XML 37 R26.htm IDEA: XBRL DOCUMENT v3.21.2
SEGMENT INFORMATION
6 Months Ended
Jun. 30, 2021
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. Each reportable segment includes wheels, tires, wheel/tire assemblies, and undercarraige systems and components. 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.

The table below presents information about certain operating results, separated by market segments, for each of the three and six months ended June 30, 2021 and 2020 (amounts in thousands):
Three months endedSix months ended
June 30,June 30,
 2021202020212020
Net sales  
Agricultural$231,504 $147,267 $440,263 $320,206 
Earthmoving/construction176,715 112,457 341,522 249,379 
Consumer30,420 26,409 60,372 58,048 
 $438,639 $286,133 $842,157 $627,633 
Gross profit  
Agricultural$35,291 $15,613 $65,080 $29,640 
Earthmoving/construction22,328 11,614 42,070 22,368 
Consumer3,851 2,640 7,585 5,103 
$61,470 $29,867 $114,735 $57,111 
Income (loss) from operations  
Agricultural$20,789 $6,992 $36,072 $8,867 
Earthmoving/construction7,462 (1,902)13,037 (5,817)
Consumer1,881 1,425 3,548 1,000 
Corporate & Unallocated(6,413)(9,616)(14,707)(16,754)
      Income (loss) from operations23,719 (3,101)37,950 (12,704)
Interest expense(8,598)(7,906)(16,121)(15,826)
Loss on senior note repurchase(16,020)— (16,020)— 
Foreign exchange (loss) gain(768)8,836 8,709 (8,406)
Other income (expense), net1,232 (492)864 6,829 
      (Loss) income before income taxes$(435)$(2,663)$15,382 $(30,107)
Assets by segment were as follows as of the dates set forth below (amounts in thousands):
June 30,
2021
December 31,
2020
Total assets  
Agricultural$489,542 $420,993 
Earthmoving/construction502,939 473,873 
Consumer119,695 114,993 
Corporate & Unallocated15,262 22,025 
 $1,127,438 $1,031,884