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Business Combinations and Asset Acquisitions (Tables) | 1 Months Ended | 3 Months Ended
--- | --- | ---
Mar. 31, 2024 | Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract] |  |
Schedule of Business Acquisitions, by Acquisition |  | On February 29, 2024, the Company acquired 100% of the equity interests of The Carlstar Group, LLC ("Carlstar") for the following purchase consideration and subject to a working capital adjustment based on an agreed upon working capital target (amounts in thousands):
| Purchase Consideration
Titan International, Inc. common stock | $ | 168,693 |
Base cash consideration, net of cash acquired of $10,288 | 127,500 |
| 296,193 |
Additional cash consideration for excess net working capital acquired | 18,372 |
Other debt-like items | (3,665) |
Total purchase consideration, net of cash acquired | $ | 310,900 |
Carlstar is a global manufacturer and distributor of wheels and tires for a variety of end-market verticals including outdoor power equipment, power sports, trailers, and small to midsize agricultural and construction equipment. Carlstar has 17 manufacturing and distribution facilities located in four countries and provides solutions to customers in North America, Europe and China. The following table summarizes the major classes of assets and liabilities to which we have preliminarily allocated the purchase price consideration (amounts in thousands). The final allocation is subject to review and agreement with the prior equityholders of Carlstar.
| Fair Values as of February 29, 2024
Accounts receivable | $ | 98,439 |
Inventories | 145,988 |
Prepaid and other current assets | 13,339 |
Property, plant, and equipment | 128,162 |
Other long-term assets | 96,203 |
Goodwill | 12,867 |
Intangible assets | 15,770 |
Fair value of assets acquired | $ | 510,768 |
Accounts payable | 66,055 |
Other current liabilities | 26,377 |
Operating leases | 95,476 |
Deferred tax liabilities | 10,451 |
Other long-term liabilities | 1,509 |
Fair value of liabilities assumed | 199,868 |
Purchase Price | $ | 310,900 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination |  | The following table summarizes the carrying amounts and weighted average lives of the acquired intangible assets (amounts in thousands):
| Carrying Value |  | Weighted Average Amortization (in Years)
Customer lists/relationships | $ | 10,347 |  |  | 10.00
Trade names | 3,508 |  |  | 15.00
Other intangibles | 1,915 |  |  | 6.25
Total | $ | 15,770 |  |  | 10.66
Business Acquisition, Pro Forma Information | Through March 31, 2024, the actual revenue and net income of Carlstar since the acquisition date of February 29, 2024 included in the consolidated statement of operations is as shown below (amounts in thousands). The net income includes the effect of fair value adjustments for the amortization of inventory, intangible assets, and depreciation of property, plant and equipment.
| From Acquisition Date to March 31, 2024
Carlstar revenue | $ | 51,788 |
Carlstar net income | 1,254 |
| The following is the unaudited pro forma financial information for the three months ended March 31, 2024 and 2023 that reflects our results of our operations as if the acquisition of Carlstar had been completed on January 1, 2023. This unaudited pro forma financial information is provided for informational purposes only and is not necessarily indicative of what the actual results of operations would have been had the transactions taken place on January 1, 2023, nor is it indicative of the future consolidated results of operations or financial position of the combined companies (amounts in thousands).
| March 31, 2024 |  | March 31, 2023
Proforma revenues | $ | 584,027 |  |  | $ | 725,775 |
Proforma net income | 25,445 |  |  | 23,056 |
Net income per common share, basic | $ | 0.35 |  |  | $ | 0.31 |
Net income per common share, diluted | $ | 0.35 |  |  | $ | 0.31 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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