XML 33 R23.htm IDEA: XBRL DOCUMENT v3.23.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 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 nine months ended September 30, 2023 and 2022 (amounts in thousands):
Three months endedNine months ended
September 30,September 30,
 2023202220232022
Net sales  
Agricultural$212,967 $289,259 $787,973 $917,443 
Earthmoving/construction155,045 199,921 528,652 611,550 
Consumer33,769 41,542 114,976 130,621 
 $401,781 $530,722 $1,431,601 $1,659,614 
Gross profit  
Agricultural$37,026 $45,949 $135,012 $155,794 
Earthmoving/construction22,257 34,959 88,583 102,651 
Consumer6,790 6,725 23,930 25,570 
$66,073 $87,633 $247,525 $284,015 
Income from operations  
Agricultural$21,383 $31,125 $86,071 $106,126 
Earthmoving/construction8,501 21,836 46,561 59,952 
Consumer4,526 4,856 17,183 18,976 
Corporate & Unallocated(7,435)(7,326)(21,806)(20,154)
      Income from operations$26,975 $50,491 $128,009 $164,900 
Interest expense(3,931)(7,221)(16,185)(22,835)
Foreign exchange gain (loss)876 1,198 (882)8,749 
Other income461 9,691 2,409 24,526 
      Income before income taxes$24,381 $54,159 $113,351 $175,340 
Assets by segment were as follows as of the dates set forth below (amounts in thousands):
September 30,
2023		December 31,
2022
Total assets  
Agricultural$553,408 $548,523 
Earthmoving/construction495,605 538,064 
Consumer129,422 133,213 
Corporate & Unallocated79,300 64,830 
 $1,257,735 $1,284,630