed base of machines. While calculations are made involving these factors, significant management judgment regarding expectations for future events is involved. Future events that could significantly influence the Company’s judgment and related estimates include general economic conditions in markets where the Company’s products are sold, new equipment price fluctuations, actions of the Company’s competitors, including the introduction of new products and technological advances, as well as new products and design changes the Company introduces. The Company makes adjustments to its inventory reserve based on the identification of specific situations and increases its inventory reserves accordingly. As further changes in future economic or industry conditions occur, the Company will revise the estimates that were used to calculate its inventory reserves. At December 31, 2013 and 2012, reserves for LCM, excess and obsolete inventory totaled $132.5 million and $131.9 million, respectively. | ||||
If actual conditions are less favorable than those the Company has projected, the Company will increase its reserves for LCM, excess and obsolete inventory accordingly. Any increase in the Company’s reserves will adversely impact its results of operations. The establishment of a reserve for LCM, excess and obsolete inventory establishes a new cost basis in the inventory. Such reserves are not reduced until the product is sold. | ||||
Debt Issuance Costs. Debt issuance costs incurred in securing the Company’s financing arrangements are capitalized and amortized over the term of the associated debt. Capitalized debt issuance costs related to debt that is extinguished early are charged to expense at the time of retirement. Debt issuance costs were $31.0 million and $41.2 million (net of accumulated amortization of $17.0 million and $10.2 million) at December 31, 2013 and 2012, respectively. | ||||
Intangible Assets. Intangible assets include purchased patents, trademarks, customer relationships and other specifically identifiable assets and are amortized on a straight-line basis over the respective estimated useful lives, which range from one to fifty-seven years. Intangible assets are reviewed for impairment when circumstances warrant. The Company has indefinite-lived intangible assets, consisting of tradenames. These indefinite-lived intangibles are tested annually for impairment, or when events or changes in circumstances indicate the potential for impairment. If the carrying amount of the indefinite-lived intangible exceeds the fair value, the intangible asset is written down to its fair value. | ||||
Goodwill. Goodwill, representing the difference between the total purchase price and the fair value of assets (tangible and intangible) and liabilities at the date of acquisition, is reviewed for impairment annually, and more frequently as circumstances warrant, and written down only in the period in which the recorded value of such assets exceed their fair value. The Company selected October 1 as the date for the required annual impairment test. | ||||
Goodwill is tested for impairment at the reporting unit level, which is defined as an operating segment or a component of an operating segment that constitutes a business for which discrete financial information with similar economic characteristics is available and the operating results are regularly reviewed by the Company’s management. The AWP, Construction, Cranes and Materials Processing (“MP”) operating segments plus the Material Handling business and Port Solutions business of MHPS, comprise the six reporting units for goodwill impairment testing purposes. | ||||
The Company adopted Financial Accounting Standards Board (the “FASB”) Accounting Standards Update (“ASU”) ASU 2011-08, “Intangibles – Goodwill and Other (Topic 350),” (“ASU 2011-08”) at the beginning of its fourth quarter of 2011 on a prospective basis. ASU 2011-08 allows us to first assess, qualitatively, whether it is necessary to perform the quantitative two-step goodwill impairment test as described below. If we believe, as a result of our qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative two-step goodwill impairment process is required. We have the unconditional option to bypass the qualitative assessment and proceed directly to performing the first step of the quantitative goodwill impairment test. | ||||
The quantitative goodwill impairment analysis is a two-step process. The first step used to identify potential impairment involves comparing each reporting unit’s estimated fair value to its carrying value, including goodwill. The Company uses an income approach derived from a discounted cash flow model to estimate the fair value of its reporting units. The aggregate fair value of the Company’s reporting units is compared to the Company’s market capitalization on the valuation date to assess its reasonableness. The initial recognition of goodwill, as well as the annual review of the carrying value of goodwill, requires that the Company develop estimates of future business performance. These estimates are used to derive expected cash flow and include assumptions regarding future sales levels and the level of working capital needed to support a given business. The Company relies on data developed by business segment management as well as macroeconomic data in making these calculations. The discounted cash flow model also includes a determination of the Company’s weighted average cost of capital. The cost of capital is based on assumptions about interest rates as well as a risk-adjusted rate of return required by the Company’s equity investors. Changes in these estimates can impact the present value of the expected cash flow that is used in determining the fair value of acquired intangible assets as well as the overall expected value of a given business. | ||||
The second step of the process involves the calculation of an implied fair value of goodwill for each reporting unit for which step one indicated impairment. The implied fair value of goodwill is determined by measuring the excess of the estimated fair value of the reporting unit over the estimated fair values of the individual assets, liabilities and identifiable intangibles as if the reporting unit was being acquired in a business combination. If the implied fair value of goodwill exceeds the carrying value of goodwill assigned to the reporting unit, there is no impairment. If the carrying value of goodwill assigned to a reporting unit exceeds the implied fair value of the goodwill, an impairment charge is recorded for the excess. An impairment loss cannot exceed the carrying value of goodwill assigned to a reporting unit and the subsequent reversal of goodwill impairment losses is not permitted. | ||||
There were no indicators of goodwill impairment in the tests performed as of October 1, 2013, 2012 and 2011. See Note J – “Goodwill and Intangible Assets, Net” in the Notes to the Consolidated Financial Statements. | ||||
Property, Plant and Equipment. Property, plant and equipment are stated at cost. Expenditures for major renewals and improvements are capitalized while expenditures for maintenance and repairs not expected to extend the life of an asset beyond its normal useful life are charged to expense when incurred. Plant and equipment are depreciated over the estimated useful lives (1-40 years and 2-20 years, respectively) of the assets under the straight-line method of depreciation for financial reporting purposes and both straight-line and other methods for tax purposes. | ||||
Impairment of Long-Lived Assets. The Company’s policy is to assess the realizability of its long-lived assets, including intangible assets, and to evaluate such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets (or group of assets) may not be recoverable. Impairment is determined to exist if fair value based on the estimated future undiscounted cash flows are less than the carrying value. Future cash flow projections include assumptions for future sales levels and the level of working capital needed to support each business. The Company uses data developed by business segment management as well as macroeconomic data in making these calculations. The amount of any impairment then recognized would be calculated as the difference between estimated fair value and the carrying value of the asset. Included in Selling, general & administrative (“SG&A”) costs are $3.9 million, $8.9 million and $18.8 million of asset impairments for the years ended December 31, 2013, 2012 and 2011, respectively See Note L – “Restructuring and Other Charges” for information on asset impairments recorded as part of restructuring activities. | ||||
Accounts Receivable and Allowance for Doubtful Accounts. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable. The Company determines the allowance based on historical customer review and current financial conditions. The Company reviews its allowance for doubtful accounts at least quarterly. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. All other balances are reviewed on a pooled basis by type of receivable. Account balances are charged off against the allowance when the Company determines it is probable the receivable will not be recovered. There can be no assurance that the Company’s historical accounts receivable collection experience will be indicative of future results. The Company has off-balance sheet credit exposure related to guarantees provided to financial institutions as disclosed in Note Q – “Litigation and Contingencies.” Substantially all receivables were trade receivables at December 31, 2013 and 2012. | ||||
Revenue Recognition. Revenue and related costs are generally recorded when products are shipped and invoiced to either independently owned and operated dealers or to customers. Shipping and handling charges are recorded in Cost of goods sold. | ||||
Revenue generated in the United States is recognized when title and risk of loss pass from the Company to its customers which generally occurs upon shipment depending upon the shipping terms negotiated. The Company also has a policy which requires it to meet certain criteria in order to recognize revenue, including satisfaction of the following requirements: | ||||
a) Persuasive evidence that an arrangement exists; | ||||
b) The price to the buyer is fixed or determinable; | ||||
c) Collectability is reasonably assured; and | ||||
d) The Company has no significant obligations for future performance. | ||||
In the United States, the Company has the ability to enter into a security agreement and receive a security interest in the product by filing an appropriate Uniform Commercial Code (“UCC”) financing statement. However, a significant portion of the Company’s revenue is generated outside of the United States. In many countries outside of the United States, as a matter of statutory law, a seller retains title to a product until payment is made. The laws do not provide for a seller’s retention of a security interest in goods in the same manner as established in the UCC. In these countries, the Company retains title to goods delivered to a customer until the customer makes payment so that the Company can recover the goods in the event of customer default on payment. In these circumstances, where the Company only retains title to secure its recovery in the event of customer default, the Company also has a policy requiring it to meet certain criteria in order to recognize revenue, including satisfaction of the following requirements: | ||||
a) Persuasive evidence that an arrangement exists; | ||||
b) Delivery has occurred or services have been rendered; | ||||
c) The price to the buyer is fixed or determinable; | ||||
d) Collectability is reasonably assured; | ||||
e) The Company has no significant obligations for future performance; and | ||||
f) The Company is not entitled to direct the disposition of the goods, cannot rescind the transaction, cannot prohibit the customer from moving, selling, or otherwise using the goods in the ordinary course of business and has no other rights of holding title that rest with a titleholder of property that is subject to a lien under the UCC. | ||||
In circumstances where the sales transaction requires acceptance by the customer for items such as testing on site, installation, trial period or performance criteria, revenue is not recognized unless the following criteria have been met: | ||||
a) Persuasive evidence that an arrangement exists; | ||||
b) Delivery has occurred or services have been rendered; | ||||
c) The price to the buyer is fixed or determinable; | ||||
d) Collectability is reasonably assured; and | ||||
e) The customer has given their acceptance, the time period has elapsed or the Company has otherwise objectively demonstrated that the criteria specified in the acceptance provisions have been satisfied. | ||||
In addition to performance commitments, the Company analyzes factors such as the reason for the purchase to determine if revenue should be recognized. This analysis is done before the product is shipped and includes the evaluation of factors that may affect the conclusion related to the revenue recognition criteria as follows: | ||||
a) Persuasive evidence that an arrangement exists; | ||||
b) Delivery has occurred or services have been rendered; | ||||
c) The price to the buyer is fixed or determinable; and | ||||
d) Collectability is reasonably assured. | ||||
Revenue from sales-type leases is recognized at the inception of the lease. Income from operating leases is recognized ratably over the term of the lease. The Company routinely sells equipment subject to operating leases and the related lease payments. If the Company does not retain a substantial risk of ownership in the equipment, the transaction is recorded as a sale. If the Company does retain a substantial risk of ownership, the transaction is recorded as a borrowing, the operating lease payments are recognized as revenue over the term of the lease and the debt is amortized over a similar period. | ||||
The Company, from time to time, issues buyback guarantees in conjunction with certain sales agreements. These primarily relate to trade value agreements (“TVAs”) in which a customer may trade in equipment in the future at a stated price/credit if the customer meets certain conditions. The trade-in price/credit is determined at the time of the original sale of equipment. In conjunction with the trade-in, these conditions include a requirement to purchase new equipment at fair market value at the time of trade-in, which fair value is required to be of equal or greater value than the original equipment cost. Other conditions also include the general functionality and state of repair of the machine. The Company has concluded that any credit provided to customers under a TVA/buyback guarantee, which is expected to be equal to or less than the fair value of the equipment returned on the trade-in date, is a guarantee to be accounted for in accordance with Accounting Standards Codification (“ASC”) 460, “Guarantees” (“ASC 460”). | ||||
The original sale of equipment, accompanied by a buyback guarantee, is a multiple element transaction wherein the Company offers its customer the right, after some period of time, for a limited period of time, to exchange purchased equipment for a fixed price trade-in credit toward another of our products. The fixed price trade-in credit is accounted for under the guidance provided by ASC 460. Pursuant to this right, the Company has agreed to make a payment (in the form of a trade-in credit) to the customer contingent upon the customer exercising its right to trade in the original purchased equipment. Under the guidance of ASC 460, the Company records the fixed price trade-in credit at its fair value. Accordingly, as noted above, the Company has accounted for the trade-in credit as a separate deliverable in a multiple element arrangement. | ||||
When a sales transaction includes multiple deliverables, such as sales of multiple products or sales of products and services that are delivered over multiple reporting periods, the multiple deliverables are evaluated to determine the units of accounting, and the entire fee from the arrangement is allocated to each unit of accounting based on the relative selling price. The selling price of a unit of accounting is determined using a selling price hierarchy. Vendor-specific objective evidence (“VSOE”) is established based upon the price charged for products and services that are sold separately in standalone transactions. If VSOE cannot be established, third-party evidence (“TPE”) is evaluated based on competitor prices for similar deliverables when sold separately. If neither VSOE or TPE is available, management's best estimate of selling price is established based upon the price at which the Company would sell the product on a standalone basis taking into consideration factors including, but not limited to, internal costs, gross margin objectives, pricing practices and market conditions. Revenue is recognized when the revenue recognition criteria for each unit of accounting are met. | ||||
Guarantees. The Company records a liability for the estimated fair value of guarantees issued pursuant to ASC 460. The Company recognizes a loss under a guarantee when its obligation to make payment under the guarantee is probable and the amount of the loss can be estimated. A loss would be recognized if the Company’s payment obligation under the guarantee exceeds the value it can expect to recover to offset such payment, primarily through the sale of the equipment underlying the guarantee. | ||||
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 the 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 non-current portion of the warranty accrual is included in Other non-current liabilities in the Company’s Consolidated Balance Sheet. The liability is established using historical warranty claim experience for each product sold. Historical claim experience may be adjusted for known design improvements or for the impact of unusual product quality issues. Warranty reserves are reviewed quarterly to ensure critical assumptions are updated for known events that may affect the potential warranty liability. | ||||
The following table summarizes the changes in the consolidated product warranty liability (in millions): | ||||
Balance as of December 31, 2011 | $ | 128.5 | ||
Accruals for warranties issued during the period | 52.9 | |||
Changes in estimates | 0.1 | |||
Settlements during the year | (78.1 | ) | ||
Foreign exchange effect/other | 1.4 | |||
Balance as of December 31, 2012 | 104.8 | |||
Accruals for warranties issued during the period | 84.6 | |||
Changes in estimates | (1.1 | ) | ||
Settlements during the year | (84.0 | ) | ||
Foreign exchange effect/other | 1.8 | |||
Balance as of December 31, 2013 | $ | 106.1 | ||
Accrued Product Liability. The Company records accruals for product liability claims when deemed probable and estimable based on facts and circumstances, and prior claim experience. Accruals for product liability claims are valued based upon the Company’s prior claims experience, including consideration of the jurisdiction, circumstances of the accident, type of loss or injury, identity of plaintiff, other potential responsible parties, analysis of outside legal counsel, analysis of internal product liability counsel and the experience of the Company’s director of product safety. Actual product liability costs could be different due to a number of variables such as the decisions of juries or judges. | ||||
Defined Benefit Pension and Other Postretirement Benefits. The Company provides postretirement benefits to certain former salaried and hourly employees and certain hourly employees covered by bargaining unit contracts that provide such benefits. The Company accounts for these benefits under ASC 715, “Compensation-Retirement Benefits” (“ASC 715”). ASC 715 requires balance sheet recognition of the overfunded or underfunded status of pension and postretirement benefit plans. Under ASC 715, actuarial gains and losses, prior service costs or credits, and any remaining transition assets or obligations that have not been recognized under previous accounting standards must be recognized in Accumulated other comprehensive income, net of tax effects, until they are amortized as a component of net periodic benefit cost. See Note O – “Retirement Plans and Other Benefits.” | ||||
Deferred Compensation. The Company maintains a Deferred Compensation Plan, which is described more fully in Note O – “Retirement Plans and Other Benefits.” The Company’s common stock, par value $0.01 per share (“Common Stock”) held in a rabbi trust pursuant to the Company’s Deferred Compensation Plan, is treated in a manner similar to treasury stock and is recorded at cost within Stockholders’ equity as of December 31, 2013 and 2012. The plan obligations for participant deferrals in the Company’s Common Stock are classified as Additional paid-in capital within Stockholders’ equity. The total of the Company’s Common Stock required to settle this deferred compensation obligation is included in the denominator in both basic and diluted earnings per share calculations. | ||||
Stock-Based Compensation. At December 31, 2013, the Company had stock-based employee compensation plans, which are described more fully in Note P – “Stockholders’ Equity.” The Company accounts for those plans under the recognition and measurement principles of ASC 718, “Compensation–Stock Compensation” (“ASC 718”). ASC 718 requires that expense resulting from all share-based payment transactions be recognized in the financial statements at fair value. | ||||
Foreign Currency Translation. Assets and liabilities of the Company’s non-U.S. operations are translated at year-end exchange rates. Income and expenses are translated at average exchange rates prevailing during the year. For operations whose functional currency is the local currency, translation adjustments are recorded in the Accumulated other comprehensive income component of Stockholders’ equity. Gains or losses resulting from foreign currency transactions are recorded in the accounts based on the underlying transaction. | ||||
Derivatives. Derivative financial instruments are recorded in the Consolidated Balance Sheet at their fair value as either assets or liabilities. Changes in the fair value of derivatives are recorded each period in earnings or Accumulated other comprehensive income, depending on whether a derivative is designated and effective as part of a hedge transaction and, if it is, the type of hedge transaction. Gains and losses on derivative instruments reported in Accumulated other comprehensive income are included in earnings in the periods in which earnings are affected by the hedged item. See Note K – “Derivative Financial Instruments.” | ||||
Environmental Policies. Environmental expenditures that relate to current operations are either expensed or capitalized depending on the nature of the expenditure. Expenditures relating to conditions caused by past operations that do not contribute to current or future revenue generation are expensed. Liabilities are recorded when environmental assessments and/or remedial actions are probable and the costs can be reasonably estimated. Such amounts were not material at December 31, 2013 and 2012. | ||||
Research and Development Costs. Research and development costs are expensed as incurred. Such costs incurred in the development of new products or significant improvements to existing products are included in Selling, general and administrative expenses. Research and development costs were $85.3 million, $71.7 million and $69.3 million during 2013, 2012 and 2011, respectively. | ||||
Income Taxes. The Company accounts for income taxes using the asset and liability method. This method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities. See Note C – “Income Taxes.” | ||||
Earnings Per Share. Basic (loss) earnings per share is computed by dividing Net (loss) income attributable to Terex Corporation for the period by the weighted average number of shares of Common Stock outstanding. Diluted earnings per share is computed by dividing Net (loss) income attributable to Terex Corporation for the period by the weighted average number of shares of Common Stock outstanding and potential dilutive common shares. See Note E – “Earnings Per Share.” | ||||
Fair Value Measurements. Assets and liabilities measured at fair value on a recurring basis under the provisions of ASC 820, “Fair Value Measurement and Disclosure” (“ASC 820”) include interest rate swap and foreign currency forward contracts discussed in Note K – “Derivative Financial Instruments.” These contracts are valued using a market approach, which uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. ASC 820 establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three levels: | ||||
Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | ||||
Level 2 – Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and | ||||
Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). | ||||
Determining which category an asset or liability falls within this hierarchy requires judgment. The Company evaluates its hierarchy disclosures each quarter. | ||||
Recent Accounting Pronouncements. In December 2011, the FASB issued ASU 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities,” (“ASU 2011-11”). ASU 2011-11 requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. ASU 2011-11 is effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods. In January 2013 the FASB issued ASU 2013-1, “Clarifying the Scope of Disclosures About Offsetting Assets and Liabilities” (“ASU 2013-1”). ASU 2013-1 limits the scope of ASU 2011-11 to disclosures about offsetting assets and liabilities related to derivatives accounted for in accordance with ASC Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with ASC Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. Adoption of this guidance did not have a significant impact on the determination or reporting of the Company’s financial results. | ||||
In July 2012, the FASB issued ASU 2012-02, “Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment,” (“ASU 2012-02”). ASU 2012-02 amends the guidance in ASC 350-30 on testing indefinite-lived intangible assets, other than goodwill, for impairment. Under ASU 2012-02, an entity has the option of performing a qualitative assessment of whether it is more likely than not that the fair value of an entity’s indefinite-lived intangible asset is less than its carrying amount before calculating the fair value of the asset. If the conclusion is that it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, the Company would be required to calculate the fair value of the asset. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. Adoption of this guidance did not have a significant impact on the determination or reporting of the Company’s financial results. | ||||
In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” (“ASU 2013-02”). ASU 2013-02 adds new disclosure requirements for items reclassified out of accumulated other comprehensive income (“AOCI”). ASU 2013-02 intends to help the Company improve the transparency of changes in other comprehensive income (“OCI”) and items reclassified out of AOCI in the Company's financial statements. ASU 2013-02 does not amend any existing requirements for reporting net income or OCI in the Company's financial statements. ASU 2013-02 is effective for annual and interim reporting periods beginning after December 15, 2012. Adoption of this guidance did not have a significant impact on the determination or reporting of the Company's financial results. | ||||
In March 2013, the FASB issued ASU 2013-05, “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity,” (“ASU 2013-05”). The objective of ASU 2013-05 is to clarify the applicable guidance for the release into net income of the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. ASU 2013-05 is effective for annual and interim reporting periods beginning after December 15, 2013 with early adoption permitted. Adoption of this guidance is not expected to have a significant impact on the determination or reporting of the Company’s financial results. | ||||
In July 2013, the FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” (“ASU 2013-11”), an amendment to ASC 740, “Income Taxes.” ASU 2013-11 clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax benefit is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be netted with the deferred tax asset. The amendments in ASU 2013-11 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. Adoption of this guidance is not expected to have a significant impact on the determination or reporting of the Company’s financial results. |
BUSINESS_SEGMENT_INFORMATION
BUSINESS SEGMENT INFORMATION | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
BUSINESS SEGMENT INFORMATION | ' | |||||||||||
BUSINESS SEGMENT INFORMATION | ||||||||||||
Terex is a lifting and material handling solutions company. The Company is focused on operational improvement and delivering reliable, customer-driven solutions for a wide range of commercial applications, including the construction, infrastructure, quarrying, mining, manufacturing, transportation, energy and utility industries. The Company operates in five reportable segments: (i) AWP; (ii) Construction; (iii) Cranes; (iv) MHPS; and (v) MP. | ||||||||||||
The AWP segment designs, manufactures, markets and services aerial work platform equipment, telehandlers, light towers and bridge inspection equipment as well as their related replacement parts and components. Customers use these products to construct and maintain industrial, commercial and residential buildings and facilities and for other commercial operations, as well as in a wide range of infrastructure projects. | ||||||||||||
The Construction segment designs, manufactures and markets compact construction and specialty equipment, as well as their related replacement parts and components. Customers use these products in construction and infrastructure projects, in building roads, bridges, homes, industrial sites and for material handling applications. | ||||||||||||
In 2013, the Company divested its roadbuilding operations, formerly a part of the Construction segment, in Brazil and most of its Roadbuilding operations in Oklahoma City. On December 9, 2013, the Company signed an agreement to sell its truck business, which was consolidated in the Construction segment, to Volvo Construction Equipment. The truck business manufactures and sells off-highway rigid and articulated haul trucks. Included in the transaction is the manufacturing facility in Motherwell, Scotland. The sale, which is subject to government regulatory approvals and other customary closing conditions, is targeted to close in the first half of 2014. As a result of this agreement, the reporting of the truck business has been included in discontinued operations for all periods presented. | ||||||||||||
The Cranes segment designs, manufactures, markets, services and refurbishes rough terrain cranes, all terrain cranes, truck cranes, tower cranes, lattice boom crawler cranes, lattice boom truck cranes, truck-mounted cranes (boom trucks) and utility equipment, as well as their related replacement parts and components. Customers use these products for construction, repair and maintenance of commercial buildings, manufacturing facilities, construction and maintenance of utility and telecommunication lines, tree trimming and certain construction and foundation drilling applications and a wide range of infrastructure projects. The segment also provides service and support for industrial cranes and aerial products in North America. | ||||||||||||
The MHPS segment designs, manufactures, markets and services industrial cranes, including standard cranes, process cranes, rope and chain hoists, electric motors, light crane systems and crane components as well as a diverse portfolio of port and rail equipment including mobile harbor cranes, straddle and sprinter carriers, gantry cranes, ship-to-shore cranes, reach stackers, container handlers, general cargo lift trucks, automated stacking cranes, automated guided vehicles and terminal automation technology, including software, as well as their related replacement parts and components. The segment operates an extensive global sales and service network. Customers use these products for lifting and material handling at manufacturing and port and rail facilities. | ||||||||||||
The MP segment designs, manufactures and markets materials processing equipment, including crushers, washing systems, screens, apron feeders, chippers and their related replacement parts and components. 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. | ||||||||||||
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 provide financing solutions to customers who purchase the Company’s equipment. | ||||||||||||
The Company has no customers that accounted for more than 10% of consolidated sales in 2013. The results of businesses acquired during 2013, 2012 and 2011 are included from the dates of their respective acquisitions. | ||||||||||||
Subsequent to December 31, 2012, the Company realigned certain operations in an effort to strengthen its ability to service customers and to recognize certain organizational efficiencies. The Company’s Utilities business, formerly part of its AWP segment, is now consolidated within its Cranes segment. The Company’s Crane America Services business, formerly part of its MHPS segment, and its legacy AWP services business, formerly part of its AWP segment, are now consolidated within the Company’s Cranes segment and are run together as the Company’s North America Services business. The historical results have been reclassified to give effect to these changes. | ||||||||||||
Included in Eliminations/Corporate are the eliminations among the five segments, as well as general and corporate items. Business segment information is presented below (in millions): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net Sales | ||||||||||||
AWP | $ | 2,131.00 | $ | 1,742.40 | $ | 1,425.00 | ||||||
Construction | 820 | 952.1 | 1,182.70 | |||||||||
Cranes | 1,925.50 | 1,987.60 | 1,936.50 | |||||||||
MHPS | 1,698.50 | 1,742.10 | 1,036.90 | |||||||||
MP | 628.2 | 661.5 | 682.8 | |||||||||
Corporate and Other / Eliminations | (119.2 | ) | (103.5 | ) | (105.9 | ) | ||||||
Total | $ | 7,084.00 | $ | 6,982.20 | $ | 6,158.00 | ||||||
Income (loss) from Operations | ||||||||||||
AWP | $ | 325.8 | $ | 210.9 | $ | 81.9 | ||||||
Construction | (24.8 | ) | (69.3 | ) | (35.3 | ) | ||||||
Cranes | 110.5 | 168 | 33.9 | |||||||||
MHPS | (41.8 | ) | 5.6 | (68.5 | ) | |||||||
MP | 71.8 | 75.3 | 59.5 | |||||||||
Corporate and Other / Eliminations | (22.4 | ) | (23.7 | ) | (11.6 | ) | ||||||
Total | $ | 419.1 | $ | 366.8 | $ | 59.9 | ||||||
Depreciation and Amortization | ||||||||||||
AWP | $ | 9.9 | $ | 12 | $ | 13.6 | ||||||
Construction | 22.2 | 23.5 | 24.5 | |||||||||
Cranes | 31.5 | 29.6 | 31.4 | |||||||||
MHPS | 61.2 | 64.3 | 35.4 | |||||||||
MP | 5.9 | 5.1 | 5.8 | |||||||||
Corporate | 20.8 | 17.7 | 14.9 | |||||||||
Total | $ | 151.5 | $ | 152.2 | $ | 125.6 | ||||||
Capital Expenditures | ||||||||||||
AWP | $ | 19.5 | $ | 15.1 | $ | 11.5 | ||||||
Construction | 3.8 | 6.6 | 16.3 | |||||||||
Cranes | 15.1 | 13.8 | 14.9 | |||||||||
MHPS | 24.1 | 32.9 | 18.7 | |||||||||
MP | 5.6 | 4.9 | 2.6 | |||||||||
Corporate | 11.4 | 7.9 | 13.9 | |||||||||
Total | $ | 79.5 | $ | 81.2 | $ | 77.9 | ||||||
Sales between segments are generally priced to recover costs plus a reasonable markup for profit, which is eliminated in consolidation. | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Identifiable Assets | ||||||||||||
AWP | $ | 937.2 | $ | 835.8 | ||||||||
Construction | 1,012.50 | 972.5 | ||||||||||
Cranes | 2,040.30 | 1,912.40 | ||||||||||
MHPS | 2,989.50 | 2,946.40 | ||||||||||
MP | 945.6 | 982 | ||||||||||
Corporate and Other / Eliminations | (1,533.3 | ) | (1,055.4 | ) | ||||||||
Discontinued operations | 144.9 | 152.5 | ||||||||||
Total | $ | 6,536.70 | $ | 6,746.20 | ||||||||
Geographic segment information is presented below (in millions): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net Sales | ||||||||||||
United States | $ | 2,592.30 | $ | 2,260.20 | $ | 1,794.50 | ||||||
United Kingdom | 247.2 | 263.8 | 259 | |||||||||
Germany | 621.4 | 659.2 | 580.5 | |||||||||
Other European countries | 1,226.60 | 1,343.70 | 1,294.10 | |||||||||
All other | 2,396.50 | 2,455.30 | 2,229.90 | |||||||||
Total | $ | 7,084.00 | $ | 6,982.20 | $ | 6,158.00 | ||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Long-lived Assets | ||||||||||||
United States | $ | 200.6 | $ | 192.6 | ||||||||
United Kingdom | 28.3 | 30.7 | ||||||||||
Germany | 305.3 | 310.8 | ||||||||||
Other European countries | 106.9 | 107.2 | ||||||||||
All other | 148.3 | 165.5 | ||||||||||
Total | $ | 789.4 | $ | 806.8 | ||||||||
The Company attributes sales to unaffiliated customers in different geographical areas based on the location of the customer. Long-lived assets consist of net fixed assets, which can be attributed to the specific geographic regions. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
INCOME TAXES | ' | ||||||||||||
INCOME TAXES | |||||||||||||
The components of income (loss) from continuing operations before income taxes are as follows (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States | $ | 340.7 | $ | 127.2 | $ | 147.4 | |||||||
Foreign | (49.4 | ) | (0.9 | ) | (81.8 | ) | |||||||
Income (loss) from continuing operations before income taxes | $ | 291.3 | $ | 126.3 | $ | 65.6 | |||||||
Income (loss) before income taxes including Income (loss) from discontinued operations and Gain (loss) from disposition of discontinued operations attributable to the Company was $305.1 million, $156.7 million and $83.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
The major components of the Company’s provision for (benefit from) income taxes on continuing operations before income taxes are summarized below (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | 49.3 | $ | 29.7 | $ | 18.9 | |||||||
State | 5.4 | 3.8 | 1.5 | ||||||||||
Foreign | 36.5 | 45.9 | 28.9 | ||||||||||
Current income tax provision (benefit) | 91.2 | 79.4 | 49.3 | ||||||||||
Deferred: | |||||||||||||
Federal | 22.2 | (8.8 | ) | 3.5 | |||||||||
State | 1.3 | (0.6 | ) | 5.6 | |||||||||
Foreign | (27.3 | ) | (18.5 | ) | (13.0 | ) | |||||||
Deferred income tax (benefit) provision | (3.8 | ) | (27.9 | ) | (3.9 | ) | |||||||
Total provision for (benefit from) income taxes | $ | 87.4 | $ | 51.5 | $ | 45.4 | |||||||
Including discontinued operations and disposition of discontinued operations, the total (benefit from) provision for income taxes was $84.2 million, $53.1 million and $43.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Deferred tax assets and liabilities result from differences in the bases of assets and liabilities for tax and financial statement purposes. The tax effects of the basis differences and net operating loss carry forwards as of December 31, 2013 and 2012 for continuing operations are summarized below for major balance sheet captions (in millions): | |||||||||||||
2013 | 2012 | ||||||||||||
Property, plant and equipment | $ | (76.2 | ) | $ | (87.2 | ) | |||||||
Intangibles | (143.0 | ) | (145.5 | ) | |||||||||
Trade receivables | (0.5 | ) | 14.7 | ||||||||||
Inventories | 40.2 | 30.5 | |||||||||||
Accrued warranties and product liability | 18.7 | 18.3 | |||||||||||
Net operating loss carry forwards | 204.9 | 199.3 | |||||||||||
Retirement plans and other | 39.3 | 75.6 | |||||||||||
Accrued compensation and benefits | 57.8 | 27.2 | |||||||||||
Investments | (10.6 | ) | 1.9 | ||||||||||
Credits | 12.1 | 16.8 | |||||||||||
Other | 42.5 | 50.7 | |||||||||||
Deferred tax assets valuation allowance | (181.8 | ) | (172.2 | ) | |||||||||
Net deferred tax assets (liabilities) | $ | 3.4 | $ | 30.1 | |||||||||
Deferred tax assets for continuing operations total $311.9 million before valuation allowances of $181.8 million at December 31, 2013. Total deferred tax liabilities for continuing operations of $126.7 million include $13.1 million in current liabilities and $113.6 million in non-current liabilities on the Consolidated Balance Sheet at December 31, 2013. Net deferred tax assets for discontinued operations were $3.0 million and $4.0 million as of December 31, 2013 and 2012, respectively. | |||||||||||||
The Company evaluates the net realizable value of its deferred tax assets each reporting period. The Company must consider all objective evidence, both positive and negative, in evaluating the future realization of its deferred tax assets, including tax loss carry forwards. Historical information is supplemented by currently available information about future tax years. Realization requires sufficient taxable income to use deferred tax assets. To the extent that estimates of future taxable income decrease or do not materialize, additional valuation allowances may be required. The Company records a valuation allowance for each deferred tax asset for which realization is not assessed as more likely than not. The valuation allowance for deferred tax assets as of December 31, 2013 and 2012 was $181.8 million and $172.2 million, respectively. The net change in the total valuation allowance for the years ended December 31, 2013 and 2012 was an increase of $9.6 million and a decrease of $11.1 million, respectively. | |||||||||||||
The Company’s Provision for (benefit from) income taxes is different from the amount that would be provided by applying the statutory federal income tax rate to the Company’s Income (loss) from continuing operations before income taxes. The reasons for the difference are summarized as follows (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Tax at statutory federal income tax rate | $ | 102 | $ | 44.2 | $ | 22.9 | |||||||
State taxes (net of Federal benefit) | 4.4 | 2 | 4.3 | ||||||||||
Change in valuation allowance | 6.9 | 14.2 | 18 | ||||||||||
Foreign tax differential on income/losses of foreign subsidiaries | 1.4 | (15.9 | ) | (5.2 | ) | ||||||||
U.S. tax on multi-national operations | (13.8 | ) | 1.4 | (0.2 | ) | ||||||||
Change in foreign statutory rates | 3.6 | 3.2 | 4.9 | ||||||||||
U.S. manufacturing and export incentives | (7.1 | ) | (4.0 | ) | (1.7 | ) | |||||||
Other | (10.0 | ) | 6.4 | 2.4 | |||||||||
Total provision for (benefit from) income taxes | $ | 87.4 | $ | 51.5 | $ | 45.4 | |||||||
The effective tax rate on income from discontinued operations in 2013 differs from the statutory rate primarily due to recognition of uncertain tax positions. | |||||||||||||
Except for a limited number of immaterial subsidiaries and joint ventures accounted under the equity method, the Company does not provide for foreign income and withholding, U.S. Federal, or state income taxes or tax benefits on the financial reporting basis over the tax basis of its investments in foreign subsidiaries because such amounts are indefinitely reinvested to support operations and continued growth plans outside the U.S. At December 31, 2013, the Company’s financial reporting basis in its foreign subsidiaries exceeded its tax basis by approximately $825 million. The Company reviews its plan to indefinitely reinvest on a quarterly basis. In making its decision to indefinitely reinvest, the Company evaluates its plans of reinvestment, its ability to control repatriation, and the need, if any, to repatriate funds to support U.S. operations. If the assessment of the Company with respect to earnings of foreign subsidiaries changes, deferred U.S. income taxes, foreign income taxes, and foreign withholding taxes may have to be accrued. At this time, determination of the unrecognized deferred tax liabilities for temporary differences related to the investment in foreign subsidiaries is not practicable. | |||||||||||||
At December 31, 2013, the Company had domestic federal net operating loss carry forwards of $14.7 million. None of the remaining U.S. federal net operating loss carry forwards expire before 2017. The Company also has various state net operating loss carry forwards available to reduce future state taxable income and income taxes. These net operating loss carry forwards expire at various dates through 2033. | |||||||||||||
In addition, at December 31, 2013, the Company’s foreign subsidiaries had approximately $774 million of loss carry forwards, consisting of $296 million in Germany, $177 million in Italy, $101 million in the United Kingdom, $53 million in Spain, $52 million in China and $95 million in other countries, which are available to offset future foreign taxable income. The majority of these foreign tax loss carry forwards are available without expiration. | |||||||||||||
The Company had total net income tax (refunds) payments including discontinued operations of $171.1 million, $224.2 million and $(36.3) million in 2013, 2012 and 2011, respectively. At December 31, 2013 and 2012, Other current assets included net income tax receivable amounts of $12.3 million and $27.6 million respectively. | |||||||||||||
The Company and its subsidiaries conduct business globally and file income tax returns in U.S. federal, state and foreign jurisdictions, as required. From a tax perspective, major jurisdictions where the Company is often subject to examination by tax authorities include Australia, Germany, Italy, the United Kingdom and the U.S. Currently, various entities of the Company are under audit in Germany, Italy, the U.S. and elsewhere. With few exceptions, including certain subsidiaries in Germany that are under audit, the statute of limitations for the Company and its subsidiaries has, as a practical matter expired for tax years prior to 2010. The Company assesses uncertain tax positions for recognition, measurement and effective settlement. Where the Company has determined that its tax return filing position does not satisfy the more likely than not recognition threshold of ASC 740, “Income Taxes,” it has recorded no tax benefits. Where the Company has determined that its tax return filing positions are more likely than not to be sustained, the Company has measured and recorded the largest amount of tax benefit greater than 50% likely to be realized. The Company recognizes accrued interest and penalties, if any, related to income taxes as (Provision for) benefit from income taxes in its Consolidated Statement of Income. | |||||||||||||
The following table summarizes the activity related to the Company’s total (including discontinued operations) unrecognized tax benefits (in millions): | |||||||||||||
Balance as of January 1, 2011 | $ | 141.7 | |||||||||||
Additions for current year tax positions | 0.7 | ||||||||||||
Additions for prior year tax positions | 15.2 | ||||||||||||
Reductions for prior year tax positions | (10.5 | ) | |||||||||||
Reductions for tax positions related to current year | — | ||||||||||||
Reductions related to expiration of statute of limitations | (3.3 | ) | |||||||||||
Settlements | (14.8 | ) | |||||||||||
Acquired balances | 40.6 | ||||||||||||
Balance as of December 31, 2011 | 169.6 | ||||||||||||
Additions for current year tax positions | — | ||||||||||||
Additions for prior year tax positions | 15.1 | ||||||||||||
Reductions for prior year tax positions | (22.3 | ) | |||||||||||
Reductions for tax positions related to current year | — | ||||||||||||
Reductions related to expiration of statute of limitations | (23.2 | ) | |||||||||||
Settlements | (1.3 | ) | |||||||||||
Acquired balances | 10.7 | ||||||||||||
Balance as of December 31, 2012 | 148.6 | ||||||||||||
Additions for current year tax positions | — | ||||||||||||
Additions for prior year tax positions | 10.6 | ||||||||||||
Reductions for prior year tax positions | (17.0 | ) | |||||||||||
Reductions for tax positions related to current year | — | ||||||||||||
Reductions related to expiration of statute of limitations | (42.7 | ) | |||||||||||
Settlements | (15.8 | ) | |||||||||||
Acquired balances | — | ||||||||||||
Balance as of December 31, 2013 | $ | 83.7 | |||||||||||
The Company evaluates each reporting period whether it is reasonably possible that material changes to its uncertain tax position liability could occur in the next 12 months. Changes may occur as a result of uncertain tax positions being considered effectively settled, re-measured, paid, acquired or divested, as the result of a change in the accounting rules, tax law or judicial decision, or due to the expiration of the relevant statute of limitations. It is not possible to predict which uncertain tax positions, if any, may be challenged by tax authorities. The timing and impact of income tax audits and their resolution is highly uncertain. New facts, laws, pronouncements and judicial decisions can change assessments concerning technical merit and measurement. The amounts of or periods in which changes to reserves for uncertain tax positions will occur is rarely ascertainable. The Company believes it is reasonably possible that the total amount of unrecognized tax benefits disclosed as of December 31, 2013 may decrease approximately $10 million in the fiscal year ending December 31, 2014. Such possible decrease relates primarily to audit settlements for valuation, transfer pricing, deductibility issues and the expiration of statutes of limitation. | |||||||||||||
As of December 31, 2013 and 2012, the Company had $83.7 million and $148.6 million, respectively, of unrecognized tax benefits. Of the $83.7 million at December 31, 2013, $78.5 million, if recognized, would affect the effective tax rate. As of December 31, 2013 and 2012, the liability for potential penalties and interest was $13.5 million and $14.1 million, respectively. During the years ended December 31, 2013 and 2012, the Company recognized tax (benefit) expense of $(0.6) million and $(5.2) million, respectively, for interest and penalties. | |||||||||||||
With the exception of goodwill, the Company recorded deferred taxes on differences between the book and tax bases of TMHPS AG assets and liabilities acquired. In general, acquired goodwill in a non-taxable business combination is not amortized and not deductible for tax purposes. See Note I – “Acquisitions.” |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | |||||||||||
DISCONTINUED OPERATIONS | ||||||||||||
In 2010, the Company completed the disposition of its Mining business to Bucyrus International, Inc (“Bucyrus”). In 2010, the Company sold all of its Atlas heavy construction equipment and knuckle-boom cranes businesses (collectively, “Atlas”) to Atlas Maschinen GmbH. | ||||||||||||
On December 9, 2013, the Company signed an agreement to sell its truck business, which was consolidated in the Construction segment, to Volvo Construction Equipment for approximately $160 million. The truck business manufactures and sells off-highway rigid and articulated haul trucks. Included in the transaction is the manufacturing facility in Motherwell, Scotland. The sale, which is subject to government regulatory approvals and other customary closing conditions, is targeted to close in the first half of 2014. | ||||||||||||
Due to the divestiture of these businesses, reporting of these businesses has been included in discontinued operations for all periods presented. Cash flows from the Company’s discontinued operations are included in the Consolidated Statements of Cash Flows. | ||||||||||||
The following amounts related to discontinued operations were derived from historical financial information and have been segregated from continuing operations and reported as discontinued operations in the Consolidated Statement of Income (in millions): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net sales | $ | 225.8 | $ | 366.2 | $ | 346.6 | ||||||
(Loss) income from discontinued operations before income taxes | $ | 10.3 | $ | 30.5 | $ | 18.8 | ||||||
(Provision for) benefit from income taxes | 4.1 | (2.1 | ) | 0.9 | ||||||||
Income (loss) from discontinued operations – net of tax | $ | 14.4 | $ | 28.4 | $ | 19.7 | ||||||
(Loss) gain on disposition of discontinued operations | $ | 3.5 | $ | (0.1 | ) | $ | (0.7 | ) | ||||
Benefit from (provision for) income taxes | (0.9 | ) | 0.5 | 1.5 | ||||||||
Gain (loss) on disposition of discontinued operations – net of tax | $ | 2.6 | $ | 0.4 | $ | 0.8 | ||||||
Included in Income (loss) from discontinued operations – net of tax for the years ended December 31, 2013, 2012 and 2011 are tax (provision) benefits of $4.1 million, $(2.1) million and $0.9 million, respectively, recognized for the resolution of uncertain tax positions for pre-divestiture years in the Mining business. During the year ended December 31, 2013, the Company recorded a $2.6 million gain primarily related to the sale of its Atlas business based on contractually obligated earnings based payments from the purchaser. During the year ended December 31, 2012, the Company recorded a $2.3 million gain on the sale of its Atlas business based on contractually obligated earnings based payments from the purchaser and a $1.9 million loss related to the settlement of a dispute with Bucyrus. During the year ended December 31, 2011 the Company recorded a $0.8 million gain on the sale of its Mining business. | ||||||||||||
The following table provides the amounts of assets and liabilities reported in discontinued operations in the Consolidated Balance Sheet (in millions) related to the truck business: | ||||||||||||
31-Dec | ||||||||||||
2013 | 2012 | |||||||||||
Trade receivables, net | $ | 49.7 | $ | 51.1 | ||||||||
Inventories | 73.6 | 83.5 | ||||||||||
Other current assets | 6 | 6.4 | ||||||||||
Current assets – discontinued operations | $ | 129.3 | $ | 141 | ||||||||
Property, plant and equipment - net | $ | 9.5 | $ | 6.5 | ||||||||
Other assets | 6.1 | 5 | ||||||||||
Non-current assets – discontinued operations | 15.6 | 11.5 | ||||||||||
Trade accounts payable | $ | 35.9 | $ | 35.2 | ||||||||
Other current liabilities | 10.2 | 12.1 | ||||||||||
Current liabilities – discontinued operations | $ | 46.1 | $ | 47.3 | ||||||||
Non-current liabilities – discontinued operations | $ | 5.7 | $ | 5.6 | ||||||||
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
EARNINGS PER SHARE | ' | |||||||||||
EARNINGS PER SHARE | ||||||||||||
For the year ended December 31, | ||||||||||||
(in millions, except per share data) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income (loss) from continuing operations attributable to Terex Corporation common stockholders | $ | 209 | $ | 77 | $ | 24.7 | ||||||
Income (loss) from discontinued operations-net of tax | 14.4 | 28.4 | 19.7 | |||||||||
Gain (loss) on disposition of discontinued operations-net of tax | 2.6 | 0.4 | 0.8 | |||||||||
Net income (loss) attributable to Terex Corporation | $ | 226 | $ | 105.8 | $ | 45.2 | ||||||
Basic shares: | ||||||||||||
Weighted average shares outstanding | 111.1 | 110.3 | 109.5 | |||||||||
Earnings per share - basic: | ||||||||||||
Income (loss) from continuing operations | $ | 1.88 | $ | 0.7 | $ | 0.22 | ||||||
Income (loss) from discontinued operations-net of tax | 0.13 | 0.26 | 0.18 | |||||||||
Gain (loss) on disposition of discontinued operations-net of tax | 0.02 | — | 0.01 | |||||||||
Net income (loss) attributable to Terex Corporation | $ | 2.03 | $ | 0.96 | $ | 0.41 | ||||||
Diluted shares: | ||||||||||||
Weighted average shares outstanding | 111.1 | 110.3 | 109.5 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options, restricted stock awards and convertible notes | 5.9 | 3.6 | 1.2 | |||||||||
Diluted weighted average shares outstanding | 117 | 113.9 | 110.7 | |||||||||
Earnings per share - diluted: | ||||||||||||
Income (loss) from continuing operations | $ | 1.79 | $ | 0.68 | $ | 0.22 | ||||||
Income (loss) from discontinued operations-net of tax | 0.12 | 0.25 | 0.18 | |||||||||
Gain (loss) on disposition of discontinued operations-net of tax | 0.02 | — | 0.01 | |||||||||
Net income (loss) attributable to Terex Corporation | $ | 1.93 | $ | 0.93 | $ | 0.41 | ||||||
The following table provides information to reconcile amounts reported on the Consolidated Statement of Income to amounts used to calculate earnings per share attributable to Terex Corporation common stockholders (in millions) for the year ended December 31: | ||||||||||||
Reconciliation of amounts attributable to common stockholders: | 2013 | 2012 | 2011 | |||||||||
Income (loss) from continuing operations | $ | 203.9 | $ | 74.8 | $ | 20.2 | ||||||
Noncontrolling interest attributed to income (loss) from continuing operations | 5.1 | 2.2 | 4.5 | |||||||||
Income (loss) from continuing operations attributable to common stockholders | $ | 209 | $ | 77 | $ | 24.7 | ||||||
Weighted average options to purchase 0.2 million shares of the Company’s common stock, par value $0.01 per share (“Common Stock”), were outstanding during 2013, 2012 and 2011, respectively, but were not included in the computation of diluted shares as the effect would be anti-dilutive. Weighted average restricted stock awards of 0.3 million shares, 0.3 million shares and 0.2 million shares were outstanding during 2013, 2012 and 2011, respectively, but were not included in the computation of diluted shares because the effect would be anti-dilutive or performance targets were not yet achieved for awards contingent upon performance. ASC 260, “Earnings per Share,” requires that employee stock options and non-vested restricted shares granted by the Company be treated as potential common shares outstanding in computing diluted earnings per share. Under the treasury stock method, the amount the employee must pay for exercising stock options, the amount of compensation cost for future services that the Company has not yet recognized and the amount of tax benefits that would be recorded in additional paid-in capital when the award becomes deductible are assumed to be used to repurchase shares. The Company includes the impact of pro forma deferred tax assets in determining the amount of tax benefits for potential windfalls and shortfalls (the differences between tax deductions and book expense) in this calculation. | ||||||||||||
The 4% Convertible Senior Subordinated Notes due 2015 (the “4% Convertible Notes”) described in Note M – “Long-Term Obligations” are dilutive to the extent the volume-weighted average price of the Common Stock for the period evaluated was greater than $16.25 per share and earnings from continuing operations were positive. The number of shares that were contingently issuable for the 4% Convertible Notes during 2013 and 2012 was 4.6 million and 2.9 million, respectively. The volume-weighted average price of the Common Stock was not greater than $16.25 per share for the year ended 2011 and therefore no shares were contingently issuable during this period. In August 2012, the Company repurchased approximately 25% of the principal amount outstanding of the 4% Convertible notes. See Note M – “Long-Term Obligations.” |
INVENTORIES
INVENTORIES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
INVENTORIES | ' | |||||||
INVENTORIES | ||||||||
Inventories consist of the following (in millions): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Finished equipment | $ | 450 | $ | 459.8 | ||||
Replacement parts | 168.4 | 178.7 | ||||||
Work-in-process | 527.3 | 505.6 | ||||||
Raw materials and supplies | 467.5 | 488.1 | ||||||
Inventories | $ | 1,613.20 | $ | 1,632.20 | ||||
Reserves for lower of cost or market value, excess and obsolete inventory were $132.5 million and $131.9 million at December 31, 2013 and 2012, respectively. |
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, plant and equipment – net consist of the following (in millions): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Property | $ | 121.2 | $ | 123 | ||||
Plant | 412.5 | 393.5 | ||||||
Equipment | 720.1 | 671.9 | ||||||
Property, Plant and Equipment – Gross | 1,253.80 | 1,188.40 | ||||||
Less: Accumulated depreciation | (464.4 | ) | (381.6 | ) | ||||
Property, plant and equipment – net | $ | 789.4 | $ | 806.8 | ||||
Depreciation expense for the years ended December 31, 2013, 2012 and 2011, was $104.4 million, $99.7 million and $88.5 million, respectively. |
EQUIPMENT_SUBJECT_TO_OPERATING
EQUIPMENT SUBJECT TO OPERATING LEASES | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Property Subject to or Available for Operating Lease, Net [Abstract] | ' | |||
EQUIPMENT SUBJECT TO OPERATING LEASES | ' | |||
EQUIPMENT SUBJECT TO OPERATING LEASES | ||||
Operating leases arise from leasing the Company’s products to customers. Initial noncancellable lease terms typically range up to 84 months. The net book value of equipment subject to operating leases was approximately $80 million and $58 million (net of accumulated depreciation of approximately $40 million and $33 million) at December 31, 2013 and 2012, respectively, and is included in Other assets on the Company’s Consolidated Balance Sheet. The equipment is depreciated on a straight-line basis over its estimated useful life. | ||||
Future minimum lease payments to be received under noncancellable operating leases with lease terms in excess of one year are as follows (in millions): | ||||
Years ending December 31, | ||||
2014 | $ | 16.4 | ||
2015 | 8.9 | |||
2016 | 5.9 | |||
2017 | 2.7 | |||
2018 | 1.9 | |||
Thereafter | 1.5 | |||
$ | 37.3 | |||
The Company received approximately $16 million and $14 million of rental income from assets subject to operating leases with lease terms greater than one year during 2013 and 2012, respectively, none of which represented contingent rental payments. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Business Combination Disclosure [Text Block] | ' | |||
ACQUISITIONS | ||||
2012 Acquisitions | ||||
In April 2012, the Company completed a small acquisition in the Cranes segment that had an aggregate purchase price of less than $11 million. This acquisition did not have a material impact on the Company’s financial results. | ||||
2011 Acquisitions | ||||
TMHPS AG Acquisition | ||||
On August 16, 2011, the Company acquired approximately 81% of the shares of TMHPS AG at a price of €45.50 per share, for total cash consideration of approximately $1.1 billion, bringing the Company’s ownership to 82%. TMHPS AG is active in the development, planning, production, distribution, and marketing of industrial cranes and hoists and port technology, as well as the provision of services in these areas. TMHPS AG’s business is highly complementary to the Company’s existing business both in terms of product and geographical fit. The acquisition of TMHPS AG is consistent with the Company’s strategy to expand its position as a globally active manufacturer of machinery and industrial products in niche market segments. | ||||
In January 2012, the Company entered into a Domination and Profit and Loss Transfer Agreement (the “DPLA”) with TMHPS AG. The DPLA was approved by the TMHPS AG shareholders on March 16, 2012 and became effective following registration of the DPLA in the commercial register of TMHPS AG. In July 2013, the Company acquired approximately 14% of the outstanding TMHPS AG shares for approximately $228 million. In January 2014, the Company paid approximately $77 million for the remaining outstanding shares of TMHPS AG. The Company now owns 100% of TMHPS AG. See Note P – “Stockholders’ Equity” for a discussion of the financial statement impact of these items. | ||||
Net Assets Acquired | ||||
The Company has applied purchase accounting to TMHPS AG and the results of operations are included in the Company’s consolidated financial statements following the acquisition date. The application of purchase accounting under ASC 805 requires the recognition and measurement of the identifiable assets acquired, liabilities assumed, and any noncontrolling interest in the acquiree. The net assets and liabilities of TMHPS AG were recorded at their estimated fair value using Level 3 inputs. The noncontrolling interest was recorded at fair value using Level 1 inputs. See Note A – “Basis of Presentation,” for an explanation of Level 1 and 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, actuarial assumptions for benefit plans, and appropriate discount and growth rates. The estimated fair values of assets acquired and liabilities assumed are based on the information that was available as of the date of this filing to estimate the fair value of assets acquired and liabilities assumed. The Company believes that such information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed. The Company finalized the valuation and completed the purchase price adjustments during the period ended September 30, 2012. | ||||
During 2012, the Company made an election, for U.S. tax purposes, to characterize most aspects of the TMHPS AG acquisition as a purchase of assets, rather than as a purchase of shares of TMHPS AG. As a result of the U.S. tax election, a net $38.4 million deferred tax liability related to the investment basis difference was no longer required. Since the deferred tax liability was recorded in purchase accounting as an increase to goodwill, its elimination was recorded as a reduction to goodwill. In addition, during 2012, additional measurement period adjustments of $9.8 million related principally to uncertain tax position amounts and deferred tax liabilities for the investment basis differences in certain TMHPS AG subsidiaries were recorded as an increase to goodwill. The total measurement period adjustment in 2012 to MHPS goodwill for tax-related purchase accounting items was a decrease of $28.6 million and the TMHPS AG acquisition date balance sheet (shown below) has been adjusted to reflect such decrease. | ||||
The fair value of the noncontrolling interest in TMHPS AG at the acquisition date was $253.0 million. The valuation techniques and significant inputs used to measure the fair value of the noncontrolling interest was quoted market prices. | ||||
The following table summarizes the estimated fair values of the TMHPS AG assets acquired and liabilities assumed and related deferred income taxes as of acquisition date (in millions). | ||||
Assets acquired | ||||
Current assets | $ | 603.4 | ||
Trade receivables | 253.3 | |||
Property, plant and equipment | 308 | |||
Intangible assets not subject to amortization | 129.7 | |||
Intangible assets subject to amortization | 302.3 | |||
Other assets | 131 | |||
Goodwill | 821.5 | |||
Total assets acquired | 2,549.20 | |||
Liabilities assumed | ||||
Current liabilities, including current portion of long-term debt | 471.4 | |||
Long-term debt | 169.5 | |||
Post-employment benefit obligation | 188.9 | |||
Other non-current liabilities | 329.8 | |||
Total liabilities assumed | 1,159.60 | |||
Net assets acquired | $ | 1,389.60 | ||
Goodwill of $821.5 million, resulting from the acquisition of a majority interest in TMHPS AG was assigned to the newly created MHPS segment. Goodwill consists of intangible assets that do not qualify for separate recognition which includes assembled workforce. As part of the final valuation of the acquisition, the Company determined which entities and to what extent the benefit of the acquisition applied and, as required by U.S. GAAP, recorded the appropriate intangibles and goodwill to each entity. With the exception of tax deductible goodwill existing prior to the acquisition, the purchased intangibles and goodwill are not deductible for tax purposes. However, purchase accounting allows for the establishment of deferred tax liabilities on purchased intangibles (other than goodwill) that will be reflected as a tax benefit on the Company’s future Consolidated Statements of Income in proportion to and over the amortization period of the related intangible asset. | ||||
Acquisition-Related Expenses | ||||
The Company has incurred transaction costs directly related to the TMHPS AG acquisition of $15.8 million for the year ended December 31, 2011, which is recorded in Other income (expense) – net. | ||||
Unaudited Actual and Pro Forma Information | ||||
The Company’s consolidated Net sales and Net loss attributable to Terex Corporation from August 16, 2011 through December 31, 2011 includes $617.0 million and $10.2 million, respectively, related to the TMHPS AG business. | ||||
The following unaudited pro forma information has been presented as if the TMHPS AG transaction occurred on January 1, 2011. 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, 2011, nor does it intend to be a projection of future results. No pro forma adjustments have been made for the Company’s incremental transaction costs or other transaction-related costs. | ||||
Year Ended | ||||
(in millions, except per share data) | December 31, | |||
2011 | ||||
Net sales | $ | 7,068.10 | ||
Net income attributable to Terex Corporation | $ | 33.6 | ||
Basic earnings per share attributable to Terex Corporation common stockholders | $ | 0.31 | ||
Diluted earnings per share attributable to Terex Corporation common stockholders | $ | 0.3 | ||
The fiscal year-ends for the Company and TMHPS AG were different. TMHPS AG fiscal year end was September 30. The results of TMHPS AG for the 12 month period ended September 30, 2011 was used in these computations. | ||||
Other 2011 Acquisitions | ||||
In May 2011, the Company completed a small acquisition in the MP segment that had an aggregate purchase price of less than $5 million. In October 2011, the Company completed a small acquisition in the Cranes segment that had an aggregate purchase price of less than $25 million. These acquisitions did not have a material impact on the Company’s financial results. |
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS, NET | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS, NET | ' | |||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS, NET | ||||||||||||||||||||||||||
An analysis of changes in the Company’s goodwill by business segment is as follows (in millions): | ||||||||||||||||||||||||||
AWP | Construction (2) | Cranes | MHPS | MP | Total | |||||||||||||||||||||
Balance at December 31, 2011, gross | $ | 139.7 | $ | 274.4 | $ | 221 | $ | 740.2 | $ | 198 | $ | 1,573.30 | ||||||||||||||
Accumulated impairment | (38.6 | ) | (274.4 | ) | (4.2 | ) | — | (23.2 | ) | (340.4 | ) | |||||||||||||||
Balance at December 31, 2011, net (1) | 101.1 | — | 216.8 | 740.2 | 174.8 | 1,232.90 | ||||||||||||||||||||
Acquisitions | 0.2 | — | 15.5 | (4.1 | ) | — | 11.6 | |||||||||||||||||||
Change in control of joint venture | — | — | (4.6 | ) | — | — | (4.6 | ) | ||||||||||||||||||
Foreign exchange effect and other | — | — | 2 | (3.3 | ) | 6.7 | 5.4 | |||||||||||||||||||
Balance at December 31, 2012, gross | 139.9 | 274.4 | 233.9 | 732.8 | 204.7 | 1,585.70 | ||||||||||||||||||||
Accumulated impairment | (38.6 | ) | (274.4 | ) | (4.2 | ) | — | (23.2 | ) | (340.4 | ) | |||||||||||||||
Balance at December 31, 2012, net | 101.3 | — | 229.7 | 732.8 | 181.5 | 1,245.30 | ||||||||||||||||||||
Foreign exchange effect and other | 0.7 | — | 2 | (5.3 | ) | 2.9 | 0.3 | |||||||||||||||||||
Balance at December 31, 2013, gross | 140.6 | 274.4 | 235.9 | 727.5 | 207.6 | 1,586.00 | ||||||||||||||||||||
Accumulated impairment | (38.6 | ) | (274.4 | ) | (4.2 | ) | — | (23.2 | ) | (340.4 | ) | |||||||||||||||
Balance at December 31, 2013, net | $ | 102 | $ | — | $ | 231.7 | $ | 727.5 | $ | 184.4 | $ | 1,245.60 | ||||||||||||||
-1 | Includes a $10.8 million reclassification of goodwill from AWP to Cranes related to segment realignment. See Note A – “Basis of Presentation.” | |||||||||||||||||||||||||
-2 | Includes a $164.4 million write-off of goodwill, gross and accumulated impairment, in the Construction segment related to discontinued operations. | |||||||||||||||||||||||||
Intangible assets, net were comprised of the following as of December 31, 2013 and 2012 (in millions): | ||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||
Weighted Average Life | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||
(in years) | ||||||||||||||||||||||||||
Definite-lived intangible assets: | ||||||||||||||||||||||||||
Technology | 8 | $ | 91.6 | $ | 48.7 | $ | 42.9 | $ | 87.9 | $ | 36.5 | $ | 51.4 | |||||||||||||
Customer Relationships | 15 | 354.7 | 105.2 | 249.5 | 353.5 | 78.9 | 274.6 | |||||||||||||||||||
Land Use Rights | 57 | 18.4 | 1.5 | 16.9 | 17 | 1.1 | 15.9 | |||||||||||||||||||
Other | 7 | 52.2 | 40.4 | 11.8 | 51.9 | 38.1 | 13.8 | |||||||||||||||||||
Total definite-lived intangible assets | $ | 516.9 | $ | 195.8 | $ | 321.1 | $ | 510.3 | $ | 154.6 | $ | 355.7 | ||||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||||||||
Tradenames | $ | 123.7 | $ | 118.7 | ||||||||||||||||||||||
Total indefinite-lived intangible assets | $ | 123.7 | $ | 118.7 | ||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||
Aggregate Amortization Expense | $ | 38.6 | $ | 43 | $ | 28.9 | ||||||||||||||||||||
Estimated aggregate intangible asset amortization expense (in millions) for the next five years is as follows: | ||||||||||||||||||||||||||
2014 | $ | 36.7 | ||||||||||||||||||||||||
2015 | $ | 35.7 | ||||||||||||||||||||||||
2016 | $ | 33.7 | ||||||||||||||||||||||||
2017 | $ | 29.2 | ||||||||||||||||||||||||
2018 | $ | 23.2 | ||||||||||||||||||||||||
DERIVATIVE_FINANCIAL_INSTRUMEN
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ' | ||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||||||
In the normal course of business, the Company enters into two types of derivatives to hedge its interest rate exposure and foreign currency exposure: hedges of fair value exposures and hedges of cash flow exposures. Fair value exposures relate to recognized assets or liabilities and firm commitments, while cash flow exposures relate to the variability of future cash flows associated with recognized assets or liabilities or forecasted transactions. Additionally, the Company entered into derivative contracts that were intended to partially mitigate risks associated with the shares of common stock of Bucyrus acquired in connection with the sale of the Mining business and the risks associated with Euro payment for the purchase of TMHPS AG. These contracts were not designated as hedges because they did not meet the requirements for hedge accounting. | |||||||||||||
The Company operates internationally, with manufacturing and sales facilities in various locations around the world, and uses certain financial instruments to manage its foreign currency, interest rate and fair value exposures. To qualify a derivative as a hedge 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 the method of assessing hedge effectiveness. Additionally, for hedges of forecasted transactions, the 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 that 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, both at inception and throughout the hedged period. The Company does not engage in trading or other speculative use of financial instruments. | |||||||||||||
The Company has used and may use forward contracts and options to mitigate its exposure to changes in foreign currency exchange rates on third party and intercompany forecasted transactions. The primary currencies to which the Company is exposed are the Euro, British Pound and Australian Dollar. The effective portion of unrealized gains and losses associated with forward contracts and the intrinsic value of option contracts are deferred as a component of Accumulated other comprehensive income until the underlying hedged transactions are reported in the Company’s Consolidated Statement of Income. The Company has used and may use interest rate swaps to mitigate its exposure to changes in interest rates related to existing issuances of variable rate debt and changes in the fair value of fixed rate debt. Primary exposure includes movements in the London Interbank Offer Rate (“LIBOR”). | |||||||||||||
Changes in the fair value of derivatives designated as fair value hedges are recognized in earnings as offsets to changes in fair value of exposures being hedged. The change in fair value of derivatives designated as cash flow hedges are deferred in Accumulated other comprehensive income and are recognized in earnings as hedged transactions occur. Contracts deemed ineffective are recognized in earnings immediately. | |||||||||||||
In the Consolidated Statement of Income, the Company records hedging activity related to debt instruments in interest expense and hedging activity related to foreign currency in the accounts for which the hedged items are recorded. On the Consolidated Statement of Cash Flows, the Company records cash flows from hedging activities in the same manner as it records the underlying item being hedged. | |||||||||||||
In November 2007, the Company entered into an interest rate swap agreement that converted a fixed rate interest payment into a variable rate interest payment. In November 2012, this interest rate swap agreement was terminated. Furthermore, as discussed in Note M – “Long-Term Obligations,” the Company redeemed the 8% Senior Subordinated notes associated with this swap and therefore, as a result of the termination and redemption, recorded a gain of approximately $16 million which decreased the Loss on early extinguishment of debt associated with the redemption. | |||||||||||||
The Company had entered into a prior interest rate swap agreement that converted a fixed rate interest payment into a variable rate interest payment. At December 31, 2006, the Company had $200.0 million notional amount of this interest rate swap agreement outstanding, which would have matured in 2014. To maintain an appropriate balance between floating and fixed rate obligations on its mix of indebtedness, the Company exited this interest rate swap agreement on January 15, 2007 and paid $5.4 million. This loss was recorded as an adjustment to the carrying value of the hedged debt and was amortized through January 15, 2011, which was the effective date that the hedged debt was extinguished. | |||||||||||||
The Company is also a party to currency exchange forward contracts that generally mature within one year to manage its exposure to changing currency exchange rates. At December 31, 2013, the Company had $511.8 million notional amount of currency exchange forward contracts outstanding, most of which mature on or before December 31, 2014. The fair market value of these contracts at December 31, 2013 was a net gain of $3.8 million. At December 31, 2013, $454.1 million notional amount ($4.0 million of fair value gains) of these forward contracts have been designated as, and are effective as, cash flow hedges of forecasted and specifically identified transactions. During 2013 and 2012, the Company recorded the change in fair value for these cash flow hedges to Accumulated other comprehensive income and reclassified to earnings a portion of the deferred gain or loss from Accumulated other comprehensive income as the hedged transactions occurred and were recognized in earnings. | |||||||||||||
The Company records the interest rate swap and foreign exchange contracts at fair value on a recurring basis. There were no interest rate swaps recorded as of December 31, 2013 and 2012. The foreign exchange contracts designated as hedging instruments are categorized under Level 1 of the ASC 820 hierarchy and are recorded at December 31, 2013 and 2012 as a net asset of $3.8 million and a net liability of $0.4 million, respectively. See Note A – “Basis of Presentation,” for an explanation of the ASC 820 hierarchy. The fair values of these foreign exchange forward contracts are based on quoted forward foreign exchange prices at the reporting date. The fair values of these contracts are based on the contract rate specified at the anticipated contracts’ settlement date and quoted forward foreign exchange prices at the reporting date. | |||||||||||||
The Company entered into a stockholders agreement with Bucyrus that contained certain restrictions, including providing for Terex’s commitment that it would not directly or indirectly sell or otherwise transfer its economic interest in the shares of Bucyrus stock received by it for a period of one year, subject to certain exceptions. As a result, in order to partially mitigate the risks associated with the shares of Bucyrus stock, the Company entered into derivative contracts using a basket of stocks whose prices had historically been highly correlated with the Bucyrus stock price. The one year lock-up contained in the stockholders agreement expired on February 19, 2011. All of the derivative contracts purchased by the Company expired unexercised during the year ended December 31, 2011. The Company recognized $0.3 million loss in Other income (expense) – net on the Consolidated Statement of Income related to these derivative contracts for the year ended December 31, 2011. | |||||||||||||
The Company entered into contingent participating forward foreign currency contracts to purchase up to €450.0 million in May 2011 in connection with the acquisition of TMHPS AG to hedge against its exposure to changes in the exchange rate for the Euro, as the acquisition purchase price was paid in Euros. Such contracts were not designated as hedging instruments. The contingent participating forward foreign currency contracts were settled during the year ended December 31, 2011, resulting in a loss of $16.1 million recorded in Other income (expense) – net in the Consolidated Statement of Income. | |||||||||||||
The Company uses forward foreign exchange contracts to mitigate its exposure to changes in foreign currency exchange rates on third party and intercompany forecasted transactions. Certain of these contracts have not been designated as hedging instruments. The foreign exchange contracts are accounted for as financial assets or financial liabilities and measured at fair value at the balance sheet date and are categorized under Level 1 of the ASC 820 hierarchy. The fair values of these foreign exchange forward contracts are based on quoted forward foreign exchange prices at the reporting date. Changes in the fair value of derivative financial instruments are recognized as gains or losses in Cost of goods sold or Other income (expense) - net in the Consolidated Statement of Income. | |||||||||||||
The following table provides the location and fair value amounts of derivative instruments designated as hedging instruments that are reported in the Consolidated Balance Sheet (in millions): | |||||||||||||
Asset Derivatives | Balance Sheet Account | December 31, | December 31, | ||||||||||
2013 | 2012 | ||||||||||||
Foreign exchange contracts | Other current assets | $ | 10 | $ | 5.2 | ||||||||
Liability Derivatives | |||||||||||||
Foreign exchange contracts | Other current liabilities | 6.2 | 5.6 | ||||||||||
Total Derivatives | $ | 3.8 | $ | (0.4 | ) | ||||||||
The following table provides the location and fair value amounts of derivative instruments not designated as hedging instruments that are reported in the Consolidated Balance Sheet (in millions): | |||||||||||||
Asset Derivatives | Balance Sheet Account | December 31, | December 31, | ||||||||||
2013 | 2012 | ||||||||||||
Foreign exchange contracts | Other current assets | $ | 4.1 | $ | 1 | ||||||||
Liability Derivatives | |||||||||||||
Foreign exchange contracts | Other current liabilities | 0.8 | — | ||||||||||
Total Derivatives | $ | 3.3 | $ | 1 | |||||||||
The following tables provide the effect of derivative instruments that are designated as hedges in the Consolidated Statements of Income, Comprehensive Income and Accumulated other comprehensive income (“OCI”) (in millions): | |||||||||||||
Gain Recognized on Derivatives in Income: | Year Ended | ||||||||||||
December 31, | |||||||||||||
Fair Value Derivatives | Location | 2013 | 2012 | 2011 | |||||||||
Interest rate contract | Interest expense | $ | — | $ | 16.3 | $ | 19.3 | ||||||
Interest rate contract | Loss on early extinguishment of debt | — | 16 | — | |||||||||
Total | $ | — | $ | 32.3 | $ | 19.3 | |||||||
(Loss) Gain Recognized on Derivatives in OCI: | Year Ended | ||||||||||||
December 31, | |||||||||||||
Cash Flow Derivatives | 2013 | 2012 | |||||||||||
Foreign exchange contracts | $ | 3.1 | $ | 3.2 | |||||||||
(Loss) Gain Reclassified from Accumulated OCI into Income (Effective): | Year Ended | ||||||||||||
December 31, | |||||||||||||
Account | 2013 | 2012 | 2011 | ||||||||||
Cost of goods sold | $ | 1.2 | $ | (5.2 | ) | $ | (4.7 | ) | |||||
Other income (expense) – net | 3.2 | (5.1 | ) | (0.8 | ) | ||||||||
Total | $ | 4.4 | $ | (10.3 | ) | $ | (5.5 | ) | |||||
Gain (Loss) Recognized on Derivatives (Ineffective) in Income: | Year Ended | ||||||||||||
December 31, | |||||||||||||
Account | 2013 | 2012 | 2011 | ||||||||||
Other income (expense) – net | $ | (2.8 | ) | $ | 4.9 | $ | 1.5 | ||||||
The following table provides the effect of derivative instruments that are not designated as hedges in the Consolidated Statements of Income and Comprehensive Income (in millions): | |||||||||||||
Gain (Loss) Recognized on Derivatives not designated as hedges in Income: | Year Ended | ||||||||||||
December 31, | |||||||||||||
Account | 2013 | 2012 | 2011 | ||||||||||
Cost of Goods Sold | $ | 0.7 | $ | (0.8 | ) | $ | 0.5 | ||||||
Other income (expense) – net | 1.6 | — | (16.4 | ) | |||||||||
Total | $ | 2.3 | $ | (0.8 | ) | $ | (15.9 | ) | |||||
Counterparties to the Company’s interest rate swap agreement and currency exchange forward contracts are major financial institutions 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. | |||||||||||||
Unrealized net gains (losses), net of tax, included in OCI are as follows (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of period | $ | (0.4 | ) | $ | (3.6 | ) | $ | (2.1 | ) | ||||
Additional gains (losses) – net | 6.1 | (1.9 | ) | (2.3 | ) | ||||||||
Amounts reclassified to earnings | (3.0 | ) | 5.1 | 0.8 | |||||||||
Balance at end of period | $ | 2.7 | $ | (0.4 | ) | $ | (3.6 | ) | |||||
The estimated amount of existing gains (losses) for derivative contracts recorded in OCI as of December 31, 2013 that are expected to be reclassified into earnings in the next 12 months is $2.7 million. |
RESTRUCTURING_AND_OTHER_CHARGE
RESTRUCTURING AND OTHER CHARGES | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
RESTRUCTURING AND OTHER CHARGES | ' | |||||||||||||||
RESTRUCTURING AND OTHER CHARGES | ||||||||||||||||
The Company continually evaluates its cost structure to be appropriately positioned to respond to changing market conditions. Given economic trends in recent years, the Company initiated certain restructuring programs to better utilize its workforce and optimize facility utilization to match the demand for its products. | ||||||||||||||||
To optimize facility utilization, the Company established a restructuring program to move its crushing and screening manufacturing business within the MP segment from Cedar Rapids, Iowa to other facilities, primarily in North America in 2010. Engineering, sales and service functions for materials processing equipment currently made at the plant will be retained at the facility for the near future. The total program cost recognized in 2011 were $2.4 million. The program resulted in reductions of 186 team members and was completed in 2011. | ||||||||||||||||
The Company established a restructuring program within the MP segment to realize cost synergies and support its joint brand strategy by consolidating certain of its crushing equipment manufacturing businesses. This program resulted in the relocation of its crusher manufacturing operations in Coalville, England to Omagh, Northern Ireland. The global design center for crushing equipment and certain component manufacturing was retained at Coalville. The program was completed in 2011. The Company has subsequently revised its plans for this site and intends to invest in its design and engineering team and re-implement manufacturing based at this location. The Coalville facility will become the MP center for research and development, with responsibility for providing new and innovative products. As a result of these revised plans, $2.4 million of restructuring reserve was reversed in the year ended December 31, 2012. | ||||||||||||||||
During the year ended December 31, 2011, the Company established restructuring programs within the MHPS segment to optimize facility utilization and consolidate certain manufacturing operations. These programs cost $25.6 million, resulted in the reduction of approximately 206 team members and was completed in 2012 except for certain benefits mandated by governmental agencies. | ||||||||||||||||
During the year ended December 31, 2011, certain areas of the MHPS segment were reorganized to better utilize the Company’s workforce. The program cost $0.9 million, resulted in the reduction of approximately 6 team members and was completed in 2012. | ||||||||||||||||
During the year ended December 31, 2011, the Company reorganized certain areas within the Construction segment to enhance operational efficiency. The program cost $1.4 million, resulted in the reduction of approximately 5 team members and was completed in 2012. | ||||||||||||||||
During the year ended December 31, 2012, the Company established a restructuring program in the MHPS segment to realize cost synergies and to optimize the SG&A expense structure. This program resulted in the closing of a production site in Spain and outsourcing of the related future production. The program is expected to cost $3.0 million, result in the reduction of approximately 26 team members and is expected to be completed in 2014. | ||||||||||||||||
During the year ended December 31, 2012, the Company established a restructuring program in the Construction segment related to its compact construction operations in Germany to concentrate the segment on its core processes and competencies. This program resulted in the sale, closure or phase-out of several businesses in Germany. The program cost $11.7 million, resulted in the reduction of 250 team members and was completed in 2013 except for certain payments mandated by governmental agencies. During the year ended December 31, 2013, $2.6 million of restructuring reserves were reversed based on more team members staying with the sold business than originally anticipated. | ||||||||||||||||
During the second quarter of 2012, the Company closed a parts distribution center in its Construction segment. The program cost $0.3 million, resulted in the reduction of approximately 9 team members and was completed in 2012. | ||||||||||||||||
During the year ended December 31, 2013, the Company established a restructuring program in the MHPS segment resulting in the consolidation of certain production facilities and the redesign of certain back office functions. The program is expected to cost $21.5 million, result in the reduction of 299 team members and be completed in 2014. | ||||||||||||||||
During the year ended December 31, 2013, the Company established a restructuring program in the Construction segment related to the distribution organization for Europe, the Middle East and Asia. This program will result in a more decentralized distribution function. The program is expected to cost $1.9 million, result in the reduction of 19 team members and be completed in 2014. | ||||||||||||||||
The following table provides information for all restructuring activities by segment of the amount of expense incurred during the year ended December 31, 2013, the cumulative amount of expenses incurred since inception of the programs and the total amount expected to be incurred (in millions): | ||||||||||||||||
Amount incurred | Cumulative amount | Total amount expected to be incurred | ||||||||||||||
during the year ended | incurred through | |||||||||||||||
31-Dec-13 | 31-Dec-13 | |||||||||||||||
Construction | $ | (0.6 | ) | $ | 13 | $ | 13 | |||||||||
MHPS | 21.5 | 50.1 | 50.1 | |||||||||||||
Total | $ | 20.9 | $ | 63.1 | $ | 63.1 | ||||||||||
The following table provides information by type of restructuring activity with respect to the amount of expense incurred during the year ended December 31, 2013, the cumulative amount of expenses incurred since inception of the programs and the total amount expected to be incurred (in millions): | ||||||||||||||||
Employee | Facility | Asset Disposal and Other Costs | Total | |||||||||||||
Termination Costs | Exit Costs | |||||||||||||||
Amount incurred in the year ended December 31, 2013 | $ | 20.6 | $ | 0.3 | $ | — | $ | 20.9 | ||||||||
Cumulative amount incurred through December 31, 2013 | $ | 46.4 | $ | 6.8 | $ | 9.9 | $ | 63.1 | ||||||||
Total amount expected to be incurred | $ | 46.4 | $ | 6.8 | $ | 9.9 | $ | 63.1 | ||||||||
The following table provides a roll forward of the restructuring reserve by type of restructuring activity for the year ended December 31, 2013 (in millions): | ||||||||||||||||
Employee | Facility | Asset Disposal and Other Costs | Total | |||||||||||||
Termination Costs | Exit Costs | |||||||||||||||
Restructuring reserve at December 31, 2012 | $ | 17.1 | $ | 0.2 | $ | — | $ | 17.3 | ||||||||
Restructuring charges | 20.6 | 0.3 | — | 20.9 | ||||||||||||
Cash expenditures | (12.3 | ) | (0.5 | ) | — | (12.8 | ) | |||||||||
Restructuring reserve at December 31, 2013 | $ | 25.4 | $ | — | $ | — | $ | 25.4 | ||||||||
During the years ended December 31, 2013, 2012 and 2011 $11.0 million, $8.4 million and $19.1 million, respectively, of restructuring charges were included in Cost of goods sold (“COGS”). During the years ended December 31, 2013, 2012 and 2011 $9.9 million, $3.5 million and $10.4 million, respectively, of restructuring charges were included in SG&A costs. There were no asset impairments included in restructuring costs for the year ended December 31, 2013. There were $5.7 million and $8.8 million of asset impairments included in restructuring costs for the years ended December 31, 2012 and 2011, respectively. |
LONGTERM_OBLIGATIONS
LONG-TERM OBLIGATIONS | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
LONG-TERM OBLIGATIONS | ' | |||||||||||
LONG-TERM OBLIGATIONS | ||||||||||||
Long-term debt is summarized as follows (in millions): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
6-1/2% Senior Notes due April 1, 2020 | $ | 300 | $ | 300 | ||||||||
6% Senior Notes due May 15, 2021 | 850 | 850 | ||||||||||
4% Convertible Senior Subordinated Notes due June 1, 2015 | 116.7 | 109.2 | ||||||||||
2011 Credit Agreement – term debt | 495.3 | 710.1 | ||||||||||
2011 Credit Agreement – revolver | 117.7 | — | ||||||||||
Capital lease obligations | 5 | 5.8 | ||||||||||
Other | 92 | 123.6 | ||||||||||
Total debt | 1,976.70 | 2,098.70 | ||||||||||
Less: Notes payable and current portion of long-term debt | (86.8 | ) | (83.8 | ) | ||||||||
Long-term debt, less current portion | $ | 1,889.90 | $ | 2,014.90 | ||||||||
2011 Credit Agreement | ||||||||||||
The Company entered into an amended and restated credit agreement (the “2011 Credit Agreement”) on August 5, 2011, with the lenders party thereto and Credit Suisse AG, as administrative agent and collateral agent. | ||||||||||||
The 2011 Credit Agreement provided the Company with a $460.1 million term loan and a €200.0 million term loan. The term loans are scheduled to mature on April 28, 2017. In addition, the 2011 Credit Agreement provides the Company with a revolving line of credit of up to $500 million. The revolving line of credit consists of $250 million of available domestic revolving loans and $250 million of available multicurrency revolving loans. The revolving lines of credit are scheduled to mature on April 29, 2016. | ||||||||||||
On October 12, 2012, the Company and its lenders entered into an amendment of the 2011 Credit Agreement (the “2012 Amendment”). As a result of the 2012 Amendment, the Company reduced the interest rates on its U.S. Dollar and Euro denominated term loans. Additionally, the 2012 Amendment also provided greater flexibility for the Company (i) for complying with its financial covenants, (ii) in issuing additional debt under the credit agreement and (iii) in the Company's covenant baskets for additional letter of credit facilities, maximum letter of credit exposure, acquired debt, foreign subsidiary debt, general debt, restricted payments, receivables transactions and prepayment of other debt. As a result of the 2012 Amendment the Company recorded a loss on early extinguishment of debt of $1.9 million in the consolidated statement of income for the year ended December 31, 2012 which included non-cash charges for accelerated amortization of debt acquisition costs and original issue discount. In preparing the consolidated Statement of Cash Flows these non-cash items were added to net income. On November 13, 2013, the Company and its lenders entered into an amendment of the 2011 Credit Agreement (the “2013 Amendment”). As a result of the 2013 Amendment, the Company reduced the interest rates on its U.S. Dollar and Euro denominated term loans. Additionally, the 2013 Amendment also provided greater flexibility for the Company in providing customer financing, securitizing leases and loans to customers and selling loans and leases to third parties with recourse. | ||||||||||||
The 2011 Credit Agreement allows unlimited incremental commitments, which may be extended at the option of the lenders and can be in the form of revolving credit commitments, term loan commitments, or a combination of both as long as the Company satisfies a secured debt financial ratio contained in the credit facilities. | ||||||||||||
The 2011 Credit Agreement requires the Company to comply with a number of covenants, which include certain financial tests. The minimum required levels of the interest coverage ratio shall be 2.5 to 1.00. The maximum permitted levels of the senior secured leverage ratio shall be to 2.5 to 1.00. | ||||||||||||
The covenants also limit, in certain circumstances, the Company’s ability to take a variety of actions, including: incur indebtedness; create or maintain liens on its property or assets; make investments, loans and advances; repurchase shares of its Common Stock; engage in acquisitions, mergers, consolidations and asset sales; redeem debt; and pay dividends and distributions. The 2011 Credit Agreement also contains customary default provisions. The Company’s future compliance with its financial covenants under the 2011 Credit Agreement will depend on its ability to generate earnings and manage its interest expense and senior secured debt effectively. The 2011 Credit Agreement also has various non-financial covenants, both requiring the Company to refrain from taking certain future actions (as described above) and requiring the Company to take certain actions, such as keeping in good standing its corporate existence, maintaining insurance, and providing its bank lending group with financial information on a timely basis. | ||||||||||||
On May 16, 2013, the Company repaid $110.0 million of the outstanding U.S. dollar denominated term loan and €83.5 million of the outstanding Euro denominated term loan under the 2011 Credit Agreement. As a result of the repayment, the Company recorded a loss on early extinguishment of debt of $5.2 million in the Consolidated Statement of Income for the year ended December 31, 2013. | ||||||||||||
As of December 31, 2013 and 2012, the Company had $495.3 million and $710.1 million, respectively, in U.S. dollar and Euro denominated term loans outstanding under the 2011 Credit Agreement. The weighted average interest rate on the term loans at December 31, 2013 and 2012 was 3.66% and 4.68%, respectively. The Company had $117.7 million in U.S. dollar denominated revolving credit amounts outstanding as of December 31, 2013 and had no revolving credit amounts outstanding at December 31, 2012. The weighted average interest rate on the revolving credit facility at December 31, 2013 was 5.30%. | ||||||||||||
The 2011 Credit Agreement incorporates facilities for issuance of letters of credit up to $300 million. Letters of credit issued under the 2011 Credit Agreement letter of credit facility decrease availability under the $500 million revolving line of credit. As of December 31, 2013 and 2012, the Company had letters of credit issued under the 2011 Credit Agreement that totaled $54.2 million and $45.4 million, respectively. The 2011 Credit Agreement also permits the Company to have additional letter of credit facilities up to $200 million, and letters of credit issued under such additional facilities do not decrease availability under the revolving line of credit. The Company had letters of credit issued under the additional letter of credit facilities of the 2011 Credit Agreement that totaled $3.1 million as of December 31, 2013 and 2012. | ||||||||||||
The Company also has bilateral arrangements to issue letters of credit with various other financial institutions. These additional letters of credit do not reduce the Company’s availability under the 2011 Credit Agreement. The Company had letters of credit issued under these additional arrangements of $283.1 million and $275.5 million as of December 31, 2013 and 2012, respectively. | ||||||||||||
In total, as of December 31, 2013 and 2012, the Company had letters of credit outstanding of $340.4 million and $324.0 million, respectively. | ||||||||||||
The Company and certain of its subsidiaries agreed to take certain actions to secure borrowings under the 2011 Credit Agreement. As a result, the Company and certain of its subsidiaries entered into a Guarantee and Collateral Agreement with Credit Suisse, as collateral agent for the lenders, granting security to the lenders for amounts borrowed under the 2011 Credit Agreement. The Company 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, and mortgages on, substantially all of the Company’s domestic assets. | ||||||||||||
6-1/2% Senior Notes | ||||||||||||
On March 27, 2012, the Company sold and issued $300 million aggregate principal amount of Senior Notes Due 2020 (“6-1/2% Notes”) at par. The proceeds from these notes were used for general corporate purposes, including cash requirements resulting from the effectiveness of the DPLA. The 6-1/2% Notes are redeemable by the Company beginning in April 2016 at an initial redemption price of 103.25% of principal amount. The 6-1/2% Notes are jointly and severally guaranteed by certain of the Company’s domestic subsidiaries (see Note R – “Consolidating Financial Statements”). | ||||||||||||
6% Senior Notes | ||||||||||||
On November 26, 2012, the Company sold and issued $850 million aggregate principal amount of Senior Notes due 2021 (“6% Notes”) at par. The proceeds from this offering plus other cash was used to redeem all $800 million principal amount of the outstanding 8% Notes. The 6% Notes are redeemable by the Company beginning in November 2016 at an initial redemption price of 103.00% of principal amount. The 6% Notes are jointly and severally guaranteed by certain of the Company’s domestic subsidiaries (see Note R – “Consolidating Financial Statements”). | ||||||||||||
10-7/8% Senior Notes | ||||||||||||
On June 3, 2009, the Company sold and issued $300 million aggregate principal amount of Senior Notes Due 2016 (“10-7/8% Notes”). On September 28, 2012, the Company repaid the outstanding $299.9 million principal amount of its 10-7/8% Notes. The total cash paid to redeem the 10-7/8% Notes was $347.3 million which included a make whole call premium of 12.265%, totaling $36.8 million plus accrued and unpaid interest of $10.6 million at the redemption date. | ||||||||||||
The Company recorded a loss on early extinguishment of debt of $42.9 million in the Consolidated Statement of Income for the year ended December 31, 2012, which includes (a) cash payments of $36.8 million for call premiums associated with the repayment of $299.9 million of outstanding debt and (b) $6.1 million of non-cash charges for accelerated amortization of debt acquisition costs related to the redemption of the 10-7/8% Notes, and original issue discount, which all flow into the calculation of net income. In preparing the Consolidated Statement of Cash Flows, the non-cash item (b) was added to net income to reflect cash flow appropriately. | ||||||||||||
4% Convertible Senior Subordinated Notes | ||||||||||||
On June 3, 2009, the Company sold and issued $172.5 million aggregate principal amount of 4% Convertible Notes. In certain circumstances and during certain periods, the 4% Convertible Notes will be convertible at an initial conversion rate of 61.5385 shares of Common Stock per $1,000 principal amount of convertible notes, equivalent to an initial conversion price of approximately $16.25 per share of Common Stock, subject to adjustment in some events. Upon conversion, Terex will deliver cash up to the aggregate principal amount of the 4% Convertible Notes to be converted and shares of Common Stock with respect to the remainder, if any, of Terex’s convertible obligation in excess of the aggregate principal amount of the 4% Convertible Notes being converted. The 4% Convertible Notes are jointly and severally guaranteed by certain of the Company’s domestic subsidiaries (see Note R – “Consolidating Financial Statements”). | ||||||||||||
The Company, as issuer of the 4% Convertible Notes, must separately account for the liability and equity components of the 4% Convertible Notes in a manner that reflects the Company’s nonconvertible debt borrowing rate at the date of issuance when interest cost is recognized in subsequent periods. The Company allocated $54.3 million of the $172.5 million principal amount of the 4% Convertible Notes to the equity component, which represents a discount to the debt and will be amortized into interest expense using the effective interest method through June 2015. The Company recorded a related deferred tax liability of $19.4 million on the equity component. During the third quarter of 2012, the Company purchased approximately 25% of the principal amount outstanding of its 4% Convertible Notes due 2015 for approximately $64 million, including $0.3 million of accrued interest. These purchases reduced the balance of the 4% Convertible Notes outstanding by $36.1 million and reduced equity by $19.1 million. The Company recorded a loss on early retirement of debt in the Consolidated Statement of Income of $6.5 million for the year ended December 31, 2012, which includes (a) cash payments of $5.9 million for debt principal over book value and (b) $0.6 million for non-cash charges for accelerated amortization of debt issuance costs. | ||||||||||||
The balance of the 4% Convertible Notes was $116.7 million and $109.2 million at December 31, 2013 and 2012, respectively, reflecting the impact of the purchase discussed above. The Company recognized interest expense of $12.6 million and $14.2 million on the 4% Convertible Notes for the years ended December 31, 2013 and 2012, respectively. The interest expense recognized for the 4% Convertible Notes will increase as the discount is amortized using the effective interest method, which accretes the debt balance over its term to $128.8 million at maturity. Interest expense on the 4% Convertible Notes throughout its term includes 4% annually of cash interest on the maturity balance of $128.8 million plus non-cash interest expense accreted to the debt balance as described. | ||||||||||||
The Company paid a dividend of $0.05 per share on December 20, 2013. Under the terms of the 4% Convertible Notes, this dividend changed the initial conversion ratio from 61.5385 to 61.6206 shares of common stock. | ||||||||||||
8% Senior Subordinated Notes | ||||||||||||
On November 13, 2007, the Company sold and issued $800 million aggregate principal amount of 8% Notes. The 8% Notes were redeemable by the Company beginning in November 2012 at an initial redemption price of 104.00% of principal amount. | ||||||||||||
In the fourth quarter of 2012, the Company used the net proceeds from the 6% Notes offering plus other cash to redeem, via tender and subsequent call, all $800 million principal amount of its outstanding 8% Notes. Total cash paid to redeem the 8% Notes was $837.3 million and included tender/call premiums of $34.6 million and accrued interest of $2.7 million. | ||||||||||||
The Company recorded a loss on early extinguishment of debt of $28.7 million in the Consolidated Statement of Income for the year ended December 31, 2012, which includes (a) cash payments of $35.4 million for call premiums and other expenses associated with the repayment of outstanding debt, (b) $9.3 million of non-cash charges for accelerated amortization of debt acquisition costs related to the redemption of the 8% Notes and (c) $16.0 million of gain related to the termination of the swap agreement associated with the redemption of the Notes, which all flow into the calculation of net income. In preparing the Consolidated Statement of Cash Flows, the non-cash item (b) was added to net income and the swap termination item (c) was added to Loss on early extinguishment of debt, to reflect cash flow appropriately. | ||||||||||||
7-3/8% Senior Subordinated Notes | ||||||||||||
On November 25, 2003, the Company sold and issued $300 million aggregate principal amount of 7-3/8% Notes. The 7-3/8% Notes were jointly and severally guaranteed by certain domestic subsidiaries of the Company (see Note R – “Consolidating Financial Statements”). The 7-3/8% Notes were redeemable by the Company beginning in January 2009 at an initial redemption price of 103.688% of principal amount. On January 18, 2011, the Company exercised its early redemption option and repaid the outstanding $297.6 million principal amount of its 7-3/8% Notes. The total cash paid to redeem the 7-3/8% Notes was $312.3 million that included a call premium of 1.229% as set forth in the indenture for the 7-3/8% Notes, totaling $3.6 million plus accrued and unpaid interest. | ||||||||||||
The Loss on early extinguishment of debt of $7.7 million in the Consolidated Statement of Income for the year ended December 31, 2011 includes (a) cash payments of $3.6 million for call premiums associated with the repayment of $297.6 million of outstanding debt and (b) $4.1 million of non-cash charges for accelerated amortization of debt acquisition costs related to the redemption of the 7-3/8% notes and termination of the 2006 Credit Agreement, original issue discount and loss on a terminated swap associated with the outstanding debt, which all flow into the calculation of Net income. In preparing the Consolidated Statement of Cash Flows, the non-cash item (b) was added to Net income to reflect cash flow appropriately. | ||||||||||||
Schedule of Debt Maturities | ||||||||||||
Scheduled annual maturities of the principal portion of long-term debt outstanding at December 31, 2013 in the successive five-year period are summarized below. Amounts shown are exclusive of minimum lease payments for capital lease obligations disclosed in Note N – “Lease Commitments” (in millions): | ||||||||||||
2014 | $ | 85.8 | ||||||||||
2015 | 387.2 | |||||||||||
2016 | 15.6 | |||||||||||
2017 | 330.6 | |||||||||||
2018 | 1 | |||||||||||
Thereafter | 1,151.50 | |||||||||||
Total | $ | 1,971.70 | ||||||||||
Based on indicative price quotations from financial institutions multiplied by the amount recorded on the Company’s Consolidated Balance Sheet (“Book Value”), the Company estimates the fair values (“FV”) of its debt set forth below as of December 31, 2013 and 2012 , as follows (in millions, except for quotes): | ||||||||||||
2013 | Book Value | Quote | FV | |||||||||
6-1/2% Notes | $ | 300 | $ | 1.0675 | $ | 320 | ||||||
6% Notes | $ | 850 | $ | 1.0325 | $ | 878 | ||||||
4% Convertible Notes (net of discount) | $ | 116.7 | $ | 2.62875 | $ | 307 | ||||||
2011 Credit Agreement Term Loan (net of discount) – USD | $ | 340.4 | $ | 1.005 | $ | 342 | ||||||
2011 Credit Agreement Term Loan (net of discount) – EUR | $ | 154.9 | $ | 1.0025 | $ | 155 | ||||||
2012 | Book Value | Quote | FV | |||||||||
6-1/2% Senior Notes | $ | 300 | $ | 1.0625 | $ | 319 | ||||||
6% Notes | $ | 850 | $ | 1.0525 | $ | 895 | ||||||
4% Convertible Notes (net of discount) | $ | 109.2 | $ | 1.83 | $ | 200 | ||||||
2011 Credit Agreement Term Loan (net of discount) – USD | $ | 451 | $ | 1.01 | $ | 456 | ||||||
2011 Credit Agreement Term Loan (net of discount) – EUR | $ | 259.1 | $ | 1 | $ | 259 | ||||||
The fair value of debt reported in the tables above is based on price quotations on the debt instrument in an active market and therefore categorized under Level 1 of the ASC 820 hierarchy. See Note A – “Basis of Presentation,” for an explanation of the ASC 820 hierarchy. The Company believes that the carrying value of its other borrowings, including amounts outstanding for the revolving line of credit under the 2011 Credit Agreement, approximates fair market value based on maturities for debt of similar terms. The fair value of these other borrowings are categorized under Level 2 of the ASC 820 hierarchy. | ||||||||||||
The Company paid $114.8 million, $156.0 million and $134.4 million of interest in 2013, 2012 and 2011, respectively. |
LEASE_COMMITMENTS
LEASE COMMITMENTS | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Lease Commitments [Abstract] | ' | |||||||
LEASE COMMITMENTS | ' | |||||||
LEASE COMMITMENTS | ||||||||
The Company leases certain facilities, machinery, equipment and vehicles with varying terms. Under most leasing arrangements, the Company pays the property taxes, insurance, maintenance and expenses related to the leased property. Certain of the equipment leases are classified as capital leases and the related assets have been included in Property, Plant and Equipment. Net assets under capital leases were $13.0 million and $13.2 million, net of accumulated amortization of $5.2 million and $4.1 million, at December 31, 2013 and 2012, respectively. | ||||||||
Future minimum capital and noncancellable operating lease payments and the related present value of capital lease payments at December 31, 2013 are as follows (in millions): | ||||||||
Capital | Operating | |||||||
Leases | Leases | |||||||
2014 | $ | 1 | $ | 61.4 | ||||
2015 | 0.8 | 50.9 | ||||||
2016 | 0.7 | 42.2 | ||||||
2017 | 0.8 | 31.1 | ||||||
2018 | 0.9 | 22.1 | ||||||
Thereafter | 1 | 51.8 | ||||||
Total minimum obligations | 5.2 | $ | 259.5 | |||||
Less: amount representing interest | (0.2 | ) | ||||||
Present value of net minimum obligations | 5 | |||||||
Less: current portion | (0.9 | ) | ||||||
Long-term obligations | $ | 4.1 | ||||||
Most of the Company’s operating leases provide the Company with the option to renew the leases for varying periods after the initial lease terms. These renewal options enable the Company to renew the leases based upon the fair rental values at the date of expiration of the initial lease. Total rental expense under operating leases was $77.1 million, $78.5 million, and $60.3 million in 2013, 2012 and 2011, respectively. |
RETIREMENT_PLANS_AND_OTHER_BEN
RETIREMENT PLANS AND OTHER BENEFITS | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||
RETIREMENT PLANS AND OTHER BENEFITS | ' | |||||||||||||||||||||||||||||||||||
RETIREMENT PLANS AND OTHER BENEFITS | ||||||||||||||||||||||||||||||||||||
U.S. Pension Plan | ||||||||||||||||||||||||||||||||||||
As of December 31, 2013, the Company maintained one qualified defined benefit pension plan covering certain domestic employees (the “Terex Plan”). Participation in the Terex Plan for all employees has been frozen. Participants are credited with post-freeze service for purposes of determining vesting and retirement eligibility only. The benefits covering salaried employees are based primarily on years of service and employees’ qualifying compensation during the final years of employment. The benefits covering bargaining unit employees are based primarily on years of service and a flat dollar amount per year of service. It is the Company’s policy generally to fund the Terex Plan based on the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”). Plan assets consist primarily of common stocks, bonds and short-term cash equivalent funds. | ||||||||||||||||||||||||||||||||||||
The Company maintains a nonqualified Supplemental Executive Retirement Plan (“SERP”). The SERP provides retirement benefits to certain senior executives of the Company. Generally, the SERP provides a benefit based on average total compensation earned over a participant’s final five years of employment and years of service reduced by benefits earned under any Company retirement program, excluding salary deferrals and matching contributions. In addition, benefits are reduced by Social Security Primary Insurance Amounts attributable to Company contributions. The SERP is unfunded and participation in the SERP has been frozen. There is a defined contribution plan for certain senior executives of the Company. | ||||||||||||||||||||||||||||||||||||
During July 2012, the Moving Ahead for Progress in the 21st Century Act (“MAP 21”) was enacted in the U.S. MAP 21 provides short-term relief of minimum contribution requirements by increasing the interest rates used to value pension liabilities beginning January 1, 2012 and increases the premiums due to the Pension Benefit Guaranty Corporation beginning in 2013 through 2015. As a result of the enactment of MAP 21, and existing funding commitments, there were no minimum contribution requirements for the 2013 and 2012 plan years. | ||||||||||||||||||||||||||||||||||||
Non-U.S. Plans | ||||||||||||||||||||||||||||||||||||
The Company maintains defined benefit plans in France, Germany, India, Switzerland and the United Kingdom for some of its subsidiaries. Participation in the United Kingdom plan has been frozen. The United Kingdom plan is a funded plan and the Company funds this plan in accordance with funding regulations in the United Kingdom and a negotiated agreement between the Company and the plan’s trustees. The plans in France, Germany and India are unfunded plans. For the Company’s operations in Austria and Italy there are mandatory termination indemnity plans providing a benefit that is payable upon termination of employment in substantially all cases of termination. The Company records this obligation based on the mandated requirements. The measure of the current obligation is not dependent on the employees’ future service and therefore is measured at current value. | ||||||||||||||||||||||||||||||||||||
On August 16, 2011, the Company acquired TMHPS AG which has defined benefit plans in Germany and Switzerland. The plans in Germany are unfunded plans. The plan in Switzerland is funded and the Company funds this plan in accordance with funding regulations in Switzerland. The impact of these plans was included from the date of acquisition and resulted in an additional liability of approximately $200 million in Retirement plans on the Consolidated Balance Sheet. See Note I – “Acquisitions.” | ||||||||||||||||||||||||||||||||||||
Other Postemployment Benefits | ||||||||||||||||||||||||||||||||||||
The Company has several non-pension post-retirement benefit programs. The Company provides postemployment health and life insurance benefits to certain former salaried and hourly employees. The health care programs are contributory, with participants’ contributions adjusted annually, and the life insurance plan is noncontributory. | ||||||||||||||||||||||||||||||||||||
Savings Plans | ||||||||||||||||||||||||||||||||||||
The Company sponsors various tax deferred savings plans into which eligible employees may elect to contribute a portion of their compensation. The Company may, but is not obligated to, contribute to certain of these plans. The Company’s Common Stock held in a rabbi trust pursuant to the Deferred Compensation Plan is treated in a manner similar to treasury stock. The number of shares of the Company’s Common Stock held in the rabbi trust at December 31, 2013 and 2012 totaled and 0.8 million and 0.7 million, respectively. | ||||||||||||||||||||||||||||||||||||
Charges recognized for the Deferred Compensation Plan and these other savings plans were $16.6 million, $16.3 million and $11.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. For the years ended December 31, 2013 and 2012, Company matching contribution to tax deferred savings plans were invested at the direction of plan participants. | ||||||||||||||||||||||||||||||||||||
Information regarding the Company’s plans, including SERP, was as follows (in millions, except percent values): | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Accumulated benefit obligation at end of year | $ | 155.8 | $ | 175.2 | $ | 492.8 | $ | 505.9 | ||||||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 182.3 | $ | 185.1 | $ | 511.6 | $ | 397 | $ | 7.6 | $ | 8 | ||||||||||||||||||||||||
Service cost | 1.1 | 1.2 | 6 | 7.8 | — | — | ||||||||||||||||||||||||||||||
Interest cost | 6.6 | 7.2 | 16.6 | 17 | 0.3 | 0.3 | ||||||||||||||||||||||||||||||
Acquisitions and divestitures | — | — | (4.7 | ) | 12 | — | — | |||||||||||||||||||||||||||||
Actuarial loss (gain) | (17.9 | ) | (0.8 | ) | (20.1 | ) | 88.6 | (1.4 | ) | 0.2 | ||||||||||||||||||||||||||
Benefits paid | (10.0 | ) | (10.4 | ) | (21.2 | ) | (22.7 | ) | (0.7 | ) | (0.9 | ) | ||||||||||||||||||||||||
Foreign exchange effect | — | — | 15.8 | 11.9 | — | — | ||||||||||||||||||||||||||||||
Benefit obligation at end of year | 162.1 | 182.3 | 504 | 511.6 | 5.8 | 7.6 | ||||||||||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 123.6 | 111.4 | 132.5 | 119.7 | — | — | ||||||||||||||||||||||||||||||
Actual return on plan assets | 6.4 | 14.8 | 8.5 | 8.5 | — | — | ||||||||||||||||||||||||||||||
Employer contribution | 5.8 | 7.8 | 18.5 | 21.4 | 0.7 | 0.9 | ||||||||||||||||||||||||||||||
Employee contribution | — | — | 0.6 | 0.5 | — | — | ||||||||||||||||||||||||||||||
Benefits paid | (10.0 | ) | (10.4 | ) | (21.2 | ) | (22.7 | ) | (0.7 | ) | (0.9 | ) | ||||||||||||||||||||||||
Foreign exchange effect | — | — | 3 | 5.1 | — | — | ||||||||||||||||||||||||||||||
Fair value of plan assets at end of year | 125.8 | 123.6 | 141.9 | 132.5 | — | — | ||||||||||||||||||||||||||||||
Funded status | $ | (36.3 | ) | $ | (58.7 | ) | $ | (362.1 | ) | $ | (379.1 | ) | $ | (5.8 | ) | $ | (7.6 | ) | ||||||||||||||||||
Amounts recognized in the statement of financial position consist of: | ||||||||||||||||||||||||||||||||||||
Current liabilities | $ | 0.2 | $ | 0.2 | $ | 15 | $ | 13.3 | $ | 0.8 | $ | 1.1 | ||||||||||||||||||||||||
Non-current liabilities | 36.1 | 58.5 | 347.1 | 365.8 | 5 | 6.5 | ||||||||||||||||||||||||||||||
Total liabilities | $ | 36.3 | $ | 58.7 | $ | 362.1 | $ | 379.1 | $ | 5.8 | $ | 7.6 | ||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income consist of: | ||||||||||||||||||||||||||||||||||||
Actuarial net loss | $ | 60.9 | $ | 80.1 | $ | 93.7 | $ | 116.9 | $ | 0.9 | $ | 2.4 | ||||||||||||||||||||||||
Prior service cost | 0.7 | 0.9 | 0.4 | 0.4 | (0.1 | ) | (0.1 | ) | ||||||||||||||||||||||||||||
Total amounts recognized in accumulated other comprehensive income | $ | 61.6 | $ | 81 | $ | 94.1 | $ | 117.3 | $ | 0.8 | $ | 2.3 | ||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S.Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Weighted-average assumptions as of December 31: | ||||||||||||||||||||||||||||||||||||
Discount rate | 4.64 | % | 3.75 | % | 4 | % | 3.78 | % | 3.39 | % | 4.55 | % | 4.17 | % | 3.75 | % | 4 | % | ||||||||||||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 8 | % | 5.49 | % | 5.59 | % | 5.59 | % | N/A | N/A | N/A | |||||||||||||||||||||
Rate of compensation increase | 3.75 | % | 3.75 | % | 3.75 | % | 1.56 | % | 1.67 | % | 1.75 | % | N/A | N/A | N/A | |||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Components of net periodic cost: | ||||||||||||||||||||||||||||||||||||
Service cost | $ | 1.1 | $ | 1.2 | $ | 2.1 | $ | 6 | $ | 7.8 | $ | 4.4 | $ | — | $ | — | $ | — | ||||||||||||||||||
Interest cost | 6.6 | 7.2 | 8.2 | 16.6 | 17 | 12.8 | 0.3 | 0.3 | 0.4 | |||||||||||||||||||||||||||
Expected return on plan assets | (9.0 | ) | (8.8 | ) | (8.3 | ) | (7.0 | ) | (6.8 | ) | (6.0 | ) | — | — | — | |||||||||||||||||||||
Recognition of prior service cost | 0.1 | 0.1 | 0.2 | — | 10.8 | — | — | — | — | |||||||||||||||||||||||||||
Amortization of actuarial loss | 4 | 4.8 | 3.3 | 5.3 | 0.4 | 0.3 | 0.1 | — | — | |||||||||||||||||||||||||||
Other costs | — | — | — | (0.6 | ) | (0.5 | ) | (0.2 | ) | — | — | — | ||||||||||||||||||||||||
Net periodic cost | $ | 2.8 | $ | 4.5 | $ | 5.5 | $ | 20.3 | $ | 28.7 | $ | 11.3 | $ | 0.4 | $ | 0.3 | $ | 0.4 | ||||||||||||||||||
Due to clarification of requirements in Brazil, during the year ended December 31, 2012, the Company recognized a liability of $10.8 million related to a provision for post-employment benefits. This amount is included above in Net periodic cost as Recognition of prior service cost. | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | ||||||||||||||||||||||||||||||||||||
Net (gain) loss | $ | (15.3 | ) | $ | (6.8 | ) | $ | (21.6 | ) | $ | 86.9 | $ | (1.4 | ) | $ | 0.2 | ||||||||||||||||||||
Amortization of actuarial losses | (4.0 | ) | (4.8 | ) | (5.5 | ) | (0.7 | ) | (0.1 | ) | (0.2 | ) | ||||||||||||||||||||||||
Amortization of prior service cost | (0.1 | ) | (0.1 | ) | — | — | — | — | ||||||||||||||||||||||||||||
Foreign exchange effect | — | — | 3.9 | 3.8 | — | — | ||||||||||||||||||||||||||||||
Total recognized in other comprehensive income | $ | (19.4 | ) | $ | (11.7 | ) | $ | (23.2 | ) | $ | 90 | $ | (1.5 | ) | $ | — | ||||||||||||||||||||
U.S. Pension | Non-U.S. Pension Benefits | Other | ||||||||||||||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||||||||||||||
Amounts expected to be recognized as components of net periodic cost for the year ending December 31, 2014: | ||||||||||||||||||||||||||||||||||||
Actuarial net loss | $ | 2.8 | $ | 3.2 | $ | 0.1 | ||||||||||||||||||||||||||||||
Prior service cost | 0.1 | — | — | |||||||||||||||||||||||||||||||||
Total amount expected to be recognized as components of net periodic cost for the year ending December 31, 2014 | $ | 2.9 | $ | 3.2 | $ | 0.1 | ||||||||||||||||||||||||||||||
For the Company’s plans, including the SERP, that have accumulated benefit obligations in excess of plan assets the projected benefit obligation, accumulated benefit obligation and fair value of plan assets were (in millions): | ||||||||||||||||||||||||||||||||||||
U.S. Pension | Non-U.S. Pension Benefits | |||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 162.1 | $ | 182.3 | $ | 504 | $ | 511.6 | ||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 155.8 | $ | 175.2 | $ | 492.8 | $ | 505.9 | ||||||||||||||||||||||||||||
Fair value of plan assets | $ | 125.8 | $ | 123.6 | $ | 141.9 | $ | 132.5 | ||||||||||||||||||||||||||||
Determination of plan obligations and associated expenses requires the use of actuarial valuations based on certain economic assumptions, which includes discount rates and expected rates of returns on plan assets. The discount rate enables the Company to estimate the present value of expected future cash flows on the measurement date. The rate used reflects a rate of return on high-quality fixed income investments that matches the duration of expected benefit payments at the December 31 measurement date. | ||||||||||||||||||||||||||||||||||||
The rate used for the expected return on plan assets for the U.S. plan is based on a review of long-term historical asset performances aligned with the Company’s investment strategy and portfolio mix. While the Company examines performance annually, it also views historic asset portfolios and performance over a long period of years before recommending a change. In the short term, there may be fluctuations of positive and negative yields year-over-year, but over the long-term, the return is expected to be approximately 7.5%. | ||||||||||||||||||||||||||||||||||||
The Company’s overall investment strategy for the U.S. defined benefit plan balances two objectives, investing in fixed income securities whose maturity broadly matches the maturity of the pension liabilities and investing in equities and other assets expected to generate higher returns. The Company invests through a number of investment funds with diversified asset types, strategies and managers. Equity securities, including investments in large to small-cap companies in the U.S. and internationally, constitute approximately 32% and 34% of the portfolio at December 31, 2013 and 2012, respectively. Fixed income securities including corporate bonds of companies from diversified industries, U.S. Treasuries and other securities, which may include mortgage-backed securities, asset-backed securities and collateralized mortgage obligations, constitute approximately 68% and 66% of the portfolio at December 31, 2013 and 2012, respectively. The target investment allocation for 2014 is approximately 25% to 38% for equity securities and approximately 62% to 75% for fixed income securities. | ||||||||||||||||||||||||||||||||||||
The methodology used to determine the rate of return on non-U.S. pension plan assets was based on average rate of earnings on funds invested and to be invested. Based on historical returns and future expectations, the Company believes the investment return assumptions are reasonable. The expected rate of return of plan assets represents an estimate of long-term returns on the investment portfolio. This is reviewed by the trustees and varies with each section of the plans. | ||||||||||||||||||||||||||||||||||||
The overall investment strategy for the Non-U.S. defined benefit plans is to achieve a mix of investments to support long-term growth and minimize volatility while maximizing rates of return by diversification of asset types, fund strategies and fund managers. Fixed income investments include investments in European government securities and European corporate bonds and constitute approximately 58% and 60% of the portfolio at December 31, 2013 and 2012, respectively. Equity investments, multi-asset investment funds and real estate investments that invest in a diversified range of property principally in the retail, office and industrial/warehouse sectors constitute approximately 42% and 40% of the portfolio at December 31, 2013 and 2012, respectively. Investments of the plans primarily include investments in companies from diversified industries with approximately 93% invested internationally and 7% invested in North America. The target investment allocations to support the investment strategy for 2014 are approximately 80%-88% fixed income securities and approximately 12%-20% equity securities, multi-asset investment funds and real estate investments. | ||||||||||||||||||||||||||||||||||||
The fair value of cash in the table below is based on price quotations in an active market and therefore categorized under Level 1 of the ASC 820 hierarchy. The fair value of the investment funds is priced on the market value of the underlying investments in the portfolio and therefore categorized as Level 2 of the ASC 820 hierarchy. See Note A – “Basis of Presentation,” for an explanation of the ASC 820 hierarchy. | ||||||||||||||||||||||||||||||||||||
The fair value of the Company’s plan assets at December 31, 2013 are as follows (in millions): | ||||||||||||||||||||||||||||||||||||
U.S. Pension Plan | Non-U.S. Pension Plans | |||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||||||||||||||||||
Cash, including money market funds | $ | 9.4 | $ | 9.4 | $ | — | $ | 3.5 | $ | 3.5 | $ | — | ||||||||||||||||||||||||
U.S. equities | 25 | — | 25 | 8.4 | — | 8.4 | ||||||||||||||||||||||||||||||
Non-U.S. equities | 10.2 | — | 10.2 | 35 | — | 35 | ||||||||||||||||||||||||||||||
U.S. corporate bonds | 56.9 | — | 56.9 | 1 | — | 1 | ||||||||||||||||||||||||||||||
Non-U.S. corporate bonds | — | — | — | 28 | — | 28 | ||||||||||||||||||||||||||||||
U.S. government securities | 18.1 | — | 18.1 | 0.1 | — | 0.1 | ||||||||||||||||||||||||||||||
Non-U.S. government securities | 0.8 | — | 0.8 | 42.7 | — | 42.7 | ||||||||||||||||||||||||||||||
Real estate | — | — | — | 9 | — | 9 | ||||||||||||||||||||||||||||||
Other securities | 5.4 | — | 5.4 | 14.2 | — | 14.2 | ||||||||||||||||||||||||||||||
Total investments measured at fair value | $ | 125.8 | $ | 9.4 | $ | 116.4 | $ | 141.9 | $ | 3.5 | $ | 138.4 | ||||||||||||||||||||||||
The fair value of the Company’s plan assets at December 31, 2012 are as follows (in millions): | ||||||||||||||||||||||||||||||||||||
U.S. Pension Plan | Non-U.S. Pension Plans | |||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||||||||||||||||||
Cash, including money market funds | $ | 4.7 | $ | 4.7 | $ | — | $ | 5.6 | $ | 5.6 | $ | — | ||||||||||||||||||||||||
U.S. equities | 30.6 | — | 30.6 | 8.2 | — | 8.2 | ||||||||||||||||||||||||||||||
Non-U.S. equities | 10.6 | — | 10.6 | 29.8 | — | 29.8 | ||||||||||||||||||||||||||||||
U.S. corporate bonds | 55.4 | — | 55.4 | 1 | — | 1 | ||||||||||||||||||||||||||||||
Non-U.S. corporate bonds | — | — | — | 26.5 | — | 26.5 | ||||||||||||||||||||||||||||||
U.S. government securities | 16.9 | — | 16.9 | — | — | — | ||||||||||||||||||||||||||||||
Non-U.S. government securities | 0.8 | — | 0.8 | 40.8 | — | 40.8 | ||||||||||||||||||||||||||||||
Real estate | — | — | — | 7.9 | — | 7.9 | ||||||||||||||||||||||||||||||
Other securities | 4.6 | — | 4.6 | 12.7 | — | 12.7 | ||||||||||||||||||||||||||||||
Total investments measured at fair value | $ | 123.6 | $ | 4.7 | $ | 118.9 | $ | 132.5 | $ | 5.6 | $ | 126.9 | ||||||||||||||||||||||||
The Company plans to contribute approximately $7 million to its U.S. defined benefit pension and post-retirement plans and approximately $19 million to its non-U.S. defined benefit pension plans in 2014. During the year ended December 31, 2013, the Company contributed $6.5 million to its U.S. defined benefit pension plans and post-retirement plans and $18.5 million to its non-U.S. defined benefit pension plans. | ||||||||||||||||||||||||||||||||||||
The Company’s estimated future benefit payments under its plans are as follows (in millions): | ||||||||||||||||||||||||||||||||||||
Year Ending December 31, | U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||
2014 | $ | 10.1 | $ | 21.4 | $ | 0.8 | ||||||||||||||||||||||||||||||
2015 | $ | 11.1 | $ | 20.7 | $ | 0.7 | ||||||||||||||||||||||||||||||
2016 | $ | 11 | $ | 21.2 | $ | 0.6 | ||||||||||||||||||||||||||||||
2017 | $ | 11 | $ | 22.6 | $ | 0.5 | ||||||||||||||||||||||||||||||
2018 | $ | 11 | $ | 23 | $ | 0.4 | ||||||||||||||||||||||||||||||
2019-2023 | $ | 54.5 | $ | 124 | $ | 1.9 | ||||||||||||||||||||||||||||||
For the other benefits, for measurement purposes, a 8.00% rate of increase in the per capita cost of covered health care benefits was assumed for 2014, decreasing one-percentage-point per year until it reaches 5.00% for 2017 and thereafter. Assumed health care cost trend rates may have a significant effect on the amounts reported for the health care plan. | ||||||||||||||||||||||||||||||||||||
A one-percentage-point change in assumed health care cost trend rates would have the following effects (in millions): | ||||||||||||||||||||||||||||||||||||
1-Percentage- | 1-Percentage- | |||||||||||||||||||||||||||||||||||
Point Increase | Point Decrease | |||||||||||||||||||||||||||||||||||
Effect on total service and interest cost components | $ | 0.2 | $ | (0.2 | ) | |||||||||||||||||||||||||||||||
Effect on postretirement benefit obligation | $ | 1.3 | $ | (1.0 | ) | |||||||||||||||||||||||||||||||
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||
STOCKHOLDERS' EQUITY | ' | ||||||||||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
On December 31, 2013, there were 123.7 million shares of Common Stock issued and 109.9 million shares of Common Stock outstanding. Of the 176.3 million unissued shares of Common Stock at that date, 3.9 million shares of Common Stock were reserved for issuance for the exercise of stock options and the vesting of restricted stock. Additionally, 7.9 million shares of Common Stock were reserved for issuance for the shares that are contingently issuable for the 4% Convertible Notes. | |||||||||||||||||||||
Common Stock in Treasury. The Company values treasury stock on an average cost basis. As of December 31, 2013, the Company held 13.8 million shares of Common Stock in treasury totaling $630.2 million, including 0.8 million shares held in a trust for the benefit of the Company’s Deferred Compensation Plan at a total of $16.1 million. | |||||||||||||||||||||
Preferred Stock. The Company’s certificate of incorporation was amended in June 1998 to authorize 50.0 million shares of preferred stock, $0.01 par value per share. As of December 31, 2013 and 2012, there were no shares of preferred stock outstanding. | |||||||||||||||||||||
Long-Term Incentive Plans. In May 2009, the stockholders approved the Terex Corporation 2009 Omnibus Incentive Plan (the “2009 Plan”). The purpose of the 2009 Plan is to provide a means whereby employees, directors and third-party service providers of the Company develop a sense of proprietorship and personal involvement in the development and financial success of the Company, and to encourage them to devote their best efforts to the business of the Company, thereby advancing the interests of the Company and its stockholders. The 2009 Plan provides for incentive compensation in the form of (i) options to purchase shares of Common Stock, (ii) stock appreciation rights, (iii) restricted stock awards and restricted stock units, (iv) other stock awards, (v) cash awards, and (vi) performance awards. In May 2013, the stockholders approved an increase in the number of shares of Common Stock authorized for issuance under the 2009 Plan from 5.0 million shares to 8.0 million shares. The maximum number of shares available for issuance under the 2009 Plan is 8.0 million shares plus the number of shares remaining available for issuance under the Terex Corporation 2000 Incentive Plan (the “2000 Plan”) and the 1996 Terex Corporation Long-Term Incentive Plan (the “1996 Plan”). As of December 31, 2013, 4.7 million shares were available for grant under the 2009 Plan. | |||||||||||||||||||||
In May 2000, the stockholders approved the 2000 Plan. The purpose of the 2000 Plan is to assist the Company in attracting and retaining selected individuals to serve as directors, officers, consultants, advisers and employees of the Company and its subsidiaries and affiliates who will contribute to the Company’s success and to achieve long-term objectives which will inure to the benefit of all stockholders of the Company through the additional incentive inherent in the ownership of the Common Stock. The maximum number of shares available for issuance under the 2000 Plan is 12.0 million shares plus any shares related to awards under the 2000 Plan that were not issued or were subsequently forfeited, expired or otherwise terminated. | |||||||||||||||||||||
In May 1996, the stockholders approved the 1996 Plan. The maximum number of shares available for issuance under the 1996 Plan is 4.0 million shares plus any shares related to awards under the 1996 Plan that were not issued or were subsequently forfeited, expired or otherwise terminated. | |||||||||||||||||||||
Substantially all stock option grants under the 2000 Plan and the 1996 Plan vested over a four year period and have a contractual life of ten years. There were no options granted during the years ended December 31, 2013, 2012 or 2011. The total intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was $1.2 million, $0.2 million and $0.3 million, respectively. | |||||||||||||||||||||
The following table is a summary of stock options under all of the Company’s plans. | |||||||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||||||
per Share | Contractual | ||||||||||||||||||||
Life (in years) | |||||||||||||||||||||
Outstanding at December 31, 2012 | 519,224 | $ | 23 | ||||||||||||||||||
Exercised | (302,667 | ) | $ | 11.47 | |||||||||||||||||
Canceled or expired | (7,000 | ) | $ | 44.96 | |||||||||||||||||
Outstanding at December 31, 2013 | 209,557 | $ | 38.92 | 1.84 | $ | 1.45 | |||||||||||||||
Exercisable at December 31, 2013 | 209,557 | $ | 38.92 | 1.84 | $ | 1.45 | |||||||||||||||
Vested at December 31, 2013 | 209,557 | $ | 38.92 | 1.84 | $ | 1.45 | |||||||||||||||
Under the 2009 Plan, 2000 Plan and the 1996 Plan, approximately 13% of all restricted stock awards vest over a four year period, with 25% of each grant vesting on each of the first four anniversary dates of the grant; approximately 11% of all restricted stock awards vest over a five year period and approximately 76% of all restricted stock awards vest over a three year period with approximately 38% of these awards vesting on the first three anniversary dates and approximately 36% vesting at the end of the three year period. Approximately 47% of the outstanding restricted stock awards are subject to performance targets that may or may not be met and for which the performance period has not yet been completed. The fair value of the restricted stock awards is based on the market price at the date of grant except for 1.0 million shares of performance grants based on a market condition. The Company uses the Monte Carlo method to provide grant date fair value for awards with a market condition. The Monte Carlo method is a statistical simulation technique used to provide the grant date fair value of an award. The following table presents the weighted-average assumptions used in the valuations: | |||||||||||||||||||||
27-Feb-13 | 29-Feb-12 | 27-Mar-12 | 22-Mar-11 | ||||||||||||||||||
Dividend yields | —% | —% | —% | —% | |||||||||||||||||
Expected volatility | 60.03% | 59.15% | 56.83% | 80.29% | |||||||||||||||||
Risk free interest rate | 0.35% | 0.41% | 0.47% | 1.04% | |||||||||||||||||
Expected life (in years) | 3 | 3 | 3 | 3 | |||||||||||||||||
Grant date fair value per share | $32.96 | $32.58 | $29.50 | $41.96 | |||||||||||||||||
As of December 31, 2013, unrecognized compensation costs related to restricted stock totaled approximately $47.8 million, which will be expensed over a weighted average period of 1.7 years. The grant date weighted average fair value for restricted stock awards during the years ended December 31, 2013, 2012 and 2011 was $33.84, $25.74 and $34.99, respectively. The total fair value of shares vested for restricted stock awards was $19.0 million, $16.1 million and $26.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
During the year ended December 31, 2013, the Company issued 53 thousand shares of its outstanding Common Stock which were contributed into a deferred compensation plan under a Rabbi Trust. | |||||||||||||||||||||
The following table is a summary of restricted stock awards under all of the Company’s plans: | |||||||||||||||||||||
Restricted Stock | Weighted | ||||||||||||||||||||
Awards | Average Grant | ||||||||||||||||||||
Date Fair Value | |||||||||||||||||||||
Nonvested at December 31, 2012 | 3,272,719 | $ | 25.17 | ||||||||||||||||||
Granted | 1,353,279 | $ | 33.84 | ||||||||||||||||||
Vested | (729,921 | ) | $ | 26.08 | |||||||||||||||||
Canceled or expired | (174,653 | ) | $ | 25.94 | |||||||||||||||||
Nonvested at December 31, 2013 | 3,721,424 | $ | 26.14 | ||||||||||||||||||
Compensation expense recognized under all stock-based compensation arrangements was $44.7 million, $29.8 million and $23.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. The stock-based compensation expense was included in Selling, general and administrative expenses in the Consolidated Statements of Income. The related tax benefit was $13.5 million, $9.1 million and $7.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
Cash received from option exercises under all stock-based compensation arrangements totaled $2.9 million. | |||||||||||||||||||||
The excess tax benefit for all stock-based compensation is included in the Consolidated Statement of Cash Flows as an operating cash outflow and a financing cash inflow. | |||||||||||||||||||||
Comprehensive Income (Loss). The following table reflects the accumulated balances of other comprehensive income (loss) (in millions): | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) Attributable to Terex Corporation | |||||||||||||||||||||
Pension | Cumulative | Derivative | Debt & Equity | Accumulated | |||||||||||||||||
Liability | Translation | Hedging | Securities | Other | |||||||||||||||||
Adjustment | Adjustment | Adjustment | Adjustment | Comprehensive | |||||||||||||||||
Income (Loss) | |||||||||||||||||||||
Balance at January 1, 2011 | $ | (59.7 | ) | $ | 61.4 | $ | (2.1 | ) | $ | 100.8 | $ | 100.4 | |||||||||
Current year change | (23.5 | ) | (101.0 | ) | (1.5 | ) | (99.9 | ) | (225.9 | ) | |||||||||||
Balance at December 31, 2011 | (83.2 | ) | (39.6 | ) | (3.6 | ) | 0.9 | (125.5 | ) | ||||||||||||
Current year change | (56.5 | ) | 53.7 | 3.2 | 1 | 1.4 | |||||||||||||||
Balance at December 31, 2012 | (139.7 | ) | 14.1 | (0.4 | ) | 1.9 | (124.1 | ) | |||||||||||||
Current year change | 28.4 | (22.0 | ) | 3.1 | (1.9 | ) | 7.6 | ||||||||||||||
Balance at December 31, 2013 | $ | (111.3 | ) | $ | (7.9 | ) | $ | 2.7 | $ | — | $ | (116.5 | ) | ||||||||
Accumulated Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest | |||||||||||||||||||||
Pension | Cumulative | Derivative | Debt & Equity | Accumulated | |||||||||||||||||
Liability | Translation | Hedging | Securities | Other | |||||||||||||||||
Adjustment | Adjustment | Adjustment | Adjustment | Comprehensive | |||||||||||||||||
Income (Loss) | |||||||||||||||||||||
Balance at January 1, 2011 | $ | — | $ | 0.9 | $ | — | $ | — | $ | 0.9 | |||||||||||
Current year change | — | (0.9 | ) | — | — | (0.9 | ) | ||||||||||||||
Balance at December 31, 2011 | — | — | — | — | — | ||||||||||||||||
Current year change | — | 0.5 | — | — | 0.5 | ||||||||||||||||
Balance at December 31, 2012 | — | 0.5 | — | — | 0.5 | ||||||||||||||||
Current year change | — | 0.4 | — | — | 0.4 | ||||||||||||||||
Balance at December 31, 2013 | $ | — | $ | 0.9 | $ | — | $ | — | $ | 0.9 | |||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||
Pension | Cumulative | Derivative | Debt & Equity | Accumulated | |||||||||||||||||
Liability | Translation | Hedging | Securities | Other | |||||||||||||||||
Adjustment | Adjustment | Adjustment | Adjustment | Comprehensive | |||||||||||||||||
Income (Loss) | |||||||||||||||||||||
Balance at January 1, 2011 | $ | (59.7 | ) | $ | 62.3 | $ | (2.1 | ) | $ | 100.8 | $ | 101.3 | |||||||||
Current year change | (23.5 | ) | (101.9 | ) | (1.5 | ) | (99.9 | ) | (226.8 | ) | |||||||||||
Balance at December 31, 2011 | (83.2 | ) | (39.6 | ) | (3.6 | ) | 0.9 | (125.5 | ) | ||||||||||||
Current year change | (56.5 | ) | 54.2 | 3.2 | 1 | 1.9 | |||||||||||||||
Balance at December 31, 2012 | (139.7 | ) | 14.6 | (0.4 | ) | 1.9 | (123.6 | ) | |||||||||||||
Current year change | 28.4 | (21.6 | ) | 3.1 | (1.9 | ) | 8 | ||||||||||||||
Balance at December 31, 2013 | $ | (111.3 | ) | $ | (7.0 | ) | $ | 2.7 | $ | — | $ | (115.6 | ) | ||||||||
As of December 31, 2013, other accumulated comprehensive income for the pension liability adjustment and the derivative hedging adjustment are net of tax benefits of $45.1 million and a tax provision of $1.3 million, respectively. | |||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income | |||||||||||||||||||||
The table below presents changes in AOCI by component for the year ended ended December 31, 2013. All amounts are net of tax (in millions). | |||||||||||||||||||||
Pension Liability Adjustments | Cumulative Translation Adjustments | Derivative Hedging Adjustments | Debt & Equity | Total | |||||||||||||||||
Securities | |||||||||||||||||||||
Adjustment | |||||||||||||||||||||
Beginning balance - January 1, 2013 | $ | (139.7 | ) | $ | 14.6 | $ | (0.4 | ) | $ | 1.9 | $ | (123.6 | ) | ||||||||
Other comprehensive income before reclassifications | 21.9 | (19.0 | ) | 6.1 | — | 9 | |||||||||||||||
Amounts reclassified from AOCI (1) | 6.5 | (2.6 | ) | (3.0 | ) | (1.9 | ) | (1.0 | ) | ||||||||||||
Net Other Comprehensive Income (Loss) | 28.4 | (21.6 | ) | 3.1 | (1.9 | ) | 8 | ||||||||||||||
Ending balance - December 31, 2013 | $ | (111.3 | ) | $ | (7.0 | ) | $ | 2.7 | $ | — | $ | (115.6 | ) | ||||||||
(1) See table on the next page for details about these reclassifications. | |||||||||||||||||||||
The table below presents reclassifications out of AOCI for the year ended ended December 31, 2013 (in millions). | |||||||||||||||||||||
Year Ended | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Details about AOCI components | Amount reclassified from AOCI | Affected line item in the statement where net income is presented | |||||||||||||||||||
Pension liability adjustment: | |||||||||||||||||||||
Actuarial gain (losses) | $ | (9.6 | ) | (1) | |||||||||||||||||
3.1 | (Provision for) benefit from income taxes | ||||||||||||||||||||
$ | (6.5 | ) | Net of tax | ||||||||||||||||||
Cumulative translation adjustments: | |||||||||||||||||||||
Gain on sale of business | $ | 2.5 | Other income (expense) - net | ||||||||||||||||||
0.1 | (Provision for) benefit from income taxes | ||||||||||||||||||||
$ | 2.6 | Net of tax | |||||||||||||||||||
Derivative hedging adjustment: | |||||||||||||||||||||
Foreign exchange contracts | $ | 1.2 | Cost of goods sold | ||||||||||||||||||
3.4 | Other income (expense) - net | ||||||||||||||||||||
(1.6 | ) | (Provision for) benefit from income taxes | |||||||||||||||||||
$ | 3 | Net of tax | |||||||||||||||||||
Unrealized gains and losses on debt and equity securities: | |||||||||||||||||||||
Gain on sale of securities | $ | 2.5 | Other income (expense) - net | ||||||||||||||||||
(0.6 | ) | (Provision for) benefit from income taxes | |||||||||||||||||||
$ | 1.9 | Net of tax | |||||||||||||||||||
Total reclassifications | $ | 1 | Net of tax | ||||||||||||||||||
(1) These AOCI components are included in the computation of net periodic benefit cost. See Note O - Retirement Plans and Other Benefits for additional details. | |||||||||||||||||||||
Redeemable Noncontrolling Interest | |||||||||||||||||||||
Noncontrolling interest with redemption features that are not solely within the Company’s control (“redeemable noncontrolling interest”) are presented separately from Total stockholders’ equity in the Consolidated Balance Sheet at the maximum redemption value. If the maximum redemption value is greater than carrying value, the increase is adjusted directly to additional paid in capital and does not impact net income. | |||||||||||||||||||||
Upon effectiveness of the DPLA on April 18, 2012, the Company became obligated to purchase shares of TMHPS AG held by the noncontrolling interest shareholders for a cash payment upon demand. See Note I – “Acquisitions.” | |||||||||||||||||||||
The DPLA is a binding agreement. However, noncontrolling interest shareholders of TMHPS AG initiated appraisal proceedings in the German court system that challenges the fair value determination of the €45.52 tender price and €3.33 annual guaranteed payment. If a higher price is determined, the additional obligation would be recorded as an adjustment directly to additional paid in capital with a corresponding increase to the Company’s DPLA obligation. | |||||||||||||||||||||
Beginning on the effective date of the DPLA, the costs of the annual guaranteed payment are reflected as Other income (expense) in the Consolidated Statement of Income. | |||||||||||||||||||||
The following is a summary of redeemable noncontrolling interest as of December 31, 2013 and 2012 (in millions): | |||||||||||||||||||||
Balance at January 1, 2012 | $ | — | |||||||||||||||||||
Reclassification from noncontrolling interest (as of April 18, 2012) | 247.5 | ||||||||||||||||||||
Adjustment for maximum redemption value | 12.5 | ||||||||||||||||||||
Redemptions | (3.6 | ) | |||||||||||||||||||
Accrued guaranteed payment obligation | 11.3 | ||||||||||||||||||||
Foreign currency translation | (20.8 | ) | |||||||||||||||||||
Balance at December 31, 2012 | $ | 246.9 | |||||||||||||||||||
Redemptions and Purchases | (174.1 | ) | |||||||||||||||||||
Accrued guaranteed payment obligation | 3.7 | ||||||||||||||||||||
Payments of guaranteed obligations | (18.4 | ) | |||||||||||||||||||
Reversal of guaranteed obligations | (5.7 | ) | |||||||||||||||||||
Foreign currency translation | 1.5 | ||||||||||||||||||||
Balance at December 31, 2013 | $ | 53.9 | |||||||||||||||||||
This obligation approximates the cost if all remaining shares were purchased by the Company on December 31, 2013 and is presented in the Consolidated Balance Sheet in Redeemable noncontrolling interest, which is considered temporary equity. During the year ended December 31, 2013, the Company acquired approximately 14% of the shares of TMHPS AG for approximately $228 million, of which $174.1 million was recorded as a reduction of redeemable noncontrolling interest and $54.0 million was recorded as a reduction in additional paid-in capital for the excess of the purchase price over the carrying value of redeemable noncontrolling interest. |
LITIGATION_AND_CONTINGENCIES
LITIGATION AND CONTINGENCIES | 12 Months Ended | |
Dec. 31, 2013 | ||
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 and intellectual property 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 risk required by law or contract, with retained liability or deductibles. The Company has recorded 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 that the likelihood of a material loss beyond the amounts accrued is remote. The Company believes that the outcome of such matters, individually and in the aggregate, will not have a material adverse effect on its financial statements as a whole. However, the 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. | ||
ERISA, Securities and Stockholder Derivative Lawsuits | ||
The Company has received complaints seeking certification of class action lawsuits in an ERISA lawsuit, a securities lawsuit and a stockholder derivative lawsuit as follows: | ||
• | A consolidated complaint in the ERISA lawsuit was filed in the United States District Court, District of Connecticut on September 20, 2010 and is entitled In Re Terex Corp. ERISA Litigation. | |
• | A consolidated class action complaint for violations of securities laws in the securities lawsuit was filed in the United States District Court, District of Connecticut on November 18, 2010 and is entitled Sheet Metal Workers Local 32 Pension Fund and Ironworkers St. Louis Council Pension Fund, individually and on behalf of all others similarly situated v. Terex Corporation, et al. | |
• | A stockholder derivative complaint for violation of the Securities and Exchange Act of 1934, breach of fiduciary duty, waste of corporate assets and unjust enrichment was filed on April 12, 2010 in the United States District Court, District of Connecticut and is entitled Peter Derrer, derivatively on behalf of Terex Corporation v. Ronald M. DeFeo, Phillip C. Widman, Thomas J. Riordan, G. Chris Andersen, Donald P. Jacobs, David A. Sachs, William H. Fike, Donald DeFosset, Helge H. Wehmeier, Paula H.J. Cholmondeley, Oren G. Shaffer, Thomas J. Hansen, and David C. Wang, and Terex Corporation. | |
These lawsuits generally cover the period from February 2008 to February 2009 and allege, among other things, that certain of the Company’s SEC filings and other public statements contained false and misleading statements which resulted in damages to the Company, the plaintiffs and the members of the purported class when they purchased the Company’s securities and in the ERISA lawsuit and the stockholder derivative complaint, that there were breaches of fiduciary duties and of ERISA disclosure requirements. The stockholder derivative complaint also alleges waste of corporate assets relating to the repurchase of the Company’s shares in the market and unjust enrichment as a result of securities sales by certain officers and directors. The complaints all seek, among other things, unspecified compensatory damages, costs and expenses. As a result, the Company is unable to estimate a possible loss or a range of losses for these lawsuits. The stockholder derivative complaint also seeks amendments to the Company’s corporate governance procedures in addition to unspecified compensatory damages from the individual defendants in its favor. | ||
The Company believes that the allegations in the suits are without merit, and Terex, its directors and the named executives will continue to vigorously defend against them. The Company believes that it has acted, and continues to act, in compliance with federal securities laws and ERISA law with respect to these matters. Accordingly, on November 19, 2010 the Company filed a motion to dismiss the ERISA lawsuit and on January 18, 2011 the Company filed a motion to dismiss the securities lawsuit. These motions are currently pending before the court. The plaintiff in the stockholder derivative lawsuit has agreed with the Company to put this lawsuit on hold pending the outcome of the motion to dismiss in connection with the securities lawsuit. | ||
Powerscreen Patent Infringement Lawsuit | ||
On December 6, 2010, the Company received an adverse jury verdict in a patent infringement lawsuit brought against Powerscreen International Distribution Limited and Terex by Metso Minerals Inc. in the United States District Court for the Eastern District of New York. The Company previously reported that it had appealed the verdict and believed that it would ultimately succeed on appeal. On May 14, 2013, the Company prevailed on appeal and the jury verdict and judgment were reversed in the Company’s favor. In January 2014, the United States Supreme Court denied certiorari and as a result the appellate ruling in the Company’s favor is final. | ||
Other | ||
The Company is involved in various other legal proceedings, including workers’ compensation liability and intellectual property litigation, 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. | ||
The Company’s outstanding letters of credit totaled $340.4 million at December 31, 2013. The letters of credit generally serve as collateral for certain liabilities included in the Consolidated Balance Sheet. Certain of the letters of credit serve as collateral guaranteeing the Company’s performance under contracts. | ||
Credit Guarantees | ||
Customers of the Company from time to time may fund the acquisition of the Company’s equipment through third-party finance companies. In certain instances, the Company may provide a credit guarantee to the finance company, by which the Company agrees to make payments to the finance company should the customer default. The maximum liability of the Company is generally limited to its customer’s remaining payments due to the finance company at the time of default. In the event of customer default, the Company is generally able to recover and dispose of the equipment at a minimum loss, if any, to the Company. | ||
As of December 31, 2013 and 2012, the Company’s maximum exposure to such credit guarantees was $53.6 million and $64.3 million, respectively, including total guarantees issued by Terex Cranes Germany GmbH, part of the Cranes segment, of $34.7 million and $45.8 million, respectively; and Genie Holdings, Inc. and its affiliates (“Genie”), part of the AWP segment, of $6.1 million and $9.7 million, respectively. The terms of these guarantees coincide with the financing arranged by the customer and generally do not exceed five years. Given the Company’s position as the original equipment manufacturer and its knowledge of end markets, the Company, when called upon to fulfill a guarantee, generally has been able to liquidate the financed equipment at a minimal loss, if any, to the Company. | ||
There can be no assurance that historical credit default experience will be indicative of future results. The Company’s ability to recover losses experienced from its guarantees may be affected by economic conditions in effect at the time of loss. | ||
Residual Value and Buyback Guarantees | ||
The Company issues residual value guarantees under sales-type leases. A residual value guarantee involves a guarantee that a piece of equipment will have a minimum fair market value at a future date. The maximum exposure for residual value guarantees issued by the Company totaled $2.7 million and $5.7 million as of December 31, 2013 and 2012, respectively. The Company is generally able to mitigate some of the risk associated with these guarantees because the maturity of the guarantees is staggered, limiting the amount of used equipment entering the marketplace at any one time. | ||
The Company from time to time guarantees that it will buy equipment from its customers in the future at a stated price if certain conditions are met by the customer. Such guarantees are referred to as buyback guarantees. These conditions generally pertain to the functionality and state of repair of the machine. As of December 31, 2013 and 2012, the Company’s maximum exposure pursuant to buyback guarantees was $46.7 million and $73.8 million, respectively, including total guarantees issued by Genie of $6.0 million and $25.3 million, respectively. Included in the December 31, 2013 and 2012 amounts are guarantees issued by entities in the MHPS segment of $35.1 million and $43.6 million. The Company is generally able to mitigate some of the risk of these guarantees because the maturity of the guarantees is staggered, limiting the amount of used equipment entering the marketplace at any one time and through leveraging its access to the used equipment markets provided by the Company’s original equipment manufacturer status. | ||
See Note A – “Basis of Presentation – Revenue Recognition,” for a discussion of revenue recognition on arrangements with buyback guarantees. | ||
The Company has recorded an aggregate liability within Other current liabilities and Other non-current liabilities in the Consolidated Balance Sheet of approximately $4 million and $6 million as of December 31, 2013 and 2012, respectively, for the estimated fair value of all guarantees provided. | ||
There can be no assurance that the Company’s 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 the used equipment markets at the time of loss. |
CONSOLIDATING_FINANCIAL_STATEM
CONSOLIDATING FINANCIAL STATEMENTS | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
CONSOLIDATING FINANCIAL STATEMENTS | ' | |||||||||||||||||||
CONSOLIDATING FINANCIAL STATEMENTS | ||||||||||||||||||||
During 2009 the Company sold and issued the 4% Convertible Notes and during 2012 sold and issued the 6% Notes and the 6-1/2% Notes (collectively the “Notes”) (see Note M – “Long-Term Obligations”). The Notes are jointly and severally guaranteed by the following wholly-owned subsidiaries of the Company (the “Wholly-owned Guarantors”): A.S.V., Inc., CMI Terex Corporation, Fantuzzi Noell USA, Inc., Genie Financial Services, Inc., Genie Holdings, Inc., Genie Industries, Inc., Genie International, Inc., GFS National, Inc., Loegering Mfg. Inc., Powerscreen Holdings USA Inc., Powerscreen International LLC, Powerscreen North America Inc., Powerscreen USA, LLC, Schaeff Incorporated, Schaeff of North America, Inc., Terex Advance Mixer, Inc., Terex Aerials, Inc., Terex Financial Services, Inc., Terex South Dakota, Inc., Terex USA, LLC, Terex Utilities, Inc. and Terex Washington, Inc. Wholly-owned Guarantors are 100% owned by the Company. All of the guarantees are full and unconditional. The guarantees of the Wholly-owned Guarantors are subject to release in limited circumstances only upon the occurrence of certain customary conditions. No subsidiaries of the Company except the Wholly-owned Guarantors have provided a guarantee of the Notes. | ||||||||||||||||||||
The following summarized condensed consolidating financial information for the Company segregates the financial information of Terex Corporation, the Wholly-owned Guarantors and the non-guarantor subsidiaries. The results and financial position of businesses acquired are included from the dates of their respective acquisitions. | ||||||||||||||||||||
Terex Corporation consists of parent company operations. Subsidiaries of the parent company are reported on the equity basis. Wholly-owned Guarantors combine the operations of the Wholly-owned Guarantor subsidiaries. Subsidiaries of Wholly-owned Guarantors that are not themselves guarantors are reported on the equity basis. Non-guarantor subsidiaries combine the operations of subsidiaries which have not provided a guarantee of the Notes. Subsidiaries of non-guarantor subsidiaries that are guarantors are reported on the equity basis. Debt and goodwill allocated to subsidiaries are presented on a “push-down” accounting basis. | ||||||||||||||||||||
TEREX CORPORATION | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2013 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Terex | Wholly-owned | Non-guarantor | Intercompany | Consolidated | ||||||||||||||||
Corporation | Guarantors | Subsidiaries | Eliminations | |||||||||||||||||
Net sales | $ | 173.2 | $ | 3,156.10 | $ | 4,814.20 | $ | (1,059.5 | ) | $ | 7,084.00 | |||||||||
Cost of goods sold | (162.3 | ) | (2,542.4 | ) | (3,999.3 | ) | 1,059.50 | (5,644.5 | ) | |||||||||||
Gross profit | 10.9 | 613.7 | 814.9 | — | 1,439.50 | |||||||||||||||
Selling, general and administrative expenses | (23.9 | ) | (234.1 | ) | (762.4 | ) | — | (1,020.4 | ) | |||||||||||
Income (loss) from operations | (13.0 | ) | 379.6 | 52.5 | — | 419.1 | ||||||||||||||
Interest income | 272.4 | 337.8 | 11.9 | (615.4 | ) | 6.7 | ||||||||||||||
Interest expense | (431.6 | ) | (151.1 | ) | (158.8 | ) | 615.4 | (126.1 | ) | |||||||||||
Income (loss) from subsidiaries | 392.6 | 35 | (0.6 | ) | (427.0 | ) | — | |||||||||||||
Loss on early extinguishment of debt | — | — | (5.2 | ) | — | (5.2 | ) | |||||||||||||
Other income (expense) – net | (57.4 | ) | 3.6 | 50.6 | — | (3.2 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | 163 | 604.9 | (49.6 | ) | (427.0 | ) | 291.3 | |||||||||||||
(Provision for) benefit from income taxes | 50.6 | (125.6 | ) | (12.4 | ) | — | (87.4 | ) | ||||||||||||
Income (loss) from continuing operations | 213.6 | 479.3 | (62.0 | ) | (427.0 | ) | 203.9 | |||||||||||||
Income from discontinued operations – net of tax | 12.8 | — | 1.6 | — | 14.4 | |||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | (0.4 | ) | — | 3 | — | 2.6 | ||||||||||||||
Net income (loss) | 226 | 479.3 | (57.4 | ) | (427.0 | ) | 220.9 | |||||||||||||
Net loss attributable to noncontrolling interest | — | — | 5.1 | — | 5.1 | |||||||||||||||
Net income (loss) attributable to Terex Corporation | $ | 226 | $ | 479.3 | $ | (52.3 | ) | $ | (427.0 | ) | $ | 226 | ||||||||
Comprehensive income (loss), net of tax | $ | 233.6 | $ | 484.3 | $ | (95.7 | ) | $ | (393.3 | ) | $ | 228.9 | ||||||||
Comprehensive loss (income) attributable to noncontrolling interest | — | — | 4.7 | — | 4.7 | |||||||||||||||
Comprehensive income (loss) attributable to Terex Corporation | $ | 233.6 | $ | 484.3 | $ | (91.0 | ) | $ | (393.3 | ) | $ | 233.6 | ||||||||
TEREX CORPORATION | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2012 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Terex | Wholly-owned | Non-guarantor | Intercompany | Consolidated | ||||||||||||||||
Corporation | Guarantors | Subsidiaries | Eliminations | |||||||||||||||||
Net sales | $ | 195.8 | $ | 2,656.10 | $ | 4,992.80 | $ | (862.5 | ) | $ | 6,982.20 | |||||||||
Cost of goods sold | (177.3 | ) | (2,226.5 | ) | (4,040.8 | ) | 862.5 | (5,582.1 | ) | |||||||||||
Gross profit | 18.5 | 429.6 | 952 | — | 1,400.10 | |||||||||||||||
Selling, general and administrative expenses | (31.9 | ) | (208.2 | ) | (793.2 | ) | — | (1,033.3 | ) | |||||||||||
Income (loss) from operations | (13.4 | ) | 221.4 | 158.8 | — | 366.8 | ||||||||||||||
Interest income | 225.5 | 258.2 | 10.6 | (485.5 | ) | 8.8 | ||||||||||||||
Interest expense | (364.3 | ) | (109.3 | ) | (176.5 | ) | 485.5 | (164.6 | ) | |||||||||||
Income (loss) from subsidiaries | 310.3 | (4.1 | ) | (0.6 | ) | (305.6 | ) | — | ||||||||||||
Loss on early extinguishment of debt | (79.6 | ) | — | (3.4 | ) | — | (83.0 | ) | ||||||||||||
Other income (expense) – net | (33.1 | ) | 32.4 | (1.0 | ) | — | (1.7 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes | 45.4 | 398.6 | (12.1 | ) | (305.6 | ) | 126.3 | |||||||||||||
(Provision for) benefit from income taxes | 50.2 | (76.3 | ) | (25.4 | ) | — | (51.5 | ) | ||||||||||||
Income (loss) from continuing operations | 95.6 | 322.3 | (37.5 | ) | (305.6 | ) | 74.8 | |||||||||||||
Income (loss) from discontinued operations – net of tax | 12.1 | — | 16.3 | — | 28.4 | |||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | (1.9 | ) | — | 2.3 | — | 0.4 | ||||||||||||||
Net income (loss) | 105.8 | 322.3 | (18.9 | ) | (305.6 | ) | 103.6 | |||||||||||||
Net loss attributable to noncontrolling interest | — | — | 2.2 | — | 2.2 | |||||||||||||||
Net income (loss) attributable to Terex Corporation | $ | 105.8 | $ | 322.3 | $ | (16.7 | ) | $ | (305.6 | ) | $ | 105.8 | ||||||||
Comprehensive income (loss), net of tax | 107.2 | 323.3 | (69.0 | ) | (256.0 | ) | 105.5 | |||||||||||||
Comprehensive loss (income) attributable to noncontrolling interest | — | — | 1.7 | — | 1.7 | |||||||||||||||
Comprehensive income (loss) attributable to Terex Corporation | $ | 107.2 | $ | 323.3 | $ | (67.3 | ) | $ | (256.0 | ) | $ | 107.2 | ||||||||
TEREX CORPORATION | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2011 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Terex | Wholly-owned | Non-guarantor | Intercompany | Consolidated | ||||||||||||||||
Corporation | Guarantors | Subsidiaries | Eliminations | |||||||||||||||||
Net sales | $ | 301 | $ | 2,340.80 | $ | 4,390.50 | $ | (874.3 | ) | $ | 6,158.00 | |||||||||
Cost of goods sold | (276.1 | ) | (2,044.1 | ) | (3,788.6 | ) | 874.3 | (5,234.5 | ) | |||||||||||
Gross profit | 24.9 | 296.7 | 601.9 | — | 923.5 | |||||||||||||||
Selling, general and administrative expenses | (26.9 | ) | (226.3 | ) | (610.4 | ) | — | (863.6 | ) | |||||||||||
Income (loss) from operations | (2.0 | ) | 70.4 | (8.5 | ) | — | 59.9 | |||||||||||||
Interest income | 161.1 | 201.1 | 15.1 | (363.0 | ) | 14.3 | ||||||||||||||
Interest expense | (302.1 | ) | (74.4 | ) | (121.4 | ) | 363 | (134.9 | ) | |||||||||||
Income (loss) from subsidiaries | 71.1 | (7.7 | ) | (0.8 | ) | (62.6 | ) | — | ||||||||||||
Loss on early extinguishment of debt | (7.7 | ) | — | — | — | (7.7 | ) | |||||||||||||
Other income (expense) – net | 93.2 | (11.2 | ) | 52 | — | 134 | ||||||||||||||
Income (loss) from continuing operations before income taxes | 13.6 | 178.2 | (63.6 | ) | (62.6 | ) | 65.6 | |||||||||||||
(Provision for) benefit from income taxes | 20.7 | (66.9 | ) | 0.8 | — | (45.4 | ) | |||||||||||||
Income (loss) from continuing operations | 34.3 | 111.3 | (62.8 | ) | (62.6 | ) | 20.2 | |||||||||||||
Income (loss) from discontinued operations – net of tax | 13.2 | — | 6.5 | — | 19.7 | |||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | (2.3 | ) | — | 3.1 | — | 0.8 | ||||||||||||||
Net income (loss) | 45.2 | 111.3 | (53.2 | ) | (62.6 | ) | 40.7 | |||||||||||||
Net income attributable to noncontrolling interest | — | — | 4.5 | — | 4.5 | |||||||||||||||
Net income (loss) attributable to Terex Corporation | $ | 45.2 | $ | 111.3 | $ | (48.7 | ) | $ | (62.6 | ) | $ | 45.2 | ||||||||
Comprehensive income (loss), net of tax | $ | (180.7 | ) | $ | 140.7 | $ | (113.1 | ) | $ | (33.0 | ) | $ | (186.1 | ) | ||||||
Comprehensive loss (income) attributable to noncontrolling interest | — | — | 5.4 | — | 5.4 | |||||||||||||||
Comprehensive income (loss) attributable to Terex Corporation | $ | (180.7 | ) | $ | 140.7 | $ | (107.7 | ) | $ | (33.0 | ) | $ | (180.7 | ) | ||||||
TEREX CORPORATION | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
DECEMBER 31, 2013 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Terex | Wholly-owned | Non-guarantor | Intercompany | Consolidated | ||||||||||||||||
Corporation | Guarantors | Subsidiaries | Eliminations | |||||||||||||||||
Assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 16.3 | $ | 3.9 | $ | 387.9 | $ | — | $ | 408.1 | ||||||||||
Trade receivables – net | 34.9 | 328.2 | 813.7 | — | 1,176.80 | |||||||||||||||
Intercompany receivables | 52.8 | 121.8 | 124 | (298.6 | ) | — | ||||||||||||||
Inventories | 28.6 | 392.6 | 1,192.00 | — | 1,613.20 | |||||||||||||||
Other current assets | 90.4 | 40.7 | 180.9 | — | 312 | |||||||||||||||
Current assets – discontinued operations | 21.3 | — | 108 | — | 129.3 | |||||||||||||||
Total current assets | 244.3 | 887.2 | 2,806.50 | (298.6 | ) | 3,639.40 | ||||||||||||||
Property, plant and equipment – net | 72.5 | 118.6 | 598.3 | — | 789.4 | |||||||||||||||
Goodwill | — | 170.1 | 1,075.50 | — | 1,245.60 | |||||||||||||||
Non-current intercompany receivables | 1,586.40 | 2,157.80 | 42 | (3,786.2 | ) | — | ||||||||||||||
Investment in and advances to (from) subsidiaries | 3,874.90 | 191.7 | 162.3 | (4,138.9 | ) | 90 | ||||||||||||||
Other assets | 36.7 | 178.2 | 541.8 | — | 756.7 | |||||||||||||||
Non-current assets – discontinued operations | 1.2 | — | 14.4 | — | 15.6 | |||||||||||||||
Total assets | $ | 5,816.00 | $ | 3,703.60 | $ | 5,240.80 | $ | (8,223.7 | ) | $ | 6,536.70 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Notes payable and current portion of long-term debt | $ | 3.7 | $ | 0.7 | $ | 82.4 | $ | — | $ | 86.8 | ||||||||||
Trade accounts payable | 14 | 221.7 | 453.4 | — | 689.1 | |||||||||||||||
Intercompany payables | 46.9 | 97.2 | 154.5 | (298.6 | ) | — | ||||||||||||||
Accruals and other current liabilities | 68.1 | 130.9 | 703.7 | — | 902.7 | |||||||||||||||
Current liabilities – discontinued operations | 3.9 | — | 42.2 | — | 46.1 | |||||||||||||||
Total current liabilities | 136.6 | 450.5 | 1,436.20 | (298.6 | ) | 1,724.70 | ||||||||||||||
Long-term debt, less current portion | 1,271.00 | 4.8 | 614.1 | — | 1,889.90 | |||||||||||||||
Non-current intercompany payables | 2,143.20 | 41.8 | 1,601.20 | (3,786.2 | ) | — | ||||||||||||||
Other non-current liabilities | 75.1 | 27.1 | 545.5 | — | 647.7 | |||||||||||||||
Non-current liabilities – discontinued operations | — | — | 5.7 | — | 5.7 | |||||||||||||||
Redeemable noncontrolling interest | — | — | 53.9 | — | 53.9 | |||||||||||||||
Total stockholders’ equity | 2,190.10 | 3,179.40 | 984.2 | (4,138.9 | ) | 2,214.80 | ||||||||||||||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | $ | 5,816.00 | $ | 3,703.60 | $ | 5,240.80 | $ | (8,223.7 | ) | $ | 6,536.70 | |||||||||
TEREX CORPORATION | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
DECEMBER 31, 2012 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Terex | Wholly-owned | Non-guarantor | Intercompany | Consolidated | ||||||||||||||||
Corporation | Guarantors | Subsidiaries | Eliminations | |||||||||||||||||
Assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 39.6 | $ | 0.4 | $ | 638 | $ | — | $ | 678 | ||||||||||
Trade receivables – net | 25.8 | 214 | 786.8 | — | 1,026.60 | |||||||||||||||
Intercompany receivables | 95.2 | 142.5 | 68.4 | (306.1 | ) | — | ||||||||||||||
Inventories | 28.5 | 387.6 | 1,216.10 | — | 1,632.20 | |||||||||||||||
Other current assets | 102.1 | 37.2 | 180.3 | — | 319.6 | |||||||||||||||
Current assets – discontinued operations | 28 | — | 113 | — | 141 | |||||||||||||||
Total current assets | 319.2 | 781.7 | 3,002.60 | (306.1 | ) | 3,797.40 | ||||||||||||||
Property, plant and equipment – net | 69.7 | 110.8 | 626.3 | — | 806.8 | |||||||||||||||
Goodwill | — | 149.6 | 1,095.70 | — | 1,245.30 | |||||||||||||||
Non-current intercompany receivables | 1,294.80 | 1,562.50 | 39.6 | (2,896.9 | ) | — | ||||||||||||||
Investment in and advances to (from) subsidiaries | 3,294.00 | 157.3 | 66.1 | (3,430.9 | ) | 86.5 | ||||||||||||||
Other assets | 54.3 | 178.8 | 565.6 | — | 798.7 | |||||||||||||||
Non-current assets – discontinued operations | — | — | 11.5 | — | 11.5 | |||||||||||||||
Total assets | $ | 5,032.00 | $ | 2,940.70 | $ | 5,407.40 | $ | (6,633.9 | ) | $ | 6,746.20 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Notes payable and current portion of long-term debt | $ | 4.6 | $ | 0.1 | $ | 79.1 | $ | — | $ | 83.8 | ||||||||||
Trade accounts payable | 10.7 | 157.2 | 432.3 | — | 600.2 | |||||||||||||||
Intercompany payables | 15.7 | 61 | 229.4 | (306.1 | ) | — | ||||||||||||||
Accruals and other current liabilities | 97.1 | 125.9 | 754.5 | — | 977.5 | |||||||||||||||
Current liabilities – discontinued operations | 3.5 | — | 43.8 | — | 47.3 | |||||||||||||||
Total current liabilities | 131.6 | 344.2 | 1,539.10 | (306.1 | ) | 1,708.80 | ||||||||||||||
Long-term debt, less current portion | 1,254.60 | 1.7 | 758.6 | — | 2,014.90 | |||||||||||||||
Non-current intercompany payables | 1,516.80 | 41.8 | 1,338.30 | (2,896.9 | ) | — | ||||||||||||||
Other non-current liabilities | 121.3 | 33.3 | 584.1 | — | 738.7 | |||||||||||||||
Non-current liabilities – discontinued operations | — | — | 5.6 | — | 5.6 | |||||||||||||||
Redeemable non-controlling interest | — | — | 246.9 | — | 246.9 | |||||||||||||||
Total stockholders’ equity | 2,007.70 | 2,519.70 | 934.8 | (3,430.9 | ) | 2,031.30 | ||||||||||||||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | $ | 5,032.00 | $ | 2,940.70 | $ | 5,407.40 | $ | (6,633.9 | ) | $ | 6,746.20 | |||||||||
TEREX CORPORATION | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2013 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Terex | Wholly-owned | Non-guarantor | Intercompany | Consolidated | ||||||||||||||||
Corporation | Guarantors | Subsidiaries | Eliminations | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | (244.1 | ) | $ | 599.9 | $ | 7.7 | $ | (175.0 | ) | $ | 188.5 | ||||||||
Cash flows from investing activities | ||||||||||||||||||||
Capital expenditures | (9.4 | ) | (24.5 | ) | (48.9 | ) | — | (82.8 | ) | |||||||||||
Proceeds from sale of assets | 4.4 | 35.1 | 6.6 | — | 46.1 | |||||||||||||||
Intercompany investing activities (1) | 253.1 | (18.7 | ) | (0.6 | ) | (233.8 | ) | — | ||||||||||||
Other investing activities, net | (2.8 | ) | — | 2.1 | — | (0.7 | ) | |||||||||||||
Net cash provided by (used in) investing activities | 245.3 | (8.1 | ) | (40.8 | ) | (233.8 | ) | (37.4 | ) | |||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Repayments of debt | (54.0 | ) | (0.1 | ) | (517.7 | ) | — | (571.8 | ) | |||||||||||
Proceeds from issuance of debt | 61.8 | 3.8 | 359.6 | — | 425.2 | |||||||||||||||
Purchase of noncontrolling interest | — | — | (228.1 | ) | — | (228.1 | ) | |||||||||||||
Distributions to noncontrolling interest | — | — | (18.5 | ) | — | (18.5 | ) | |||||||||||||
Intercompany financing activities (1) | — | (592.0 | ) | 183.2 | 408.8 | — | ||||||||||||||
Share repurchases | (31.4 | ) | — | — | — | (31.4 | ) | |||||||||||||
Dividends paid | (5.5 | ) | — | — | — | (5.5 | ) | |||||||||||||
Other financing activities, net | 4.6 | — | 5.4 | — | 10 | |||||||||||||||
Net cash provided by (used in) financing activities | (24.5 | ) | (588.3 | ) | (216.1 | ) | 408.8 | (420.1 | ) | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (0.9 | ) | — | (0.9 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | (23.3 | ) | 3.5 | (250.1 | ) | — | (269.9 | ) | ||||||||||||
Cash and cash equivalents, beginning of period | 39.6 | 0.4 | 638 | — | 678 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 16.3 | $ | 3.9 | $ | 387.9 | $ | — | $ | 408.1 | ||||||||||
-1 | Intercompany investing and financing activities include cash pooling activity between Terex Corporation and Wholly-Owned Guarantors. | |||||||||||||||||||
TEREX CORPORATION | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2012 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Terex | Wholly-owned | Non-guarantor | Intercompany | Consolidated | ||||||||||||||||
Corporation | Guarantors | Subsidiaries | Eliminations | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | (15.5 | ) | $ | 136.5 | $ | 171.3 | $ | — | $ | 292.3 | |||||||||
Cash flows from investing activities | ||||||||||||||||||||
Capital expenditures | (7.1 | ) | (17.1 | ) | (58.3 | ) | — | (82.5 | ) | |||||||||||
Acquisition of business, net of cash acquired | — | — | (3.4 | ) | — | (3.4 | ) | |||||||||||||
Other investments | (4.5 | ) | — | (19.6 | ) | — | (24.1 | ) | ||||||||||||
Proceeds from sale of assets | 0.6 | 6.1 | 27.9 | — | 34.6 | |||||||||||||||
Intercompany investing activities | (89.6 | ) | (127.3 | ) | 134 | 82.9 | — | |||||||||||||
Other investing activities, net | — | — | (0.9 | ) | — | (0.9 | ) | |||||||||||||
Net cash provided by (used in) investing activities | (100.6 | ) | (138.3 | ) | 79.7 | 82.9 | (76.3 | ) | ||||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Repayments of debt | (1,260.4 | ) | (0.1 | ) | (272.5 | ) | — | (1,533.0 | ) | |||||||||||
Proceeds from issuance of debt | 1,175.00 | — | 59.3 | — | 1,234.30 | |||||||||||||||
Purchase of noncontrolling interest | — | — | (3.5 | ) | — | (3.5 | ) | |||||||||||||
Distributions to noncontrolling interest | — | — | (4.9 | ) | — | (4.9 | ) | |||||||||||||
Intercompany financing activities | (6.0 | ) | — | 88.9 | (82.9 | ) | — | |||||||||||||
Other financing activities, net | (16.9 | ) | — | 0.7 | — | (16.2 | ) | |||||||||||||
Net cash provided by (used in) financing activities | (108.3 | ) | (0.1 | ) | (132.0 | ) | (82.9 | ) | (323.3 | ) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 11.2 | — | 11.2 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | (224.4 | ) | (1.9 | ) | 130.2 | — | (96.1 | ) | ||||||||||||
Cash and cash equivalents, beginning of period | 264 | 2.3 | 507.8 | — | 774.1 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 39.6 | $ | 0.4 | $ | 638 | $ | — | $ | 678 | ||||||||||
TEREX CORPORATION | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2011 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Terex | Wholly- | Non- | Intercompany | Consolidated | ||||||||||||||||
Corporation | owned | guarantor | Eliminations | |||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (7.1 | ) | $ | 17 | $ | 12.8 | $ | — | $ | 22.7 | |||||||||
Cash flows from investing activities | ||||||||||||||||||||
Capital expenditures | (10.4 | ) | (22.5 | ) | (46.2 | ) | — | (79.1 | ) | |||||||||||
Acquisition of business net of cash acquired | — | (2.0 | ) | (1,033.2 | ) | — | (1,035.2 | ) | ||||||||||||
Other investments | (16.1 | ) | — | — | — | (16.1 | ) | |||||||||||||
Proceeds from sale of assets | 531.8 | 0.1 | 7.7 | — | 539.6 | |||||||||||||||
Intercompany investing activities | (526.1 | ) | 12.6 | (47.6 | ) | 561.1 | — | |||||||||||||
Other investing activities, net | — | — | (1.7 | ) | — | (1.7 | ) | |||||||||||||
Net cash provided by (used in) investing activities | (20.8 | ) | (11.8 | ) | (1,121.0 | ) | 561.1 | (592.5 | ) | |||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Repayments of debt | (302.4 | ) | (0.5 | ) | (144.9 | ) | — | (447.8 | ) | |||||||||||
Proceeds from issuance of debt | 455.5 | 1.9 | 469.3 | — | 926.7 | |||||||||||||||
Purchase of noncontrolling interest | — | (6.3 | ) | — | — | (6.3 | ) | |||||||||||||
Intercompany financing activities | (2.5 | ) | — | 563.6 | (561.1 | ) | — | |||||||||||||
Other financing activities, net | (22.9 | ) | — | 0.9 | — | (22.0 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 127.7 | (4.9 | ) | 888.9 | (561.1 | ) | 450.6 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (0.9 | ) | — | (0.9 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 99.8 | 0.3 | (220.2 | ) | — | (120.1 | ) | |||||||||||||
Cash and cash equivalents, beginning of period | 164.2 | 2 | 728 | — | 894.2 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 264 | $ | 2.3 | $ | 507.8 | $ | — | $ | 774.1 | ||||||||||
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts and Reserves | ' | |||||||||||||||||||
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | ||||||||||||||||||||
(Amounts in millions) | ||||||||||||||||||||
Additions | ||||||||||||||||||||
Balance | Charges to | Other (1) | Deductions (2) | Balance End | ||||||||||||||||
Beginning | Earnings | of Year | ||||||||||||||||||
of Year | ||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||
Deducted from asset accounts: | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 38.5 | $ | 7.1 | $ | 5.6 | $ | (3.6 | ) | $ | 47.6 | |||||||||
Reserve for inventory | 131.9 | 37.6 | (0.3 | ) | (36.7 | ) | 132.5 | |||||||||||||
Valuation allowances for deferred tax assets | 172.2 | 5.8 | 3.8 | — | 181.8 | |||||||||||||||
Totals | $ | 342.6 | $ | 50.5 | $ | 9.1 | $ | (40.3 | ) | $ | 361.9 | |||||||||
Year ended December 31, 2012 | ||||||||||||||||||||
Deducted from asset accounts: | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 42.2 | $ | 5.6 | $ | (6.2 | ) | $ | (3.1 | ) | $ | 38.5 | ||||||||
Reserve for inventory | 117.2 | 35.6 | 13.8 | (34.7 | ) | 131.9 | ||||||||||||||
Valuation allowances for deferred tax assets | 183.3 | 14.2 | (25.3 | ) | — | 172.2 | ||||||||||||||
Totals | $ | 342.7 | $ | 55.4 | $ | (17.7 | ) | $ | (37.8 | ) | $ | 342.6 | ||||||||
Year ended December 31, 2011 | ||||||||||||||||||||
Deducted from asset accounts: | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 45.9 | $ | 13.4 | $ | (8.2 | ) | $ | (8.9 | ) | $ | 42.2 | ||||||||
Reserve for inventory | 102.9 | 52.4 | (1.7 | ) | (36.4 | ) | 117.2 | |||||||||||||
Valuation allowances for deferred tax assets | 157.6 | 18.1 | 7.6 | — | 183.3 | |||||||||||||||
Totals | $ | 306.4 | $ | 83.9 | $ | (2.3 | ) | $ | (45.3 | ) | $ | 342.7 | ||||||||
-1 | Primarily represents the impact of foreign currency exchange, purchase accounting adjustments for deferred tax assets and business divestitures. | |||||||||||||||||||
-2 | Primarily represents the utilization of established reserves, net of recoveries. |
BASIS_OF_PRESENTATION_Policies
BASIS OF PRESENTATION (Policies) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||
Principles of Consolidation | ' | |||
Principles of Consolidation. The Consolidated Financial Statements include the accounts of Terex Corporation and its majority-owned subsidiaries (“Terex” or the “Company”). The Company consolidates all majority-owned and controlled subsidiaries, applies the equity method of accounting for investments in which the Company is able to exercise significant influence, and applies the cost method for all other investments. All material intercompany balances, transactions and profits have been eliminated. | ||||
Use of Estimates | ' | |||
Use of Estimates. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates. | ||||
Cash and Cash Equivalents | ' | |||
Cash and Cash Equivalents. Cash equivalents consist of highly liquid investments with original maturities of three months or less. The carrying amount of cash and cash equivalents approximates their fair value. Cash and cash equivalents at December 31, 2013 and 2012 include $14.5 million and $12.4 million, respectively, which were not immediately available for use. These consist primarily of cash balances held in escrow to secure various obligations of the Company. | ||||
Inventories | ' | |||
Inventories. Inventories are stated at the lower of cost or market (“LCM”) value. Cost is determined principally by the average cost method and the first-in, first-out (“FIFO”) (approximately 55% and 45% , respectively). In valuing inventory, the Company is required to make assumptions regarding the level of reserves required to value potentially obsolete or over-valued items at the lower of cost or market. These assumptions require the Company to analyze the aging of and forecasted demand for its inventory, forecast future products sales prices, pricing trends and margins, and to make judgments and estimates regarding obsolete or excess inventory. Future product sales prices, pricing trends and margins are based on the best available information at that time including actual orders received, negotiations with the Company’s customers for future orders, including their plans for expenditures, and market trends for similar products. The Company’s judgments and estimates for excess or obsolete inventory are based on analysis of actual and forecasted usage. The valuation of used equipment taken in trade from customers requires the Company to use the best information available to determine the value of the equipment to potential customers. This value is subject to change based on numerous conditions. Inventory reserves are established taking into account age, frequency of use, or sale, and in the case of repair parts, the installed base of machines. While calculations are made involving these factors, significant management judgment regarding expectations for future events is involved. Future events that could significantly influence the Company’s judgment and related estimates include general economic conditions in markets where the Company’s products are sold, new equipment price fluctuations, actions of the Company’s competitors, including the introduction of new products and technological advances, as well as new products and design changes the Company introduces. The Company makes adjustments to its inventory reserve based on the identification of specific situations and increases its inventory reserves accordingly. As further changes in future economic or industry conditions occur, the Company will revise the estimates that were used to calculate its inventory reserves. At December 31, 2013 and 2012, reserves for LCM, excess and obsolete inventory totaled $132.5 million and $131.9 million, respectively. | ||||
If actual conditions are less favorable than those the Company has projected, the Company will increase its reserves for LCM, excess and obsolete inventory accordingly. Any increase in the Company’s reserves will adversely impact its results of operations. The establishment of a reserve for LCM, excess and obsolete inventory establishes a new cost basis in the inventory. Such reserves are not reduced until the product is sold. | ||||
Debt Issuance Costs | ' | |||
Debt Issuance Costs. Debt issuance costs incurred in securing the Company’s financing arrangements are capitalized and amortized over the term of the associated debt. Capitalized debt issuance costs related to debt that is extinguished early are charged to expense at the time of retirement. Debt issuance costs were $31.0 million and $41.2 million (net of accumulated amortization of $17.0 million and $10.2 million) at December 31, 2013 and 2012, respectively. | ||||
Intangible Assets | ' | |||
Intangible Assets. Intangible assets include purchased patents, trademarks, customer relationships and other specifically identifiable assets and are amortized on a straight-line basis over the respective estimated useful lives, which range from one to fifty-seven years. Intangible assets are reviewed for impairment when circumstances warrant. | ||||
Goodwill | ' | |||
Goodwill. Goodwill, representing the difference between the total purchase price and the fair value of assets (tangible and intangible) and liabilities at the date of acquisition, is reviewed for impairment annually, and more frequently as circumstances warrant, and written down only in the period in which the recorded value of such assets exceed their fair value. The Company selected October 1 as the date for the required annual impairment test. | ||||
Goodwill is tested for impairment at the reporting unit level, which is defined as an operating segment or a component of an operating segment that constitutes a business for which discrete financial information with similar economic characteristics is available and the operating results are regularly reviewed by the Company’s management. The AWP, Construction, Cranes and Materials Processing (“MP”) operating segments plus the Material Handling business and Port Solutions business of MHPS, comprise the six reporting units for goodwill impairment testing purposes. | ||||
The Company adopted Financial Accounting Standards Board (the “FASB”) Accounting Standards Update (“ASU”) ASU 2011-08, “Intangibles – Goodwill and Other (Topic 350),” (“ASU 2011-08”) at the beginning of its fourth quarter of 2011 on a prospective basis. ASU 2011-08 allows us to first assess, qualitatively, whether it is necessary to perform the quantitative two-step goodwill impairment test as described below. If we believe, as a result of our qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative two-step goodwill impairment process is required. We have the unconditional option to bypass the qualitative assessment and proceed directly to performing the first step of the quantitative goodwill impairment test. | ||||
The quantitative goodwill impairment analysis is a two-step process. The first step used to identify potential impairment involves comparing each reporting unit’s estimated fair value to its carrying value, including goodwill. The Company uses an income approach derived from a discounted cash flow model to estimate the fair value of its reporting units. The aggregate fair value of the Company’s reporting units is compared to the Company’s market capitalization on the valuation date to assess its reasonableness. The initial recognition of goodwill, as well as the annual review of the carrying value of goodwill, requires that the Company develop estimates of future business performance. These estimates are used to derive expected cash flow and include assumptions regarding future sales levels and the level of working capital needed to support a given business. The Company relies on data developed by business segment management as well as macroeconomic data in making these calculations. The discounted cash flow model also includes a determination of the Company’s weighted average cost of capital. The cost of capital is based on assumptions about interest rates as well as a risk-adjusted rate of return required by the Company’s equity investors. Changes in these estimates can impact the present value of the expected cash flow that is used in determining the fair value of acquired intangible assets as well as the overall expected value of a given business. | ||||
The second step of the process involves the calculation of an implied fair value of goodwill for each reporting unit for which step one indicated impairment. The implied fair value of goodwill is determined by measuring the excess of the estimated fair value of the reporting unit over the estimated fair values of the individual assets, liabilities and identifiable intangibles as if the reporting unit was being acquired in a business combination. If the implied fair value of goodwill exceeds the carrying value of goodwill assigned to the reporting unit, there is no impairment. If the carrying value of goodwill assigned to a reporting unit exceeds the implied fair value of the goodwill, an impairment charge is recorded for the excess. An impairment loss cannot exceed the carrying value of goodwill assigned to a reporting unit and the subsequent reversal of goodwill impairment losses is not permitted. | ||||
There were no indicators of goodwill impairment in the tests performed as of October 1, 2013, 2012 and 2011. See Note J – “Goodwill and Intangible Assets, Net” in the Notes to the Consolidated Financial Statements. | ||||
Property, Plant and Equipment | ' | |||
Property, Plant and Equipment. Property, plant and equipment are stated at cost. Expenditures for major renewals and improvements are capitalized while expenditures for maintenance and repairs not expected to extend the life of an asset beyond its normal useful life are charged to expense when incurred. Plant and equipment are depreciated over the estimated useful lives (1-40 years and 2-20 years, respectively) of the assets under the straight-line method of depreciation for financial reporting purposes and both straight-line and other methods for tax purposes. | ||||
Impairment of Long-Lived Assets | ' | |||
Impairment of Long-Lived Assets. The Company’s policy is to assess the realizability of its long-lived assets, including intangible assets, and to evaluate such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets (or group of assets) may not be recoverable. Impairment is determined to exist if fair value based on the estimated future undiscounted cash flows are less than the carrying value. Future cash flow projections include assumptions for future sales levels and the level of working capital needed to support each business. The Company uses data developed by business segment management as well as macroeconomic data in making these calculations. The amount of any impairment then recognized would be calculated as the difference between estimated fair value and the carrying value of the asset. Included in Selling, general & administrative (“SG&A”) costs are $3.9 million, $8.9 million and $18.8 million of asset impairments for the years ended December 31, 2013, 2012 and 2011, respectively See Note L – “Restructuring and Other Charges” for information on asset impairments recorded as part of restructuring activities. | ||||
Accounts Receivable and Allowance for Doubtful Accounts | ' | |||
Accounts Receivable and Allowance for Doubtful Accounts. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable. The Company determines the allowance based on historical customer review and current financial conditions. The Company reviews its allowance for doubtful accounts at least quarterly. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. All other balances are reviewed on a pooled basis by type of receivable. Account balances are charged off against the allowance when the Company determines it is probable the receivable will not be recovered. There can be no assurance that the Company’s historical accounts receivable collection experience will be indicative of future results. The Company has off-balance sheet credit exposure related to guarantees provided to financial institutions as disclosed in Note Q – “Litigation and Contingencies.” Substantially all receivables were trade receivables at December 31, 2013 and 2012. | ||||
Revenue Recognition | ' | |||
Revenue Recognition. Revenue and related costs are generally recorded when products are shipped and invoiced to either independently owned and operated dealers or to customers. Shipping and handling charges are recorded in Cost of goods sold. | ||||
Revenue generated in the United States is recognized when title and risk of loss pass from the Company to its customers which generally occurs upon shipment depending upon the shipping terms negotiated. The Company also has a policy which requires it to meet certain criteria in order to recognize revenue, including satisfaction of the following requirements: | ||||
a) Persuasive evidence that an arrangement exists; | ||||
b) The price to the buyer is fixed or determinable; | ||||
c) Collectability is reasonably assured; and | ||||
d) The Company has no significant obligations for future performance. | ||||
In the United States, the Company has the ability to enter into a security agreement and receive a security interest in the product by filing an appropriate Uniform Commercial Code (“UCC”) financing statement. However, a significant portion of the Company’s revenue is generated outside of the United States. In many countries outside of the United States, as a matter of statutory law, a seller retains title to a product until payment is made. The laws do not provide for a seller’s retention of a security interest in goods in the same manner as established in the UCC. In these countries, the Company retains title to goods delivered to a customer until the customer makes payment so that the Company can recover the goods in the event of customer default on payment. In these circumstances, where the Company only retains title to secure its recovery in the event of customer default, the Company also has a policy requiring it to meet certain criteria in order to recognize revenue, including satisfaction of the following requirements: | ||||
a) Persuasive evidence that an arrangement exists; | ||||
b) Delivery has occurred or services have been rendered; | ||||
c) The price to the buyer is fixed or determinable; | ||||
d) Collectability is reasonably assured; | ||||
e) The Company has no significant obligations for future performance; and | ||||
f) The Company is not entitled to direct the disposition of the goods, cannot rescind the transaction, cannot prohibit the customer from moving, selling, or otherwise using the goods in the ordinary course of business and has no other rights of holding title that rest with a titleholder of property that is subject to a lien under the UCC. | ||||
In circumstances where the sales transaction requires acceptance by the customer for items such as testing on site, installation, trial period or performance criteria, revenue is not recognized unless the following criteria have been met: | ||||
a) Persuasive evidence that an arrangement exists; | ||||
b) Delivery has occurred or services have been rendered; | ||||
c) The price to the buyer is fixed or determinable; | ||||
d) Collectability is reasonably assured; and | ||||
e) The customer has given their acceptance, the time period has elapsed or the Company has otherwise objectively demonstrated that the criteria specified in the acceptance provisions have been satisfied. | ||||
In addition to performance commitments, the Company analyzes factors such as the reason for the purchase to determine if revenue should be recognized. This analysis is done before the product is shipped and includes the evaluation of factors that may affect the conclusion related to the revenue recognition criteria as follows: | ||||
a) Persuasive evidence that an arrangement exists; | ||||
b) Delivery has occurred or services have been rendered; | ||||
c) The price to the buyer is fixed or determinable; and | ||||
d) Collectability is reasonably assured. | ||||
Revenue from sales-type leases is recognized at the inception of the lease. Income from operating leases is recognized ratably over the term of the lease. The Company routinely sells equipment subject to operating leases and the related lease payments. If the Company does not retain a substantial risk of ownership in the equipment, the transaction is recorded as a sale. If the Company does retain a substantial risk of ownership, the transaction is recorded as a borrowing, the operating lease payments are recognized as revenue over the term of the lease and the debt is amortized over a similar period. | ||||
The Company, from time to time, issues buyback guarantees in conjunction with certain sales agreements. These primarily relate to trade value agreements (“TVAs”) in which a customer may trade in equipment in the future at a stated price/credit if the customer meets certain conditions. The trade-in price/credit is determined at the time of the original sale of equipment. In conjunction with the trade-in, these conditions include a requirement to purchase new equipment at fair market value at the time of trade-in, which fair value is required to be of equal or greater value than the original equipment cost. Other conditions also include the general functionality and state of repair of the machine. The Company has concluded that any credit provided to customers under a TVA/buyback guarantee, which is expected to be equal to or less than the fair value of the equipment returned on the trade-in date, is a guarantee to be accounted for in accordance with Accounting Standards Codification (“ASC”) 460, “Guarantees” (“ASC 460”). | ||||
The original sale of equipment, accompanied by a buyback guarantee, is a multiple element transaction wherein the Company offers its customer the right, after some period of time, for a limited period of time, to exchange purchased equipment for a fixed price trade-in credit toward another of our products. The fixed price trade-in credit is accounted for under the guidance provided by ASC 460. Pursuant to this right, the Company has agreed to make a payment (in the form of a trade-in credit) to the customer contingent upon the customer exercising its right to trade in the original purchased equipment. Under the guidance of ASC 460, the Company records the fixed price trade-in credit at its fair value. Accordingly, as noted above, the Company has accounted for the trade-in credit as a separate deliverable in a multiple element arrangement. | ||||
When a sales transaction includes multiple deliverables, such as sales of multiple products or sales of products and services that are delivered over multiple reporting periods, the multiple deliverables are evaluated to determine the units of accounting, and the entire fee from the arrangement is allocated to each unit of accounting based on the relative selling price. The selling price of a unit of accounting is determined using a selling price hierarchy. Vendor-specific objective evidence (“VSOE”) is established based upon the price charged for products and services that are sold separately in standalone transactions. If VSOE cannot be established, third-party evidence (“TPE”) is evaluated based on competitor prices for similar deliverables when sold separately. If neither VSOE or TPE is available, management's best estimate of selling price is established based upon the price at which the Company would sell the product on a standalone basis taking into consideration factors including, but not limited to, internal costs, gross margin objectives, pricing practices and market conditions. Revenue is recognized when the revenue recognition criteria for each unit of accounting are met. | ||||
Guarantees | ' | |||
Guarantees. The Company records a liability for the estimated fair value of guarantees issued pursuant to ASC 460. The Company recognizes a loss under a guarantee when its obligation to make payment under the guarantee is probable and the amount of the loss can be estimated. A loss would be recognized if the Company’s payment obligation under the guarantee exceeds the value it can expect to recover to offset such payment, primarily through the sale of the equipment underlying the guarantee. | ||||
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 the 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 non-current portion of the warranty accrual is included in Other non-current liabilities in the Company’s Consolidated Balance Sheet. The liability is established using historical warranty claim experience for each product sold. Historical claim experience may be adjusted for known design improvements or for the impact of unusual product quality issues. Warranty reserves are reviewed quarterly to ensure critical assumptions are updated for known events that may affect the potential warranty liability. | ||||
The following table summarizes the changes in the consolidated product warranty liability (in millions): | ||||
Balance as of December 31, 2011 | $ | 128.5 | ||
Accruals for warranties issued during the period | 52.9 | |||
Changes in estimates | 0.1 | |||
Settlements during the year | (78.1 | ) | ||
Foreign exchange effect/other | 1.4 | |||
Balance as of December 31, 2012 | 104.8 | |||
Accruals for warranties issued during the period | 84.6 | |||
Changes in estimates | (1.1 | ) | ||
Settlements during the year | (84.0 | ) | ||
Foreign exchange effect/other | 1.8 | |||
Balance as of December 31, 2013 | $ | 106.1 | ||
Accrued Product Liability | ' | |||
Accrued Product Liability. The Company records accruals for product liability claims when deemed probable and estimable based on facts and circumstances, and prior claim experience. Accruals for product liability claims are valued based upon the Company’s prior claims experience, including consideration of the jurisdiction, circumstances of the accident, type of loss or injury, identity of plaintiff, other potential responsible parties, analysis of outside legal counsel, analysis of internal product liability counsel and the experience of the Company’s director of product safety. Actual product liability costs could be different due to a number of variables such as the decisions of juries or judges. | ||||
Defined Benefit Pension and Other Postretirement Benefits | ' | |||
Defined Benefit Pension and Other Postretirement Benefits. The Company provides postretirement benefits to certain former salaried and hourly employees and certain hourly employees covered by bargaining unit contracts that provide such benefits. The Company accounts for these benefits under ASC 715, “Compensation-Retirement Benefits” (“ASC 715”). ASC 715 requires balance sheet recognition of the overfunded or underfunded status of pension and postretirement benefit plans. Under ASC 715, actuarial gains and losses, prior service costs or credits, and any remaining transition assets or obligations that have not been recognized under previous accounting standards must be recognized in Accumulated other comprehensive income, net of tax effects, until they are amortized as a component of net periodic benefit cost. See Note O – “Retirement Plans and Other Benefits.” | ||||
Deferred Compensation | ' | |||
Deferred Compensation. The Company maintains a Deferred Compensation Plan, which is described more fully in Note O – “Retirement Plans and Other Benefits.” The Company’s common stock, par value $0.01 per share (“Common Stock”) held in a rabbi trust pursuant to the Company’s Deferred Compensation Plan, is treated in a manner similar to treasury stock and is recorded at cost within Stockholders’ equity as of December 31, 2013 and 2012. The plan obligations for participant deferrals in the Company’s Common Stock are classified as Additional paid-in capital within Stockholders’ equity. The total of the Company’s Common Stock required to settle this deferred compensation obligation is included in the denominator in both basic and diluted earnings per share calculations. | ||||
Stock-Based Compensation | ' | |||
Stock-Based Compensation. At December 31, 2013, the Company had stock-based employee compensation plans, which are described more fully in Note P – “Stockholders’ Equity.” The Company accounts for those plans under the recognition and measurement principles of ASC 718, “Compensation–Stock Compensation” (“ASC 718”). ASC 718 requires that expense resulting from all share-based payment transactions be recognized in the financial statements at fair value. | ||||
Foreign Currency Translation | ' | |||
Foreign Currency Translation. Assets and liabilities of the Company’s non-U.S. operations are translated at year-end exchange rates. Income and expenses are translated at average exchange rates prevailing during the year. For operations whose functional currency is the local currency, translation adjustments are recorded in the Accumulated other comprehensive income component of Stockholders’ equity. Gains or losses resulting from foreign currency transactions are recorded in the accounts based on the underlying transaction. | ||||
Derivatives | ' | |||
Derivatives. Derivative financial instruments are recorded in the Consolidated Balance Sheet at their fair value as either assets or liabilities. Changes in the fair value of derivatives are recorded each period in earnings or Accumulated other comprehensive income, depending on whether a derivative is designated and effective as part of a hedge transaction and, if it is, the type of hedge transaction. Gains and losses on derivative instruments reported in Accumulated other comprehensive income are included in earnings in the periods in which earnings are affected by the hedged item. See Note K – “Derivative Financial Instruments.” | ||||
Environmental Policies | ' | |||
Environmental Policies. Environmental expenditures that relate to current operations are either expensed or capitalized depending on the nature of the expenditure. Expenditures relating to conditions caused by past operations that do not contribute to current or future revenue generation are expensed. Liabilities are recorded when environmental assessments and/or remedial actions are probable and the costs can be reasonably estimated. Such amounts were not material at December 31, 2013 and 2012. | ||||
Research and Development Costs | ' | |||
Research and Development Costs. Research and development costs are expensed as incurred. Such costs incurred in the development of new products or significant improvements to existing products are included in Selling, general and administrative expenses. Research and development costs were $85.3 million, $71.7 million and $69.3 million during 2013, 2012 and 2011, respectively. | ||||
Income Taxes | ' | |||
Income Taxes. The Company accounts for income taxes using the asset and liability method. This method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities. See Note C – “Income Taxes.” | ||||
Earnings Per Share | ' | |||
Earnings Per Share. Basic (loss) earnings per share is computed by dividing Net (loss) income attributable to Terex Corporation for the period by the weighted average number of shares of Common Stock outstanding. Diluted earnings per share is computed by dividing Net (loss) income attributable to Terex Corporation for the period by the weighted average number of shares of Common Stock outstanding and potential dilutive common shares. See Note E – “Earnings Per Share.” | ||||
Fair Value Measurements | ' | |||
Fair Value Measurements. Assets and liabilities measured at fair value on a recurring basis under the provisions of ASC 820, “Fair Value Measurement and Disclosure” (“ASC 820”) include interest rate swap and foreign currency forward contracts discussed in Note K – “Derivative Financial Instruments.” These contracts are valued using a market approach, which uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. ASC 820 establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three levels: | ||||
Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | ||||
Level 2 – Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and | ||||
Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). | ||||
Determining which category an asset or liability falls within this hierarchy requires judgment. The Company evaluates its hierarchy disclosures each quarter. |
BASIS_OF_PRESENTATION_Tables
BASIS OF PRESENTATION (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||
Consolidated current and non-current product warranty liability | ' | |||
The following table summarizes the changes in the consolidated product warranty liability (in millions): | ||||
Balance as of December 31, 2011 | $ | 128.5 | ||
Accruals for warranties issued during the period | 52.9 | |||
Changes in estimates | 0.1 | |||
Settlements during the year | (78.1 | ) | ||
Foreign exchange effect/other | 1.4 | |||
Balance as of December 31, 2012 | 104.8 | |||
Accruals for warranties issued during the period | 84.6 | |||
Changes in estimates | (1.1 | ) | ||
Settlements during the year | (84.0 | ) | ||
Foreign exchange effect/other | 1.8 | |||
Balance as of December 31, 2013 | $ | 106.1 | ||
BUSINESS_SEGMENT_INFORMATION_T
BUSINESS SEGMENT INFORMATION (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Schedule of business segment information | ' | |||||||||||
Included in Eliminations/Corporate are the eliminations among the five segments, as well as general and corporate items. Business segment information is presented below (in millions): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net Sales | ||||||||||||
AWP | $ | 2,131.00 | $ | 1,742.40 | $ | 1,425.00 | ||||||
Construction | 820 | 952.1 | 1,182.70 | |||||||||
Cranes | 1,925.50 | 1,987.60 | 1,936.50 | |||||||||
MHPS | 1,698.50 | 1,742.10 | 1,036.90 | |||||||||
MP | 628.2 | 661.5 | 682.8 | |||||||||
Corporate and Other / Eliminations | (119.2 | ) | (103.5 | ) | (105.9 | ) | ||||||
Total | $ | 7,084.00 | $ | 6,982.20 | $ | 6,158.00 | ||||||
Income (loss) from Operations | ||||||||||||
AWP | $ | 325.8 | $ | 210.9 | $ | 81.9 | ||||||
Construction | (24.8 | ) | (69.3 | ) | (35.3 | ) | ||||||
Cranes | 110.5 | 168 | 33.9 | |||||||||
MHPS | (41.8 | ) | 5.6 | (68.5 | ) | |||||||
MP | 71.8 | 75.3 | 59.5 | |||||||||
Corporate and Other / Eliminations | (22.4 | ) | (23.7 | ) | (11.6 | ) | ||||||
Total | $ | 419.1 | $ | 366.8 | $ | 59.9 | ||||||
Depreciation and Amortization | ||||||||||||
AWP | $ | 9.9 | $ | 12 | $ | 13.6 | ||||||
Construction | 22.2 | 23.5 | 24.5 | |||||||||
Cranes | 31.5 | 29.6 | 31.4 | |||||||||
MHPS | 61.2 | 64.3 | 35.4 | |||||||||
MP | 5.9 | 5.1 | 5.8 | |||||||||
Corporate | 20.8 | 17.7 | 14.9 | |||||||||
Total | $ | 151.5 | $ | 152.2 | $ | 125.6 | ||||||
Capital Expenditures | ||||||||||||
AWP | $ | 19.5 | $ | 15.1 | $ | 11.5 | ||||||
Construction | 3.8 | 6.6 | 16.3 | |||||||||
Cranes | 15.1 | 13.8 | 14.9 | |||||||||
MHPS | 24.1 | 32.9 | 18.7 | |||||||||
MP | 5.6 | 4.9 | 2.6 | |||||||||
Corporate | 11.4 | 7.9 | 13.9 | |||||||||
Total | $ | 79.5 | $ | 81.2 | $ | 77.9 | ||||||
Sales between segments are generally priced to recover costs plus a reasonable markup for profit, which is eliminated in consolidation. | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Identifiable Assets | ||||||||||||
AWP | $ | 937.2 | $ | 835.8 | ||||||||
Construction | 1,012.50 | 972.5 | ||||||||||
Cranes | 2,040.30 | 1,912.40 | ||||||||||
MHPS | 2,989.50 | 2,946.40 | ||||||||||
MP | 945.6 | 982 | ||||||||||
Corporate and Other / Eliminations | (1,533.3 | ) | (1,055.4 | ) | ||||||||
Discontinued operations | 144.9 | 152.5 | ||||||||||
Total | $ | 6,536.70 | $ | 6,746.20 | ||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | ' | |||||||||||
Geographic segment information is presented below (in millions): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net Sales | ||||||||||||
United States | $ | 2,592.30 | $ | 2,260.20 | $ | 1,794.50 | ||||||
United Kingdom | 247.2 | 263.8 | 259 | |||||||||
Germany | 621.4 | 659.2 | 580.5 | |||||||||
Other European countries | 1,226.60 | 1,343.70 | 1,294.10 | |||||||||
All other | 2,396.50 | 2,455.30 | 2,229.90 | |||||||||
Total | $ | 7,084.00 | $ | 6,982.20 | $ | 6,158.00 | ||||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | ' | |||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Long-lived Assets | ||||||||||||
United States | $ | 200.6 | $ | 192.6 | ||||||||
United Kingdom | 28.3 | 30.7 | ||||||||||
Germany | 305.3 | 310.8 | ||||||||||
Other European countries | 106.9 | 107.2 | ||||||||||
All other | 148.3 | 165.5 | ||||||||||
Total | $ | 789.4 | $ | 806.8 | ||||||||
INCOME_TAXES_INCOME_TAXES_Tabl
INCOME TAXES INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | ||||||||||||
The components of income (loss) from continuing operations before income taxes are as follows (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States | $ | 340.7 | $ | 127.2 | $ | 147.4 | |||||||
Foreign | (49.4 | ) | (0.9 | ) | (81.8 | ) | |||||||
Income (loss) from continuing operations before income taxes | $ | 291.3 | $ | 126.3 | $ | 65.6 | |||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
The major components of the Company’s provision for (benefit from) income taxes on continuing operations before income taxes are summarized below (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | 49.3 | $ | 29.7 | $ | 18.9 | |||||||
State | 5.4 | 3.8 | 1.5 | ||||||||||
Foreign | 36.5 | 45.9 | 28.9 | ||||||||||
Current income tax provision (benefit) | 91.2 | 79.4 | 49.3 | ||||||||||
Deferred: | |||||||||||||
Federal | 22.2 | (8.8 | ) | 3.5 | |||||||||
State | 1.3 | (0.6 | ) | 5.6 | |||||||||
Foreign | (27.3 | ) | (18.5 | ) | (13.0 | ) | |||||||
Deferred income tax (benefit) provision | (3.8 | ) | (27.9 | ) | (3.9 | ) | |||||||
Total provision for (benefit from) income taxes | $ | 87.4 | $ | 51.5 | $ | 45.4 | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
The tax effects of the basis differences and net operating loss carry forwards as of December 31, 2013 and 2012 for continuing operations are summarized below for major balance sheet captions (in millions): | |||||||||||||
2013 | 2012 | ||||||||||||
Property, plant and equipment | $ | (76.2 | ) | $ | (87.2 | ) | |||||||
Intangibles | (143.0 | ) | (145.5 | ) | |||||||||
Trade receivables | (0.5 | ) | 14.7 | ||||||||||
Inventories | 40.2 | 30.5 | |||||||||||
Accrued warranties and product liability | 18.7 | 18.3 | |||||||||||
Net operating loss carry forwards | 204.9 | 199.3 | |||||||||||
Retirement plans and other | 39.3 | 75.6 | |||||||||||
Accrued compensation and benefits | 57.8 | 27.2 | |||||||||||
Investments | (10.6 | ) | 1.9 | ||||||||||
Credits | 12.1 | 16.8 | |||||||||||
Other | 42.5 | 50.7 | |||||||||||
Deferred tax assets valuation allowance | (181.8 | ) | (172.2 | ) | |||||||||
Net deferred tax assets (liabilities) | $ | 3.4 | $ | 30.1 | |||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
The Company’s Provision for (benefit from) income taxes is different from the amount that would be provided by applying the statutory federal income tax rate to the Company’s Income (loss) from continuing operations before income taxes. The reasons for the difference are summarized as follows (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Tax at statutory federal income tax rate | $ | 102 | $ | 44.2 | $ | 22.9 | |||||||
State taxes (net of Federal benefit) | 4.4 | 2 | 4.3 | ||||||||||
Change in valuation allowance | 6.9 | 14.2 | 18 | ||||||||||
Foreign tax differential on income/losses of foreign subsidiaries | 1.4 | (15.9 | ) | (5.2 | ) | ||||||||
U.S. tax on multi-national operations | (13.8 | ) | 1.4 | (0.2 | ) | ||||||||
Change in foreign statutory rates | 3.6 | 3.2 | 4.9 | ||||||||||
U.S. manufacturing and export incentives | (7.1 | ) | (4.0 | ) | (1.7 | ) | |||||||
Other | (10.0 | ) | 6.4 | 2.4 | |||||||||
Total provision for (benefit from) income taxes | $ | 87.4 | $ | 51.5 | $ | 45.4 | |||||||
Summary of Income Tax Contingencies [Table Text Block] | ' | ||||||||||||
The following table summarizes the activity related to the Company’s total (including discontinued operations) unrecognized tax benefits (in millions): | |||||||||||||
Balance as of January 1, 2011 | $ | 141.7 | |||||||||||
Additions for current year tax positions | 0.7 | ||||||||||||
Additions for prior year tax positions | 15.2 | ||||||||||||
Reductions for prior year tax positions | (10.5 | ) | |||||||||||
Reductions for tax positions related to current year | — | ||||||||||||
Reductions related to expiration of statute of limitations | (3.3 | ) | |||||||||||
Settlements | (14.8 | ) | |||||||||||
Acquired balances | 40.6 | ||||||||||||
Balance as of December 31, 2011 | 169.6 | ||||||||||||
Additions for current year tax positions | — | ||||||||||||
Additions for prior year tax positions | 15.1 | ||||||||||||
Reductions for prior year tax positions | (22.3 | ) | |||||||||||
Reductions for tax positions related to current year | — | ||||||||||||
Reductions related to expiration of statute of limitations | (23.2 | ) | |||||||||||
Settlements | (1.3 | ) | |||||||||||
Acquired balances | 10.7 | ||||||||||||
Balance as of December 31, 2012 | 148.6 | ||||||||||||
Additions for current year tax positions | — | ||||||||||||
Additions for prior year tax positions | 10.6 | ||||||||||||
Reductions for prior year tax positions | (17.0 | ) | |||||||||||
Reductions for tax positions related to current year | — | ||||||||||||
Reductions related to expiration of statute of limitations | (42.7 | ) | |||||||||||
Settlements | (15.8 | ) | |||||||||||
Acquired balances | — | ||||||||||||
Balance as of December 31, 2013 | $ | 83.7 | |||||||||||
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||||||
The following table provides the amounts of assets and liabilities reported in discontinued operations in the Consolidated Balance Sheet (in millions) related to the truck business: | ||||||||||||
31-Dec | ||||||||||||
2013 | 2012 | |||||||||||
Trade receivables, net | $ | 49.7 | $ | 51.1 | ||||||||
Inventories | 73.6 | 83.5 | ||||||||||
Other current assets | 6 | 6.4 | ||||||||||
Current assets – discontinued operations | $ | 129.3 | $ | 141 | ||||||||
Property, plant and equipment - net | $ | 9.5 | $ | 6.5 | ||||||||
Other assets | 6.1 | 5 | ||||||||||
Non-current assets – discontinued operations | 15.6 | 11.5 | ||||||||||
Trade accounts payable | $ | 35.9 | $ | 35.2 | ||||||||
Other current liabilities | 10.2 | 12.1 | ||||||||||
Current liabilities – discontinued operations | $ | 46.1 | $ | 47.3 | ||||||||
Non-current liabilities – discontinued operations | $ | 5.7 | $ | 5.6 | ||||||||
The following amounts related to discontinued operations were derived from historical financial information and have been segregated from continuing operations and reported as discontinued operations in the Consolidated Statement of Income (in millions): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net sales | $ | 225.8 | $ | 366.2 | $ | 346.6 | ||||||
(Loss) income from discontinued operations before income taxes | $ | 10.3 | $ | 30.5 | $ | 18.8 | ||||||
(Provision for) benefit from income taxes | 4.1 | (2.1 | ) | 0.9 | ||||||||
Income (loss) from discontinued operations – net of tax | $ | 14.4 | $ | 28.4 | $ | 19.7 | ||||||
(Loss) gain on disposition of discontinued operations | $ | 3.5 | $ | (0.1 | ) | $ | (0.7 | ) | ||||
Benefit from (provision for) income taxes | (0.9 | ) | 0.5 | 1.5 | ||||||||
Gain (loss) on disposition of discontinued operations – net of tax | $ | 2.6 | $ | 0.4 | $ | 0.8 | ||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of earnings per share | ' | |||||||||||
For the year ended December 31, | ||||||||||||
(in millions, except per share data) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income (loss) from continuing operations attributable to Terex Corporation common stockholders | $ | 209 | $ | 77 | $ | 24.7 | ||||||
Income (loss) from discontinued operations-net of tax | 14.4 | 28.4 | 19.7 | |||||||||
Gain (loss) on disposition of discontinued operations-net of tax | 2.6 | 0.4 | 0.8 | |||||||||
Net income (loss) attributable to Terex Corporation | $ | 226 | $ | 105.8 | $ | 45.2 | ||||||
Basic shares: | ||||||||||||
Weighted average shares outstanding | 111.1 | 110.3 | 109.5 | |||||||||
Earnings per share - basic: | ||||||||||||
Income (loss) from continuing operations | $ | 1.88 | $ | 0.7 | $ | 0.22 | ||||||
Income (loss) from discontinued operations-net of tax | 0.13 | 0.26 | 0.18 | |||||||||
Gain (loss) on disposition of discontinued operations-net of tax | 0.02 | — | 0.01 | |||||||||
Net income (loss) attributable to Terex Corporation | $ | 2.03 | $ | 0.96 | $ | 0.41 | ||||||
Diluted shares: | ||||||||||||
Weighted average shares outstanding | 111.1 | 110.3 | 109.5 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options, restricted stock awards and convertible notes | 5.9 | 3.6 | 1.2 | |||||||||
Diluted weighted average shares outstanding | 117 | 113.9 | 110.7 | |||||||||
Earnings per share - diluted: | ||||||||||||
Income (loss) from continuing operations | $ | 1.79 | $ | 0.68 | $ | 0.22 | ||||||
Income (loss) from discontinued operations-net of tax | 0.12 | 0.25 | 0.18 | |||||||||
Gain (loss) on disposition of discontinued operations-net of tax | 0.02 | — | 0.01 | |||||||||
Net income (loss) attributable to Terex Corporation | $ | 1.93 | $ | 0.93 | $ | 0.41 | ||||||
Schedule of noncontrolling interest attributable to common stockholders | ' | |||||||||||
The following table provides information to reconcile amounts reported on the Consolidated Statement of Income to amounts used to calculate earnings per share attributable to Terex Corporation common stockholders (in millions) for the year ended December 31: | ||||||||||||
Reconciliation of amounts attributable to common stockholders: | 2013 | 2012 | 2011 | |||||||||
Income (loss) from continuing operations | $ | 203.9 | $ | 74.8 | $ | 20.2 | ||||||
Noncontrolling interest attributed to income (loss) from continuing operations | 5.1 | 2.2 | 4.5 | |||||||||
Income (loss) from continuing operations attributable to common stockholders | $ | 209 | $ | 77 | $ | 24.7 | ||||||
INVENTORIES_Tables
INVENTORIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of inventories | ' | |||||||
Inventories consist of the following (in millions): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Finished equipment | $ | 450 | $ | 459.8 | ||||
Replacement parts | 168.4 | 178.7 | ||||||
Work-in-process | 527.3 | 505.6 | ||||||
Raw materials and supplies | 467.5 | 488.1 | ||||||
Inventories | $ | 1,613.20 | $ | 1,632.20 | ||||
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Schedule of property, plant and equipment | ' | |||||||
Property, plant and equipment – net consist of the following (in millions): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Property | $ | 121.2 | $ | 123 | ||||
Plant | 412.5 | 393.5 | ||||||
Equipment | 720.1 | 671.9 | ||||||
Property, Plant and Equipment – Gross | 1,253.80 | 1,188.40 | ||||||
Less: Accumulated depreciation | (464.4 | ) | (381.6 | ) | ||||
Property, plant and equipment – net | $ | 789.4 | $ | 806.8 | ||||
EQUIPMENT_SUBJECT_TO_OPERATING1
EQUIPMENT SUBJECT TO OPERATING LEASES (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | |||
Schedule of Future Minimum Lease Payments Receivable [Table Text Block] | ' | |||
Future minimum lease payments to be received under noncancellable operating leases with lease terms in excess of one year are as follows (in millions): | ||||
Years ending December 31, | ||||
2014 | $ | 16.4 | ||
2015 | 8.9 | |||
2016 | 5.9 | |||
2017 | 2.7 | |||
2018 | 1.9 | |||
Thereafter | 1.5 | |||
$ | 37.3 | |||
ACQUISITIONS_ACQUISITIONS_Tabl
ACQUISITIONS ACQUISITIONS (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | |||
The following table summarizes the estimated fair values of the TMHPS AG assets acquired and liabilities assumed and related deferred income taxes as of acquisition date (in millions). | ||||
Assets acquired | ||||
Current assets | $ | 603.4 | ||
Trade receivables | 253.3 | |||
Property, plant and equipment | 308 | |||
Intangible assets not subject to amortization | 129.7 | |||
Intangible assets subject to amortization | 302.3 | |||
Other assets | 131 | |||
Goodwill | 821.5 | |||
Total assets acquired | 2,549.20 | |||
Liabilities assumed | ||||
Current liabilities, including current portion of long-term debt | 471.4 | |||
Long-term debt | 169.5 | |||
Post-employment benefit obligation | 188.9 | |||
Other non-current liabilities | 329.8 | |||
Total liabilities assumed | 1,159.60 | |||
Net assets acquired | $ | 1,389.60 | ||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | |||
The following unaudited pro forma information has been presented as if the TMHPS AG transaction occurred on January 1, 2011. 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, 2011, nor does it intend to be a projection of future results. No pro forma adjustments have been made for the Company’s incremental transaction costs or other transaction-related costs. | ||||
Year Ended | ||||
(in millions, except per share data) | December 31, | |||
2011 | ||||
Net sales | $ | 7,068.10 | ||
Net income attributable to Terex Corporation | $ | 33.6 | ||
Basic earnings per share attributable to Terex Corporation common stockholders | $ | 0.31 | ||
Diluted earnings per share attributable to Terex Corporation common stockholders | $ | 0.3 | ||
The fiscal year-ends for the Company and TMHPS AG were different. TMHPS AG fiscal year end was September 30. The results of TMHPS AG for the 12 month period ended September 30, 2011 was used in these computations. |
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS, NET (Tables) (USD $) | 12 Months Ended | |||||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||||||||||||||||
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): | ||||||||||||||||||||||||||||
AWP | Construction (2) | Cranes | MHPS | MP | Total | |||||||||||||||||||||||
Balance at December 31, 2011, gross | $ | 139.7 | $ | 274.4 | $ | 221 | $ | 740.2 | $ | 198 | $ | 1,573.30 | ||||||||||||||||
Accumulated impairment | (38.6 | ) | (274.4 | ) | (4.2 | ) | — | (23.2 | ) | (340.4 | ) | |||||||||||||||||
Balance at December 31, 2011, net (1) | 101.1 | — | 216.8 | 740.2 | 174.8 | 1,232.90 | ||||||||||||||||||||||
Acquisitions | 0.2 | — | 15.5 | (4.1 | ) | — | 11.6 | |||||||||||||||||||||
Change in control of joint venture | — | — | (4.6 | ) | — | — | (4.6 | ) | ||||||||||||||||||||
Foreign exchange effect and other | — | — | 2 | (3.3 | ) | 6.7 | 5.4 | |||||||||||||||||||||
Balance at December 31, 2012, gross | 139.9 | 274.4 | 233.9 | 732.8 | 204.7 | 1,585.70 | ||||||||||||||||||||||
Accumulated impairment | (38.6 | ) | (274.4 | ) | (4.2 | ) | — | (23.2 | ) | (340.4 | ) | |||||||||||||||||
Balance at December 31, 2012, net | 101.3 | — | 229.7 | 732.8 | 181.5 | 1,245.30 | ||||||||||||||||||||||
Foreign exchange effect and other | 0.7 | — | 2 | (5.3 | ) | 2.9 | 0.3 | |||||||||||||||||||||
Balance at December 31, 2013, gross | 140.6 | 274.4 | 235.9 | 727.5 | 207.6 | 1,586.00 | ||||||||||||||||||||||
Accumulated impairment | (38.6 | ) | (274.4 | ) | (4.2 | ) | — | (23.2 | ) | (340.4 | ) | |||||||||||||||||
Balance at December 31, 2013, net | $ | 102 | $ | — | $ | 231.7 | $ | 727.5 | $ | 184.4 | $ | 1,245.60 | ||||||||||||||||
-1 | Includes a $10.8 million reclassification of goodwill from AWP to Cranes related to segment realignment. See Note A – “Basis of Presentation.” | |||||||||||||||||||||||||||
-2 | Includes a $164.4 million write-off of goodwill, gross and accumulated impairment, in the Construction segment related to discontinued operations. | |||||||||||||||||||||||||||
Schedule of intangible assets by class | ' | ' | ' | |||||||||||||||||||||||||
Intangible assets, net were comprised of the following as of December 31, 2013 and 2012 (in millions): | ||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||
Weighted Average Life | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||
(in years) | ||||||||||||||||||||||||||||
Definite-lived intangible assets: | ||||||||||||||||||||||||||||
Technology | 8 | $ | 91.6 | $ | 48.7 | $ | 42.9 | $ | 87.9 | $ | 36.5 | $ | 51.4 | |||||||||||||||
Customer Relationships | 15 | 354.7 | 105.2 | 249.5 | 353.5 | 78.9 | 274.6 | |||||||||||||||||||||
Land Use Rights | 57 | 18.4 | 1.5 | 16.9 | 17 | 1.1 | 15.9 | |||||||||||||||||||||
Other | 7 | 52.2 | 40.4 | 11.8 | 51.9 | 38.1 | 13.8 | |||||||||||||||||||||
Total definite-lived intangible assets | $ | 516.9 | $ | 195.8 | $ | 321.1 | $ | 510.3 | $ | 154.6 | $ | 355.7 | ||||||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||||||||||
Tradenames | $ | 123.7 | $ | 118.7 | ||||||||||||||||||||||||
Total indefinite-lived intangible assets | $ | 123.7 | $ | 118.7 | ||||||||||||||||||||||||
Amortization of Intangible Assets | $38.60 | $43 | $28.90 | |||||||||||||||||||||||||
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | ' | ' | ' | |||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Aggregate Amortization Expense | $ | 38.6 | $ | 43 | $ | 28.9 | ||||||||||||||||||||||
Schedule of intangible assets amortization expense | ' | ' | ' | |||||||||||||||||||||||||
Estimated aggregate intangible asset amortization expense (in millions) for the next five years is as follows: | ||||||||||||||||||||||||||||
2014 | $ | 36.7 | ||||||||||||||||||||||||||
2015 | $ | 35.7 | ||||||||||||||||||||||||||
2016 | $ | 33.7 | ||||||||||||||||||||||||||
2017 | $ | 29.2 | ||||||||||||||||||||||||||
2018 | $ | 23.2 | ||||||||||||||||||||||||||
DERIVATIVE_FINANCIAL_INSTRUMEN1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
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 as hedging instruments that are reported in the Consolidated Balance Sheet (in millions): | |||||||||||||
Asset Derivatives | Balance Sheet Account | December 31, | December 31, | ||||||||||
2013 | 2012 | ||||||||||||
Foreign exchange contracts | Other current assets | $ | 10 | $ | 5.2 | ||||||||
Liability Derivatives | |||||||||||||
Foreign exchange contracts | Other current liabilities | 6.2 | 5.6 | ||||||||||
Total Derivatives | $ | 3.8 | $ | (0.4 | ) | ||||||||
Schedule of fair value of derivative instruments not 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 not designated as hedging instruments that are reported in the Consolidated Balance Sheet (in millions): | |||||||||||||
Asset Derivatives | Balance Sheet Account | December 31, | December 31, | ||||||||||
2013 | 2012 | ||||||||||||
Foreign exchange contracts | Other current assets | $ | 4.1 | $ | 1 | ||||||||
Liability Derivatives | |||||||||||||
Foreign exchange contracts | Other current liabilities | 0.8 | — | ||||||||||
Total Derivatives | $ | 3.3 | $ | 1 | |||||||||
Schedule of derivative instruments that are designated as hedges in the Consolidated Statement of Income and Accumulated other comprehensive income (loss) ("OCI") | ' | ||||||||||||
The following tables provide the effect of derivative instruments that are designated as hedges in the Consolidated Statements of Income, Comprehensive Income and Accumulated other comprehensive income (“OCI”) (in millions): | |||||||||||||
Gain Recognized on Derivatives in Income: | Year Ended | ||||||||||||
December 31, | |||||||||||||
Fair Value Derivatives | Location | 2013 | 2012 | 2011 | |||||||||
Interest rate contract | Interest expense | $ | — | $ | 16.3 | $ | 19.3 | ||||||
Interest rate contract | Loss on early extinguishment of debt | — | 16 | — | |||||||||
Total | $ | — | $ | 32.3 | $ | 19.3 | |||||||
(Loss) Gain Recognized on Derivatives in OCI: | Year Ended | ||||||||||||
December 31, | |||||||||||||
Cash Flow Derivatives | 2013 | 2012 | |||||||||||
Foreign exchange contracts | $ | 3.1 | $ | 3.2 | |||||||||
(Loss) Gain Reclassified from Accumulated OCI into Income (Effective): | Year Ended | ||||||||||||
December 31, | |||||||||||||
Account | 2013 | 2012 | 2011 | ||||||||||
Cost of goods sold | $ | 1.2 | $ | (5.2 | ) | $ | (4.7 | ) | |||||
Other income (expense) – net | 3.2 | (5.1 | ) | (0.8 | ) | ||||||||
Total | $ | 4.4 | $ | (10.3 | ) | $ | (5.5 | ) | |||||
Gain (Loss) Recognized on Derivatives (Ineffective) in Income: | Year Ended | ||||||||||||
December 31, | |||||||||||||
Account | 2013 | 2012 | 2011 | ||||||||||
Other income (expense) – net | $ | (2.8 | ) | $ | 4.9 | $ | 1.5 | ||||||
Schedule of derivative instruments that are not designated as hedges in the Consolidated Statement of Income and OCI | ' | ||||||||||||
The following table provides the effect of derivative instruments that are not designated as hedges in the Consolidated Statements of Income and Comprehensive Income (in millions): | |||||||||||||
Gain (Loss) Recognized on Derivatives not designated as hedges in Income: | Year Ended | ||||||||||||
December 31, | |||||||||||||
Account | 2013 | 2012 | 2011 | ||||||||||
Cost of Goods Sold | $ | 0.7 | $ | (0.8 | ) | $ | 0.5 | ||||||
Other income (expense) – net | 1.6 | — | (16.4 | ) | |||||||||
Total | $ | 2.3 | $ | (0.8 | ) | $ | (15.9 | ) | |||||
Schedule of accumulated other comprehensive income (loss) | ' | ||||||||||||
Unrealized net gains (losses), net of tax, included in OCI are as follows (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of period | $ | (0.4 | ) | $ | (3.6 | ) | $ | (2.1 | ) | ||||
Additional gains (losses) – net | 6.1 | (1.9 | ) | (2.3 | ) | ||||||||
Amounts reclassified to earnings | (3.0 | ) | 5.1 | 0.8 | |||||||||
Balance at end of period | $ | 2.7 | $ | (0.4 | ) | $ | (3.6 | ) | |||||
RESTRUCTURING_AND_OTHER_CHARGE1
RESTRUCTURING AND OTHER CHARGES (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Information for all restructuring activities by segment | ' | |||||||||||||||
The following table provides information for all restructuring activities by segment of the amount of expense incurred during the year ended December 31, 2013, the cumulative amount of expenses incurred since inception of the programs and the total amount expected to be incurred (in millions): | ||||||||||||||||
Amount incurred | Cumulative amount | Total amount expected to be incurred | ||||||||||||||
during the year ended | incurred through | |||||||||||||||
31-Dec-13 | 31-Dec-13 | |||||||||||||||
Construction | $ | (0.6 | ) | $ | 13 | $ | 13 | |||||||||
MHPS | 21.5 | 50.1 | 50.1 | |||||||||||||
Total | $ | 20.9 | $ | 63.1 | $ | 63.1 | ||||||||||
Information by type of restructuring activity | ' | |||||||||||||||
The following table provides information by type of restructuring activity with respect to the amount of expense incurred during the year ended December 31, 2013, the cumulative amount of expenses incurred since inception of the programs and the total amount expected to be incurred (in millions): | ||||||||||||||||
Employee | Facility | Asset Disposal and Other Costs | Total | |||||||||||||
Termination Costs | Exit Costs | |||||||||||||||
Amount incurred in the year ended December 31, 2013 | $ | 20.6 | $ | 0.3 | $ | — | $ | 20.9 | ||||||||
Cumulative amount incurred through December 31, 2013 | $ | 46.4 | $ | 6.8 | $ | 9.9 | $ | 63.1 | ||||||||
Total amount expected to be incurred | $ | 46.4 | $ | 6.8 | $ | 9.9 | $ | 63.1 | ||||||||
Roll forward of the restructuring reserve by type of restructuring activity | ' | |||||||||||||||
The following table provides a roll forward of the restructuring reserve by type of restructuring activity for the year ended December 31, 2013 (in millions): | ||||||||||||||||
Employee | Facility | Asset Disposal and Other Costs | Total | |||||||||||||
Termination Costs | Exit Costs | |||||||||||||||
Restructuring reserve at December 31, 2012 | $ | 17.1 | $ | 0.2 | $ | — | $ | 17.3 | ||||||||
Restructuring charges | 20.6 | 0.3 | — | 20.9 | ||||||||||||
Cash expenditures | (12.3 | ) | (0.5 | ) | — | (12.8 | ) | |||||||||
Restructuring reserve at December 31, 2013 | $ | 25.4 | $ | — | $ | — | $ | 25.4 | ||||||||
LONGTERM_OBLIGATIONS_LONG_TERM
LONG-TERM OBLIGATIONS LONG TERM OBLIGATIONS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||||||
Long-term debt is summarized as follows (in millions): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
6-1/2% Senior Notes due April 1, 2020 | $ | 300 | $ | 300 | ||||||||
6% Senior Notes due May 15, 2021 | 850 | 850 | ||||||||||
4% Convertible Senior Subordinated Notes due June 1, 2015 | 116.7 | 109.2 | ||||||||||
2011 Credit Agreement – term debt | 495.3 | 710.1 | ||||||||||
2011 Credit Agreement – revolver | 117.7 | — | ||||||||||
Capital lease obligations | 5 | 5.8 | ||||||||||
Other | 92 | 123.6 | ||||||||||
Total debt | 1,976.70 | 2,098.70 | ||||||||||
Less: Notes payable and current portion of long-term debt | (86.8 | ) | (83.8 | ) | ||||||||
Long-term debt, less current portion | $ | 1,889.90 | $ | 2,014.90 | ||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||||||||
Amounts shown are exclusive of minimum lease payments for capital lease obligations disclosed in Note N – “Lease Commitments” (in millions): | ||||||||||||
2014 | $ | 85.8 | ||||||||||
2015 | 387.2 | |||||||||||
2016 | 15.6 | |||||||||||
2017 | 330.6 | |||||||||||
2018 | 1 | |||||||||||
Thereafter | 1,151.50 | |||||||||||
Total | $ | 1,971.70 | ||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | ' | |||||||||||
Based on indicative price quotations from financial institutions multiplied by the amount recorded on the Company’s Consolidated Balance Sheet (“Book Value”), the Company estimates the fair values (“FV”) of its debt set forth below as of December 31, 2013 and 2012 , as follows (in millions, except for quotes): | ||||||||||||
2013 | Book Value | Quote | FV | |||||||||
6-1/2% Notes | $ | 300 | $ | 1.0675 | $ | 320 | ||||||
6% Notes | $ | 850 | $ | 1.0325 | $ | 878 | ||||||
4% Convertible Notes (net of discount) | $ | 116.7 | $ | 2.62875 | $ | 307 | ||||||
2011 Credit Agreement Term Loan (net of discount) – USD | $ | 340.4 | $ | 1.005 | $ | 342 | ||||||
2011 Credit Agreement Term Loan (net of discount) – EUR | $ | 154.9 | $ | 1.0025 | $ | 155 | ||||||
2012 | Book Value | Quote | FV | |||||||||
6-1/2% Senior Notes | $ | 300 | $ | 1.0625 | $ | 319 | ||||||
6% Notes | $ | 850 | $ | 1.0525 | $ | 895 | ||||||
4% Convertible Notes (net of discount) | $ | 109.2 | $ | 1.83 | $ | 200 | ||||||
2011 Credit Agreement Term Loan (net of discount) – USD | $ | 451 | $ | 1.01 | $ | 456 | ||||||
2011 Credit Agreement Term Loan (net of discount) – EUR | $ | 259.1 | $ | 1 | $ | 259 | ||||||
LEASE_COMMITMENTS_Tables
LEASE COMMITMENTS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Lease Commitments [Abstract] | ' | |||||||
Schedule of Future Minimum Lease Payments for Capital and Noncancellable Operating Leases [Table Text Block] | ' | |||||||
Future minimum capital and noncancellable operating lease payments and the related present value of capital lease payments at December 31, 2013 are as follows (in millions): | ||||||||
Capital | Operating | |||||||
Leases | Leases | |||||||
2014 | $ | 1 | $ | 61.4 | ||||
2015 | 0.8 | 50.9 | ||||||
2016 | 0.7 | 42.2 | ||||||
2017 | 0.8 | 31.1 | ||||||
2018 | 0.9 | 22.1 | ||||||
Thereafter | 1 | 51.8 | ||||||
Total minimum obligations | 5.2 | $ | 259.5 | |||||
Less: amount representing interest | (0.2 | ) | ||||||
Present value of net minimum obligations | 5 | |||||||
Less: current portion | (0.9 | ) | ||||||
Long-term obligations | $ | 4.1 | ||||||
RETIREMENT_PLANS_AND_OTHER_BEN1
RETIREMENT PLANS AND OTHER BENEFITS (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
Information regarding the Company’s plans, including SERP, was as follows (in millions, except percent values): | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Accumulated benefit obligation at end of year | $ | 155.8 | $ | 175.2 | $ | 492.8 | $ | 505.9 | ||||||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 182.3 | $ | 185.1 | $ | 511.6 | $ | 397 | $ | 7.6 | $ | 8 | ||||||||||||||||||||||||
Service cost | 1.1 | 1.2 | 6 | 7.8 | — | — | ||||||||||||||||||||||||||||||
Interest cost | 6.6 | 7.2 | 16.6 | 17 | 0.3 | 0.3 | ||||||||||||||||||||||||||||||
Acquisitions and divestitures | — | — | (4.7 | ) | 12 | — | — | |||||||||||||||||||||||||||||
Actuarial loss (gain) | (17.9 | ) | (0.8 | ) | (20.1 | ) | 88.6 | (1.4 | ) | 0.2 | ||||||||||||||||||||||||||
Benefits paid | (10.0 | ) | (10.4 | ) | (21.2 | ) | (22.7 | ) | (0.7 | ) | (0.9 | ) | ||||||||||||||||||||||||
Foreign exchange effect | — | — | 15.8 | 11.9 | — | — | ||||||||||||||||||||||||||||||
Benefit obligation at end of year | 162.1 | 182.3 | 504 | 511.6 | 5.8 | 7.6 | ||||||||||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 123.6 | 111.4 | 132.5 | 119.7 | — | — | ||||||||||||||||||||||||||||||
Actual return on plan assets | 6.4 | 14.8 | 8.5 | 8.5 | — | — | ||||||||||||||||||||||||||||||
Employer contribution | 5.8 | 7.8 | 18.5 | 21.4 | 0.7 | 0.9 | ||||||||||||||||||||||||||||||
Employee contribution | — | — | 0.6 | 0.5 | — | — | ||||||||||||||||||||||||||||||
Benefits paid | (10.0 | ) | (10.4 | ) | (21.2 | ) | (22.7 | ) | (0.7 | ) | (0.9 | ) | ||||||||||||||||||||||||
Foreign exchange effect | — | — | 3 | 5.1 | — | — | ||||||||||||||||||||||||||||||
Fair value of plan assets at end of year | 125.8 | 123.6 | 141.9 | 132.5 | — | — | ||||||||||||||||||||||||||||||
Funded status | $ | (36.3 | ) | $ | (58.7 | ) | $ | (362.1 | ) | $ | (379.1 | ) | $ | (5.8 | ) | $ | (7.6 | ) | ||||||||||||||||||
Amounts recognized in the statement of financial position consist of: | ||||||||||||||||||||||||||||||||||||
Current liabilities | $ | 0.2 | $ | 0.2 | $ | 15 | $ | 13.3 | $ | 0.8 | $ | 1.1 | ||||||||||||||||||||||||
Non-current liabilities | 36.1 | 58.5 | 347.1 | 365.8 | 5 | 6.5 | ||||||||||||||||||||||||||||||
Total liabilities | $ | 36.3 | $ | 58.7 | $ | 362.1 | $ | 379.1 | $ | 5.8 | $ | 7.6 | ||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income consist of: | ||||||||||||||||||||||||||||||||||||
Actuarial net loss | $ | 60.9 | $ | 80.1 | $ | 93.7 | $ | 116.9 | $ | 0.9 | $ | 2.4 | ||||||||||||||||||||||||
Prior service cost | 0.7 | 0.9 | 0.4 | 0.4 | (0.1 | ) | (0.1 | ) | ||||||||||||||||||||||||||||
Total amounts recognized in accumulated other comprehensive income | $ | 61.6 | $ | 81 | $ | 94.1 | $ | 117.3 | $ | 0.8 | $ | 2.3 | ||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S.Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Weighted-average assumptions as of December 31: | ||||||||||||||||||||||||||||||||||||
Discount rate | 4.64 | % | 3.75 | % | 4 | % | 3.78 | % | 3.39 | % | 4.55 | % | 4.17 | % | 3.75 | % | 4 | % | ||||||||||||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 8 | % | 5.49 | % | 5.59 | % | 5.59 | % | N/A | N/A | N/A | |||||||||||||||||||||
Rate of compensation increase | 3.75 | % | 3.75 | % | 3.75 | % | 1.56 | % | 1.67 | % | 1.75 | % | N/A | N/A | N/A | |||||||||||||||||||||
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Components of net periodic cost: | ||||||||||||||||||||||||||||||||||||
Service cost | $ | 1.1 | $ | 1.2 | $ | 2.1 | $ | 6 | $ | 7.8 | $ | 4.4 | $ | — | $ | — | $ | — | ||||||||||||||||||
Interest cost | 6.6 | 7.2 | 8.2 | 16.6 | 17 | 12.8 | 0.3 | 0.3 | 0.4 | |||||||||||||||||||||||||||
Expected return on plan assets | (9.0 | ) | (8.8 | ) | (8.3 | ) | (7.0 | ) | (6.8 | ) | (6.0 | ) | — | — | — | |||||||||||||||||||||
Recognition of prior service cost | 0.1 | 0.1 | 0.2 | — | 10.8 | — | — | — | — | |||||||||||||||||||||||||||
Amortization of actuarial loss | 4 | 4.8 | 3.3 | 5.3 | 0.4 | 0.3 | 0.1 | — | — | |||||||||||||||||||||||||||
Other costs | — | — | — | (0.6 | ) | (0.5 | ) | (0.2 | ) | — | — | — | ||||||||||||||||||||||||
Net periodic cost | $ | 2.8 | $ | 4.5 | $ | 5.5 | $ | 20.3 | $ | 28.7 | $ | 11.3 | $ | 0.4 | $ | 0.3 | $ | 0.4 | ||||||||||||||||||
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | ||||||||||||||||||||||||||||||||||||
Net (gain) loss | $ | (15.3 | ) | $ | (6.8 | ) | $ | (21.6 | ) | $ | 86.9 | $ | (1.4 | ) | $ | 0.2 | ||||||||||||||||||||
Amortization of actuarial losses | (4.0 | ) | (4.8 | ) | (5.5 | ) | (0.7 | ) | (0.1 | ) | (0.2 | ) | ||||||||||||||||||||||||
Amortization of prior service cost | (0.1 | ) | (0.1 | ) | — | — | — | — | ||||||||||||||||||||||||||||
Foreign exchange effect | — | — | 3.9 | 3.8 | — | — | ||||||||||||||||||||||||||||||
Total recognized in other comprehensive income | $ | (19.4 | ) | $ | (11.7 | ) | $ | (23.2 | ) | $ | 90 | $ | (1.5 | ) | $ | — | ||||||||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
U.S. Pension | Non-U.S. Pension Benefits | Other | ||||||||||||||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||||||||||||||
Amounts expected to be recognized as components of net periodic cost for the year ending December 31, 2014: | ||||||||||||||||||||||||||||||||||||
Actuarial net loss | $ | 2.8 | $ | 3.2 | $ | 0.1 | ||||||||||||||||||||||||||||||
Prior service cost | 0.1 | — | — | |||||||||||||||||||||||||||||||||
Total amount expected to be recognized as components of net periodic cost for the year ending December 31, 2014 | $ | 2.9 | $ | 3.2 | $ | 0.1 | ||||||||||||||||||||||||||||||
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
For the Company’s plans, including the SERP, that have accumulated benefit obligations in excess of plan assets the projected benefit obligation, accumulated benefit obligation and fair value of plan assets were (in millions): | ||||||||||||||||||||||||||||||||||||
U.S. Pension | Non-U.S. Pension Benefits | |||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 162.1 | $ | 182.3 | $ | 504 | $ | 511.6 | ||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 155.8 | $ | 175.2 | $ | 492.8 | $ | 505.9 | ||||||||||||||||||||||||||||
Fair value of plan assets | $ | 125.8 | $ | 123.6 | $ | 141.9 | $ | 132.5 | ||||||||||||||||||||||||||||
Schedule of Fair Value of Plan Assets by Measurement Levels [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
The fair value of cash in the table below is based on price quotations in an active market and therefore categorized under Level 1 of the ASC 820 hierarchy. The fair value of the investment funds is priced on the market value of the underlying investments in the portfolio and therefore categorized as Level 2 of the ASC 820 hierarchy. See Note A – “Basis of Presentation,” for an explanation of the ASC 820 hierarchy. | ||||||||||||||||||||||||||||||||||||
The fair value of the Company’s plan assets at December 31, 2013 are as follows (in millions): | ||||||||||||||||||||||||||||||||||||
U.S. Pension Plan | Non-U.S. Pension Plans | |||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||||||||||||||||||
Cash, including money market funds | $ | 9.4 | $ | 9.4 | $ | — | $ | 3.5 | $ | 3.5 | $ | — | ||||||||||||||||||||||||
U.S. equities | 25 | — | 25 | 8.4 | — | 8.4 | ||||||||||||||||||||||||||||||
Non-U.S. equities | 10.2 | — | 10.2 | 35 | — | 35 | ||||||||||||||||||||||||||||||
U.S. corporate bonds | 56.9 | — | 56.9 | 1 | — | 1 | ||||||||||||||||||||||||||||||
Non-U.S. corporate bonds | — | — | — | 28 | — | 28 | ||||||||||||||||||||||||||||||
U.S. government securities | 18.1 | — | 18.1 | 0.1 | — | 0.1 | ||||||||||||||||||||||||||||||
Non-U.S. government securities | 0.8 | — | 0.8 | 42.7 | — | 42.7 | ||||||||||||||||||||||||||||||
Real estate | — | — | — | 9 | — | 9 | ||||||||||||||||||||||||||||||
Other securities | 5.4 | — | 5.4 | 14.2 | — | 14.2 | ||||||||||||||||||||||||||||||
Total investments measured at fair value | $ | 125.8 | $ | 9.4 | $ | 116.4 | $ | 141.9 | $ | 3.5 | $ | 138.4 | ||||||||||||||||||||||||
The fair value of the Company’s plan assets at December 31, 2012 are as follows (in millions): | ||||||||||||||||||||||||||||||||||||
U.S. Pension Plan | Non-U.S. Pension Plans | |||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||||||||||||||||||
Cash, including money market funds | $ | 4.7 | $ | 4.7 | $ | — | $ | 5.6 | $ | 5.6 | $ | — | ||||||||||||||||||||||||
U.S. equities | 30.6 | — | 30.6 | 8.2 | — | 8.2 | ||||||||||||||||||||||||||||||
Non-U.S. equities | 10.6 | — | 10.6 | 29.8 | — | 29.8 | ||||||||||||||||||||||||||||||
U.S. corporate bonds | 55.4 | — | 55.4 | 1 | — | 1 | ||||||||||||||||||||||||||||||
Non-U.S. corporate bonds | — | — | — | 26.5 | — | 26.5 | ||||||||||||||||||||||||||||||
U.S. government securities | 16.9 | — | 16.9 | — | — | — | ||||||||||||||||||||||||||||||
Non-U.S. government securities | 0.8 | — | 0.8 | 40.8 | — | 40.8 | ||||||||||||||||||||||||||||||
Real estate | — | — | — | 7.9 | — | 7.9 | ||||||||||||||||||||||||||||||
Other securities | 4.6 | — | 4.6 | 12.7 | — | 12.7 | ||||||||||||||||||||||||||||||
Total investments measured at fair value | $ | 123.6 | $ | 4.7 | $ | 118.9 | $ | 132.5 | $ | 5.6 | $ | 126.9 | ||||||||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
The Company’s estimated future benefit payments under its plans are as follows (in millions): | ||||||||||||||||||||||||||||||||||||
Year Ending December 31, | U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||
2014 | $ | 10.1 | $ | 21.4 | $ | 0.8 | ||||||||||||||||||||||||||||||
2015 | $ | 11.1 | $ | 20.7 | $ | 0.7 | ||||||||||||||||||||||||||||||
2016 | $ | 11 | $ | 21.2 | $ | 0.6 | ||||||||||||||||||||||||||||||
2017 | $ | 11 | $ | 22.6 | $ | 0.5 | ||||||||||||||||||||||||||||||
2018 | $ | 11 | $ | 23 | $ | 0.4 | ||||||||||||||||||||||||||||||
2019-2023 | $ | 54.5 | $ | 124 | $ | 1.9 | ||||||||||||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
A one-percentage-point change in assumed health care cost trend rates would have the following effects (in millions): | ||||||||||||||||||||||||||||||||||||
1-Percentage- | 1-Percentage- | |||||||||||||||||||||||||||||||||||
Point Increase | Point Decrease | |||||||||||||||||||||||||||||||||||
Effect on total service and interest cost components | $ | 0.2 | $ | (0.2 | ) | |||||||||||||||||||||||||||||||
Effect on postretirement benefit obligation | $ | 1.3 | $ | (1.0 | ) | |||||||||||||||||||||||||||||||
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||||||
The following table is a summary of stock options under all of the Company’s plans. | |||||||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||||||
per Share | Contractual | ||||||||||||||||||||
Life (in years) | |||||||||||||||||||||
Outstanding at December 31, 2012 | 519,224 | $ | 23 | ||||||||||||||||||
Exercised | (302,667 | ) | $ | 11.47 | |||||||||||||||||
Canceled or expired | (7,000 | ) | $ | 44.96 | |||||||||||||||||
Outstanding at December 31, 2013 | 209,557 | $ | 38.92 | 1.84 | $ | 1.45 | |||||||||||||||
Exercisable at December 31, 2013 | 209,557 | $ | 38.92 | 1.84 | $ | 1.45 | |||||||||||||||
Vested at December 31, 2013 | 209,557 | $ | 38.92 | 1.84 | $ | 1.45 | |||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||||||
The following table presents the weighted-average assumptions used in the valuations: | |||||||||||||||||||||
27-Feb-13 | 29-Feb-12 | 27-Mar-12 | 22-Mar-11 | ||||||||||||||||||
Dividend yields | —% | —% | —% | —% | |||||||||||||||||
Expected volatility | 60.03% | 59.15% | 56.83% | 80.29% | |||||||||||||||||
Risk free interest rate | 0.35% | 0.41% | 0.47% | 1.04% | |||||||||||||||||
Expected life (in years) | 3 | 3 | 3 | 3 | |||||||||||||||||
Grant date fair value per share | $32.96 | $32.58 | $29.50 | $41.96 | |||||||||||||||||
Schedule of Share-based Compensation Restricted Stock Awards Activity [Table Text Block] | ' | ||||||||||||||||||||
The following table is a summary of restricted stock awards under all of the Company’s plans: | |||||||||||||||||||||
Restricted Stock | Weighted | ||||||||||||||||||||
Awards | Average Grant | ||||||||||||||||||||
Date Fair Value | |||||||||||||||||||||
Nonvested at December 31, 2012 | 3,272,719 | $ | 25.17 | ||||||||||||||||||
Granted | 1,353,279 | $ | 33.84 | ||||||||||||||||||
Vested | (729,921 | ) | $ | 26.08 | |||||||||||||||||
Canceled or expired | (174,653 | ) | $ | 25.94 | |||||||||||||||||
Nonvested at December 31, 2013 | 3,721,424 | $ | 26.14 | ||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) Attributable to Parent [Table Text Block] | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) Attributable to Terex Corporation | |||||||||||||||||||||
Pension | Cumulative | Derivative | Debt & Equity | Accumulated | |||||||||||||||||
Liability | Translation | Hedging | Securities | Other | |||||||||||||||||
Adjustment | Adjustment | Adjustment | Adjustment | Comprehensive | |||||||||||||||||
Income (Loss) | |||||||||||||||||||||
Balance at January 1, 2011 | $ | (59.7 | ) | $ | 61.4 | $ | (2.1 | ) | $ | 100.8 | $ | 100.4 | |||||||||
Current year change | (23.5 | ) | (101.0 | ) | (1.5 | ) | (99.9 | ) | (225.9 | ) | |||||||||||
Balance at December 31, 2011 | (83.2 | ) | (39.6 | ) | (3.6 | ) | 0.9 | (125.5 | ) | ||||||||||||
Current year change | (56.5 | ) | 53.7 | 3.2 | 1 | 1.4 | |||||||||||||||
Balance at December 31, 2012 | (139.7 | ) | 14.1 | (0.4 | ) | 1.9 | (124.1 | ) | |||||||||||||
Current year change | 28.4 | (22.0 | ) | 3.1 | (1.9 | ) | 7.6 | ||||||||||||||
Balance at December 31, 2013 | $ | (111.3 | ) | $ | (7.9 | ) | $ | 2.7 | $ | — | $ | (116.5 | ) | ||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest [Table Text Block] | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest | |||||||||||||||||||||
Pension | Cumulative | Derivative | Debt & Equity | Accumulated | |||||||||||||||||
Liability | Translation | Hedging | Securities | Other | |||||||||||||||||
Adjustment | Adjustment | Adjustment | Adjustment | Comprehensive | |||||||||||||||||
Income (Loss) | |||||||||||||||||||||
Balance at January 1, 2011 | $ | — | $ | 0.9 | $ | — | $ | — | $ | 0.9 | |||||||||||
Current year change | — | (0.9 | ) | — | — | (0.9 | ) | ||||||||||||||
Balance at December 31, 2011 | — | — | — | — | — | ||||||||||||||||
Current year change | — | 0.5 | — | — | 0.5 | ||||||||||||||||
Balance at December 31, 2012 | — | 0.5 | — | — | 0.5 | ||||||||||||||||
Current year change | — | 0.4 | — | — | 0.4 | ||||||||||||||||
Balance at December 31, 2013 | $ | — | $ | 0.9 | $ | — | $ | — | $ | 0.9 | |||||||||||
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||
Pension | Cumulative | Derivative | Debt & Equity | Accumulated | |||||||||||||||||
Liability | Translation | Hedging | Securities | Other | |||||||||||||||||
Adjustment | Adjustment | Adjustment | Adjustment | Comprehensive | |||||||||||||||||
Income (Loss) | |||||||||||||||||||||
Balance at January 1, 2011 | $ | (59.7 | ) | $ | 62.3 | $ | (2.1 | ) | $ | 100.8 | $ | 101.3 | |||||||||
Current year change | (23.5 | ) | (101.9 | ) | (1.5 | ) | (99.9 | ) | (226.8 | ) | |||||||||||
Balance at December 31, 2011 | (83.2 | ) | (39.6 | ) | (3.6 | ) | 0.9 | (125.5 | ) | ||||||||||||
Current year change | (56.5 | ) | 54.2 | 3.2 | 1 | 1.9 | |||||||||||||||
Balance at December 31, 2012 | (139.7 | ) | 14.6 | (0.4 | ) | 1.9 | (123.6 | ) | |||||||||||||
Current year change | 28.4 | (21.6 | ) | 3.1 | (1.9 | ) | 8 | ||||||||||||||
Balance at December 31, 2013 | $ | (111.3 | ) | $ | (7.0 | ) | $ | 2.7 | $ | — | $ | (115.6 | ) | ||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income | |||||||||||||||||||||
The table below presents changes in AOCI by component for the year ended ended December 31, 2013. All amounts are net of tax (in millions). | |||||||||||||||||||||
Pension Liability Adjustments | Cumulative Translation Adjustments | Derivative Hedging Adjustments | Debt & Equity | Total | |||||||||||||||||
Securities | |||||||||||||||||||||
Adjustment | |||||||||||||||||||||
Beginning balance - January 1, 2013 | $ | (139.7 | ) | $ | 14.6 | $ | (0.4 | ) | $ | 1.9 | $ | (123.6 | ) | ||||||||
Other comprehensive income before reclassifications | 21.9 | (19.0 | ) | 6.1 | — | 9 | |||||||||||||||
Amounts reclassified from AOCI (1) | 6.5 | (2.6 | ) | (3.0 | ) | (1.9 | ) | (1.0 | ) | ||||||||||||
Net Other Comprehensive Income (Loss) | 28.4 | (21.6 | ) | 3.1 | (1.9 | ) | 8 | ||||||||||||||
Ending balance - December 31, 2013 | $ | (111.3 | ) | $ | (7.0 | ) | $ | 2.7 | $ | — | $ | (115.6 | ) | ||||||||
(1) See table on the next page for details about these reclassifications. | |||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||||||||
The table below presents reclassifications out of AOCI for the year ended ended December 31, 2013 (in millions). | |||||||||||||||||||||
Year Ended | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Details about AOCI components | Amount reclassified from AOCI | Affected line item in the statement where net income is presented | |||||||||||||||||||
Pension liability adjustment: | |||||||||||||||||||||
Actuarial gain (losses) | $ | (9.6 | ) | (1) | |||||||||||||||||
3.1 | (Provision for) benefit from income taxes | ||||||||||||||||||||
$ | (6.5 | ) | Net of tax | ||||||||||||||||||
Cumulative translation adjustments: | |||||||||||||||||||||
Gain on sale of business | $ | 2.5 | Other income (expense) - net | ||||||||||||||||||
0.1 | (Provision for) benefit from income taxes | ||||||||||||||||||||
$ | 2.6 | Net of tax | |||||||||||||||||||
Derivative hedging adjustment: | |||||||||||||||||||||
Foreign exchange contracts | $ | 1.2 | Cost of goods sold | ||||||||||||||||||
3.4 | Other income (expense) - net | ||||||||||||||||||||
(1.6 | ) | (Provision for) benefit from income taxes | |||||||||||||||||||
$ | 3 | Net of tax | |||||||||||||||||||
Unrealized gains and losses on debt and equity securities: | |||||||||||||||||||||
Gain on sale of securities | $ | 2.5 | Other income (expense) - net | ||||||||||||||||||
(0.6 | ) | (Provision for) benefit from income taxes | |||||||||||||||||||
$ | 1.9 | Net of tax | |||||||||||||||||||
Total reclassifications | $ | 1 | Net of tax | ||||||||||||||||||
(1) These AOCI components are included in the computation of net periodic benefit cost. See Note O - Retirement Plans and Other Benefits for additional details. | |||||||||||||||||||||
Redeemable Noncontrolling Interest [Table Text Block] | ' | ||||||||||||||||||||
The following is a summary of redeemable noncontrolling interest as of December 31, 2013 and 2012 (in millions): | |||||||||||||||||||||
Balance at January 1, 2012 | $ | — | |||||||||||||||||||
Reclassification from noncontrolling interest (as of April 18, 2012) | 247.5 | ||||||||||||||||||||
Adjustment for maximum redemption value | 12.5 | ||||||||||||||||||||
Redemptions | (3.6 | ) | |||||||||||||||||||
Accrued guaranteed payment obligation | 11.3 | ||||||||||||||||||||
Foreign currency translation | (20.8 | ) | |||||||||||||||||||
Balance at December 31, 2012 | $ | 246.9 | |||||||||||||||||||
Redemptions and Purchases | (174.1 | ) | |||||||||||||||||||
Accrued guaranteed payment obligation | 3.7 | ||||||||||||||||||||
Payments of guaranteed obligations | (18.4 | ) | |||||||||||||||||||
Reversal of guaranteed obligations | (5.7 | ) | |||||||||||||||||||
Foreign currency translation | 1.5 | ||||||||||||||||||||
Balance at December 31, 2013 | $ | 53.9 | |||||||||||||||||||
CONSOLIDATING_FINANCIAL_STATEM1
CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Income Statement [Table Text Block] | ' | |||||||||||||||||||
TEREX CORPORATION | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2013 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Terex | Wholly-owned | Non-guarantor | Intercompany | Consolidated | ||||||||||||||||
Corporation | Guarantors | Subsidiaries | Eliminations | |||||||||||||||||
Net sales | $ | 173.2 | $ | 3,156.10 | $ | 4,814.20 | $ | (1,059.5 | ) | $ | 7,084.00 | |||||||||
Cost of goods sold | (162.3 | ) | (2,542.4 | ) | (3,999.3 | ) | 1,059.50 | (5,644.5 | ) | |||||||||||
Gross profit | 10.9 | 613.7 | 814.9 | — | 1,439.50 | |||||||||||||||
Selling, general and administrative expenses | (23.9 | ) | (234.1 | ) | (762.4 | ) | — | (1,020.4 | ) | |||||||||||
Income (loss) from operations | (13.0 | ) | 379.6 | 52.5 | — | 419.1 | ||||||||||||||
Interest income | 272.4 | 337.8 | 11.9 | (615.4 | ) | 6.7 | ||||||||||||||
Interest expense | (431.6 | ) | (151.1 | ) | (158.8 | ) | 615.4 | (126.1 | ) | |||||||||||
Income (loss) from subsidiaries | 392.6 | 35 | (0.6 | ) | (427.0 | ) | — | |||||||||||||
Loss on early extinguishment of debt | — | — | (5.2 | ) | — | (5.2 | ) | |||||||||||||
Other income (expense) – net | (57.4 | ) | 3.6 | 50.6 | — | (3.2 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | 163 | 604.9 | (49.6 | ) | (427.0 | ) | 291.3 | |||||||||||||
(Provision for) benefit from income taxes | 50.6 | (125.6 | ) | (12.4 | ) | — | (87.4 | ) | ||||||||||||
Income (loss) from continuing operations | 213.6 | 479.3 | (62.0 | ) | (427.0 | ) | 203.9 | |||||||||||||
Income from discontinued operations – net of tax | 12.8 | — | 1.6 | — | 14.4 | |||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | (0.4 | ) | — | 3 | — | 2.6 | ||||||||||||||
Net income (loss) | 226 | 479.3 | (57.4 | ) | (427.0 | ) | 220.9 | |||||||||||||
Net loss attributable to noncontrolling interest | — | — | 5.1 | — | 5.1 | |||||||||||||||
Net income (loss) attributable to Terex Corporation | $ | 226 | $ | 479.3 | $ | (52.3 | ) | $ | (427.0 | ) | $ | 226 | ||||||||
Comprehensive income (loss), net of tax | $ | 233.6 | $ | 484.3 | $ | (95.7 | ) | $ | (393.3 | ) | $ | 228.9 | ||||||||
Comprehensive loss (income) attributable to noncontrolling interest | — | — | 4.7 | — | 4.7 | |||||||||||||||
Comprehensive income (loss) attributable to Terex Corporation | $ | 233.6 | $ | 484.3 | $ | (91.0 | ) | $ | (393.3 | ) | $ | 233.6 | ||||||||
TEREX CORPORATION | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2012 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Terex | Wholly-owned | Non-guarantor | Intercompany | Consolidated | ||||||||||||||||
Corporation | Guarantors | Subsidiaries | Eliminations | |||||||||||||||||
Net sales | $ | 195.8 | $ | 2,656.10 | $ | 4,992.80 | $ | (862.5 | ) | $ | 6,982.20 | |||||||||
Cost of goods sold | (177.3 | ) | (2,226.5 | ) | (4,040.8 | ) | 862.5 | (5,582.1 | ) | |||||||||||
Gross profit | 18.5 | 429.6 | 952 | — | 1,400.10 | |||||||||||||||
Selling, general and administrative expenses | (31.9 | ) | (208.2 | ) | (793.2 | ) | — | (1,033.3 | ) | |||||||||||
Income (loss) from operations | (13.4 | ) | 221.4 | 158.8 | — | 366.8 | ||||||||||||||
Interest income | 225.5 | 258.2 | 10.6 | (485.5 | ) | 8.8 | ||||||||||||||
Interest expense | (364.3 | ) | (109.3 | ) | (176.5 | ) | 485.5 | (164.6 | ) | |||||||||||
Income (loss) from subsidiaries | 310.3 | (4.1 | ) | (0.6 | ) | (305.6 | ) | — | ||||||||||||
Loss on early extinguishment of debt | (79.6 | ) | — | (3.4 | ) | — | (83.0 | ) | ||||||||||||
Other income (expense) – net | (33.1 | ) | 32.4 | (1.0 | ) | — | (1.7 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes | 45.4 | 398.6 | (12.1 | ) | (305.6 | ) | 126.3 | |||||||||||||
(Provision for) benefit from income taxes | 50.2 | (76.3 | ) | (25.4 | ) | — | (51.5 | ) | ||||||||||||
Income (loss) from continuing operations | 95.6 | 322.3 | (37.5 | ) | (305.6 | ) | 74.8 | |||||||||||||
Income (loss) from discontinued operations – net of tax | 12.1 | — | 16.3 | — | 28.4 | |||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | (1.9 | ) | — | 2.3 | — | 0.4 | ||||||||||||||
Net income (loss) | 105.8 | 322.3 | (18.9 | ) | (305.6 | ) | 103.6 | |||||||||||||
Net loss attributable to noncontrolling interest | — | — | 2.2 | — | 2.2 | |||||||||||||||
Net income (loss) attributable to Terex Corporation | $ | 105.8 | $ | 322.3 | $ | (16.7 | ) | $ | (305.6 | ) | $ | 105.8 | ||||||||
Comprehensive income (loss), net of tax | 107.2 | 323.3 | (69.0 | ) | (256.0 | ) | 105.5 | |||||||||||||
Comprehensive loss (income) attributable to noncontrolling interest | — | — | 1.7 | — | 1.7 | |||||||||||||||
Comprehensive income (loss) attributable to Terex Corporation | $ | 107.2 | $ | 323.3 | $ | (67.3 | ) | $ | (256.0 | ) | $ | 107.2 | ||||||||
TEREX CORPORATION | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2011 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Terex | Wholly-owned | Non-guarantor | Intercompany | Consolidated | ||||||||||||||||
Corporation | Guarantors | Subsidiaries | Eliminations | |||||||||||||||||
Net sales | $ | 301 | $ | 2,340.80 | $ | 4,390.50 | $ | (874.3 | ) | $ | 6,158.00 | |||||||||
Cost of goods sold | (276.1 | ) | (2,044.1 | ) | (3,788.6 | ) | 874.3 | (5,234.5 | ) | |||||||||||
Gross profit | 24.9 | 296.7 | 601.9 | — | 923.5 | |||||||||||||||
Selling, general and administrative expenses | (26.9 | ) | (226.3 | ) | (610.4 | ) | — | (863.6 | ) | |||||||||||
Income (loss) from operations | (2.0 | ) | 70.4 | (8.5 | ) | — | 59.9 | |||||||||||||
Interest income | 161.1 | 201.1 | 15.1 | (363.0 | ) | 14.3 | ||||||||||||||
Interest expense | (302.1 | ) | (74.4 | ) | (121.4 | ) | 363 | (134.9 | ) | |||||||||||
Income (loss) from subsidiaries | 71.1 | (7.7 | ) | (0.8 | ) | (62.6 | ) | — | ||||||||||||
Loss on early extinguishment of debt | (7.7 | ) | — | — | — | (7.7 | ) | |||||||||||||
Other income (expense) – net | 93.2 | (11.2 | ) | 52 | — | 134 | ||||||||||||||
Income (loss) from continuing operations before income taxes | 13.6 | 178.2 | (63.6 | ) | (62.6 | ) | 65.6 | |||||||||||||
(Provision for) benefit from income taxes | 20.7 | (66.9 | ) | 0.8 | — | (45.4 | ) | |||||||||||||
Income (loss) from continuing operations | 34.3 | 111.3 | (62.8 | ) | (62.6 | ) | 20.2 | |||||||||||||
Income (loss) from discontinued operations – net of tax | 13.2 | — | 6.5 | — | 19.7 | |||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | (2.3 | ) | — | 3.1 | — | 0.8 | ||||||||||||||
Net income (loss) | 45.2 | 111.3 | (53.2 | ) | (62.6 | ) | 40.7 | |||||||||||||
Net income attributable to noncontrolling interest | — | — | 4.5 | — | 4.5 | |||||||||||||||
Net income (loss) attributable to Terex Corporation | $ | 45.2 | $ | 111.3 | $ | (48.7 | ) | $ | (62.6 | ) | $ | 45.2 | ||||||||
Comprehensive income (loss), net of tax | $ | (180.7 | ) | $ | 140.7 | $ | (113.1 | ) | $ | (33.0 | ) | $ | (186.1 | ) | ||||||
Comprehensive loss (income) attributable to noncontrolling interest | — | — | 5.4 | — | 5.4 | |||||||||||||||
Comprehensive income (loss) attributable to Terex Corporation | $ | (180.7 | ) | $ | 140.7 | $ | (107.7 | ) | $ | (33.0 | ) | $ | (180.7 | ) | ||||||
Condensed consolidating balance sheet | ' | |||||||||||||||||||
TEREX CORPORATION | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
DECEMBER 31, 2013 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Terex | Wholly-owned | Non-guarantor | Intercompany | Consolidated | ||||||||||||||||
Corporation | Guarantors | Subsidiaries | Eliminations | |||||||||||||||||
Assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 16.3 | $ | 3.9 | $ | 387.9 | $ | — | $ | 408.1 | ||||||||||
Trade receivables – net | 34.9 | 328.2 | 813.7 | — | 1,176.80 | |||||||||||||||
Intercompany receivables | 52.8 | 121.8 | 124 | (298.6 | ) | — | ||||||||||||||
Inventories | 28.6 | 392.6 | 1,192.00 | — | 1,613.20 | |||||||||||||||
Other current assets | 90.4 | 40.7 | 180.9 | — | 312 | |||||||||||||||
Current assets – discontinued operations | 21.3 | — | 108 | — | 129.3 | |||||||||||||||
Total current assets | 244.3 | 887.2 | 2,806.50 | (298.6 | ) | 3,639.40 | ||||||||||||||
Property, plant and equipment – net | 72.5 | 118.6 | 598.3 | — | 789.4 | |||||||||||||||
Goodwill | — | 170.1 | 1,075.50 | — | 1,245.60 | |||||||||||||||
Non-current intercompany receivables | 1,586.40 | 2,157.80 | 42 | (3,786.2 | ) | — | ||||||||||||||
Investment in and advances to (from) subsidiaries | 3,874.90 | 191.7 | 162.3 | (4,138.9 | ) | 90 | ||||||||||||||
Other assets | 36.7 | 178.2 | 541.8 | — | 756.7 | |||||||||||||||
Non-current assets – discontinued operations | 1.2 | — | 14.4 | — | 15.6 | |||||||||||||||
Total assets | $ | 5,816.00 | $ | 3,703.60 | $ | 5,240.80 | $ | (8,223.7 | ) | $ | 6,536.70 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Notes payable and current portion of long-term debt | $ | 3.7 | $ | 0.7 | $ | 82.4 | $ | — | $ | 86.8 | ||||||||||
Trade accounts payable | 14 | 221.7 | 453.4 | — | 689.1 | |||||||||||||||
Intercompany payables | 46.9 | 97.2 | 154.5 | (298.6 | ) | — | ||||||||||||||
Accruals and other current liabilities | 68.1 | 130.9 | 703.7 | — | 902.7 | |||||||||||||||
Current liabilities – discontinued operations | 3.9 | — | 42.2 | — | 46.1 | |||||||||||||||
Total current liabilities | 136.6 | 450.5 | 1,436.20 | (298.6 | ) | 1,724.70 | ||||||||||||||
Long-term debt, less current portion | 1,271.00 | 4.8 | 614.1 | — | 1,889.90 | |||||||||||||||
Non-current intercompany payables | 2,143.20 | 41.8 | 1,601.20 | (3,786.2 | ) | — | ||||||||||||||
Other non-current liabilities | 75.1 | 27.1 | 545.5 | — | 647.7 | |||||||||||||||
Non-current liabilities – discontinued operations | — | — | 5.7 | — | 5.7 | |||||||||||||||
Redeemable noncontrolling interest | — | — | 53.9 | — | 53.9 | |||||||||||||||
Total stockholders’ equity | 2,190.10 | 3,179.40 | 984.2 | (4,138.9 | ) | 2,214.80 | ||||||||||||||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | $ | 5,816.00 | $ | 3,703.60 | $ | 5,240.80 | $ | (8,223.7 | ) | $ | 6,536.70 | |||||||||
TEREX CORPORATION | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
DECEMBER 31, 2012 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Terex | Wholly-owned | Non-guarantor | Intercompany | Consolidated | ||||||||||||||||
Corporation | Guarantors | Subsidiaries | Eliminations | |||||||||||||||||
Assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 39.6 | $ | 0.4 | $ | 638 | $ | — | $ | 678 | ||||||||||
Trade receivables – net | 25.8 | 214 | 786.8 | — | 1,026.60 | |||||||||||||||
Intercompany receivables | 95.2 | 142.5 | 68.4 | (306.1 | ) | — | ||||||||||||||
Inventories | 28.5 | 387.6 | 1,216.10 | — | 1,632.20 | |||||||||||||||
Other current assets | 102.1 | 37.2 | 180.3 | — | 319.6 | |||||||||||||||
Current assets – discontinued operations | 28 | — | 113 | — | 141 | |||||||||||||||
Total current assets | 319.2 | 781.7 | 3,002.60 | (306.1 | ) | 3,797.40 | ||||||||||||||
Property, plant and equipment – net | 69.7 | 110.8 | 626.3 | — | 806.8 | |||||||||||||||
Goodwill | — | 149.6 | 1,095.70 | — | 1,245.30 | |||||||||||||||
Non-current intercompany receivables | 1,294.80 | 1,562.50 | 39.6 | (2,896.9 | ) | — | ||||||||||||||
Investment in and advances to (from) subsidiaries | 3,294.00 | 157.3 | 66.1 | (3,430.9 | ) | 86.5 | ||||||||||||||
Other assets | 54.3 | 178.8 | 565.6 | — | 798.7 | |||||||||||||||
Non-current assets – discontinued operations | — | — | 11.5 | — | 11.5 | |||||||||||||||
Total assets | $ | 5,032.00 | $ | 2,940.70 | $ | 5,407.40 | $ | (6,633.9 | ) | $ | 6,746.20 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Notes payable and current portion of long-term debt | $ | 4.6 | $ | 0.1 | $ | 79.1 | $ | — | $ | 83.8 | ||||||||||
Trade accounts payable | 10.7 | 157.2 | 432.3 | — | 600.2 | |||||||||||||||
Intercompany payables | 15.7 | 61 | 229.4 | (306.1 | ) | — | ||||||||||||||
Accruals and other current liabilities | 97.1 | 125.9 | 754.5 | — | 977.5 | |||||||||||||||
Current liabilities – discontinued operations | 3.5 | — | 43.8 | — | 47.3 | |||||||||||||||
Total current liabilities | 131.6 | 344.2 | 1,539.10 | (306.1 | ) | 1,708.80 | ||||||||||||||
Long-term debt, less current portion | 1,254.60 | 1.7 | 758.6 | — | 2,014.90 | |||||||||||||||
Non-current intercompany payables | 1,516.80 | 41.8 | 1,338.30 | (2,896.9 | ) | — | ||||||||||||||
Other non-current liabilities | 121.3 | 33.3 | 584.1 | — | 738.7 | |||||||||||||||
Non-current liabilities – discontinued operations | — | — | 5.6 | — | 5.6 | |||||||||||||||
Redeemable non-controlling interest | — | — | 246.9 | — | 246.9 | |||||||||||||||
Total stockholders’ equity | 2,007.70 | 2,519.70 | 934.8 | (3,430.9 | ) | 2,031.30 | ||||||||||||||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | $ | 5,032.00 | $ | 2,940.70 | $ | 5,407.40 | $ | (6,633.9 | ) | $ | 6,746.20 | |||||||||
Condensed consolidating statement of cash flows | ' | |||||||||||||||||||
TEREX CORPORATION | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2013 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Terex | Wholly-owned | Non-guarantor | Intercompany | Consolidated | ||||||||||||||||
Corporation | Guarantors | Subsidiaries | Eliminations | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | (244.1 | ) | $ | 599.9 | $ | 7.7 | $ | (175.0 | ) | $ | 188.5 | ||||||||
Cash flows from investing activities | ||||||||||||||||||||
Capital expenditures | (9.4 | ) | (24.5 | ) | (48.9 | ) | — | (82.8 | ) | |||||||||||
Proceeds from sale of assets | 4.4 | 35.1 | 6.6 | — | 46.1 | |||||||||||||||
Intercompany investing activities (1) | 253.1 | (18.7 | ) | (0.6 | ) | (233.8 | ) | — | ||||||||||||
Other investing activities, net | (2.8 | ) | — | 2.1 | — | (0.7 | ) | |||||||||||||
Net cash provided by (used in) investing activities | 245.3 | (8.1 | ) | (40.8 | ) | (233.8 | ) | (37.4 | ) | |||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Repayments of debt | (54.0 | ) | (0.1 | ) | (517.7 | ) | — | (571.8 | ) | |||||||||||
Proceeds from issuance of debt | 61.8 | 3.8 | 359.6 | — | 425.2 | |||||||||||||||
Purchase of noncontrolling interest | — | — | (228.1 | ) | — | (228.1 | ) | |||||||||||||
Distributions to noncontrolling interest | — | — | (18.5 | ) | — | (18.5 | ) | |||||||||||||
Intercompany financing activities (1) | — | (592.0 | ) | 183.2 | 408.8 | — | ||||||||||||||
Share repurchases | (31.4 | ) | — | — | — | (31.4 | ) | |||||||||||||
Dividends paid | (5.5 | ) | — | — | — | (5.5 | ) | |||||||||||||
Other financing activities, net | 4.6 | — | 5.4 | — | 10 | |||||||||||||||
Net cash provided by (used in) financing activities | (24.5 | ) | (588.3 | ) | (216.1 | ) | 408.8 | (420.1 | ) | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (0.9 | ) | — | (0.9 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | (23.3 | ) | 3.5 | (250.1 | ) | — | (269.9 | ) | ||||||||||||
Cash and cash equivalents, beginning of period | 39.6 | 0.4 | 638 | — | 678 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 16.3 | $ | 3.9 | $ | 387.9 | $ | — | $ | 408.1 | ||||||||||
-1 | Intercompany investing and financing activities include cash pooling activity between Terex Corporation and Wholly-Owned Guarantors. | |||||||||||||||||||
TEREX CORPORATION | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2012 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Terex | Wholly-owned | Non-guarantor | Intercompany | Consolidated | ||||||||||||||||
Corporation | Guarantors | Subsidiaries | Eliminations | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | (15.5 | ) | $ | 136.5 | $ | 171.3 | $ | — | $ | 292.3 | |||||||||
Cash flows from investing activities | ||||||||||||||||||||
Capital expenditures | (7.1 | ) | (17.1 | ) | (58.3 | ) | — | (82.5 | ) | |||||||||||
Acquisition of business, net of cash acquired | — | — | (3.4 | ) | — | (3.4 | ) | |||||||||||||
Other investments | (4.5 | ) | — | (19.6 | ) | — | (24.1 | ) | ||||||||||||
Proceeds from sale of assets | 0.6 | 6.1 | 27.9 | — | 34.6 | |||||||||||||||
Intercompany investing activities | (89.6 | ) | (127.3 | ) | 134 | 82.9 | — | |||||||||||||
Other investing activities, net | — | — | (0.9 | ) | — | (0.9 | ) | |||||||||||||
Net cash provided by (used in) investing activities | (100.6 | ) | (138.3 | ) | 79.7 | 82.9 | (76.3 | ) | ||||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Repayments of debt | (1,260.4 | ) | (0.1 | ) | (272.5 | ) | — | (1,533.0 | ) | |||||||||||
Proceeds from issuance of debt | 1,175.00 | — | 59.3 | — | 1,234.30 | |||||||||||||||
Purchase of noncontrolling interest | — | — | (3.5 | ) | — | (3.5 | ) | |||||||||||||
Distributions to noncontrolling interest | — | — | (4.9 | ) | — | (4.9 | ) | |||||||||||||
Intercompany financing activities | (6.0 | ) | — | 88.9 | (82.9 | ) | — | |||||||||||||
Other financing activities, net | (16.9 | ) | — | 0.7 | — | (16.2 | ) | |||||||||||||
Net cash provided by (used in) financing activities | (108.3 | ) | (0.1 | ) | (132.0 | ) | (82.9 | ) | (323.3 | ) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 11.2 | — | 11.2 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | (224.4 | ) | (1.9 | ) | 130.2 | — | (96.1 | ) | ||||||||||||
Cash and cash equivalents, beginning of period | 264 | 2.3 | 507.8 | — | 774.1 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 39.6 | $ | 0.4 | $ | 638 | $ | — | $ | 678 | ||||||||||
TEREX CORPORATION | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2011 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Terex | Wholly- | Non- | Intercompany | Consolidated | ||||||||||||||||
Corporation | owned | guarantor | Eliminations | |||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (7.1 | ) | $ | 17 | $ | 12.8 | $ | — | $ | 22.7 | |||||||||
Cash flows from investing activities | ||||||||||||||||||||
Capital expenditures | (10.4 | ) | (22.5 | ) | (46.2 | ) | — | (79.1 | ) | |||||||||||
Acquisition of business net of cash acquired | — | (2.0 | ) | (1,033.2 | ) | — | (1,035.2 | ) | ||||||||||||
Other investments | (16.1 | ) | — | — | — | (16.1 | ) | |||||||||||||
Proceeds from sale of assets | 531.8 | 0.1 | 7.7 | — | 539.6 | |||||||||||||||
Intercompany investing activities | (526.1 | ) | 12.6 | (47.6 | ) | 561.1 | — | |||||||||||||
Other investing activities, net | — | — | (1.7 | ) | — | (1.7 | ) | |||||||||||||
Net cash provided by (used in) investing activities | (20.8 | ) | (11.8 | ) | (1,121.0 | ) | 561.1 | (592.5 | ) | |||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Repayments of debt | (302.4 | ) | (0.5 | ) | (144.9 | ) | — | (447.8 | ) | |||||||||||
Proceeds from issuance of debt | 455.5 | 1.9 | 469.3 | — | 926.7 | |||||||||||||||
Purchase of noncontrolling interest | — | (6.3 | ) | — | — | (6.3 | ) | |||||||||||||
Intercompany financing activities | (2.5 | ) | — | 563.6 | (561.1 | ) | — | |||||||||||||
Other financing activities, net | (22.9 | ) | — | 0.9 | — | (22.0 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 127.7 | (4.9 | ) | 888.9 | (561.1 | ) | 450.6 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (0.9 | ) | — | (0.9 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 99.8 | 0.3 | (220.2 | ) | — | (120.1 | ) | |||||||||||||
Cash and cash equivalents, beginning of period | 164.2 | 2 | 728 | — | 894.2 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 264 | $ | 2.3 | $ | 507.8 | $ | — | $ | 774.1 | ||||||||||
BASIS_OF_PRESENTATION_Details
BASIS OF PRESENTATION (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 16, 2011 | Dec. 09, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
days | TMHPS AG | Construction | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | |||
Plant | Equipment | Plant | Equipment | ||||||||
Date of acquisition | ' | ' | ' | 16-Aug-11 | ' | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents, not immediately available for use | $14.50 | $12.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Weighted Average Cost Inventory | 55.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of FIFO Inventory | 45.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory reserves | 132.5 | 131.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Costs | 31 | 41.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Amortization of Debt Issuance Costs | 17 | 10.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets, Useful Life (in years) | ' | ' | ' | ' | ' | '1 year | ' | ' | '57 years | ' | ' |
Property, Plant and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life (in years) | ' | ' | ' | ' | ' | ' | '1 year | '2 years | ' | '40 years | '20 years |
Impairment of Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed asset impairment | 3.9 | 8.9 | 18.8 | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts Receivable and Allowance for Doubtful Accounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable collectibility, number of days past due used to determine review (in days) | 90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in consolidated current and non-current product warranty liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 104.8 | 128.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accruals for warranties issued during the period | 84.6 | 52.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in estimates | -1.1 | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlements during the year | -84 | -78.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign exchange effect/other | 1.8 | 1.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance | 106.1 | 104.8 | 128.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Research and Development Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Research and Development Costs | 85.3 | 71.7 | 69.3 | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Divestiture of Businesses | ' | ' | ' | ' | $160 | ' | ' | ' | ' | ' | ' |
BUSINESS_SEGMENT_INFORMATION_D
BUSINESS SEGMENT INFORMATION (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
segments | |||
Segment Reporting Information | ' | ' | ' |
Number of reportable segments | 5 | ' | ' |
Number of customers accounting for more than 10% of consolidated sales | '0 | ' | ' |
Net sales | $7,084 | $6,982.20 | $6,158 |
Income (loss) from operations | 419.1 | 366.8 | 59.9 |
Depreciation and Amortization | 151.5 | 152.2 | 125.6 |
Capital Expenditures | 79.5 | 81.2 | 77.9 |
Identifiable Assets | 6,536.70 | 6,746.20 | ' |
Long-lived Assets | 789.4 | 806.8 | ' |
United States | ' | ' | ' |
Segment Reporting Information | ' | ' | ' |
Net sales | 2,592.30 | 2,260.20 | 1,794.50 |
Long-lived Assets | 200.6 | 192.6 | ' |
United Kingdom | ' | ' | ' |
Segment Reporting Information | ' | ' | ' |
Net sales | 247.2 | 263.8 | 259 |
Long-lived Assets | 28.3 | 30.7 | ' |
Germany | ' | ' | ' |
Segment Reporting Information | ' | ' | ' |
Net sales | 621.4 | 659.2 | 580.5 |
Long-lived Assets | 305.3 | 310.8 | ' |
Other European Countries | ' | ' | ' |
Segment Reporting Information | ' | ' | ' |
Net sales | 1,226.60 | 1,343.70 | 1,294.10 |
Long-lived Assets | 106.9 | 107.2 | ' |
All other | ' | ' | ' |
Segment Reporting Information | ' | ' | ' |
Net sales | 2,396.50 | 2,455.30 | 2,229.90 |
Long-lived Assets | 148.3 | 165.5 | ' |
Aerial Work Platforms | ' | ' | ' |
Segment Reporting Information | ' | ' | ' |
Net sales | 2,131 | 1,742.40 | 1,425 |
Income (loss) from operations | 325.8 | 210.9 | 81.9 |
Depreciation and Amortization | 9.9 | 12 | 13.6 |
Capital Expenditures | 19.5 | 15.1 | 11.5 |
Identifiable Assets | 937.2 | 835.8 | ' |
Construction | ' | ' | ' |
Segment Reporting Information | ' | ' | ' |
Net sales | 820 | 952.1 | 1,182.70 |
Income (loss) from operations | -24.8 | -69.3 | -35.3 |
Depreciation and Amortization | 22.2 | 23.5 | 24.5 |
Capital Expenditures | 3.8 | 6.6 | 16.3 |
Identifiable Assets | 1,012.50 | 972.5 | ' |
Cranes | ' | ' | ' |
Segment Reporting Information | ' | ' | ' |
Net sales | 1,925.50 | 1,987.60 | 1,936.50 |
Income (loss) from operations | 110.5 | 168 | 33.9 |
Depreciation and Amortization | 31.5 | 29.6 | 31.4 |
Capital Expenditures | 15.1 | 13.8 | 14.9 |
Identifiable Assets | 2,040.30 | 1,912.40 | ' |
Material Handling & Port Solutions [Member] | ' | ' | ' |
Segment Reporting Information | ' | ' | ' |
Net sales | 1,698.50 | 1,742.10 | 1,036.90 |
Income (loss) from operations | -41.8 | 5.6 | -68.5 |
Depreciation and Amortization | 61.2 | 64.3 | 35.4 |
Capital Expenditures | 24.1 | 32.9 | 18.7 |
Identifiable Assets | 2,989.50 | 2,946.40 | ' |
Materials Processing | ' | ' | ' |
Segment Reporting Information | ' | ' | ' |
Net sales | 628.2 | 661.5 | 682.8 |
Income (loss) from operations | 71.8 | 75.3 | 59.5 |
Depreciation and Amortization | 5.9 | 5.1 | 5.8 |
Capital Expenditures | 5.6 | 4.9 | 2.6 |
Identifiable Assets | 945.6 | 982 | ' |
Eliminations/Corporate | ' | ' | ' |
Segment Reporting Information | ' | ' | ' |
Net sales | -119.2 | -103.5 | -105.9 |
Income (loss) from operations | -22.4 | -23.7 | -11.6 |
Depreciation and Amortization | 20.8 | 17.7 | 14.9 |
Capital Expenditures | 11.4 | 7.9 | 13.9 |
Identifiable Assets | -1,533.30 | -1,055.40 | ' |
Discontinued Operations [Member] | ' | ' | ' |
Segment Reporting Information | ' | ' | ' |
Identifiable Assets | $144.90 | $152.50 | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | ' | ' | ' |
United States | $340.70 | $127.20 | $147.40 |
Foreign | -49.4 | -0.9 | -81.8 |
Income (loss) from continuing operations before income taxes | 291.3 | 126.3 | 65.6 |
Income (Loss) before Income Taxes from Continuing and Discontinued Operations | 305.1 | 156.7 | 83.7 |
Current: | ' | ' | ' |
Federal | 49.3 | 29.7 | 18.9 |
State | 5.4 | 3.8 | 1.5 |
Foreign | 36.5 | 45.9 | 28.9 |
Current income tax provision (benefit) | 91.2 | 79.4 | 49.3 |
Deferred: | ' | ' | ' |
Federal | 22.2 | -8.8 | 3.5 |
State | 1.3 | -0.6 | 5.6 |
Foreign | -27.3 | -18.5 | -13 |
Deferred income tax (benefit) provision | -3.8 | -27.9 | -3.9 |
Total provision for (benefit from) income taxes | 87.4 | 51.5 | 45.4 |
Total (benefit from) provision for income taxes including discontinued operations | 84.2 | 53.1 | 43 |
Deferred tax assets and liabilities | ' | ' | ' |
Property, plant and equipment | -76.2 | -87.2 | ' |
Intangibles | -143 | -145.5 | ' |
Trade receivables | -0.5 | 14.7 | ' |
Inventories | 40.2 | 30.5 | ' |
Accrued warranties and product liability | 18.7 | 18.3 | ' |
Net operating loss carry forwards | 204.9 | 199.3 | ' |
Retirement plans and other | 39.3 | 75.6 | ' |
Accrued compensation and benefits | 57.8 | 27.2 | ' |
Investments | -10.6 | 1.9 | ' |
Credits | 12.1 | 16.8 | ' |
Other | 42.5 | 50.7 | ' |
Deferred tax assets valuation allowance | -181.8 | -172.2 | ' |
Net deferred tax assets | 3.4 | 30.1 | ' |
Deferred tax assets before valuation allowances | 311.9 | ' | ' |
Deferred tax liabilities | 126.7 | ' | ' |
Deferred tax liabilities, current | 13.1 | ' | ' |
Deferred tax liabilities, non-current | 113.6 | ' | ' |
Segment, Discontinued Operations | ' | ' | ' |
Deferred tax assets and liabilities | ' | ' | ' |
Deferred Tax Assets, Net | $3 | $4 | ' |
INCOME_TAXES_INCOME_TAXES_Deta
INCOME TAXES INCOME TAXES (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure Income Taxes [Line Items] | ' | ' | ' |
Deferred tax assets valuation allowance | $181.80 | $172.20 | ' |
Valuation allowance for deferred tax assets, increase in period | 9.6 | -11.1 | ' |
(Benefit from) provision for income taxes from continuing operations | ' | ' | ' |
Tax at statutory federal income tax rate | 102 | 44.2 | 22.9 |
State taxes (net of Federal benefit) | 4.4 | 2 | 4.3 |
Change in valuation allowance | 6.9 | 14.2 | 18 |
Foreign tax differential on income/losses of foreign subsidiaries | 1.4 | -15.9 | -5.2 |
U.S. tax on multi-national operations | -13.8 | 1.4 | -0.2 |
Change in foreign statutory rates | 3.6 | 3.2 | 4.9 |
U.S. manufacturing and export incentives | 7.1 | 4 | 1.7 |
Other | -10 | 6.4 | 2.4 |
Total provision for (benefit from) income taxes | 87.4 | 51.5 | 45.4 |
Unremitted Earnings of Foreign Subsidiaries | '825 | ' | ' |
Operating Loss Carryforwards | 774 | ' | ' |
Income Taxes Paid, Net | 171.1 | 224.2 | -36.3 |
Income Taxes Receivable, Current | 12.3 | 27.6 | ' |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Balance at the Beginning of the Period | 148.6 | 169.6 | 141.7 |
Additions for current year tax positions | 0 | 0 | 0.7 |
Additions for prior year tax positions | 10.6 | 15.1 | 15.2 |
Reductions for prior year tax positions | -17 | -22.3 | -10.5 |
Reductions for tax positions related to current year | 0 | 0 | 0 |
Reductions related to expirations of statute of limitations | -42.7 | -23.2 | -3.3 |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | -15.8 | -1.3 | -14.8 |
Unrecognized Tax Benefits, Increases Resulting from Acquisition | 0 | 10.7 | 40.6 |
Balance at the End of the Period | 83.7 | 148.6 | 169.6 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 10 | ' | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 78.5 | ' | ' |
Income Tax Examination, Penalties and Interest Accrued | 13.5 | 14.1 | ' |
Income Tax Examination, Penalties and Interest Expense | -0.6 | -5.2 | ' |
United States | ' | ' | ' |
(Benefit from) provision for income taxes from continuing operations | ' | ' | ' |
Operating Loss Carryforwards | 14.7 | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 0 | ' | ' |
United Kingdom | ' | ' | ' |
(Benefit from) provision for income taxes from continuing operations | ' | ' | ' |
Operating Loss Carryforwards | 101 | ' | ' |
Italy | ' | ' | ' |
(Benefit from) provision for income taxes from continuing operations | ' | ' | ' |
Operating Loss Carryforwards | 177 | ' | ' |
China | ' | ' | ' |
(Benefit from) provision for income taxes from continuing operations | ' | ' | ' |
Operating Loss Carryforwards | 52 | ' | ' |
Germany | ' | ' | ' |
(Benefit from) provision for income taxes from continuing operations | ' | ' | ' |
Operating Loss Carryforwards | 296 | ' | ' |
Spain | ' | ' | ' |
(Benefit from) provision for income taxes from continuing operations | ' | ' | ' |
Operating Loss Carryforwards | 53 | ' | ' |
Other Countries | ' | ' | ' |
(Benefit from) provision for income taxes from continuing operations | ' | ' | ' |
Operating Loss Carryforwards | $95 | ' | ' |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 09, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Atlas | Atlas | Mining Business | Mining Business | Construction | Settlement with Taxing Authority | Settlement with Taxing Authority | Settlement with Taxing Authority | ||||
Mining Business | Mining Business | Mining Business | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Divestiture of Businesses | ' | ' | ' | ' | ' | ' | ' | $160 | ' | ' | ' |
Discontinued operations in the Consolidated Statement of Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 225.8 | 366.2 | 346.6 | ' | ' | ' | ' | ' | ' | ' | ' |
(Loss) income from discontinued operations before income taxes | 10.3 | 30.5 | 18.8 | ' | ' | ' | ' | ' | ' | ' | ' |
(Provision for) benefit from income taxes | 4.1 | -2.1 | 0.9 | ' | ' | ' | ' | ' | 4.1 | -2.1 | 0.9 |
Income (loss) from discontinued operations – net of tax | 14.4 | 28.4 | 19.7 | ' | ' | ' | ' | ' | ' | ' | ' |
(Loss) gain on disposition of discontinued operations | 3.5 | -0.1 | -0.7 | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit from (provision for) income taxes | -0.9 | 0.5 | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on disposition of discontinued operations – net of tax | ($2.60) | ($0.40) | ($0.80) | ($2.60) | ($2.30) | $1.90 | ($0.80) | ' | ' | ' | ' |
DISCONTINUED_OPERATIONS_Detail1
DISCONTINUED OPERATIONS Details 1 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Investment Holdings [Line Items] | ' | ' |
Trade receivables, net | $49.70 | $51.10 |
Inventories | 73.6 | 83.5 |
Other current assets | 6 | 6.4 |
Current assets – discontinued operations | 129.3 | 141 |
Property, plant and equipment - net | 9.5 | 6.5 |
Other assets | 6.1 | 5 |
Long-term assets – discontinued operations | 15.6 | 11.5 |
Trade accounts payable | 35.9 | 35.2 |
Other current liabilities | 10.2 | 12.1 |
Current liabilities – discontinued operations | 46.1 | 47.3 |
Non-current liabilities – discontinued operations | $5.70 | $5.60 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jun. 03, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Convertible Subordinated Debt | Convertible Subordinated Debt | Stock Options | Stock Options | Stock Options | Restricted Stock | Restricted Stock | Restricted Stock | ||||
Earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations attributable to Terex Corporation common stockholders (in dollars) | $209 | $77 | $24.70 | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from discontinued operations-net of tax (in dollars) | 14.4 | 28.4 | 19.7 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on disposition of discontinued operations - net of tax (in dollars) | 2.6 | 0.4 | 0.8 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to Terex Corporation | 226 | 105.8 | 45.2 | ' | ' | ' | ' | ' | ' | ' | ' |
Basic shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares outstanding (in shares) | 111.1 | 110.3 | 109.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per share - basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations (in dollars per share) | $1.88 | $0.70 | $0.22 | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from discontinued operations - net of tax (in dollars per share) | $0.13 | $0.26 | $0.18 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on disposition of discontinued operations - net of tax (in dollars per share) | $0.02 | $0 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to Terex Corporation (in dollars per share) | $2.03 | $0.96 | $0.41 | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares outstanding (in shares) | 111.1 | 110.3 | 109.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options, restricted stock awards and convertible notes (in shares) | 5.9 | 3.6 | 1.2 | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted weighted average shares outstanding (in shares) | 117 | 113.9 | 110.7 | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per share - diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations (in dollars per share) | $1.79 | $0.68 | $0.22 | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from discontinued operations - net of tax (in dollars per share) | $0.12 | $0.25 | $0.18 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on disposition of discontinued operations - net of tax (in dollars per share) | $0.02 | $0 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to Terex Corporation (in dollars per share) | $1.93 | $0.93 | $0.41 | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of amounts attributable to common stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations (in dollars) | 203.9 | 74.8 | 20.2 | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling interest attributable to Income (loss) from continuing operations (in dollars) | 5.1 | 2.2 | 4.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations attributable to Terex Corporation common stockholders (in dollars) | $209 | $77 | $24.70 | ' | ' | ' | ' | ' | ' | ' | ' |
Other details of antidilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | ' | ' | ' | ' | ' | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.2 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of debt securities (as a percent) | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' |
Conversion price of convertible notes (in dollars per share) | ' | ' | ' | $16.25 | ' | ' | ' | ' | ' | ' | ' |
Contingently issuable shares (in shares) | 4.6 | 2.9 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished equipment | $450 | $459.80 |
Replacement parts | 168.4 | 178.7 |
Work-in-process | 527.3 | 505.6 |
Raw materials and supplies | 467.5 | 488.1 |
Inventories | 1,613.20 | 1,632.20 |
Inventory reserves | $132.50 | $131.90 |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT AND EQUIPMENT (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, plant and equipment. | ' | ' | ' |
Gross property, plant and equipment | $1,253.80 | $1,188.40 | ' |
Less: Accumulated depreciation | -464.4 | -381.6 | ' |
Net property, plant and equipment | 789.4 | 806.8 | ' |
Depreciation | 104.4 | 99.7 | 88.5 |
Property | ' | ' | ' |
Property, plant and equipment. | ' | ' | ' |
Gross property, plant and equipment | 121.2 | 123 | ' |
Plant | ' | ' | ' |
Property, plant and equipment. | ' | ' | ' |
Gross property, plant and equipment | 412.5 | 393.5 | ' |
Equipment | ' | ' | ' |
Property, plant and equipment. | ' | ' | ' |
Gross property, plant and equipment | $720.10 | $671.90 | ' |
EQUIPMENT_SUBJECT_TO_OPERATING2
EQUIPMENT SUBJECT TO OPERATING LEASES (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Months | ||
Equipment subject to operating leases | ' | ' |
Initial noncancellable lease terms, maximum (in months) | 84 | ' |
Rental income from assets | ' | ' |
Rental income from assets subject to operating leases | $16 | $14 |
Future minimum lease payments to be received under noncancellable operating leases | ' | ' |
2014 | 16.4 | ' |
2015 | 8.9 | ' |
2016 | 5.9 | ' |
2017 | 2.7 | ' |
2018 | 1.9 | ' |
Thereafter | 1.5 | ' |
Total future minimum lease payments to be received | 37.3 | ' |
Property Subject to Operating Lease [Member] | ' | ' |
Equipment subject to operating leases | ' | ' |
Net book value of equipment subject to operating leases | 80 | 58 |
Accumulated depreciation | $40 | $33 |
ACQUISITIONS_Details
ACQUISITIONS (Details) | 12 Months Ended | 0 Months Ended | 4 Months Ended | 12 Months Ended | 4 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 21, 2014 | Aug. 16, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Jul. 18, 2013 | Aug. 16, 2011 | Dec. 31, 2011 | 31-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2012 | Oct. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 |
USD ($) | USD ($) | USD ($) | TMHPS AG | TMHPS AG | TMHPS AG | TMHPS AG | TMHPS AG | TMHPS AG | TMHPS AG | TMHPS AG | Materials Processing | Materials Processing | Materials Processing | Materials Processing | Cranes | Cranes | Cranes | Cranes | Cranes | Material Handling & Port Solutions [Member] | Material Handling & Port Solutions [Member] | Material Handling & Port Solutions [Member] | Uncertain Tax Position [Member] | Deferred Tax Liability [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Material Handling & Port Solutions [Member] | Material Handling & Port Solutions [Member] | |||||
USD ($) | USD ($) | ||||||||||||||||||||||||
Business Acquisition, Date of Acquisition [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of acquisition | ' | ' | ' | ' | 16-Aug-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total cash consideration | ' | ' | ' | ' | $1,100 | ' | ' | ' | ' | ' | ' | $5 | ' | ' | ' | $11 | $25 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | 81.00% | ' | ' | ' | 14.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price per share (in Euros) | ' | ' | ' | ' | ' | ' | ' | ' | ' | € 45.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company's ownership percentage | ' | ' | ' | 100.00% | ' | 82.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Noncontrolling Interests | 228.1 | 3.5 | 6.3 | 77 | ' | ' | 228 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Purchase Accounting Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -28.6 | ' | 9.8 | -38.4 |
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | ' | ' | ' | ' | 253 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | 603.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trade receivables | ' | ' | ' | ' | 253.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | ' | 308 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets not subject to amortization | ' | ' | ' | ' | 129.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets subject to amortization | ' | ' | ' | ' | 302.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other assets | ' | ' | ' | ' | 131 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 1,586 | 1,585.70 | 1,573.30 | ' | 821.5 | ' | ' | ' | ' | ' | ' | ' | 207.6 | 204.7 | 198 | ' | ' | 235.9 | 233.9 | 221 | 727.5 | 732.8 | 740.2 | ' | ' |
Total assets acquired | ' | ' | ' | ' | 2,549.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current liabilities, including current portion of long-term debt | ' | ' | ' | ' | 471.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | ' | 169.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Post-employment benefit obligation | ' | ' | ' | ' | 188.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other non-current liabilities | ' | ' | ' | ' | 329.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities assumed | ' | ' | ' | ' | 1,159.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net assets acquired | ' | ' | ' | ' | 1,389.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | ' | ' | ' | 15.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 7,084 | 6,982.20 | 6,158 | ' | ' | ' | ' | ' | ' | ' | 617 | ' | 628.2 | 661.5 | 682.8 | ' | ' | 1,925.50 | 1,987.60 | 1,936.50 | 1,698.50 | 1,742.10 | 1,036.90 | ' | ' |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | ' | ' | ' | ' | ' | -10.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | 7,068.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Terex Corporation | ' | ' | ' | ' | ' | ' | ' | $33.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per share attributable to Terex Corporation common stockholders | ' | ' | ' | ' | ' | ' | ' | $0.31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted earnings per share attributable to Terex Corporation common stockholders | ' | ' | ' | ' | ' | ' | ' | $0.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
GOODWILL_AND_INTANGIBLE_ASSETS2
GOODWILL AND INTANGIBLE ASSETS, NET (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Changes in goodwill by business segment | ' | ' | ||
Balance at the beginning of the period, goodwill gross | $1,585.70 | $1,573.30 | ||
Balance at the beginning of the period, accumulated impairment on goodwill | -340.4 | -340.4 | ||
Balance at the beginning of the period, goodwill net | 1,245.30 | 1,232.90 | ||
Acquisitions | ' | 11.6 | ||
Change in control of joint venture | ' | -4.6 | ||
Foreign exchange effect and other | 0.3 | 5.4 | ||
Balance at the end of the period, goodwill gross | 1,586 | 1,585.70 | ||
Balance at the end of the period, accumulated impairment on goodwill | -340.4 | -340.4 | ||
Balance at the end of the period, goodwill net | 1,245.60 | 1,245.30 | ||
Aerial Work Platforms | ' | ' | ||
Goodwill by business segment | ' | ' | ||
Goodwill, Other Changes | 10.8 | ' | ||
Changes in goodwill by business segment | ' | ' | ||
Balance at the beginning of the period, goodwill gross | 139.9 | 139.7 | ||
Balance at the beginning of the period, accumulated impairment on goodwill | -38.6 | -38.6 | ||
Balance at the beginning of the period, goodwill net | 101.3 | 101.1 | [1] | |
Acquisitions | ' | 0.2 | ||
Change in control of joint venture | ' | 0 | ||
Foreign exchange effect and other | 0.7 | 0 | ||
Balance at the end of the period, goodwill gross | 140.6 | 139.9 | ||
Balance at the end of the period, accumulated impairment on goodwill | -38.6 | -38.6 | ||
Balance at the end of the period, goodwill net | 102 | 101.3 | ||
Construction | ' | ' | ||
Goodwill by business segment | ' | ' | ||
Goodwill, Other Changes | 164.4 | ' | ||
Changes in goodwill by business segment | ' | ' | ||
Balance at the beginning of the period, goodwill gross | 274.4 | [2] | 274.4 | [2] |
Balance at the beginning of the period, accumulated impairment on goodwill | -274.4 | [2] | -274.4 | [2] |
Balance at the beginning of the period, goodwill net | 0 | [2] | 0 | [2] |
Acquisitions | ' | 0 | ||
Change in control of joint venture | ' | 0 | ||
Foreign exchange effect and other | 0 | 0 | ||
Balance at the end of the period, goodwill gross | 274.4 | [2] | 274.4 | [2] |
Balance at the end of the period, accumulated impairment on goodwill | -274.4 | [2] | -274.4 | [2] |
Balance at the end of the period, goodwill net | 0 | [2] | 0 | [2] |
Cranes | ' | ' | ||
Changes in goodwill by business segment | ' | ' | ||
Balance at the beginning of the period, goodwill gross | 233.9 | 221 | ||
Balance at the beginning of the period, accumulated impairment on goodwill | -4.2 | -4.2 | ||
Balance at the beginning of the period, goodwill net | 229.7 | 216.8 | [1] | |
Acquisitions | ' | 15.5 | ||
Change in control of joint venture | ' | -4.6 | ||
Foreign exchange effect and other | 2 | 2 | ||
Balance at the end of the period, goodwill gross | 235.9 | 233.9 | ||
Balance at the end of the period, accumulated impairment on goodwill | -4.2 | -4.2 | ||
Balance at the end of the period, goodwill net | 231.7 | 229.7 | ||
Material Handling & Port Solutions [Member] | ' | ' | ||
Changes in goodwill by business segment | ' | ' | ||
Balance at the beginning of the period, goodwill gross | 732.8 | 740.2 | ||
Balance at the beginning of the period, accumulated impairment on goodwill | 0 | 0 | ||
Balance at the beginning of the period, goodwill net | 732.8 | 740.2 | ||
Acquisitions | ' | -4.1 | ||
Change in control of joint venture | ' | 0 | ||
Foreign exchange effect and other | -5.3 | -3.3 | ||
Balance at the end of the period, goodwill gross | 727.5 | 732.8 | ||
Balance at the end of the period, accumulated impairment on goodwill | 0 | 0 | ||
Balance at the end of the period, goodwill net | 727.5 | 732.8 | ||
Materials Processing | ' | ' | ||
Changes in goodwill by business segment | ' | ' | ||
Balance at the beginning of the period, goodwill gross | 204.7 | 198 | ||
Balance at the beginning of the period, accumulated impairment on goodwill | -23.2 | -23.2 | ||
Balance at the beginning of the period, goodwill net | 181.5 | 174.8 | ||
Acquisitions | ' | 0 | ||
Change in control of joint venture | ' | 0 | ||
Foreign exchange effect and other | 2.9 | 6.7 | ||
Balance at the end of the period, goodwill gross | 207.6 | 204.7 | ||
Balance at the end of the period, accumulated impairment on goodwill | -23.2 | -23.2 | ||
Balance at the end of the period, goodwill net | $184.40 | $181.50 | ||
[1] | Includes a $10.8 million reclassification of goodwill from AWP to Cranes related to segment realignment. See Note A – “Basis of Presentation.†| |||
[2] | Includes a $164.4 million write-off of goodwill, gross and accumulated impairment, in the Construction segment related to discontinued operations. |
GOODWILL_AND_INTANGIBLE_ASSETS3
GOODWILL AND INTANGIBLE ASSETS, NET INTANGIBLE ASSETS (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Definite-lived intangible assets - Gross Carrying Amount | $516.90 | $510.30 | ' |
Definite-lived intangible assets - Accumulated Amortization | 195.8 | 154.6 | ' |
Definite-lived intangible assets - Net Carrying Amount | 321.1 | 355.7 | ' |
Indefinite-lived intangible assets - Gross Carrying Amount | 123.7 | 118.7 | ' |
Aggregate Amortization Expense | 38.6 | 43 | 28.9 |
Estimated Aggregate Intangible Asset Amortization Expense | ' | ' | ' |
2014 | 36.7 | ' | ' |
2015 | 35.7 | ' | ' |
2016 | 33.7 | ' | ' |
2017 | 29.2 | ' | ' |
2018 | 23.2 | ' | ' |
Trade Names [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Indefinite-lived intangible assets - Gross Carrying Amount | 123.7 | 118.7 | ' |
Technology, Intangible Asset [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Definite-lived intangible assets - Weighted Average Life (in years) | '8 years | ' | ' |
Definite-lived intangible assets - Gross Carrying Amount | 91.6 | 87.9 | ' |
Definite-lived intangible assets - Accumulated Amortization | 48.7 | 36.5 | ' |
Definite-lived intangible assets - Net Carrying Amount | 42.9 | 51.4 | ' |
Customer Relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Definite-lived intangible assets - Weighted Average Life (in years) | '15 years | ' | ' |
Definite-lived intangible assets - Gross Carrying Amount | 354.7 | 353.5 | ' |
Definite-lived intangible assets - Accumulated Amortization | 105.2 | 78.9 | ' |
Definite-lived intangible assets - Net Carrying Amount | 249.5 | 274.6 | ' |
Land Use Rights [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Definite-lived intangible assets - Weighted Average Life (in years) | '57 years | ' | ' |
Definite-lived intangible assets - Gross Carrying Amount | 18.4 | 17 | ' |
Definite-lived intangible assets - Accumulated Amortization | 1.5 | 1.1 | ' |
Definite-lived intangible assets - Net Carrying Amount | 16.9 | 15.9 | ' |
Other Intangible Assets [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Definite-lived intangible assets - Weighted Average Life (in years) | '7 years | ' | ' |
Definite-lived intangible assets - Gross Carrying Amount | 52.2 | 51.9 | ' |
Definite-lived intangible assets - Accumulated Amortization | 40.4 | 38.1 | ' |
Definite-lived intangible assets - Net Carrying Amount | $11.80 | $13.80 | ' |
DERIVATIVE_FINANCIAL_INSTRUMEN2
DERIVATIVE FINANCIAL INSTRUMENTS Text (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 19, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | 19-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 15, 2007 | Dec. 31, 2006 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Nov. 13, 2007 |
USD ($) | USD ($) | USD ($) | years | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract | Foreign Exchange Contract | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Cash Flow Hedging [Member] | Other Income (Expense) Net [Member] | Other Income (Expense) Net [Member] | 8% Senior Subordinated Notes due November 15, 2017 [Member] | |
types | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | USD ($) | USD ($) | USD ($) | USD ($) | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Foreign Exchange Contract | Hedge of Bucyrus Stock Price | Foreign Exchange Contract | |||||
USD ($) | USD ($) | EUR (€) | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | ||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives, Derivative Types | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of debt securities (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ' | ' | ' | ' | ' | ' | $2.30 | ($0.80) | ($15.90) | ' | ' | $0 | $32.30 | $19.30 | ' | ' | ' | ($0.30) | ' | ' |
Derivative, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 511.8 | 450 | ' | ' | ' | ' | 200 | 454.1 | ' | ' | ' |
Amount paid to exit interest rate swap agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5.4 | ' | ' | ' | ' | ' |
Period of time that currency exchange forward contracts generally mature (in years) | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Cash Flow Hedge Derivative at Fair Value, Net | ' | ' | ' | ' | 3.8 | 0.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain on fair value of currency exchange forward cash flow hedge contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' |
Stock Consideration Received on Disposal, Restriction Period | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Loss Recognized in Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.1 | ' |
Unrealized net gains (losses) included in Accumulated other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | -0.4 | -3.6 | -2.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional (losses) gains | 6.1 | -1.9 | -2.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts reclassified to earnings | -3 | 5.1 | 0.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at end of period | 2.7 | -0.4 | -3.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $2.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DERIVATIVE_FINANCIAL_INSTRUMEN3
DERIVATIVE FINANCIAL INSTRUMENTS Income Statement Tables (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $2.30 | ($0.80) | ($15.90) |
Not Designated as Hedging Instrument [Member] | Cost of Sales [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 0.7 | -0.8 | 0.5 |
Not Designated as Hedging Instrument [Member] | Other Contract [Member] | Other Income (Expense) Net [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 1.6 | 0 | -16.4 |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract | Cash Flow Hedging [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 4.4 | -10.3 | -5.5 |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract | Other Comprehensive Income (Loss) [Member] | Cash Flow Hedging [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 3.1 | 3.2 | ' |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract | Cost of Sales [Member] | Cash Flow Hedging [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1.2 | -5.2 | -4.7 |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract | Other Income (Expense) Net [Member] | Cash Flow Hedging [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 3.2 | -5.1 | -0.8 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | -2.8 | 4.9 | 1.5 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Fair Value Hedging [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 0 | 32.3 | 19.3 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Interest Expense [Member] | Fair Value Hedging [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 0 | 16.3 | 19.3 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Loss on early extinguishment of debt [Member] | Fair Value Hedging [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $0 | $16 | $0 |
DERIVATIVE_FINANCIAL_INSTRUMEN4
DERIVATIVE FINANCIAL INSTRUMENTS Balance Sheet Table (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Fair Value, Net | $3.80 | ($0.40) |
Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Fair Value, Net | 3.3 | 1 |
Foreign Exchange Contract | Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 10 | 5.2 |
Foreign Exchange Contract | Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 6.2 | 5.6 |
Foreign Exchange Contract | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Fair Value, Net | 4.1 | 1 |
Foreign Exchange Contract | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Fair Value, Net | $0.80 | $0 |
RESTRUCTURING_AND_OTHER_CHARGE2
RESTRUCTURING AND OTHER CHARGES (Details) (USD $) | 12 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Operating Expense [Member] | Operating Expense [Member] | Operating Expense [Member] | Restructuring Charges [Member] | Restructuring Charges [Member] | Restructuring Charges [Member] | Employee Termination Costs | Facility Exit Costs | Asset Disposal and Other Costs | Materials Processing | Materials Processing | Material Handling & Port Solutions [Member] | Material Handling & Port Solutions [Member] | Material Handling & Port Solutions [Member] | Material Handling & Port Solutions [Member] | Construction | Construction | Construction | SPAIN | Germany | Germany | EMEA [Member] | ||
teammembers | teammembers | teammembers | teammembers | teammembers | Material Handling & Port Solutions [Member] | Construction | Construction | Construction | ||||||||||||||||||
teammembers | teammembers | teammembers | ||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount incurred | $20.90 | $11 | $8.40 | $19.10 | $9.90 | $3.50 | $10.40 | ' | ' | ' | $20.60 | $0.30 | $0 | ' | $2.40 | ' | $0.90 | $21.50 | $25.60 | ($0.60) | $0.30 | $1.40 | ' | ' | $11.70 | ' |
Restructuring and Related Cost, Number of Positions Eliminated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 186 | ' | 6 | ' | 206 | ' | 9 | 5 | ' | ' | 250 | ' |
Restructuring Reserve, Accrual Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2.6 | ' | ' |
Total amount expected to be incurred | 63.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46.4 | 6.8 | 9.9 | ' | ' | 21.5 | ' | 50.1 | ' | 13 | ' | ' | 3 | ' | ' | 1.9 |
Expected number of positions eliminated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 299 | ' | ' | ' | ' | 26 | ' | ' | 19 |
Cumulative amount incurred | 63.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46.4 | 6.8 | 9.9 | ' | ' | ' | ' | 50.1 | ' | 13 | ' | ' | ' | ' | ' | ' |
Asset Impairment Charges | ' | ' | ' | ' | ' | ' | ' | 0 | 5.7 | 8.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Roll forward of the restructuring reserve by type of restructuring activity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring reserve balance at the beginning of the period | 17.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.1 | 0.2 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charges | 20.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.6 | 0.3 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash expenditures | -12.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12.3 | -0.5 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring reserve balance at the end of the period | $25.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25.40 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LONGTERM_OBLIGATIONS_Details
LONG-TERM OBLIGATIONS (Details) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 55 Months Ended | 61 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 27, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 26, 2012 | Dec. 20, 2013 | Jun. 04, 2009 | Aug. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 01, 2015 | Jun. 03, 2009 | Dec. 31, 2012 | Sep. 28, 2012 | Jun. 03, 2009 | Jan. 31, 2011 | Jan. 31, 2009 | Dec. 31, 2011 | Jan. 18, 2011 | Nov. 25, 2003 | Dec. 31, 2012 | Dec. 31, 2012 | Nov. 13, 2007 | Dec. 31, 2012 | Apr. 28, 2017 | Apr. 28, 2017 | Dec. 31, 2013 | Oct. 12, 2012 | Aug. 05, 2011 | Aug. 05, 2011 | Aug. 05, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 05, 2011 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 05, 2011 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 05, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | Senior Notes Due April 1, 2020 Six and One Half Percent [Member] | Senior Notes Due April 1, 2020 Six and One Half Percent [Member] | Senior Notes Due April 1, 2020 Six and One Half Percent [Member] | Senior Notes Due May 15, 2021 Six Percent [Member] | Senior Notes Due May 15, 2021 Six Percent [Member] | Senior Notes Due May 15, 2021 Six Percent [Member] | 4% Convertible Senior Subordinated Notes due June 1, 2015 | 4% Convertible Senior Subordinated Notes due June 1, 2015 | 4% Convertible Senior Subordinated Notes due June 1, 2015 | 4% Convertible Senior Subordinated Notes due June 1, 2015 | 4% Convertible Senior Subordinated Notes due June 1, 2015 | 4% Convertible Senior Subordinated Notes due June 1, 2015 | 4% Convertible Senior Subordinated Notes due June 1, 2015 | 4% Convertible Senior Subordinated Notes due June 1, 2015 | 10-7/8% Senior Notes due June 1, 2016 [Member] | 10-7/8% Senior Notes due June 1, 2016 [Member] | 10-7/8% Senior Notes due June 1, 2016 [Member] | 7-3/8% Senior Subordinated Notes due January 15, 2014 [Member] | 7-3/8% Senior Subordinated Notes due January 15, 2014 [Member] | 7-3/8% Senior Subordinated Notes due January 15, 2014 [Member] | 7-3/8% Senior Subordinated Notes due January 15, 2014 [Member] | 7-3/8% Senior Subordinated Notes due January 15, 2014 [Member] | 8% Senior Subordinated Notes due November 15, 2017 [Member] | 8% Senior Subordinated Notes due November 15, 2017 [Member] | 8% Senior Subordinated Notes due November 15, 2017 [Member] | 2011 Credit Agreement [Member] | 2011 Credit Agreement [Member] | 2011 Credit Agreement [Member] | 2011 Credit Agreement [Member] | 2011 Credit Agreement [Member] | 2011 Credit Agreement [Member] | 2011 Credit Agreement - revolving credit facility [Member] | 2011 Credit Agreement - domestic revolving line of credit [Member] | 2011 Credit Agreement - multicurrency revolving line of credit [Member] | 2011 Credit Agreement - multicurrency revolving line of credit [Member] | 2011 Credit Agreement - multicurrency revolving line of credit [Member] | 2011 Credit Agreement - term loan | 2011 Credit Agreement - term loan | 2011 Credit Agreement - term loan | 2011 Credit Agreement - term loan | 2011 Credit Agreement - term loan Euro | 2011 Credit Agreement - term loan Euro | 2011 Credit Agreement - term loan Euro | 2011 Credit Agreement - term loan Euro | 2011 Credit Agreement Additional Arrangements [Member] | 2011 Credit Agreement Additional Arrangements [Member] | Revolving Credit Facility [Member] | Bilateral Arrangements [Member] | Bilateral Arrangements [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Other Debt Obligations [Member] | Other Debt Obligations [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||
factor | factor | factor | factor | factor | factor | factor | factor | factor | factor | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | $1,971,700,000 | ' | ' | $300,000,000 | $300,000,000 | ' | $850,000,000 | $850,000,000 | ' | ' | ' | ' | ' | $116,700,000 | $109,200,000 | $128,800,000 | $172,500,000 | ' | ' | $300,000,000 | ' | ' | ' | ' | $300,000,000 | ' | ' | $800,000,000 | $710,100,000 | ' | ' | $495,300,000 | ' | ' | ' | ' | $117,700,000 | $0 | ' | ' | $340,400,000 | $451,000,000 | ' | ' | $154,900,000 | $259,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | $92,000,000 | $123,600,000 |
Capital Lease Obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 5,800,000 | ' | ' |
Debt, Long-term and Short-term, Combined Amount | 1,976,700,000 | 2,098,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable and current portion of long-term debt | 86,800,000 | 83,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, less current portion | 1,889,900,000 | 2,014,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Line of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 460,100,000 | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving line of credit available borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | 250,000,000 | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early extinguishment of debt | 5,200,000 | 83,000,000 | 7,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,500,000 | ' | ' | ' | ' | 42,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | 28,700,000 | ' | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Covenant Minimum Interest Coverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Covenant Senior Secured Debt Leverage Ratio Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Debt | 571,800,000 | 1,533,000,000 | 447,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,900,000 | ' | ' | 36,800,000 | ' | ' | ' | ' | 3,600,000 | ' | ' | ' | 35,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110,000,000 | ' | ' | ' | 83,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 117,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.68% | ' | ' | 3.66% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.30% | ' | ' | ' | ' | ' | ' |
Maximum amount of letters of credit available under the Credit Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | 340,400,000 | 324,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,400,000 | ' | ' | 54,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | 3,100,000 | ' | 283,100,000 | 275,500,000 | ' | ' | ' | ' |
Letters of Credit Maximum Available under Additional Facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of capital stock of foreign subsidiary pledged as collateral for borrowings (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial redemption price of debt instrument as a percentage of the principal amount (as a percent) | ' | ' | ' | 103.25% | ' | ' | 103.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103.69% | ' | ' | ' | 104.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of debt securities (as a percent) | ' | ' | ' | ' | ' | 6.50% | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | 10.88% | ' | ' | ' | ' | 7.38% | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of Deferred Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | 6,100,000 | ' | ' | ' | ' | 4,100,000 | ' | ' | ' | 9,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of debt extinguished | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64,000,000 | ' | ' | ' | ' | ' | 299,900,000 | ' | ' | ' | ' | 297,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early Repayment of Senior Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 347,300,000 | ' | ' | ' | ' | ' | ' | ' | 837,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Paid | 114,800,000 | 156,000,000 | 134,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | 10,600,000 | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Call premium paid for extinguishment of debt (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.27% | ' | ' | ' | ' | 1.23% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial conversion rate of shares per $1000 principal amount of convertible notes (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61.6206 | 61.5385 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount used for debt instrument conversion ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price of convertible notes (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of the equity component of convertible debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax liability on equity component of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments Convertible Debt, Subsequent Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of convertible debt | -700,000 | 19,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense on convertible debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,600,000 | 14,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | $0.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total cash paid on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 312,300,000 | ' | ' | ' | ' | 34,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Market Quote | ' | ' | ' | 1.0675 | 1.0625 | ' | 1.0325 | 1.0525 | ' | ' | ' | ' | ' | 2.62875 | 1.83 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.005 | 1.01 | ' | ' | 1.0025 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Fair Value | ' | ' | ' | $320,000,000 | $319,000,000 | ' | $878,000,000 | $895,000,000 | ' | ' | ' | ' | ' | $307,000,000 | $200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $342,000,000 | $456,000,000 | ' | ' | $155,000,000 | $259,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LT_Debt_Maturities_Table_Detai
LT Debt Maturities Table (Details 2) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' |
2014 | $85.80 |
2015 | 387.2 |
2016 | 15.6 |
2017 | 330.6 |
2018 | 1 |
Thereafter | 1,151.50 |
Total | $1,971.70 |
LEASE_COMMITMENTS_Details
LEASE COMMITMENTS (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Capital Leases | ' | ' | ' |
Net assets under capital leases | $13 | $13.20 | ' |
Accumulated amortization | 5.2 | 4.1 | ' |
Future minimum lease payments and the related present value of capital lease payments | ' | ' | ' |
2014 | 1 | ' | ' |
2015 | 0.8 | ' | ' |
2016 | 0.7 | ' | ' |
2017 | 0.8 | ' | ' |
2018 | 0.9 | ' | ' |
Thereafter | 1 | ' | ' |
Total minimum obligations | 5.2 | ' | ' |
Less: amount representing interest | -0.2 | ' | ' |
Present value of net minimum obligations | 5 | ' | ' |
Less: current portion | -0.9 | ' | ' |
Long-term obligations | 4.1 | ' | ' |
Operating lease payments | ' | ' | ' |
2014 | 61.4 | ' | ' |
2015 | 50.9 | ' | ' |
2016 | 42.2 | ' | ' |
2017 | 31.1 | ' | ' |
2018 | 22.1 | ' | ' |
Thereafter | 51.8 | ' | ' |
Total minimum obligations | 259.5 | ' | ' |
Total rental expense under operating leases | $77.10 | $78.50 | $60.30 |
Retirement_Plans_and_Other_Pri
Retirement Plans and Other Primary Tables (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 16, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Number of common shares held in rabbi trust (in shares) | 0.8 | 0.7 | ' | ' |
Amounts recognized in the statement of financial position consist of: | ' | ' | ' | ' |
Non-current liabilities | $388.20 | $430.70 | ' | ' |
U.S. Pension Benefits | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Number of qualified pension plans maintained by entity | 1 | ' | ' | ' |
Basis of Serp Benefit Compensation Earned Years of Employment | '5 years | ' | ' | ' |
Accumulated benefit obligation at end of year | 155.8 | 175.2 | ' | ' |
Change in benefit obligation: | ' | ' | ' | ' |
Benefit obligation at beginning of year | 182.3 | 185.1 | ' | ' |
Service cost | 1.1 | 1.2 | 2.1 | ' |
Interest cost | 6.6 | 7.2 | 8.2 | ' |
Acquisitions and divestitures | 0 | 0 | ' | ' |
Actuarial loss (gain) | -17.9 | -0.8 | ' | ' |
Benefits paid | -10 | -10.4 | ' | ' |
Foreign Exchange effect | 0 | 0 | ' | ' |
Benefit obligation at end of year | 162.1 | 182.3 | 185.1 | ' |
Change in plan assets: | ' | ' | ' | ' |
Fair value of plan assets at beginning of year | 123.6 | 111.4 | ' | ' |
Actual return on plan assets | 6.4 | 14.8 | ' | ' |
Employer contribution | 5.8 | 7.8 | ' | ' |
Employee contribution | 0 | 0 | ' | ' |
Benefits paid | -10 | -10.4 | ' | ' |
Foreign exchange effect | 0 | 0 | ' | ' |
Fair value of plan assets at end of year | 125.8 | 123.6 | 111.4 | ' |
Funded status | -36.3 | -58.7 | ' | ' |
Amounts recognized in the statement of financial position consist of: | ' | ' | ' | ' |
Current liabilities | 0.2 | 0.2 | ' | ' |
Non-current liabilities | 36.1 | 58.5 | ' | ' |
Total liabilities | 36.3 | 58.7 | ' | ' |
Amounts recognized in accumulated other comprehensive income consist of: | ' | ' | ' | ' |
Actuarial net loss | 60.9 | 80.1 | ' | ' |
Prior service cost | 0.7 | 0.9 | ' | ' |
Total amounts recognized in accumulated other comprehensive income | 61.6 | 81 | ' | ' |
Weighted-average assumptions as of December 31: | ' | ' | ' | ' |
Discount rate | 4.64% | 3.75% | 4.00% | ' |
Expected return on plan assets | 7.50% | 7.50% | 8.00% | ' |
Rate of compensation increase | 3.75% | 3.75% | 3.75% | ' |
Components of net periodic cost: | ' | ' | ' | ' |
Service cost | 1.1 | 1.2 | 2.1 | ' |
Interest cost | 6.6 | 7.2 | 8.2 | ' |
Expected return on plan assets | -9 | -8.8 | -8.3 | ' |
Recognition of prior service cost | 0.1 | 0.1 | 0.2 | ' |
Amortization of actuarial loss | 4 | 4.8 | 3.3 | ' |
Defined Benefit Plan, Other Costs | 0 | 0 | 0 | ' |
Net periodic cost | 2.8 | 4.5 | 5.5 | ' |
Non-U.S. Pension Benefits | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Post-employment benefit obligation | ' | ' | ' | 200 |
Accumulated benefit obligation at end of year | 492.8 | 505.9 | ' | ' |
Change in benefit obligation: | ' | ' | ' | ' |
Benefit obligation at beginning of year | 511.6 | 397 | ' | ' |
Service cost | 6 | 7.8 | 4.4 | ' |
Interest cost | 16.6 | 17 | 12.8 | ' |
Acquisitions and divestitures | -4.7 | 12 | ' | ' |
Actuarial loss (gain) | -20.1 | 88.6 | ' | ' |
Benefits paid | -21.2 | -22.7 | ' | ' |
Foreign Exchange effect | 15.8 | 11.9 | ' | ' |
Benefit obligation at end of year | 504 | 511.6 | 397 | ' |
Change in plan assets: | ' | ' | ' | ' |
Fair value of plan assets at beginning of year | 132.5 | 119.7 | ' | ' |
Actual return on plan assets | 8.5 | 8.5 | ' | ' |
Employer contribution | 18.5 | 21.4 | ' | ' |
Employee contribution | 0.6 | 0.5 | ' | ' |
Benefits paid | -21.2 | -22.7 | ' | ' |
Foreign exchange effect | 3 | 5.1 | ' | ' |
Fair value of plan assets at end of year | 141.9 | 132.5 | 119.7 | ' |
Funded status | -362.1 | -379.1 | ' | ' |
Amounts recognized in the statement of financial position consist of: | ' | ' | ' | ' |
Current liabilities | 15 | 13.3 | ' | ' |
Non-current liabilities | 347.1 | 365.8 | ' | ' |
Total liabilities | 362.1 | 379.1 | ' | ' |
Amounts recognized in accumulated other comprehensive income consist of: | ' | ' | ' | ' |
Actuarial net loss | 93.7 | 116.9 | ' | ' |
Prior service cost | 0.4 | 0.4 | ' | ' |
Total amounts recognized in accumulated other comprehensive income | 94.1 | 117.3 | ' | ' |
Weighted-average assumptions as of December 31: | ' | ' | ' | ' |
Discount rate | 3.78% | 3.39% | 4.55% | ' |
Expected return on plan assets | 5.49% | 5.59% | 5.59% | ' |
Rate of compensation increase | 1.56% | 1.67% | 1.75% | ' |
Components of net periodic cost: | ' | ' | ' | ' |
Service cost | 6 | 7.8 | 4.4 | ' |
Interest cost | 16.6 | 17 | 12.8 | ' |
Expected return on plan assets | -7 | -6.8 | -6 | ' |
Recognition of prior service cost | 0 | 10.8 | 0 | ' |
Amortization of actuarial loss | 5.3 | 0.4 | 0.3 | ' |
Defined Benefit Plan, Other Costs | -0.6 | -0.5 | -0.2 | ' |
Net periodic cost | 20.3 | 28.7 | 11.3 | ' |
Savings Plan | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Employee Benefits and Share-based Compensation | 16.6 | 16.3 | 11.8 | ' |
Other Benefits | ' | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' | ' |
Benefit obligation at beginning of year | 7.6 | 8 | ' | ' |
Service cost | 0 | 0 | 0 | ' |
Interest cost | 0.3 | 0.3 | 0.4 | ' |
Acquisitions and divestitures | 0 | 0 | ' | ' |
Actuarial loss (gain) | -1.4 | 0.2 | ' | ' |
Benefits paid | -0.7 | -0.9 | ' | ' |
Foreign Exchange effect | 0 | 0 | ' | ' |
Benefit obligation at end of year | 5.8 | 7.6 | 8 | ' |
Change in plan assets: | ' | ' | ' | ' |
Fair value of plan assets at beginning of year | 0 | 0 | ' | ' |
Actual return on plan assets | 0 | 0 | ' | ' |
Employer contribution | 0.7 | 0.9 | ' | ' |
Employee contribution | 0 | 0 | ' | ' |
Benefits paid | -0.7 | -0.9 | ' | ' |
Foreign exchange effect | 0 | 0 | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | 0 | ' |
Funded status | -5.8 | -7.6 | ' | ' |
Amounts recognized in the statement of financial position consist of: | ' | ' | ' | ' |
Current liabilities | 0.8 | 1.1 | ' | ' |
Non-current liabilities | 5 | 6.5 | ' | ' |
Total liabilities | 5.8 | 7.6 | ' | ' |
Amounts recognized in accumulated other comprehensive income consist of: | ' | ' | ' | ' |
Actuarial net loss | 0.9 | 2.4 | ' | ' |
Prior service cost | -0.1 | -0.1 | ' | ' |
Total amounts recognized in accumulated other comprehensive income | 0.8 | 2.3 | ' | ' |
Weighted-average assumptions as of December 31: | ' | ' | ' | ' |
Discount rate | 4.17% | 3.75% | 4.00% | ' |
Components of net periodic cost: | ' | ' | ' | ' |
Service cost | 0 | 0 | 0 | ' |
Interest cost | 0.3 | 0.3 | 0.4 | ' |
Expected return on plan assets | 0 | 0 | 0 | ' |
Recognition of prior service cost | 0 | 0 | 0 | ' |
Amortization of actuarial loss | 0.1 | 0 | 0 | ' |
Defined Benefit Plan, Other Costs | 0 | 0 | 0 | ' |
Net periodic cost | $0.40 | $0.30 | $0.40 | ' |
Retirement_Plans_and_Other_OCI
Retirement Plans and Other OCI and Asset Allocation (Details 2) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
U.S. Pension Benefits | U.S. Pension Benefits | U.S. Pension Benefits | Non-U.S. Pension Benefits | Non-U.S. Pension Benefits | Non-U.S. Pension Benefits | U.S. Other Benefits | U.S. Other Benefits | Equity Securities | Equity Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Equity Funds | Equity Funds | North America | Europe [Member] | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | |
U.S. Pension Benefits | U.S. Pension Benefits | U.S. Pension Benefits | U.S. Pension Benefits | Non-U.S. Pension Benefits | Non-U.S. Pension Benefits | Non-U.S. Pension Benefits | Non-U.S. Pension Benefits | Non-U.S. Pension Benefits | Non-U.S. Pension Benefits | Equity Securities | Equity Securities | Fixed Income Securities | Fixed Income Securities | Equity Securities | Equity Securities | Fixed Income Securities | Fixed Income Securities | |||||||||
U.S. Pension Benefits | Non-U.S. Pension Benefits | U.S. Pension Benefits | Non-U.S. Pension Benefits | U.S. Pension Benefits | Non-U.S. Pension Benefits | U.S. Pension Benefits | Non-U.S. Pension Benefits | |||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (gain) loss | ($15.30) | ($6.80) | ' | ($21.60) | $86.90 | ' | ($1.40) | $0.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of actuarial losses | -4 | -4.8 | ' | -5.5 | -0.7 | ' | -0.1 | -0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of prior service cost | -0.1 | -0.1 | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign exchange effect | 0 | 0 | ' | 3.9 | 3.8 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total recognized in other comprehensive income | -19.4 | -11.7 | ' | -23.2 | 90 | ' | -1.5 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts expected to be recognized as components of net periodic cost at the end of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actuarial net loss | 2.8 | ' | ' | 3.2 | ' | ' | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prior service cost | 0.1 | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total amount expected to be recognized as components of net periodic cost at the end of the period | 2.9 | ' | ' | 3.2 | ' | ' | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Benefit Obligations in Excess of Plan Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Projected benefit obligation | 162.1 | 182.3 | ' | 504 | 511.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated benefit obligation | 155.8 | 175.2 | ' | 492.8 | 505.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets | $125.80 | $123.60 | ' | $141.90 | $132.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Strategy [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected return on plan assets | 7.50% | 7.50% | 8.00% | 5.49% | 5.59% | 5.59% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | ' | ' | ' | ' | ' | ' | ' | ' | 32.00% | 34.00% | 68.00% | 66.00% | 58.00% | 60.00% | 42.00% | 40.00% | 7.00% | 93.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Target plan asset allocations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 12.00% | 62.00% | 80.00% | 38.00% | 20.00% | 75.00% | 88.00% |
Retirement_Plans_and_Other_Inv
Retirement Plans and Other Investment Categories (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
U.S. Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | $125.80 | $123.60 | $111.40 |
U.S. Pension Benefits | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 9.4 | 4.7 | ' |
U.S. Pension Benefits | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 116.4 | 118.9 | ' |
U.S. Pension Benefits | Cash, including money market funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 9.4 | 4.7 | ' |
U.S. Pension Benefits | Cash, including money market funds | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 9.4 | 4.7 | ' |
U.S. Pension Benefits | Cash, including money market funds | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0 | 0 | ' |
U.S. Pension Benefits | U.S. equities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 25 | 30.6 | ' |
U.S. Pension Benefits | U.S. equities | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0 | 0 | ' |
U.S. Pension Benefits | U.S. equities | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 25 | 30.6 | ' |
U.S. Pension Benefits | Non-U.S. equities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 10.2 | 10.6 | ' |
U.S. Pension Benefits | Non-U.S. equities | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0 | 0 | ' |
U.S. Pension Benefits | Non-U.S. equities | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 10.2 | 10.6 | ' |
U.S. Pension Benefits | U.S. corporate bonds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 56.9 | 55.4 | ' |
U.S. Pension Benefits | U.S. corporate bonds | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0 | 0 | ' |
U.S. Pension Benefits | U.S. corporate bonds | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 56.9 | 55.4 | ' |
U.S. Pension Benefits | Non-U.S. corporate bonds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0 | 0 | ' |
U.S. Pension Benefits | Non-U.S. corporate bonds | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0 | 0 | ' |
U.S. Pension Benefits | Non-U.S. corporate bonds | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0 | 0 | ' |
U.S. Pension Benefits | U.S. government securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 18.1 | 16.9 | ' |
U.S. Pension Benefits | U.S. government securities | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0 | 0 | ' |
U.S. Pension Benefits | U.S. government securities | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 18.1 | 16.9 | ' |
U.S. Pension Benefits | Non-U.S. government securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0.8 | 0.8 | ' |
U.S. Pension Benefits | Non-U.S. government securities | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0 | 0 | ' |
U.S. Pension Benefits | Non-U.S. government securities | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0.8 | 0.8 | ' |
U.S. Pension Benefits | Real estate | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0 | 0 | ' |
U.S. Pension Benefits | Real estate | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0 | 0 | ' |
U.S. Pension Benefits | Real estate | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0 | 0 | ' |
U.S. Pension Benefits | Other securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 5.4 | 4.6 | ' |
U.S. Pension Benefits | Other securities | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0 | 0 | ' |
U.S. Pension Benefits | Other securities | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 5.4 | 4.6 | ' |
Non-U.S. Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 141.9 | 132.5 | 119.7 |
Non-U.S. Pension Benefits | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 3.5 | 5.6 | ' |
Non-U.S. Pension Benefits | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 138.4 | 126.9 | ' |
Non-U.S. Pension Benefits | Cash, including money market funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 3.5 | 5.6 | ' |
Non-U.S. Pension Benefits | Cash, including money market funds | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 3.5 | 5.6 | ' |
Non-U.S. Pension Benefits | Cash, including money market funds | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0 | 0 | ' |
Non-U.S. Pension Benefits | U.S. equities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 8.4 | 8.2 | ' |
Non-U.S. Pension Benefits | U.S. equities | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0 | 0 | ' |
Non-U.S. Pension Benefits | U.S. equities | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 8.4 | 8.2 | ' |
Non-U.S. Pension Benefits | Non-U.S. equities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 35 | 29.8 | ' |
Non-U.S. Pension Benefits | Non-U.S. equities | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0 | 0 | ' |
Non-U.S. Pension Benefits | Non-U.S. equities | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 35 | 29.8 | ' |
Non-U.S. Pension Benefits | U.S. corporate bonds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 1 | 1 | ' |
Non-U.S. Pension Benefits | U.S. corporate bonds | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0 | 0 | ' |
Non-U.S. Pension Benefits | U.S. corporate bonds | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 1 | 1 | ' |
Non-U.S. Pension Benefits | Non-U.S. corporate bonds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 28 | 26.5 | ' |
Non-U.S. Pension Benefits | Non-U.S. corporate bonds | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0 | 0 | ' |
Non-U.S. Pension Benefits | Non-U.S. corporate bonds | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 28 | 26.5 | ' |
Non-U.S. Pension Benefits | U.S. government securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0.1 | 0 | ' |
Non-U.S. Pension Benefits | U.S. government securities | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0 | 0 | ' |
Non-U.S. Pension Benefits | U.S. government securities | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0.1 | 0 | ' |
Non-U.S. Pension Benefits | Non-U.S. government securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 42.7 | 40.8 | ' |
Non-U.S. Pension Benefits | Non-U.S. government securities | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0 | 0 | ' |
Non-U.S. Pension Benefits | Non-U.S. government securities | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 42.7 | 40.8 | ' |
Non-U.S. Pension Benefits | Real estate | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 9 | 7.9 | ' |
Non-U.S. Pension Benefits | Real estate | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0 | 0 | ' |
Non-U.S. Pension Benefits | Real estate | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 9 | 7.9 | ' |
Non-U.S. Pension Benefits | Other securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 14.2 | 12.7 | ' |
Non-U.S. Pension Benefits | Other securities | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | 0 | 0 | ' |
Non-U.S. Pension Benefits | Other securities | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total investments measured at fair value | $14.20 | $12.70 | ' |
Retirement_Plans_and_Other_Sen
Retirement Plans and Other Sensitivity and Future Payments (Details 4) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Schedule of estimated future benefit payments | ' |
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 8.00% |
Ultimate Health Care Cost Trend Rate | 5.00% |
U.S. Pension Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Estimated future employer contributions in next fiscal year | 7 |
Pension and post-retirement company contributions | 6.5 |
Schedule of estimated future benefit payments | ' |
2014 | 10.1 |
2015 | 11.1 |
2016 | 11 |
2017 | 11 |
2018 | 11 |
Thereafter | 54.5 |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates | ' |
Effect of one percentage point increase on service and interest cost components | 0.2 |
Effect of one percentage point decrease on service and interest cost components | -0.2 |
Effect of one percentage point increase on postretirement benefit obligation | 1.3 |
Effect of one percentage point decrease on postretirement benefit obligation | -1 |
Non-U.S. Pension Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Estimated future employer contributions in next fiscal year | 19 |
Pension contributions | 18.5 |
Schedule of estimated future benefit payments | ' |
2014 | 21.4 |
2015 | 20.7 |
2016 | 21.2 |
2017 | 22.6 |
2018 | 23 |
Thereafter | 124 |
U.S. Other Benefits | ' |
Schedule of estimated future benefit payments | ' |
2014 | 0.8 |
2015 | 0.7 |
2016 | 0.6 |
2017 | 0.5 |
2018 | 0.4 |
Thereafter | 1.9 |
STOCKHOLDERS_EQUITY_Capital_St
STOCKHOLDERS' EQUITY Capital Stock Information (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, except Per Share data, unless otherwise specified | ||||
Common stock, shares issued (in shares) | 123.7 | 122.9 | ' | ' |
Common Stock, unissued shares (in shares) | 176.3 | ' | ' | ' |
Shares of common stock in treasury (in shares) | 13.8 | 13 | ' | ' |
Value of treasury stock on an average cost basis (in dollars) | -630.2 | -597.8 | ' | ' |
Number of common shares held in rabbi trust (in shares) | 0.8 | 0.7 | ' | ' |
Preferred stock, shares authorized (in shares) | 50 | ' | ' | ' |
Preferred stock, par value per share (in dollars per share) | 0.01 | ' | ' | ' |
Preferred stock, shares outstanding (in shares) | 0 | 0 | ' | ' |
Common Stock | ' | ' | ' | ' |
Common stock, shares outstanding (in shares) | 109.9 | 109.9 | 108.8 | 108.1 |
Shares of common stock in treasury (in shares) | 13.8 | ' | ' | ' |
4% Convertible Senior Subordinated Notes due June 1, 2015 | ' | ' | ' | ' |
Common Stock reserved for contingently issuable shares (in shares) | 7.9 | ' | ' | ' |
Interest rate of debt securities (as a percent) | 4.00% | ' | ' | ' |
Stock Options and Restricted Stock | ' | ' | ' | ' |
Common Stock reserved for contingently issuable shares (in shares) | 3.9 | ' | ' | ' |
All Company Stock Plans | ' | ' | ' | ' |
Number of common shares held in rabbi trust (in shares) | 0.8 | ' | ' | ' |
Value of common shares held in rabbi trust (in dollars) | 16.1 | ' | ' | ' |
STOCKHOLDERS_EQUITY_Share_Base
STOCKHOLDERS' EQUITY Share Based Comp (Details 2) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 28, 2013 | Mar. 27, 2012 | Mar. 01, 2012 | Mar. 22, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | 31-May-11 | 9-May-13 | 31-May-04 | 31-May-99 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Stock Option | Stock Option | Stock Option | Restricted stock awards Member | Restricted stock awards Member | Restricted stock awards Member | Market Condition Award | Market Condition Award | Market Condition Award | Market Condition Award | Market Condition Award | Terex Corporation 2009 Omnibus Incentive Plan (the 2009 Plan) Member | Terex Corporation 2009 Omnibus Incentive Plan (the 2009 Plan) Member | Terex Corporation 2009 Omnibus Incentive Plan (the 2009 Plan) Member | Terex Corporation 2000 Incentive Plan (the 2000 Plan) Member | Terex Corporation Long-term Incentive Plan (the 1996 Plan) Member | All Company Stock Plans | All Company Stock Plans | All Company Stock Plans | All Company Stock Plans | ||||
Maximum | Low end of range | Mid range | High end of range | Restricted stock awards Member | |||||||||||||||||||
Share-based compensation arrangements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized for issuance (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 8,000,000 | 12,000,000 | 4,000,000 | ' | ' | ' | ' |
Shares available for grant (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares vesting period (in years) | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | '5 years | '3 years | ' |
Grant date average contractual term on options | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares granted during period (in shares) | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of options exercised (in dollars) | ' | ' | ' | $1.20 | $0.20 | $0.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | ' | ' | ' | 519,224 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in shares) | ' | ' | ' | -302,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Canceled or expired (in shares) | ' | ' | ' | -7,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in shares) | ' | ' | ' | 209,557 | 519,224 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable at the end of the period (in shares) | ' | ' | ' | 209,557 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested at the end of the period (in shares) | ' | ' | ' | 209,557 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | ' | ' | ' | $23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in dollars per share) | ' | ' | ' | $11.47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Canceled or expired (in dollars per share) | ' | ' | ' | $44.96 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in dollars per share) | ' | ' | ' | $38.92 | $23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable at the end of the period (in dollars per share) | ' | ' | ' | $38.92 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested at the end of the period (in dollars per share) | ' | ' | ' | $38.92 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Remaining Contractual Life (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in years) | ' | ' | ' | '1 year 10 months 4 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable at the end of the period (in years) | ' | ' | ' | '1 year 10 months 4 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested at the end of the period (in years) | ' | ' | ' | '1 year 10 months 4 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in dollars) | ' | ' | ' | 1.45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable at the end of the period (in dollars) | ' | ' | ' | 1.45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested at the end of the period (in dollars) | ' | ' | ' | 1.45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of awards that vest over a four year period (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.00% |
Percentage of awards that vest on each of the first four anniversary dates of the grant (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% |
Percentage of awards that vest over a five year period (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% |
Percentage of awards that vest over a three year period (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76.00% |
Percentage of awards that vest evenly over three year period (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38.00% |
Percentage of awards that vest at end of three year period (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36.00% |
Percentage of awards subject to performance conditions (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47.00% |
Number of shares of restricted stock with fair value based on market condition, instead of market price (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumptions used in valuation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend yields (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.03% | 56.83% | 59.15% | 80.29% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.35% | 0.47% | 0.41% | 1.04% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | '3 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs (in dollars) | ' | ' | ' | ' | ' | ' | 47.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period of unrecognized compensation costs will be recognized (in years) | ' | ' | ' | ' | ' | ' | '1 year 8 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted weighted average grant date fair value (in dollars per share) | ' | ' | ' | ' | ' | ' | $33.84 | $25.74 | $34.99 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of shares vested (in dollars) | ' | ' | ' | ' | ' | ' | 19 | 16.1 | 26.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock contributed to employee stock trust | 53,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Stock Awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested at the beginning of the period (in shares) | ' | ' | ' | ' | ' | ' | 3,272,719 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | ' | 1,353,279 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in shares) | ' | ' | ' | ' | ' | ' | -729,921 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Canceled or expired (in shares) | ' | ' | ' | ' | ' | ' | -174,653 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested at the end of the period (in shares) | ' | ' | ' | ' | ' | ' | 3,721,424 | 3,272,719 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested at the beginning of the period (in dollars per shares) | ' | ' | ' | ' | ' | ' | $25.17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per shares) | ' | ' | ' | ' | ' | ' | $33.84 | ' | ' | $32.96 | $29.50 | $32.58 | $41.96 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in dollars per shares) | ' | ' | ' | ' | ' | ' | $26.08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancelled or expired (in dollars per shares) | ' | ' | ' | ' | ' | ' | $25.94 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested at the end of the period (in dollars per shares) | ' | ' | ' | ' | ' | ' | $26.14 | $25.17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense recognized under all stock-based compensation arrangements (in dollars) | 44.7 | 29.8 | 23.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit related to stock-based compensation arrangements (in dollars) | 13.5 | 9.1 | 7.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from option exercises under all stock-based compensation arrangements (in dollars) | $2.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
STOCKHOLDERS_EQUITY_AOCI_Detai
STOCKHOLDERS' EQUITY AOCI (Details 3) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Balance at the end of the period | ($116.50) | ($124.10) | ' |
Pension Liability Adjustment | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Tax benefit included in accumulated other comprehensive income | 45.1 | ' | ' |
Derivative Hedging Adjustment | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Tax benefit included in accumulated other comprehensive income | -1.3 | ' | ' |
Parent and Noncontrolling Interest | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Balance at the beginning of the period | -123.6 | -125.5 | 101.3 |
Other comprehensive income before reclassifications | 9 | ' | ' |
Amounts reclassified from AOCI | -1 | ' | ' |
Current year change | 8 | 1.9 | -226.8 |
Balance at the end of the period | -115.6 | -123.6 | -125.5 |
Parent and Noncontrolling Interest | Pension Liability Adjustment | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Balance at the beginning of the period | -139.7 | -83.2 | -59.7 |
Other comprehensive income before reclassifications | 21.9 | ' | ' |
Amounts reclassified from AOCI | 6.5 | ' | ' |
Current year change | 28.4 | -56.5 | -23.5 |
Balance at the end of the period | -111.3 | -139.7 | -83.2 |
Parent and Noncontrolling Interest | Cumulative Translation Adjustment | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Balance at the beginning of the period | 14.6 | -39.6 | 62.3 |
Other comprehensive income before reclassifications | -19 | ' | ' |
Amounts reclassified from AOCI | -2.6 | ' | ' |
Current year change | -21.6 | 54.2 | -101.9 |
Balance at the end of the period | -7 | 14.6 | -39.6 |
Parent and Noncontrolling Interest | Derivative Hedging Adjustment | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Balance at the beginning of the period | -0.4 | -3.6 | -2.1 |
Other comprehensive income before reclassifications | 6.1 | ' | ' |
Amounts reclassified from AOCI | -3 | ' | ' |
Current year change | 3.1 | 3.2 | -1.5 |
Balance at the end of the period | 2.7 | -0.4 | -3.6 |
Parent and Noncontrolling Interest | Debt and Equity Securities Adjustment | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Balance at the beginning of the period | 1.9 | 0.9 | 100.8 |
Other comprehensive income before reclassifications | 0 | ' | ' |
Amounts reclassified from AOCI | -1.9 | ' | ' |
Current year change | -1.9 | 1 | -99.9 |
Balance at the end of the period | 0 | 1.9 | 0.9 |
Terex Corporation | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Balance at the beginning of the period | -124.1 | -125.5 | 100.4 |
Current year change | 7.6 | 1.4 | -225.9 |
Balance at the end of the period | -116.5 | -124.1 | -125.5 |
Terex Corporation | Pension Liability Adjustment | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Balance at the beginning of the period | -139.7 | -83.2 | -59.7 |
Current year change | 28.4 | -56.5 | -23.5 |
Balance at the end of the period | -111.3 | -139.7 | -83.2 |
Terex Corporation | Cumulative Translation Adjustment | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Balance at the beginning of the period | 14.1 | -39.6 | 61.4 |
Current year change | -22 | 53.7 | -101 |
Balance at the end of the period | -7.9 | 14.1 | -39.6 |
Terex Corporation | Derivative Hedging Adjustment | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Balance at the beginning of the period | -0.4 | -3.6 | -2.1 |
Current year change | 3.1 | 3.2 | -1.5 |
Balance at the end of the period | 2.7 | -0.4 | -3.6 |
Terex Corporation | Debt and Equity Securities Adjustment | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Balance at the beginning of the period | 1.9 | 0.9 | 100.8 |
Current year change | -1.9 | 1 | -99.9 |
Balance at the end of the period | 0 | 1.9 | 0.9 |
Noncontrolling Interest | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Balance at the beginning of the period | 0.5 | 0 | 0.9 |
Current year change | 0.4 | 0.5 | -0.9 |
Balance at the end of the period | 0.9 | 0.5 | 0 |
Noncontrolling Interest | Pension Liability Adjustment | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Balance at the beginning of the period | 0 | 0 | 0 |
Current year change | 0 | 0 | 0 |
Balance at the end of the period | 0 | 0 | 0 |
Noncontrolling Interest | Cumulative Translation Adjustment | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Balance at the beginning of the period | 0.5 | 0 | 0.9 |
Current year change | 0.4 | 0.5 | -0.9 |
Balance at the end of the period | 0.9 | 0.5 | 0 |
Noncontrolling Interest | Derivative Hedging Adjustment | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Balance at the beginning of the period | 0 | 0 | 0 |
Current year change | 0 | 0 | 0 |
Balance at the end of the period | 0 | 0 | 0 |
Noncontrolling Interest | Debt and Equity Securities Adjustment | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Balance at the beginning of the period | 0 | 0 | 0 |
Current year change | 0 | 0 | 0 |
Balance at the end of the period | $0 | $0 | $0 |
STOCKHOLDERS_EQUITY_Reclassifi
STOCKHOLDERS' EQUITY Reclassification Out Of Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' |
Other income (expense) - net | ($5.30) | ($7.90) | ($142.10) |
Cost of goods sold | 5,644.50 | 5,582.10 | 5,234.50 |
(Provision for) benefit from income taxes | 87.4 | 51.5 | 45.4 |
Net of tax | -220.9 | -103.6 | -40.7 |
Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' |
Net of tax | 1 | ' | ' |
Pension Liability Adjustment | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' |
Other comprehensive income (loss), net gain (loss), before tax | -9.6 | ' | ' |
(Provision for) benefit from income taxes | 3.1 | ' | ' |
Net of tax | -6.5 | ' | ' |
Cumulative Translation Adjustment | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' |
Other income (expense) - net | 2.5 | ' | ' |
(Provision for) benefit from income taxes | 0.1 | ' | ' |
Net of tax | 2.6 | ' | ' |
Derivative Hedging Adjustment | Reclassification out of Accumulated Other Comprehensive Income | Foreign Exchange Contract | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' |
Other income (expense) - net | 3.4 | ' | ' |
Cost of goods sold | 1.2 | ' | ' |
(Provision for) benefit from income taxes | -1.6 | ' | ' |
Net of tax | 3 | ' | ' |
Debt and Equity Securities Adjustment | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' |
Other income (expense) - net | 2.5 | ' | ' |
(Provision for) benefit from income taxes | -0.6 | ' | ' |
Net of tax | $1.90 | ' | ' |
STOCKHOLDERS_EQUITY_Redeemable
STOCKHOLDERS' EQUITY Redeemable Noncontrolling Interest (Details 4) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 21, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
USD ($) | USD ($) | USD ($) | TMHPS AG | TMHPS AG | TMHPS AG | Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid-in Capital | |
USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | TMHPS AG | ||||
USD ($) | ||||||||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price (in dollars per share) | ' | ' | ' | ' | ' | € 45.52 | ' | ' | ' | ' |
Guaranteed gross payment per year (in euros per share) | ' | ' | ' | ' | ' | € 3.33 | ' | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | $246.90 | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification from noncontrolling interest (as of April 18, 2012) | ' | -247.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustment for maximum redemption value | ' | 12.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Redemptions | 174.1 | 3.6 | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued guaranteed payment obligation | 3.7 | 11.3 | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of guaranteed obligations | -18.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reversal of guaranteed obligations | -5.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation | 1.5 | -20.8 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at end of period | 53.9 | 246.9 | 0 | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling interest, decrease from redemptions or purchase of interests - percent | 14.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Noncontrolling Interests | 228.1 | 3.5 | 6.3 | 77 | 228 | ' | ' | ' | ' | ' |
Decrease from redemptions or purchase of noncontrolling interests | $54 | $0 | $6.50 | ' | ' | ' | $54 | $0.30 | $5.20 | $54 |
LITIGATION_AND_CONTINGENCIES_D
LITIGATION AND CONTINGENCIES (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Loss Contingencies and Guarantee Obligations | ' | ' |
Outstanding letters of credit | $340.40 | $324 |
Guarantee Terms Maximum | '5 years | ' |
Fair value of all guarantees recorded in other current liabilities and retirement plans | 4 | 6 |
Credit Guarantee | ' | ' |
Loss Contingencies and Guarantee Obligations | ' | ' |
Guarantees, maximum exposure | 53.6 | 64.3 |
Credit Guarantee | Cranes | Subsidiaries | ' | ' |
Loss Contingencies and Guarantee Obligations | ' | ' |
Guarantees, maximum exposure | 34.7 | 45.8 |
Credit Guarantee | Aerial Work Platforms | Subsidiaries | ' | ' |
Loss Contingencies and Guarantee Obligations | ' | ' |
Guarantees, maximum exposure | 6.1 | 9.7 |
Residual Value Guarantee | ' | ' |
Loss Contingencies and Guarantee Obligations | ' | ' |
Guarantees, maximum exposure | 2.7 | 5.7 |
Buyback Guarantee | ' | ' |
Loss Contingencies and Guarantee Obligations | ' | ' |
Guarantees, maximum exposure | 46.7 | 73.8 |
Buyback Guarantee | Subsidiaries | ' | ' |
Loss Contingencies and Guarantee Obligations | ' | ' |
Guarantees, maximum exposure | 6 | 25.3 |
Buyback Guarantee | Material Handling & Port Solutions [Member] | ' | ' |
Loss Contingencies and Guarantee Obligations | ' | ' |
Guarantees, maximum exposure | $35.10 | $43.60 |
CONSOLIDATING_FINANCIAL_STATEM2
CONSOLIDATING FINANCIAL STATEMENTS (Details) | Jun. 03, 2009 | Nov. 26, 2012 | Jun. 03, 2009 |
4% Convertible Senior Subordinated Notes due June 1, 2015 | Senior Notes Due May 15, 2021 Six Percent [Member] | 10-7/8% Senior Notes due June 1, 2016 [Member] | |
Debt Instrument | ' | ' | ' |
Interest rate of debt securities (as a percent) | 4.00% | 6.00% | 10.88% |
CONSOLIDATING_FINANCIAL_STATEM3
CONSOLIDATING FINANCIAL STATEMENTS (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENT OF INCOME | ' | ' | ' |
Net sales | $7,084 | $6,982.20 | $6,158 |
Cost of goods sold | -5,644.50 | -5,582.10 | -5,234.50 |
Gross profit | 1,439.50 | 1,400.10 | 923.5 |
Selling, general and administrative expenses | -1,020.40 | -1,033.30 | -863.6 |
Income (loss) from operations | 419.1 | 366.8 | 59.9 |
Interest income | 6.7 | 8.8 | 14.3 |
Interest expense | -126.1 | -164.6 | -134.9 |
Income (Loss) from Subsidiaries, before Tax | 0 | 0 | 0 |
Loss on early extinguishment of debt | -5.2 | -83 | -7.7 |
Other income (expense) - net | -3.2 | -1.7 | 134 |
Income (loss) from continuing operations before income taxes | 291.3 | 126.3 | 65.6 |
Benefit from income taxes | -87.4 | -51.5 | -45.4 |
Income (loss) from continuing operations | 203.9 | 74.8 | 20.2 |
Income (Loss) from discontinued operations - net of tax | 14.4 | 28.4 | 19.7 |
Gain (loss) on disposition of discontinued operations - net of tax | 2.6 | 0.4 | 0.8 |
Net income (loss) | 220.9 | 103.6 | 40.7 |
Net loss (income) attributable to noncontrolling interest | 5.1 | 2.2 | 4.5 |
Net income (loss) attributable to Terex Corporation | 226 | 105.8 | 45.2 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 228.9 | 105.5 | -186.1 |
Comprehensive loss (income) attributable to noncontrolling interest | 4.7 | 1.7 | 5.4 |
Comprehensive income (loss), net of tax | 233.6 | 107.2 | -180.7 |
Terex Corporation | ' | ' | ' |
CONSOLIDATED STATEMENT OF INCOME | ' | ' | ' |
Net sales | 173.2 | 195.8 | 301 |
Cost of goods sold | -162.3 | -177.3 | -276.1 |
Gross profit | 10.9 | 18.5 | 24.9 |
Selling, general and administrative expenses | -23.9 | -31.9 | -26.9 |
Income (loss) from operations | -13 | -13.4 | -2 |
Interest income | 272.4 | 225.5 | 161.1 |
Interest expense | -431.6 | -364.3 | -302.1 |
Income (Loss) from Subsidiaries, before Tax | 392.6 | 310.3 | 71.1 |
Loss on early extinguishment of debt | 0 | -79.6 | -7.7 |
Other income (expense) - net | -57.4 | -33.1 | 93.2 |
Income (loss) from continuing operations before income taxes | 163 | 45.4 | 13.6 |
Benefit from income taxes | 50.6 | 50.2 | 20.7 |
Income (loss) from continuing operations | 213.6 | 95.6 | 34.3 |
Income (Loss) from discontinued operations - net of tax | 12.8 | 12.1 | 13.2 |
Gain (loss) on disposition of discontinued operations - net of tax | -0.4 | -1.9 | -2.3 |
Net income (loss) | 226 | 105.8 | 45.2 |
Net loss (income) attributable to noncontrolling interest | 0 | 0 | 0 |
Net income (loss) attributable to Terex Corporation | 226 | 105.8 | 45.2 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 233.6 | 107.2 | -180.7 |
Comprehensive loss (income) attributable to noncontrolling interest | 0 | 0 | 0 |
Comprehensive income (loss), net of tax | 233.6 | 107.2 | -180.7 |
Wholly-owned Guarantors | ' | ' | ' |
CONSOLIDATED STATEMENT OF INCOME | ' | ' | ' |
Net sales | 3,156.10 | 2,656.10 | 2,340.80 |
Cost of goods sold | -2,542.40 | -2,226.50 | -2,044.10 |
Gross profit | 613.7 | 429.6 | 296.7 |
Selling, general and administrative expenses | -234.1 | -208.2 | -226.3 |
Income (loss) from operations | 379.6 | 221.4 | 70.4 |
Interest income | 337.8 | 258.2 | 201.1 |
Interest expense | -151.1 | -109.3 | -74.4 |
Income (Loss) from Subsidiaries, before Tax | 35 | -4.1 | -7.7 |
Loss on early extinguishment of debt | 0 | 0 | 0 |
Other income (expense) - net | 3.6 | 32.4 | -11.2 |
Income (loss) from continuing operations before income taxes | 604.9 | 398.6 | 178.2 |
Benefit from income taxes | -125.6 | -76.3 | -66.9 |
Income (loss) from continuing operations | 479.3 | 322.3 | 111.3 |
Income (Loss) from discontinued operations - net of tax | 0 | 0 | 0 |
Gain (loss) on disposition of discontinued operations - net of tax | 0 | 0 | 0 |
Net income (loss) | 479.3 | 322.3 | 111.3 |
Net loss (income) attributable to noncontrolling interest | 0 | 0 | 0 |
Net income (loss) attributable to Terex Corporation | 479.3 | 322.3 | 111.3 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 484.3 | 323.3 | 140.7 |
Comprehensive loss (income) attributable to noncontrolling interest | 0 | 0 | 0 |
Comprehensive income (loss), net of tax | 484.3 | 323.3 | 140.7 |
Non-guarantor Subsidiaries | ' | ' | ' |
CONSOLIDATED STATEMENT OF INCOME | ' | ' | ' |
Net sales | 4,814.20 | 4,992.80 | 4,390.50 |
Cost of goods sold | -3,999.30 | -4,040.80 | -3,788.60 |
Gross profit | 814.9 | 952 | 601.9 |
Selling, general and administrative expenses | -762.4 | -793.2 | -610.4 |
Income (loss) from operations | 52.5 | 158.8 | -8.5 |
Interest income | 11.9 | 10.6 | 15.1 |
Interest expense | -158.8 | -176.5 | -121.4 |
Income (Loss) from Subsidiaries, before Tax | -0.6 | -0.6 | -0.8 |
Loss on early extinguishment of debt | -5.2 | -3.4 | 0 |
Other income (expense) - net | 50.6 | -1 | 52 |
Income (loss) from continuing operations before income taxes | -49.6 | -12.1 | -63.6 |
Benefit from income taxes | -12.4 | -25.4 | 0.8 |
Income (loss) from continuing operations | -62 | -37.5 | -62.8 |
Income (Loss) from discontinued operations - net of tax | 1.6 | 16.3 | 6.5 |
Gain (loss) on disposition of discontinued operations - net of tax | 3 | 2.3 | 3.1 |
Net income (loss) | -57.4 | -18.9 | -53.2 |
Net loss (income) attributable to noncontrolling interest | 5.1 | 2.2 | 4.5 |
Net income (loss) attributable to Terex Corporation | -52.3 | -16.7 | -48.7 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | -95.7 | -69 | -113.1 |
Comprehensive loss (income) attributable to noncontrolling interest | 4.7 | 1.7 | 5.4 |
Comprehensive income (loss), net of tax | -91 | -67.3 | -107.7 |
Intercompany Eliminations | ' | ' | ' |
CONSOLIDATED STATEMENT OF INCOME | ' | ' | ' |
Net sales | -1,059.50 | -862.5 | -874.3 |
Cost of goods sold | 1,059.50 | 862.5 | 874.3 |
Gross profit | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 |
Income (loss) from operations | 0 | 0 | 0 |
Interest income | -615.4 | -485.5 | -363 |
Interest expense | 615.4 | 485.5 | 363 |
Income (Loss) from Subsidiaries, before Tax | -427 | -305.6 | -62.6 |
Loss on early extinguishment of debt | 0 | 0 | 0 |
Other income (expense) - net | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | -427 | -305.6 | -62.6 |
Benefit from income taxes | 0 | 0 | 0 |
Income (loss) from continuing operations | -427 | -305.6 | -62.6 |
Income (Loss) from discontinued operations - net of tax | 0 | 0 | 0 |
Gain (loss) on disposition of discontinued operations - net of tax | 0 | 0 | 0 |
Net income (loss) | -427 | -305.6 | -62.6 |
Net loss (income) attributable to noncontrolling interest | 0 | 0 | 0 |
Net income (loss) attributable to Terex Corporation | -427 | -305.6 | -62.6 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | -393.3 | -256 | -33 |
Comprehensive loss (income) attributable to noncontrolling interest | 0 | 0 | 0 |
Comprehensive income (loss), net of tax | ($393.30) | ($256) | ($33) |
CONSOLIDATING_FINANCIAL_STATEM4
CONSOLIDATING FINANCIAL STATEMENTS (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | $408.10 | $678 | $774.10 | $894.20 |
Trade receivables - net | 1,176.80 | 1,026.60 | ' | ' |
Intercompany receivables | 0 | 0 | ' | ' |
Inventories | 1,613.20 | 1,632.20 | ' | ' |
Other current assets | 312 | 319.6 | ' | ' |
Current assets – discontinued operations | 129.3 | 141 | ' | ' |
Total current assets | 3,639.40 | 3,797.40 | ' | ' |
Property, plant and equipment - net | 789.4 | 806.8 | ' | ' |
Goodwill | 1,245.60 | 1,245.30 | 1,232.90 | ' |
Non-current intercompany receivables | 0 | 0 | ' | ' |
Investment in and advances to (from) subsidiaries | 90 | 86.5 | ' | ' |
Other assets | 756.7 | 798.7 | ' | ' |
Non-current assets – discontinued operations | 15.6 | 11.5 | ' | ' |
Total assets | 6,536.70 | 6,746.20 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Notes payable and current portion of long-term debt | 86.8 | 83.8 | ' | ' |
Trade accounts payable | 689.1 | 600.2 | ' | ' |
Intercompany payables | 0 | 0 | ' | ' |
Accruals and other current liabilities | 902.7 | 977.5 | ' | ' |
Current liabilities – discontinued operations | 46.1 | 47.3 | ' | ' |
Total current liabilities | 1,724.70 | 1,708.80 | ' | ' |
Long-term debt, less current portion | 1,889.90 | 2,014.90 | ' | ' |
Non-current intercompany payables | 0 | 0 | ' | ' |
Other non-current liabilities | 647.7 | 738.7 | ' | ' |
Non-current liabilities – discontinued operations | 5.7 | 5.6 | ' | ' |
Redeemable noncontrolling interest | 53.9 | 246.9 | 0 | ' |
Total stockholders' equity | 2,214.80 | 2,031.30 | 2,188.40 | 2,111.40 |
Total liabilities, redeemable noncontrolling interest and stockholders' equity | 6,536.70 | 6,746.20 | ' | ' |
Terex Corporation | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 16.3 | 39.6 | 264 | 164.2 |
Trade receivables - net | 34.9 | 25.8 | ' | ' |
Intercompany receivables | 52.8 | 95.2 | ' | ' |
Inventories | 28.6 | 28.5 | ' | ' |
Other current assets | 90.4 | 102.1 | ' | ' |
Current assets – discontinued operations | 21.3 | 28 | ' | ' |
Total current assets | 244.3 | 319.2 | ' | ' |
Property, plant and equipment - net | 72.5 | 69.7 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Non-current intercompany receivables | 1,586.40 | 1,294.80 | ' | ' |
Investment in and advances to (from) subsidiaries | 3,874.90 | 3,294 | ' | ' |
Other assets | 36.7 | 54.3 | ' | ' |
Non-current assets – discontinued operations | 1.2 | 0 | ' | ' |
Total assets | 5,816 | 5,032 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Notes payable and current portion of long-term debt | 3.7 | 4.6 | ' | ' |
Trade accounts payable | 14 | 10.7 | ' | ' |
Intercompany payables | 46.9 | 15.7 | ' | ' |
Accruals and other current liabilities | 68.1 | 97.1 | ' | ' |
Current liabilities – discontinued operations | 3.9 | 3.5 | ' | ' |
Total current liabilities | 136.6 | 131.6 | ' | ' |
Long-term debt, less current portion | 1,271 | 1,254.60 | ' | ' |
Non-current intercompany payables | 2,143.20 | 1,516.80 | ' | ' |
Other non-current liabilities | 75.1 | 121.3 | ' | ' |
Non-current liabilities – discontinued operations | 0 | 0 | ' | ' |
Redeemable noncontrolling interest | 0 | 0 | ' | ' |
Total stockholders' equity | 2,190.10 | 2,007.70 | ' | ' |
Total liabilities, redeemable noncontrolling interest and stockholders' equity | 5,816 | 5,032 | ' | ' |
Wholly-owned Guarantors | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 3.9 | 0.4 | 2.3 | 2 |
Trade receivables - net | 328.2 | 214 | ' | ' |
Intercompany receivables | 121.8 | 142.5 | ' | ' |
Inventories | 392.6 | 387.6 | ' | ' |
Other current assets | 40.7 | 37.2 | ' | ' |
Current assets – discontinued operations | 0 | 0 | ' | ' |
Total current assets | 887.2 | 781.7 | ' | ' |
Property, plant and equipment - net | 118.6 | 110.8 | ' | ' |
Goodwill | 170.1 | 149.6 | ' | ' |
Non-current intercompany receivables | 2,157.80 | 1,562.50 | ' | ' |
Investment in and advances to (from) subsidiaries | 191.7 | 157.3 | ' | ' |
Other assets | 178.2 | 178.8 | ' | ' |
Non-current assets – discontinued operations | 0 | 0 | ' | ' |
Total assets | 3,703.60 | 2,940.70 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Notes payable and current portion of long-term debt | 0.7 | 0.1 | ' | ' |
Trade accounts payable | 221.7 | 157.2 | ' | ' |
Intercompany payables | 97.2 | 61 | ' | ' |
Accruals and other current liabilities | 130.9 | 125.9 | ' | ' |
Current liabilities – discontinued operations | 0 | 0 | ' | ' |
Total current liabilities | 450.5 | 344.2 | ' | ' |
Long-term debt, less current portion | 4.8 | 1.7 | ' | ' |
Non-current intercompany payables | 41.8 | 41.8 | ' | ' |
Other non-current liabilities | 27.1 | 33.3 | ' | ' |
Non-current liabilities – discontinued operations | 0 | 0 | ' | ' |
Redeemable noncontrolling interest | 0 | 0 | ' | ' |
Total stockholders' equity | 3,179.40 | 2,519.70 | ' | ' |
Total liabilities, redeemable noncontrolling interest and stockholders' equity | 3,703.60 | 2,940.70 | ' | ' |
Non-guarantor Subsidiaries | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 387.9 | 638 | 507.8 | 728 |
Trade receivables - net | 813.7 | 786.8 | ' | ' |
Intercompany receivables | 124 | 68.4 | ' | ' |
Inventories | 1,192 | 1,216.10 | ' | ' |
Other current assets | 180.9 | 180.3 | ' | ' |
Current assets – discontinued operations | 108 | 113 | ' | ' |
Total current assets | 2,806.50 | 3,002.60 | ' | ' |
Property, plant and equipment - net | 598.3 | 626.3 | ' | ' |
Goodwill | 1,075.50 | 1,095.70 | ' | ' |
Non-current intercompany receivables | 42 | 39.6 | ' | ' |
Investment in and advances to (from) subsidiaries | 162.3 | 66.1 | ' | ' |
Other assets | 541.8 | 565.6 | ' | ' |
Non-current assets – discontinued operations | 14.4 | 11.5 | ' | ' |
Total assets | 5,240.80 | 5,407.40 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Notes payable and current portion of long-term debt | 82.4 | 79.1 | ' | ' |
Trade accounts payable | 453.4 | 432.3 | ' | ' |
Intercompany payables | 154.5 | 229.4 | ' | ' |
Accruals and other current liabilities | 703.7 | 754.5 | ' | ' |
Current liabilities – discontinued operations | 42.2 | 43.8 | ' | ' |
Total current liabilities | 1,436.20 | 1,539.10 | ' | ' |
Long-term debt, less current portion | 614.1 | 758.6 | ' | ' |
Non-current intercompany payables | 1,601.20 | 1,338.30 | ' | ' |
Other non-current liabilities | 545.5 | 584.1 | ' | ' |
Non-current liabilities – discontinued operations | 5.7 | 5.6 | ' | ' |
Redeemable noncontrolling interest | 53.9 | 246.9 | ' | ' |
Total stockholders' equity | 984.2 | 934.8 | ' | ' |
Total liabilities, redeemable noncontrolling interest and stockholders' equity | 5,240.80 | 5,407.40 | ' | ' |
Intercompany Eliminations | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Trade receivables - net | 0 | 0 | ' | ' |
Intercompany receivables | -298.6 | -306.1 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Current assets – discontinued operations | 0 | 0 | ' | ' |
Total current assets | -298.6 | -306.1 | ' | ' |
Property, plant and equipment - net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Non-current intercompany receivables | -3,786.20 | -2,896.90 | ' | ' |
Investment in and advances to (from) subsidiaries | -4,138.90 | -3,430.90 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Non-current assets – discontinued operations | 0 | 0 | ' | ' |
Total assets | -8,223.70 | -6,633.90 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Notes payable and current portion of long-term debt | 0 | 0 | ' | ' |
Trade accounts payable | 0 | 0 | ' | ' |
Intercompany payables | -298.6 | -306.1 | ' | ' |
Accruals and other current liabilities | 0 | 0 | ' | ' |
Current liabilities – discontinued operations | 0 | 0 | ' | ' |
Total current liabilities | -298.6 | -306.1 | ' | ' |
Long-term debt, less current portion | 0 | 0 | ' | ' |
Non-current intercompany payables | -3,786.20 | -2,896.90 | ' | ' |
Other non-current liabilities | 0 | 0 | ' | ' |
Non-current liabilities – discontinued operations | 0 | 0 | ' | ' |
Redeemable noncontrolling interest | 0 | 0 | ' | ' |
Total stockholders' equity | -4,138.90 | -3,430.90 | ' | ' |
Total liabilities, redeemable noncontrolling interest and stockholders' equity | ($8,223.70) | ($6,633.90) | ' | ' |
CONSOLIDATING_FINANCIAL_STATEM5
CONSOLIDATING FINANCIAL STATEMENTS (Details 4) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Condensed Cash Flows | ' | ' | ' | |
Net cash provided by (used in) operating activities | $188.50 | $292.30 | $22.70 | |
Cash flows from investing activities | ' | ' | ' | |
Capital expenditures | -82.8 | -82.5 | -79.1 | |
Acquisition of business, net of cash acquired | 0 | -3.4 | -1,035.20 | |
Other investments | 0 | -24.1 | -16.1 | |
Proceeds from sale of assets | 46.1 | 34.6 | 539.6 | |
Intercompany investing activities | 0 | 0 | 0 | |
Other investing activities, net | -0.7 | -0.9 | -1.7 | |
Net cash provided by (used in) investing activities | -37.4 | -76.3 | -592.5 | |
Cash flows from financing activities | ' | ' | ' | |
Repayments of debt | -571.8 | -1,533 | -447.8 | |
Proceeds from issuance of debt | 425.2 | 1,234.30 | 926.7 | |
Purchase of noncontrolling interest | -228.1 | -3.5 | -6.3 | |
Distributions to noncontrolling interest | -18.5 | -4.9 | 0 | |
Intercompany financing activities | 0 | 0 | 0 | |
Share repurchases | -31.4 | 0 | 0 | |
Dividends paid | -5.5 | 0 | 0 | |
Other financing activities, net | 10 | -16.2 | -22 | |
Net cash provided by (used in) financing activities | -420.1 | -323.3 | 450.6 | |
Effect of exchange rate changes on cash and cash equivalents | -0.9 | 11.2 | -0.9 | |
Net increase (decrease) in cash and cash equivalents | -269.9 | -96.1 | -120.1 | |
Cash and Cash Equivalents at Beginning of Period | 678 | 774.1 | 894.2 | |
Cash and Cash Equivalents at End of Period | 408.1 | 678 | 774.1 | |
Terex Corporation | ' | ' | ' | |
Condensed Cash Flows | ' | ' | ' | |
Net cash provided by (used in) operating activities | -244.1 | -15.5 | -7.1 | |
Cash flows from investing activities | ' | ' | ' | |
Capital expenditures | -9.4 | -7.1 | -10.4 | |
Acquisition of business, net of cash acquired | ' | 0 | 0 | |
Other investments | ' | -4.5 | -16.1 | |
Proceeds from sale of assets | 4.4 | 0.6 | 531.8 | |
Intercompany investing activities | 253.1 | [1] | -89.6 | -526.1 |
Other investing activities, net | -2.8 | 0 | 0 | |
Net cash provided by (used in) investing activities | 245.3 | -100.6 | -20.8 | |
Cash flows from financing activities | ' | ' | ' | |
Repayments of debt | -54 | -1,260.40 | -302.4 | |
Proceeds from issuance of debt | 61.8 | 1,175 | 455.5 | |
Purchase of noncontrolling interest | 0 | 0 | 0 | |
Distributions to noncontrolling interest | 0 | 0 | ' | |
Intercompany financing activities | 0 | [1] | -6 | -2.5 |
Share repurchases | -31.4 | ' | ' | |
Dividends paid | -5.5 | ' | ' | |
Other financing activities, net | 4.6 | -16.9 | -22.9 | |
Net cash provided by (used in) financing activities | -24.5 | -108.3 | 127.7 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |
Net increase (decrease) in cash and cash equivalents | -23.3 | -224.4 | 99.8 | |
Cash and Cash Equivalents at Beginning of Period | 39.6 | 264 | 164.2 | |
Cash and Cash Equivalents at End of Period | 16.3 | 39.6 | 264 | |
Wholly-owned Guarantors | ' | ' | ' | |
Condensed Cash Flows | ' | ' | ' | |
Net cash provided by (used in) operating activities | 599.9 | 136.5 | 17 | |
Cash flows from investing activities | ' | ' | ' | |
Capital expenditures | -24.5 | -17.1 | -22.5 | |
Acquisition of business, net of cash acquired | ' | 0 | -2 | |
Other investments | ' | 0 | 0 | |
Proceeds from sale of assets | 35.1 | 6.1 | 0.1 | |
Intercompany investing activities | -18.7 | [1] | -127.3 | 12.6 |
Other investing activities, net | 0 | 0 | 0 | |
Net cash provided by (used in) investing activities | -8.1 | -138.3 | -11.8 | |
Cash flows from financing activities | ' | ' | ' | |
Repayments of debt | -0.1 | -0.1 | -0.5 | |
Proceeds from issuance of debt | 3.8 | 0 | 1.9 | |
Purchase of noncontrolling interest | 0 | 0 | -6.3 | |
Distributions to noncontrolling interest | 0 | 0 | ' | |
Intercompany financing activities | -592 | [1] | 0 | 0 |
Share repurchases | 0 | ' | ' | |
Dividends paid | 0 | ' | ' | |
Other financing activities, net | 0 | 0 | 0 | |
Net cash provided by (used in) financing activities | -588.3 | -0.1 | -4.9 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |
Net increase (decrease) in cash and cash equivalents | 3.5 | -1.9 | 0.3 | |
Cash and Cash Equivalents at Beginning of Period | 0.4 | 2.3 | 2 | |
Cash and Cash Equivalents at End of Period | 3.9 | 0.4 | 2.3 | |
Non-guarantor Subsidiaries | ' | ' | ' | |
Condensed Cash Flows | ' | ' | ' | |
Net cash provided by (used in) operating activities | 7.7 | 171.3 | 12.8 | |
Cash flows from investing activities | ' | ' | ' | |
Capital expenditures | -48.9 | -58.3 | -46.2 | |
Acquisition of business, net of cash acquired | ' | -3.4 | -1,033.20 | |
Other investments | ' | -19.6 | 0 | |
Proceeds from sale of assets | 6.6 | 27.9 | 7.7 | |
Intercompany investing activities | -0.6 | 134 | -47.6 | |
Other investing activities, net | 2.1 | -0.9 | -1.7 | |
Net cash provided by (used in) investing activities | -40.8 | 79.7 | -1,121 | |
Cash flows from financing activities | ' | ' | ' | |
Repayments of debt | -517.7 | -272.5 | -144.9 | |
Proceeds from issuance of debt | 359.6 | 59.3 | 469.3 | |
Purchase of noncontrolling interest | -228.1 | -3.5 | 0 | |
Distributions to noncontrolling interest | -18.5 | -4.9 | ' | |
Intercompany financing activities | 183.2 | 88.9 | 563.6 | |
Share repurchases | 0 | ' | ' | |
Dividends paid | 0 | ' | ' | |
Other financing activities, net | 5.4 | 0.7 | 0.9 | |
Net cash provided by (used in) financing activities | -216.1 | -132 | 888.9 | |
Effect of exchange rate changes on cash and cash equivalents | -0.9 | 11.2 | -0.9 | |
Net increase (decrease) in cash and cash equivalents | -250.1 | 130.2 | -220.2 | |
Cash and Cash Equivalents at Beginning of Period | 638 | 507.8 | 728 | |
Cash and Cash Equivalents at End of Period | 387.9 | 638 | 507.8 | |
Intercompany Eliminations | ' | ' | ' | |
Condensed Cash Flows | ' | ' | ' | |
Net cash provided by (used in) operating activities | -175 | 0 | 0 | |
Cash flows from investing activities | ' | ' | ' | |
Capital expenditures | 0 | 0 | 0 | |
Acquisition of business, net of cash acquired | ' | 0 | 0 | |
Other investments | ' | 0 | 0 | |
Proceeds from sale of assets | 0 | 0 | 0 | |
Intercompany investing activities | -233.8 | 82.9 | 561.1 | |
Other investing activities, net | 0 | 0 | 0 | |
Net cash provided by (used in) investing activities | -233.8 | 82.9 | 561.1 | |
Cash flows from financing activities | ' | ' | ' | |
Repayments of debt | 0 | 0 | 0 | |
Proceeds from issuance of debt | 0 | 0 | 0 | |
Purchase of noncontrolling interest | 0 | 0 | 0 | |
Distributions to noncontrolling interest | 0 | 0 | ' | |
Intercompany financing activities | 408.8 | -82.9 | -561.1 | |
Share repurchases | 0 | ' | ' | |
Dividends paid | 0 | ' | ' | |
Other financing activities, net | 0 | 0 | 0 | |
Net cash provided by (used in) financing activities | 408.8 | -82.9 | -561.1 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | |
Cash and Cash Equivalents at Beginning of Period | 0 | 0 | 0 | |
Cash and Cash Equivalents at End of Period | $0 | $0 | $0 | |
[1] | Intercompany investing and financing activities include cash pooling activity between Terex Corporation and Wholly-Owned Guarantors. |
SCHEDULE_II_VALUATION_AND_QUAL1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Valuation Allowances and Reserves, Balance Beginning of Year | $342.60 | $342.70 | $306.40 | |||
Charged to Earnings | 50.5 | 55.4 | 83.9 | |||
Other | 9.1 | [1] | -17.7 | [1] | -2.3 | [1] |
Deductions | -40.3 | [2] | -37.8 | [2] | -45.3 | [2] |
Valuation Allowances and Reserves, Balance End of Year | 361.9 | 342.6 | 342.7 | |||
Allowance for doubtful accounts [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Valuation Allowances and Reserves, Balance Beginning of Year | 38.5 | 42.2 | 45.9 | |||
Charged to Earnings | 7.1 | 5.6 | 13.4 | |||
Other | 5.6 | [1] | -6.2 | [1] | -8.2 | [1] |
Deductions | -3.6 | [2] | -3.1 | [2] | -8.9 | [2] |
Valuation Allowances and Reserves, Balance End of Year | 47.6 | 38.5 | 42.2 | |||
Reserve for inventory [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Valuation Allowances and Reserves, Balance Beginning of Year | 131.9 | 117.2 | 102.9 | |||
Charged to Earnings | 37.6 | 35.6 | 52.4 | |||
Other | -0.3 | [1] | 13.8 | [1] | -1.7 | [1] |
Deductions | -36.7 | [2] | -34.7 | [2] | -36.4 | [2] |
Valuation Allowances and Reserves, Balance End of Year | 132.5 | 131.9 | 117.2 | |||
Valuation allowances for deferred tax assets [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Valuation Allowances and Reserves, Balance Beginning of Year | 172.2 | 183.3 | 157.6 | |||
Charged to Earnings | 5.8 | 14.2 | 18.1 | |||
Other | 3.8 | [1] | -25.3 | [1] | 7.6 | [1] |
Deductions | 0 | [2] | 0 | [2] | 0 | [2] |
Valuation Allowances and Reserves, Balance End of Year | $181.80 | $172.20 | $183.30 | |||
[1] | Primarily represents the impact of foreign currency exchange, purchase accounting adjustments for deferred tax assets and business divestitures. | |||||
[2] | Primarily represents the utilization of established reserves, net of recoveries. |