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BUSINESS COMBINATION (Tables)
 9 Months Ended
Sep. 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 acquired19,759 
Other debt-like items(3,616)
Total purchase consideration, net of cash acquired$312,336 
Schedule of Assets and Liabilities of Purchase Price Consideration
The following table summarizes the measurement period changes since the first quarter of 2024, as well as the updated and initial preliminary allocation of purchase price consideration to the major classes of assets and liabilities (amounts in thousands) as of February 29, 2024:
Updated Purchase Price AllocationMeasurement Period ChangesInitial Purchase Price Allocation
Accounts receivable$92,043 $(6,396)$98,439 
Inventories150,900 4,912 145,988 
Prepaid and other current assets13,339 — 13,339 
Property, plant, and equipment111,580 (16,582)128,162 
Other long-term assets94,304 (1,899)96,203 
Goodwill35,810 22,943 12,867 
Intangible assets12,000 (3,770)15,770 
Fair value of assets acquired$509,976 $(792)$510,768 
Accounts payable$66,055 $— $66,055 
Other current liabilities26,377 — 26,377 
Operating leases95,476 — 95,476 
Deferred tax liabilities8,459 (1,992)10,451 
Other long-term liabilities1,273 (236)1,509 
Fair value of liabilities assumed$197,640 $(2,228)$199,868 
Purchase Price$312,336 $1,436 $310,900 
Schedule of Goodwill The preliminary carrying value of goodwill by operating segment as of September 30, 2024 is as follows:
 Carrying Value as of September 30, 2024
Agricultural$5,478 
Earthmoving/construction— 
Consumer30,332 
Total$35,810 
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 ValueWeighted Average Amortization
(in Years)
Customer lists/relationships$6,500 10.00
Trade names5,500 13.50
Total$12,000 11.90
Schedule of Business Acquisition, Pro Forma Information
Through September 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
September 30, 2024
Carlstar revenue$316,496 
Carlstar income before taxes22,069 

The following is the unaudited pro forma financial information for the three and nine months ended September 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 endedNine months ended
September 30,September 30,
 2024202320242023
Pro forma revenues$447,985 $547,410 $1,564,182 $1,916,526 
Pro forma net (loss) income(17,399)24,731 18,798 89,786 
Net (loss) income per common share, basic$(0.24)$0.33 $0.26 $1.20 
Net (loss) income per common share, diluted(0.24)0.33 0.26 1.19