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SEGMENT AND GEOGRAPHICAL INFORMATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHICAL INFORMATION SEGMENT AND GEOGRAPHICAL INFORMATION
The Company has aggregated its operating segments into reportable segments based on its three customer markets: agricultural, earthmoving/construction, and consumer. These segments are based on the information used by the chief operating decision maker ("CODM") to make certain operating decisions, allocate portions of capital expenditures and assess segment performance. The accounting policies of the segments are the same as those described in Note 1, “Description of Business and Significant Accounting Policies” to these Notes to the consolidated financial statements. Segment external revenues, expenses, and income from operations are determined on the basis of the results of operations of operating units of manufacturing facilities. Segment assets are generally determined on the basis of an allocation of the tangible assets located at such operating units’ manufacturing facilities and the intangible assets associated with the acquisitions of such operating units. However, certain operating units’ property, plant, and equipment balances are carried at the corporate level.

Titan is organized primarily on the basis of products being included in three marketing segments, with each reportable segment including wheels, tires, wheel/tire assemblies, and undercarriage systems and components. Given the integrated manufacturing operations and common administrative and marketing support, a substantial number of allocations primarily based on segment sales data must be made to determine operating segment data.

The chief operating decision maker of Titan is Paul Reitz (President and CEO of Titan). The CODM utilizes both forecasted and actual expense information on a consolidated basis to manage operations. The CODM utilizes segment gross profit and segment operating profit (loss), both in comparison to the prior year and the current forecasted level of gross profit, for purposes of analyzing the segment’s financial performance. The assessment of each segment’s financial performance by the CODM is then utilized to contemplate and execute on business decisions to allocate resources to manage the growth and profitability of each reportable segment and for the Company as a whole.

The table below presents information about certain operating results, separated by market segments, for the years ended December 31, 2024, 2023, and 2022 (amounts in thousands):


For the Year Ended December 31, 2024
 AgricultureEarthmoving/ConstructionConsumerCorporate & UnallocatedTotal
Net sales$788,580 $583,391 $473,966 $— $1,845,937 
Cost of sales684,592 520,567 382,976 — 1,588,135 
Gross profit103,988 62,824 90,990 — 257,802 
Selling, general and administrative expenses52,910 47,741 64,900 26,243 191,794 
Acquisition related expenses— — — 6,196 6,196 
Research and development expenses4,994 6,503 3,380 1,643 16,520 
Royalty expense6,304 1,571 2,233 — 10,108 
Segment profit (loss)$39,780 $7,009 $20,477 $(34,082)$33,184 
Interest expense(36,429)(36,429)
Interest income11,024 11,024 
Foreign exchange loss(6,123)(6,123)
Other income6,615 6,615 
(Loss) income before income taxes$(58,995)$8,271 
For the Year Ended December 31, 2023
 AgricultureEarthmoving/ConstructionConsumerCorporate & UnallocatedTotal
Net sales$980,537 $687,758 $153,505 $— $1,821,800 
Cost of sales817,511 577,068 121,372 — 1,515,951 
Gross profit163,026 110,690 32,133 — 305,849 
Selling, general and administrative expenses51,666 47,712 7,684 27,876 134,938 
Research and development expenses4,107 6,480 411 1,541 12,539 
Royalty expense6,611 1,376 1,658 — 9,645 
Segment profit (loss)$100,642 $55,122 $22,380 $(29,417)$148,727 
Interest expense(29,157)(29,157)
Interest income10,372 10,372 
Foreign exchange loss(22,822)(22,822)
Other income2,628 2,628 
(Loss) income before income taxes$(68,396)$109,748 


For the Year Ended December 31, 2022
 AgricultureEarthmoving/ConstructionConsumerCorporate & UnallocatedTotal
Net sales$1,192,239 $807,356 $169,785 $— $2,169,380 
Cost of sales998,654 671,568 138,448 — 1,808,670 
Gross profit193,585 135,788 31,337 — 360,710 
Selling, general and administrative expenses51,582 48,735 6,218 26,257 132,792 
Research and development expenses3,317 5,735 284 1,068 10,404 
Royalty expense8,212 1,508 1,992 — 11,712 
Segment profit (loss)$130,474 $79,810 $22,843 $(27,325)$205,802 
Interest expense(32,149)(32,149)
Interest income2,353 2,353 
Foreign exchange gain927 927 
Other income25,420 25,420 
(Loss) income before income taxes$(30,774)$202,353 


The table below presents information by products and reportable segments as of and for the years ended December 31, 2024, 2023, and 2022 (amounts in thousands):

2024Agricultural SegmentEarthmoving/Construction SegmentConsumer SegmentTotal
Revenues from external customers   
Wheels and Tires [including assemblies]$746,994 $213,994 $448,005 $1,408,993 
Undercarriage systems and components41,586 369,397 25,961 436,944 
 Total$788,580 $583,391 $473,966 $1,845,937 
2023Agricultural SegmentEarthmoving/Construction SegmentConsumer SegmentTotal
Revenues from external customers   
Wheels and Tires [including assemblies]$935,274 $258,709 $130,297 $1,324,280 
Undercarriage systems and components45,263 429,049 23,208 497,520 
 Total$980,537 $687,758 $153,505 $1,821,800 

2022Agricultural SegmentEarthmoving/Construction SegmentConsumer SegmentTotal
Revenues from external customers   
Wheels and Tires [including assemblies]$1,152,933 $329,403 $147,307 $1,629,643 
Undercarriage systems and components39,306 477,953 22,478 539,737 
 Total$1,192,239 $807,356 $169,785 $2,169,380 

Depreciation and amortization expense by segment were as follows for the fiscal years ended as set forth below (amounts in thousands):
AgricultureEarthmoving/ConstructionConsumerCorporate & UnallocatedTotal
2024$24,850 18,433 15,585 1,836 $60,704 
2023$21,405 15,185 3,404 2,440 $42,434 
2022$22,645 15,337 3,226 1,539 $42,747 


Assets by segment were as follows as of the dates set forth below (amounts in thousands):
AgricultureEarthmoving/ConstructionConsumer
Corporate & Unallocated(a)
Total
December 31, 2024$569,632 441,551 512,254 61,516 $1,584,953 
December 31, 2023$559,607 497,508 155,602 76,528 $1,289,245 

(a) Unallocated assets included cash of approximately $7 million, $32 million, and $20 million as of December 31, 2024, 2023, and 2022, respectively.


The table below presents information by geographic area. Revenues from external customers were determined based on the location of the selling subsidiary. Geographic information as of and for the years ended December 31, 2024, 2023, and 2022 was as follows (amounts in thousands):
202420232022
Net Sales
United States$935,724 $814,676 $1,074,715 
Europe / CIS462,066 558,677 577,877 
Latin America292,830 354,979 422,439 
Asia and other regions155,317 93,468 94,349 
$1,845,937 $1,821,800 $2,169,380 
Long-Lived Assets  
United States$184,686 $107,639 $97,112 
Europe / CIS132,349 142,749 138,617 
Latin America53,653 61,169 49,714 
Asia and other regions50,530 10,137 11,162 
$421,218 $321,694 $296,605