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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 $10,288127,500 
296,193 
Additional cash consideration for excess net working capital acquired18,372 
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 
Inventories145,988 
Prepaid and other current assets13,339 
Property, plant, and equipment128,162 
Other long-term assets96,203 
Goodwill12,867 
Intangible assets15,770 
Fair value of assets acquired$510,768 
Accounts payable66,055 
Other current liabilities26,377 
Operating leases95,476 
Deferred tax liabilities10,451 
Other long-term liabilities1,509 
Fair value of liabilities assumed199,868 
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 ValueWeighted Average Amortization (in Years)
Customer lists/relationships$10,347 10.00
Trade names3,508 15.00
Other intangibles1,915 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 income1,254 
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 income25,445 23,056 
Net income per common share, basic$0.35 $0.31 
Net income per common share, diluted$0.35 $0.31