XML 36 R25.htm IDEA: XBRL DOCUMENT
v3.25.3

SEGMENT INFORMATION | 9 Months Ended
--- | ---
Sep. 30, 2025
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION We have aggregated our operating segments into reportable segments based on our 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, “Basis of Presentation and Significant Accounting Policies” to these Notes to the Condensed 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. We are 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 CODM of Titan is Paul Reitz (our President and CEO). 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 CODM does not review asset information by segment to manage operations or allocate resources. Therefore, segment assets are not disclosed. The tables below present information about certain operating results, separated by market segments, for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands):
| Three months ended September 30, 2025
| Agriculture |  | Earthmoving/Construction |  | Consumer |  | Corporate & Unallocated |  | Total
Net sales | $ | 188,737 |  |  | $ | 145,368 |  |  | $ | 132,361 |  |  | $ | — |  |  | $ | 466,466 |
Cost of sales | 163,505 |  |  | 130,205 |  |  | 101,885 |  |  | — |  |  | 395,595 |
Gross profit | $ | 25,232 |  |  | $ | 15,163 |  |  | $ | 30,476 |  |  | $ | — |  |  | $ | 70,871 |
Selling, general and administrative expenses | 14,268 |  |  | 12,583 |  |  | 19,593 |  |  | 6,688 |  |  | 53,132 |
Research and development expenses | 1,412 |  |  | 1,566 |  |  | 1,102 |  |  | 470 |  |  | 4,550 |
Royalty expense | 2,043 |  |  | 657 |  |  | 745 |  |  | — |  |  | 3,445 |
Segment profit (loss) | $ | 7,509 |  |  | $ | 357 |  |  | $ | 9,036 |  |  | $ | (7,158) |  |  | $ | 9,744 |
Interest expense |  |  |  |  |  |  | (9,727) |  |  | (9,727) |
Interest income |  |  |  |  |  |  | 3,032 |  |  | 3,032 |
Foreign exchange loss |  |  |  |  |  |  | (2,009) |  |  | (2,009) |
Other loss |  |  |  |  |  |  | (2,433) |  |  | (2,433) |
Loss before income taxes |  |  |  |  |  |  | $ | (18,295) |  |  | $ | (1,393) |
| Nine months ended September 30, 2025
| Agriculture |  | Earthmoving/Construction |  | Consumer |  | Corporate & Unallocated |  | Total
Net sales | $ | 579,706 |  |  | $ | 441,005 |  |  | $ | 397,293 |  |  | $ | — |  |  | $ | 1,418,004 |
Cost of sales | 501,707 |  |  | 393,475 |  |  | 314,034 |  |  | — |  |  | 1,209,216 |
Gross profit | $ | 77,999 |  |  | $ | 47,530 |  |  | $ | 83,259 |  |  | $ | — |  |  | $ | 208,788 |
Selling, general and administrative expenses | 40,213 |  |  | 36,098 |  |  | 57,596 |  |  | 21,433 |  |  | 155,340 |
Research and development expenses | 4,095 |  |  | 5,067 |  |  | 2,905 |  |  | 1,368 |  |  | 13,435 |
Royalty expense | 5,287 |  |  | 1,338 |  |  | 1,685 |  |  | — |  |  | 8,310 |
Segment profit (loss) | $ | 28,404 |  |  | $ | 5,027 |  |  | $ | 21,073 |  |  | $ | (22,801) |  |  | $ | 31,703 |
Interest expense |  |  |  |  |  |  | (28,935) |  |  | (28,935) |
Interest income |  |  |  |  |  |  | 7,726 |  |  | 7,726 |
Foreign exchange loss |  |  |  |  |  |  | (6,389) |  |  | (6,389) |
Other loss |  |  |  |  |  |  | (159) |  |  | (159) |
(Loss) income before income taxes |  |  |  |  |  |  | $ | (50,558) |  |  | $ | 3,946 |
| Three months ended September 30, 2024
| Agriculture |  | Earthmoving/Construction |  | Consumer |  | Corporate & Unallocated |  | Total
Net sales | $ | 175,439 |  |  | $ | 136,313 |  |  | $ | 136,233 |  |  | $ | — |  |  | $ | 447,985 |
Cost of sales | 158,719 |  |  | 124,660 |  |  | 105,801 |  |  | — |  |  | 389,180 |
Gross profit | $ | 16,720 |  |  | $ | 11,653 |  |  | $ | 30,432 |  |  | $ | — |  |  | $ | 58,805 |
Selling, general and administrative expenses | 12,201 |  |  | 11,577 |  |  | 17,679 |  |  | 8,076 |  |  | 49,533 |
Research and development expenses | 1,248 |  |  | 1,645 |  |  | 908 |  |  | 398 |  |  | 4,199 |
Royalty expense | 1,361 |  |  | 342 |  |  | 563 |  |  | — |  |  | 2,266 |
Segment profit (loss) | $ | 1,910 |  |  | $ | (1,911) |  |  | $ | 11,282 |  |  | $ | (8,474) |  |  | $ | 2,807 |
Interest expense |  |  |  |  |  |  | (9,005) |  |  | (9,005) |
Interest income |  |  |  |  |  |  | 3,064 |  |  | 3,064 |
Foreign exchange loss |  |  |  |  |  |  | (2,525) |  |  | (2,525) |
Other income |  |  |  |  |  |  | 375 |  |  | 375 |
Loss before income taxes |  |  |  |  |  |  | $ | (16,565) |  |  | $ | (5,284) |
| Nine months ended September 30, 2024
| Agriculture |  | Earthmoving/Construction |  | Consumer |  | Corporate & Unallocated |  | Total
Net sales | $ | 631,442 |  |  | $ | 467,085 |  |  | $ | 363,837 |  |  | $ | — |  |  | $ | 1,462,364 |
Cost of sales | 541,800 |  |  | 411,156 |  |  | 292,791 |  |  | — |  |  | 1,245,747 |
Gross profit | $ | 89,642 |  |  | $ | 55,929 |  |  | $ | 71,046 |  |  | $ | — |  |  | $ | 216,617 |
Selling, general and administrative expenses | 39,522 |  |  | 35,654 |  |  | 44,479 |  |  | 20,881 |  |  | 140,536 |
Acquisition related expenses | — |  |  | — |  |  | — |  |  | 6,196 |  |  | 6,196 |
Research and development expenses | 3,640 |  |  | 5,125 |  |  | 2,078 |  |  | 1,228 |  |  | 12,071 |
Royalty expense | 4,788 |  |  | 1,180 |  |  | 1,645 |  |  | — |  |  | 7,613 |
Segment profit (loss) | $ | 41,692 |  |  | $ | 13,970 |  |  | $ | 22,844 |  |  | $ | (28,305) |  |  | $ | 50,201 |
Interest expense |  |  |  |  |  |  | (27,103) |  |  | (27,103) |
Interest income |  |  |  |  |  |  | 8,483 |  |  | 8,483 |
Foreign exchange loss |  |  |  |  |  |  | (2,338) |  |  | (2,338) |
Other income |  |  |  |  |  |  | 4,057 |  |  | 4,057 |
(Loss) income before income taxes |  |  |  |  |  |  | $ | (45,206) |  |  | $ | 33,300 |
The tables below present net sales by products and reportable segments for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands):
| Agricultural |  | Earthmoving/Construction |  | Consumer |  | Total
Three months ended September 30, 2025 |  |  |  |  |  |  |
Wheels and Tires [including assemblies] | $ | 177,578 |  |  | $ | 54,672 |  |  | $ | 125,008 |  |  | $ | 357,258 |
Undercarriage systems and components | 11,159 |  |  | 90,696 |  |  | 7,353 |  |  | 109,208 |
Total | $ | 188,737 |  |  | $ | 145,368 |  |  | $ | 132,361 |  |  | $ | 466,466 |
Nine months ended September 30, 2025 |  |  |  |  |  |  |
Wheels and Tires [including assemblies] | $ | 548,803 |  |  | $ | 163,223 |  |  | $ | 374,744 |  |  | $ | 1,086,770 |
Undercarriage systems and components | 30,903 |  |  | 277,782 |  |  | 22,549 |  |  | 331,234 |
Total | $ | 579,706 |  |  | $ | 441,005 |  |  | $ | 397,293 |  |  | $ | 1,418,004 |
| Agricultural |  | Earthmoving/Construction |  | Consumer |  | 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 |
Depreciation and amortization expense by segment were as follows as of the periods set forth below (amounts in thousands):
| Agricultural |  | Earthmoving/Construction |  | Consumer |  | Corporate & Unallocated |  | Total
Three months ended September 30, 2025 | $ | 6,555 |  |  | $ | 5,048 |  |  | $ | 4,596 |  |  | $ | 595 |  |  | $ | 16,794 |
Nine months ended September 30, 2025 | 19,453 |  |  | 14,825 |  |  | 13,278 |  |  | 1,732 |  |  | 49,288 |
Three months ended September 30, 2024 | 4,833 |  |  | 3,756 |  |  | 3,754 |  |  | 293 |  |  | 12,636 |
Nine months ended September 30, 2024 | 16,583 |  |  | 12,314 |  |  | 9,792 |  |  | 1,370 |  |  | 40,059 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration