XML 53 R43.htm IDEA: XBRL DOCUMENT v3.3.0.814
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2014
Segment Reporting [Abstract]  
Segment Information
SEGMENT AND GEOGRAPHICAL INFORMATION

The Company has aggregated its operating units into reportable segments based on its three customer markets: agricultural, earthmoving/construction and consumer.  These segments are based on the information used by the chief executive officer to make certain operating decisions, allocate portions of capital expenditures and assess segment performance.  The accounting policies of the segments are the same as those described in Note 1, “Description of Business and Significant Accounting Policies.”  Segment external revenues, expenses and income from operations are determined on the basis of the results of operations of operating units of manufacturing facilities.  Segment assets are generally determined on the basis of the tangible assets located at such operating units’ manufacturing facilities and the intangible assets associated with the acquisitions of such operating units.  However, certain operating units’ goodwill and property, plant and equipment balances are carried at the corporate level.

Titan is organized primarily on the basis of products being included in three marketing segments, with each reportable segment including wheels, tires, wheel/tire assemblies and undercarriage systems and components.

The table below presents information about certain operating results of segments as reviewed by the chief operating decision maker of the Company as of and for the years ended December 31, 2014, 2013 and 2012. (amounts in thousands):
 
2014
 
2013
 
2012
Revenues from external customers
 
 
 
 
 
Agricultural
$
1,016,882

 
$
1,182,187

 
$
1,080,412

Earthmoving/construction
610,596

 
749,115

 
501,617

Consumer
268,049

 
232,293

 
238,649

 
$
1,895,527

 
$
2,163,595

 
$
1,820,678

Gross profit
 

 
 

 
 

Agricultural
$
134,688

 
$
198,910

 
$
206,376

Earthmoving/construction
(7,609
)
 
83,358

 
74,348

Consumer
16,250

 
15,542

 
16,366

Unallocated corporate
(2,686
)
 
(2,620
)
 
(2,951
)
 
$
140,643

 
$
295,190

 
$
294,139

Income (loss) from operations
 

 
 

 
 

Agricultural
$
63,838

 
$
151,841

 
$
178,587

Earthmoving/construction
(80,600
)
 
22,008

 
47,310

Consumer
(8,766
)
 
1,630

 
32,243

Unallocated corporate
(72,097
)
 
(73,084
)
 
(83,432
)
Consolidated income (loss) from operations
(97,625
)
 
102,395

 
174,708

 
 
 
 
 
 
Interest expense
(36,564
)
 
(47,120
)
 
(27,658
)
Convertible debt conversion charge
—

 
(7,273
)
 
—

Loss on senior note repurchase
—

 
(22,734
)
 
—

Noncash Titan Europe Plc gain
—

 
—

 
26,700

Gain on earthquake insurance recovery
—

 
22,451

 
—

Gain on acquisition
—

 
—

 
11,678

Other income (expense), net
(18,055
)
 
7,015

 
6,823

Income (loss) before income taxes
$
(152,244
)
 
$
54,734

 
$
192,251

 
 
 
 
 
 
Capital expenditures
 

 
 

 
 

Agricultural
$
17,448

 
$
28,763

 
$
26,886

Earthmoving/construction
29,190

 
35,702

 
26,508

Consumer
7,608

 
7,393

 
4,100

Unallocated corporate
4,193

 
8,273

 
8,246

 
$
58,439

 
$
80,131

 
$
65,740

 
 
 
 
 
 
Depreciation & amortization
 

 
 

 
 

Agricultural
$
37,996

 
$
29,781

 
$
20,435

Earthmoving/construction
36,608

 
40,272

 
24,192

Consumer
9,743

 
6,246

 
5,855

Unallocated corporate
4,357

 
4,323

 
3,613

 
$
88,704

 
$
80,622

 
$
54,095

 
 
 
 
 
 
Total assets
 

 
 

 
 

Agricultural
$
508,741

 
$
725,032

 
$
555,020

Earthmoving/construction
591,553

 
749,564

 
841,502

Consumer
175,475

 
172,320

 
140,592

Unallocated corporate (a)
219,955

 
174,315

 
173,121

 
$
1,495,724

 
$
1,821,231

 
$
1,710,235

(a)  Unallocated assets include cash of approximately $133 million, $82 million, and $103 million at year-end 2014, 2013 and 2012, respectively.

The table below presents information by geographic area.  Revenues from external customers were determined based on the location of the selling subsidiary.  Geographic information as of and for the years ended December 31, 2014, 2013 and 2012 was as follows (amounts in thousands):
2014
United States
 
Brazil
 
Other Countries
 
Consolidated
Totals
Revenues from external customers
$
904,097

 
$
352,342

 
$
639,088

 
$
1,895,527

Long-lived assets
223,797

 
80,414

 
223,203

 
527,414

2013
 

 
 
 
 

 
 

Revenues from external customers
$
1,159,061

 
$
397,426

 
$
607,108

 
$
2,163,595

Long-lived assets
266,413

 
101,282

 
313,187

 
680,882

2012
 

 
 
 
 

 
 

Revenues from external customers
$
1,356,264

 
$
328,005

 
$
136,409

 
$
1,820,678

Long-lived assets
262,064

 
112,480

 
218,741

 
593,285