Terex Corporation Files 2023 Annual Report on Form 10-K

TL;DR

<b>Terex Corporation has filed its 2023 10-K report detailing its financial performance and position as of year-end 2023.</b>

AI Summary

TEREX CORP (TEX) filed a Annual Report (10-K) with the SEC on February 9, 2024. Terex Corporation filed its 2023 Form 10-K on February 9, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers the company's financial performance and business operations for the fiscal year 2023. Key financial data for the fiscal year ending December 31, 2023, is included. The report details the company's financial position as of December 31, 2023, and December 31, 2022. Information regarding common stock, additional paid-in capital, retained earnings, and treasury stock is provided for multiple fiscal years.

Why It Matters

For investors and stakeholders tracking TEREX CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Terex Corporation's financial health and operational results for the entire fiscal year 2023, crucial for investors assessing performance. The detailed financial statements and risk factors within the 10-K offer insights into the company's strategies, challenges, and future outlook in the industrial equipment sector.

Risk Assessment

Risk Level: medium — TEREX CORP shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the specific financial details and risk factors disclosed will determine the actual risk level for investors.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Terex Corporation's performance and potential challenges for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-09 — Filing Date (Filed as of date)

Key Players & Entities

• TEREX CORP (company) — Filer name
• 2023-12-31 (date) — Conformed period of report
• 2024-02-09 (date) — Filed as of date
• 3537 (industry_code) — Standard Industrial Classification

Forward-Looking Statements

• TEREX CORP will continue to operate within the industrial machinery sector. (TEREX CORP) — high confidence, target: 2025-12-31

FAQ

Industry Context

Terex Corporation operates in the industrial trucks, tractors, trailers, and stackers sector (SIC 3537), manufacturing and servicing aerial work platforms, material processing machinery, and cranes.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit annual reports (10-K) detailing their financial condition and business.

What Investors Should Do

1. Analyze the consolidated financial statements for the fiscal year ended December 31, 2023.
2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into performance drivers.
3. Examine the Risk Factors section for potential challenges and uncertainties facing Terex Corporation.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-09: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 10-K, providing the latest annual financial data and business overview.

Key Financial Figures

• $0.01 — ange on which registered Common Stock ($0.01 par value) TEX New York Stock Exchange

Filing Documents

• tex-20231231.htm (10-K) — 2700KB
• tex123123ex-44.htm (EX-4.4) — 15KB
• tex123123ex-211.htm (EX-21.1) — 43KB
• tex123123ex-231.htm (EX-23.1) — 2KB
• tex123123ex-241.htm (EX-24.1) — 15KB
• tex123123ex-311.htm (EX-31.1) — 10KB
• tex123123ex-312.htm (EX-31.2) — 10KB
• tex123123ex-32.htm (EX-32) — 10KB
• terexcorporationclawbackpo.htm (EX-97) — 34KB
• tex-20231231_g1.jpg (GRAPHIC) — 197KB
• tex-20231231_g2.gif (GRAPHIC) — 14KB
• 0000097216-24-000013.txt (&nbsp;) — 15191KB
• tex-20231231.xsd (EX-101.SCH) — 63KB
• tex-20231231_cal.xml (EX-101.CAL) — 108KB
• tex-20231231_def.xml (EX-101.DEF) — 466KB
• tex-20231231_lab.xml (EX-101.LAB) — 1141KB
• tex-20231231_pre.xml (EX-101.PRE) — 764KB
• tex-20231231_htm.xml (XML) — 2925KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 24

C

Item 1 C . Cybersecurity 24 Item 2.

Properties

Properties 25 Item 3.

Legal Proceedings

Legal Proceedings 25 Item 4. Mine Safety Disclosure s 25 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 Item 6. Reserved 27 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 43 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 43 Item 9A.

Controls and Procedures

Controls and Procedures 43 Item 9B. Other Information 44 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 44 PART III Item 10. Directors, Executive Officers and Corporate Governance 45 Item 11.

Executive Compensation

Executive Compensation 45 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 45 Item 13. Certain Relationships and Related Transactions, and Director Independence 45 Item 14. Principal Accountant Fees and Services 45 PART IV Item 15. Exhibit and Financial Statement Schedules 46 Item 16. Form 10-K Summary 48

SIGNATURES

SIGNATURES 49 3 PART I

BUSINESS

ITEM 1. BUSINESS GENERAL Our Company was incorporated in Delaware in October 1986 as Terex U.S.A., Inc. Since that time, we have changed significantly, and much of this change has been historically accomplished through acquisitions and managing our portfolio of companies by divestiture of non-core businesses and products. Today, Terex is a global manufacturer of materials processing machinery and aerial work platforms. We design, build and support products used in maintenance, manufacturing, energy, recycling, minerals and materials management, and construction applications. Certain Terex products and solutions enable customers to reduce their impact on the environment including electric and hybrid offerings that deliver quiet and emission-free performance, products that support renewable energy, and products that aid in the recovery of useful materials from various types of waste. Our products are manufactured in North America, Europe, Australia and Asia and sold worldwide. We engage with customers through all stages of the product life cycle, from initial specification to parts and service support. We report our business in the following segments: (i) Materials Processing ("MP") and (ii) Aerial Work Platforms ("AWP"). Further information about our industry and reportable segments appears in Part II, Item 7. – "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Note B – "Business Segment Information" in the Notes to Consolidated Financial Statements. MATERIALS PROCESSING Our MP segment designs, manufactures, services and markets materials processing and specialty equipment, including crushers, washing systems, screens, trommels, apron feeders, material handlers, pick and carry cranes, rough terrain cranes, tower cranes, wood processing, biomass and recycling equipment, concrete mixer trucks and concrete pavers, conveyors, and their related components and replacement parts. Customers use these products in construct

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View this 10-K filing on SEC EDGAR