ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 34-1531521 | |||
(State of Incorporation) | (IRS Employer Identification No.) | |||
200 Nyala Farm Road, | Westport, | Connecticut | 06880 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
COMMON STOCK, $.01 PAR VALUE | TEX | New York Stock Exchange |
No | ☐ |
No | ☒ |
No | ☐ |
No | ☐ |
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | Non-accelerated Filer | ☐ |
Smaller Reporting Company | ☐ | Emerging growth company | ☐ |
No | ☒ |
PAGE | |||
PART I |
ITEM 1. | BUSINESS |
• | Integrity:Integrity reflects honesty, ethics, transparency and accountability. We are committed to maintaining high ethical standards in all of our business dealings and we never sacrifice our integrity for profit. |
• | Respect: Respect incorporates concern for safety, health, teamwork, diversity, inclusion and performance. We treat all our team members, customers and suppliers with respect and dignity. |
• | Improvement: Improvement encompasses quality, problem-solving systems, a continuous improvement culture and collaboration. We continuously search for new and better ways of doing things, focusing on continuous improvement and the elimination of waste. |
• | Servant Leadership: Servant leadership requires service to others, humility, authenticity and leading by example. We work to serve the needs of our customers, investors and team members. |
• | Courage: Courage entails willingness to take risks, responsibility, action and empowerment. We have the courage to make a difference even when it is difficult. |
• | Citizenship:Citizenship means social responsibility and environmental stewardship. We comply with all laws, respect all people’s values and cultures, and are good global, national and local citizens. |
1. | Focus the portfolio on businesses best positioned to generate returns above the cost of capital through the cycle. |
2. | Simplify company structure, systems and footprint to improve efficiency and enhance global competitiveness. |
3. | Execute to Win, driving process discipline, execution rigor, and accountability in core processes. |
1. | Lifecycle Solutions are comprehensive solutions that include our equipment and other offerings such as financing, spare parts, technical and repair services, operator training, and technology solutions that drive Customer ROIC. |
2. | Commercial Excellence is about driving process discipline and execution in our commercial operations, such as sales, pricing, marketing, and sales support. |
3. | Strategic Sourcing |
1. | Maintain an optimal capital structure (~2.5 x average net debt to EBITDA over the cycle). |
2. | Organic growth investments (product & service development, maintenance capex, geographic expansion). |
3. | Restructuring investments (transformation initiatives, general & administrative cost reduction, footprint rationalization). |
4. | Efficient return of capital to shareholders (dividends and share repurchases). |
PERCENTAGE OF SALES | ||||||||
PRODUCT CATEGORY | 2017 | 2016 | 2015 | |||||
Aerial Work Products & Telehandlers | 46 | % | 43 | % | 42 | % | ||
Mobile & Tower Cranes | 19 | 19 | 22 | |||||
Materials Processing Equipment | 17 | 15 | 13 | |||||
Specialty Equipment | 9 | 8 | 7 | |||||
Other | 8 | 9 | 10 | |||||
Compact Construction Equipment (1) | 1 | 6 | 6 | |||||
TOTAL | 100 | % | 100 | % | 100 | % |
December 31, | December 31, | |||||||||||||
2017 | 2016 | 2019 | 2018 | |||||||||||
(in millions) | (in millions) | |||||||||||||
AWP | $ | 763.0 | $ | 506.1 | $ | 752.5 | $ | 1,098.1 | ||||||
Cranes | 550.4 | 323.4 | ||||||||||||
MP | 317.7 | 215.6 | 295.4 | 512.6 | ||||||||||
Corporate and other | — | 27.4 | 33.3 | 50.7 | ||||||||||
Total | $ | 1,631.1 | $ | 1,072.5 | $ | 1,081.2 | $ | 1,661.4 |
BUSINESS SEGMENT | PRODUCTS | PRIMARY COMPETITORS | ||
Aerial Work Platforms | Portable Material Lifts and Portable Aerial Work Platforms | Oshkosh (JLG), Vestil, Sumner and Wesco | ||
Boom Lifts | Oshkosh (JLG), Haulotte, Linamar (Skyjack), Xtreme/Tanfield (Snorkel), JCB and Aichi | |||
Scissor Lifts | Oshkosh (JLG), Linamar (Skyjack), Haulotte, Manitou and Xtreme/Tanfield (Snorkel), JCB and Dingli | |||
Telehandlers | Oshkosh | |||
Trailer-mounted Light Towers | Allmand Bros., Generac, Wacker Neuson and Doosan | |||
Utility Equipment | Altec and Time Manufacturing | |||
Materials Processing | Crushing & Screening Equipment | Metso, Sandvik, Deere (Kleeman), Astec Industries, Keestrack, Rubble Master and Portafill | ||
Washing Systems | CDE Global, Metso, McLanahan, Azfab, Phoenix Process Equipment, Matec, Weir/Trio and Superior | |||
Wood Processing, Biomass and Recycling Equipment | Doppstadt, Komptech, Morbark, Vermeer, Astec Industries, Eggersmann, Jenz and Bandit | |||
Conveyors | Superior, Astec/Telestack, Metso/McCloskey, Puzzulona Thor, Deere (Kleeman), Weir/Trio and Edge | |||
Material Handlers | Sennebogen, Liebherr and Caterpillar | |||
Concrete Pavers | Gomaco, Deere (Wirtgen), Power Curbers, Guntert & Zimmerman and Allen Equipment | |||
Concrete Mixer Trucks | Oshkosh, Kimble and Continental Manufacturing and McNeilus | |||
Pick and Carry Cranes | ||||
Corporate and Other | Rough Terrain Cranes | Liebherr, Manitowoc (Grove), Tadano-Faun, Link-Belt, XCMG, Kato, Zoomlion and Sany | ||
Tower Cranes | Liebherr, Manitowoc (Potain), Comansa, Jaso, Zoomlion, XCMG and Wolffkran | |||
ITEM 1B. | UNRESOLVED STAFF COMMENTS |
ITEM 2. | PROPERTIES |
BUSINESS SEGMENT | FACILITY LOCATION | BUSINESS SEGMENT | FACILITY LOCATION | |||
Corporate/Other | Westport, Connecticut (1) | MP | Louisville, Kentucky | |||
Schaffhausen, Switzerland(1) | Durand, Michigan | |||||
Crespellano, Italy | Coalville, England | |||||
Fontanafredda, Italy | Hosur, India | |||||
AWP | Rock Hill, South Carolina | Subang Jaya, Malaysia (1) | ||||
Moses Lake, Washington (1) | ||||||
North Bend, Washington (1) | Campsie, Northern Ireland | |||||
Redmond, Washington (1) | ||||||
Changzhou, China | ||||||
Umbertide, Italy | Newton, New Hampshire | |||||
Darra, Australia (1) | ||||||
Canton, South Dakota | ||||||
Watertown, South Dakota(1) | Fort Wayne, Indiana | |||||
Bad Schönborn, Germany | ||||||
Betim, Brazil (1) (2) | Brisbane, Australia (1) | |||||
Multiple Business Segments | Southaven, Mississippi (1) | |||||
Oklahoma City, Oklahoma |
(1) | These facilities are either partially or fully leased or subleased. |
ITEM 3. | LEGAL PROCEEDINGS |
ITEM 4. | MINE SAFETY DISCLOSURE |
PART II |
ITEM 5. | MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
2017 | 2016 | ||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | ||||||||||||||||||||||||
High | $ | 48.90 | $ | 45.10 | $ | 37.90 | $ | 33.87 | $ | 33.17 | $ | 25.66 | $ | 25.57 | $ | 25.38 | |||||||||||||||
Low | $ | 41.68 | $ | 35.79 | $ | 30.25 | $ | 28.67 | $ | 21.88 | $ | 19.49 | $ | 18.91 | $ | 13.62 | |||||||||||||||
Dividends | $0.08 | $0.08 | $0.08 | $0.08 | $0.07 | $0.07 | $0.07 | $0.07 |
12/12 | 12/13 | 12/14 | 12/15 | 12/16 | 12/17 | 12/14 | 12/15 | 12/16 | 12/17 | 12/18 | 12/19 | |||||||||||||
Terex Corporation | 100.00 | 149.57 | 99.86 | 66.88 | 115.54 | 178.24 | 100.00 | 66.76 | 115.69 | 178.49 | 103.14 | 113.13 | ||||||||||||
S&P 500 | 100.00 | 132.39 | 150.51 | 152.59 | 170.84 | 208.14 | 100.00 | 101.38 | 113.51 | 138.29 | 132.23 | 173.86 | ||||||||||||
Peer Group | 100.00 | 145.94 | 142.36 | 127.83 | 159.28 | 209.65 | 100.00 | 89.79 | 111.88 | 147.27 | 124.31 | 169.63 | Copyright© 2018 Standard & Poor's, a division of S&P Global. All rights reserved. |
Issuer Purchases of Equity Securities | ||||||||
Period | (a) Total Number of Shares Purchased (2) | (b) Average Price Paid per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | (d) Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (in thousands) (1) | ||||
October 1, 2017 – October 31, 2017 | 186,750 | $44.97 | 184,918 | $145,261 | ||||
November 1, 2017 – November 30, 2017 | 3,013,098 | $44.97 | 3,011,884 | $9,807 | ||||
December 1, 2017 – December 31, 2017 | 211,544 | $46.63 | 210,312 | $— | ||||
Total | 3,411,392 | $45.08 | 3,407,114 | $— |
Issuer Purchases of Equity Securities | ||||||||
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (in thousands) (2) | ||||
October 1, 2019 – October 31, 2019 | 2,498 | $23.99 | — | $200,000 | ||||
November 1, 2019 – November 30, 2019 | 140,156 | $27.69 | 138,275 | $196,176 | ||||
December 1, 2019 – December 31, 2019 | 41,625 | $28.08 | 37,000 | $195,146 | ||||
Total | 184,279 | $27.72 | 175,275 | $195,146 |
(1) | Amount includes shares of common stock purchased to satisfy requirements under the Company’s deferred compensation obligations to employees. |
(2) | In |
ITEM 6. | SELECTED FINANCIAL DATA |
AS OF OR FOR THE YEAR ENDED DECEMBER 31, | ||||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts and employees) | AS OF OR FOR THE YEAR ENDED DECEMBER 31, | |||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||
SUMMARY OF OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net sales | $ | 4,363.4 | $ | 4,443.1 | $ | 5,021.7 | $ | 5,484.0 | $ | 5,344.5 | $ | 4,353.1 | $ | 4,517.2 | $ | 3,793.7 | $ | 3,808.5 | $ | 4,141.3 | ||||||||||||||||||
Income (loss) from operations | 173.6 | (147.8 | ) | 323.7 | 400.0 | 418.6 | 335.0 | 412.5 | 228.2 | 124.9 | 300.4 | |||||||||||||||||||||||||||
Income (loss) from continuing operations | 60.0 | (193.3 | ) | 128.2 | 252.0 | 222.1 | 209.7 | 241.7 | 111.0 | 47.8 | 108.9 | |||||||||||||||||||||||||||
Income (loss) from discontinued operations – net of tax | — | 14.3 | 17.4 | 8.9 | (3.8 | ) | (155.4 | ) | (130.4 | ) | (49.6 | ) | (226.8 | ) | 36.7 | |||||||||||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | 68.7 | 3.5 | 3.4 | 58.6 | 2.6 | 0.1 | 2.4 | 67.3 | 3.5 | 3.4 | ||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | 128.7 | (176.1 | ) | 145.9 | 319.0 | 226.0 | 54.4 | 113.7 | 128.7 | (176.1 | ) | 145.9 | ||||||||||||||||||||||||||
Per Common and Common Equivalent Share: | ||||||||||||||||||||||||||||||||||||||
Basic attributable to common stockholders | ||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.65 | $ | (1.79 | ) | $ | 1.20 | $ | 2.31 | $ | 2.04 | $ | 2.95 | $ | 3.21 | $ | 1.20 | $ | 0.45 | $ | 1.02 | |||||||||||||||||
Income (loss) from discontinued operations – net of tax | — | 0.13 | 0.13 | 0.06 | (0.03 | ) | (2.18 | ) | (1.73 | ) | (0.53 | ) | (2.11 | ) | 0.31 | |||||||||||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | 0.74 | 0.03 | 0.03 | 0.54 | 0.02 | — | 0.03 | 0.72 | 0.03 | 0.03 | ||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | 1.39 | (1.63 | ) | 1.36 | 2.91 | 2.03 | 0.77 | 1.51 | 1.39 | (1.63 | ) | 1.36 | ||||||||||||||||||||||||||
Diluted attributable to common stockholders | ||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.63 | $ | (1.79 | ) | $ | 1.17 | $ | 2.22 | $ | 1.94 | $ | 2.92 | $ | 3.14 | $ | 1.17 | $ | 0.45 | $ | 1.00 | |||||||||||||||||
Income (loss) from discontinued operations – net of tax | — | 0.13 | 0.13 | 0.06 | (0.03 | ) | (2.16 | ) | (1.69 | ) | (0.52 | ) | (2.11 | ) | 0.30 | |||||||||||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | 0.73 | 0.03 | 0.03 | 0.51 | 0.02 | — | 0.03 | 0.71 | 0.03 | 0.03 | ||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | 1.36 | (1.63 | ) | 1.33 | 2.79 | 1.93 | 0.76 | 1.48 | 1.36 | (1.63 | ) | 1.33 | ||||||||||||||||||||||||||
CURRENT ASSETS AND LIABILITIES | ||||||||||||||||||||||||||||||||||||||
Current assets | $ | 2,383.0 | $ | 2,700.5 | $ | 3,140.2 | $ | 3,352.3 | $ | 3,633.9 | $ | 2,019.7 | $ | 2,423.0 | $ | 2,383.0 | $ | 2,700.5 | $ | 3,140.2 | ||||||||||||||||||
Current liabilities | 1,035.5 | 1,407.0 | 1,458.6 | 1,643.0 | 1,724.7 | 872.4 | 1,214.7 | 1,035.5 | 1,407.0 | 1,458.6 | ||||||||||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||||||||||||||||||||||||||
Net property, plant and equipment | $ | 311.0 | $ | 304.6 | $ | 371.9 | $ | 339.7 | $ | 373.2 | $ | 389.4 | $ | 317.3 | $ | 277.7 | $ | 277.1 | $ | 329.8 | ||||||||||||||||||
Capital expenditures | (43.5 | ) | (58.1 | ) | (81.5 | ) | (58.3 | ) | (55.4 | ) | (105.5 | ) | (91.0 | ) | (31.7 | ) | (48.8 | ) | (74.4 | ) | ||||||||||||||||||
Depreciation | 59.9 | 65.5 | 63.9 | 70.4 | 68.9 | 39.6 | 39.0 | 47.0 | 52.0 | 50.9 | ||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 3,462.5 | $ | 5,006.8 | $ | 5,616.0 | $ | 5,903.3 | $ | 6,511.2 | $ | 3,195.6 | $ | 3,485.9 | $ | 3,462.5 | $ | 5,006.8 | $ | 5,616.0 | ||||||||||||||||||
CAPITALIZATION | ||||||||||||||||||||||||||||||||||||||
Long-term debt and notes payable (includes capital leases) | $ | 984.8 | $ | 1,575.8 | $ | 1,796.2 | $ | 1,754.8 | $ | 1,922.5 | ||||||||||||||||||||||||||||
Long-term debt | $ | 1,175.7 | $ | 1,214.7 | $ | 979.1 | $ | 1,570.0 | $ | 1,791.0 | ||||||||||||||||||||||||||||
Total Terex Corporation Stockholders’ Equity | 1,222.0 | 1,484.7 | 1,877.4 | 2,005.9 | 2,190.1 | 932.3 | 860.5 | 1,222 | 1,484.7 | 1,877.4 | ||||||||||||||||||||||||||||
Dividends per share of Common Stock | 0.32 | 0.28 | 0.24 | 0.20 | 0.05 | 0.44 | 0.40 | 0.32 | 0.28 | 0.24 | ||||||||||||||||||||||||||||
Shares of Common Stock outstanding at year end | 80.2 | 105.0 | 107.7 | 105.4 | 109.9 | 70.4 | 69.6 | 80.2 | 105.0 | 107.7 | ||||||||||||||||||||||||||||
EMPLOYEES (1) | 10,700 | 11,300 | 13,700 | 13,400 | 13,100 | |||||||||||||||||||||||||||||||||
EMPLOYEES (1), (2) | 9,500 | 9,900 | 8,900 | 9,200 | 10,500 |
ITEM 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Dec ’17 | Sep '17 | Jun '17 | Mar '17 | Dec ’16 | |||||||||||
Annualized effective tax rate, as adjusted | 26.9 | % | 26.9 | % | 26.9 | % | 26.9 | % | |||||||
Income (loss) from operations, as adjusted | $ | 44.4 | $ | 70.4 | $ | 79.1 | $ | 12.3 | |||||||
Multiplied by: 1 minus annualized effective tax rate, as adjusted | 73.1 | % | 73.1 | % | 73.1 | % | 73.1 | % | |||||||
NOPAT, as adjusted | $ | 32.5 | $ | 51.5 | $ | 57.8 | $ | 9.0 | |||||||
Debt, as adjusted | $ | 984.8 | $ | 984.9 | $ | 992.0 | $ | 1,242.8 | $ | 1,592.6 | |||||
Less: Cash and cash equivalents, as adjusted | (630.1 | ) | (595.7 | ) | (558.6 | ) | (816.4 | ) | (501.9 | ) | |||||
Debt less Cash and cash equivalents, as adjusted | $ | 354.7 | $ | 389.2 | $ | 433.4 | $ | 426.4 | $ | 1,090.7 | |||||
Terex Corporation stockholders’ equity, as adjusted | $ | 1,078.3 | $ | 1,193.7 | $ | 1,342.6 | $ | 1,527.3 | $ | 1,553.1 | |||||
Debt less Cash and cash equivalents plus Total Terex Corporation stockholders’ equity, as adjusted | $ | 1,433.0 | $ | 1,582.9 | $ | 1,776.0 | $ | 1,953.7 | $ | 2,643.8 |
Dec '19 | Sep '19 | Jun '19 | Mar '19 | Dec '18 | |||||||||||
Annualized effective tax rate as adjusted | 15.6 | % | 15.6 | % | 15.6 | % | 15.6 | % | |||||||
Income (loss) from operations as adjusted | $ | 35.3 | $ | 86.2 | $ | 127.9 | $ | 104.8 | |||||||
Multiplied by: 1 minus annualized effective tax rate | 84.4 | % | 84.4 | % | 84.4 | % | 84.4 | % | |||||||
Adjusted net operating income (loss) after tax | $ | 29.8 | $ | 72.8 | $ | 107.9 | $ | 88.5 | |||||||
Debt as adjusted | $ | 1,175.7 | $ | 1,175.6 | $ | 1,351.9 | $ | 1,477.8 | $ | 1,219.4 | |||||
Less: Cash and cash equivalents as adjusted | (540.1 | ) | (475.5 | ) | (394.6 | ) | (330.2 | ) | (372.1 | ) | |||||
Debt less Cash and cash equivalents as adjusted | $ | 635.6 | $ | 700.1 | $ | 957.3 | $ | 1,147.6 | $ | 847.3 | |||||
Total Terex Corporation stockholders’ equity as adjusted | $ | 963.7 | $ | 881.3 | $ | 852.2 | $ | 743.4 | $ | 752.5 | |||||
Debt less Cash and cash equivalents plus Total Terex Corporation stockholders’ equity as adjusted | $ | 1,599.3 | $ | 1,581.4 | $ | 1,809.5 | $ | 1,891.0 | $ | 1,599.8 |
December 31, 2017 ROIC | 8.0 | % | |
NOPAT, as adjusted (last 4 quarters) | $ | 150.8 | |
Average Debt less Cash and cash equivalents plus Terex Corporation stockholders’ equity, as adjusted (5 quarters) | $ | 1,877.9 |
December 31, 2019 ROIC | 17.6 | % | |
NOPAT as adjusted (last 4 quarters) | $ | 299.0 | |
Average Debt less Cash and cash equivalents plus Total Terex Corporation stockholders’ equity, as adjusted (5 quarters) | $ | 1,696.2 |
Three months ended 12/31/17 | Three months ended 9/30/17 | Three months ended 06/30/17 | Three months ended 03/31/17 | Three months ended 12/31/19 | Three months ended 9/30/19 | Three months ended 6/30/19 | Three months ended 3/31/19 | |||||||||||||||||||||||
Reconciliation of income (loss) from operations: | ||||||||||||||||||||||||||||||
Income (loss) from operations, as reported | $ | 39.8 | $ | 64.2 | $ | 75.9 | $ | (6.3 | ) | |||||||||||||||||||||
Income (loss) from operations as reported | $ | 22.9 | $ | 86.4 | $ | 126.0 | $ | 99.7 | ||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||
Deal related | 7.1 | (0.3 | ) | 2.5 | 3.6 | — | (0.9 | ) | (7.0 | ) | 0.2 | |||||||||||||||||||
Restructuring and related | (7.8 | ) | (0.8 | ) | (12.6 | ) | 9.0 | 9.8 | 2.2 | 8.7 | 1.7 | |||||||||||||||||||
Transformation | 9.8 | 9.1 | 17.9 | 8.4 | 3.4 | 2.2 | 4.0 | 4.1 | ||||||||||||||||||||||
Asset impairment | — | — | (1.6 | ) | — | |||||||||||||||||||||||||
Other | 0.2 | — | — | — | ||||||||||||||||||||||||||
(Income) loss from TFS | (4.5 | ) | (1.8 | ) | (3.0 | ) | (2.4 | ) | (1.0 | ) | (3.7 | ) | (3.8 | ) | (0.9 | ) | ||||||||||||||
Income (loss) from operations, as adjusted | $ | 44.4 | $ | 70.4 | $ | 79.1 | $ | 12.3 | ||||||||||||||||||||||
Income (loss) from operations as adjusted | $ | 35.3 | $ | 86.2 | $ | 127.9 | $ | 104.8 | ||||||||||||||||||||||
As of 12/31/17 | As of 9/30/17 | As of 06/30/17 | As of 03/31/17 | As of 12/31/16 | As of 12/31/19 | As of 9/30/19 | As of 6/30/19 | As of 3/31/19 | As of 12/31/18 | |||||||||||||||||||||
Reconciliation of Cash and cash equivalents: | ||||||||||||||||||||||||||||||
Cash and cash equivalents - continuing operations | $ | 626.5 | $ | 592.7 | $ | 555.5 | $ | 813.9 | $ | 428.5 | $ | 535.1 | $ | 470.6 | $ | 367.5 | $ | 304.6 | $ | 339.5 | ||||||||||
Cash and cash equivalents - assets held for sale | 3.6 | 3.0 | 3.1 | 2.5 | 73.4 | 5.0 | 4.9 | 27.1 | 25.6 | 32.6 | ||||||||||||||||||||
Cash and cash equivalents, as adjusted | $ | 630.1 | $ | 595.7 | $ | 558.6 | $ | 816.4 | $ | 501.9 | ||||||||||||||||||||
Cash and cash equivalents as adjusted | $ | 540.1 | $ | 475.5 | $ | 394.6 | $ | 330.2 | $ | 372.1 | ||||||||||||||||||||
Reconciliation of Debt: | ||||||||||||||||||||||||||||||
Debt - continuing operations | $ | 984.8 | $ | 984.9 | $ | 992.0 | $ | 1,242.8 | $ | 1,575.8 | $ | 1,175.7 | $ | 1,175.6 | $ | 1,347.7 | $ | 1,473.4 | $ | 1,214.7 | ||||||||||
Debt - liabilities held for sale | — | — | — | — | 16.8 | — | — | 4.2 | 4.4 | 4.7 | ||||||||||||||||||||
Debt, as adjusted | $ | 984.8 | $ | 984.9 | $ | 992.0 | $ | 1,242.8 | $ | 1,592.6 | ||||||||||||||||||||
Debt as adjusted | $ | 1,175.7 | $ | 1,175.6 | $ | 1,351.9 | $ | 1,477.8 | $ | 1,219.4 | ||||||||||||||||||||
Reconciliation of Terex Corporation stockholders’ equity: | ||||||||||||||||||||||||||||||
Terex Corporation stockholders’ equity as reported | $ | 1,222.0 | $ | 1,379.7 | $ | 1,539.8 | $ | 1,695.3 | $ | 1,484.7 | $ | 932.3 | $ | 866.3 | $ | 860.1 | $ | 781.8 | $ | 860.5 | ||||||||||
TFS Assets | (181.7 | ) | (220.5 | ) | (228.7 | ) | (236.4 | ) | (238.5 | ) | (154.0 | ) | (159.0 | ) | (180.2 | ) | (204.6 | ) | (185.1 | ) | ||||||||||
Effects of adjustments, net of tax: | ||||||||||||||||||||||||||||||
Deal related | (15.3 | ) | (20.6 | ) | (18.3 | ) | 23.9 | 16.8 | 75.3 | 75.3 | 75.8 | 83.1 | — | |||||||||||||||||
Restructuring and related | (8.9 | ) | (3.2 | ) | (2.6 | ) | 6.6 | 112.4 | 31.0 | 22.7 | 19.2 | 9.5 | 6.8 | |||||||||||||||||
Transformation | 33.1 | 25.9 | 19.2 | 6.1 | 7.6 | 23.5 | 20.6 | 18.4 | 13.9 | 9.1 | ||||||||||||||||||||
Extinguishment of debt | 38.9 | 38.9 | 38.4 | 33.6 | — | |||||||||||||||||||||||||
Asset impairment | (1.2 | ) | (1.2 | ) | (1.2 | ) | — | 179.8 | ||||||||||||||||||||||
Pension annuitization | 56.3 | 56.3 | 56.3 | 56.3 | 56.3 | |||||||||||||||||||||||||
Other | 7.4 | 6.4 | 6.8 | 4.4 | 5.1 | |||||||||||||||||||||||||
(Income) loss from TFS | (8.6 | ) | (5.3 | ) | (4.0 | ) | (1.8 | ) | (9.7 | ) | (8.1 | ) | (7.3 | ) | (4.2 | ) | (1.0 | ) | (0.2 | ) | ||||||||||
Terex Corporation stockholders’ equity, as adjusted | $ | 1,078.3 | $ | 1,193.7 | $ | 1,342.6 | $ | 1,527.3 | $ | 1,553.1 | ||||||||||||||||||||
Terex Corporation stockholders’ equity as adjusted | $ | 963.7 | $ | 881.3 | $ | 852.2 | $ | 743.4 | $ | 752.5 |
Income (loss) from continuing operations before income taxes | (Provision for) benefit from income taxes | Income tax rate | ||||||||||||||||
Year Ended December 31, 2019 | Income (loss) from continuing operations before income taxes | (Provision for) benefit from income taxes | Income tax rate | |||||||||||||||
Reconciliation of annualized effective tax rate: | ||||||||||||||||||
Income tax rate, as reported | $ | 112.0 | $ | (52.0 | ) | 46.4 | % | |||||||||||
As reported | $ | 247.5 | $ | (37.8 | ) | 15.3 | % | |||||||||||
Effect of adjustments: | ||||||||||||||||||
Deal related | (20.9 | ) | (11.3 | ) | (7.5 | ) | 0.2 | |||||||||||
Restructuring and related | (12.2 | ) | (0.5 | ) | 22.4 | (4.7 | ) | |||||||||||
Transformation | 45.2 | (10.1 | ) | 13.7 | (2.8 | ) | ||||||||||||
Extinguishment of debt | 53.1 | (19.0 | ) | |||||||||||||||
Asset impairment | (1.6 | ) | 0.6 | |||||||||||||||
Other | 0.6 | (0.1 | ) | |||||||||||||||
Tax related | — | (5.3 | ) | — | 2.0 | |||||||||||||
2017 Federal Tax Act | — | 50.4 | ||||||||||||||||
Annualized effective income tax rate, as adjusted | 175.6 | (47.2 | ) | 26.9 | % | |||||||||||||
As adjusted | 276.7 | (43.2 | ) | 15.6 | % |
2017 | 2016 | |||||||||||||||
% of Sales | % of Sales | % Change In Reported Amounts | ||||||||||||||
($ amounts in millions) | ||||||||||||||||
Net sales | $ | 4,363.4 | — | $ | 4,443.1 | — | (1.8 | )% | ||||||||
Gross profit | $ | 816.0 | 18.7 | % | $ | 712.4 | 16.0 | % | 14.5 | % | ||||||
SG&A | $ | 642.4 | 14.7 | % | $ | 684.2 | 15.4 | % | (6.1 | )% | ||||||
Goodwill impairment | $ | — | — | % | $ | 176.0 | 4.0 | % | * | |||||||
Income (loss) from operations | $ | 173.6 | 4.0 | % | $ | (147.8 | ) | (3.3 | )% | 217.5 | % |
2019 | 2018 | |||||||||||||||
% of Sales | % of Sales | % Change In Reported Amounts | ||||||||||||||
($ amounts in millions) | ||||||||||||||||
Net sales | $ | 4,353.1 | — | $ | 4,517.2 | — | (3.6 | )% | ||||||||
Gross profit | $ | 887.8 | 20.4 | % | $ | 961.9 | 21.3 | % | (7.7 | )% | ||||||
SG&A | $ | 552.8 | 12.7 | % | $ | 549.4 | 12.2 | % | 0.6 | % | ||||||
Income (loss) from operations | $ | 335.0 | 7.7 | % | $ | 412.5 | 9.1 | % | (18.8 | )% |
2017 | 2016 | 2019 | 2018 | |||||||||||||||||||||||||||||
% of Sales | % of Sales | % Change In Reported Amounts | % of Sales | % of Sales | % Change In Reported Amounts | |||||||||||||||||||||||||||
($ amounts in millions) | ($ amounts in millions) | |||||||||||||||||||||||||||||||
Net sales | $ | 2,071.5 | — | $ | 1,977.8 | — | 4.7 | % | $ | 2,726.6 | — | $ | 2,950.4 | — | (7.6 | )% | ||||||||||||||||
Income (loss) from operations | $ | 170.3 | 8.2 | % | $ | 177.4 | 9.0 | % | (4.0 | )% | ||||||||||||||||||||||
Income from operations | $ | 196.2 | 7.2 | % | $ | 300.5 | 10.2 | % | (34.7 | )% |
2017 | 2016 | |||||||||||||||
% of Sales | % of Sales | % Change In Reported Amounts | ||||||||||||||
($ amounts in millions) | ||||||||||||||||
Net sales | $ | 1,194.0 | — | $ | 1,274.5 | — | (6.3 | )% | ||||||||
Income (loss) from operations | $ | (17.8 | ) | (1.5 | )% | $ | (321.7 | ) | (25.2 | )% | 94.5 | % |
2019 | 2018 | |||||||||||||||
% of Sales | % of Sales | % Change In Reported Amounts | ||||||||||||||
($ amounts in millions) | ||||||||||||||||
Net sales | $ | 1,371.4 | — | $ | 1,322.6 | — | 3.7 | % | ||||||||
Income from operations | $ | 196.8 | 14.4 | % | $ | 176.0 | 13.3 | % | 11.8 | % |
2019 | 2018 | |||||||||||||||
% of Sales | % of Sales | % Change In Reported Amounts | ||||||||||||||
($ amounts in millions) | ||||||||||||||||
Net sales | $ | 255.1 | — | $ | 244.2 | — | 4.5 | % | ||||||||
Loss from operations | $ | (58.0 | ) | (22.7 | )% | $ | (64.0 | ) | (26.2 | )% | 9.4 | % |
2018 | 2017 | |||||||||||||||
% of Sales | % of Sales | % Change In Reported Amounts | ||||||||||||||
($ amounts in millions) | ||||||||||||||||
Net sales | $ | 4,517.2 | — | $ | 3,793.7 | — | 19.1 | % | ||||||||
Gross profit | $ | 961.9 | 21.3 | % | $ | 767.3 | 20.2 | % | 25.4 | % | ||||||
SG&A | $ | 549.4 | 12.2 | % | $ | 539.1 | 14.2 | % | 1.9 | % | ||||||
Income (loss) from operations | $ | 412.5 | 9.1 | % | $ | 228.2 | 6.0 | % | 80.8 | % |
2018 | 2017 | |||||||||||||||
% of Sales | % of Sales | % Change In Reported Amounts | ||||||||||||||
($ amounts in millions) | ||||||||||||||||
Net sales | $ | 2,950.4 | — | $ | 2,433.2 | — | 21.3 | % | ||||||||
Income (loss) from operations | $ | 300.5 | 10.2 | % | $ | 199.8 | 8.2 | % | 50.4 | % |
2017 | 2016 | 2018 | 2017 | |||||||||||||||||||||||||||||
% of Sales | % of Sales | % Change In Reported Amounts | % of Sales | % of Sales | % Change In Reported Amounts | |||||||||||||||||||||||||||
($ amounts in millions) | ($ amounts in millions) | |||||||||||||||||||||||||||||||
Net sales | $ | 1,072.5 | — | $ | 944.5 | — | 13.6 | % | $ | 1,322.6 | — | $ | 1,119.8 | — | 18.1 | % | ||||||||||||||||
Income (loss) from operations | $ | 124.8 | 11.6 | % | $ | 86.3 | 9.1 | % | 44.6 | % | $ | 176.0 | 13.3 | % | $ | 125.1 | 11.2 | % | 40.7 | % |
2017 | 2016 | 2018 | 2017 | |||||||||||||||||||||||||||||
% of Sales | % of Sales | % Change In Reported Amounts | % of Sales | % of Sales | % Change In Reported Amounts | |||||||||||||||||||||||||||
($ amounts in millions) | ($ amounts in millions) | |||||||||||||||||||||||||||||||
Net sales | $ | 25.4 | — | $ | 246.3 | — | (89.7 | )% | $ | 244.2 | — | $ | 240.7 | — | 1.5 | % | ||||||||||||||||
Income (loss) from operations | $ | (103.7 | ) | * | $ | (89.8 | ) | * | (15.5 | )% | $ | (64.0 | ) | (26.2 | )% | $ | (96.7 | ) | (40.2 | )% | 33.8 | % |
2016 | 2015 | |||||||||||||||
% of Sales | % of Sales | % Change In Reported Amounts | ||||||||||||||
($ amounts in millions) | ||||||||||||||||
Net sales | $ | 4,443.1 | — | $ | 5,021.7 | — | (11.5 | )% | ||||||||
Gross profit | $ | 712.4 | 16.0 | % | $ | 971.2 | 19.3 | % | (26.6 | )% | ||||||
SG&A | $ | 684.2 | 15.4 | % | $ | 647.5 | 12.9 | % | 5.7 | % | ||||||
Goodwill impairment | $ | 176.0 | 4.0 | % | $ | — | — | % | * | |||||||
Income (loss) from operations | $ | (147.8 | ) | (3.3 | )% | $ | 323.7 | 6.4 | % | (145.7 | )% |
2016 | 2015 | |||||||||||||||
% of Sales | % of Sales | % Change In Reported Amounts | ||||||||||||||
($ amounts in millions) | ||||||||||||||||
Net sales | $ | 1,977.8 | — | $ | 2,246.0 | — | (11.9 | )% | ||||||||
Income (loss) from operations | $ | 177.4 | 9.0 | % | $ | 270.2 | 12.0 | % | (34.3 | )% |
2016 | 2015 | |||||||||||||||
% of Sales | % of Sales | % Change In Reported Amounts | ||||||||||||||
($ amounts in millions) | ||||||||||||||||
Net sales | $ | 1,274.5 | — | $ | 1,566.5 | — | (18.6 | )% | ||||||||
Income (loss) from operations | $ | (321.7 | ) | (25.2 | )% | $ | 56.3 | 3.6 | % | (671.4 | )% |
2016 | 2015 | |||||||||||||||
% of Sales | % of Sales | % Change In Reported Amounts | ||||||||||||||
($ amounts in millions) | ||||||||||||||||
Net sales | $ | 944.5 | — | $ | 940.1 | — | 0.5 | % | ||||||||
Income (loss) from operations | $ | 86.3 | 9.1 | % | $ | 68.6 | 7.3 | % | 25.8 | % |
2016 | 2015 | |||||||||||||||
% of Sales | % of Sales | % Change In Reported Amounts | ||||||||||||||
($ amounts in millions) | ||||||||||||||||
Net sales | $ | 246.3 | — | $ | 269.1 | — | (8.5 | )% | ||||||||
Income (loss) from operations | $ | (89.8 | ) | * | $ | (71.4 | ) | * | (25.8 | )% |
Increase | Decrease | |||||||||||||||||||||||||||||
Discount Rate | Expected long- term rate of return | Discount Rate | Expected long- term rate of return | |||||||||||||||||||||||||||
($ amounts in millions) | Increase | Decrease | ||||||||||||||||||||||||||||
($ amounts in millions) | Discount Rate | Expected long- term rate of return | Discount Rate | Expected long- term rate of return | ||||||||||||||||||||||||||
U. S. Plan: | ||||||||||||||||||||||||||||||
Net pension expense | $ | (0.2 | ) | $ | (0.3 | ) | $ | 0.2 | $ | 0.3 | $ | (0.2 | ) | $ | — | $ | 0.2 | $ | — | |||||||||||
Projected benefit obligation | $ | (4.2 | ) | $ | — | $ | 4.4 | $ | — | $ | (1.2 | ) | $ | — | $ | 1.2 | — | |||||||||||||
Non-U.S. Plans: | ||||||||||||||||||||||||||||||
Net pension expense | $ | 0.2 | $ | (0.3 | ) | $ | (0.2 | ) | $ | 0.3 | $ | 0.2 | $ | (0.3 | ) | $ | (0.1 | ) | $ | 0.3 | ||||||||||
Projected benefit obligation | $ | (9.8 | ) | $ | — | $ | 10.2 | $ | — | $ | (5.9 | ) | $ | — | $ | 6.3 | — |
Year Ended 12/31/2017 | Year Ended 12/31/2019 | |||||||
Net cash provided by (used in) operating activities | 153.0 | 173.4 | ||||||
Increase (decrease) in TFS assets | (56.8 | ) | (31.1 | ) | ||||
Capital expenditures | (43.5 | ) | ||||||
Capital expenditures, net of proceeds from sale of capital assets (1) | (94.4 | ) | ||||||
Deal related net working capital adjustment | 38.5 | |||||||
Free cash flow | $ | 52.7 | $ | 86.4 |
Three months ended 12/31/17 | Three months ended 12/31/16 | Three months ended 12/31/19 | ||||||||
Net Sales | $ | 1,063.6 | $ | 974.7 | $ | 885.0 | ||||
x | 4 | 4 | 4 | |||||||
Trailing Three Month Annualized Net Sales | $ | 4,254.4 | $ | 3,898.8 | $ | 3,540.0 |
As of 12/31/17 | As of 12/31/16 | ||||||
Inventories | $ | 969.6 | $ | 853.8 | |||
Trade Receivables | 579.9 | 512.5 | |||||
Less: Trade Accounts Payable | (592.4 | ) | (522.7 | ) | |||
Less: Customer advances | (32.6 | ) | (33.0 | ) | |||
Total Working Capital | $ | 924.5 | $ | 810.6 |
As of 12/31/19 | |||
Inventories | $ | 847.7 | |
Trade Receivables | 401.9 | ||
Trade Accounts Payable | (508.1 | ) | |
Customer Advances | (17.9 | ) | |
Working Capital | $ | 723.6 |
Payments due by period | Payments due by period | |||||||||||||||||||||||||||||||||||||
Total | < 1 year | 1-3 years | 3-5 years | > 5 years | Total | < 1 year | 1-3 years | 3-5 years | > 5 years | |||||||||||||||||||||||||||||
Long-term debt obligations | $ | 1,345.6 | $ | 55.3 | $ | 111.6 | $ | 110.7 | $ | 1,068.0 | $ | 1,450.9 | $ | 63.2 | $ | 123.7 | $ | 659.5 | $ | 604.5 | ||||||||||||||||||
Capital lease obligations | 3.3 | 0.3 | 1.0 | 1.3 | 0.7 | |||||||||||||||||||||||||||||||||
Finance lease obligations | 4.1 | 1.0 | 2.0 | 1.0 | 0.1 | |||||||||||||||||||||||||||||||||
Operating lease obligations | 153.5 | 31.1 | 45.2 | 33.8 | 43.4 | 153.2 | 34.2 | 52.6 | 38.8 | 27.6 | ||||||||||||||||||||||||||||
Purchase obligations (1) | 591.0 | 587.7 | 3.3 | — | — | 528.5 | 527.8 | 0.6 | 0.1 | — | ||||||||||||||||||||||||||||
Total | $ | 2,093.4 | $ | 674.4 | $ | 161.1 | $ | 145.8 | $ | 1,112.1 | $ | 2,136.7 | $ | 626.2 | $ | 178.9 | $ | 699.4 | $ | 632.2 |
(1) | Purchase obligations include non-cancellable and cancellable commitments. In many cases, cancellable commitments contain penalty provisions for cancellation. |
ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
2017 | 2016 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | Fourth | Third | Second | First | Fourth | Third | Second | First | |||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 1,063.6 | $ | 1,111.2 | $ | 1,181.7 | $ | 1,006.9 | $ | 974.7 | $ | 1,056.4 | $ | 1,297.7 | $ | 1,114.3 | $ | 885.0 | $ | 1,024.6 | $ | 1,306.9 | $ | 1,136.6 | $ | 1,048.8 | $ | 1,098.8 | $ | 1,253.0 | $ | 1,116.6 | ||||||||||||||||||||||||||||||
Gross profit | 204.0 | 219.0 | 240.7 | 152.3 | 104.7 | 183.9 | 242.1 | 181.7 | 168.6 | 209.6 | 271.8 | 237.8 | 214.6 | 240.1 | 278.6 | 228.6 | ||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations attributable to common stockholders | (31.7 | ) | 56.6 | 95.4 | (60.3 | ) | (313.9 | ) | 33.3 | 109.6 | (22.0 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | 18.5 | 52.4 | 81.6 | 57.2 | 19.6 | 69.2 | 84.2 | 68.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from discontinued operations – net of tax | — | — | — | — | 46.7 | 63.5 | (44.6 | ) | (52.2 | ) | (3.6 | ) | (10.1 | ) | (17.3 | ) | (124.4 | ) | (50.2 | ) | (30.8 | ) | (28.3 | ) | (21.1 | ) | ||||||||||||||||||||||||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | 5.0 | 2.6 | 5.4 | 55.7 | — | — | 0.1 | 3.4 | 9.6 | (20.9 | ) | 10.8 | 0.6 | (2.4 | ) | 0.2 | 1.9 | 2.7 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Terex Corporation | (26.7 | ) | 59.2 | 100.8 | (4.6 | ) | (267.2 | ) | 96.8 | 65.1 | (70.8 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 24.5 | 21.4 | 75.1 | (66.6 | ) | (33.0 | ) | 38.6 | 57.8 | 50.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Per share: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations attributable to common stockholders | $ | (0.38 | ) | $ | 0.64 | $ | 0.99 | $ | (0.57 | ) | $ | (2.96 | ) | $ | 0.31 | $ | 1.01 | $ | (0.20 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 0.26 | $ | 0.73 | $ | 1.14 | $ | 0.81 | $ | 0.27 | $ | 0.94 | $ | 1.11 | $ | 0.86 | ||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from discontinued operations – net of tax | — | — | — | — | 0.44 | 0.59 | (0.41 | ) | (0.48 | ) | (0.05 | ) | (0.14 | ) | (0.24 | ) | (1.76 | ) | (0.69 | ) | (0.42 | ) | (0.37 | ) | (0.26 | ) | ||||||||||||||||||||||||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | 0.06 | 0.03 | 0.06 | 0.53 | — | — | — | 0.03 | 0.13 | (0.29 | ) | 0.15 | 0.01 | (0.03 | ) | — | 0.03 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Terex Corporation | (0.32 | ) | 0.67 | 1.05 | (0.04 | ) | (2.52 | ) | 0.90 | 0.60 | (0.65 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 0.34 | 0.30 | 1.05 | (0.94 | ) | (0.45 | ) | 0.52 | 0.77 | 0.63 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations attributable to common stockholders | $ | (0.37 | ) | $ | 0.63 | $ | 0.98 | $ | (0.57 | ) | $ | (2.96 | ) | $ | 0.31 | $ | 1.00 | $ | (0.20 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 0.26 | $ | 0.73 | $ | 1.14 | $ | 0.79 | $ | 0.26 | $ | 0.92 | $ | 1.10 | $ | 0.84 | ||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from discontinued operations – net of tax | — | — | — | — | 0.44 | 0.58 | (0.41 | ) | (0.48 | ) | (0.05 | ) | (0.14 | ) | (0.24 | ) | (1.73 | ) | (0.68 | ) | (0.41 | ) | (0.37 | ) | (0.26 | ) | ||||||||||||||||||||||||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | 0.06 | 0.03 | 0.06 | 0.53 | — | — | — | 0.03 | 0.13 | (0.29 | ) | 0.15 | 0.01 | (0.03 | ) | — | 0.02 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Terex Corporation | (0.31 | ) | 0.66 | 1.04 | (0.04 | ) | (2.52 | ) | 0.89 | 0.59 | (0.65 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 0.34 | 0.30 | 1.05 | (0.93 | ) | (0.45 | ) | 0.51 | 0.75 | 0.62 |
ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
ITEM 9A. | CONTROLS AND PROCEDURES |
ITEM 9B. | OTHER INFORMATION |
PART III |
ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
ITEM 11. | EXECUTIVE COMPENSATION |
ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights (a) | Weighted average exercise price of outstanding options, warrants and rights (b) | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) | |||
Equity compensation plans approved by stockholders | 2,587 (1) | $65.57 | 2,182,443 | |||
Equity compensation plans not approved by stockholders | — | — | — | |||
Total | 2,587 | 2,182,443 |
Number of | Weighted average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans | ||||
Equity compensation plans approved by stockholders | __ (1) | $— | 2,310,083 | |||
Equity compensation plans not approved by stockholders | — | — | — | |||
Total | — | 2,310,083 |
(1) | This does not include 2,442,260 shares of restricted stock awards and 758,179 shares held in |
ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
ITEM 14. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
PART IV |
ITEM 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES |
Exhibit No. | Exhibit |
2.1 | |
2.2 | |
2.3 | |
3.1 | |
3.2 | |
3.3 | |
3.4 | |
3.5 | |
4.1 | |
4.2 | |
4.3 | |
4.4 | |
10.1 | |
10.2 | |
10.3 | |
10.4 | |
10.5 | |
10.6 | |
10.7 | |
10.8 | |
10.9 | |
10.10 | |
10.11 | |
10.12 | |
10.13 | |
10.14 | |
10.15 | |
10.19 | |
10.20 | |
10.21 | |
10.23 | |
10.24 | |
21.1 | |
23.1 | |
24.1 | |
31.1 | |
31.2 | |
32 | |
101.INS | XBRL Instance |
101.SCH | XBRL Taxonomy Extension Schema Document. * |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. * |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. * |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. * |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. * |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
* | Exhibit filed with this document. |
** | Exhibit furnished with this document. |
*** | Denotes a management contract or compensatory plan or arrangement. |
ITEM 16. | FORM 10-K SUMMARY |
By: | /s/ John L. Garrison, Jr. | February | |
John L. Garrison, Jr. | |||
Officer |
NAME | TITLE | DATE |
/s/ John L. Garrison, Jr | February | |
John L. Garrison, Jr. | ||
(Principal Executive Officer) | ||
/s/ John D. Sheehan | Senior Vice President and Chief Financial | February |
John D. Sheehan | Officer | |
(Principal Financial Officer) | ||
/s/ Mark I. Clair | Vice President, Controller and Chief | February |
Mark I. Clair | Accounting Officer | |
(Principal Accounting Officer) | ||
*/s/ Paula H. J. Cholmondeley | Director | |
Paula H. J. Cholmondeley | ||
*/s/ Don DeFosset | Director | |
Don DeFosset | ||
*/s/ Thomas J. Hansen | Director | |
Thomas J. Hansen | ||
*/s/ | ||
Director | ||
Raimund Klinkner | ||
*/s/ Andra M. Rush | Director | |
Andra M. Rush | ||
*/s/ David A. Sachs | ||
David A. Sachs | ||
*/s/ Scott W. Wine | Director | |
Scott W. Wine | ||
*By /s/ John D. Sheehan | February | |
John D. Sheehan, as Attorney-in-Fact |
Page | |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
2017 | 2016 | 2015 | 2019 | 2018 | 2017 | |||||||||||||||||
Net sales | $ | 4,363.4 | $ | 4,443.1 | $ | 5,021.7 | $ | 4,353.1 | $ | 4,517.2 | $ | 3,793.7 | ||||||||||
Cost of goods sold | (3,547.4 | ) | (3,730.7 | ) | (4,050.5 | ) | (3,465.3 | ) | (3,555.3 | ) | (3,026.4 | ) | ||||||||||
Gross profit | 816.0 | 712.4 | 971.2 | 887.8 | 961.9 | 767.3 | ||||||||||||||||
Selling, general and administrative expenses | (642.4 | ) | (684.2 | ) | (647.5 | ) | (552.8 | ) | (549.4 | ) | (539.1 | ) | ||||||||||
Goodwill impairment | — | (176.0 | ) | — | ||||||||||||||||||
Income (loss) from operations | 173.6 | (147.8 | ) | 323.7 | 335.0 | 412.5 | 228.2 | |||||||||||||||
Other income (expense) | ||||||||||||||||||||||
Interest income | 6.9 | 4.3 | 3.8 | 6.5 | 8.7 | 6.3 | ||||||||||||||||
Interest expense | (67.5 | ) | (102.0 | ) | (108.1 | ) | (87.9 | ) | (72.8 | ) | (67.2 | ) | ||||||||||
Loss on early extinguishment of debt | (52.6 | ) | (0.4 | ) | (0.1 | ) | — | (0.7 | ) | (52.6 | ) | |||||||||||
Other income (expense) – net | 51.6 | (24.8 | ) | (23.6 | ) | (6.1 | ) | (60.6 | ) | 48.7 | ||||||||||||
Income (loss) from continuing operations before income taxes | 112.0 | (270.7 | ) | 195.7 | 247.5 | 287.1 | 163.4 | |||||||||||||||
(Provision for) benefit from income taxes | (52.0 | ) | 77.4 | (67.5 | ) | (37.8 | ) | (45.4 | ) | (52.4 | ) | |||||||||||
Income (loss) from continuing operations | 60.0 | (193.3 | ) | 128.2 | 209.7 | 241.7 | 111.0 | |||||||||||||||
Income (loss) from discontinued operations – net of tax | — | 14.3 | 17.4 | (155.4 | ) | (130.4 | ) | (49.6 | ) | |||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | 68.7 | 3.5 | 3.4 | 0.1 | 2.4 | 67.3 | ||||||||||||||||
Net income (loss) | 128.7 | (175.5 | ) | 149.0 | $ | 54.4 | $ | 113.7 | $ | 128.7 | ||||||||||||
Net loss (income) from continuing operations attributable to noncontrolling interest | — | 0.3 | 0.2 | |||||||||||||||||||
Net loss (income) from discontinued operations attributable to noncontrolling interest | — | (0.9 | ) | (3.3 | ) | |||||||||||||||||
Net income (loss) attributable to Terex Corporation | $ | 128.7 | $ | (176.1 | ) | $ | 145.9 | |||||||||||||||
Amounts attributable to Terex Corporation common stockholders: | ||||||||||||||||||||||
Basic earnings (loss) per share: | ||||||||||||||||||||||
Income (loss) from continuing operations | $ | 60.0 | $ | (193.0 | ) | $ | 128.4 | $ | 2.95 | $ | 3.21 | $ | 1.20 | |||||||||
Income (loss) from discontinued operations – net of tax | — | 13.4 | 14.1 | (2.18 | ) | (1.73 | ) | (0.53 | ) | |||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | 68.7 | 3.5 | 3.4 | — | 0.03 | 0.72 | ||||||||||||||||
Net income (loss) attributable to Terex Corporation | $ | 128.7 | $ | (176.1 | ) | $ | 145.9 | |||||||||||||||
Basic Earnings (Loss) per Share Attributable to Terex Corporation Common Stockholders: | ||||||||||||||||||||||
Net income (loss) | $ | 0.77 | $ | 1.51 | $ | 1.39 | ||||||||||||||||
Diluted earnings (loss) per share: | ||||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.65 | $ | (1.79 | ) | $ | 1.20 | $ | 2.92 | $ | 3.14 | $ | 1.17 | |||||||||
Income (loss) from discontinued operations – net of tax | — | 0.13 | 0.13 | (2.16 | ) | (1.69 | ) | (0.52 | ) | |||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | 0.74 | 0.03 | 0.03 | — | 0.03 | 0.71 | ||||||||||||||||
Net income (loss) attributable to Terex Corporation | $ | 1.39 | $ | (1.63 | ) | $ | 1.36 | |||||||||||||||
Diluted Earnings (Loss) per Share Attributable to Terex Corporation Common Stockholders: | ||||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.63 | $ | (1.79 | ) | $ | 1.17 | |||||||||||||||
Income (loss) from discontinued operations – net of tax | — | 0.13 | 0.13 | |||||||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | 0.73 | 0.03 | 0.03 | |||||||||||||||||||
Net income (loss) attributable to Terex Corporation | $ | 1.36 | $ | (1.63 | ) | $ | 1.33 | |||||||||||||||
Net income (loss) | $ | 0.76 | $ | 1.48 | $ | 1.36 | ||||||||||||||||
Weighted average number of shares outstanding in per share calculation | ||||||||||||||||||||||
Basic | 92.8 | 107.9 | 107.4 | 71.1 | 75.4 | 92.8 | ||||||||||||||||
Diluted | 94.9 | 107.9 | 109.6 | 71.8 | 76.9 | 94.9 |
Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | ||||||||
Net income (loss) | $ | 128.7 | $ | (175.5 | ) | $ | 149.0 | |||
Other comprehensive income (loss), net of tax: | ||||||||||
Cumulative translation adjustment, net of (provision for) benefit from taxes of $(7.5), $14.0 and $11.7, respectively | 470.6 | (123.0 | ) | (247.3 | ) | |||||
Derivative hedging adjustment, net of (provision for) benefit from taxes of $(1.2), $1.2 and $(0.4), respectively | 4.5 | (4.7 | ) | 3.0 | ||||||
Debt and equity securities adjustment, net of (provision for) benefit from taxes of $0.0, $(0.1) and $0.1, respectively | 3.7 | 6.9 | (7.9 | ) | ||||||
Pension liability adjustment: | ||||||||||
Net gain (loss), net of (provision for) benefit from taxes of $(2.8), $12.1 and $2.6, respectively | 5.0 | (28.3 | ) | 11.7 | ||||||
Amortization of actuarial (gain) loss, net of provision for (benefit from) taxes of $(2.2), $(3.1) and $(1.6), respectively | 5.7 | 6.7 | 9.6 | |||||||
Divestiture of business, net of provision for (benefit from) taxes of $(23.9), $0.0 and $0.0, respectively | 55.5 | — | — | |||||||
Foreign exchange and other effects, net of (provision for) benefit from taxes of $1.9, $(2.4) and $(1.9), respectively | (5.1 | ) | 12.2 | 11.0 | ||||||
Total pension liability adjustment | 61.1 | (9.4 | ) | 32.3 | ||||||
Other comprehensive income (loss) | 539.9 | (130.2 | ) | (219.9 | ) | |||||
Comprehensive income (loss) | 668.6 | (305.7 | ) | (70.9 | ) | |||||
Comprehensive loss (income) attributable to noncontrolling interest | — | (0.2 | ) | (3.0 | ) | |||||
Comprehensive income (loss) attributable to Terex Corporation | $ | 668.6 | $ | (305.9 | ) | $ | (73.9 | ) |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Net income (loss) | $ | 54.4 | $ | 113.7 | $ | 128.7 | ||||||
Other comprehensive income (loss), net of tax: | ||||||||||||
Cumulative translation adjustment, net of (provision for) benefit from taxes of $(3.9), $0.0 and $(7.5), respectively | 17.4 | (80.9 | ) | 470.6 | ||||||||
Derivative hedging adjustment, net of (provision for) benefit from taxes of $(1.6), $1.7 and $(1.2), respectively | 3.6 | (6.5 | ) | 4.5 | ||||||||
Debt and equity securities adjustment, net of (provision for) benefit from taxes of $0.0, $0.0 and $0.0, respectively | 1.8 | (0.9 | ) | 3.7 | ||||||||
Pension liability adjustment: | ||||||||||||
Net gain (loss), net of (provision for) benefit from taxes of $1.9, $1.0 and $(2.8), respectively | (7.8 | ) | (4.3 | ) | 5.0 | |||||||
Amortization of actuarial (gain) loss, net of provision for (benefit from) taxes of $(0.6), $(1.7) and $(2.2), respectively | 1.9 | 5.8 | 5.7 | |||||||||
Settlement of U.S. defined benefit pension obligations, net of provision for (benefit from) taxes of $0.0, $(24.4) and $0.0, respectively | — | 42.6 | — | |||||||||
Divestiture of business, net of provision for (benefit from) taxes of $(5.3), $0.0 and $(23.9), respectively | 12.6 | — | 55.5 | |||||||||
Foreign exchange and other effects, net of (provision for) benefit from taxes of $(0.7), $0.2 and $1.9, respectively | (2.2 | ) | 1.5 | (5.1 | ) | |||||||
Total pension liability adjustment | 4.5 | 45.6 | 61.1 | |||||||||
Other comprehensive income (loss) | 27.3 | (42.7 | ) | 539.9 | ||||||||
Comprehensive income (loss) | $ | 81.7 | $ | 71.0 | $ | 668.6 |
December 31, | December 31, | |||||||||||||
2017 | 2016 | 2019 | 2018 | |||||||||||
Assets | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | 626.5 | $ | 428.5 | $ | 535.1 | $ | 339.5 | ||||||
Trade receivables (net of allowance of $16.2 and $16.5 at December 31, 2017 and 2016, respectively) | 579.9 | 512.5 | ||||||||||||
Trade receivables (net of allowance of $9.9 and $9.1 at December 31, 2019 and 2018, respectively) | 401.9 | 535.0 | ||||||||||||
Inventories | 969.6 | 853.8 | 847.7 | 918.9 | ||||||||||
Prepaid and other current assets | 203.4 | 172.8 | 225.8 | 170.1 | ||||||||||
Current assets held for sale | 3.6 | 732.9 | 9.2 | 459.5 | ||||||||||
Total current assets | 2,383.0 | 2,700.5 | 2,019.7 | 2,423.0 | ||||||||||
Non-current assets | ||||||||||||||
Property, plant and equipment – net | 311.0 | 304.6 | 389.4 | 317.3 | ||||||||||
Goodwill | 273.6 | 259.7 | 269.9 | 265.2 | ||||||||||
Intangible assets – net | 13.8 | 18.4 | 9.7 | 11.4 | ||||||||||
Other assets | 481.1 | 552.3 | 506.3 | 400.6 | ||||||||||
Non-current assets held for sale | — | 1,171.3 | 0.6 | 68.4 | ||||||||||
Total assets | $ | 3,462.5 | $ | 5,006.8 | $ | 3,195.6 | $ | 3,485.9 | ||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Current liabilities | ||||||||||||||
Notes payable and current portion of long-term debt | $ | 5.2 | $ | 13.8 | ||||||||||
Current portion of long-term debt | $ | 6.9 | $ | 4.1 | ||||||||||
Trade accounts payable | 592.4 | 522.7 | 508.1 | 687.2 | ||||||||||
Accrued compensation and benefits | 159.6 | 125.1 | 100.3 | 123.1 | ||||||||||
Accrued warranties and product liability | 44.7 | 61.2 | ||||||||||||
Other current liabilities | 231.6 | 230.4 | 248.7 | 220.8 | ||||||||||
Current liabilities held for sale | 2.0 | 453.8 | 8.4 | 179.5 | ||||||||||
Total current liabilities | 1,035.5 | 1,407.0 | 872.4 | 1,214.7 | ||||||||||
Non-current liabilities | ||||||||||||||
Long-term debt, less current portion | 979.6 | 1,562.0 | 1,168.8 | 1,210.6 | ||||||||||
Retirement plans | 151.3 | 153.8 | ||||||||||||
Other non-current liabilities | 72.6 | 50.7 | 220.9 | 113.1 | ||||||||||
Non-current liabilities held for sale | 1.0 | 312.1 | 1.2 | 86.5 | ||||||||||
Total liabilities | 2,240.0 | 3,485.6 | 2,263.3 | 2,624.9 | ||||||||||
Commitments and contingencies | ||||||||||||||
Stockholders’ equity | ||||||||||||||
Common stock, $.01 par value – authorized 300.0 shares; issued 130.4 and 129.6 shares at December 31, 2017 and 2016, respectively | 1.3 | 1.3 | ||||||||||||
Common stock, $.01 par value – authorized 300.0 shares; issued 82.2 and 81.3 shares at December 31, 2019 and 2018, respectively | 0.8 | 0.8 | ||||||||||||
Additional paid-in capital | 1,322.0 | 1,300.0 | 824.4 | 797.3 | ||||||||||
Retained earnings | 1,995.9 | 1,897.9 | 771.4 | 749.0 | ||||||||||
Accumulated other comprehensive (loss) income | (239.5 | ) | (779.4 | ) | ||||||||||
Less cost of shares of common stock in treasury – 50.2 and 24.6 shares at December 31, 2017 and 2016, respectively | (1,857.7 | ) | (935.1 | ) | ||||||||||
Accumulated other comprehensive income (loss) | (257.5 | ) | (284.8 | ) | ||||||||||
Less cost of shares of common stock in treasury – 11.8 and 11.7 shares at December 31, 2019 and 2018, respectively | (406.8 | ) | (401.8 | ) | ||||||||||
Total Terex Corporation stockholders’ equity | 1,222.0 | 1,484.7 | 932.3 | 860.5 | ||||||||||
Noncontrolling interest | 0.5 | 36.5 | — | 0.5 | ||||||||||
Total stockholders’ equity | 1,222.5 | 1,521.2 | 932.3 | 861.0 | ||||||||||
Total liabilities, noncontrolling interest and stockholders’ equity | $ | 3,462.5 | $ | 5,006.8 | ||||||||||
Total liabilities and stockholders’ equity | $ | 3,195.6 | $ | 3,485.9 |
Outstanding Shares | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Common Stock in Treasury | Non-controlling Interest | Total | |||||||||||||||||||||||
Balance at December 31, 2014 | 105.4 | $ | 1.2 | $ | 1,251.5 | $ | 1,984.9 | $ | (429.8 | ) | $ | (801.9 | ) | $ | 33.2 | $ | 2,039.1 | |||||||||||||
Net Income (Loss) | — | — | — | 145.9 | — | — | 3.1 | 149.0 | ||||||||||||||||||||||
Other Comprehensive Income (Loss) – net of tax | — | — | — | — | (219.8 | ) | — | (0.1 | ) | (219.9 | ) | |||||||||||||||||||
Issuance of Common Stock | 4.3 | 0.1 | 25.8 | — | — | — | — | 25.9 | ||||||||||||||||||||||
Compensation under Stock-based Plans – net | — | — | (4.5 | ) | — | — | 2.3 | — | (2.2 | ) | ||||||||||||||||||||
Dividends | — | — | 0.4 | (26.2 | ) | — | — | (0.3 | ) | (26.1 | ) | |||||||||||||||||||
Purchase of noncontrolling interest | — | — | 0.1 | — | — | — | (1.3 | ) | (1.2 | ) | ||||||||||||||||||||
Acquisition of Treasury Stock | (2.0 | ) | — | — | — | — | (52.6 | ) | — | (52.6 | ) | |||||||||||||||||||
Balance at December 31, 2015 | 107.7 | 1.3 | 1,273.3 | 2,104.6 | (649.6 | ) | (852.2 | ) | 34.6 | 1,912.0 | ||||||||||||||||||||
Net Income (Loss) | — | — | — | (176.1 | ) | — | — | 0.6 | (175.5 | ) | ||||||||||||||||||||
Other Comprehensive Income (Loss) – net of tax | — | — | — | — | (129.8 | ) | — | (0.4 | ) | (130.2 | ) | |||||||||||||||||||
Issuance of Common Stock | 0.8 | — | 22.1 | — | — | — | — | 22.1 | ||||||||||||||||||||||
Compensation under Stock-based Plans – net | 0.1 | — | 4.0 | — | — | 1.4 | — | 5.4 | ||||||||||||||||||||||
Proceeds from noncontrolling interest | — | — | — | — | — | — | 2.9 | 2.9 | ||||||||||||||||||||||
Dividends | — | — | 0.6 | (30.6 | ) | — | — | (1.2 | ) | (31.2 | ) | |||||||||||||||||||
Acquisition of Treasury Stock | (3.6 | ) | — | — | — | — | (84.3 | ) | — | (84.3 | ) | |||||||||||||||||||
Balance at December 31, 2016 | 105.0 | 1.3 | 1,300.0 | 1,897.9 | (779.4 | ) | (935.1 | ) | 36.5 | 1,521.2 | ||||||||||||||||||||
Net Income (Loss) | — | — | — | 128.7 | — | — | — | 128.7 | ||||||||||||||||||||||
Other Comprehensive Income (Loss) – net of tax | — | — | — | — | 539.9 | — | — | 539.9 | ||||||||||||||||||||||
Issuance of Common Stock | 0.8 | — | 21.0 | — | — | — | — | 21.0 | ||||||||||||||||||||||
Compensation under Stock-based Plans – net | 0.2 | — | 0.2 | (0.4 | ) | — | 4.0 | — | 3.8 | |||||||||||||||||||||
Dividends | — | — | 0.8 | (30.3 | ) | — | — | — | (29.5 | ) | ||||||||||||||||||||
Divestiture | — | — | — | — | — | — | (36.0 | ) | (36.0 | ) | ||||||||||||||||||||
Acquisition of Treasury Stock | (25.8 | ) | — | — | — | — | (926.6 | ) | — | (926.6 | ) | |||||||||||||||||||
Balance at December 31, 2017 | 80.2 | $ | 1.3 | $ | 1,322.0 | $ | 1,995.9 | $ | (239.5 | ) | $ | (1,857.7 | ) | $ | 0.5 | $ | 1,222.5 |
Outstanding Shares | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Common Stock in Treasury | Non-controlling Interest | Total | |||||||||||||||||||||||
Balance at December 31, 2016 | 105.0 | $ | 1.3 | $ | 1,300.0 | $ | 1,897.9 | $ | (779.4 | ) | $ | (935.1 | ) | $ | 36.5 | $ | 1,521.2 | |||||||||||||
Net income (loss) | — | — | — | 128.7 | — | — | — | 128.7 | ||||||||||||||||||||||
Other comprehensive income (loss) – net of tax | — | — | — | — | 539.9 | — | — | 539.9 | ||||||||||||||||||||||
Issuance of common stock | 0.8 | — | 21.0 | — | — | — | — | 21.0 | ||||||||||||||||||||||
Compensation under stock-based plans – net | 0.2 | — | 0.2 | (0.4 | ) | — | 4.0 | — | 3.8 | |||||||||||||||||||||
Dividends | — | — | 0.8 | (30.3 | ) | — | — | — | (29.5 | ) | ||||||||||||||||||||
Divestiture | — | — | — | — | — | — | (36.0 | ) | (36.0 | ) | ||||||||||||||||||||
Acquisition of treasury stock | (25.8 | ) | — | — | — | — | (926.6 | ) | — | (926.6 | ) | |||||||||||||||||||
Balance at December 31, 2017 | 80.2 | 1.3 | 1,322.0 | 1,995.9 | (239.5 | ) | (1,857.7 | ) | 0.5 | 1,222.5 | ||||||||||||||||||||
Net income (loss) | — | — | — | 113.7 | — | — | — | 113.7 | ||||||||||||||||||||||
Other comprehensive income (loss) – net of tax | — | — | — | — | (42.7 | ) | — | — | (42.7 | ) | ||||||||||||||||||||
Issuance of common stock | 0.8 | — | 17.3 | — | — | — | — | 17.3 | ||||||||||||||||||||||
Compensation under stock-based plans – net | 0.1 | — | 6.3 | — | — | 1.7 | — | 8.0 | ||||||||||||||||||||||
Dividends | — | — | 0.9 | (30.9 | ) | — | — | — | (30.0 | ) | ||||||||||||||||||||
Retirement of treasury stock | — | (0.5 | ) | (549.2 | ) | (1,332.3 | ) | — | 1,882.0 | — | — | |||||||||||||||||||
Acquisition of treasury stock | (11.5 | ) | — | — | — | — | (427.8 | ) | — | (427.8 | ) | |||||||||||||||||||
Other | — | — | — | 2.6 | (2.6 | ) | — | — | — | |||||||||||||||||||||
Balance at December 31, 2018 | 69.6 | 0.8 | 797.3 | 749.0 | (284.8 | ) | (401.8 | ) | 0.5 | 861.0 | ||||||||||||||||||||
Net income (loss) | — | — | — | 54.4 | — | — | — | 54.4 | ||||||||||||||||||||||
Other comprehensive income (loss) – net of tax | — | — | — | — | 27.3 | — | — | 27.3 | ||||||||||||||||||||||
Issuance of common stock | 0.9 | — | 27.8 | — | — | — | — | 27.8 | ||||||||||||||||||||||
Compensation under stock-based plans – net | 0.1 | — | (1.3 | ) | — | — | 2.7 | — | 1.4 | |||||||||||||||||||||
Dividends | — | — | 0.6 | (32.0 | ) | — | — | — | (31.4 | ) | ||||||||||||||||||||
Acquisition of treasury stock | (0.2 | ) | — | — | — | — | (7.7 | ) | — | (7.7 | ) | |||||||||||||||||||
Divestiture | — | — | — | — | — | — | (0.5 | ) | (0.5 | ) | ||||||||||||||||||||
Balance at December 31, 2019 | 70.4 | $ | 0.8 | $ | 824.4 | $ | 771.4 | $ | (257.5 | ) | $ | (406.8 | ) | $ | — | $ | 932.3 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
2017 | 2016 | 2015 | 2019 | 2018 | 2017 | |||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||||
Operating Activities | ||||||||||||||||||||||
Net income (loss) | $ | 128.7 | $ | (175.5 | ) | $ | 149.0 | $ | 54.4 | $ | 113.7 | $ | 128.7 | |||||||||
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: | ||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||||||||
Depreciation and amortization | 66.5 | 96.7 | 132.4 | 49.6 | 59.7 | 66.5 | ||||||||||||||||
(Gain) loss on disposition of discontinued operations | (68.7 | ) | (3.5 | ) | (3.4 | ) | (0.1 | ) | (2.4 | ) | (68.7 | ) | ||||||||||
Deferred taxes | 37.6 | (137.6 | ) | (2.6 | ) | (17.6 | ) | (9.1 | ) | 37.6 | ||||||||||||
Goodwill impairment | — | 176.0 | 11.3 | |||||||||||||||||||
Asset impairments | 6.8 | 70.0 | 25.4 | |||||||||||||||||||
Impairments | 83.6 | 9.0 | 6.8 | |||||||||||||||||||
(Gain) loss on sale of assets | (58.0 | ) | (5.8 | ) | (1.0 | ) | (9.8 | ) | (1.9 | ) | (58.0 | ) | ||||||||||
Loss on early extinguishment of debt | 52.6 | 0.4 | 0.1 | — | 0.7 | 52.6 | ||||||||||||||||
Stock-based compensation expense | 38.5 | 37.8 | 38.5 | 43.1 | 36.7 | 38.5 | ||||||||||||||||
Pension plan settlements | — | 67.8 | 1.5 | |||||||||||||||||||
Inventory and other non-cash charges | 34.0 | 60.2 | 32.0 | 47.6 | 30.3 | 34.0 | ||||||||||||||||
Changes in operating assets and liabilities (net of effects of acquisitions and divestitures): | ||||||||||||||||||||||
Trade receivables | (0.5 | ) | 33.0 | 74.1 | 176.1 | (107.9 | ) | (0.5 | ) | |||||||||||||
Inventories | (33.5 | ) | 97.3 | (90.6 | ) | 20.3 | (284.2 | ) | (33.5 | ) | ||||||||||||
Trade accounts payable | 25.0 | (21.0 | ) | 41.7 | (220.1 | ) | 213.2 | 25.0 | ||||||||||||||
Income taxes payable / receivable | (14.7 | ) | 16.9 | 16.1 | ||||||||||||||||||
Other assets and liabilities | (29.8 | ) | 175.7 | (214.0 | ) | (57.0 | ) | (25.1 | ) | (46.0 | ) | |||||||||||
Foreign exchange and other operating activities, net | (31.5 | ) | (43.5 | ) | 18.5 | 3.3 | (6.3 | ) | (31.5 | ) | ||||||||||||
Net cash provided by (used in) operating activities | 153.0 | 377.1 | 227.5 | 173.4 | 94.2 | 153.0 | ||||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||
Investing Activities | ||||||||||||||||||||||
Capital expenditures | (43.5 | ) | (73.0 | ) | (103.8 | ) | (108.9 | ) | (103.8 | ) | (43.5 | ) | ||||||||||
Acquisitions, net of cash acquired | — | (7.0 | ) | (71.2 | ) | |||||||||||||||||
Proceeds from sale of capital assets | 4.3 | 2.8 | 20.2 | |||||||||||||||||||
Proceeds from disposition of investments | 30.7 | 19.3 | 783.2 | |||||||||||||||||||
Proceeds (payments) from disposition of discontinued operations | 775.7 | 3.5 | (0.2 | ) | 177.7 | 2.5 | 775.7 | |||||||||||||||
Proceeds from sale of assets | 803.4 | 67.2 | 3.1 | |||||||||||||||||||
Other investing activities, net | — | (2.5 | ) | (0.6 | ) | — | (6.7 | ) | — | |||||||||||||
Net cash provided by (used in) investing activities | 1,535.6 | (11.8 | ) | (172.7 | ) | 103.8 | (85.9 | ) | 1,535.6 | |||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||
Financing Activities | ||||||||||||||||||||||
Repayments of debt | (1,594.1 | ) | (1,286.3 | ) | (1,397.8 | ) | (1,660.5 | ) | (1,150.1 | ) | (1,594.1 | ) | ||||||||||
Proceeds from issuance of debt | 1,010.7 | 1,097.7 | 1,462.8 | 1,616.6 | 1,382.3 | 1,010.7 | ||||||||||||||||
Payment of debt extinguishment costs | (36.4 | ) | — | — | — | (0.5 | ) | (36.4 | ) | |||||||||||||
Share repurchases | (924.9 | ) | (82.7 | ) | (50.8 | ) | (7.4 | ) | (427.5 | ) | (924.9 | ) | ||||||||||
Dividends paid | (29.5 | ) | (30.0 | ) | (25.8 | ) | (31.4 | ) | (30.0 | ) | (29.5 | ) | ||||||||||
Other financing activities, net | (32.3 | ) | (8.9 | ) | (17.4 | ) | (21.0 | ) | (19.1 | ) | (32.3 | ) | ||||||||||
Net cash provided by (used in) financing activities | (1,606.5 | ) | (310.2 | ) | (29.0 | ) | (103.7 | ) | (244.9 | ) | (1,606.5 | ) | ||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 46.1 | (19.7 | ) | (37.5 | ) | (5.5 | ) | (21.4 | ) | 46.1 | ||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 128.2 | 35.4 | (11.7 | ) | 168.0 | (258.0 | ) | 128.2 | ||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 501.9 | 466.5 | 478.2 | 372.1 | 630.1 | 501.9 | ||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 630.1 | $ | 501.9 | $ | 466.5 | $ | 540.1 | $ | 372.1 | $ | 630.1 |
Balance as of December 31, 2017 | $ | 35.7 | |
Accruals for warranties issued during the period | 43.7 | ||
Changes in estimates | 7.2 | ||
Settlements during the period | (46.1 | ) | |
Foreign exchange effect/other | (0.7 | ) | |
Balance as of December 31, 2018 | 39.8 | ||
Accruals for warranties issued during the period | 41.1 | ||
Changes in estimates | 13.4 | ||
Settlements during the period | (50.1 | ) | |
Foreign exchange effect/other | 3.3 | ||
Balance as of December 31, 2019 | $ | 47.5 |
Balance as of December 31, 2015 | $ | 53.0 | |
Accruals for warranties issued during the period | 72.4 | ||
Changes in estimates | (2.3 | ) | |
Settlements during the year | (58.1 | ) | |
Foreign exchange effect/other | (5.2 | ) | |
Balance as of December 31, 2016 | 59.8 | ||
Accruals for warranties issued during the period | 50.1 | ||
Changes in estimates | 2.5 | ||
Settlements during the year | (62.0 | ) | |
Foreign exchange effect/other | 2.2 | ||
Balance as of December 31, 2017 | $ | 52.6 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
2017 | 2016 | 2015 | 2019 | 2018 | 2017 | |||||||||||||||||
Net Sales | ||||||||||||||||||||||
Net sales | ||||||||||||||||||||||
AWP | $ | 2,071.5 | $ | 1,977.8 | $ | 2,246.0 | $ | 2,726.6 | $ | 2,950.4 | $ | 2,433.2 | ||||||||||
Cranes | 1,194.0 | 1,274.5 | 1,566.5 | |||||||||||||||||||
MP | 1,072.5 | 944.5 | 940.1 | 1,371.4 | 1,322.6 | 1,119.8 | ||||||||||||||||
Corporate and Other / Eliminations | 25.4 | 246.3 | 269.1 | 255.1 | 244.2 | 240.7 | ||||||||||||||||
Total | $ | 4,363.4 | $ | 4,443.1 | $ | 5,021.7 | $ | 4,353.1 | $ | 4,517.2 | $ | 3,793.7 | ||||||||||
Income (loss) from Operations | ||||||||||||||||||||||
Income (loss) from operations | ||||||||||||||||||||||
AWP | $ | 170.3 | $ | 177.4 | $ | 270.2 | $ | 196.2 | $ | 300.5 | $ | 199.8 | ||||||||||
Cranes | (17.8 | ) | (321.7 | ) | 56.3 | |||||||||||||||||
MP | 124.8 | 86.3 | 68.6 | 196.8 | 176.0 | 125.1 | ||||||||||||||||
Corporate and Other / Eliminations | (103.7 | ) | (89.8 | ) | (71.4 | ) | (58.0 | ) | (64.0 | ) | (96.7 | ) | ||||||||||
Total | $ | 173.6 | $ | (147.8 | ) | $ | 323.7 | $ | 335.0 | $ | 412.5 | $ | 228.2 | |||||||||
Depreciation and Amortization | ||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||
AWP | $ | 19.4 | $ | 19.9 | $ | 15.3 | $ | 23.0 | $ | 20.9 | $ | 23.2 | ||||||||||
Cranes | 19.2 | 21.5 | 21.0 | |||||||||||||||||||
MP | 7.3 | 6.9 | 6.9 | 7.7 | 7.6 | 8.0 | ||||||||||||||||
Corporate | 20.2 | 26.0 | 33.4 | 15.7 | 16.8 | 21.8 | ||||||||||||||||
Total | $ | 66.1 | $ | 74.3 | $ | 76.6 | $ | 46.4 | $ | 45.3 | $ | 53.0 | ||||||||||
Capital Expenditures | ||||||||||||||||||||||
Capital expenditures | ||||||||||||||||||||||
AWP | $ | 14.1 | $ | 17.1 | $ | 38.0 | $ | 82.1 | $ | 49.7 | $ | 15.6 | ||||||||||
Cranes | 15.2 | 13.2 | 13.8 | |||||||||||||||||||
MP | 6.3 | 7.5 | 20.7 | 11.5 | 33.1 | 6.7 | ||||||||||||||||
Corporate | 7.9 | 20.3 | 9.0 | 11.9 | 8.2 | 9.4 | ||||||||||||||||
Total | $ | 43.5 | $ | 58.1 | $ | 81.5 | $ | 105.5 | $ | 91.0 | $ | 31.7 |
December 31, | |||||||
2019 | 2018 | ||||||
Identifiable assets | |||||||
AWP | $ | 1,814.4 | $ | 1,983.5 | |||
MP | 1,172.1 | 1,160.1 | |||||
Corporate and Other / Eliminations (1) | 199.3 | (185.6 | ) | ||||
Assets held for sale (2) | 9.8 | 527.9 | |||||
Total | $ | 3,195.6 | $ | 3,485.9 |
December 31, | |||||||
2017 | 2016 | ||||||
Identifiable Assets | |||||||
AWP | $ | 1,358.5 | $ | 1,659.8 | |||
Cranes | 1,682.1 | 1,618.0 | |||||
MP | 1,219.5 | 1,104.9 | |||||
Corporate and Other / Eliminations | (801.2 | ) | (1,280.1 | ) | |||
Assets held for sale | 3.6 | 1,904.2 | |||||
Total | $ | 3,462.5 | $ | 5,006.8 |
December 31, | |||||||
2019 | 2018 | ||||||
Long-lived Assets | |||||||
United States | $ | 246.8 | $ | 193.1 | |||
United Kingdom | 69.0 | 61.4 | |||||
Germany | 11.0 | 10.7 | |||||
Other European countries | 21.6 | 18.6 | |||||
All other | 41.0 | 33.5 | |||||
Total | $ | 389.4 | $ | 317.3 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Net Sales | |||||||||||
United States | $ | 2,217.2 | $ | 2,131.4 | $ | 2,420.1 | |||||
United Kingdom | 267.3 | 333.2 | 402.3 | ||||||||
Germany | 182.9 | 237.1 | 243.7 | ||||||||
Other European countries | 655.3 | 726.7 | 714.3 | ||||||||
All other | 1,040.7 | 1,014.7 | 1,241.3 | ||||||||
Total | $ | 4,363.4 | $ | 4,443.1 | $ | 5,021.7 |
Year Ended December 31, 2019 | |||||||||||||||
AWP | MP | Corporate and Other / Eliminations | Total | ||||||||||||
Net sales by region | |||||||||||||||
North America | $ | 1,801.8 | $ | 535.2 | $ | 146.9 | $ | 2,483.9 | |||||||
Western Europe | 431.1 | 418.0 | 96.8 | 945.9 | |||||||||||
Asia-Pacific | 325.1 | 288.5 | 15.0 | 628.6 | |||||||||||
Rest of World (1) | 168.6 | 129.7 | (3.6 | ) | 294.7 | ||||||||||
Total (2) | $ | 2,726.6 | $ | 1,371.4 | $ | 255.1 | $ | 4,353.1 |
December 31, | |||||||
2017 | 2016 | ||||||
Long-lived Assets | |||||||
United States | $ | 178.7 | $ | 181.1 | |||
United Kingdom | 37.0 | 34.9 | |||||
Germany | 42.2 | 32.4 | |||||
Other European countries | 16.6 | 14.8 | |||||
All other | 36.5 | 41.4 | |||||
Total | $ | 311.0 | $ | 304.6 |
Year Ended December 31, 2018 | |||||||||||||||
AWP | MP | Corporate and Other / Eliminations | Total | ||||||||||||
Net sales by region | |||||||||||||||
North America | $ | 1,985.2 | $ | 518.5 | $ | 135.8 | $ | 2,639.5 | |||||||
Western Europe | 530.5 | 382.0 | 75.4 | 987.9 | |||||||||||
Asia-Pacific | 274.8 | 269.6 | 30.8 | 575.2 | |||||||||||
Rest of World (1) | 159.9 | 152.5 | 2.2 | 314.6 | |||||||||||
Total (2) | $ | 2,950.4 | $ | 1,322.6 | $ | 244.2 | $ | 4,517.2 |
Year Ended December 31, 2017 | |||||||||||||||
AWP | MP | Corporate and Other / Eliminations | Total | ||||||||||||
Net sales by region | |||||||||||||||
North America | $ | 1,570.7 | $ | 507.1 | $ | 143.9 | $ | 2,221.7 | |||||||
Western Europe | 404.2 | 282.7 | 92.1 | 779.0 | |||||||||||
Asia-Pacific | 265.0 | 204.8 | 37.2 | 507.0 | |||||||||||
Rest of World (1) | 193.3 | 125.2 | (32.5 | ) | 286.0 | ||||||||||
Total (2) | $ | 2,433.2 | $ | 1,119.8 | $ | 240.7 | $ | 3,793.7 |
Year Ended December 31, 2019 | |||||||||||||||
AWP | MP | Corporate and Other / Eliminations | Total | ||||||||||||
Net sales by product type | |||||||||||||||
Aerial Work Platforms | $ | 1,912.1 | $ | — | $ | 2.8 | $ | 1,914.9 | |||||||
Materials Processing Equipment | — | 895.4 | — | 895.4 | |||||||||||
Specialty Equipment | — | 473.3 | — | 473.3 | |||||||||||
Other (1) | 814.5 | 2.7 | 252.3 | 1,069.5 | |||||||||||
Total | $ | 2,726.6 | $ | 1,371.4 | $ | 255.1 | $ | 4,353.1 |
Year Ended December 31, 2018 | |||||||||||||||
AWP | MP | Corporate and Other / Eliminations | Total | ||||||||||||
Net sales by product type | |||||||||||||||
Aerial Work Platforms | $ | 2,128.6 | $ | — | $ | 3.5 | $ | 2,132.1 | |||||||
Materials Processing Equipment | — | 877.0 | — | 877.0 | |||||||||||
Specialty Equipment | — | 421.1 | — | 421.1 | |||||||||||
Other (1) | 821.8 | 24.5 | 240.7 | 1,087.0 | |||||||||||
Total | $ | 2,950.4 | $ | 1,322.6 | $ | 244.2 | $ | 4,517.2 |
Year Ended December 31, 2017 | |||||||||||||||
AWP | MP | Corporate and Other / Eliminations | Total | ||||||||||||
Net sales by product type | |||||||||||||||
Aerial Work Platforms | $ | 1,718.0 | $ | — | $ | 2.7 | $ | 1,720.7 | |||||||
Materials Processing Equipment | — | 726.9 | 0.6 | 727.5 | |||||||||||
Specialty Equipment | — | 376.3 | — | 376.3 | |||||||||||
Other (1) | 715.2 | 16.6 | 204.1 | 935.9 | |||||||||||
Compact Construction Equipment (2) | — | — | 33.3 | 33.3 | |||||||||||
Total | $ | 2,433.2 | $ | 1,119.8 | $ | 240.7 | $ | 3,793.7 |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
United States | $ | (32.4 | ) | $ | (9.5 | ) | $ | (13.4 | ) | |||
Foreign | 279.9 | 296.6 | 176.8 | |||||||||
Income (loss) from continuing operations before income taxes | $ | 247.5 | $ | 287.1 | $ | 163.4 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
United States | $ | (36.3 | ) | $ | (29.9 | ) | $ | 212.2 | ||||
Foreign | 148.3 | (240.8 | ) | (16.5 | ) | |||||||
Income (loss) from continuing operations before income taxes | $ | 112.0 | $ | (270.7 | ) | $ | 195.7 |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Current: | ||||||||||||
Federal | $ | 14.7 | $ | 21.4 | $ | (10.1 | ) | |||||
State | 1.2 | 1.8 | 2.2 | |||||||||
Foreign | 38.1 | 31.2 | 22.7 | |||||||||
Current income tax provision (benefit) | 54.0 | 54.4 | 14.8 | |||||||||
Deferred: | ||||||||||||
Federal | (14.9 | ) | (14.4 | ) | 36.6 | |||||||
State | (3.3 | ) | 1.2 | (0.6 | ) | |||||||
Foreign | 2.0 | 4.2 | 1.6 | |||||||||
Deferred income tax (benefit) provision | (16.2 | ) | (9.0 | ) | 37.6 | |||||||
Provision for (benefit from) income taxes | $ | 37.8 | $ | 45.4 | $ | 52.4 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Current: | ||||||||||||
Federal | $ | (14.5 | ) | $ | 31.5 | $ | 49.2 | |||||
State | 2.0 | 6.2 | 3.1 | |||||||||
Foreign | 26.8 | 38.2 | 15.6 | |||||||||
Current income tax provision (benefit) | 14.3 | 75.9 | 67.9 | |||||||||
Deferred: | ||||||||||||
Federal | 37.4 | (27.0 | ) | (3.7 | ) | |||||||
State | (0.5 | ) | (1.4 | ) | — | |||||||
Foreign | 0.8 | (124.9 | ) | 3.3 | ||||||||
Deferred income tax (benefit) provision | 37.7 | (153.3 | ) | (0.4 | ) | |||||||
Total provision for (benefit from) income taxes | $ | 52.0 | $ | (77.4 | ) | $ | 67.5 |
2019 | 2018 | |||||||
Property, plant and equipment | $ | (14.5 | ) | $ | (10.1 | ) | ||
Intangibles | (4.7 | ) | (5.0 | ) | ||||
Inventories | 6.4 | 6.4 | ||||||
Accrued warranties and product liability | 9.8 | 8.3 | ||||||
Loss carry forwards | 198.5 | 195.5 | ||||||
Retirement plans | 13.3 | 12.1 | ||||||
Accrued compensation and benefits | 22.0 | 18.8 | ||||||
Operating lease ROU asset | (30.9 | ) | — | |||||
Operating lease liability | 32.2 | — | ||||||
Other | 9.2 | 11.1 | ||||||
Deferred tax assets valuation allowance | (107.0 | ) | (114.3 | ) | ||||
Net deferred tax assets (liabilities) | $ | 134.3 | $ | 122.8 |
2017 | 2016 | |||||||
Property, plant and equipment | $ | (8.8 | ) | $ | (16.8 | ) | ||
Intangibles | (5.7 | ) | (7.3 | ) | ||||
Inventories | 13.9 | 18.1 | ||||||
Accrued warranties and product liability | 7.8 | 15.1 | ||||||
Loss carry forwards | 218.4 | 214.3 | ||||||
Retirement plans | 21.5 | 32.5 | ||||||
Accrued compensation and benefits | 28.9 | 40.1 | ||||||
Investments | (2.0 | ) | 2.3 | |||||
Currency translation adjustments | 0.1 | (0.6 | ) | |||||
Credit carry forwards | 4.5 | 11.9 | ||||||
Other | 18.5 | 20.8 | ||||||
Deferred tax assets valuation allowance | (136.4 | ) | (148.6 | ) | ||||
Net deferred tax assets (liabilities) | $ | 160.7 | $ | 181.8 |
Year Ended December 31, | |||||||||||||
2019 | 2018 | 2017 | |||||||||||
Tax at statutory federal income tax rate | $ | 51.9 | $ | 60.3 | $ | 57.2 | |||||||
State taxes | (1.7 | ) | 2.3 | 1.0 | |||||||||
Change in valuation allowance | (4.9 | ) | (13.9 | ) | (2.1 | ) | |||||||
Foreign tax differential on income/losses of foreign subsidiaries | (14.5 | ) | (18.0 | ) | (33.7 | ) | |||||||
U.S. tax on multi-national operations | 7.2 | 16.3 | 7.7 | ||||||||||
Change in foreign tax rates | 3.7 | 0.7 | — | ||||||||||
Tax effect of dispositions | — | — | (27.2 | ) | |||||||||
2017 Federal Tax Act | — | 5.5 | 46.9 | (1) | |||||||||
Expired stock awards | — | — | 2.0 | ||||||||||
Pension plan settlement | — | (7.1 | ) | — | |||||||||
Other | (3.9 | ) | (0.7 | ) | 0.6 | ||||||||
Provision for (benefit from) income taxes | $ | 37.8 | $ | 45.4 | $ | 52.4 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Tax at statutory federal income tax rate | $ | 39.2 | $ | (94.7 | ) | $ | 68.5 | |||||
State taxes | 1.0 | 3.1 | 2.0 | |||||||||
Change in valuation allowance | (2.8 | ) | (47.7 | ) | (22.3 | ) | ||||||
Foreign tax differential on income/losses of foreign subsidiaries | (20.1 | ) | (37.5 | ) | 12.2 | |||||||
U.S. tax on multi-national operations | 11.1 | 41.9 | 3.7 | |||||||||
Change in foreign statutory rates | — | 1.9 | 7.7 | |||||||||
U.S. manufacturing and export incentives | — | (2.0 | ) | (4.3 | ) | |||||||
Tax effect of dispositions | (27.2 | ) | 2.1 | — | ||||||||
2017 Federal Tax Act (1) | 46.9 | — | — | |||||||||
Impairment loss on goodwill and intangible assets | — | 52.4 | — | |||||||||
Expired stock awards | 2.4 | — | — | |||||||||
Other | 1.5 | 3.1 | — | |||||||||
Total provision for (benefit from) income taxes | $ | 52.0 | $ | (77.4 | ) | $ | 67.5 | |||||
(1) The total impact of the 2017 Federal Tax Act is $50.4 million. Impacts of $1.3 million and $2.1 million are included in State taxes and Change in valuation allowance, respectively. |
Balance as of January 1, 2017 | $ | 30.6 | |
Additions for current year tax positions | — | ||
Additions for prior year tax positions | 11.9 | ||
Reductions for prior year tax positions | (0.7 | ) | |
Reductions for current year tax positions | — | ||
Reductions for expiration of statute of limitations | (1.3 | ) | |
Settlements | (6.8 | ) | |
Balance as of December 31, 2017 | 33.7 | ||
Additions for current year tax positions | — | ||
Additions for prior year tax positions | 6.1 | ||
Reductions for prior year tax positions | (14.8 | ) | |
Reductions for current year tax positions | — | ||
Reductions for expiration of statute of limitations | (0.8 | ) | |
Settlements | (10.7 | ) | |
Balance as of December 31, 2018 | 13.5 | ||
Additions for current year tax positions | — | ||
Additions for prior year tax positions | 2.0 | ||
Reductions for prior year tax positions | (0.4 | ) | |
Reductions for current year tax positions | — | ||
Reductions for expiration of statute of limitations | (0.8 | ) | |
Settlements | — | ||
Balance as of December 31, 2019 | $ | 14.3 |
Balance as of January 1, 2015 | $ | 78.1 | |
Additions for current year tax positions | — | ||
Additions for prior year tax positions | 1.7 | ||
Reductions for prior year tax positions | (9.3 | ) | |
Reductions for current year tax positions | — | ||
Reductions for expiration of statute of limitations | (1.1 | ) | |
Settlements | — | ||
Acquired balances | — | ||
Balance as of December 31, 2015 | 69.4 | ||
Additions for current year tax positions | — | ||
Additions for prior year tax positions | 6.3 | ||
Reductions for prior year tax positions | (3.1 | ) | |
Reductions for current year tax positions | — | ||
Reductions for expiration of statute of limitations | (5.0 | ) | |
Settlements | (7.8 | ) | |
Acquired balances | — | ||
Balance as of December 31, 2016 | 59.8 | ||
Additions for current year tax positions | — | ||
Additions for prior year tax positions | 12.3 | ||
Reductions for prior year tax positions | (29.9 | ) | |
Reductions for current year tax positions | — | ||
Reductions for expiration of statute of limitations | (1.3 | ) | |
Settlements | (6.8 | ) | |
Acquired balances | — | ||
Balance as of December 31, 2017 | $ | 34.1 |
Year ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Cranes | Cranes | Cranes | |||||||||
Net sales | $ | 327.2 | $ | 607.8 | $ | 569.7 | |||||
Cost of sales | (335.2 | ) | (602.9 | ) | (521.0 | ) | |||||
Selling, general and administrative expenses | (75.6 | ) | (117.5 | ) | (97.5 | ) | |||||
Impairment of Mobile Cranes disposal group | (82.1 | ) | — | — | |||||||
Asset impairments | — | (6.6 | ) | 0.5 | |||||||
Other income (expense) | (4.5 | ) | (19.1 | ) | (3.1 | ) | |||||
Income (loss) from discontinued operations before income taxes | (170.2 | ) | (138.3 | ) | (51.4 | ) | |||||
(Provision for) benefit from income taxes | 14.8 | 7.9 | 0.4 | ||||||||
Gain (loss) on disposition of discontinued operations – net of tax | — | — | 1.4 | ||||||||
Income (loss) from discontinued operations – net of tax | $ | (155.4 | ) | $ | (130.4 | ) | $ | (49.6 | ) |
Year ended December 31, | |||||||
2016 | 2015 | ||||||
Net sales | $ | 1,398.2 | $ | 1,521.4 | |||
Cost of sales | (1,090.3 | ) | (1,184.1 | ) | |||
Selling, general and administrative expenses | (266.8 | ) | (271.1 | ) | |||
Goodwill and intangible asset impairments | (3.1 | ) | (34.7 | ) | |||
Net interest (expense) | (2.3 | ) | (1.4 | ) | |||
Other income (expense) | (11.5 | ) | 0.8 | ||||
Income (loss) from discontinued operations before income taxes | 24.2 | 30.9 | |||||
(Provision for) benefit from income taxes | (9.9 | ) | (13.5 | ) | |||
Income (loss) from discontinued operations – net of tax | 14.3 | 17.4 | |||||
Net loss (income) attributable to noncontrolling interest | (0.9 | ) | (3.3 | ) | |||
Income (loss) from discontinued operations - net of tax attributable to Terex Corporation | $ | 13.4 | $ | 14.1 |
December 31, 2017 | December 31, 2016 | ||||||||||||||||||||||
Cranes | MHPS | Cranes | Construction | Total | December 31, 2019 | December 31, 2018 | |||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and cash equivalents | $ | 3.6 | $ | 71.0 | $ | 1.2 | $ | 1.2 | $ | 73.4 | $ | 5.0 | $ | 32.6 | |||||||||
Trade receivables – net | 2.2 | 243.5 | 3.1 | 24.4 | 271.0 | 3.5 | 126.9 | ||||||||||||||||
Inventories | 1.7 | 309.4 | 1.7 | 23.9 | 335.0 | 5.3 | 295.5 | ||||||||||||||||
Prepaid and other current assets | 0.5 | 49.9 | 0.5 | 3.1 | 53.5 | 0.2 | 9.4 | ||||||||||||||||
Impairment reserve | (4.4 | ) | — | — | — | — | (4.8 | ) | (4.9 | ) | |||||||||||||
Current assets held for sale | $ | 3.6 | $ | 673.8 | $ | 6.5 | $ | 52.6 | $ | 732.9 | $ | 9.2 | $ | 459.5 | |||||||||
Property, plant and equipment – net | $ | 0.4 | $ | 294.2 | $ | 0.8 | $ | 3.2 | $ | 298.2 | $ | 0.6 | $ | 28.8 | |||||||||
Goodwill | — | 573.7 | — | — | 573.7 | ||||||||||||||||||
Intangible assets – net | 2.9 | 212.6 | 2.9 | — | 215.5 | 2.4 | 4.3 | ||||||||||||||||
Impairment reserve | (3.3 | ) | — | (1.7 | ) | (3.5 | ) | (5.2 | ) | (2.8 | ) | (2.9 | ) | ||||||||||
Other assets | — | 86.4 | 1.1 | 1.6 | 89.1 | 0.4 | 38.2 | ||||||||||||||||
Non-current assets held for sale | $ | — | $ | 1,166.9 | $ | 3.1 | $ | 1.3 | $ | 1,171.3 | $ | 0.6 | $ | 68.4 | |||||||||
Liabilities | |||||||||||||||||||||||
Notes payable and current portion of long-term debt | $ | — | $ | 13.1 | $ | — | $ | 1.3 | $ | 14.4 | |||||||||||||
Current portion of long-term debt | $ | — | $ | 0.6 | |||||||||||||||||||
Trade accounts payable | 0.5 | 132.6 | 0.7 | 23.8 | 157.1 | 4.6 | 101.6 | ||||||||||||||||
Accruals and other current liabilities | 1.5 | 267.0 | 6.2 | 9.1 | 282.3 | 3.8 | 77.3 | ||||||||||||||||
Current liabilities held for sale | $ | 2.0 | $ | 412.7 | $ | 6.9 | $ | 34.2 | $ | 453.8 | $ | 8.4 | $ | 179.5 | |||||||||
Long-term debt, less current portion | $ | — | $ | 2.4 | $ | — | $ | — | $ | 2.4 | $ | — | $ | 4.1 | |||||||||
Retirement plans | 0.7 | 235.3 | 0.7 | 0.9 | 236.9 | — | 71.8 | ||||||||||||||||
Other non-current liabilities | 0.3 | 71.7 | 0.4 | 0.7 | 72.8 | 1.2 | 10.6 | ||||||||||||||||
Non-current liabilities held for sale | $ | 1.0 | $ | 309.4 | $ | 1.1 | $ | 1.6 | $ | 312.1 | $ | 1.2 | $ | 86.5 | |||||||||
December 31, 2017 | December 31, 2016 | December 31, 2015 | December 31, 2019 | December 31, 2018 | December 31, 2017 | |||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||||
Cash and cash equivalents - continuing operations | $ | 626.5 | $ | 428.5 | $ | 371.2 | $ | 535.1 | $ | 339.5 | $ | 571.6 | ||||||||||
Cash and cash equivalents - held for sale | 3.6 | 73.4 | 95.3 | 5.0 | 32.6 | 58.5 | ||||||||||||||||
Total cash and cash equivalents: | $ | 630.1 | $ | 501.9 | $ | 466.5 | ||||||||||||||||
Total cash and cash equivalents | $ | 540.1 | $ | 372.1 | $ | 630.1 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Non-cash operating items: | |||||||||||
Depreciation and amortization | $ | 3.3 | $ | 14.4 | $ | 13.1 | |||||
Gain (loss) on disposition of discontinued operations | $ | — | $ | — | $ | (1.4 | ) | ||||
Deferred taxes | $ | (1.4 | ) | $ | (0.2 | ) | $ | (0.1 | ) | ||
Impairments | $ | 82.1 | $ | 6.6 | $ | (0.5 | ) | ||||
Investing activities: | |||||||||||
Capital expenditures | $ | (3.4 | ) | $ | (12.8 | ) | $ | (13.4 | ) |
Year Ended December 31, | |||||||
2016 | 2015 | ||||||
Non-cash operating items: | |||||||
Depreciation and amortization | $ | 22.4 | $ | 55.8 | |||
Deferred taxes | $ | 15.8 | $ | (2.2 | ) | ||
Goodwill Impairment | $ | — | $ | 11.3 | |||
Asset Impairments | $ | 3.0 | $ | 23.9 | |||
Investing activities: | |||||||
Capital expenditures | $ | (14.9 | ) | $ | (22.3 | ) |
Year Ended December 31, | |||||||||||||||||
2017 | 2016 | 2015 | |||||||||||||||
MHPS | Atlas | Total | Atlas | Atlas | |||||||||||||
Gain (loss) on disposition of discontinued operations | $ | 89.9 | $ | 3.5 | $ | 93.4 | $ | 4.5 | $ | 4.5 | |||||||
(Provision for) benefit from income taxes | (24.2 | ) | (0.5 | ) | (24.7 | ) | (1.0 | ) | (1.1 | ) | |||||||
Gain (loss) on disposition of discontinued operations – net of tax | $ | 65.7 | $ | 3.0 | $ | 68.7 | $ | 3.5 | $ | 3.4 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||
Cranes | MHPS | Other | Total | MHPS | Atlas | Other | Total | MHPS | Atlas | Total | |||||||||||||||||||||||||
Gain (loss) on disposition of discontinued operations | $ | (1.0 | ) | $ | (4.6 | ) | $ | — | $ | (5.6 | ) | $ | (1.2 | ) | $ | 3.2 | $ | — | $ | 2.0 | $ | 88.5 | $ | 3.5 | $ | 92.0 | |||||||||
(Provision for) benefit from income taxes | 2.2 | 3.4 | 0.1 | 5.7 | (1.9 | ) | (0.5 | ) | 2.8 | 0.4 | (24.2 | ) | (0.5 | ) | (24.7 | ) | |||||||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | $ | 1.2 | $ | (1.2 | ) | $ | 0.1 | $ | 0.1 | $ | (3.1 | ) | $ | 2.7 | $ | 2.8 | $ | 2.4 | $ | 64.3 | $ | 3.0 | $ | 67.3 |
For the year ended December 31, | |||||||||||
(in millions, except per share data) | |||||||||||
2019 | 2018 | 2017 | |||||||||
Income (loss) from continuing operations | $ | 209.7 | $ | 241.7 | $ | 111.0 | |||||
Income (loss) from discontinued operations-net of tax | (155.4 | ) | (130.4 | ) | (49.6 | ) | |||||
Gain (loss) on disposition of discontinued operations-net of tax | 0.1 | 2.4 | 67.3 | ||||||||
Net income (loss) | $ | 54.4 | $ | 113.7 | $ | 128.7 | |||||
Basic shares: | |||||||||||
Weighted average shares outstanding | 71.1 | 75.4 | 92.8 | ||||||||
Earnings (loss) per share - basic: | |||||||||||
Income (loss) from continuing operations | $ | 2.95 | $ | 3.21 | $ | 1.20 | |||||
Income (loss) from discontinued operations-net of tax | (2.18 | ) | (1.73 | ) | (0.53 | ) | |||||
Gain (loss) on disposition of discontinued operations-net of tax | — | 0.03 | 0.72 | ||||||||
Net income (loss) | $ | 0.77 | $ | 1.51 | $ | 1.39 | |||||
Diluted shares: | |||||||||||
Weighted average shares outstanding - basic | 71.1 | 75.4 | 92.8 | ||||||||
Effect of dilutive securities: | |||||||||||
Restricted stock awards | 0.7 | 1.5 | 2.1 | ||||||||
Diluted weighted average shares outstanding | 71.8 | 76.9 | 94.9 | ||||||||
Earnings (loss) per share - diluted: | |||||||||||
Income (loss) from continuing operations | $ | 2.92 | $ | 3.14 | $ | 1.17 | |||||
Income (loss) from discontinued operations-net of tax | (2.16 | ) | (1.69 | ) | (0.52 | ) | |||||
Gain (loss) on disposition of discontinued operations-net of tax | — | 0.03 | 0.71 | ||||||||
Net income (loss) | $ | 0.76 | $ | 1.48 | $ | 1.36 |
For the year ended December 31, | |||||||||||
(in millions, except per share data) | |||||||||||
2017 | 2016 | 2015 | |||||||||
Income (loss) from continuing operations attributable to Terex Corporation common stockholders | $ | 60.0 | $ | (193.0 | ) | $ | 128.4 | ||||
Income (loss) from discontinued operations-net of tax | — | 13.4 | 14.1 | ||||||||
Gain (loss) on disposition of discontinued operations-net of tax | 68.7 | 3.5 | 3.4 | ||||||||
Net income (loss) attributable to Terex Corporation | $ | 128.7 | $ | (176.1 | ) | $ | 145.9 | ||||
Basic shares: | |||||||||||
Weighted average shares outstanding | 92.8 | 107.9 | 107.4 | ||||||||
Earnings (loss) per share - basic: | |||||||||||
Income (loss) from continuing operations | $ | 0.65 | $ | (1.79 | ) | $ | 1.20 | ||||
Income (loss) from discontinued operations-net of tax | — | 0.13 | 0.13 | ||||||||
Gain (loss) on disposition of discontinued operations-net of tax | 0.74 | 0.03 | 0.03 | ||||||||
Net income (loss) attributable to Terex Corporation | $ | 1.39 | $ | (1.63 | ) | $ | 1.36 | ||||
Diluted shares: | |||||||||||
Weighted average shares outstanding - basic | 92.8 | 107.9 | 107.4 | ||||||||
Effect of dilutive securities: | |||||||||||
Stock options, restricted stock awards and convertible notes | 2.1 | — | 2.2 | ||||||||
Diluted weighted average shares outstanding | 94.9 | 107.9 | 109.6 | ||||||||
Earnings (loss) per share - diluted: | |||||||||||
Income (loss) from continuing operations | $ | 0.63 | $ | (1.79 | ) | $ | 1.17 | ||||
Income (loss) from discontinued operations-net of tax | — | 0.13 | 0.13 | ||||||||
Gain (loss) on disposition of discontinued operations-net of tax | 0.73 | 0.03 | 0.03 | ||||||||
Net income (loss) attributable to Terex Corporation | $ | 1.36 | $ | (1.63 | ) | $ | 1.33 |
Reconciliation of amounts attributable to common stockholders: | 2017 | 2016 | 2015 | ||||||||
Income (loss) from continuing operations | $ | 60.0 | $ | (193.3 | ) | $ | 128.2 | ||||
Net loss (income) from continuing operations attributable to noncontrolling interest | — | 0.3 | 0.2 | ||||||||
Income (loss) from continuing operations attributable to common stockholders | $ | 60.0 | $ | (193.0 | ) | $ | 128.4 |
December 31, 2019 | December 31, 2018 | ||||||
Commercial loans | $ | 145.7 | $ | 154.0 | |||
Sales-type leases | 20.5 | 45.5 | |||||
Total finance receivables, gross | 166.2 | 199.5 | |||||
Allowance for credit losses | (11.0 | ) | (5.5 | ) | |||
Total finance receivables, net | $ | 155.2 | $ | 194.0 |
December 31, 2017 | December 31, 2016 | ||||||
Commercial loans | $ | 180.2 | $ | 233.8 | |||
Sales-type leases | 26.5 | 16.4 | |||||
Total finance receivables, gross | 206.7 | 250.2 | |||||
Allowance for credit losses | (6.6 | ) | (6.3 | ) | |||
Total finance receivables, net | $ | 200.1 | $ | 243.9 |
Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | ||||||||||||||||||||||||||||||||||
Commercial Loans | Sales-Type Leases | Total | Commercial Loans | Sales-Type Leases | Total | Commercial Loans | Sales-Type Leases | Total | ||||||||||||||||||||||||||||
Balance, beginning of period | $ | 4.0 | $ | 1.5 | $ | 5.5 | $ | 5.7 | $ | 0.9 | $ | 6.6 | $ | 5.9 | $ | 0.4 | $ | 6.3 | ||||||||||||||||||
Provision for credit losses | 6.9 | (1.0 | ) | 5.9 | (0.5 | ) | 0.6 | 0.1 | 0.2 | 0.5 | 0.7 | |||||||||||||||||||||||||
Charge offs | (0.4 | ) | — | (0.4 | ) | (1.1 | ) | — | (1.1 | ) | (0.4 | ) | — | (0.4 | ) | |||||||||||||||||||||
Recoveries | — | — | — | (0.1 | ) | — | (0.1 | ) | — | — | — | |||||||||||||||||||||||||
Balance, end of period | $ | 10.5 | $ | 0.5 | $ | 11.0 | $ | 4.0 | $ | 1.5 | $ | 5.5 | $ | 5.7 | $ | 0.9 | $ | 6.6 |
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | ||||||||||||||||||||||||||||||||||
Commercial Loans | Sales-Type Leases | Total | Commercial Loans | Sales-Type Leases | Total | Commercial Loans | Sales-Type Leases | Total | ||||||||||||||||||||||||||||
Balance, beginning of period | $ | 5.9 | $ | 0.4 | $ | 6.3 | $ | 6.5 | $ | 0.8 | $ | 7.3 | $ | 1.9 | $ | 1.1 | $ | 3.0 | ||||||||||||||||||
Provision for credit losses | 0.2 | 0.5 | 0.7 | 0.2 | (0.2 | ) | — | 4.6 | (0.3 | ) | 4.3 | |||||||||||||||||||||||||
Charge offs | (0.4 | ) | — | (0.4 | ) | (0.8 | ) | (0.2 | ) | (1.0 | ) | — | — | — | ||||||||||||||||||||||
Recoveries | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Balance, end of period | $ | 5.7 | $ | 0.9 | $ | 6.6 | $ | 5.9 | $ | 0.4 | $ | 6.3 | $ | 6.5 | $ | 0.8 | $ | 7.3 |
December 31, 2019 | December 31, 2018 | December 31, 2017 | ||||||||||||||||||||||||||||||||||
Commercial Loans | Sales-Type Leases | Total | Commercial Loans | Sales-Type Leases | Total | Commercial Loans | Sales-Type Leases | Total | ||||||||||||||||||||||||||||
Recorded investment | $ | 7.8 | $ | — | $ | 7.8 | $ | 1.5 | $ | — | $ | 1.5 | $ | 6.0 | $ | — | $ | 6.0 | ||||||||||||||||||
Related allowance | 7.8 | — | 7.8 | 0.6 | — | 0.6 | 2.4 | — | 2.4 | |||||||||||||||||||||||||||
Average recorded investment | 7.5 | — | 7.5 | 2.4 | — | 2.4 | 3.7 | — | 3.7 |
December 31, 2017 | December 31, 2016 | |||||||||||||||||||||||
Commercial Loans | Sales-Type Leases | Total | Commercial Loans | Sales-Type Leases | Total | |||||||||||||||||||
Recorded investment | $ | 6.0 | $ | — | $ | 6.0 | $ | 1.6 | $ | — | $ | 1.6 | ||||||||||||
Related allowance | 2.4 | — | 2.4 | 1.6 | — | 1.6 | ||||||||||||||||||
Average recorded investment | 3.7 | — | 3.7 | 1.7 | 0.9 | 2.6 |
December 31, 2019 | December 31, 2018 | |||||||||||||||||||||||
Allowance for credit losses, ending balance: | Commercial Loans | Sales-Type Leases | Total | Commercial Loans | Sales-Type Leases | Total | ||||||||||||||||||
Individually evaluated for impairment | $ | 7.8 | $ | — | $ | 7.8 | $ | 0.6 | $ | — | $ | 0.6 | ||||||||||||
Collectively evaluated for impairment | 2.7 | 0.5 | 3.2 | 3.4 | 1.5 | 4.9 | ||||||||||||||||||
Total allowance for credit losses | $ | 10.5 | $ | 0.5 | $ | 11.0 | $ | 4.0 | $ | 1.5 | $ | 5.5 | ||||||||||||
Finance receivables, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 7.8 | $ | — | $ | 7.8 | $ | 1.5 | $ | — | $ | 1.5 | ||||||||||||
Collectively evaluated for impairment | 137.9 | 20.5 | 158.4 | 152.5 | 45.5 | 198.0 | ||||||||||||||||||
Total finance receivables | $ | 145.7 | $ | 20.5 | $ | 166.2 | $ | 154.0 | $ | 45.5 | $ | 199.5 |
December 31, 2017 | December 31, 2016 | |||||||||||||||||||||||
Allowance for credit losses, ending balance: | Commercial Loans | Sales-Type Leases | Total | Commercial Loans | Sales-Type Leases | Total | ||||||||||||||||||
Individually evaluated for impairment | $ | 2.4 | $ | — | $ | 2.4 | $ | 1.6 | $ | — | $ | 1.6 | ||||||||||||
Collectively evaluated for impairment | 3.3 | 0.9 | 4.2 | 4.3 | 0.4 | 4.7 | ||||||||||||||||||
Total allowance for credit losses | $ | 5.7 | $ | 0.9 | $ | 6.6 | $ | 5.9 | $ | 0.4 | $ | 6.3 | ||||||||||||
Finance receivables, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 6.0 | $ | — | $ | 6.0 | $ | 1.6 | $ | — | $ | 1.6 | ||||||||||||
Collectively evaluated for impairment | 174.2 | 26.5 | 200.7 | 232.2 | 16.4 | 248.6 | ||||||||||||||||||
Total finance receivables | $ | 180.2 | $ | 26.5 | $ | 206.7 | $ | 233.8 | $ | 16.4 | $ | 250.2 |
December 31, 2017 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||
Current | 31-60 days past due | 61-90 days past due | Greater than 90 days past due | Total past due | Total Finance Receivables | Current | 31-60 days past due | 61-90 days past due | Greater than 90 days past due | Total past due | Total Finance Receivables | |||||||||||||||||||||||||||||||||||
Commercial loans | $ | 174.2 | $ | 2.1 | $ | — | $ | 3.9 | $ | 6.0 | $ | 180.2 | $ | 135.1 | $ | 2.4 | $ | 0.1 | $ | 8.1 | $ | 10.6 | $ | 145.7 | ||||||||||||||||||||||
Sales-type leases | 26.5 | — | — | — | — | 26.5 | 20.2 | — | 0.3 | — | 0.3 | 20.5 | ||||||||||||||||||||||||||||||||||
Total finance receivables | $ | 200.7 | $ | 2.1 | $ | — | $ | 3.9 | $ | 6.0 | $ | 206.7 | $ | 155.3 | $ | 2.4 | $ | 0.4 | $ | 8.1 | $ | 10.9 | $ | 166.2 |
December 31, 2018 | |||||||||||||||||||||||
Current | 31-60 days past due | 61-90 days past due | Greater than 90 days past due | Total past due | Total Finance Receivables | ||||||||||||||||||
Commercial loans | $ | 152.2 | $ | 0.1 | $ | — | $ | 1.7 | $ | 1.8 | $ | 154.0 | |||||||||||
Sales-type leases | 45.3 | 0.2 | — | — | 0.2 | 45.5 | |||||||||||||||||
Total finance receivables | $ | 197.5 | $ | 0.3 | $ | — | $ | 1.7 | $ | 2.0 | $ | 199.5 |
December 31, 2016 | |||||||||||||||||||||||
Current | 31-60 days past due | 61-90 days past due | Greater than 90 days past due | Total past due | Total Finance Receivables | ||||||||||||||||||
Commercial loans | $ | 231.6 | $ | 0.6 | $ | 0.2 | $ | 1.4 | $ | 2.2 | $ | 233.8 | |||||||||||
Sales-type leases | 15.8 | — | 0.6 | — | 0.6 | 16.4 | |||||||||||||||||
Total finance receivables | $ | 247.4 | $ | 0.6 | $ | 0.8 | $ | 1.4 | $ | 2.8 | $ | 250.2 |
Rating | December 31, 2019 | December 31, 2018 | ||||||
Superior | $ | 1.7 | $ | 7.5 | ||||
Above Average | 17.3 | 30.7 | ||||||
Average | 42.1 | 56.9 | ||||||
Below Average | 96.2 | 94.5 | ||||||
Sub Standard | 8.9 | 9.9 | ||||||
Total | $ | 166.2 | $ | 199.5 |
Rating | December 31, 2017 | December 31, 2016 | ||||||
Superior | $ | 3.3 | $ | 9.6 | ||||
Above Average | 31.8 | 64.7 | ||||||
Average | 73.1 | 111.8 | ||||||
Below Average | 79.6 | 53.0 | ||||||
Sub Standard | 18.9 | 11.1 | ||||||
Total | $ | 206.7 | $ | 250.2 |
December 31, | |||||||
2019 | 2018 | ||||||
Finished equipment | $ | 408.1 | $ | 478.4 | |||
Replacement parts | 160.8 | 143.3 | |||||
Work-in-process | 78.7 | 86.5 | |||||
Raw materials and supplies | 200.1 | 210.7 | |||||
Inventories | $ | 847.7 | $ | 918.9 |
December 31, | |||||||
2017 | 2016 | ||||||
Finished equipment | $ | 419.6 | $ | 334.7 | |||
Replacement parts | 163.3 | 144.9 | |||||
Work-in-process | 165.6 | 175.4 | |||||
Raw materials and supplies | 221.1 | 198.8 | |||||
Inventories | $ | 969.6 | $ | 853.8 |
December 31, | |||||||
2019 | 2018 | ||||||
Property | $ | 40.9 | $ | 39.6 | |||
Plant | 168.1 | 161.3 | |||||
Equipment | 358.3 | 337.3 | |||||
Leasehold improvements | 55.8 | 49.1 | |||||
Construction in progress | 101.1 | 42.2 | |||||
Property, plant and equipment – gross | 724.2 | 629.5 | |||||
Less: Accumulated depreciation | (334.8 | ) | (312.2 | ) | |||
Property, plant and equipment – net | $ | 389.4 | $ | 317.3 |
December 31, | |||||||
2017 | 2016 | ||||||
Property | $ | 43.3 | $ | 36.4 | |||
Plant | 144.7 | 144.3 | |||||
Equipment | 479.3 | 456.1 | |||||
Property, Plant and Equipment – Gross | 667.3 | 636.8 | |||||
Less: Accumulated depreciation | (356.3 | ) | (332.2 | ) | |||
Property, plant and equipment – net | $ | 311.0 | $ | 304.6 |
Years ending December 31, | |||
2018 | $ | 7.5 | |
2019 | 4.4 | ||
2020 | 2.5 | ||
2021 | 1.4 | ||
2022 | 0.4 | ||
Thereafter | — | ||
$ | 16.2 |
AWP | MP | Total | |||||||||
Balance at December 31, 2017, gross | $ | 140.2 | $ | 195.2 | $ | 335.4 | |||||
Accumulated impairment | (38.6 | ) | (23.2 | ) | (61.8 | ) | |||||
Balance at December 31, 2017, net | 101.6 | 172.0 | 273.6 | ||||||||
Foreign exchange effect and other | (1.0 | ) | (7.4 | ) | (8.4 | ) | |||||
Balance at December 31, 2018, gross | 139.2 | 187.8 | 327.0 | ||||||||
Accumulated impairment | (38.6 | ) | (23.2 | ) | (61.8 | ) | |||||
Balance at December 31, 2018, net | 100.6 | 164.6 | 265.2 | ||||||||
Foreign exchange effect and other | 0.1 | 4.6 | 4.7 | ||||||||
Balance at December 31, 2019, gross | 139.3 | 192.4 | 331.7 | ||||||||
Accumulated impairment | (38.6 | ) | (23.2 | ) | (61.8 | ) | |||||
Balance at December 31, 2019, net | $ | 100.7 | $ | 169.2 | $ | 269.9 |
AWP (1) | Cranes (1) | MP | Total | ||||||||||||
Balance at December 31, 2015, gross | $ | 137.7 | $ | 183.1 | $ | 204.3 | $ | 525.1 | |||||||
Accumulated impairment | (38.6 | ) | (4.2 | ) | (23.2 | ) | (66.0 | ) | |||||||
Balance at December 31, 2015, net | 99.1 | 178.9 | 181.1 | 459.1 | |||||||||||
Acquisitions | 1.6 | — | — | 1.6 | |||||||||||
Foreign exchange effect and other | (1.6 | ) | (3.8 | ) | (20.5 | ) | (25.9 | ) | |||||||
Balance at December 31, 2016, gross | 137.7 | 179.3 | 183.8 | 500.8 | |||||||||||
Accumulated impairment | (38.6 | ) | (179.3 | ) | (23.2 | ) | (241.1 | ) | |||||||
Balance at December 31, 2016, net | 99.1 | — | 160.6 | 259.7 | |||||||||||
Foreign exchange effect and other | 2.5 | — | 11.4 | 13.9 | |||||||||||
Balance at December 31, 2017, gross | 140.2 | 179.3 | 195.2 | 514.7 | |||||||||||
Accumulated impairment | (38.6 | ) | (179.3 | ) | (23.2 | ) | (241.1 | ) | |||||||
Balance at December 31, 2017, net | $ | 101.6 | $ | — | $ | 172.0 | $ | 273.6 |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||
Weighted Average Life (in years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Definite-lived intangible assets: | |||||||||||||||||||||||||
Technology | 7 | $ | 9.4 | $ | (8.8 | ) | $ | 0.6 | $ | 9.7 | $ | (9.1 | ) | $ | 0.6 | ||||||||||
Customer Relationships | 22 | 25.6 | (22.8 | ) | 2.8 | 25.6 | (21.7 | ) | 3.9 | ||||||||||||||||
Land Use Rights | 81 | 4.3 | (0.7 | ) | 3.6 | 4.4 | (0.6 | ) | 3.8 | ||||||||||||||||
Other | 8 | 25.1 | (22.4 | ) | 2.7 | 24.9 | (21.8 | ) | 3.1 | ||||||||||||||||
Total definite-lived intangible assets | $ | 64.4 | $ | (54.7 | ) | $ | 9.7 | $ | 64.6 | $ | (53.2 | ) | $ | 11.4 |
December 31, 2017 | December 31, 2016 | ||||||||||||||||||||||||
Weighted Average Life (in years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Definite-lived intangible assets: | |||||||||||||||||||||||||
Technology | 7 | $ | 18.8 | $ | (17.8 | ) | $ | 1.0 | $ | 17.0 | $ | (15.7 | ) | $ | 1.3 | ||||||||||
Customer Relationships | 20 | 33.2 | (28.3 | ) | 4.9 | 33.1 | (25.2 | ) | 7.9 | ||||||||||||||||
Land Use Rights | 82 | 4.8 | (0.6 | ) | 4.2 | 7.9 | (0.9 | ) | 7.0 | ||||||||||||||||
Other | 8 | 26.5 | (22.8 | ) | 3.7 | 25.8 | (23.6 | ) | 2.2 | ||||||||||||||||
Total definite-lived intangible assets | $ | 83.3 | $ | (69.5 | ) | $ | 13.8 | $ | 83.8 | $ | (65.4 | ) | $ | 18.4 |
For the Year Ended December 31, | |||||||||||
(in millions) | 2019 | 2018 | 2017 | ||||||||
Aggregate Amortization Expense | $ | 1.8 | $ | 1.8 | $ | 1.8 |
For the Year Ended December 31, | |||||||||||
(in millions) | 2017 | 2016 | 2015 | ||||||||
Aggregate Amortization Expense | $ | 2.0 | $ | 2.9 | $ | 3.0 |
2020 | $ | 1.4 | ||
2021 | 1.3 | |||
2022 | 1.3 | |||
2023 | 0.8 | |||
2024 | 0.6 |
2018 | $ | 1.9 | ||
2019 | $ | 1.7 | ||
2020 | $ | 1.7 | ||
2021 | $ | 1.6 | ||
2022 | $ | 1.4 |
December 31, 2019 | December 31, 2018 | |||||||||||||
Instrument (1) | Balance Sheet Account | Derivatives designated as hedges | Derivatives not designated as hedges | Derivatives designated as hedges | Derivatives not designated as hedges | |||||||||
Foreign exchange contracts | Other current assets | $ | 4.1 | $ | — | $ | 2.9 | $ | 0.2 | |||||
Cross currency swaps | Other current assets | — | — | 0.8 | — | |||||||||
Debt conversion feature | Other assets | — | — | — | 0.5 | |||||||||
Foreign exchange contracts | Other current liabilities | $ | (3.9 | ) | $ | — | $ | (5.0 | ) | $ | — | |||
Commodity swaps | Other current liabilities | — | — | (1.1 | ) | — | ||||||||
Cross currency swaps | Other non-current liabilities | — | — | (3.0 | ) | — | ||||||||
Net derivative asset (liability) | $ | 0.2 | $ | — | $ | (5.4 | ) | $ | 0.7 |
December 31, 2017 | December 31, 2016 | |||||||||||||
Asset Derivatives | Balance Sheet Account | Derivatives designated as hedges | Derivatives not designated as hedges | Derivatives designated as hedges | Derivatives not designated as hedges | |||||||||
Foreign exchange contracts | Other current assets | $ | 5.8 | $ | 0.3 | $ | 4.2 | $ | 2.6 | |||||
Cross currency swap | Other current assets | 0.7 | — | — | — | |||||||||
Debt conversion feature | Other assets | — | 1.5 | — | 1.1 | |||||||||
Total asset derivatives | $ | 6.5 | $ | 1.8 | $ | 4.2 | $ | 3.7 | ||||||
Liability Derivatives | ||||||||||||||
Foreign exchange contracts | Other current liabilities | $ | (1.6 | ) | $ | — | $ | (6.8 | ) | $ | (1.2 | ) | ||
Cross currency swap | Other non-current liabilities | (5.3 | ) | — | — | — | ||||||||
Total liability derivatives | $ | (6.9 | ) | $ | — | $ | (6.8 | ) | $ | (1.2 | ) | |||
Total Derivatives | $ | (0.4 | ) | $ | 1.8 | $ | (2.6 | ) | $ | 2.5 |
Gain (Loss) Recognized on Derivatives in OCI, net of tax | Gain (Loss) Reclassified from AOCI into Income | ||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||
Instrument | 2019 | 2018 | Income Statement Account | 2019 | 2018 | ||||||||
Foreign exchange contracts | $ | 2.7 | $ | (5.4 | ) | Cost of goods sold | $ | (5.5 | ) | $ | (1.4 | ) | |
Commodity swaps | 0.3 | (1.2 | ) | Cost of goods sold | (2.8 | ) | (0.2 | ) | |||||
Cross currency swaps | 0.6 | 0.1 | Other income (expense) - net | 1.1 | 2.1 | ||||||||
Total | $ | 3.6 | $ | (6.5 | ) | Total | $ | (7.2 | ) | $ | 0.5 |
Gain (Loss) Recognized on Derivatives in OCI, net of tax: | Year Ended December 31, 2017 | ||
Instrument | |||
Foreign exchange contracts | $ | 5.4 | |
Cross currency swaps | (0.9 | ) | |
Total | $ | 4.5 | |
Gain (Loss) Reclassified from AOCI into Income (Loss) (Effective): | Year Ended December 31, 2017 | ||
Income Statement Account | |||
Cost of goods sold | $ | 1.5 | |
Other income (expense) – net | (3.1 | ) | |
Total | $ | (1.6 | ) |
Gain (Loss) Recognized on Derivatives in AOCI, net of tax: | Year Ended December 31, | |||||||||||
Cash Flow Derivatives | 2017 | 2016 | 2015 | |||||||||
Foreign exchange contracts | $ | 5.4 | $ | (4.5 | ) | $ | 2.8 | |||||
Cross currency swap | (0.9 | ) | — | — | ||||||||
Interest rate swap | — | (0.2 | ) | 0.2 | ||||||||
Total | $ | 4.5 | $ | (4.7 | ) | $ | 3.0 | |||||
Gain (Loss) Reclassified from AOCI into Income (Loss) (Effective): | Year Ended December 31, | |||||||||||
Account | 2017 | 2016 | 2015 | |||||||||
Cost of goods sold | $ | 2.4 | $ | (2.0 | ) | $ | 1.6 | |||||
Other income (expense) – net | (3.1 | ) | — | — | ||||||||
Total | $ | (0.7 | ) | $ | (2.0 | ) | $ | 1.6 | ||||
Gain (Loss) Recognized on Derivatives (Ineffective) in Income (Loss): | Year Ended December 31, | |||||||||||
Account | 2017 | 2016 | 2015 | |||||||||
Cost of goods sold | $ | 2.1 | $ | 1.0 | $ | 2.3 | ||||||
Other income (expense) – net | (0.1 | ) | — | (0.1 | ) | |||||||
Total | $ | 2.0 | $ | 1.0 | $ | 2.2 |
Classification and amount of Gain or Loss Recognized in Income | |||||||||||||
Cost of goods sold | Other income (expense) - net | ||||||||||||
Year Ended December 31, | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||
Income Statement Accounts in which effects of cash flow hedges are recorded | $ | (3,465.3 | ) | $ | (3,555.3 | ) | $ | (6.1 | ) | $ | (60.6 | ) | |
Gain (Loss) Reclassified from AOCI into Income (Loss): | |||||||||||||
Foreign exchange contracts | (5.5 | ) | (1.4 | ) | — | — | |||||||
Commodity swaps | (2.8 | ) | (0.2 | ) | — | — | |||||||
Cross currency swaps | — | — | 1.1 | 2.1 | |||||||||
Total | $ | (8.3 | ) | $ | (1.6 | ) | $ | 1.1 | $ | 2.1 |
Gain (Loss) Recognized on Derivatives (Ineffective) in Income (Loss): | December 31, 2017 | ||
Income Statement Account | |||
Cost of goods sold | $ | 1.2 | |
Other income (expense) – net | (0.1 | ) | |
Total | $ | 1.1 |
Year Ended December 31, | ||||||||||
Instrument | Income Statement Account | 2019 | 2018 | 2017 | ||||||
Foreign exchange contracts | Other income (expense) – net | $ | (0.2 | ) | $ | (0.1 | ) | $ | (1.1 | ) |
Debt conversion feature | Other income (expense) – net | $ | (0.5 | ) | $ | (0.9 | ) | $ | 0.4 | |
Total | $ | (0.7 | ) | $ | (1.0 | ) | $ | (0.7 | ) |
Gain (Loss) Recognized in Income on Derivatives not designated as hedges: | Year Ended December 31, | ||||||||||
Account | 2017 | 2016 | 2015 | ||||||||
Other income (expense) – net | $ | (0.7 | ) | $ | 0.9 | $ | (3.4 | ) |
Amount incurred during the year ended December 31, 2017 | Cumulative amount incurred through December 31, 2017 | Total amount expected to be incurred | |||||||||
AWP | $ | 0.1 | $ | 0.4 | $ | 0.4 | |||||
Cranes | (10.0 | ) | 67.0 | 67.0 | |||||||
MP | 0.1 | 0.1 | 0.1 | ||||||||
Corporate and Other | 0.1 | 3.1 | 3.1 | ||||||||
Total | $ | (9.7 | ) | $ | 70.6 | $ | 70.6 |
Employee Termination Costs | Facility Exit Costs | Asset Disposal and Other Costs | Total | ||||||||||||
Amount incurred in the year ended December 31, 2017 | $ | (12.5 | ) | $ | 3.3 | $ | (0.5 | ) | $ | (9.7 | ) | ||||
Cumulative amount incurred through December 31, 2017 | $ | 48.3 | $ | 5.1 | $ | 17.2 | $ | 70.6 | |||||||
Total amount expected to be incurred | $ | 48.3 | $ | 5.1 | $ | 17.2 | $ | 70.6 |
Employee Termination Costs | |||
Restructuring reserve at December 31, 2016 | $ | 56.8 | |
Restructuring reserve increase (decrease) (1) | (12.9 | ) | |
Cash expenditures | (20.6 | ) | |
Foreign exchange | 6.4 | ||
Restructuring reserve at December 31, 2017 | $ | 29.7 |
December 31, | |||||||
2019 | 2018 | ||||||
5-5/8% Senior Notes due February 1, 2025, net of unamortized debt issuance costs of $7.5 and $8.9 at December 31, 2019 and 2018, respectively | $ | 592.5 | $ | 591.1 | |||
2017 Credit Agreement – term debt due January 31, 2024 (“Original Term Loan”, as defined below), net of unamortized debt issuance costs of $4.0 and $5.0 at December 31, 2019 and 2018, respectively | 383.8 | 386.4 | |||||
2017 Credit Agreement – term debt due January 31, 2024 (“2019 Term Loan”, as defined below), net of unamortized debt issuance costs of $2.1 at December 31, 2019 | 195.6 | — | |||||
2017 Credit Agreement – revolver | — | 237.0 | |||||
Finance lease obligations | 3.7 | — | |||||
Other | 0.1 | 0.2 | |||||
Total debt | 1,175.7 | 1,214.7 | |||||
Less: Current portion of long-term debt | (6.9 | ) | (4.1 | ) | |||
Long-term debt, less current portion | $ | 1,168.8 | $ | 1,210.6 |
December 31, | |||||||
2017 | 2016 | ||||||
5-5/8% Senior Notes due February 1, 2025, net of unamortized debt issuance costs of $10.4 | $ | 589.6 | $ | — | |||
6-1/2% Senior Notes due April 1, 2020, net of unamortized debt issuance costs of $2.1 | — | 297.9 | |||||
6% Senior Notes due May 15, 2021, net of unamortized debt issuance costs of $7.5 | — | 842.5 | |||||
2017 Credit Agreement – term debt, net of unamortized debt issuance costs of $6.1 | 389.0 | — | |||||
2014 Credit Agreement – term debt, net of unamortized debt issuance costs of $7.9 | — | 420.7 | |||||
Capital lease obligations | 3.1 | 2.9 | |||||
Other | 3.1 | 11.8 | |||||
Total debt | 984.8 | 1,575.8 | |||||
Less: Notes payable and current portion of long-term debt | (5.2 | ) | (13.8 | ) | |||
Long-term debt, less current portion | $ | 979.6 | $ | 1,562.0 |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
Continuing Operations | Discontinued Operations | Total | Continuing Operations | Discontinued Operations | Total | ||||||||||||||||||
$400 Million Facility | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
$300 Million Facility | 34.8 | — | 34.8 | 33.4 | — | 33.4 | |||||||||||||||||
Bilateral Arrangements | 45.3 | — | 45.3 | 32.0 | 10.4 | 42.4 | |||||||||||||||||
Total | $ | 80.1 | $ | — | $ | 80.1 | $ | 65.4 | $ | 10.4 | $ | 75.8 |
2020 | $ | 6.1 | |
2021 | 5.5 | ||
2022 | 5.5 | ||
2023 | 5.5 | ||
2024 | 561.4 | ||
Thereafter | 601.5 | ||
Total Debt | 1,185.5 | ||
Less: Unamortized debt issuance costs | $ | (13.5 | ) |
Net debt | $ | 1,172.0 |
2018 | $ | 4.9 | |
2019 | 4.2 | ||
2020 | 3.7 | ||
2021 | 3.7 | ||
2022 | 3.7 | ||
Thereafter | 978.0 | ||
Total Debt | 998.2 | ||
Less: Unamortized debt issuance costs | $ | (16.5 | ) |
Net debt | $ | 981.7 |
2017 | Book Value | Quote | FV | ||||||||
5-5/8% Notes | $ | 600.0 | $ | 1.04000 | $ | 624 | |||||
2017 Credit Agreement Term Loan (net of discount) | $ | 395.1 | $ | 1.00708 | $ | 398 |
2019 | Book Value | Quote | FV | ||||||||
5-5/8% Notes | $ | 600.0 | $ | 1.03375 | $ | 620 | |||||
2017 Credit Agreement - Original Term Loan (net of discount) | $ | 387.8 | $ | 1.00656 | $ | 390 | |||||
2017 Credit Agreement - 2019 Term Loan (net of discount) | $ | 197.7 | $ | 1.00938 | $ | 200 |
2018 | Book Value | Quote | FV | ||||||||
5-5/8% Notes | $ | 600.0 | $ | 0.93250 | $ | 560 | |||||
2017 Credit Agreement - Original Term Loan (net of discount) | $ | 391.4 | $ | 0.96750 | $ | 379 |
2016 | Book Value | Quote | FV | ||||||||
6-1/2% Senior Notes | $ | 300.0 | $ | 1.02500 | $ | 308 | |||||
6% Senior Notes | $ | 850.0 | $ | 1.02750 | $ | 873 | |||||
2014 Credit Agreement Term Loan (net of discount) – USD | $ | 223.5 | $ | 1.00000 | $ | 224 | |||||
2014 Credit Agreement Term Loan (net of discount) – EUR | $ | 205.1 | $ | 0.99500 | $ | 204 |
Year Ended | |||
December 31, 2019 | |||
Operating lease cost | $ | 33.8 | |
Variable lease cost | 6.7 | ||
Short-term lease cost | 5.0 | ||
Total operating lease costs | $ | 45.5 |
December 31, 2019 | |||
Operating lease right-of-use assets included within Other assets | $ | 122.9 | |
Current maturities of operating leases included within Other current liabilities | $ | 25.9 | |
Non-current operating leases included within Other liabilities | 104.7 | ||
Total operating lease liabilities | $ | 130.6 | |
Weighted average discount rate for operating leases | 5.58 | % | |
Weighted average remaining operating lease term in years | 6 |
Years Ending December 31, | December 31, 2019 | ||
2020 | $ | 31.3 | |
2021 | 27.8 | ||
2022 | 24.8 | ||
2023 | 21.9 | ||
2024 | 16.9 | ||
Thereafter | 27.6 | ||
Total undiscounted operating lease payments | 150.3 | ||
Less: Imputed interest | (19.7 | ) | |
Total operating lease liabilities | 130.6 | ||
Less: Current maturities of operating lease liabilities | (25.9 | ) | |
Non-current operating lease liabilities | $ | 104.7 |
Year Ended | |||
December 31, 2019 | |||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 36.6 | |
Operating right-of-use assets obtained in exchange for operating lease liabilities | $ | 22.9 |
2019 | $ | 30.5 | |
2020 | 25.8 | ||
2021 | 22.9 | ||
2022 | 18.7 | ||
2023 | 16.4 | ||
Thereafter | 37.0 | ||
Total minimum obligations | $ | 151.3 |
Operating Leases | |||
2018 | $ | 31.1 | |
2019 | 25.3 | ||
2020 | 19.9 | ||
2021 | 17.7 | ||
2022 | 16.1 | ||
Thereafter | 43.4 | ||
Total minimum obligations | $ | 153.5 |
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | |||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Accumulated benefit obligation at end of year | $ | 43.1 | $ | 35.1 | $ | 151.1 | $ | 136.6 | |||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 39.1 | $ | 128.0 | $ | 138.4 | $ | 154.6 | $ | 0.9 | $ | 1.1 | |||||||||||
Service cost | 0.2 | 0.4 | 1.9 | 1.8 | — | — | |||||||||||||||||
Interest cost | 1.6 | 4.3 | 3.6 | 3.4 | 0.1 | — | |||||||||||||||||
Transfer from held for sale | — | — | 0.1 | — | 2.1 | — | |||||||||||||||||
Settlements | — | (77.5 | ) | (2.4 | ) | (2.7 | ) | — | — | ||||||||||||||
Curtailments | — | — | (0.3 | ) | — | — | — | ||||||||||||||||
Plan amendments | — | — | — | 2.6 | — | — | |||||||||||||||||
Actuarial loss (gain) | 3.4 | (8.2 | ) | 12.6 | (6.5 | ) | (0.1 | ) | (0.2 | ) | |||||||||||||
Benefits paid | (1.2 | ) | (7.9 | ) | (5.8 | ) | (6.5 | ) | (0.2 | ) | — | ||||||||||||
Foreign exchange effect | — | — | 4.9 | (8.3 | ) | — | — | ||||||||||||||||
Benefit obligation at end of year | 43.1 | 39.1 | 153.0 | 138.4 | 2.8 | 0.9 | |||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||
Fair value of plan assets at beginning of year | — | 90.4 | 107.5 | 121.2 | — | — | |||||||||||||||||
Actual return on plan assets | — | (4.7 | ) | 10.9 | (4.1 | ) | — | — | |||||||||||||||
Settlements | — | (77.5 | ) | (2.4 | ) | (2.7 | ) | — | — | ||||||||||||||
Employer contribution | 1.2 | 6.0 | 7.1 | 5.8 | 0.2 | — | |||||||||||||||||
Employee contribution | — | — | 0.5 | 0.5 | — | — | |||||||||||||||||
Benefits paid | (1.2 | ) | (7.9 | ) | (5.8 | ) | (6.5 | ) | (0.2 | ) | — | ||||||||||||
Transfer to held for sale | — | (6.3 | ) | — | — | — | — | ||||||||||||||||
Foreign exchange effect | — | — | 4.3 | (6.7 | ) | — | — | ||||||||||||||||
Fair value of plan assets at end of year | — | — | 122.1 | 107.5 | — | — | |||||||||||||||||
Funded status | $ | (43.1 | ) | $ | (39.1 | ) | $ | (30.9 | ) | $ | (30.9 | ) | $ | (2.8 | ) | $ | (0.9 | ) | |||||
Amounts recognized in the statement of financial position are included in: | |||||||||||||||||||||||
Other current liabilities | $ | 2.4 | $ | 1.3 | $ | 0.6 | $ | 0.5 | $ | 0.3 | $ | 0.1 | |||||||||||
Other non-current liabilities | 40.7 | 37.8 | 30.3 | 30.4 | 2.5 | 0.8 | |||||||||||||||||
Total liabilities | $ | 43.1 | $ | 39.1 | $ | 30.9 | $ | 30.9 | $ | 2.8 | $ | 0.9 | |||||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | |||||||||||||||||||||||
Actuarial net loss | $ | 3.1 | $ | (0.9 | ) | $ | 48.3 | $ | 61.3 | $ | 0.4 | $ | 0.5 | ||||||||||
Prior service cost | — | — | 2.6 | 2.7 | — | — | |||||||||||||||||
Total amounts recognized in accumulated other comprehensive loss | $ | 3.1 | $ | (0.9 | ) | $ | 50.9 | $ | 64.0 | $ | 0.4 | $ | 0.5 |
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | |||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
Accumulated benefit obligation at end of year | $ | 153.3 | $ | 161.2 | $ | 229.4 | $ | 209.7 | |||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 167.6 | $ | 174.0 | $ | 211.5 | $ | 217.1 | $ | 4.2 | $ | 4.9 | |||||||||||
Service cost | 0.6 | 0.6 | 3.2 | 3.1 | — | — | |||||||||||||||||
Interest cost | 6.4 | 7.1 | 5.0 | 6.5 | 0.1 | 0.2 | |||||||||||||||||
Transfer to Held for Sale | — | — | (0.1 | ) | (5.5 | ) | — | — | |||||||||||||||
Settlements | — | — | (5.0 | ) | — | — | — | ||||||||||||||||
Actuarial loss (gain) | 0.1 | 2.5 | 1.1 | 25.9 | (0.4 | ) | (0.6 | ) | |||||||||||||||
Benefits paid | (14.3 | ) | (16.6 | ) | (7.1 | ) | (9.4 | ) | (0.5 | ) | (0.3 | ) | |||||||||||
Foreign exchange effect | — | — | 23.0 | (26.2 | ) | — | — | ||||||||||||||||
Benefit obligation at end of year | 160.4 | 167.6 | 231.6 | 211.5 | 3.4 | 4.2 | |||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||
Fair value of plan assets at beginning of year | 117.1 | 123.1 | 108.3 | 111.2 | — | — | |||||||||||||||||
Actual return on plan assets | 14.5 | 9.5 | 6.9 | 18.4 | — | — | |||||||||||||||||
Settlements | — | — | (5.0 | ) | — | — | — | ||||||||||||||||
Employer contribution | 1.2 | 1.1 | 7.5 | 6.7 | 0.5 | 0.3 | |||||||||||||||||
Employee contribution | — | — | 0.4 | 0.4 | — | — | |||||||||||||||||
Benefits paid | (14.3 | ) | (16.6 | ) | (7.1 | ) | (9.4 | ) | (0.5 | ) | (0.3 | ) | |||||||||||
Foreign exchange effect | — | — | 10.2 | (19.0 | ) | — | — | ||||||||||||||||
Fair value of plan assets at end of year | 118.5 | 117.1 | 121.2 | 108.3 | — | — | |||||||||||||||||
Funded status | $ | (41.9 | ) | $ | (50.5 | ) | $ | (110.4 | ) | $ | (103.2 | ) | $ | (3.4 | ) | $ | (4.2 | ) | |||||
Amounts recognized in the statement of financial position consist of: | |||||||||||||||||||||||
Current liabilities | $ | 1.2 | $ | 1.2 | $ | 2.8 | $ | 2.4 | $ | 0.4 | $ | 0.5 | |||||||||||
Non-current liabilities | 40.7 | 49.3 | 107.6 | 100.8 | 3.0 | 3.7 | |||||||||||||||||
Total liabilities | $ | 41.9 | $ | 50.5 | $ | 110.4 | $ | 103.2 | $ | 3.4 | $ | 4.2 | |||||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | |||||||||||||||||||||||
Actuarial net loss | $ | 64.8 | $ | 75.6 | $ | 68.2 | $ | 148.5 | $ | 0.9 | $ | — | |||||||||||
Prior service cost | 0.1 | 0.3 | 0.1 | (2.2 | ) | — | — | ||||||||||||||||
Total amounts recognized in accumulated other comprehensive loss | $ | 64.9 | $ | 75.9 | $ | 68.3 | $ | 146.3 | $ | 0.9 | $ | — |
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||||||||
Weighted-average assumptions as of December 31: | ||||||||||||||||||||||||||
Discount rate(1) | 3.31 | % | 4.41 | % | 3.78 | % | 1.87 | % | 2.67 | % | 2.43 | % | 3.10 | % | 4.14 | % | 3.58 | % | ||||||||
Expected return on plan assets | — | % | — | % | 7.00 | % | 4.40 | % | 4.40 | % | 4.43 | % | N/A | N/A | N/A | |||||||||||
Rate of compensation increase(1) | — | % | 3.75 | % | 3.75 | % | 0.17 | % | 0.19 | % | 0.14 | % | N/A | N/A | N/A |
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | 2015 | 2017 | 2016 | 2015 | ||||||||||||||||||
Weighted-average assumptions as of December 31: | ||||||||||||||||||||||||||
Discount rate(1) | 3.78 | % | 4.03 | % | 4.20 | % | 2.15 | % | 2.27 | % | 3.23 | % | 3.58 | % | 3.81 | % | 3.91 | % | ||||||||
Expected return on plan assets | 7.00 | % | 7.00 | % | 7.50 | % | 4.43 | % | 5.90 | % | 5.93 | % | N/A | N/A | N/A | |||||||||||
Rate of compensation increase(1) | 3.75 | % | 3.75 | % | 3.75 | % | 0.93 | % | 0.89 | % | 0.83 | % | N/A | N/A | N/A |
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||
Components of net periodic cost: | |||||||||||||||||||||||||||||||||||
Service cost | $ | 0.2 | $ | 0.4 | $ | 0.6 | $ | 1.9 | $ | 1.8 | $ | 1.8 | $ | — | $ | — | $ | — | |||||||||||||||||
Interest cost | 1.6 | 4.3 | 5.1 | 3.6 | 3.4 | 3.9 | 0.1 | — | — | ||||||||||||||||||||||||||
Expected return on plan assets | — | (5.6 | ) | (6.0 | ) | (4.7 | ) | (5.0 | ) | (5.0 | ) | — | — | — | |||||||||||||||||||||
Recognition of prior service cost | — | 0.1 | 0.1 | 0.1 | — | — | — | — | — | ||||||||||||||||||||||||||
Amortization of actuarial loss | (0.5 | ) | 2.6 | 3.3 | 1.5 | 1.4 | 1.4 | — | — | (1.3 | ) | ||||||||||||||||||||||||
Settlements | — | 50.5 | — | 0.6 | 0.8 | 1.5 | — | — | — | ||||||||||||||||||||||||||
Other | (0.2 | ) | — | — | (0.7 | ) | (0.4 | ) | (0.4 | ) | — | — | — | ||||||||||||||||||||||
Net periodic cost | $ | 1.1 | $ | 52.3 | $ | 3.1 | $ | 2.3 | $ | 2.0 | �� | $ | 3.2 | $ | 0.1 | $ | — | $ | (1.3 | ) |
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | 2015 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||
Components of net periodic cost: | |||||||||||||||||||||||||||||||||||
Service cost | $ | 0.6 | $ | 0.6 | $ | 1.1 | $ | 3.2 | $ | 3.1 | $ | 2.9 | $ | — | $ | — | $ | — | |||||||||||||||||
Interest cost | 6.4 | 7.1 | 7.2 | 5.0 | 6.5 | 6.9 | 0.1 | 0.2 | 0.2 | ||||||||||||||||||||||||||
Expected return on plan assets | (7.8 | ) | (8.3 | ) | (9.9 | ) | (5.0 | ) | (6.0 | ) | (7.0 | ) | — | — | — | ||||||||||||||||||||
Recognition of prior service cost | 0.1 | 0.2 | 0.1 | — | — | — | — | — | — | ||||||||||||||||||||||||||
Amortization of actuarial loss | 4.1 | 4.2 | 3.8 | 3.5 | 2.5 | 3.2 | (1.2 | ) | — | 0.1 | |||||||||||||||||||||||||
Settlements | — | — | — | 1.5 | — | — | — | — | — | ||||||||||||||||||||||||||
Other | — | — | — | (0.4 | ) | (0.4 | ) | (0.3 | ) | — | — | — | |||||||||||||||||||||||
Net periodic cost | $ | 3.4 | $ | 3.8 | $ | 2.3 | $ | 7.8 | $ | 5.7 | $ | 5.7 | $ | (1.1 | ) | $ | 0.2 | $ | 0.3 |
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | |||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss): | |||||||||||||||||||||||
Net (gain) loss | $ | (6.8 | ) | $ | 1.3 | $ | (0.7 | ) | $ | 39.7 | $ | (0.3 | ) | $ | (0.6 | ) | |||||||
Amortization of actuarial gain (loss) | (4.1 | ) | (4.2 | ) | (3.5 | ) | (5.6 | ) | 1.2 | — | |||||||||||||
Amortization of prior service cost | (0.1 | ) | (0.1 | ) | — | (2.3 | ) | — | — | ||||||||||||||
Disposals | — | — | (79.4 | ) | — | — | — | ||||||||||||||||
Settlements | — | — | (1.5 | ) | — | — | — | ||||||||||||||||
Foreign exchange effect | — | — | 7.1 | (12.2 | ) | — | — | ||||||||||||||||
Total recognized in other comprehensive income (loss) | $ | (11.0 | ) | $ | (3.0 | ) | $ | (78.0 | ) | $ | 19.6 | $ | 0.9 | $ | (0.6 | ) |
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | |||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss): | |||||||||||||||||||||||
Net (gain) loss | $ | 3.4 | $ | 4.7 | $ | 6.4 | $ | 0.9 | $ | (0.1 | ) | $ | (0.3 | ) | |||||||||
Amortization of actuarial gain (loss) | 0.6 | (3.4 | ) | (2.5 | ) | (3.2 | ) | — | (0.1 | ) | |||||||||||||
Amortization of prior service cost | — | (0.1 | ) | (0.2 | ) | 2.5 | — | — | |||||||||||||||
Disposals | — | — | (17.9 | ) | — | — | — | ||||||||||||||||
Settlements | — | (67.0 | ) | (0.6 | ) | (0.8 | ) | — | — | ||||||||||||||
Foreign exchange effect | — | — | 1.6 | (3.7 | ) | — | — | ||||||||||||||||
Total recognized in other comprehensive income (loss) | $ | 4.0 | $ | (65.8 | ) | $ | (13.2 | ) | $ | (4.3 | ) | $ | (0.1 | ) | $ | (0.4 | ) |
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | |||||||||
Amounts expected to be recognized as components of net periodic cost for the year ending December 31, 2018: | |||||||||||
Actuarial net loss | $ | 4.0 | $ | 3.3 | $ | 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, 2018 | $ | 4.1 | $ | 3.3 | $ | 0.1 |
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | |||||||||
Amounts expected to be recognized as components of net periodic cost for the year ending December 31, 2020: | |||||||||||
Actuarial net loss | $ | — | $ | 1.7 | $ | — | |||||
Prior service cost | — | 0.1 | — | ||||||||
Total amount expected to be recognized as components of net periodic cost for the year ending December 31, 2020 | $ | — | $ | 1.8 | $ | — |
U.S. Pension Benefits | Non-U.S. Pension Benefits | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Projected benefit obligation | $ | 43.1 | $ | 39.1 | $ | 153.0 | $ | 138.4 | |||||||
Accumulated benefit obligation | $ | 43.1 | $ | 35.1 | $ | 151.1 | $ | 136.6 | |||||||
Fair value of plan assets | $ | — | $ | — | $ | 122.1 | $ | 107.5 |
U.S. Pension Benefits | Non-U.S. Pension Benefits | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Projected benefit obligation | $ | 160.4 | $ | 167.6 | $ | 231.6 | $ | 211.5 | |||||||
Accumulated benefit obligation | $ | 153.3 | $ | 161.2 | $ | 229.4 | $ | 209.7 | |||||||
Fair value of plan assets | $ | 118.5 | $ | 117.1 | $ | 121.2 | $ | 108.3 |
U.S. Pension Plan | Non-U.S. Pension Plans | Non-U.S. Pension Plans | ||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | NAV | Total | Level 1 | Level 2 | NAV | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||
Cash, including money market funds | $ | 2.5 | $ | 2.5 | $ | — | $ | — | $ | 2.9 | $ | 2.9 | $ | — | $ | — | $ | 2.3 | $ | 2.3 | $ | — | $ | — | ||||||||||||||||||||||
U.S. equities | 27.6 | — | — | 27.6 | 6.4 | — | 6.4 | — | 16.1 | — | 16.1 | — | ||||||||||||||||||||||||||||||||||
Non-U.S. equities | 8.7 | — | — | 8.7 | 24.4 | — | 24.4 | — | 14.1 | — | 14.1 | — | ||||||||||||||||||||||||||||||||||
U.S. corporate bonds | 55.8 | — | — | 55.8 | 0.6 | — | 0.6 | — | ||||||||||||||||||||||||||||||||||||||
Non-U.S. corporate bonds | — | — | — | — | 19.3 | — | 19.3 | — | ||||||||||||||||||||||||||||||||||||||
U.S. government securities | 16.4 | — | — | 16.4 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Non-U.S. government securities | 0.6 | — | — | 0.6 | 32.7 | — | 32.7 | — | ||||||||||||||||||||||||||||||||||||||
Non-U.S. corporate bond funds | 2.8 | — | 2.8 | — | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. governmental fixed income funds | 25.2 | — | 25.2 | — | ||||||||||||||||||||||||||||||||||||||||||
Group annuity insurance contracts | 35.5 | — | — | 35.5 | ||||||||||||||||||||||||||||||||||||||||||
Real estate | — | — | — | — | 3.5 | — | 3.5 | — | 3.8 | — | 3.8 | — | ||||||||||||||||||||||||||||||||||
Other securities | 6.9 | — | — | 6.9 | 31.4 | — | 31.4 | — | 22.3 | — | 22.3 | — | ||||||||||||||||||||||||||||||||||
Total investments measured at fair value | $ | 118.5 | $ | 2.5 | $ | — | $ | 116.0 | $ | 121.2 | $ | 2.9 | $ | 118.3 | $ | — | $ | 122.1 | $ | 2.3 | $ | 84.3 | $ | 35.5 |
Non-U.S. Pension Plans | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash, including money market funds | $ | 0.7 | $ | 0.7 | $ | — | $ | — | ||||||||
U.S. equities | 11.1 | — | 11.1 | — | ||||||||||||
Non-U.S. equities | 10.7 | — | 10.7 | — | ||||||||||||
Non-U.S. corporate bond funds | 2.5 | — | 2.5 | — | ||||||||||||
Non-U.S. governmental fixed income funds | 59.7 | — | 59.7 | — | ||||||||||||
Real estate | 3.7 | — | 3.7 | — | ||||||||||||
Other securities | 19.1 | — | 19.1 | — | ||||||||||||
Total investments measured at fair value | $ | 107.5 | $ | 0.7 | $ | 106.8 | $ | — |
U.S. Pension Plan | Non-U.S. Pension Plans | ||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | NAV | Total | Level 1 | Level 2 | NAV | ||||||||||||||||||||||||
Cash, including money market funds | $ | 2.5 | $ | 2.5 | $ | — | $ | — | $ | 2.1 | $ | 2.1 | $ | — | $ | — | |||||||||||||||
U.S. equities | 28.6 | — | — | 28.6 | 5.9 | — | 5.9 | — | |||||||||||||||||||||||
Non-U.S. equities | 8.7 | — | — | 8.7 | 21.2 | — | 21.2 | — | |||||||||||||||||||||||
U.S. corporate bonds | 56.4 | — | — | 56.4 | 0.9 | — | 0.9 | — | |||||||||||||||||||||||
Non-U.S. corporate bonds | — | — | — | — | 17.7 | — | 17.7 | — | |||||||||||||||||||||||
U.S. government securities | 12.7 | — | — | 12.7 | 0.6 | — | 0.6 | — | |||||||||||||||||||||||
Non-U.S. government securities | 0.3 | — | — | 0.3 | 29.3 | — | 29.3 | — | |||||||||||||||||||||||
Real estate | — | — | — | — | 2.8 | — | 2.8 | — | |||||||||||||||||||||||
Other securities | 7.9 | — | — | 7.9 | 27.8 | — | 27.8 | — | |||||||||||||||||||||||
Total investments measured at fair value | $ | 117.1 | $ | 2.5 | $ | — | $ | 114.6 | $ | 108.3 | $ | 2.1 | $ | 106.2 | $ | — |
Non-U.S. Pension Benefits | ||||
Balance at beginning of year | $ | — | ||
Transfers into Level 3 | 35.5 | |||
Balance at end of year | $ | 35.5 |
Year Ending December 31, | U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | |||||||||
2020 | $ | 2.4 | $ | 6.0 | $ | 0.4 | ||||||
2021 | $ | 2.4 | $ | 5.5 | $ | 0.3 | ||||||
2022 | $ | 2.3 | $ | 5.6 | $ | 0.3 | ||||||
2023 | $ | 2.5 | $ | 5.7 | $ | 0.3 | ||||||
2024 | $ | 2.5 | $ | 6.1 | $ | 0.2 | ||||||
2025-2029 | $ | 12.3 | $ | 31.6 | $ | 0.8 |
Year Ending December 31, | U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | |||||||||
2018 | $ | 11.1 | $ | 11.7 | $ | 0.4 | ||||||
2019 | $ | 10.9 | $ | 7.4 | $ | 0.4 | ||||||
2020 | $ | 10.9 | $ | 7.6 | $ | 0.4 | ||||||
2021 | $ | 10.7 | $ | 8.2 | $ | 0.3 | ||||||
2022 | $ | 10.5 | $ | 8.4 | $ | 0.3 | ||||||
2023-2027 | $ | 52.1 | $ | 45.4 | $ | 1.0 |
1-Percentage- Point Increase | 1-Percentage- Point Decrease | ||||||
Effect on total service and interest cost components | $ | — | $ | — | |||
Effect on post-retirement benefit obligation | $ | 0.1 | $ | (0.1 | ) |
Number of Options | Weighted Average Exercise Price per Share | Weighted Average Remaining Contractual Life (in years) | Aggregate Intrinsic Value | ||||||||||
Outstanding at December 31, 2016 | 13,059 | $ | 65.17 | ||||||||||
Exercised | — | $ | — | ||||||||||
Canceled or expired | (10,472 | ) | $ | 65.07 | |||||||||
Outstanding at December 31, 2017 | 2,587 | $ | 65.57 | 0.00 | $ | — | |||||||
Exercisable at December 31, 2017 | 2,587 | $ | 65.57 | 0.00 | $ | — | |||||||
Vested at December 31, 2017 | 2,587 | $ | 65.57 | 0.00 | $ | — |
Grant date | Grant date | Grant date | |||
March 12, 2019 | March 8, 2018 | March 2, 2017 | |||
Dividend yields | 1.31% | 1.00% | 1.01% | ||
Expected historical volatility | 36.64% | 40.41% | 42.78% | ||
Risk free interest rate | 2.40% | 2.38% | 1.55% | ||
Expected life (in years) | 3 | 3 | 3 | ||
Grant date fair value per share | $38.77 | $41.57 | $36.48 |
Grant date | Grant date | Grant date | Grant date | ||||
March 2, 2017 | March 3, 2016 | March 5, 2015 | March 5, 2015 | ||||
Dividend yields | 1.01% | 1.22% | 0.91% | 0.91% | |||
Expected volatility | 42.78% | 45.59% | 45.48% | 37.00% | |||
Risk free interest rate | 1.55% | 0.97% | 0.98% | 0.58% | |||
Expected life (in years) | 3 | 3 | 3 | 2 | |||
Grant date fair value per share | $36.48 | $29.24 | $28.10 | $25.60 |
Restricted Stock Awards | Weighted Average Grant Date Fair Value | ||||||
Nonvested at December 31, 2018 | 2,976,227 | $ | 34.32 | ||||
Granted | 1,137,983 | $ | 33.84 | ||||
Vested | (1,432,294 | ) | $ | 30.82 | |||
Canceled, expired or other | (239,656 | ) | $ | 32.76 | |||
Nonvested at December 31, 2019 | 2,442,260 | $ | 35.53 |
Restricted Stock Awards | Weighted Average Grant Date Fair Value | ||||||
Nonvested at December 31, 2016 | 3,531,188 | $ | 25.42 | ||||
Granted | 1,542,697 | $ | 32.54 | ||||
Vested | (1,252,563 | ) | $ | 28.76 | |||
Canceled, expired or other | (710,265 | ) | $ | 21.86 | |||
Nonvested at December 31, 2017 | 3,111,057 | $ | 28.68 |
Cumulative Translation Adjustment | Derivative Hedging Adjustment | Debt & Equity Securities Adjustment | Pension Liability Adjustment | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Balance at January 1, 2017 | $ | (615.3 | ) | $ | (2.4 | ) | $ | 0.6 | $ | (162.3 | ) | $ | (779.4 | ) | ||||||
Current year change | 470.6 | 4.5 | 3.7 | 61.1 | 539.9 | |||||||||||||||
Balance at December 31, 2017 | (144.7 | ) | 2.1 | 4.3 | (101.2 | ) | (239.5 | ) | ||||||||||||
Current year change | (80.9 | ) | (6.5 | ) | (3.5 | ) | 45.6 | (45.3 | ) | |||||||||||
Balance at December 31, 2018 | (225.6 | ) | (4.4 | ) | 0.8 | (55.6 | ) | (284.8 | ) | |||||||||||
Current year change | 17.4 | 3.6 | 1.8 | 4.5 | 27.3 | |||||||||||||||
Balance at December 31, 2019 | $ | (208.2 | ) | $ | (0.8 | ) | $ | 2.6 | $ | (51.1 | ) | $ | (257.5 | ) |
Cumulative Translation Adjustment | Derivative Hedging Adjustment | Debt & Equity Securities Adjustment | Pension Liability Adjustment | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Balance at January 1, 2015 | $ | (245.5 | ) | $ | (0.7 | ) | $ | 1.6 | $ | (185.2 | ) | $ | (429.8 | ) | ||||||
Current year change | (247.2 | ) | 3.0 | (7.9 | ) | 32.3 | (219.8 | ) | ||||||||||||
Balance at December 31, 2015 | (492.7 | ) | 2.3 | (6.3 | ) | (152.9 | ) | (649.6 | ) | |||||||||||
Current year change | (122.6 | ) | (4.7 | ) | 6.9 | (9.4 | ) | (129.8 | ) | |||||||||||
Balance at December 31, 2016 | (615.3 | ) | (2.4 | ) | 0.6 | (162.3 | ) | (779.4 | ) | |||||||||||
Current year change | 470.6 | 4.5 | 3.7 | 61.1 | 539.9 | |||||||||||||||
Balance at December 31, 2017 | $ | (144.7 | ) | $ | 2.1 | $ | 4.3 | $ | (101.2 | ) | $ | (239.5 | ) |
Cumulative Translation Adjustment | Derivative Hedging Adjustment | Debt & Equity Securities Adjustment | Pension Liability Adjustment | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Balance at January 1, 2015 | $ | 0.8 | $ | — | $ | — | $ | — | $ | 0.8 | ||||||||||
Current year change | (0.1 | ) | — | — | — | (0.1 | ) | |||||||||||||
Balance at December 31, 2015 | 0.7 | — | — | — | 0.7 | |||||||||||||||
Current year change | (0.4 | ) | — | — | — | (0.4 | ) | |||||||||||||
Balance at December 31, 2016 | 0.3 | — | — | — | 0.3 | |||||||||||||||
Current year change | — | — | — | — | — | |||||||||||||||
Balance at December 31, 2017 | $ | 0.3 | $ | — | $ | — | $ | — | $ | 0.3 |
Cumulative Translation Adjustment | Derivative Hedging Adjustment | Debt & Equity Securities Adjustment | Pension Liability Adjustment | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Balance at January 1, 2015 | $ | (244.7 | ) | $ | (0.7 | ) | $ | 1.6 | $ | (185.2 | ) | $ | (429.0 | ) | ||||||
Current year change | (247.3 | ) | 3.0 | (7.9 | ) | 32.3 | (219.9 | ) | ||||||||||||
Balance at December 31, 2015 | (492.0 | ) | 2.3 | (6.3 | ) | (152.9 | ) | (648.9 | ) | |||||||||||
Current year change | (123.0 | ) | (4.7 | ) | 6.9 | (9.4 | ) | (130.2 | ) | |||||||||||
Balance at December 31, 2016 | (615.0 | ) | (2.4 | ) | 0.6 | (162.3 | ) | (779.1 | ) | |||||||||||
Current year change | 470.6 | 4.5 | 3.7 | 61.1 | 539.9 | |||||||||||||||
Balance at December 31, 2017 | $ | (144.4 | ) | $ | 2.1 | $ | 4.3 | $ | (101.2 | ) | $ | (239.2 | ) |
Year ended December 31, 2017 | Year ended December 31, 2016 | Year ended December 31, 2019 | Year ended December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CTA (1) | Derivative Hedging Adj. | Debt & Equity Securities Adj. | Pension Liability Adj. (2) | Total | CTA | Derivative Hedging Adj. | Debt & Equity Securities Adj. | Pension Liability Adj. | Total | CTA (1) | Derivative Hedging Adj. | Debt & Equity Securities Adj. | Pension Liability Adj. (2) | Total | CTA | Derivative Hedging Adj. | Debt & Equity Securities Adj. | Pension Liability Adj. (3) | Total | |||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | (615.0 | ) | $ | (2.4 | ) | $ | 0.6 | $ | (162.3 | ) | $ | (779.1 | ) | $ | (492.0 | ) | $ | 2.3 | $ | (6.3 | ) | $ | (152.9 | ) | $ | (648.9 | ) | $ | (225.6 | ) | $ | (4.4 | ) | $ | 0.8 | $ | (55.6 | ) | $ | (284.8 | ) | $ | (144.7 | ) | $ | 2.1 | $ | 4.3 | $ | (101.2 | ) | $ | (239.5 | ) | |||||||
Other comprehensive income before reclassifications | 114.1 | 4.3 | 3.6 | (0.1 | ) | 121.9 | (121.1 | ) | (5.7 | ) | 3.9 | (16.1 | ) | (139.0 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (8.7 | ) | (2.6 | ) | 1.8 | (10.0 | ) | (19.5 | ) | (80.2 | ) | (7.4 | ) | (0.9 | ) | (2.8 | ) | (91.3 | ) | |||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | 356.5 | 0.2 | 0.1 | 61.2 | 418.0 | (1.9 | ) | 1.0 | 3.0 | 6.7 | 8.8 | 26.1 | 6.2 | — | 14.5 | 46.8 | (0.7 | ) | 0.9 | — | 48.4 | 48.6 | ||||||||||||||||||||||||||||||||||||||||
Net Other Comprehensive Income (Loss) | 470.6 | 4.5 | 3.7 | 61.1 | 539.9 | (123.0 | ) | (4.7 | ) | 6.9 | (9.4 | ) | (130.2 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net other comprehensive income (loss) | 17.4 | 3.6 | 1.8 | 4.5 | 27.3 | (80.9 | ) | (6.5 | ) | (0.9 | ) | 45.6 | (42.7 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Other (4) | — | — | — | — | — | — | — | (2.6 | ) | — | (2.6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | (144.4 | ) | $ | 2.1 | $ | 4.3 | $ | (101.2 | ) | $ | (239.2 | ) | $ | (615.0 | ) | $ | (2.4 | ) | $ | 0.6 | $ | (162.3 | ) | $ | (779.1 | ) | $ | (208.2 | ) | $ | (0.8 | ) | $ | 2.6 | $ | (51.1 | ) | $ | (257.5 | ) | $ | (225.6 | ) | $ | (4.4 | ) | $ | 0.8 | $ | (55.6 | ) | $ | (284.8 | ) |
Balance Beginning of Year | Charges to Earnings | Other (1) | Deductions (2) | Balance End of Year | Balance Beginning of Year | Charges to Earnings | Other (1) | Deductions (2) | Balance End of Year | |||||||||||||||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Deducted from asset accounts: | ||||||||||||||||||||||||||||||||||||||
Allowance for doubtful accounts - Current | $ | 9.1 | $ | 6.4 | $ | (0.6 | ) | $ | (5.0 | ) | $ | 9.9 | ||||||||||||||||||||||||||
Allowance for doubtful accounts - Non-current | 21.6 | — | (0.3 | ) | — | 21.3 | ||||||||||||||||||||||||||||||||
Reserve for inventory | 49.8 | 4.1 | 3.1 | (3.8 | ) | 53.2 | ||||||||||||||||||||||||||||||||
Valuation allowances for deferred tax assets | 114.3 | (4.1 | ) | (3.2 | ) | — | 107.0 | |||||||||||||||||||||||||||||||
Totals | $ | 194.8 | $ | 6.4 | $ | (1.0 | ) | $ | (8.8 | ) | $ | 191.4 | ||||||||||||||||||||||||||
Year ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||||
Deducted from asset accounts: | ||||||||||||||||||||||||||||||||||||||
Allowance for doubtful accounts - Current | $ | 9.3 | $ | 2.4 | $ | — | $ | (2.6 | ) | $ | 9.1 | |||||||||||||||||||||||||||
Allowance for doubtful accounts - Non-current | 22.2 | 0.2 | (0.8 | ) | — | 21.6 | ||||||||||||||||||||||||||||||||
Reserve for inventory | 53.4 | 6.5 | (1.7 | ) | (8.4 | ) | 49.8 | |||||||||||||||||||||||||||||||
Valuation allowances for deferred tax assets | 134.6 | (15.8 | ) | (4.5 | ) | — | 114.3 | |||||||||||||||||||||||||||||||
Totals | $ | 219.5 | $ | (6.7 | ) | $ | (7.0 | ) | $ | (11.0 | ) | $ | 194.8 | |||||||||||||||||||||||||
Year ended December 31, 2017 | ||||||||||||||||||||||||||||||||||||||
Deducted from asset accounts: | ||||||||||||||||||||||||||||||||||||||
Allowance for doubtful accounts - Current | $ | 16.5 | $ | 0.4 | $ | 1.0 | $ | (1.7 | ) | $ | 16.2 | $ | 9.4 | $ | 0.4 | $ | 0.2 | $ | (0.7 | ) | $ | 9.3 | ||||||||||||||||
Allowance for doubtful accounts - Non-current | 25.2 | 1.1 | 1.5 | (4.5 | ) | 23.3 | 25.2 | — | 1.5 | (4.5 | ) | 22.2 | ||||||||||||||||||||||||||
Reserve for inventory | 83.3 | 21.6 | 10.5 | (29.6 | ) | 85.8 | 56.3 | 11.2 | 6.8 | (20.9 | ) | 53.4 | ||||||||||||||||||||||||||
Valuation allowances for deferred tax assets | 148.6 | 0.2 | (12.4 | ) | — | 136.4 | 148.1 | 0.3 | (13.8 | ) | — | 134.6 | ||||||||||||||||||||||||||
Totals | $ | 273.6 | $ | 23.3 | $ | 0.6 | $ | (35.8 | ) | $ | 261.7 | $ | 239.0 | $ | 11.9 | $ | (5.3 | ) | $ | (26.1 | ) | $ | 219.5 | |||||||||||||||
Year ended December 31, 2016 | ||||||||||||||||||||||||||||||||||||||
Deducted from asset accounts: | ||||||||||||||||||||||||||||||||||||||
Allowance for doubtful accounts - Current | $ | 20.4 | $ | 5.6 | $ | (5.4 | ) | $ | (4.1 | ) | $ | 16.5 | ||||||||||||||||||||||||||
Allowance for doubtful accounts - Non-current | 27.4 | (1.5 | ) | (0.4 | ) | (0.3 | ) | 25.2 | ||||||||||||||||||||||||||||||
Reserve for inventory | 76.8 | 37.0 | (10.8 | ) | (19.7 | ) | 83.3 | |||||||||||||||||||||||||||||||
Valuation allowances for deferred tax assets | 215.1 | (50.8 | ) | (15.7 | ) | — | 148.6 | |||||||||||||||||||||||||||||||
Totals | $ | 339.7 | $ | (9.7 | ) | $ | (32.3 | ) | $ | (24.1 | ) | $ | 273.6 | |||||||||||||||||||||||||
Year ended December 31, 2015 | ||||||||||||||||||||||||||||||||||||||
Deducted from asset accounts: | ||||||||||||||||||||||||||||||||||||||
Allowance for doubtful accounts - Current | $ | 18.3 | $ | 4.3 | $ | 1.7 | $ | (3.9 | ) | $ | 20.4 | |||||||||||||||||||||||||||
Allowance for doubtful accounts - Non-current | 28.6 | 3.2 | (2.1 | ) | (2.3 | ) | 27.4 | |||||||||||||||||||||||||||||||
Reserve for inventory | 77.9 | 18.2 | (6.1 | ) | (13.2 | ) | 76.8 | |||||||||||||||||||||||||||||||
Valuation allowances for deferred tax assets | 244.0 | (20.6 | ) | (8.3 | ) | — | 215.1 | |||||||||||||||||||||||||||||||
Totals | $ | 368.8 | $ | 5.1 | $ | (14.8 | ) | $ | (19.4 | ) | $ | 339.7 |
(1) | Primarily represents the impact of foreign currency exchange, business divestitures and other amounts recorded to accumulated other comprehensive income (loss). |
(2) | Primarily represents the utilization of established reserves, net of recoveries. |