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☒			QUARTERLY 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.)

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock ($0.01 par value)			TEX			New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Yes ☐ No ☒

The Exhibit Index begins on page 55.

•our business has been, and could be further, adversely impacted by an outbreak of a new strain of coronavirus (“COVID-19”);

•our business is cyclical and weak general economic conditions affect the sales of our products and financial results;

•changes in import/export regulatory regimes and the escalation of global trade conflicts could continue to negatively impact sales of our products and our financial results;

•our ability to access the capital markets to raise funds and provide liquidity;

•our business is sensitive to government spending;

•our business is highly competitive and is affected by our cost structure, pricing, product initiatives and other actions taken by competitors;

•our retention of key management personnel;

•the financial condition of suppliers and customers, and their continued access to capital;

•exposure from providing financing and credit support for some of our customers;

•we may experience losses in excess of recorded reserves;

•we are dependent upon third-party suppliers, making us vulnerable to supply shortages and price increases;

•our business is global and subject to changes in exchange rates between currencies, commodity price changes, regional economic conditions and trade restrictions;

•our operations are subject to a number of potential risks that arise from operating a multinational business, including compliance with changing regulatory environments, the Foreign Corrupt Practices Act and other similar laws and political instability;

•a material disruption to one of our significant facilities;

•possible work stoppages and other labor matters;

•compliance with changing laws and regulations, particularly environmental and tax laws and regulations;

•litigation, product liability claims and other liabilities;

•our ability to comply with an injunction and related obligations imposed by the United States Securities and Exchange Commission (“SEC”);

•disruption or breach in our information technology systems and storage of sensitive data;

•our ability to successfully implement our strategy; and

•other factors.

						PAGE
PART I			FINANCIAL INFORMATION			4
Item 1			Financial Statements			4
Item 2			Management’s Discussion and Analysis of Financial Condition and Results of Operations			34
Item 3			Quantitative and Qualitative Disclosures About Market Risk			49
Item 4			Controls and Procedures			51
PART II			OTHER INFORMATION			52
Item 1			Legal Proceedings			52
Item 1A			Risk Factors			52
Item 2			Unregistered Sales of Equity Securities and Use of Proceeds			54
Item 3			Defaults Upon Senior Securities			54
Item 4			Mine Safety Disclosures			54
Item 5			Other Information			54
Item 6			Exhibits			55
SIGNATURES									56

ITEM 1.			FINANCIAL STATEMENTS

			Three Months Ended June 30,																		Six Months Ended June 30,
			2020						2019						2020						2019
Net sales			$	690.5					$	1,306.9					$	1,524.1					$	2,443.5
Cost of goods sold			(583.4)						(1,035.1)						(1,280.3)						(1,933.9)
Gross profit			107.1						271.8						243.8						509.6
Selling, general and administrative expenses			(99.7)						(145.8)						(243.5)						(283.9)
Income (loss) from operations			7.4						126.0						0.3						225.7
Other income (expense)
Interest income			0.8						1.8						1.7						3.5
Interest expense			(16.5)						(24.6)						(34.2)						(47.6)
Other income (expense) – net			2.1						(1.3)						0.5						(4.5)
Income (loss) from continuing operations before income taxes			(6.2)						101.9						(31.7)						177.1
(Provision for) benefit from income taxes			3.0						(20.3)						3.8						(38.3)
Income (loss) from continuing operations			(3.2)						81.6						(27.9)						138.8
Income (loss) from discontinued operations – net of tax			(1.0)						(17.3)						(1.2)						(141.7)
Gain (loss) on disposition of discontinued operations – net of tax			(5.0)						10.8						(5.0)						11.4
Net income (loss)			$	(9.2)					$	75.1					$	(34.1)					$	8.5
Basic earnings (loss) per share:
Income (loss) from continuing operations			$	(0.05)					$	1.14					$	(0.40)					$	1.96
Income (loss) from discontinued operations – net of tax			(0.01)						(0.24)						(0.02)						(2.00)
Gain (loss) on disposition of discontinued operations – net of tax			(0.07)						0.15						(0.07)						0.16
Net income (loss)			$	(0.13)					$	1.05					$	(0.49)					$	0.12
Diluted earnings (loss) per share:
Income (loss) from continuing operations			$	(0.05)					$	1.14					$	(0.40)					$	1.93
Income (loss) from discontinued operations – net of tax			(0.01)						(0.24)						(0.02)						(1.97)
Gain (loss) on disposition of discontinued operations – net of tax			(0.07)						0.15						(0.07)						0.16
Net income (loss)			$	(0.13)					$	1.05					$	(0.49)					$	0.12
Weighted average number of shares outstanding in per share calculation
Basic			69.3						71.2						69.9						70.9
Diluted			69.3						71.7						69.9						71.8
Comprehensive income (loss)			$	9.7					$	74.9					$	(71.4)					$	6.0

			June 30, 2020						December 31, 2019
Assets
Current assets
Cash and cash equivalents			$	426.0					$	535.1
Trade receivables (net of allowance of $12.6 and $9.9 at June 30, 2020 and December 31, 2019, respectively)			351.3						401.9
Inventories			699.8						847.7
Prepaid and other current assets			230.0						235.0
Total current assets			1,707.1						2,019.7
Non-current assets
Property, plant and equipment – net			400.8						389.4
Goodwill			261.2						269.9
Intangible assets – net			8.8						9.7
Other assets			486.4						506.9
Total assets			$	2,864.3					$	3,195.6
Liabilities and Stockholders’ Equity
Current liabilities
Current portion of long-term debt			$	7.1					$	6.9
Trade accounts payable			349.7						508.1
Other current liabilities			318.8						357.4
Total current liabilities			675.6						872.4
Non-current liabilities
Long-term debt, less current portion			1,167.4						1,168.8
Other non-current liabilities			220.9						222.1
Total liabilities			2,063.9						2,263.3
Commitments and contingencies
Stockholders’ equity
Common stock, $0.01 par value – authorized 300.0 shares; issued 82.9 and 82.2 shares at June 30, 2020 and December 31, 2019, respectively			0.9						0.8
Additional paid-in capital			826.8						824.4
Retained earnings			726.9						771.4
Accumulated other comprehensive income (loss)			(294.8)						(257.5)
Less cost of shares of common stock in treasury – 14.3 and 11.8 shares at June 30, 2020 and December 31, 2019, respectively			(459.4)						(406.8)
Total stockholders’ equity			800.4						932.3
Total liabilities and stockholders’ equity			$	2,864.3					$	3,195.6

			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, 2019			70.4						$	0.8					$	824.4					$	771.4					$	(257.5)					$	(406.8)					$	—					$	932.3
Net income (loss)			—						—						—						(24.9)						—						—						—						(24.9)
Other comprehensive income (loss) – net of tax			—						—						—						—						(56.2)						—						—						(56.2)
Issuance of common stock			0.6						0.1						26.4						—						—						—						—						26.5
Compensation under stock-based plans – net			0.1						—						(29.5)						—						—						3.2						—						(26.3)
Dividends			—						—						0.2						(8.6)						—						—						—						(8.4)
Acquisition of treasury stock			(2.5)						—						—						—						—						(54.9)						—						(54.9)
Other			—						—						—						(1.9)						—						—						—						(1.9)
Balance at March 31, 2020			68.6						$	0.9					$	821.5					$	736.0					$	(313.7)					$	(458.5)					$	—					$	786.2
Net income (loss)			—						—						—						(9.2)						—						—						—						(9.2)
Other comprehensive income (loss) – net of tax			—						—						—						—						18.9						—						—						18.9
Issuance of common stock			0.1						—						0.6						—						—						—						—						0.6
Compensation under stock-based plans – net			—						—						4.7						—						—						0.1						—						4.8
Acquisition of treasury stock			(0.1)						—						—						—						—						(1.0)						—						(1.0)
Other			—						—						—						0.1						—						—						—						0.1
Balance at June 30, 2020			68.6						$	0.9					$	826.8					$	726.9					$	(294.8)					$	(459.4)					$	—					$	800.4

			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, 2018			69.6						$	0.8					$	797.3					$	749.0					$	(284.8)					$	(401.8)					$	0.5					$	861.0
Net income (loss)			—						—						—						(66.6)						—						—						—						(66.6)
Other comprehensive income (loss) – net of tax			—						—						—						—						(2.3)						—						—						(2.3)
Issuance of common stock			0.7						—						21.4						—						—						—						—						21.4
Compensation under stock-based plans – net			0.1						—						(24.7)						—						—						1.7						—						(23.0)
Dividends			—						—						0.1						(8.0)						—						—						—						(7.9)
Acquisition of treasury stock			—						—						—						—						—						(0.3)						—						(0.3)
Balance at March 31, 2019			70.4						$	0.8					$	794.1					$	674.4					$	(287.1)					$	(400.4)					$	0.5					$	782.3
Net income (loss)			—						—						—						75.1						—						—						—						75.1
Other comprehensive income (loss) – net of tax			—						—						—						—						(0.2)						—						—						(0.2)
Issuance of common stock			—						—						1.5						—						—						—						—						1.5
Compensation under stock-based plans – net			—						—						11.7						—						—						0.1						—						11.8
Dividends			—						—						0.2						(8.0)						—						—						—						(7.8)
Acquisition of treasury stock			—						—						—						—						—						(2.1)						—						(2.1)
Balance at June 30, 2019			70.4						$	0.8					$	807.5					$	741.5					$	(287.3)					$	(402.4)					$	0.5					$	860.6

			Six Months Ended June 30,
			2020						2019
Operating Activities
Net income (loss)			$	(34.1)					$	8.5
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization			23.6						25.8
(Gain) loss on disposition of discontinued operations			5.0						(11.4)
Deferred taxes			1.1						(5.5)
Impairments			0.1						82.1
(Gain) loss on sale of assets			(0.4)						(6.9)
Stock-based compensation expense			11.9						24.2
Inventory and other non-cash charges			16.0						39.6
Changes in operating assets and liabilities (net of effects of acquisitions and divestitures):
Trade receivables			33.6						(66.0)
Inventories			129.0						(4.3)
Trade accounts payable			(148.8)						(124.9)
Other assets and liabilities			(17.7)						(12.3)
Foreign exchange and other operating activities, net			(7.0)						2.8
Net cash provided by (used in) operating activities			12.3						(48.3)
Investing Activities
Capital expenditures			(42.1)						(35.1)
Proceeds from sale of capital assets			1.2						0.6
Proceeds from disposition of investments			—						7.1
Proceeds (payments) from disposition of discontinued operations			6.3						2.2
Net cash provided by (used in) investing activities			(34.6)						(25.2)
Financing Activities
Repayments of debt			(173.0)						(1,037.2)
Proceeds from issuance of debt			170.0						1,170.9
Share repurchases			(55.8)						(2.2)
Dividends paid			(8.4)						(15.7)
Other financing activities, net			(11.7)						(17.9)
Net cash provided by (used in) financing activities			(78.9)						97.9
Effect of Exchange Rate Changes on Cash and Cash Equivalents			(9.0)						(1.9)
Net Increase (Decrease) in Cash and Cash Equivalents			(110.2)						22.5
Cash and Cash Equivalents at Beginning of Period			540.1						372.1
Cash and Cash Equivalents at End of Period			$	429.9					$	394.6

As further described in Note D - “Discontinued Operations and Assets and Liabilities Held for Sale”, on July 31, 2019, the Company completed the disposition of its Demag^® mobile cranes business (“Demag”) to Tadano Ltd. and certain of its subsidiaries (“Tadano”). During 2019, the Company also exited North American mobile crane product lines manufactured in its Oklahoma City facility. As a result, the Company reported these operations, formerly part of the Cranes segment, in discontinued operations in the Condensed Consolidated Statement of Comprehensive Income (Loss) for all periods presented. Residual assets and liabilities are recorded within Prepaid and other current assets, Other assets, Other current liabilities and Other non-current liabilities in the Condensed Consolidated Balance Sheet at June 30, 2020 and December 31, 2019. Other operations formerly part of the Cranes segment were reorganized to align with the Company’s new management and reporting structure. The utilities business has been consolidated within Aerial Work Platforms (“AWP”) and the pick and carry, rough terrain and tower cranes businesses have been consolidated within Materials Processing (“MP”). The Company now reports its business in the following segments: (i) AWP and (ii) MP. See Note B - “Business Segment Information” and Note D - “Discontinued Operations and Assets and Liabilities Held for Sale” for further information.

Accounts Receivable and Allowance for Doubtful Accounts. Trade accounts receivable are recorded at invoiced amount and do not bear interest. Allowance for doubtful accounts is the Company’s estimate of current expected credit losses on its existing accounts receivable and determined based on historical customer review, current financial conditions and reasonable and supportable forecasts. The Company reviews its allowance for doubtful accounts at least quarterly. Account balances are charged off against the allowance when the Company determines it is expected the receivable will not be recovered. There can be no assurance that the Company’s estimate of accounts receivable collection will be indicative of future results. The Company has off-balance sheet credit exposure related to guarantees provided to financial institutions as disclosed in Note M – “Litigation and Contingencies”.

Balance as of December 31, 2019			$	9.9
Provision for credit losses			2.3
Other adjustments			0.4
Balance as of June 30, 2020			$	12.6

Guarantees. The Company records a liability for the estimated fair value of guarantees issued pursuant to ASC 460. In addition, the Company recognizes a loss under a guarantee when its obligation to make payment under the guarantee is expected. A loss would be recognized if the Company’s payment obligation under the guarantee exceeds the value it can expect to recover to offset such payment, primarily through the sale of the equipment underlying the guarantee.

Balance as of December 31, 2019			$	47.5
Accruals for warranties issued during the period			14.9
Changes in estimates			10.6
Settlements during the period			(24.1)
Foreign exchange effect/other			0.1
Balance as of June 30, 2020			$	49.0

Fair Value Measurements. Assets and liabilities measured at fair value on a recurring basis under the provisions of Accounting Standards Codification (“ASC”) 820, “Fair Value Measurement and Disclosure” (“ASC 820”) include foreign exchange contracts, interest rate caps, cross currency swaps, commodity swaps and a debt conversion feature on a convertible promissory note discussed in Note J – “Derivative Financial Instruments” and debt discussed in Note K – “Long-term Obligations”.  These instruments are valued using a market approach, which uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.  ASC 820 establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs).  The hierarchy consists of three levels:

			Three Months Ended June 30,																		Six Months Ended June 30,
			2020						2019						2020						2019
Net sales
AWP			$	413.9					$	870.4					$	925.6					$	1,598.3
MP			263.6						430.9						579.2						841.4
Corporate and Other / Eliminations			13.0						5.6						19.3						3.8
Total			$	690.5					$	1,306.9					$	1,524.1					$	2,443.5
Income (loss) from operations
AWP			$	(5.0)					$	86.3					$	(10.9)					$	145.9
MP			23.4						65.3						48.4						124.8
Corporate and Other / Eliminations			(11.0)						(25.6)						(37.2)						(45.0)
Total			$	7.4					$	126.0					$	0.3					$	225.7

			June 30, 2020						December 31, 2019
Identifiable assets
AWP			$	1,754.6					$	1,814.4
MP			1,543.3						1,750.9
Corporate and Other / Eliminations			(439.5)						(379.5)
Assets held for sale			5.9						9.8
Total			$	2,864.3					$	3,195.6

			Three Months Ended June 30, 2020																																																Three Months Ended June 30, 2019
			AWP												MP						Corporate and Other / Eliminations						Total						AWP						MP						Corporate and Other / Eliminations						Total
Net sales by region
North America			$	276.8											$	123.8					$	19.3					$	419.9					$	599.3					$	187.6					$	21.3					$	808.2
Western Europe			41.8												70.2						0.1						112.1						128.0						134.2						0.1						262.3
Asia-Pacific			75.4												46.6						1.1						123.1						95.6						71.6						0.6						167.8
Rest of World (1)			19.9												23.0						(7.5)						35.4						47.5						37.5						(16.4)						68.6
Total (2)			$	413.9											$	263.6					$	13.0					$	690.5					$	870.4					$	430.9					$	5.6					$	1,306.9

			Six Months Ended June 30, 2020																																																Six Months Ended June 30, 2019
			AWP												MP						Corporate and Other / Eliminations						Total						AWP						MP						Corporate and Other / Eliminations						Total
Net sales by region
North America			$	619.3											$	238.2					$	33.7					$	891.2					$	1,036.7					$	331.1					$	35.2					$	1,403.0
Western Europe			130.6												175.9						0.2						306.7						292.5						278.7						0.2						571.4
Asia-Pacific			126.5												105.6						1.3						233.4						175.0						145.3						1.1						321.4
Rest of World (1)			49.2												59.5						(15.9)						92.8						94.1						86.3						(32.7)						147.7
Total (2)			$	925.6											$	579.2					$	19.3					$	1,524.1					$	1,598.3					$	841.4					$	3.8					$	2,443.5

			Three Months Ended June 30, 2020																																																Three Months Ended June 30, 2019
			AWP												MP						Corporate and Other / Eliminations						Total						AWP						MP						Corporate and Other / Eliminations						Total
Net sales by product type
Aerial Work Platforms			$	279.4											$	—					$	(0.2)					$	279.2					$	636.0					$	—					$	0.7					$	636.7
Materials Processing Equipment			—												150.8						—						150.8						—						231.6						—						231.6
Specialty Equipment			—												111.9						0.4						112.3						—						197.0						0.7						197.7
Other (1)			134.5												0.9						12.8						148.2						234.4						2.3						4.2						240.9
Total			$	413.9											$	263.6					$	13.0					$	690.5					$	870.4					$	430.9					$	5.6					$	1,306.9

			Six Months Ended June 30, 2020																																																Six Months Ended June 30, 2019
			AWP												MP						Corporate and Other / Eliminations						Total						AWP						MP						Corporate and Other / Eliminations						Total
Net sales by product type
Aerial Work Platforms			$	626.1											$	—					$	0.2					$	626.3					$	1,155.6					$	—					$	1.6					$	1,157.2
Materials Processing Equipment			—												338.9						—						338.9						—						447.6						—						447.6
Specialty Equipment			—												238.2						0.7						238.9						—						389.3						1.8						391.1
Other (1)			299.5												2.1						18.4						320.0						442.7						4.5						0.4						447.6
Total			$	925.6											$	579.2					$	19.3					$	1,524.1					$	1,598.3					$	841.4					$	3.8					$	2,443.5

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

On July 31, 2019, the Company completed the disposition of Demag to Tadano. The Company received approximately $215 million of consideration, as adjusted for estimated amounts of cash, debt, working capital and certain other items. The final consideration will be adjusted based on the actual amounts of cash, debt and working capital. Products divested were Demag^® all terrain cranes and large lattice boom crawler cranes. During the six months ended June 30, 2019, the Company recognized a charge of approximately $82 million, net of tax, to write-down Demag to its fair value, less costs to sell. During 2019, the Company also exited North American mobile crane product lines manufactured in its Oklahoma City facility and recognized a gain, net of tax, of $12.8 million related to the sale during the three and six months ended June 30, 2019.

			Three Months Ended June 30,																		Six Months Ended June 30,
			2020						2019						2020						2019
Net sales			$	0.1					$	131.2					$	5.5					$	257.1
Cost of sales			(0.4)						(122.6)						(5.5)						(262.9)
Selling, general and administrative expenses			(0.9)						(30.6)						(1.4)						(61.6)
Impairment of mobile cranes disposal group			—						4.0						(0.1)						(82.1)
Other income (expense)			(0.1)						(1.4)						(0.1)						(3.7)
Income (loss) from discontinued operations before income taxes			(1.3)						(19.4)						(1.6)						(153.2)
(Provision for) benefit from income taxes			0.3						2.1						0.4						11.5
Income (loss) from discontinued operations – net of tax			$	(1.0)					$	(17.3)					$	(1.2)					$	(141.7)

									June 30, 2020									December 31, 2019
									Cranes									Cranes
Assets
Cash and cash equivalents									$	3.9								$	5.0
Trade receivables – net									2.6									3.5
Inventories									2.2									5.3
Prepaid and other current assets									0.3									0.2
Impairment reserve									(3.5)									(4.8)
Included in Prepaid and other current assets									$	5.5								$	9.2
Property, plant and equipment – net									$	0.6								$	0.6
Intangible assets									1.7									2.4
Impairment reserve									(2.1)									(2.8)
Other assets									0.2									0.4
Included in Other assets									$	0.4								$	0.6
Liabilities
Trade accounts payable									$	1.3								$	4.6
Accruals and other current liabilities									2.0									3.8
Included in Other current liabilities									$	3.3								$	8.4
Non-current liabilities									$	0.9								$	1.2
Included in Other non-current liabilities									$	0.9								$	1.2