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SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The table below presents information about certain operating results, separated by market segments, for the three and nine months ended September 30, 2024 and 2023 (amounts in thousands):
| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net sales |  |  |  |  |  |  |
Agricultural | $ | 175,439 |  |  | $ | 212,967 |  |  | $ | 631,442 |  |  | $ | 787,973 |
Earthmoving/construction | 136,313 |  |  | 155,045 |  |  | 467,085 |  |  | 528,652 |
Consumer | 136,233 |  |  | 33,769 |  |  | 363,837 |  |  | 114,976 |
| $ | 447,985 |  |  | $ | 401,781 |  |  | $ | 1,462,364 |  |  | $ | 1,431,601 |
Gross profit |  |  |  |  |  |  |
Agricultural | $ | 16,720 |  |  | $ | 37,026 |  |  | $ | 89,642 |  |  | $ | 135,012 |
Earthmoving/construction | 11,653 |  |  | 22,257 |  |  | 55,929 |  |  | 88,583 |
Consumer | 30,432 |  |  | 6,790 |  |  | 71,046 |  |  | 23,930 |
| $ | 58,805 |  |  | $ | 66,073 |  |  | $ | 216,617 |  |  | $ | 247,525 |
Income from operations |  |  |  |  |  |  |
Agricultural | $ | 1,910 |  |  | $ | 21,383 |  |  | $ | 41,692 |  |  | $ | 86,071 |
Earthmoving/construction | (1,911) |  |  | 8,501 |  |  | 13,970 |  |  | 46,561 |
Consumer | 11,282 |  |  | 4,526 |  |  | 22,844 |  |  | 17,183 |
Corporate & Unallocated | (8,474) |  |  | (7,435) |  |  | (28,305) |  |  | (21,806) |
Income from operations | $ | 2,807 |  |  | $ | 26,975 |  |  | $ | 50,201 |  |  | $ | 128,009 |
Interest expense | (9,005) |  |  | (7,229) |  |  | (27,103) |  |  | (22,446) |
Interest income | 3,064 |  |  | 3,298 |  |  | 8,483 |  |  | 6,261 |
Foreign exchange (loss) gain | (2,525) |  |  | 876 |  |  | (2,338) |  |  | (882) |
Other income, net | 375 |  |  | 461 |  |  | 4,057 |  |  | 2,409 |
(Loss) income before income taxes | $ | (5,284) |  |  | $ | 24,381 |  |  | $ | 33,300 |  |  | $ | 113,351 |
Schedule of Reconciliation of Assets from Segment to Consolidated | Assets by segment were as follows as of the dates set forth below (amounts in thousands):
| September 30, 2024 |  | December 31, 2023
Total assets |  |  |
Agricultural | $ | 612,320 |  |  | $ | 559,607 |
Earthmoving/construction | 493,508 |  |  | 497,508 |
Consumer | 541,764 |  |  | 155,602 |
Corporate & Unallocated | 39,132 |  |  | 76,528 |
| $ | 1,686,724 |  |  | $ | 1,289,245 |
Schedule of Reconciliation of Revenue from Segments to Consolidated | The table below presents net sales by products and reportable segments for the three and nine months ended September 30, 2024 and 2023 (amounts in thousands):
| Agricultural Segment |  | Earthmoving/Construction Segment |  | Consumer Segment |  | Total
Three months ended September 30, 2024 |  |  |  |  |  |  |
Wheels and Tires [including assemblies] | $ | 165,017 |  |  | $ | 45,424 |  |  | $ | 130,691 |  |  | $ | 341,132 |
Undercarriage systems and components | 10,422 |  |  | 90,889 |  |  | 5,542 |  |  | 106,853 |
Total | $ | 175,439 |  |  | $ | 136,313 |  |  | $ | 136,233 |  |  | $ | 447,985 |
Nine months ended September 30, 2024 |  |  |  |  |  |  |
Wheels and Tires [including assemblies] | $ | 599,760 |  |  | $ | 171,021 |  |  | $ | 344,275 |  |  | $ | 1,115,056 |
Undercarriage systems and components | 31,682 |  |  | 296,064 |  |  | 19,562 |  |  | 347,308 |
Total | $ | 631,442 |  |  | $ | 467,085 |  |  | $ | 363,837 |  |  | $ | 1,462,364 |
| Agricultural Segment |  | Earthmoving/Construction Segment |  | Consumer Segment |  | Total
Three months ended September 30, 2023 |  |  |  |  |  |  |
Wheels and Tires [including assemblies] | $ | 200,860 |  |  | $ | 58,846 |  |  | $ | 29,286 |  |  | $ | 288,992 |
Undercarriage systems and components | 12,107 |  |  | 96,199 |  |  | 4,483 |  |  | 112,789 |
Total | $ | 212,967 |  |  | $ | 155,045 |  |  | $ | 33,769 |  |  | $ | 401,781 |
Nine months ended September 30, 2023 |  |  |  |  |  |  |
Wheels and Tires [including assemblies] | $ | 753,757 |  |  | $ | 204,063 |  |  | $ | 97,707 |  |  | $ | 1,055,527 |
Undercarriage systems and components | 34,216 |  |  | 324,589 |  |  | 17,269 |  |  | 376,074 |
Total | $ | 787,973 |  |  | $ | 528,652 |  |  | $ | 114,976 |  |  | $ | 1,431,601 |

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- 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
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