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BUSINESS COMBINATION (Tables) | 3 Months Ended
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Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [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 | 19,759 |
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 final allocation of purchase price consideration to the major classes of assets and liabilities as of February 29, 2024 (amounts in thousands):
| Final Purchase Price Allocation
Accounts receivable | $ | 92,043 |
Inventories | 150,900 |
Prepaid and other current assets | 13,339 |
Property, plant, and equipment | 115,090 |
Other long-term assets | 111,864 |
Goodwill | 29,563 |
Intangible assets | 11,500 |
Fair value of assets acquired | $ | 524,299 |
Accounts payable | $ | 66,055 |
Other current liabilities | 28,377 |
Operating leases | 108,249 |
Deferred tax liabilities | 7,773 |
Other long-term liabilities | 1,509 |
Fair value of liabilities assumed | $ | 211,963 |
Purchase price | $ | 312,336 |
Schedule of Goodwill | The carrying value of goodwill by reportable segment as of March 31, 2025 and December 31, 2024 was as follows:
| Carrying Value
Agricultural | $ | 4,844 |
Earthmoving/construction | — |
Consumer | 24,719 |
Total | $ | 29,563 |
Schedule of Carrying Amounts and Weighted Average Lives of the Acquired Intangible Assets |
Schedule of Business Acquisition, Pro Forma Information | Through March 31, 2024, the actual revenue and income before taxes of Titan Specialty 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
Titan Specialty revenue | $ | 51,788 |
Titan Specialty income before taxes | 1,254 |
The following is the unaudited pro forma financial information for the three months ended March 31, 2024 that reflects our results of our operations as if the acquisition of Titan Specialty 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
|  |  | March 31, 2024
Pro forma revenues |  |  |  |  | $ | 584,027 |
Pro forma net income |  |  |  |  | 25,445 |
Net income per common share, basic |  |  |  |  | $ | 0.35 |
Net income per common share, diluted |  |  |  |  | 0.35 |

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