XML 71 R55.htm IDEA: XBRL DOCUMENT
v3.24.0.1

SEGMENT INFORMATION (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Segment Reporting Information [Line Items] |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 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, 2023, 2022, and 2021 (amounts in thousands):
| 2023 |  | 2022 |  | 2021
Revenues from external customers |  |  |  |  |
Agricultural | $ | 980,537 |  |  | $ | 1,192,239 |  |  | $ | 949,400 |
Earthmoving/construction | 687,758 |  |  | 807,356 |  |  | 693,350 |
Consumer | 153,505 |  |  | 169,785 |  |  | 137,465 |
| $ | 1,821,800 |  |  | $ | 2,169,380 |  |  | $ | 1,780,215 |
Gross profit |  |  |  |  |
Agricultural | $ | 163,026 |  |  | $ | 193,585 |  |  | $ | 135,807 |
Earthmoving/construction | 110,690 |  |  | 135,788 |  |  | 83,705 |
Consumer | 32,133 |  |  | 31,337 |  |  | 18,030 |
| $ | 305,849 |  |  | $ | 360,710 |  |  | $ | 237,542 |
Income from operations |  |  |  |  |
Agricultural | $ | 100,642 |  |  | $ | 130,474 |  |  | $ | 77,666 |
Earthmoving/construction | 55,122 |  |  | 79,810 |  |  | 27,809 |
Consumer | 22,380 |  |  | 22,843 |  |  | 9,553 |
Corporate & Unallocated | (29,417) |  |  | (27,325) |  |  | (29,853) |
Income from operations | 148,727 |  |  | 205,802 |  |  | 85,175 |
Interest expense | (18,785) |  |  | (29,796) |  |  | (32,221) |
Loss on senior note repurchase | — |  |  | — |  |  | (16,020) |
Foreign exchange (loss) gain | (22,822) |  |  | 927 |  |  | 12,020 |
Other income, net | 2,628 |  |  | 25,420 |  |  | 2,086 |
Income before income taxes | $ | 109,748 |  |  | $ | 202,353 |  |  | $ | 51,040 |
Capital expenditures |  |  |  |  |
Agricultural | $ | 32,306 |  |  | $ | 25,738 |  |  | $ | 20,749 |
Earthmoving/construction | 23,249 |  |  | 17,576 |  |  | 15,014 |
Consumer | 5,244 |  |  | 3,660 |  |  | 3,039 |
| $ | 60,799 |  |  | $ | 46,974 |  |  | $ | 38,802 |
Depreciation & amortization |  |  |  |  |
Agricultural | $ | 21,405 |  |  | $ | 22,645 |  |  | $ | 25,082 |
Earthmoving/construction | 15,185 |  |  | 15,337 |  |  | 18,428 |
Consumer | 3,404 |  |  | 3,226 |  |  | 3,621 |
Corporate & Unallocated | 2,440 |  |  | 1,539 |  |  | 860 |
| $ | 42,434 |  |  | $ | 42,747 |  |  | $ | 47,991 |
Total assets |  |  |  |  |
Agricultural | $ | 559,607 |  |  | $ | 548,523 |  |  | $ | 517,528 |
Earthmoving/construction | 497,508 |  |  | 538,064 |  |  | 502,373 |
Consumer | 155,602 |  |  | 133,213 |  |  | 133,906 |
Corporate & Unallocated (a) | 76,528 |  |  | 64,830 |  |  | 28,878 |
| $ | 1,289,245 |  |  | $ | 1,284,630 |  |  | $ | 1,182,685 |
(a) Unallocated assets included cash of approximately $32 million, $20 million, and $7 million as of December 31, 2023, 2022, and 2021, respectively.
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | 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, 2023, 2022, and 2021 was as follows (amounts in thousands):
| 2023 |  | 2022 |  | 2021
Net Sales |  |  |  |  |
United States | $ | 814,676 |  |  | $ | 1,074,715 |  |  | $ | 835,985 |
Europe / CIS | 558,677 |  |  | 577,877 |  |  | 479,724 |
Latin America | 354,979 |  |  | 422,439 |  |  | 318,879 |
Other international | 93,468 |  |  | 94,349 |  |  | 145,627 |
| $ | 1,821,800 |  |  | $ | 2,169,380 |  |  | $ | 1,780,215 |
Long-Lived Assets |  |  |  |  |
United States | $ | 107,639 |  |  | $ | 97,112 |  |  | $ | 98,307 |
Europe / CIS | 142,749 |  |  | 138,617 |  |  | 146,547 |
Latin America | 61,169 |  |  | 49,714 |  |  | 42,599 |
Other international | 10,137 |  |  | 11,162 |  |  | 13,656 |
| $ | 321,694 |  |  | $ | 296,605 |  |  | $ | 301,109 |
The table below presents information by products and reportable segments as of and for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands):
2023 | Agricultural Segment |  | Earthmoving/Construction Segment |  | Consumer Segment |  | Total
Revenues from external customers |  |  |  |  |  |  |
Wheels and Tires [including assemblies] | $ | 935,274 |  |  | $ | 258,709 |  |  | $ | 130,297 |  |  | $ | 1,324,280 |
Undercarriage systems and components | 45,263 |  |  | 429,049 |  |  | 23,208 |  |  | 497,520 |
Total | $ | 980,537 |  |  | $ | 687,758 |  |  | $ | 153,505 |  |  | $ | 1,821,800 |
2022 | Agricultural Segment |  | Earthmoving/Construction Segment |  | Consumer Segment |  | Total
Revenues from external customers |  |  |  |  |  |  |
Wheels and Tires [including assemblies] | $ | 1,152,933 |  |  | $ | 329,403 |  |  | $ | 147,307 |  |  | $ | 1,629,643 |
Undercarriage systems and components | 39,306 |  |  | 477,953 |  |  | 22,478 |  |  | 539,737 |
Total | $ | 1,192,239 |  |  | $ | 807,356 |  |  | $ | 169,785 |  |  | $ | 2,169,380 |
2021 | Agricultural Segment |  | Earthmoving/Construction Segment |  | Consumer Segment |  | Total
Revenues from external customers |  |  |  |  |  |  |
Wheels and Tires [including assemblies] | $ | 913,065 |  |  | $ | 292,553 |  |  | $ | 116,405 |  |  | $ | 1,322,023 |
Undercarriage systems and components | 36,335 |  |  | 400,797 |  |  | 21,060 |  |  | 458,192 |
Total | $ | 949,400 |  |  | $ | 693,350 |  |  | $ | 137,465 |  |  | $ | 1,780,215 |

X
- Definition Tabular disclosure of the names of foreign countries from which revenue is material and the amount of revenue from external customers attributed to those countries. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + Details
Name: | us-gaap_ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_SegmentReportingInformationLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration