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SEGMENT INFORMATION | 9 Months Ended
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Sep. 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 undercarriage 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 nine months ended September 30, 2021 and 2020 (amounts in thousands):
| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Net sales |  |  |  |  |  |  |
Agricultural | $ | 244,373 |  |  | $ | 153,067 |  |  | $ | 684,636 |  |  | $ | 473,272 |
Earthmoving/construction | 168,408 |  |  | 123,227 |  |  | 509,930 |  |  | 372,606 |
Consumer | 37,601 |  |  | 28,478 |  |  | 97,973 |  |  | 86,527 |
| $ | 450,382 |  |  | $ | 304,772 |  |  | $ | 1,292,539 |  |  | $ | 932,405 |
Gross profit |  |  |  |  |  |  |
Agricultural | $ | 33,214 |  |  | $ | 16,191 |  |  | $ | 98,294 |  |  | $ | 45,830 |
Earthmoving/construction | 21,263 |  |  | 12,409 |  |  | 63,333 |  |  | 34,777 |
Consumer | 5,815 |  |  | 2,717 |  |  | 13,400 |  |  | 7,821 |
| $ | 60,292 |  |  | $ | 31,317 |  |  | $ | 175,027 |  |  | $ | 88,428 |
Income (loss) from operations |  |  |  |  |  |  |
Agricultural | $ | 18,156 |  |  | $ | 3,091 |  |  | $ | 54,228 |  |  | $ | 11,958 |
Earthmoving/construction | 7,913 |  |  | 656 |  |  | 20,950 |  |  | (5,161) |
Consumer | 3,519 |  |  | (88) |  |  | 7,067 |  |  | 912 |
Corporate & Unallocated | (6,688) |  |  | (10,467) |  |  | (21,395) |  |  | (27,221) |
Income (loss) from operations | 22,900 |  |  | (6,808) |  |  | 60,850 |  |  | (19,512) |
Interest expense | (7,818) |  |  | (7,251) |  |  | (23,939) |  |  | (23,076) |
Loss on senior note repurchase | — |  |  | — |  |  | (16,020) |  |  | — |
Foreign exchange gain (loss) | 416 |  |  | (1,336) |  |  | 9,125 |  |  | (9,742) |
Other income | 648 |  |  | 2,283 |  |  | 1,512 |  |  | 9,111 |
Income (loss) before income taxes | $ | 16,146 |  |  | $ | (13,112) |  |  | $ | 31,528 |  |  | $ | (43,219) |
Assets by segment were as follows as of the dates set forth below (amounts in thousands):
| September 30, 2021 |  | December 31, 2020
Total assets |  |  |
Agricultural | $ | 494,117 |  |  | $ | 420,993 |
Earthmoving/construction | 489,076 |  |  | 473,873 |
Consumer | 142,093 |  |  | 114,993 |
Corporate & Unallocated | 18,973 |  |  | 22,025 |
| $ | 1,144,259 |  |  | $ | 1,031,884 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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