Interest and Other income (expense): Net interest expense increased by approximately $20 million from the second quarter of 2011 due to the increase in debt mainly related to the acquisition of Demag Cranes AG. Other expense in the second quarter of 2012 was $3.6 million compared to other income in the prior year quarter of $34.6 million. The change was primarily driven by income in the prior year period of approximately $40 million from the sale of shares of Bucyrus International and an accrual in the second quarter of 2012 for the guaranteed payment to the minority shareholders of Demag Cranes AG pursuant to the DPLA, which payment is not tax deductible.Taxes: The effective tax rate for the second quarter of 2012 was 35.4% as compared to an effective tax rate of 98.8% for the second quarter of 2011. The lower effective tax rate for the second quarter of 2012 was primarily attributable to losses that did not produce tax benefits having less of an impact in the current period than in the prior year period.
Terex Announces Second Quarter 2012 Results
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