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SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2019

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. 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 months ended March 31, 2019 and 2018 (amounts in thousands):

	Three months ended
	March 31,
	2019				2018
Net sales
Agricultural	$	191,730			$	194,166
Earthmoving/construction	176,745				188,733
Consumer	41,899				42,483
	$	410,374			$	425,382
Gross profit
Agricultural	$	22,125			$	29,961
Earthmoving/construction	18,170				22,462
Consumer	4,969				7,138
	$	45,264			$	59,561
Income (loss) from operations
Agricultural	$	13,928			$	21,321
Earthmoving/construction	5,528				9,953
Consumer	2,121				3,947
Corporate & Unallocated	(17,441		)		(15,839		)
Income from operations	4,136				19,382
Interest expense	(7,933		)		(7,518		)
Foreign exchange gain (loss)	5,723				(4,432		)
Other income, net	996				7,750
Income before income taxes	$	2,922			$	15,182

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

	March 31, 2019				December 31, 2018
Total assets
Agricultural	$	547,879			$	464,828
Earthmoving/construction	557,531				543,927
Consumer	127,232				129,994
Corporate & Unallocated	92,614				112,507
	$	1,325,256			$	1,251,256

 

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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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