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SEGMENT INFORMATION | 3 Months Ended
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Mar. 31, 2024
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. 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 an allocation 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. 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. Given the integrated manufacturing operations and common administrative and marketing support, a substantial number of allocations primarily based on segment sales data must be made to determine operating segment data. The table below presents information about certain operating results, separated by market segments, for the three months ended March 31, 2024 and 2023 (amounts in thousands):
|  |  | Three months ended
|  |  | March 31,
|  |  |  |  | 2024 |  | 2023
Net sales |  |  |  |  |  |  |
Agricultural |  |  |  |  | $ | 239,673 |  |  | $ | 305,858 |
Earthmoving/construction |  |  |  |  | 165,208 |  |  | 198,924 |
Consumer |  |  |  |  | 77,328 |  |  | 43,862 |
|  |  |  |  | $ | 482,209 |  |  | $ | 548,644 |
Gross profit |  |  |  |  |  |  |
Agricultural |  |  |  |  | $ | 40,619 |  |  | $ | 49,250 |
Earthmoving/construction |  |  |  |  | 22,977 |  |  | 37,224 |
Consumer |  |  |  |  | 13,774 |  |  | 9,083 |
|  |  |  |  | $ | 77,370 |  |  | $ | 95,557 |
Income from operations |  |  |  |  |  |  |
Agricultural |  |  |  |  | $ | 24,010 |  |  | $ | 32,569 |
Earthmoving/construction |  |  |  |  | 8,834 |  |  | 23,538 |
Consumer |  |  |  |  | 5,113 |  |  | 6,792 |
Corporate & Unallocated |  |  |  |  | (12,885) |  |  | (7,763) |
Income from operations |  |  |  |  | $ | 25,072 |  |  | $ | 55,136 |
Interest expense, net |  |  |  |  | (5,492) |  |  | (6,492) |
Foreign exchange loss |  |  |  |  | (275) |  |  | (1,760) |
Other income, net |  |  |  |  | 405 |  |  | 762 |
Income before income taxes |  |  |  |  | $ | 19,710 |  |  | $ | 47,646 |
Assets by segment were as follows as of the dates set forth below (amounts in thousands):
| March 31, 2024 |  | December 31, 2023
Total assets |  |  |
Agricultural | $ | 665,237 |  |  | $ | 559,607 |
Earthmoving/construction | 515,017 |  |  | 497,508 |
Consumer | 555,340 |  |  | 155,602 |
Corporate & Unallocated | 78,001 |  |  | 76,528 |
| $ | 1,813,595 |  |  | $ | 1,289,245 |
The table below presents net sales by products and reportable segments for the three months ended March 31, 2024 and 2023 (amounts in thousands):
| Agricultural Segment |  | Earthmoving/Construction Segment |  | Consumer Segment |  | Total
Three months ended March 31, 2024 |  |  |  |  |  |  |
Wheels and Tires [including assemblies] | $ | 229,034 |  |  | $ | 66,245 |  |  | $ | 71,354 |  |  | $ | 366,633 |
Undercarriage systems and components | 10,639 |  |  | 98,963 |  |  | 5,974 |  |  | 115,576 |
Total | $ | 239,673 |  |  | $ | 165,208 |  |  | $ | 77,328 |  |  | $ | 482,209 |
| Agricultural Segment |  | Earthmoving/Construction Segment |  | Consumer Segment |  | Total
Three months ended March 31, 2023 |  |  |  |  |  |  |
Wheels and Tires [including assemblies] | $ | 293,704 |  |  | $ | 81,379 |  |  | $ | 37,230 |  |  | $ | 412,313 |
Undercarriage systems and components | 12,154 |  |  | 117,545 |  |  | 6,632 |  |  | 136,331 |
Total | $ | 305,858 |  |  | $ | 198,924 |  |  | $ | 43,862 |  |  | $ | 548,644 |

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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