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SEGMENT INFORMATION
6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segment information SEGMENT INFORMATIONThe 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 the three and six months ended June 30, 2023 and 2022 (amounts in thousands):
Three months endedSix months ended
June 30,June 30,
 2023202220232022
Net sales  
Agricultural$269,148 $318,585 $575,006 $628,184 
Earthmoving/construction174,683 210,370 373,607 411,629 
Consumer37,345 43,940 81,207 89,079 
 $481,176 $572,895 $1,029,820 $1,128,892 
Gross profit  
Agricultural$48,736 $61,921 $97,986 $109,845 
Earthmoving/construction29,102 36,317 66,326 67,692 
Consumer8,057 11,415 17,140 18,845 
$85,895 $109,653 $181,452 $196,382 
Income from operations  
Agricultural$32,119 $44,884 $64,688 $75,001 
Earthmoving/construction14,522 22,276 38,060 38,116 
Consumer5,865 9,238 12,657 14,120 
Corporate & Unallocated(6,608)(6,697)(14,371)(12,828)
      Income from operations$45,898 $69,701 $101,034 $114,409 
Interest expense(5,762)(7,707)(12,254)(15,614)
Foreign exchange gain (loss)2,234 (1,758)7,551 
Other income1,186 23,694 1,948 14,835 
      Income before income taxes$41,324 $87,922 $88,970 $121,181 
Assets by segment were as follows as of the dates set forth below (amounts in thousands):
June 30,
2023
December 31,
2022
Total assets  
Agricultural$576,182 $548,523 
Earthmoving/construction524,640 538,064 
Consumer136,811 133,213 
Corporate & Unallocated67,518 64,830 
 $1,305,151 $1,284,630