XML 50 R36.htm IDEA: XBRL DOCUMENT
v3.22.0.1

SEGMENT INFORMATION | 12 Months Ended
--- | ---
Dec. 31, 2021
Segment Reporting [Abstract] |
Segment Information | SEGMENT AND GEOGRAPHICAL 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. The accounting policies of the segments are the same as those described in Note 1, “Description of Business and Significant Accounting Policies.” Segment external revenues, expenses, and income from operations are determined on the basis of the results of operations of operating units of 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’ goodwill and property, plant, and equipment balances are carried at the corporate level. Titan is organized primarily on the basis of products being included in three marketing 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 of segments as reviewed by the chief operating decision maker of the Company as of and for the years ended December 31, 2021, 2020, and 2019 (amounts in thousands):
| 2021 |  | 2020 |  | 2019
Revenues from external customers |  |  |  |  |
Agricultural | $ | 949,400 |  |  | $ | 634,652 |  |  | $ | 652,558 |
Earthmoving/construction | 693,350 |  |  | 510,150 |  |  | 648,753 |
Consumer | 137,465 |  |  | 114,511 |  |  | 147,355 |
| $ | 1,780,215 |  |  | $ | 1,259,313 |  |  | $ | 1,448,666 |
Gross profit |  |  |  |  |
Agricultural | $ | 135,807 |  |  | $ | 65,408 |  |  | $ | 55,971 |
Earthmoving/construction | 83,705 |  |  | 37,885 |  |  | 57,678 |
Consumer | 18,030 |  |  | 11,026 |  |  | 15,355 |
| $ | 237,542 |  |  | $ | 114,319 |  |  | $ | 129,004 |
Income (loss) from operations |  |  |  |  |
Agricultural | $ | 77,666 |  |  | $ | 9,838 |  |  | $ | 10,991 |
Earthmoving/construction | 27,809 |  |  | (21,620) |  |  | (1,892) |
Consumer | 9,553 |  |  | 1,085 |  |  | 1,849 |
Corporate & Unallocated | (29,853) |  |  | (24,654) |  |  | (39,380) |
Income (loss) from operations | 85,175 |  |  | (35,351) |  |  | (28,432) |
Interest expense | (32,221) |  |  | (30,554) |  |  | (33,137) |
Loss on senior note repurchase | (16,020) |  |  | — |  |  | — |
Foreign exchange gain (loss) | 12,020 |  |  | (11,025) |  |  | 3,999 |
Other income, net | 2,086 |  |  | 18,799 |  |  | 9,526 |
Income (loss) before income taxes | $ | 51,040 |  |  | $ | (58,131) |  |  | $ | (48,044) |
Capital expenditures |  |  |  |  |
Agricultural | $ | 20,749 |  |  | $ | 10,869 |  |  | $ | 16,500 |
Earthmoving/construction | 15,014 |  |  | 8,859 |  |  | 16,229 |
Consumer | 3,039 |  |  | 1,952 |  |  | 3,685 |
| $ | 38,802 |  |  | $ | 21,680 |  |  | $ | 36,414 |
Depreciation & amortization |  |  |  |  |
Agricultural | $ | 25,082 |  |  | $ | 26,534 |  |  | $ | 23,478 |
Earthmoving/construction | 18,428 |  |  | 21,328 |  |  | 23,235 |
Consumer | 3,621 |  |  | 4,785 |  |  | 5,277 |
Corporate & Unallocated | 860 |  |  | 2,008 |  |  | 2,386 |
| $ | 47,991 |  |  | $ | 54,655 |  |  | $ | 54,376 |
Total assets |  |  |  |  |
Agricultural | $ | 517,528 |  |  | $ | 444,843 |  |  | $ | 423,955 |
Earthmoving/construction | 502,373 |  |  | 478,264 |  |  | 496,988 |
Consumer | 133,906 |  |  | 86,752 |  |  | 123,320 |
Corporate & Unallocated (a) | 28,878 |  |  | 22,025 |  |  | 70,044 |
| $ | 1,182,685 |  |  | $ | 1,031,884 |  |  | $ | 1,114,307 |
(a) Unallocated assets included cash of approximately $7 million, $13 million, and $9 million at year-end 2021, 2020, and 2019, respectively. The table below presents information by geographic area. Revenues from external customers were determined based on the location of the selling subsidiary. Geographic information as of and for the years ended December 31, 2021, 2020, and 2019 was as follows (amounts in thousands):
| 2021 |  | 2020 |  | 2019
Net Sales |  |  |  |  |
United States | $ | 835,985 |  |  | $ | 583,400 |  |  | $ | 672,556 |
Europe / CIS | 479,724 |  |  | 343,452 |  |  | 400,059 |
Latin America | 318,879 |  |  | 218,258 |  |  | 254,375 |
Other international | 145,627 |  |  | 114,203 |  |  | 121,676 |
| $ | 1,780,215 |  |  | $ | 1,259,313 |  |  | $ | 1,448,666 |
Long-Lived Assets |  |  |  |  |
United States | $ | 98,307 |  |  | $ | 103,748 |  |  | $ | 121,022 |
Europe / CIS | 146,547 |  |  | 163,265 |  |  | 162,817 |
Latin America | 42,599 |  |  | 38,531 |  |  | 50,358 |
Other international | 13,656 |  |  | 14,310 |  |  | 33,398 |
| $ | 301,109 |  |  | $ | 319,854 |  |  | $ | 367,595 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration