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SEGMENT INFORMATION

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2020 and 2019 (amounts in thousands):

			Three months ended												Nine months ended
			September 30,												September 30,
			2020						2019						2020						2019
Net sales
Agricultural			$	153,067					$	156,625					$	473,272					$	512,639
Earthmoving/construction			123,227						155,659						372,606						517,186
Consumer			28,478						33,621						86,527						117,051
			$	304,772					$	345,905					$	932,405					$	1,146,876
Gross profit
Agricultural			$	16,191					$	10,426					$	45,830					$	46,798
Earthmoving/construction			12,409						12,935						34,777						50,806
Consumer			2,717						3,739						7,821						13,068
			$	31,317					$	27,100					$	88,428					$	110,672
(Loss) income from operations
Agricultural			$	3,091					$	(1,230)					$	5,389					$	17,062
Earthmoving/construction			656						(2,938)						(8,240)						8,293
Consumer			(88)						(229)						1,042						3,120
Corporate & Unallocated			(10,467)						(8,219)						(17,703)						(39,385)
Loss from operations			(6,808)						(12,616)						(19,512)						(10,910)
Interest expense			(7,251)						(8,164)						(23,076)						(23,751)
Foreign exchange (loss) gain			(1,336)						(2,266)						(9,742)						2,218
Other income, net			2,283						5,066						9,111						7,490
Loss before income taxes			$	(13,112)					$	(17,980)					$	(43,219)					$	(24,953)

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

			September 30, 2020						December 31, 2019
Total assets
Agricultural			$	437,994					$	423,955
Earthmoving/construction			458,890						496,988
Consumer			94,092						123,320
Corporate & Unallocated			25,371						70,044
			$	1,016,347					$	1,114,307

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- References

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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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