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BUSINESS COMBINATION (Tables)

6 Months Ended

Jun. 30, 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

Schedule of Assets and Liabilities of Purchase Price Consideration

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 equity holders 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 Carrying Amounts and Weighted Average Lives of the Acquired Intangible Assets

The following table summarizes the carrying amounts and weighted average lives of the acquired intangible assets as of February 29, 2024 (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

Schedule of Business Acquisition, Pro Forma Information

Through June 30, 2024, the actual revenue and income before taxes 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 June 30, 2024
Carlstar revenue			$	187,610
Carlstar income before taxes			8,084

The following is the unaudited pro forma financial information for the three and six months ended June 30, 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, except per share data).

			Three months ended												Six months ended
			June 30, 2024						June 30, 2023						June 30, 2024						June 30, 2023
Pro forma revenues			$	532,170					$	643,341					$	1,116,197					$	1,369,116
Pro forma net income			10,752						41,999						36,197						65,055
Net income per common share, basic			$	0.15					$	0.56					$	0.50					$	0.87
Net income per common share, diluted			0.14						0.55						0.49						0.86

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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.

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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

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Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

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