Document and Entitiy Informatio
Document and Entitiy Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 24, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-12936 | |
Entity Registrant Name | TITAN INTERNATIONAL, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-3228472 | |
Entity Address, Address Line One | 1525 Kautz Road, Suite 600 | |
Entity Address, City or Town | West Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60185 | |
City Area Code | 630 | |
Local Phone Number | 377-0486 | |
Title of 12(b) Security | Common stock, $0.0001 par value | |
Trading Symbol | TWI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000899751 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 72,870,714 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 482,209 | $ 548,644 |
Cost of sales | 404,839 | 453,087 |
Gross profit | 77,370 | 95,557 |
Selling, general and administrative expenses | 39,420 | 34,472 |
Business Combination, Acquisition Related Costs | 6,196 | 0 |
Research and development expenses | 3,654 | 3,014 |
Royalty expense | 3,028 | 2,935 |
Income (loss) from operations | 25,072 | 55,136 |
Interest expense, net | (5,492) | (6,492) |
Foreign exchange loss | (275) | (1,760) |
Other income | 405 | 762 |
Income before income taxes | 19,710 | 47,646 |
Provision for income taxes | 9,736 | 14,216 |
Net income | 9,974 | 33,430 |
Net income attributable to noncontrolling interests | 773 | 1,592 |
Net income attributable to Titan and applicable to common shareholders | $ 9,201 | $ 31,838 |
Earnings per common share: | ||
Basic | $ 0.14 | $ 0.51 |
Diluted | $ 0.14 | $ 0.50 |
Average common shares and equivalents outstanding: | ||
Basic | 64,928 | 62,905 |
Diluted | 65,704 | 63,621 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 9,974 | $ 33,430 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 2 | (111) |
Currency translation adjustment, net | (14,368) | 6,944 |
Pension liability adjustments, net of tax of $(12) and $11, respectively | 148 | (30) |
Comprehensive income (loss) | (4,244) | 40,233 |
Net comprehensive (loss) income attributable to noncontrolling interests | 437 | 497 |
Comprehensive income (loss) attributable to Titan | $ (4,681) | $ 39,736 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 12 | $ (11) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 203,628 | $ 220,251 |
Accounts receivable, net | 355,559 | 219,145 |
Inventories | 504,945 | 365,156 |
Prepaid and other current assets | 91,004 | 72,229 |
Total current assets | 1,155,136 | 876,781 |
Property, plant and equipment, net | 450,446 | 321,694 |
Operating Lease, Right-of-Use Asset | 108,777 | 11,955 |
Goodwill | 12,867 | 0 |
Intangible Assets, Net (Excluding Goodwill) | 17,046 | 1,431 |
Deferred income taxes | 26,283 | 38,033 |
Other long-term assets | 43,040 | 39,351 |
Total assets | 1,813,595 | 1,289,245 |
Current liabilities | ||
Short-term debt | 18,693 | 16,913 |
Accounts payable | 287,933 | 201,201 |
Operating Lease, Liability, Current | 12,289 | 5,021 |
Other current liabilities | 176,148 | 149,240 |
Total current liabilities | 495,063 | 372,375 |
Long-term debt | 554,440 | 409,178 |
Deferred income taxes | 4,708 | 2,234 |
Operating Lease, Liability, Noncurrent | 95,467 | 6,153 |
Other long-term liabilities | 32,982 | 31,890 |
Total liabilities | $ 1,182,660 | $ 821,830 |
Common Stock, par value | $ 0.0001 | |
Common Stock, shares authorized (in shares) | 120,000,000 | |
Common Stock, shares issued (in shares) | 78,447,035 | 66,525,269 |
Treasury Stock, Common, Shares | 5,613,074 | 5,809,414 |
Titan stockholders' equity | ||
Common stock ($0.0001 par value, 120,000,000 shares authorized, 78,447,035 issued at March 31, 2024 and 66,525,269 at December 31, 2023) | $ 0 | $ 0 |
Additional paid-in capital | 735,544 | 569,065 |
Retained earnings | 178,824 | 169,623 |
Treasury stock (at cost, 5,613,074 shares at March 31, 2024 and 5,809,414 shares at December 31, 2023) | (51,300) | (52,585) |
Accumulated other comprehensive loss | (232,925) | (219,043) |
Total Titan shareholders’ equity | 630,143 | 467,060 |
Noncontrolling interests | 792 | 355 |
Total equity | 630,935 | 467,415 |
Total liabilities and equity | $ 1,813,595 | $ 1,289,245 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional paid-in capital [Member] | Retained earnings [Member] | Treasury Stock, Common | Accumulated other comprehensive income (loss) [Member] | Parent [Member] | Noncontrolling interest [Member] |
Balance, Beginning (in shares) at Dec. 31, 2022 | 62,843,961 | |||||||
Balance, Beginning at Dec. 31, 2022 | $ (383,138) | $ (565,546) | $ (90,863) | $ 23,418 | $ 251,755 | $ (381,236) | $ (1,902) | |
Net income | 33,430 | 31,838 | 31,838 | 1,592 | ||||
Currency translation adjustment, net | 6,944 | 8,039 | 8,039 | (1,095) | ||||
Temporary Equity, Foreign Currency Translation Adjustments | 6,944 | |||||||
Pension liability adjustments, net of tax | (30) | (30) | (30) | |||||
Derivative, Loss on Derivative | (111) | (111) | (111) | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 322,157 | |||||||
Stock-based compensation | 700 | (1,303) | 2,003 | 700 | ||||
Issuance of treasury stock under 401(k) plan | 28,733 | |||||||
Issuance of treasury stock under 401(k) plan | 429 | 250 | 179 | 429 | ||||
Stock Repurchased During Period, Shares | (109,789) | |||||||
Treasury Stock, Value, Acquired, Cost Method | (1,293) | (1,293) | (1,293) | |||||
Balance, Ending (in shares) at Mar. 31, 2023 | 63,085,062 | |||||||
Balance, Ending at Mar. 31, 2023 | (423,207) | (564,493) | (122,701) | 22,529 | 243,857 | (420,808) | (2,399) | |
Balance, Beginning (in shares) at Dec. 31, 2022 | 62,843,961 | |||||||
Balance, Beginning at Dec. 31, 2022 | $ (383,138) | (565,546) | (90,863) | 23,418 | 251,755 | (381,236) | (1,902) | |
Stock Repurchased During Period, Shares | (2,653,786) | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ (32,600) | |||||||
Balance, Ending (in shares) at Dec. 31, 2023 | 60,715,855 | |||||||
Balance, Ending at Dec. 31, 2023 | (467,415) | (569,065) | (169,623) | 52,585 | 219,043 | (467,060) | (355) | |
Net income | 9,974 | 9,201 | 9,201 | 773 | ||||
Currency translation adjustment, net | (14,368) | (14,032) | (14,032) | (336) | ||||
Temporary Equity, Foreign Currency Translation Adjustments | (14,368) | |||||||
Pension liability adjustments, net of tax | 148 | 148 | 148 | |||||
Derivative, Gain on Derivative | 2 | 2 | 2 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 266,817 | |||||||
Stock-based compensation | 32 | (2,388) | 2,420 | 32 | ||||
Issuance of treasury stock under 401(k) plan | 29,523 | |||||||
Issuance of treasury stock under 401(k) plan | $ 441 | 174 | 267 | 441 | ||||
Stock Repurchased During Period, Shares | (100,000) | (100,000) | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ (1,402) | (1,402) | (1,402) | |||||
Common Stock, shares issued (in shares) | 11,921,766 | |||||||
Stock Issued During Period, Value, Acquisitions | 168,693 | 168,693 | 168,693 | |||||
Balance, Ending (in shares) at Mar. 31, 2024 | 72,833,961 | |||||||
Balance, Ending at Mar. 31, 2024 | $ (630,935) | $ (735,544) | $ (178,824) | $ 51,300 | $ 232,925 | $ (630,143) | $ (792) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 9,974 | $ 33,430 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 12,001 | 10,830 |
Deferred income tax provision | 3,491 | 4,089 |
Unrealized Gain (Loss) on Investments | 25 | (10) |
Stock-based compensation | 32 | 700 |
Issuance of stock under 401(k) plan | 441 | 429 |
Foreign currency gain | (390) | (230) |
(Increase) decrease in assets, net of acquisitions: | ||
Accounts receivable | (43,140) | (58,541) |
Inventories | (136) | 11,486 |
Prepaid and other current assets | (6,548) | (3,932) |
Other assets | (4,037) | (459) |
Increase in liabilities, net of acquisitions: | ||
Accounts payable | 25,196 | 10,237 |
Other current liabilities | 3,695 | 15,947 |
Other liabilities | 1,401 | 110 |
Net cash provided by operating activities | 2,005 | 24,086 |
Cash flows from investing activities: | ||
Capital expenditures | (16,607) | (11,698) |
Payments to Acquire Businesses, Net of Cash Acquired | 142,207 | 0 |
Proceeds from Sales of Assets, Investing Activities | 52 | 258 |
Net cash used for investing activities | (158,762) | (11,440) |
Cash flows from financing activities: | ||
Proceeds from borrowings | 154,771 | 2,360 |
Payments for Repurchase of Common Stock | (1,402) | (1,293) |
Repayments of debt | (7,021) | (11,382) |
Proceeds from (Payments for) Other Financing Activities | (642) | (130) |
Net cash provided by (used for) financing activities | 145,706 | (10,445) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations | (5,572) | 2,338 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (16,623) | 4,539 |
Cash and cash equivalents | 203,628 | 164,116 |
Supplemental information: | ||
Interest paid | 843 | 863 |
Income taxes paid, net of refunds received | 5,549 | 3,767 |
Stock Issued | $ 168,693 | $ 0 |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying unaudited condensed consolidated interim financial statements include the accounts of Titan International, Inc. and its subsidiaries (Titan or the Company) and have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the SEC). Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. The accompanying unaudited condensed consolidated interim financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the Company's financial position and the results of operations and cash flows for the periods presented, and should be read in conjunction with the consolidated financial statements and the related notes thereto included in the Company’s latest Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 29, 2024 (the 2023 Form 10-K). All intercompany transactions have been eliminated in consolidation. These unaudited condensed consolidated interim financial statements include estimates and assumptions of management that affect the amounts reported in the condensed consolidated financial statements. Actual results could differ from these estimates. Reclassifications The Company has reclassified certain prior period amounts in the consolidated balance sheet, primarily lease liabilities, to confirm with the current period presentation. Business Combinations We account for business combinations under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations , which requires an allocation of the consideration we paid to the identifiable assets, intangible assets and liabilities based on the estimated fair values as of the closing date of the acquisition. The excess of the fair value of the purchase price over the fair values of these identifiable assets, intangible assets and liabilities is recorded as goodwill. Purchased intangibles other than goodwill are initially recognized at fair value and amortized over their useful lives unless those lives are determined to be indefinite. The valuation of acquired assets will impact future operating results. The fair value of identifiable intangible assets is determined using an income approach on an individual asset basis. Specifically, we use the multi-period excess earnings method to determine the fair value of customer relationships and the relief-from-royalty approach to determine the fair value of the tradename and proprietary technology. Determining the fair value of acquired intangibles involves significant estimates and assumptions, including forecasted revenue growth rates, EBIT margins, percentage of revenue attributable to the tradename, contributory asset charges, customer attrition rate, market-participant discount rates, the assumed royalty rates and income tax rates. The determination of the useful life of an intangible asset other than goodwill is based on factors including historical tradename performance with respect to consumer name recognition, geographic market presence, market share, plans for ongoing tradename support and promotion, customer attrition rate, and other relevant factors. Fair value of financial instruments The Company records all financial instruments, including cash and cash equivalents, accounts receivable, notes receivable, accounts payable, other accruals, revolving credit facility, and notes payable at cost, which approximates fair value due to their short term or stated rates. Investments in marketable equity securities are recorded at fair value. Our 7.00% senior secured notes due 2028 were carried at a cost of $396.5 million at March 31, 2024. The fair value of the senior secured notes due 2028 at March 31, 2024, as determined with the assistance of an independent pricing source, was approximately $392.0 million, which was determined to be a level 2 fair value measurement. Hyperinflation in Argentina and Turkey In July 2018 and March 2022, the three-year cumulative rate of inflation for consumer prices and wholesale prices reached a level in excess of 100% for Argentina and Turkey, respectively. As a result, in accordance with ASC 830 Foreign Currency Matters, Argentina and Turkey were considered hyperinflationary economies and the Company applied the standard for the year ended December 31, 2023. For the three months ended March 31, 2024, the Company recognized a net monetary loss of $1.2 million recorded in foreign exchange loss in the consolidated statements of operations associated with the application of ASC 830. Russia-Ukraine military conflict In February 2022, in response to the military conflict between Russia and Ukraine, the United States, other North Atlantic Treaty Organization member states, as well as non-member states, announced targeted economic sanctions on Russia, certain Russian citizens and enterprises. The continuation of the conflict triggered additional economic and other sanctions enacted by the United States and other countries throughout the world. The scope of potential additional sanctions is unknown. The Company currently owns 64.3% of the Voltyre-Prom, a leading producer of agricultural and industrial tires in Volgograd, Russia, which represents approximately 5% and 7% of consolidated assets of Titan as of March 31, 2024 and December 31, 2023, respectively. The Russian operations represent 5% and 6% of consolidated global sales for the three months ended March 31, 2024 and 2023. The impact of the military conflict between Russia and Ukraine has not had a significant impact on global operations. The Company continues to monitor the potential impacts on the business including the increased cost of energy in Europe and the ancillary impacts that the military conflict could have on other global operations. Share Repurchase Program On December 16, 2022, the Board of Directors authorized a share repurchase program allowing for the expenditure of up to $50.0 million (the “Share Repurchase Program”) for the repurchase of the Company's common stock. This authorization took effect immediately and will remain in place for up to three years. Under the Share Repurchase Program Titan repurchased 100,000 shares of its common stock totaling $1.4 million during the three months ended March 31, 2024 and 2,653,786 shares of its common stock totaling $32.6 million during 2023. As of March 31, 2024, $16.0 million remains available for future share repurchases under this program. The Company records treasury stock using the cost method. Supplier financing program A subsidiary of Titan participates in supplier financing programs pursuant to credit agreements between certain suppliers and financial institutions. The program enables those suppliers to receive payment from participating financial institutions prior to the payment date specified in the terms between Titan and the supplier. Titan does not incur annual service fees associated with its enrollment in the supplier financing program. The transactions are at the sole discretion of both the suppliers and the financial institution, and Titan is not a party to the agreement and has no economic interest in the supplier's decision to receive payment prior to the payment date. The terms between Titan and a supplier, including the amount due and scheduled payment dates, are not impacted by a supplier's participation in the program. Amounts due to suppliers who participate in the program are included in the accounts payable line item in Titan's Consolidated Balance Sheets and Titan’s payments made under the program are reflected in cash flows from operating activities in Titan's Consolidated Statements of Cash Flows. For suppliers who participate in a supplier financing program, Titan will pay the financial institution directly rather than the supplier. The confirmed obligations under the supplier financing programs included in the accounts payable line item in Titan's Consolidated Balance Sheet were $6.7 million at March 31, 2024, and $7.4 million at December 31, 2023. New accounting pronouncements to be adopted in future periods In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures, which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in the ASU require, among other things, disclosure of significant segment expenses that are regularly provided to an entity's chief operating decision maker (“CODM”) and a description of other segment items (the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss) by reportable segment, as well as disclosure of the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Annual disclosures are required for fiscal years beginning after December 15, 2023 and interim disclosures are required for periods within fiscal years beginning after December 15, 2024. Retrospective application is required, and early adoption is permitted. These requirements are not expected to have an impact on our financial statements, but will result in significantly expanded reportable segment disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, may be applied prospectively or retrospectively, and allows for early adoption. These requirements will impact our income tax disclosures. |
Business Combinations and Asset
Business Combinations and Asset Acquisitions | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combination Disclosure | Acquisition of The Carlstar Group 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 18,372 Other debt-like items (3,665) Total purchase consideration, net of cash acquired $ 310,900 Carlstar is a global manufacturer and distributor of wheels and tires for a variety of end-market verticals including outdoor power equipment, power sports, trailers, and small to midsize agricultural and construction equipment. Carlstar has 17 manufacturing and distribution facilities located in four countries and provides solutions to customers in North America, Europe and China. The following table summarizes the major classes of assets and liabilities to which we have preliminarily allocated the purchase price consideration (amounts in thousands). The final allocation is subject to review and agreement with the prior equityholders of Carlstar. Fair Values as of Accounts receivable $ 98,439 Inventories 145,988 Prepaid and other current assets 13,339 Property, plant, and equipment 128,162 Other long-term assets 96,203 Goodwill 12,867 Intangible assets 15,770 Fair value of assets acquired $ 510,768 Accounts payable 66,055 Other current liabilities 26,377 Operating leases 95,476 Deferred tax liabilities 10,451 Other long-term liabilities 1,509 Fair value of liabilities assumed 199,868 Purchase Price $ 310,900 Goodwill represents value the Company expects to be created by combining the operations of the acquired business with the Company's operations, including the expansion of customer relationships, access to new customers, and potential cost savings and synergies. Goodwill related to the acquisition is expected to be deductible for tax purposes. The assignment of the acquired goodwill to the Company's reporting units has not been completed. The purchase consideration was allocated on a provisional basis to the estimated fair value of assets acquired and liabilities assumed for Carlstar as of February 29, 2024. These fair value estimates are preliminary and subject to change as management completes further analyses and studies. The following table summarizes the carrying amounts and weighted average lives of the acquired intangible assets (amounts in thousands): Carrying Value Weighted Average Amortization (in Years) Customer lists/relationships $ 10,347 10.00 Trade names 3,508 15.00 Other intangibles 1,915 6.25 Total $ 15,770 10.66 Through March 31, 2024, the actual revenue and net income 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 Carlstar revenue $ 51,788 Carlstar net income 1,254 The following is the unaudited pro forma financial information for the three months ended March 31, 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). March 31, March 31, Proforma revenues $ 584,027 $ 725,775 Proforma net income 25,445 23,056 Net income per common share, basic $ 0.35 $ 0.31 Net income per common share, diluted $ 0.35 $ 0.31 These pro forma amounts have been calculated after applying Titan's accounting policies and making certain adjustments, which primarily relate to: (i) severance-related costs, (ii) adjustments relating to the fair value step-ups to inventory, and (iii) transaction-related costs of both Titan and Carlstar. These pro forma amounts were adjusted to be excluded from the unaudited pro forma information for the three months ended March 31, 2024 and were adjusted to include these amounts for the three months ended March 31, 2023. Total acquisition-related costs for the three months ended March 31, 2024 were approximately $6.2 million. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE, NET Accounts receivable consisted of the following (amounts in thousands): March 31, December 31, Accounts receivable $ 363,801 $ 225,727 Allowance for credit losses (8,242) (6,582) Accounts receivable, net $ 355,559 $ 219,145 Accounts receivable are reduced by an estimated allowance for credit losses which is based on known risks and historical losses. |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | INVENTORIES Inventories consisted of the following (amounts in thousands): March 31, December 31, Raw material $ 126,534 $ 108,504 Work-in-process 49,632 39,921 Finished goods 328,779 216,731 $ 504,945 $ 365,156 Inventories are reduced by estimated provisions for slow-moving and obsolete inventory. |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net consisted of the following (amounts in thousands): March 31, December 31, Land and improvements $ 48,448 $ 42,140 Buildings and improvements 272,401 243,241 Machinery and equipment 840,332 628,975 Tools, dies and molds 127,023 116,328 Construction-in-process 49,736 29,744 1,337,940 1,060,428 Less accumulated depreciation (887,494) (738,734) $ 450,446 $ 321,694 Depreciation on property, plant and equipment for the three months ended March 31, 2024 and 2023 totaled $11.5 million and $10.4 million, respectively. |
Other Current Liabilities
Other Current Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Other Liabilities, Current [Abstract] | |
Other Liabilities Disclosure | OTHER CURRENT LIABILITIES Other current liabilities consisted of the following (amounts in thousands): March 31, December 31, Compensation and benefits $ 54,802 $ 47,543 Warranty 23,500 21,710 Accrued insurance benefits 20,398 19,162 Customer rebates and deposits 13,954 15,490 Accrued other taxes 15,411 13,762 Accrued interest 12,816 4,955 Foreign government grant (1) 3,882 4,509 Other 31,385 22,109 $ 176,148 $ 149,240 (1) The Company received government subsidies in 2023 associated with capital expenditure investments in technological and digital innovation in Europe. The amount of the government subsidy is used to offset existing payables to government in the future. In addition, during August 2014, the Company received an approximately $17.0 million capital grant from the Italian government for asset damages related to the earthquake that occurred in May 2012 at one of our Italian subsidiaries. The grant was recorded as deferred income in non-current liabilities which is being amortized over the life of the reconstructed building. There are no specific stipulations associated with the government grant. |
WARRANTY
WARRANTY | 3 Months Ended |
Mar. 31, 2024 | |
Product Warranties Disclosures [Abstract] | |
WARRANTY COSTS | WARRANTY Changes in the warranty liability during the three months ended March 31, 2024 and 2023, respectively, consisted of the following (amounts in thousands): 2024 2023 Warranty liability at beginning of the period $ 21,710 $ 19,914 Provision for warranty liabilities 4,043 4,439 Warranty payments made (4,037) (2,727) Other adjustments, including acquisition of Carlstar 1,784 — Warranty liability at end of the period $ 23,500 $ 21,626 The Company provides limited warranties on workmanship on its products in all market segments. The majority of the Company’s products are subject to a limited warranty that ranges between less than one year and ten years, with certain product warranties being prorated after the first year. The Company calculates a provision for warranty expense based on past warranty experience. Warranty accruals are included as a component of other current liabilities on the Condensed Consolidated Balance Sheets. |
REVOLVING CREDIT FACILITY AND L
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT | DEBT Long-term debt consisted of the following (amounts in thousands): March 31, 2024 Principal Balance Unamortized Debt Issuance Net Carrying Amount 7.00% senior secured notes due 2028 $ 400,000 $ (3,504) $ 396,496 Revolving credit facility 147,000 — 147,000 Titan Europe credit facilities 22,590 — 22,590 Other debt 7,047 — 7,047 Total debt 576,637 (3,504) 573,133 Less amounts due within one year 18,693 — 18,693 Total long-term debt $ 557,944 $ (3,504) $ 554,440 December 31, 2023 Principal Balance Unamortized Debt Issuance Net Carrying Amount 7.00% senior secured notes due 2028 $ 400,000 $ (3,723) $ 396,277 Titan Europe credit facilities 22,568 — 22,568 Other debt 7,246 — 7,246 Total debt 429,814 (3,723) 426,091 Less amounts due within one year 16,913 — 16,913 Total long-term debt $ 412,901 $ (3,723) $ 409,178 The weighted-average interest rates on short-term borrowings within one year at March 31, 2024 and December 31, 2023, were approximately 3.2% and 3.1%, respectively. Aggregate principal maturities of long-term debt at March 31, 2024 for each of the years (or other periods) set forth below were as follows (amounts in thousands): April 1 - December 31, 2024 $ 13,968 2025 4,013 2026 6,680 2027 1,021 2028 400,466 Thereafter 150,489 $ 576,637 7.00% senior secured notes due 2028 On April 22, 2021, the Company issued $400 million aggregate principal amount of 7.00% senior secured notes due April 2028 (the senior secured notes due 2028), guaranteed by certain of the Company's subsidiaries. Including the impact of debt issuance costs, these notes had an effective yield of 7.27% at issuance. These notes are secured by the land and buildings of the following subsidiaries of the Company: Titan Wheel Corporation of Illinois, Titan Tire Corporation, Titan Tire Corporation of Freeport, and Titan Tire Corporation of Bryan. The Company is subject to certain covenants associated with the senior secured notes due 2028 and remained in compliance with these debt covenants at March 31, 2024. Titan Europe credit facilities The Titan Europe credit facilities include borrowings from various institutions totaling $22.6 million in aggregate principal amount at March 31, 2024. Maturity dates on this debt range from less than one year to five years. The interest rates range from 0.5% to 6.5%. Revolving credit facility In connection with the acquisition of Carlstar, Titan entered into a new domestic credit facility which was effective on February 29, 2024. The new credit facility, with Bank of America as agent, consists of a $225.0 million revolving line of credit (the previous credit facility was $125.0 million) and is collateralized by accounts receivable and inventory of certain of the Company's domestic and Canadian subsidiaries. In addition, swingline loans and letters of credit are available under the facility up to an aggregate outstanding amount of $20.0 million for swingline loans and $50.0 million for letters of credit. The credit facility has a five-year term and can be expanded by up to $50.0 million through an uncommitted accordion provision within the agreement. It is scheduled to mature on February 28, 2029 or 91 days prior to the maturity of the Company's 7.00% secured notes due in 2028. The new facility has terms similar to those contained in the previous credit facility as well as other enhancements to further improve the availability within the borrowing base. The interest rate of the credit facility is based on the prevailing SOFR rate subject to certain debt levels within each month. As of March 31, 2024, the interest rate was 7.05%. Prior to February 29, 2024, the Company had a $125.0 million revolving credit facility with BMO Harris Bank N.A., as agent, and other financial institutions party thereto, until the completion of the new credit facility noted above. The $125.0 million credit facility was collateralized by accounts receivable and inventory of certain of the Company’s domestic subsidiaries and was scheduled to mature in October 2026. The credit facility could have been expanded by up to $50.0 million through an accordion provision within the agreement. From time to time Titan's availability under this credit facility could have been less than $125.0 million as a result of outstanding letters of credit and eligible accounts receivable and inventory balances at certain of its domestic subsidiaries. The Company's amount available for borrowing under the new credit facility at March 31, 2024 totaled $225.0 million, based on eligible accounts receivable and inventory balances. With outstanding letters of credit totaling $10.6 million and $147.0 million in borrowings under the revolving credit facility, the net amount available for borrowing under the new credit facility totaled $67.4 million at March 31, 2024. The Company is subject to certain affirmative and negative covenants under the credit facility, including limits on dividends and repurchases of the Company’s stock, that are described in the credit and security agreement. The Company is in compliance with the debt covenants at March 31, 2024. Other debt The Company has a working capital loan at Titan Pneus do Brasil Ltda at varying interest rates from approximately 7% to 7.6%, which totaled $7.0 million at March 31, 2024. The maturity dates on this loan range from one year to two years. The Company expects to negotiate an extension of the maturity date on this loan with the respective financial institution or repay, as needed. |
LEASE COMMITMENTS (Notes)
LEASE COMMITMENTS (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | LEASES The Company leases certain buildings and equipment under both operating and finance leases. Certain lease agreements provide for renewal options, fair value purchase options, and payment of property taxes, maintenance, and insurance by the Company. Under FASB Accounting Standards Codification Topic 842 "Leases," the Company made an accounting policy election, by class of underlying asset, not to separate non-lease components such as those previously stated from lease components and instead will treat the lease agreement as a single lease component for all asset classes. Operating right-of-use (ROU) assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent Titan's obligations to make lease payments arising from the lease. The majority of Titan's leases are operating leases. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of Titan's leases do not provide an implicit interest rate, the Company used its incremental borrowing rate (7.27%), based on the information available at the lease commencement date, in determining the present value of lease payments. Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of sales and selling, general and administrative expenses on the Condensed Consolidated Statements of Operations. Amortization expense associated with finance leases is included in cost of sales and selling, general and administrative expenses, and interest expense associated with finance leases is included in interest expense in the Condensed Consolidated Statements of Operations. Supplemental balance sheet information related to leases was as follows (amounts in thousands): Balance Sheet Classification March 31, 2024 December 31, 2023 Operating lease ROU assets Operating lease assets $ 108,777 $ 11,955 Operating lease current liabilities Operating leases current liabilities $ 12,289 $ 5,021 Operating lease long-term liabilities Operating leases long-term liabilities 95,467 6,153 Total operating lease liabilities $ 107,756 $ 11,174 Finance lease, gross Property, plant & equipment, net $ 4,914 $ 5,175 Finance lease accumulated depreciation Property, plant & equipment, net (2,986) (3,489) Finance lease, net $ 1,928 $ 1,686 Finance lease current liabilities Other current liabilities $ 1,334 $ 1,093 Finance lease long-term liabilities Other long-term liabilities 1,276 1,321 Total finance lease liabilities $ 2,610 $ 2,414 At March 31, 2024, maturities of lease liabilities were as follows (amounts in thousands): Operating Leases Finance Leases April 1 - December 31, 2024 $ 21,508 $ 1,537 2025 17,060 873 2026 15,841 562 2027 13,323 133 2028 12,116 66 Thereafter 126,754 17 Total lease payments $ 206,602 $ 3,188 Less imputed interest 98,846 578 $ 107,756 $ 2,610 Weighted average remaining lease term (in years) 12.99 2.36 Supplemental cash flow information related to leases for the three months ended March 31, 2024 were as follows: operating cash flows from operating leases were $3.9 million. |
Lessee, Finance Leases [Text Block] | LEASES The Company leases certain buildings and equipment under both operating and finance leases. Certain lease agreements provide for renewal options, fair value purchase options, and payment of property taxes, maintenance, and insurance by the Company. Under FASB Accounting Standards Codification Topic 842 "Leases," the Company made an accounting policy election, by class of underlying asset, not to separate non-lease components such as those previously stated from lease components and instead will treat the lease agreement as a single lease component for all asset classes. Operating right-of-use (ROU) assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent Titan's obligations to make lease payments arising from the lease. The majority of Titan's leases are operating leases. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of Titan's leases do not provide an implicit interest rate, the Company used its incremental borrowing rate (7.27%), based on the information available at the lease commencement date, in determining the present value of lease payments. Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of sales and selling, general and administrative expenses on the Condensed Consolidated Statements of Operations. Amortization expense associated with finance leases is included in cost of sales and selling, general and administrative expenses, and interest expense associated with finance leases is included in interest expense in the Condensed Consolidated Statements of Operations. Supplemental balance sheet information related to leases was as follows (amounts in thousands): Balance Sheet Classification March 31, 2024 December 31, 2023 Operating lease ROU assets Operating lease assets $ 108,777 $ 11,955 Operating lease current liabilities Operating leases current liabilities $ 12,289 $ 5,021 Operating lease long-term liabilities Operating leases long-term liabilities 95,467 6,153 Total operating lease liabilities $ 107,756 $ 11,174 Finance lease, gross Property, plant & equipment, net $ 4,914 $ 5,175 Finance lease accumulated depreciation Property, plant & equipment, net (2,986) (3,489) Finance lease, net $ 1,928 $ 1,686 Finance lease current liabilities Other current liabilities $ 1,334 $ 1,093 Finance lease long-term liabilities Other long-term liabilities 1,276 1,321 Total finance lease liabilities $ 2,610 $ 2,414 At March 31, 2024, maturities of lease liabilities were as follows (amounts in thousands): Operating Leases Finance Leases April 1 - December 31, 2024 $ 21,508 $ 1,537 2025 17,060 873 2026 15,841 562 2027 13,323 133 2028 12,116 66 Thereafter 126,754 17 Total lease payments $ 206,602 $ 3,188 Less imputed interest 98,846 578 $ 107,756 $ 2,610 Weighted average remaining lease term (in years) 12.99 2.36 Supplemental cash flow information related to leases for the three months ended March 31, 2024 were as follows: operating cash flows from operating leases were $3.9 million. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | EMPLOYEE BENEFIT PLANS The Company has three frozen defined benefit pension plans covering certain employees or former employees of three U.S. subsidiaries. The Company also has pension plans covering certain employees of several foreign subsidiaries. The Company also sponsors a number of defined contribution plans in the U.S. and at foreign subsidiaries. The Company contributed approximately $0.1 million to the pension plans during the three months ended March 31, 2024 and $0.8 million are expected to be contributed to the pension plans during the remainder of 2024. The components of net periodic pension cost consisted of the following for the periods set forth below (amounts in thousands): Three months ended March 31, 2024 2023 Service cost $ 162 $ 106 Interest cost 952 1,027 Expected return on assets (1,301) (1,167) Amortization of unrecognized prior service cost (16) (15) Amortization of net unrecognized loss 68 240 Net periodic pension (benefit) cost $ (135) $ 191 |
VARIABLE INTEREST ENTITIES (Not
VARIABLE INTEREST ENTITIES (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
Variable Interest Entity, Measure of Activity [Abstract] | |
Variable Interest Entities Disclosure [Text Block] | VARIABLE INTEREST ENTITIES The Company holds a variable interest in one joint venture for which Titan is the primary beneficiary. Titan is a 50% owner of a manufacturer of undercarriage components and complete track systems for earthmoving machines in India. As the primary beneficiary of this variable interest entity (VIE), the VIE's assets, liabilities, and results of operations are included in the Company’s condensed consolidated financial statements. The other equity holder's interests are reflected in “Net income attributable to noncontrolling interests” in the Condensed Consolidated Statements of Operations and “Noncontrolling interests” in the Condensed Consolidated Balance Sheets. The following table summarizes the carrying amount of the VIE's assets and liabilities included in the Company’s Condensed Consolidated Balance Sheets (amounts in thousands): March 31, December 31, 2023 Cash and cash equivalents $ 718 $ 355 Inventory 1,552 1,431 Other current assets 2,125 2,364 Property, plant and equipment, net 2,351 2,477 Other non-current assets 154 222 Total assets $ 6,900 $ 6,849 Current liabilities $ 1,147 $ 1,117 Other long-term liabilities 868 869 Total liabilities $ 2,015 $ 1,986 All assets in the above table can only be used to settle obligations of the consolidated VIE to which the respective assets relate. Liabilities are non-recourse obligations. Amounts presented in the table above are adjusted for intercompany eliminations. The Company holds variable interests in certain VIEs that are not consolidated because Titan is not the primary beneficiary. The Company's involvement with these entities is in the form of direct equity interests and prepayments related to purchases of materials. The maximum exposure to loss represents the loss of assets recognized by Titan relating to non-consolidated entities and amounts due to the non-consolidated assets. The assets and liabilities recognized in Titan's Condensed Consolidated Balance Sheets related to Titan's interest in these non-consolidated VIEs and the Company's maximum exposure to loss relating to non-consolidated VIEs as of the dates set forth below were as follows (amounts in thousands): March 31, 2024 December 31, 2023 Investments $ 7,290 $ 7,127 Total VIE assets 7,290 7,127 Accounts payable to the non-consolidated VIEs 5,711 3,578 Maximum exposure to loss $ 13,001 $ 10,705 |
ROYALTY EXPENSE
ROYALTY EXPENSE | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
ROYALTY EXPENSE | ROYALTY EXPENSEThe Company has trademark license agreements with The Goodyear Tire & Rubber Company to manufacture and sell certain farm tires under the Goodyear brand. These agreements cover sales in North America, Latin America, Europe, the Middle East, Africa, Russia, and other Commonwealth of Independent States countries. Each of these agreements is scheduled to expire in 2025. The Company also has a trademark license agreement with Carlisle Companies, Inc. to manufacture and sell certain tires under the Carlisle brand. Royalty expenses were $3.0 million and $2.9 million for the three months ended March 31, 2024 and 2023, respectively. |
OTHER INCOME
OTHER INCOME | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME, NET | OTHER INCOME Other income consisted of the following (amounts in thousands): Three months ended March 31, 2024 2023 Equity investment income $ 327 $ 455 (Loss) gain on sale of assets (25) 10 Other income 103 297 $ 405 $ 762 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company recorded income tax expense of $9.7 million and $14.2 million for the three months ended March 31, 2024 and 2023, respectively. The Company's effective income tax rate was 49.4% and 29.8% for the three months ended March 31, 2024 and 2023, respectively. For the three months ended March 31, 2024 and 2023, the income tax expense differed in each period due to an overall decrease in pre-tax income. For the three months ended March 31, 2024, the rate was negatively impacted by non-deductible interest expense and one-time impacts associated with transaction costs, which were also not fully deductible for income tax purposes. The Company’s 2024 and 2023 income tax expense and rates differed from the amount of income tax determined by applying the U.S. Federal income tax rate to pre-tax income primarily as a result of foreign income tax rate differential on the mix of earnings, non-deductible royalty expenses in certain foreign jurisdictions, the valuation allowance on the interest expense carryforward, and certain foreign inclusion items on the domestic provision. The 2024 rate further differed from the statutory rate due to non-deductible transaction costs. The Company continues to monitor the realization of its deferred tax assets and assesses the need for a valuation allowance. The Company analyzes available positive and negative evidence to determine if a valuation allowance is needed based on the weight of the evidence. This objectively verifiable evidence primarily includes the past three years' profit and loss positions. This process requires management to make estimates, assumptions, and judgments that are uncertain in nature. The Company has established valuation allowances with respect to certain deferred tax assets in the U.S. and certain foreign jurisdictions and continues to monitor and assess the need for valuation allowances in all its jurisdictions. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Earnings per share (EPS) were as follows (amounts in thousands, except per share data): Three months ended March 31, 2024 2023 Net income attributable to Titan and applicable to common shareholders $ 9,201 $ 31,838 Determination of shares: Weighted average shares outstanding (basic) 64,928 62,905 Effect of restricted stock and stock options 776 716 Weighted average shares outstanding (diluted) $ 65,704 $ 63,621 Earnings per common share: Basic $ 0.14 $ 0.51 Diluted $ 0.14 $ 0.50 |
LITIGATION
LITIGATION | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
LITIGATION | LITIGATION The Company is a party to routine legal proceedings arising out of the normal course of business. Due to the difficult nature of predicting unresolved and future legal claims, the Company cannot anticipate or predict the material adverse effect on its consolidated financial condition, results of operations, or cash flows as a result of efforts to comply with, or liabilities pertaining to, legal judgments. In the opinion of management, the Company is not currently involved in any legal proceedings which, individually or in the aggregate, could have a material effect on its financial position, results of operations, or cash flows. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment information | SEGMENT INFORMATION The Company has aggregated its operating units 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 executive officer 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.” 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 table below presents information about certain operating results, separated by market segments, for the three months ended March 31, 2024 and 2023 (amounts in thousands): Three months ended March 31, 2024 2023 Net sales Agricultural $ 239,673 $ 305,858 Earthmoving/construction 165,208 198,924 Consumer 77,328 43,862 $ 482,209 $ 548,644 Gross profit Agricultural $ 40,619 $ 49,250 Earthmoving/construction 22,977 37,224 Consumer 13,774 9,083 $ 77,370 $ 95,557 Income from operations Agricultural $ 24,010 $ 32,569 Earthmoving/construction 8,834 23,538 Consumer 5,113 6,792 Corporate & Unallocated (12,885) (7,763) Income from operations $ 25,072 $ 55,136 Interest expense, net (5,492) (6,492) Foreign exchange loss (275) (1,760) Other income, net 405 762 Income before income taxes $ 19,710 $ 47,646 Assets by segment were as follows as of the dates set forth below (amounts in thousands): March 31, December 31, Total assets Agricultural $ 665,237 $ 559,607 Earthmoving/construction 515,017 497,508 Consumer 555,340 155,602 Corporate & Unallocated 78,001 76,528 $ 1,813,595 $ 1,289,245 The table below presents net sales by products and reportable segments for the three months ended March 31, 2024 and 2023 (amounts in thousands): Agricultural Segment Earthmoving/Construction Segment Consumer Segment Total Three months ended March 31, 2024 Wheels and Tires [including assemblies] $ 229,034 $ 66,245 $ 71,354 $ 366,633 Undercarriage systems and components 10,639 98,963 5,974 115,576 Total $ 239,673 $ 165,208 $ 77,328 $ 482,209 Agricultural Segment Earthmoving/Construction Segment Consumer Segment Total Three months ended March 31, 2023 Wheels and Tires [including assemblies] $ 293,704 $ 81,379 $ 37,230 $ 412,313 Undercarriage systems and components 12,154 117,545 6,632 136,331 Total $ 305,858 $ 198,924 $ 43,862 $ 548,644 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Comprehensive Loss Note | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Accumulated other comprehensive loss consisted of the following (amounts in thousands): Currency Gain (Loss) on Unrecognized Total Balance at January 1, 2024 $ (217,455) $ 740 $ (2,328) $ (219,043) Currency translation adjustments, net (14,032) — — (14,032) Defined benefit pension plans: Amortization of unrecognized losses and prior service cost, net of tax of $(12) — — 148 148 Derivative gain — 2 — 2 Balance at March 31, 2024 $ (231,487) $ 742 $ (2,180) $ (232,925) Currency Gain (Loss) on Unrecognized Total Balance at January 1, 2023 $ (243,712) $ 1,224 $ (9,267) $ (251,755) Currency translation adjustments, net 8,039 — — 8,039 Defined benefit pension plans: Amortization of unrecognized losses and prior service cost, net of tax of $11 — — (30) (30) Derivative loss — (111) — (111) Balance at March 31, 2023 $ (235,673) $ 1,113 $ (9,297) $ (243,857) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income attributable to Titan and applicable to common shareholders | $ 9,201 | $ 31,838 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Fair value of financial instruments | Fair value of financial instruments |
New Accounting Pronouncements, Policy | New accounting pronouncements to be adopted in future periods In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures, which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in the ASU require, among other things, disclosure of significant segment expenses that are regularly provided to an entity's chief operating decision maker (“CODM”) and a description of other segment items (the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss) by reportable segment, as well as disclosure of the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Annual disclosures are required for fiscal years beginning after December 15, 2023 and interim disclosures are required for periods within fiscal years beginning after December 15, 2024. Retrospective application is required, and early adoption is permitted. These requirements are not expected to have an impact on our financial statements, but will result in significantly expanded reportable segment disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, may be applied prospectively or retrospectively, and allows for early adoption. These requirements will impact our income tax disclosures. |
Business Combinations and Ass_2
Business Combinations and Asset Acquisitions (Tables) | 1 Months Ended | 3 Months Ended |
Mar. 31, 2024 | Mar. 31, 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 acquired 18,372 Other debt-like items (3,665) Total purchase consideration, net of cash acquired $ 310,900 Carlstar is a global manufacturer and distributor of wheels and tires for a variety of end-market verticals including outdoor power equipment, power sports, trailers, and small to midsize agricultural and construction equipment. Carlstar has 17 manufacturing and distribution facilities located in four countries and provides solutions to customers in North America, Europe and China. The following table summarizes the major classes of assets and liabilities to which we have preliminarily allocated the purchase price consideration (amounts in thousands). The final allocation is subject to review and agreement with the prior equityholders of Carlstar. Fair Values as of Accounts receivable $ 98,439 Inventories 145,988 Prepaid and other current assets 13,339 Property, plant, and equipment 128,162 Other long-term assets 96,203 Goodwill 12,867 Intangible assets 15,770 Fair value of assets acquired $ 510,768 Accounts payable 66,055 Other current liabilities 26,377 Operating leases 95,476 Deferred tax liabilities 10,451 Other long-term liabilities 1,509 Fair value of liabilities assumed 199,868 Purchase Price $ 310,900 | |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The following table summarizes the carrying amounts and weighted average lives of the acquired intangible assets (amounts in thousands): Carrying Value Weighted Average Amortization (in Years) Customer lists/relationships $ 10,347 10.00 Trade names 3,508 15.00 Other intangibles 1,915 6.25 Total $ 15,770 10.66 | |
Business Acquisition, Pro Forma Information | Through March 31, 2024, the actual revenue and net income 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 Carlstar revenue $ 51,788 Carlstar net income 1,254 | The following is the unaudited pro forma financial information for the three months ended March 31, 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). March 31, March 31, Proforma revenues $ 584,027 $ 725,775 Proforma net income 25,445 23,056 Net income per common share, basic $ 0.35 $ 0.31 Net income per common share, diluted $ 0.35 $ 0.31 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts receivable consisted of the following (amounts in thousands): March 31, December 31, Accounts receivable $ 363,801 $ 225,727 Allowance for credit losses (8,242) (6,582) Accounts receivable, net $ 355,559 $ 219,145 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consisted of the following (amounts in thousands): March 31, December 31, Raw material $ 126,534 $ 108,504 Work-in-process 49,632 39,921 Finished goods 328,779 216,731 $ 504,945 $ 365,156 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net consisted of the following (amounts in thousands): March 31, December 31, Land and improvements $ 48,448 $ 42,140 Buildings and improvements 272,401 243,241 Machinery and equipment 840,332 628,975 Tools, dies and molds 127,023 116,328 Construction-in-process 49,736 29,744 1,337,940 1,060,428 Less accumulated depreciation (887,494) (738,734) $ 450,446 $ 321,694 |
Intangible Assets, Goodwill and
Intangible Assets, Goodwill and Other (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The components of intangible assets, net consisted of the following (amounts in thousands): Weighted- Average Useful Lives (in Years) March 31, 2024 December 31, 2023 Amortizable intangible assets: Customer lists/relationships 10.00 $ 10,347 $ — Trade names 15.00 3,508 — Other intangibles 14.02 5,299 3,384 Total at cost 19,154 3,384 Less accumulated amortization (2,108) (1,953) $ 17,046 $ 1,431 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated aggregate amortization expense at March 31, 2024, for each of the years (or other periods) set forth below was as follows (amounts in thousands): April 1 - December 31, 2024 $ 1,383 2025 1,844 2026 1,705 2027 1,669 2028 1,669 Thereafter 8,776 $ 17,046 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Liabilities, Current [Abstract] | |
Other Current Liabilities | Other current liabilities consisted of the following (amounts in thousands): March 31, December 31, Compensation and benefits $ 54,802 $ 47,543 Warranty 23,500 21,710 Accrued insurance benefits 20,398 19,162 Customer rebates and deposits 13,954 15,490 Accrued other taxes 15,411 13,762 Accrued interest 12,816 4,955 Foreign government grant (1) 3,882 4,509 Other 31,385 22,109 $ 176,148 $ 149,240 (1) The Company received government subsidies in 2023 associated with capital expenditure investments in technological and digital innovation in Europe. The amount of the government subsidy is used to offset existing payables to government in the future. In addition, during August 2014, the Company received an approximately $17.0 million capital grant from the Italian government for asset damages related to the earthquake that occurred in May 2012 at one of our Italian subsidiaries. The grant was recorded as deferred income in non-current liabilities which is being amortized over the life of the reconstructed building. There are no specific stipulations associated with the government grant. |
WARRANTY (Tables)
WARRANTY (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | Changes in the warranty liability during the three months ended March 31, 2024 and 2023, respectively, consisted of the following (amounts in thousands): 2024 2023 Warranty liability at beginning of the period $ 21,710 $ 19,914 Provision for warranty liabilities 4,043 4,439 Warranty payments made (4,037) (2,727) Other adjustments, including acquisition of Carlstar 1,784 — Warranty liability at end of the period $ 23,500 $ 21,626 |
REVOLVING CREDIT FACILITY AND_2
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consisted of the following (amounts in thousands): March 31, 2024 Principal Balance Unamortized Debt Issuance Net Carrying Amount 7.00% senior secured notes due 2028 $ 400,000 $ (3,504) $ 396,496 Revolving credit facility 147,000 — 147,000 Titan Europe credit facilities 22,590 — 22,590 Other debt 7,047 — 7,047 Total debt 576,637 (3,504) 573,133 Less amounts due within one year 18,693 — 18,693 Total long-term debt $ 557,944 $ (3,504) $ 554,440 December 31, 2023 Principal Balance Unamortized Debt Issuance Net Carrying Amount 7.00% senior secured notes due 2028 $ 400,000 $ (3,723) $ 396,277 Titan Europe credit facilities 22,568 — 22,568 Other debt 7,246 — 7,246 Total debt 429,814 (3,723) 426,091 Less amounts due within one year 16,913 — 16,913 Total long-term debt $ 412,901 $ (3,723) $ 409,178 The weighted-average interest rates on short-term borrowings within one year at March 31, 2024 and December 31, 2023, were approximately 3.2% and 3.1%, respectively. |
Schedule of Maturities of Long-term Debt [Table Text Block] | Aggregate principal maturities of long-term debt at March 31, 2024 for each of the years (or other periods) set forth below were as follows (amounts in thousands): April 1 - December 31, 2024 $ 13,968 2025 4,013 2026 6,680 2027 1,021 2028 400,466 Thereafter 150,489 $ 576,637 |
LEASE COMMITMENTS (Tables)
LEASE COMMITMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | Supplemental balance sheet information related to leases was as follows (amounts in thousands): Balance Sheet Classification March 31, 2024 December 31, 2023 Operating lease ROU assets Operating lease assets $ 108,777 $ 11,955 Operating lease current liabilities Operating leases current liabilities $ 12,289 $ 5,021 Operating lease long-term liabilities Operating leases long-term liabilities 95,467 6,153 Total operating lease liabilities $ 107,756 $ 11,174 Finance lease, gross Property, plant & equipment, net $ 4,914 $ 5,175 Finance lease accumulated depreciation Property, plant & equipment, net (2,986) (3,489) Finance lease, net $ 1,928 $ 1,686 Finance lease current liabilities Other current liabilities $ 1,334 $ 1,093 Finance lease long-term liabilities Other long-term liabilities 1,276 1,321 Total finance lease liabilities $ 2,610 $ 2,414 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | At March 31, 2024, maturities of lease liabilities were as follows (amounts in thousands): Operating Leases Finance Leases April 1 - December 31, 2024 $ 21,508 $ 1,537 2025 17,060 873 2026 15,841 562 2027 13,323 133 2028 12,116 66 Thereafter 126,754 17 Total lease payments $ 206,602 $ 3,188 Less imputed interest 98,846 578 $ 107,756 $ 2,610 Weighted average remaining lease term (in years) 12.99 2.36 |
Finance Lease, Liability, Maturity [Table Text Block] | Operating Leases Finance Leases April 1 - December 31, 2024 $ 21,508 $ 1,537 2025 17,060 873 2026 15,841 562 2027 13,323 133 2028 12,116 66 Thereafter 126,754 17 Total lease payments $ 206,602 $ 3,188 Less imputed interest 98,846 578 $ 107,756 $ 2,610 Weighted average remaining lease term (in years) 12.99 2.36 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The components of net periodic pension cost consisted of the following for the periods set forth below (amounts in thousands): Three months ended March 31, 2024 2023 Service cost $ 162 $ 106 Interest cost 952 1,027 Expected return on assets (1,301) (1,167) Amortization of unrecognized prior service cost (16) (15) Amortization of net unrecognized loss 68 240 Net periodic pension (benefit) cost $ (135) $ 191 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Variable Interest Entity, Measure of Activity [Abstract] | |
Schedule of Variable Interest Entities [Table Text Block] | The following table summarizes the carrying amount of the VIE's assets and liabilities included in the Company’s Condensed Consolidated Balance Sheets (amounts in thousands): March 31, December 31, 2023 Cash and cash equivalents $ 718 $ 355 Inventory 1,552 1,431 Other current assets 2,125 2,364 Property, plant and equipment, net 2,351 2,477 Other non-current assets 154 222 Total assets $ 6,900 $ 6,849 Current liabilities $ 1,147 $ 1,117 Other long-term liabilities 868 869 Total liabilities $ 2,015 $ 1,986 All assets in the above table can only be used to settle obligations of the consolidated VIE to which the respective assets relate. Liabilities are non-recourse obligations. Amounts presented in the table above are adjusted for intercompany eliminations. |
Schedule of Non Consolidated Variable Interest Entities [Table Text Block] | The assets and liabilities recognized in Titan's Condensed Consolidated Balance Sheets related to Titan's interest in these non-consolidated VIEs and the Company's maximum exposure to loss relating to non-consolidated VIEs as of the dates set forth below were as follows (amounts in thousands): March 31, 2024 December 31, 2023 Investments $ 7,290 $ 7,127 Total VIE assets 7,290 7,127 Accounts payable to the non-consolidated VIEs 5,711 3,578 Maximum exposure to loss $ 13,001 $ 10,705 |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Other Income [Table Text Block] | Other income consisted of the following (amounts in thousands): Three months ended March 31, 2024 2023 Equity investment income $ 327 $ 455 (Loss) gain on sale of assets (25) 10 Other income 103 297 $ 405 $ 762 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Earnings per share (EPS) were as follows (amounts in thousands, except per share data): Three months ended March 31, 2024 2023 Net income attributable to Titan and applicable to common shareholders $ 9,201 $ 31,838 Determination of shares: Weighted average shares outstanding (basic) 64,928 62,905 Effect of restricted stock and stock options 776 716 Weighted average shares outstanding (diluted) $ 65,704 $ 63,621 Earnings per common share: Basic $ 0.14 $ 0.51 Diluted $ 0.14 $ 0.50 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 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 months ended March 31, 2024 and 2023 (amounts in thousands): Three months ended March 31, 2024 2023 Net sales Agricultural $ 239,673 $ 305,858 Earthmoving/construction 165,208 198,924 Consumer 77,328 43,862 $ 482,209 $ 548,644 Gross profit Agricultural $ 40,619 $ 49,250 Earthmoving/construction 22,977 37,224 Consumer 13,774 9,083 $ 77,370 $ 95,557 Income from operations Agricultural $ 24,010 $ 32,569 Earthmoving/construction 8,834 23,538 Consumer 5,113 6,792 Corporate & Unallocated (12,885) (7,763) Income from operations $ 25,072 $ 55,136 Interest expense, net (5,492) (6,492) Foreign exchange loss (275) (1,760) Other income, net 405 762 Income before income taxes $ 19,710 $ 47,646 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Assets by segment were as follows as of the dates set forth below (amounts in thousands): March 31, December 31, Total assets Agricultural $ 665,237 $ 559,607 Earthmoving/construction 515,017 497,508 Consumer 555,340 155,602 Corporate & Unallocated 78,001 76,528 $ 1,813,595 $ 1,289,245 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | The table below presents net sales by products and reportable segments for the three months ended March 31, 2024 and 2023 (amounts in thousands): Agricultural Segment Earthmoving/Construction Segment Consumer Segment Total Three months ended March 31, 2024 Wheels and Tires [including assemblies] $ 229,034 $ 66,245 $ 71,354 $ 366,633 Undercarriage systems and components 10,639 98,963 5,974 115,576 Total $ 239,673 $ 165,208 $ 77,328 $ 482,209 Agricultural Segment Earthmoving/Construction Segment Consumer Segment Total Three months ended March 31, 2023 Wheels and Tires [including assemblies] $ 293,704 $ 81,379 $ 37,230 $ 412,313 Undercarriage systems and components 12,154 117,545 6,632 136,331 Total $ 305,858 $ 198,924 $ 43,862 $ 548,644 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss consisted of the following (amounts in thousands): Currency Gain (Loss) on Unrecognized Total Balance at January 1, 2024 $ (217,455) $ 740 $ (2,328) $ (219,043) Currency translation adjustments, net (14,032) — — (14,032) Defined benefit pension plans: Amortization of unrecognized losses and prior service cost, net of tax of $(12) — — 148 148 Derivative gain — 2 — 2 Balance at March 31, 2024 $ (231,487) $ 742 $ (2,180) $ (232,925) Currency Gain (Loss) on Unrecognized Total Balance at January 1, 2023 $ (243,712) $ 1,224 $ (9,267) $ (251,755) Currency translation adjustments, net 8,039 — — 8,039 Defined benefit pension plans: Amortization of unrecognized losses and prior service cost, net of tax of $11 — — (30) (30) Derivative loss — (111) — (111) Balance at March 31, 2023 $ (235,673) $ 1,113 $ (9,297) $ (243,857) |
ACCOUNTING POLICIES (Details)
ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7% | ||
Long-term Debt | $ 396,500 | ||
Debt Instrument, Fair Value Disclosure | 392,000 | ||
Amount Recognized in Income Due to Inflationary Accounting | $ 1,200 | ||
Percent of Consolidated Assets | 5% | 7% | |
Percent of Consolidated Sales | 5% | 6% | |
Stock Repurchase Program, Authorized Amount | $ 50,000 | ||
Stock Repurchased During Period, Shares | 100,000 | 2,653,786 | |
Treasury Stock, Value, Acquired, Cost Method | $ 1,402 | $ 1,293 | $ 32,600 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 16,000 | ||
Supplier Finance Agreement | $ 6,700 | 7,400 | |
Voltyre-Prom [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 64.30% | ||
Senior Secured Notes 7.00 Percent | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7% | ||
Long-term Debt | $ 400,000 | $ 400,000 |
Business Combinations and Ass_3
Business Combinations and Asset Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Feb. 29, 2024 | Dec. 31, 2023 | |
Business Acquisition [Line Items] | |||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 168,693 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 127,500 | ||||
Business Combination, Price of Acquisition, Expected | 296,193 | ||||
Business Combination, Consideration Transferred, Other | 18,372 | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | (3,665) | ||||
Business Combination, Consideration Transferred | 310,900 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $ 98,439 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 145,988 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 13,339 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 128,162 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 96,203 | ||||
Goodwill | $ 12,867 | $ 12,867 | 12,867 | $ 0 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 15,770 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 510,768 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 66,055 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 26,377 | ||||
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation | 95,476 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 10,451 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 1,509 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 199,868 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years 7 months 28 days | ||||
Business Combination, Acquisition Related Costs | $ 6,196 | $ 0 | |||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||
Business Acquisition, Pro Forma Revenue | 584,027 | 725,775 | |||
Business Acquisition, Pro Forma Net Income (Loss) | $ 25,445 | $ 23,056 | |||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 0.35 | $ 0.31 | |||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 0.35 | $ 0.31 | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 51,788 | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 1,254 | ||||
Customer Relationships | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Assets Acquired | $ 10,347 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||||
Other Intangible Assets | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Assets Acquired | $ 1,915 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years 3 months | ||||
Trade Names | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Assets Acquired | $ 3,508 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years |
ACCOUNTS RECEIVABLE (Details)
ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Receivables [Abstract] | ||
Accounts receivable | $ 363,801 | $ 225,727 |
Allowance for credit losses | 8,242 | 6,582 |
Accounts receivable, net | $ 355,559 | $ 219,145 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 126,534 | $ 108,504 |
Work-in-process | 49,632 | 39,921 |
Finished goods | 328,779 | 216,731 |
Inventory, Net, Total | $ 504,945 | $ 365,156 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 1,337,940 | $ 1,060,428 | |
Less accumulated depreciation | (887,494) | (738,734) | |
Property, Plant and Equipment, Net | 450,446 | 321,694 | |
Assets | 1,813,595 | 1,289,245 | |
Depreciation | 11,500 | $ 10,400 | |
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 48,448 | 42,140 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 272,401 | 243,241 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 840,332 | 628,975 | |
Tools, Dies and Molds [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 127,023 | 116,328 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 49,736 | $ 29,744 |
Intangible Assets, Goodwill a_2
Intangible Assets, Goodwill and Other (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-Lived Customer Relationships, Gross | $ 10,347 | $ 0 | |
Finite-Lived Trade Names, Gross | 3,508 | 0 | |
Other Finite-Lived Intangible Assets, Gross | 5,299 | 3,384 | |
Finite-Lived Intangible Assets, Gross | 19,154 | 3,384 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,108) | (1,953) | |
Finite-Lived Intangible Assets, Net | 17,046 | 1,431 | |
Amortization of Intangible Assets | 200 | $ 200 | |
Finite-Lived Intangible Assets [Line Items] | |||
April 1 - December 31, 2024 | 1,383 | ||
2025 | 1,844 | ||
2026 | 1,705 | ||
2027 | 1,669 | ||
2028 | 1,669 | ||
Thereafter | 8,776 | ||
Finite-Lived Intangible Assets, Net | $ 17,046 | $ 1,431 | |
Trade Names | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Other Intangible Assets | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-Lived Intangible Asset, Useful Life | 14 years 7 days | ||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 14 years 7 days | ||
Customer Relationships | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | Aug. 31, 2014 | Mar. 31, 2024 | Dec. 31, 2023 |
Other Liabilities, Current [Abstract] | |||
Employee-related Liabilities, Current | $ 54,802 | $ 47,543 | |
Product Warranty Accrual, Current | 23,500 | 21,710 | |
Accrued Insurance, Current | 20,398 | 19,162 | |
Contract with Customer, Liability, Current | 13,954 | 15,490 | |
Accrual for Taxes Other than Income Taxes | 15,411 | 13,762 | |
Operating Lease, Liability, Current | 12,289 | 5,021 | |
Interest Payable, Current | 12,816 | 4,955 | |
Government Assistance, Amount | 3,882 | 4,509 | |
Other Accrued Liabilities, Current | 31,385 | 22,109 | |
Other current liabilities | $ 176,148 | $ 149,240 | |
Government Assistance, Amount | $ 17,000 |
WARRANTY (Details)
WARRANTY (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Product Warranty Liability [Line Items] | ||
Warranty liability at beginning of the period | $ 21,710 | $ 19,914 |
Provision for warranty liabilities | 4,043 | 4,439 |
Warranty payments made | (4,037) | (2,727) |
Standard Product Warranty Accrual, Additions from Business Acquisition | 1,784 | 0 |
Warranty liability at end of the period | $ 23,500 | $ 21,626 |
REVOLVING CREDIT FACILITY AND_3
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Feb. 29, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 7.27% | ||
Debt Instruments [Abstract] | |||
7.00% senior secured notes due 2028 | $ 396,500 | ||
Debt Instrument, Unamortized Discount | (3,504) | $ (3,723) | |
Long-term Line of Credit, Noncurrent | 147,000 | ||
Long-term Debt and Lease Obligation, Including Current Maturities | 573,133 | 426,091 | |
Short-term debt | 18,693 | 16,913 | |
Debt Instrument, Unamortized Discount, Current | 0 | 0 | |
Debt Instrument, Unamortized Discount (Premium), Net | (3,504) | (3,723) | |
Long-term debt | 554,440 | $ 409,178 | |
Line of Credit Facility, Maximum Borrowing Capacity | 225,000 | ||
Letters of Credit Outstanding, Amount | 10,600 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 67,400 | ||
Maturities of Long-term Debt [Abstract] | |||
April 1 - December 31, 2024 | 13,968 | ||
2025 | 4,013 | ||
2026 | 6,680 | ||
2027 | 1,021 | ||
2028 | 400,466 | ||
Thereafter | 150,489 | ||
Long-term Debt, Gross | $ 576,637 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7% | ||
Line of Credit Facility, Interest Rate at Period End | 7.05% | ||
Bridge Loan | $ 20,000 | ||
Swingline Amount under Line of Credit Facility | $ 50,000 | ||
Short-Term Debt, Weighted Average Interest Rate, at Point in Time | 3.20% | 3.10% | |
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | $ 50,000 | ||
BMO Harris Bank N.A. [Domain] | |||
Debt Instruments [Abstract] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000 | ||
Maturities of Long-term Debt [Abstract] | |||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | $ 50,000 | ||
Titan Europe [Member] | |||
Debt Instruments [Abstract] | |||
Other Borrowings | 22,590 | $ 22,568 | |
Debt Instrument, Unamortized Discount, Noncurrent | $ 0 | 0 | |
Titan Europe [Member] | Minimum | |||
Maturities of Long-term Debt [Abstract] | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.50% | ||
Titan Europe [Member] | Maximum | |||
Maturities of Long-term Debt [Abstract] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | ||
Other Debt Obligations [Member] | |||
Debt Instruments [Abstract] | |||
Other debt | $ 7,047 | 7,246 | |
Debt Instrument, Unamortized Discount, Noncurrent | $ 0 | 0 | |
Other Debt Obligations [Member] | Minimum | |||
Maturities of Long-term Debt [Abstract] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7% | ||
Other Debt Obligations [Member] | Maximum | |||
Maturities of Long-term Debt [Abstract] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.60% | ||
Titan Brazil [Member] | |||
Debt Instruments [Abstract] | |||
Other debt | $ 7,000 | ||
Senior Secured Notes 7.00 Percent | |||
Debt Instruments [Abstract] | |||
7.00% senior secured notes due 2028 | 400,000 | 400,000 | |
Debt Instrument, Unamortized Discount | (3,504) | (3,723) | |
Long-term Debt | $ 396,496 | 396,277 | |
Maturities of Long-term Debt [Abstract] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7% | ||
Line of Credit | |||
Debt Instruments [Abstract] | |||
Debt Instrument, Unamortized Discount | $ 0 | ||
Long-term Debt [Member] | |||
Debt Instruments [Abstract] | |||
Debt, Long-Term and Short-Term, Combined Amount | 576,637 | 429,814 | |
Maturities of Long-term Debt [Abstract] | |||
Long-term Debt, Gross | $ 557,944 | $ 412,901 |
LEASE COMMITMENTS (Details)
LEASE COMMITMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 108,777 | $ 11,955 |
Operating Lease, Liability, Current | 12,289 | 5,021 |
Operating Lease, Liability, Noncurrent | 95,467 | 6,153 |
Operating Lease, Liability | 107,756 | 11,174 |
Finance Lease, Gross | 4,914 | 5,175 |
Finance Lease Accumulated Depreciation | (2,986) | (3,489) |
Finance Lease, Right-of-Use Asset | 1,928 | 1,686 |
Finance Lease, Liability, Current | 1,334 | 1,093 |
Finance Lease, Liability, Noncurrent | 1,276 | 1,321 |
Finance Lease, Liability | 2,610 | $ 2,414 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
April 1 - December 31, 2024 | 21,508 | |
2025 | 17,060 | |
2026 | 15,841 | |
2027 | 13,323 | |
2028 | 12,116 | |
Thereafter | 126,754 | |
Total lease payments | 206,602 | |
Less imputed interest | 98,846 | |
Finance Lease, Liability, Payment, Due [Abstract] | ||
April 1 - December 31, 2024 | 1,537 | |
2025 | 873 | |
2026 | 562 | |
2027 | 133 | |
2028 | 66 | |
Thereafter | 17 | |
Total lease payment | 3,188 | |
Lease imputed interest | $ 578 | |
Operating Lease, Weighted Average Remaining Lease Term | 12 years 11 months 26 days | |
Finance Lease, Weighted Average Remaining Lease Term | 2 years 4 months 9 days | |
Operating Lease, Payments | $ 3,900 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 100 | |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | 800 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 162 | $ 106 |
Interest cost | 952 | 1,027 |
Expected return on assets | (1,301) | (1,167) |
Amortization of unrecognized prior service cost | (16) | (15) |
Amortization of net unrecognized loss | 68 | 240 |
Net periodic pension (benefit) cost | $ (135) | $ 191 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50% | |
Inventories | $ 504,945 | $ 365,156 |
Property, Plant and Equipment, Net | 450,446 | 321,694 |
Total assets | 1,813,595 | 1,289,245 |
Total current liabilities | 495,063 | 372,375 |
Other long-term liabilities | 32,982 | 31,890 |
Total liabilities | 1,182,660 | 821,830 |
Accounts payable | 287,933 | 201,201 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Total assets | 7,290 | 7,127 |
Investments | 7,290 | 7,127 |
Accounts payable | 5,711 | 3,578 |
Maximum exposure to loss | 13,001 | 10,705 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Cash and Cash Equivalents, at Carrying Value | 718 | 355 |
Inventories | 1,552 | 1,431 |
Other Assets, Current | 2,125 | 2,364 |
Property, Plant and Equipment, Net | 2,351 | 2,477 |
Other Assets, Noncurrent | 154 | 222 |
Total assets | 6,900 | 6,849 |
Total current liabilities | 1,147 | 1,117 |
Other long-term liabilities | 868 | 869 |
Total liabilities | $ 2,015 | $ 1,986 |
ROYALTY EXPENSE (Details)
ROYALTY EXPENSE (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | ||
Royalty expense | $ 3,028 | $ 2,935 |
OTHER INCOME (Details)
OTHER INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | ||
Income (Loss) from Equity Method Investments | $ 327 | $ 455 |
Gain (Loss) on Disposition of Assets | (25) | 10 |
Other Nonoperating Income | 103 | 297 |
Other Nonoperating Income (Expense), Total | $ 405 | $ 762 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 9,736 | $ 14,216 |
Effective Income Tax Rate, Continuing Operations | 49.40% | 29.80% |
Income taxes paid, net of refunds received | $ 5,549 | $ 3,767 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Net income attributable to Titan and applicable to common shareholders | $ 9,201 | $ 31,838 |
Weighted Average Number of Shares Outstanding, Basic | 64,928 | 62,905 |
Effect of restricted stock and stock options | 776 | 716 |
Weighted average shares outstanding (diluted) | 65,704 | 63,621 |
Earnings Per Share, Basic | $ 0.14 | $ 0.51 |
Diluted | $ 0.14 | $ 0.50 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | |||
Gross profit (loss) | $ 77,370 | $ 95,557 | |
Income (loss) from operations | 25,072 | 55,136 | |
Interest expense | (5,492) | (6,492) | |
Foreign Currency Transaction Gain (Loss), before Tax | (275) | (1,760) | |
Other Nonoperating Income (Expense) | 405 | 762 | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 19,710 | 47,646 | |
Assets | 1,813,595 | $ 1,289,245 | |
Revenue from Contract with Customer, Excluding Assessed Tax | 482,209 | 548,644 | |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross profit (loss) | 77,370 | 95,557 | |
Income (loss) from operations | 25,072 | 55,136 | |
Revenue from Contract with Customer, Excluding Assessed Tax | 482,209 | 548,644 | |
Operating Segments [Member] | Wheels and Tires (including assemblies) | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 366,633 | 412,313 | |
Operating Segments [Member] | Undercarriage systems and components | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 115,576 | 136,331 | |
Operating Segments [Member] | Agricultural [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross profit (loss) | 40,619 | 49,250 | |
Income (loss) from operations | 24,010 | 32,569 | |
Assets | 665,237 | 559,607 | |
Revenue from Contract with Customer, Excluding Assessed Tax | 239,673 | 305,858 | |
Operating Segments [Member] | Agricultural [Member] | Wheels and Tires (including assemblies) | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 229,034 | 293,704 | |
Operating Segments [Member] | Agricultural [Member] | Undercarriage systems and components | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,639 | 12,154 | |
Operating Segments [Member] | Earthmoving/construction [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross profit (loss) | 22,977 | 37,224 | |
Income (loss) from operations | 8,834 | 23,538 | |
Assets | 515,017 | 497,508 | |
Revenue from Contract with Customer, Excluding Assessed Tax | 165,208 | 198,924 | |
Operating Segments [Member] | Earthmoving/construction [Member] | Wheels and Tires (including assemblies) | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 66,245 | 81,379 | |
Operating Segments [Member] | Earthmoving/construction [Member] | Undercarriage systems and components | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 98,963 | 117,545 | |
Operating Segments [Member] | Consumer [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross profit (loss) | 13,774 | 9,083 | |
Income (loss) from operations | 5,113 | 6,792 | |
Assets | 555,340 | 155,602 | |
Revenue from Contract with Customer, Excluding Assessed Tax | 77,328 | 43,862 | |
Operating Segments [Member] | Consumer [Member] | Wheels and Tires (including assemblies) | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 71,354 | 37,230 | |
Operating Segments [Member] | Consumer [Member] | Undercarriage systems and components | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,974 | 6,632 | |
Operating Segments [Member] | Corporate & Unallocated | |||
Segment Reporting Information [Line Items] | |||
Income (loss) from operations | (12,885) | $ (7,763) | |
Assets | $ 78,001 | $ 76,528 |
SEGMENT INFORMATION ASSETS (Det
SEGMENT INFORMATION ASSETS (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Segment Reporting Information [Line Items] | ||
Assets | $ 1,813,595 | $ 1,289,245 |
Operating Segments [Member] | Agricultural [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 665,237 | 559,607 |
Operating Segments [Member] | Earthmoving/construction [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 515,017 | 497,508 |
Operating Segments [Member] | Consumer [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 555,340 | 155,602 |
Operating Segments [Member] | Corporate & Unallocated | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 78,001 | $ 76,528 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (231,487) | $ (235,673) | $ (217,455) | $ (243,712) |
Currency translation adjustments, net | (14,032) | 8,039 | ||
AOCI, Derivative Qualifying as Hedge, Excluded Component, after Tax | 742 | 1,113 | 740 | 1,224 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 2 | (111) | ||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (2,180) | 9,297 | 2,328 | 9,267 |
Amortization of unrecognized losses and prior service cost, net of tax | 148 | (30) | ||
Accumulated other comprehensive loss | (232,925) | (243,857) | $ (219,043) | $ (251,755) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (12) | $ 11 |