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SEGMENT INFORMATION | 3 Months Ended
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Mar. 31, 2020
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, 2020 and 2019 (amounts in thousands):
| Three months ended
| March 31,
| 2020 |  | 2019
Net sales |  |  |
Agricultural | $ | 172,938 |  |  | $ | 191,730 |
Earthmoving/construction | 136,922 |  |  | 176,745 |
Consumer | 31,640 |  |  | 41,899 |
| $ | 341,500 |  |  | $ | 410,374 |
Gross profit |  |  |  |  |
Agricultural | $ | 14,027 |  |  | $ | 22,125 |
Earthmoving/construction | 10,754 |  |  | 18,170 |
Consumer | 2,463 |  |  | 4,969 |
| $ | 27,244 |  |  | $ | 45,264 |
(Loss) income from operations |  |  |  |  |
Agricultural | $ | (4,694 | ) |  | $ | 13,928 |
Earthmoving/construction | (6,994 | ) |  | 5,528 |
Consumer | (295 | ) |  | 2,121 |
Corporate & Unallocated | 2,380 |  |  | (17,441 | )
(Loss) income from operations | (9,603 | ) |  | 4,136 |
Interest expense | (8,035 | ) |  | (7,933 | )
Foreign exchange (loss) gain | (17,242 | ) |  | 5,723 |
Other income, net | 7,436 |  |  | 996 |
(Loss) income before income taxes | $ | (27,444 | ) |  | $ | 2,922 |
Assets by segment were as follows as of the dates set forth below (amounts in thousands):
| March 31, 2020 |  | December 31, 2019
Total assets |  |  |  |  |
Agricultural | $ | 435,679 |  |  | $ | 423,955 |
Earthmoving/construction | 455,371 |  |  | 496,988 |
Consumer | 108,864 |  |  | 123,320 |
Corporate & Unallocated | 60,340 |  |  | 70,044 |
| $ | 1,060,254 |  |  | $ | 1,114,307 |

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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 + Details
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