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SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Segment information

SEGMENT 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. Segment external sales, expenses, and income from operations are determined based on the results of operations for the operating units of the Company's manufacturing facilities. Expenses and income from operations are allocated to appropriate segments based on the sales 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’ property, plant and equipment balances are carried at the corporate level. Titan is organized primarily on the basis of products being included in three market 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, separated by market segments, for each of the three and nine months ended September 30, 2018 and 2017 (amounts in thousands):

	Three months ended								Nine months ended
	September 30,								September 30,
	2018				2017				2018				2017
Net sales
Agricultural	$	163,367			$	170,895			$	544,404			$	524,335
Earthmoving/construction	180,362				156,442				568,057				443,030
Consumer	40,990				43,651				126,544				125,523
	$	384,719			$	370,988			$	1,239,005			$	1,092,888
Gross profit
Agricultural	$	19,921			$	19,072			$	77,153			$	63,988
Earthmoving/construction	17,819				14,810				64,541				41,963
Consumer	5,964				6,255				19,883				18,407
	$	43,704			$	40,137			$	161,577			$	124,358
Income (loss) from operations
Agricultural	$	11,539			$	10,197			$	51,862			$	37,166
Earthmoving/construction	6,056				3,262				27,584				6,645
Consumer	3,225				3,114				10,822				8,165
Corporate & Unallocated	(15,997		)		(21,242		)		(47,099		)		(58,818		)
Income (loss) from operations	4,823				(4,669		)		43,169				(6,842		)
Interest expense	(7,596		)		(7,537		)		(22,786		)		(22,578		)
Foreign exchange gain (loss)	855				815				(7,187		)		48
Other income, net	7,437				2,569				17,664				6,996
Income (loss) before income taxes	$	5,519			$	(8,822	)		$	30,860			$	(22,376	)

Assets by segment were as follows as of the dates set forth below (amounts in thousands):

	September 30, 2018				December 31, 2017
Total assets
Agricultural	$	405,414			$	444,783
Earthmoving/construction	490,238				537,855
Consumer	120,501				157,133
Corporate & Unallocated	257,927				150,341
	$	1,274,080			$	1,290,112

 

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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