TITAN INTERNATIONAL INC, 10-K filed on 2/27/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Feb. 18, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
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 Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 360
Entity Common Stock, Shares Outstanding   63,197,710  
Documents Incorporated by Reference
Portions of the registrant’s definitive proxy statement for the 2025 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K.
    
Entity Central Index Key 0000899751    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Audit Information [Abstract]    
Auditor Firm ID 243 248
Auditor Name BDO USA, P.C. GRANT THORNTON LLP
Auditor Location Chicago, Illinois Southfield, Michigan
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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Net sales $ 1,845,937 $ 1,821,800 $ 2,169,380
Cost of sales 1,588,135 1,515,951 1,808,670
Gross profit 257,802 305,849 360,710
Selling, general and administrative expenses 191,794 134,938 132,792
Acquisition related expenses 6,196 0 0
Research and development expenses 16,520 12,539 10,404
Royalty expense 10,108 9,645 11,712
Income from operations 33,184 148,727 205,802
Interest expense (36,429) (29,157) (32,149)
Interest income 11,024 10,372 2,353
Foreign exchange (loss) gain (6,123) (22,822) 927
Other income 6,615 2,628 25,420
Income before income taxes 8,271 109,748 202,353
Provision for income taxes 11,861 26,042 23,167
Net (loss) income (3,590) 83,706 179,186
Net income attributable to noncontrolling interests 1,970 4,946 2,884
Net (loss) income attributable to Titan and applicable to common shareholders $ (5,560) $ 78,760 $ 176,302
(Loss) earnings per common share:      
Basic (in usd per share) $ (0.08) $ 1.26 $ 2.80
Diluted (in usd per share) $ (0.08) $ 1.25 $ 2.77
Average common shares and equivalents outstanding:      
Basic (in shares) 68,662 62,452 63,040
Diluted (in shares) 68,662 62,961 63,691
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net (loss) income $ (3,590) $ 83,706 $ 179,186
Derivative (loss) gain (235) (484) 1,263
Currency translation adjustment (74,753) 22,267 (6,507)
Pension liability adjustments, net of tax of $(1,888), $(2,663), and $(383), respectively 5,624 6,939 1,115
Comprehensive (loss) income (72,954) 112,428 175,057
Net comprehensive (loss) income attributable to noncontrolling interests (560) 956 4,030
Comprehensive (loss) income attributable to Titan $ (72,394) $ 111,472 $ 171,027
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Pension liability adjustments $ (1,888) $ (2,663) $ (383)
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 195,974 $ 220,251
Accounts receivable, net of allowance of $3,232 and $5,340 211,720 219,145
Inventories 437,192 365,156
Prepaid and other current assets 67,151 72,229
Total current assets 912,037 876,781
Property, plant and equipment, net 421,218 321,694
Operating lease assets 117,027 11,955
Goodwill 29,563 0
Intangible assets, net 11,985 1,431
Deferred income taxes 41,732 38,033
Other long-term assets 51,391 39,351
Total assets 1,584,953 1,289,245
Current liabilities    
Short-term debt 12,479 16,913
Accounts payable 219,586 201,201
Operating leases 11,999 5,021
Other current liabilities 143,294 139,378
Total current liabilities 387,358 362,513
Long-term debt 552,966 409,178
Deferred income taxes 6,416 2,234
Operating leases 106,020 6,153
Other long-term liabilities 38,537 41,752
Total liabilities 1,091,297 821,830
Commitments and contingencies: Notes 10, 22, 23 and 24
Titan stockholders' equity    
Common stock ($0.0001 par, 120,000,000 shares authorized, 78,447,035 issued and 63,139,435 outstanding at December 31, 2024; 66,525,269 issued and 60,715,855 outstanding at December 31, 2023) 0 0
Additional paid-in capital 740,223 569,065
Retained earnings 164,063 169,623
Treasury stock (at cost, 15,307,600 shares at December 31, 2024 and 5,809,414 shares at December 31, 2023) (122,336) (52,585)
Accumulated other comprehensive loss (285,877) (219,043)
Total Titan stockholders’ equity 496,073 467,060
Noncontrolling interests (2,417) 355
Total equity 493,656 467,415
Total liabilities and equity $ 1,584,953 $ 1,289,245
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Accounts receivable, net of allowance $ 3,232 $ 5,340
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 120,000,000 120,000,000
Common stock, shares issued (in shares) 78,447,035 66,525,269
Common stock, shares outstanding (in shares) 63,139,435 60,715,855
Treasury stock (in shares) 15,307,600 5,809,414
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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
Related Party
Total Titan Equity
Total Titan Equity
Related Party
Common stock
Common stock
Related Party
Additional paid-in capital
Retained earnings (deficit)
Treasury stock
Treasury stock
Related Party
Accumulated other comprehensive income (loss)
Non-controlling interest
Balance, beginning (in shares) at Dec. 31, 2021         66,411,784              
Balance, beginning at Dec. 31, 2021 $ 227,172   $ 229,300   $ 0   $ 562,340 $ (85,439) $ (1,121)   $ (246,480) $ (2,128)
Net (loss) income 179,186   176,302         176,302       2,884
Currency translation adjustment (6,507)   (7,653)               (7,653) 1,146
Pension liability adjustments, net of tax 1,115   1,115               1,115  
Derivative gain (loss) 1,263   1,263               1,263  
Stock-based compensation (in shares)         339,791              
Stock-based compensation 4,282   4,282       2,151   2,131      
Issuance of common stock and treasury stock under 401(k) plan (in shares)         124,645              
Issuance of common stock and treasury stock under 401(k) plan 1,627   1,627       1,055   572      
Common stock repurchase (in shares)         (4,032,259)              
Common stock repurchase (25,000)   (25,000)           (25,000)      
Balance, ending (in shares) at Dec. 31, 2022         62,843,961              
Balance, ending at Dec. 31, 2022 383,138   381,236   $ 0   565,546 90,863 (23,418)   (251,755) 1,902
Net (loss) income 83,706   78,760         78,760       4,946
Currency translation adjustment 22,267   26,257               26,257 (3,990)
Pension liability adjustments, net of tax 6,939   6,939               6,939  
Derivative gain (loss) (484)   (484)               (484)  
Stock-based compensation (in shares)         381,241              
Stock-based compensation 5,235   5,235       2,819   2,416      
Issuance of common stock and treasury stock under 401(k) plan (in shares)         144,439              
Issuance of common stock and treasury stock under 401(k) plan $ 1,776   1,776       780   996      
Common stock repurchase (in shares) (2,653,786)       (2,653,786)              
Common stock repurchase $ (32,579)   (32,579)           (32,579)      
Sale of investment (2,135)                     (2,135)
Acquisition of additional non-controlling interest $ (448)   (80)       (80)         (368)
Balance, ending (in shares) at Dec. 31, 2023 60,715,855       60,715,855              
Balance, ending at Dec. 31, 2023 $ 467,415   467,060   $ 0   569,065 169,623 (52,585)   (219,043) 355
Net (loss) income (3,590)   (5,560)         (5,560)       1,970
Currency translation adjustment (74,753)   (72,223)               (72,223) (2,530)
Pension liability adjustments, net of tax 5,624   5,624               (5,624)  
Derivative gain (loss) (235)   (235)               (235)  
Stock-based compensation (in shares)         345,347              
Stock-based compensation 5,404   5,404       2,273   3,131      
Issuance of common stock and treasury stock under 401(k) plan (in shares)         126,060              
Issuance of common stock and treasury stock under 401(k) plan $ 1,328   1,328       192   1,136      
Common stock repurchase (in shares) (1,964,593)       (1,964,593) (8,005,000)            
Common stock repurchase $ (16,382) $ (57,636) (16,382) $ (57,636)         (16,382) $ (57,636)    
Sale of investment (2,212)                     (2,212)
Common stock issuance (in shares)         11,921,766              
Common stock issuance $ 168,693   168,693       168,693          
Balance, ending (in shares) at Dec. 31, 2024 63,139,435       63,139,435              
Balance, ending at Dec. 31, 2024 $ 493,656   $ 496,073   $ 0   $ 740,223 $ 164,063 $ (122,336)   $ (285,877) $ (2,417)
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net (loss) income $ (3,590) $ 83,706 $ 179,186
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 60,704 42,434 42,747
Loss on sale of the Australian wheel business 0 0 10,890
Deferred income tax benefit (6,358) (2,081) (23,385)
Income on indirect taxes 0 (3,096) (32,043)
Gain on fixed asset and investment sale (425) (644) (216)
Stock-based compensation 5,404 5,235 4,282
Issuance of stock under 401(k) plan 1,326 1,776 1,627
Gain from property insurance settlement (3,537) 0 0
Foreign currency (gain) loss (506) 19,734 2,661
(Increase) decrease in assets, net of acquisition:      
Accounts receivable 73,825 42,871 (27,201)
Inventories 51,481 31,635 (19,598)
Prepaid and other current assets 12,106 17,596 11,366
Other assets (5,482) (2) (1,288)
Increase (decrease) in liabilities, net of acquisition:      
Accounts payable (29,169) (62,725) (7,754)
Other current liabilities (15,290) 872 18,888
Other liabilities 998 2,039 516
Net cash provided by operating activities 141,487 179,350 160,678
Cash flows from investing activities:      
Capital expenditures (65,624) (60,799) (46,974)
Business acquisition, net of cash acquired (143,643) 0 0
Proceeds from sale of investments 1,791 2,085 9,293
Proceeds from property insurance settlement 3,537 0 0
Other investing activities 2,341 1,791 930
Net cash used for investing activities (201,598) (56,923) (36,751)
Cash flows from financing activities:      
Proceeds from borrowings 213,199 6,666 88,940
Payment on debt (70,291) (27,608) (124,739)
Payment of debt issuance costs (3,115) 0 0
Other financing activities (1,223) (2,495) (511)
Net cash provided by (used for) financing activities 64,551 (56,016) (61,310)
Effect of exchange rate changes on cash (28,717) (5,737) (1,148)
Net (decrease) increase in cash and cash equivalents (24,277) 60,674 61,469
Cash and cash equivalents, beginning of year 220,251 159,577 98,108
Cash and cash equivalents, end of year 195,974 220,251 159,577
Supplemental information:      
Interest paid 37,179 30,269 31,604
Income taxes paid, net of refunds received 20,360 21,801 24,105
Non cash financing activity:      
Issuance of common stock in connection with business acquisition 168,693 0 0
Related Party      
Cash flows from financing activities:      
Repurchase of common stock (57,636) 0 0
Nonrelated Party      
Cash flows from financing activities:      
Repurchase of common stock $ (16,383) $ (32,579) $ (25,000)
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DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
Business
Titan International, Inc. and its subsidiaries (Titan or the Company) are leading manufacturers of wheels, tires, and undercarriage systems and components for off-highway vehicles used in the agricultural, earthmoving/construction, and consumer segments.  Titan manufactures both wheels and tires for the majority of these market applications, allowing the Company to provide the value-added service of delivering complete wheel and tire assemblies.  The Company offers a broad range of products that are manufactured to meet the specifications of original equipment manufacturers (OEMs) and/or the requirements of aftermarket customers.

Principles of consolidation
The consolidated financial statements include the accounts of all majority-owned subsidiaries and variable interest entities in which Titan is the primary beneficiary. Investments in companies in which Titan does not own a majority interest, but which Titan has the ability to exercise significant influence over operating and financial policies are accounted for using the equity method. Investments in other companies are carried at cost. All significant intercompany accounts and transactions have been eliminated.

Reclassifications
The Company has reclassified certain prior period amounts in the consolidated balance sheet, primarily lease liabilities and warranty liabilities and in the consolidated statement of operations, primarily interest expense and interest income, to conform with the current period presentation.

Business combinations
We account for business combinations under the acquisition method of accounting in accordance with Accounting Standards Codification 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.

Goodwill and other intangible assets
Goodwill represents the excess of purchase price over the fair value of net assets acquired. Goodwill is not amortized. For goodwill, impairment tests are required at least annually, or more frequently if events or circumstances indicate that it may be impaired, when some portion but not all of a reporting unit is disposed of or classified as assets held for sale, or when a change in the composition of reporting units occurs for other reasons, such as a change in segments. Based on its current organizational structure, the Company identified reporting units for which cash flows are determinable and to which goodwill was allocated.

The Company performs its goodwill impairment test at least annually in the fourth quarter. For this goodwill impairment test, the Company used qualitative assessments. The Company performed this test by assessing qualitative factors to determine whether it was more likely than not that the fair value of each reporting unit was greater than its respective carrying value. Factors considered in the qualitative assessments include, among other things, macroeconomic conditions, industry and market considerations and the financial performance of the respective reporting units. If based on the results of the qualitative assessment, the Company were to determine that it is more likely than not that the fair value of a reporting unit is less than its
carrying value, a quantitative assessment would be conducted. Based on the results of the annual goodwill impairment test, the Company determined there was no impairment.

A quantitative test is used to determine existence of goodwill impairment and the amount of the impairment loss at the reporting unit level. The quantitative test compares the fair value of a reporting unit with its carrying amount, including goodwill. The Company uses an income-based valuation method, determining the present value of estimated future cash flows, to estimate the fair value of a reporting unit. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Factors used in the impairment analysis require significant judgment, and actual results may differ from assumed and estimated amounts. The Company uses its own market assumptions including internal projections of future cash flows, discount rates and other assumptions considered reasonable in the analysis and reflective of market participant assumptions. These forecasts are based on historical performance and future estimated results. The discount rates utilized are based on a capital asset pricing model and published relevant industry rates, which take into consideration the risks and uncertainties inherent to the reporting units and in the internally developed forecasts.

Other intangible assets with determinable lives primarily consist of customer lists/relationships and trademarks. Refer to Note 7 to the consolidated financial statements for further information.

Long-lived assets (including definite-lived intangible assets) are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, such as a significant sustained change in the business climate. If an indicator of impairment exists for any grouping of assets, an estimate of undiscounted future cash flows is prepared and compared to its carrying value. If an asset group is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset group over its fair value, as determined by an estimate of discounted future cash flows.

Cash and cash equivalents
The Company considers short-term debt securities with an original maturity of three months or less to be cash equivalents. The cash in the Company's U.S. banks is not fully insured by the Federal Deposit Insurance Corporation. The Company had $185.3 million and $186.1 million of cash in foreign bank accounts at December 31, 2024 and 2023, respectively. The Company's cash in its foreign bank accounts is not fully insured.

Accounts receivable and allowance for credit loss
The Company carries its accounts receivable at their face amounts less an allowance for credit loss. The allowance is an estimate based on historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade accounts receivable. In order to monitor credit risks associated with our customer base, credit worthiness of our existing customer base is reviewed on a periodic basis. At the end of each reporting period, the allowance for credit loss is reviewed relative to management's collectability assessment and adjusted if deemed necessary. The factors considered in this review include known bad debt risks and past loss history. Actual collection experience may differ from the current estimate of net receivables.

Concentration of credit risk
Net sales to Deere & Company in Titan's agricultural, earthmoving/construction, and consumer segments combined represented 11%, 13% and 15% of the Company's consolidated net sales for the years ended December 31, 2024, 2023, and 2022, respectively. No other customer accounted for 10% or more of Titan's net sales in 2024, 2023 and 2022 . 

Inventories
Inventories are valued at the lower of cost or net realizable value. The Company’s inventories are valued under the first in, first out (FIFO) method or average cost method. Net realizable value is estimated based on current selling prices. Estimated provisions are established for slow-moving and obsolete inventory.

Fixed assets
Property, plant, and equipment have been recorded at cost.  Depreciation is provided using the straight-line method over the following estimated useful lives of the related assets:
 Years
Building and improvements
25 - 40
Machinery and equipment
7 - 20
Tools, dies, and molds
2 - 9

Maintenance and repairs are expensed as incurred.  When property, plant, and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are eliminated, and any gain or loss on disposition is included in the accompanying consolidated statements of operations.

Impairment of long-lived assets
The Company reviews fixed assets to assess recoverability from future operations whenever events and circumstances indicate that the carrying values may not be recoverable. Factors that could result in an impairment review include, but are not limited to, a current period cash flow loss combined with a history of cash flow losses, current cash flows that may be insufficient to recover the investment in the property over the remaining useful life, or a projection that demonstrates continuing losses associated with the use of a long-lived asset, significant changes in the manner of use of the assets, or significant changes in business strategies. Impairment losses are recognized in operating results when expected undiscounted cash flows are less than the carrying value of the asset. Impairment losses are measured as the excess of the carrying value of the asset over the discounted expected future cash flows or the estimated fair value of the asset.

Fair value of financial instruments
The Company’s financial assets measured at fair value on a recurring basis include investments in marketable equity securities of $5.3 million and $30.8 million as of December 31, 2024 and 2023, respectively, which are Level 1 fair value measurements as the Company uses quoted market prices. Cash and cash equivalents are carried at cost, which approximates fair value because of the short-term maturities of these instruments. The Company’s revolving credit facility and notes payable are carried at cost, which approximates fair value due to their short terms or stated rates, which are considered Level 2 fair value measurements. Our 7.0% senior secured notes due 2028 (the senior secured notes due 2028) were carried at cost of $397.2 million and $396.3 million at December 31, 2024 and and 2023, respectively. The fair value of the senior secured notes due 2028, as determined with the assistance of an independent pricing platform using real-time trade data, was approximately $390.0 million and $401.4 million, at December 31, 2024 and 2023, respectively, which was determined to be a level 2 fair value measurement.
Investments
The Company uses the equity method to account for investments in entities that are not consolidated since Titan is not the primary beneficiary, but can exert significant influence over the entities. Under the equity method, investments are reported in other long-term assets on the consolidated balance sheets and are recorded at cost and adjusted for the Company's proportionate share of the net income or loss in the investments. The carrying value of these investments was $7.9 million and $7.1 million as of December 31, 2024, and December 31, 2023, respectively.

The Company assesses the carrying value of its equity method investments whenever events and circumstances indicate that the carrying values may not be recoverable. Investment write-downs, if necessary, are recognized in operating results when expected undiscounted future cash flows are less than the carrying value of the asset. These write-downs, if any, are measured as the excess of the carrying value of the asset over the discounted expected future cash flows or the estimated fair value of the asset.

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 has triggered additional economic and other sanctions enacted by the United States and other countries throughout the world.

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 December 31, 2024 and December 31, 2023, respectively. The Russian operations represent approximately 5%, 6% and 6% of consolidated global sales for the years ended December 31, 2024, 2023, and 2022, respectively. The impact of the military conflict between Russia and Ukraine has not had a significant impact on the Company's 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.

Sale of Australian wheel business
On March 29, 2022, the Company entered into a definitive agreement (the Agreement) for the sale of its Australian wheel business, to OTR Tyres, a leading Australian tire, wheel and service provider. The closing date of the transaction was March 31, 2022. The Agreement contains customary representations, warranties and covenants for transactions of this type. The sale included gross proceeds and cash repatriated of approximately $17.5 million, and the assumption by OTR Tyres of all liabilities, including employee and lease obligations. Refer to footnote 18 for additional information on the loss on sale of the Australian wheel business.

Foreign currency translation
The financial statements of the Company’s foreign subsidiaries are translated to United States dollars.  Assets and liabilities are translated to United States dollars at period-end exchange rates.  Income and expense items are translated at average rates of exchange prevailing during the period.  Translation adjustments are included in “Accumulated other comprehensive loss” in stockholders’ equity.  Gains and losses that result from foreign currency transactions are included in the accompanying consolidated statements of operations.

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 years ended December 31, 2024 and 2023.

In accordance with ASC 830, the Argentine and Turkish subsidiary's nonmonetary assets and liabilities, as well as related expenses such as depreciation, are remeasured into US dollars by applying the foreign exchange rate as of the date each respective entity became hyperinflationary. Monetary assets and liabilities are remeasured into US dollars using the current exchange rates. Any resulting gains or losses on these monetary assets and liabilities are reported in net income within the consolidated statements of operations.

The Company recognized a net monetary loss of $3.2 million and $15.5 million recorded in foreign exchange (loss) gain in the consolidated statements of operations for the years ended December 31, 2024 and 2023. The decrease in the net monetary loss is due to the application of the accounting standard for the year ended December 31, 2023 which included cumulative prior period impacts which were not material to the annual 2023 financial statements.

Revenue recognition
The Company derives revenues primarily from the sale of wheels, tires, tires/wheels assemblies, and undercarriage systems and components. The Company follows the five-step model to determine when to recognize revenue: (1) identify the contract(s) with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; (5) recognize revenue when the entity satisfies a performance obligation. In most arrangements within the Company, contracts with the customer are identified through the receipt of a purchase order, which also defines the terms of the contract including the performance obligations or products to be sold, and specific transaction prices associated with the products. In some other arrangements, a master agreement exists that defines pertinent contract terms such as products and price. Purchase orders are then issued under the master agreement for specific quantities of products, which are fulfilled at the specified price at a given point in time. Generally, the Company’s performance obligations under the contracts are satisfied when there is transfer of control of the products to our customers, which is primarily upon shipment or, in certain instances, upon delivery of the products to the named customer location. The payment terms and conditions in our contracts vary and are customary within the geographies that we serve. As the Company’s standard payment terms are less than one year, the Company has elected the practical expedient under ASC 606-10-32-18 to not assess whether a contract has a significant financing component.

Revenues are stated net of returns, discounts and allowances, which are determined based on historical experience. Customer discounts and allowances, consisting primarily of volume discounts and other short-term incentive programs, are recorded as a reduction of revenue at the time of sale because these allowances reflect a reduction in the transaction price.

Costs to obtain or fulfill a contract with a customer, such as sales commissions to agents and internal sales employees, are recognized as an expense when incurred since the amortization period would be one year or less. Shipping and handling costs
are included as a component of cost of sales. Revenue derived from shipping and handling costs billed to customers is included in sales.

Cost of sales
Cost of sales is comprised primarily of direct materials and supplies consumed in the manufacturing of the Company’s products, as well as manufacturing labor, depreciation expense, and overhead expense necessary to acquire and convert the purchased materials and supplies into a finished product.  Cost of sales also includes all purchasing, receiving, inspection, internal transfers, and related distribution costs.

Selling, general, and administrative expense
Selling, general, and administrative (SG&A) expense is comprised primarily of sales commissions, marketing expense, selling, and administrative wages, information system costs, legal fees, bank charges, professional fees, depreciation and amortization expense on non-manufacturing assets, and other administrative items.

Research and development expense
Research and development (R&D) expenses are expensed as incurred.  R&D costs were $16.5 million, $12.5 million, and $10.4 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Advertising
Advertising expenses are included in SG&A expense and are expensed as incurred.  Advertising costs were approximately $4.8 million, $3.3 million and $3.0 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Warranty costs
The Company provides limited warranties on workmanship on its products in all market segments.  The provision for estimated warranty costs is made in the period when such costs become probable and is based on past warranty experience.  See Note 12 for additional information.

Income taxes
Deferred income tax provisions are determined using the asset and liability method to recognize deferred tax assets and liabilities. This method is based upon differences between the financial statement carrying amounts and the respective tax basis of assets and liabilities using enacted tax rates that are expected to apply in the years the temporary differences are expected to be settled or realized.  Valuation allowances are recorded where it is considered more likely than not that some portion or all of the deferred tax assets will not be realized. Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities.

Earnings per share
Basic earnings per share (EPS) is computed by dividing consolidated net earnings applicable to common shareholders by the weighted average number of common shares outstanding. Diluted EPS is computed by dividing adjusted consolidated net earnings applicable to common shareholders by the sum of the weighted average number of common shares outstanding and the weighted average number of potential common shares outstanding. Potential common shares consist of outstanding options under the Company’s stock compensation plans.

Environmental liabilities
Environmental expenditures that relate to current operations are expensed or capitalized as appropriate.  Expenditures that relate to an existing condition caused by past operations and that do not contribute to current or future revenue are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and can be reasonably estimated.
Stock-based compensation
Compensation expense for stock-based compensation is recognized over the requisite service period at the estimated fair value of the award at the grant date. See Note 21 for additional information.

Use of estimates
The policies utilized by the Company in the preparation of the financial statements conform to United States generally accepted accounting principles ("US GAAP" or "GAAP") and require management to make estimates, assumptions, and judgments that affect the reported amount of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual amounts could differ from these estimates and assumptions.
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 1,964,593 shares of its common stock totaling $16.4 million during the year ended December 31, 2024, and 2,653,786 shares of its common stock totaling $32.6 million during 2023. As of December 31, 2024, $1.0 million remains available for future share repurchases under this program. The Company records treasury stock using the cost method.

In addition to the share repurchase program, the Company entered into a Stock Repurchase Agreement (the “Stock Repurchase Agreement”) with MHR Capital Partners Master Account LP, a limited partnership organized in Anguilla, British West Indies, MHR Capital Partners (100) LP, a Delaware limited partnership, and MHR Institutional Partners III L.P., a Delaware limited partnership (together, the “MHR Funds”, a related party) on October 18, 2024. Refer to Note 15 for additional information.

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 $13.2 million at December 31, 2024, and $7.4 million at December 31, 2023.

Adoption of new accounting standards
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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. The Company adopted the impact of this ASU effective December 31, 2024 and incorporated the required disclosures within Note 25 to consolidated financial statements.

New accounting pronouncements to be adopted in future periods
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 and we are currently evaluating the impact of adoption.

In November 2024, FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires additional disclosure about the specific expense categories in the notes to financial statements at interim and annual reporting periods. The amendments in this ASU do not change or remove current expense disclosure requirements but affect where this information appears in the notes to financial statements. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. We are currently evaluating the impact that ASU 2024-03 will have on our consolidated financial statements.
v3.25.0.1
BUSINESS COMBINATION
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
BUSINESS COMBINATION BUSINESS COMBINATION
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 acquired19,759 
Other debt-like items(3,616)
Total purchase consideration, net of cash acquired$312,336 

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.

Since the initial measurement of the identified assets acquired and liabilities assumed, the Company has updated our initial allocation of the purchase consideration during 2024. The principal changes include (i) increase in the value of inventory to include inventory in-transit to a customer locations for which transfer of title has not occurred, (ii) decrease in the value of Property, Plant, and Equipment primarily to reflect updated assumptions surrounding disposed and idle assets, and (iii) decrease in the fair market value adjustment associated with a certain right-of-use asset based on updated underlying valuation assumptions.

The following table summarizes the measurement period changes since the first quarter of 2024, as well as the updated and the allocation of purchase price consideration to the major classes of assets and liabilities (amounts in thousands) as of February 29, 2024:
Final Purchase Price AllocationMeasurement Period ChangesPreliminary Purchase Price Allocation
Accounts receivable$92,043 $(6,396)$98,439 
Inventories150,900 4,912 145,988 
Prepaid and other current assets13,339 — 13,339 
Property, plant, and equipment115,090 (13,072)128,162 
Other long-term assets111,864 15,661 96,203 
Goodwill29,563 16,696 12,867 
Intangible assets11,500 (4,270)15,770 
Fair value of assets acquired$524,299 $13,531 $510,768 
Accounts payable$66,055 $— $66,055 
Other current liabilities28,377 2,000 26,377 
Operating leases108,249 12,773 95,476 
Deferred tax liabilities7,773 (2,678)10,451 
Other long-term liabilities1,509 — 1,509 
Fair value of liabilities assumed$211,963 $12,095 $199,868 
Purchase Price$312,336 $1,436 $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 deductible for tax purposes. The carrying value of goodwill by reportable segment as of December 31, 2024 is as follows:
 Carrying Value as of December 31, 2024
Agricultural$4,844 
Earthmoving/construction— 
Consumer24,719 
Total$29,563 

The following table summarizes the carrying amounts and weighted average lives of the acquired intangible assets as of February 29, 2024 (amounts in thousands):
 Carrying ValueWeighted Average Amortization
(in Years)
Customer lists/relationships$6,000 10.00
Trade names5,500 12.50
Total$11,500 11.30

Through December 31, 2024, the actual revenue and income before taxes of Carlstar since the acquisition date of February 29, 2024 included in the consolidated statement of operations is as shown below (amounts in thousands). The net income includes the effect of fair value adjustments for the amortization of inventory, intangible assets, and depreciation of property, plant and equipment.
 From Acquisition Date to
December 31, 2024
Carlstar revenue$418,888 
Carlstar income before taxes19,587 

The following is the unaudited pro forma financial information for the year ended December 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, except per share data).

Year ended December 31,
 20242023
Pro forma revenues$1,947,755 $2,436,992 
Pro forma net income20,011 83,844 
Net income per common share, basic$0.28 $1.13 
Net income per common share, diluted0.28 1.12 

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, (iii) transaction-related costs of both Titan and Carlstar, and (iv) gain of $56.2 million related to a sale-leaseback transaction of certain domestic manufacturing facilities for Carlstar for the year ended December 31, 2023 prior to the acquisition by the Company. These pro forma amounts were adjusted to be excluded from the unaudited pro forma information for the year ended December 31, 2024 and were adjusted to include these amounts for the year ended December 31, 2023.

Total acquisition-related costs for the year ended December 31, 2024 were $6.2 million.
v3.25.0.1
ACCOUNTS RECEIVABLE, NET
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
ACCOUNTS RECEIVABLE, NET ACCOUNTS RECEIVABLE, NET
Accounts receivable at December 31, 2024 and 2023, consisted of the following (amounts in thousands):
 202420232022
Accounts receivable$214,952 $224,485 $272,928 
Allowance for credit losses(3,232)(5,340)(6,170)
Accounts receivable, net$211,720 $219,145 $266,758 

Accounts receivable are reduced by an estimated allowance for credit losses which is based on known risks and historical losses.

Changes in the allowance for credit losses for the periods set forth below consisted of the following (amounts in thousands):
 202420232022
Balance at January 1,$5,340 $6,170 $4,550 
Provision charged to expense191 50 2,043 
Recoveries of accounts receivable(1,098)(138)(26)
  Other, including foreign currency translation(1,201)(742)(397)
Balance at December 31,$3,232 $5,340 $6,170 
v3.25.0.1
INVENTORIES
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
Inventories at December 31, 2024 and 2023, consisted of the following (amounts in thousands):
 20242023
Raw material$103,616 $108,504 
Work-in-process41,898 39,921 
Finished goods291,678 216,731 
 $437,192 $365,156 
Inventories are reduced by estimated provisions for slow-moving and obsolete inventory. These provisions reduce the cost basis of the asset.
v3.25.0.1
PREPAID AND OTHER CURRENT ASSETS
 12 Months Ended
Dec. 31, 2024
Prepaid Expense and Other Assets, Current [Abstract]  
PREPAID AND OTHER CURRENT ASSETS PREPAID AND OTHER CURRENT ASSETS
Prepaid and other current assets at December 31, 2024 and 2023, consisted of the following (amounts in thousands):
 20242023
Value added tax and duty receivable, including tax credits $8,346 $15,255 
Factory supplies25,777 24,472 
Prepaid expense20,154 20,783 
Prepaid taxes2,160 2,144 
Deposits2,730 1,338 
Contract receivable1,734 1,213 
Other6,250 7,024 
 $67,151 $72,229 
v3.25.0.1
PROPERTY, PLANT, AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT, AND EQUIPMENT, NET PROPERTY, PLANT, AND EQUIPMENT, NET
Property, plant, and equipment at December 31, 2024 and 2023, consisted of the following (amounts in thousands):
 20242023
Land and improvements$42,534 $42,140 
Buildings and improvements260,256 243,241 
Machinery and equipment703,899 628,975 
Tools, dies, and molds118,569 116,328 
Construction-in-process46,997 29,744 
 1,172,255 1,060,428 
Less accumulated depreciation(751,037)(738,734)
 $421,218 $321,694 

Depreciation, including depreciation on capital leases, related to property, plant, and equipment for the years ended December 31, 2024, 2023 and 2022 totaled $55.7 million, $41.0 million, and $41.5 million, respectively.
v3.25.0.1
INTANGIBLE ASSETS, NET
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS, NET INTANGIBLE ASSETS, NET
The components of intangible assets, net at December 31, 2024 and 2023, consisted of the following (amounts in thousands):
2024
Weighted- Average
Useful Lives
(in Years)		Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Amortizable intangible assets:
Customer lists/relationships12.50$6,000 $(400)$5,600 
Trade names10.005,500 (458)5,042 
Other intangibles15.523,523 (2,180)1,343 
          Total 15,023 (3,038)11,985 
2023
Weighted- Average
Useful Lives
(in Years)		Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Amortizable intangible assets:
Other intangibles15.523,384 (1,953)1,431 
          Total 3,384 (1,953)1,431 

Amortization related to intangible assets were $1.5 million, $0.6 million, and $0.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.
The estimated aggregate amortization expense at December 31, 2024, for each of the years set forth below was as follows (amounts in thousands):
2025$1,267 
20261,267 
20271,195 
20281,153 
20291,153 
Thereafter5,950 
 $11,985 
v3.25.0.1
OTHER LONG-TERM ASSETS
 12 Months Ended
Dec. 31, 2024
Other Assets, Noncurrent Disclosure [Abstract]  
OTHER LONG-TERM ASSETS OTHER LONG-TERM ASSETS
Other long-term assets at December 31, 2024 and 2023, consisted of the following (amounts in thousands):
 20242023
Net pension asset$28,352 $19,566 
Prepaid software3,454 5,879 
Investments in nonconsolidated affiliates7,919 7,127 
Manufacturing spares2,087 2,089 
Deferred financing costs2,646 195 
Other6,933 4,495 
 $51,391 $39,351 
v3.25.0.1
OTHER CURRENT LIABILITIES
 12 Months Ended
Dec. 31, 2024
Other Liabilities, Current [Abstract]  
OTHER CURRENT LIABILITIES OTHER CURRENT LIABILITIES
Other current liabilities at December 31, 2024 and 2023, consisted of the following (amounts in thousands):
 20242023
Compensation and benefits$47,735 $47,543 
Warranty12,571 11,848 
Accrued insurance benefits20,218 19,162 
Customer rebates and deposits15,004 15,490 
Accrued other taxes12,142 13,762 
Accrued interest5,646 4,955 
Foreign government grant (a)
3,672 4,509 
Other26,306 22,109 
 $143,294 $139,378 

(a) 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 governmental entities 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.
v3.25.0.1
DEBT
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
Long-term debt consisted of the following as of the dates set forth below (amounts in thousands):
December 31, 2024
Principal BalanceUnamortized Debt IssuanceNet Carrying Amount
7.00% senior secured notes due 2028
$400,000 $(2,847)$397,153 
Revolving credit facility146,000 — 146,000 
Titan Europe credit facilities15,199 — 15,199 
Other debt7,093 — 7,093 
     Total debt568,292 (2,847)565,445 
Less amounts due within one year12,479 — 12,479 
     Total long-term debt$555,813 $(2,847)$552,966 
December 31, 2023
Principal BalanceUnamortized Debt IssuanceNet Carrying Amount
7.00% senior secured notes due 2028
$400,000 $(3,723)$396,277 
Titan Europe credit facilities22,568 — 22,568 
Other debt7,246 — 7,246 
     Total debt429,814 (3,723)426,091 
Less amounts due within one year16,913 — 16,913 
     Total long-term debt$412,901 $(3,723)$409,178 

The weighted-average interest rates on total short-term borrowings, at December 31, 2024 and December 31, 2023, were approximately 4.1% and 3.1%, respectively.

Aggregate maturities of total debt at December 31, 2024, for each of the years (or other periods) set forth below were as follows (amounts in thousands):
2025$12,488 
20265,052 
20271,734 
2028546,521 
2029588 
Thereafter1,909 
 $568,292 

7.00% senior secured notes due 2028
On April 22, 2021, the Company issued $400.0 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.

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 credit 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 December 31, 2024, the weighted average interest rate was 6.20%.

The Company's total amount available for borrowing under the new credit facility at December 31, 2024 totaled $177.1 million, based on eligible accounts receivable and inventory balances. With outstanding letters of credit totaling $9.9 million and $146.0 million in outstanding borrowings under the revolving credit facility, the net amount available for borrowing under the new credit facility totaled $21.2 million at December 31, 2024.

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. This credit facility was terminated in connection with the effectiveness of the new credit facility.

Titan Europe credit facilities
The Titan Europe credit facilities included borrowings from various institutions totaling $15.2 million and $22.6 million in aggregate principal amount at December 31, 2024 and 2023, respectively. Maturity dates on this primarily unsecured debt range from less than one year to five years. The interest rates range from 0.5% to 6.5%.

Other debt
The Company has working capital loans at Titan Pneus do Brasil Ltda at varying interest rates between approximately 6.9% to 7.6%, which totaled $7.1 million at December 31, 2024. Similarly, the Company held a working capital loan at Titan Pneus do Brasil Ltda at varying interest rates from approximately 5% to 6.5%, which totaled $7.2 million at December 31, 2023. The maturity dates on these loans range from one year to two years. The Company expects to negotiate an extension of the maturity date on these loans with the respective financial institutions or to repay the loan, as needed.

Debt restrictions
The Company’s $225 million revolving credit facility (credit facility) and indenture relating to the 7.00% senior secured notes due 2028 contain various restrictions, including:
•When remaining availability under the credit facility is less than the greater of (i) $17 million and (ii) 10% of the credit facility’s line cap (the line cap being the lesser of our borrowing base or the lenders’ commitments under the credit facility), the Company will be required to maintain a minimum fixed charge coverage ratio of not less than 1.0 to 1.0 (calculated quarterly on a trailing four quarter basis);
•Limits on dividends and repurchases of the Company’s stock;
•Restrictions on the ability of the Company to make additional borrowings, or to consolidate, merge, or otherwise fundamentally change the ownership of the Company;
•Limits on investments, dispositions of assets, and guarantees of indebtedness; and
•Other customary affirmative and negative covenants.
These covenants are subject to a number of exceptions and qualifications that are described in the credit and security agreement and the indenture relating to the 7.00% senior secured notes due 2028. These restrictions could limit the Company’s ability to respond to market conditions, provide for unanticipated capital investments, raise additional debt or equity capital, pay dividends, repurchase stock or take advantage of business opportunities, including future acquisitions. The Company was in compliance with these debt covenants at December 31, 2024.
v3.25.0.1
OTHER LONG-TERM LIABILITIES
 12 Months Ended
Dec. 31, 2024
Other Liabilities, Noncurrent [Abstract]  
OTHER LONG-TERM LIABILITIES OTHER LONG-TERM LIABILITIES
Other long-term liabilities at December 31, 2024 and 2023, consisted of the following (amounts in thousands):
 20242023
Accrued pension liabilities$10,146 $12,795 
Foreign government grant (a)
11,298 12,383 
Warranty9,821 9,862 
Income tax liabilities1,215 35 
Other6,057 6,677 
 $38,537 $41,752 
(a) The amount relates to foreign government grant programs related to certain capital development projects in Italy and Spain. The Company received an approximately $17 million capital grant. The grants were recorded as deferred income which will be amortized over the life of the capital development projects.
v3.25.0.1
WARRANTY
 12 Months Ended
Dec. 31, 2024
Product Warranties Disclosures [Abstract]  
WARRANTY WARRANTY
Changes in the warranty liability for the periods set forth below consisted of the following (amounts in thousands):
20242023
Warranty liability, January 1$21,710 $19,914 
Provision for warranty liabilities12,766 14,478 
Warranty payments made(13,868)(12,682)
Other adjustments, including acquisition of Carlstar1,784 — 
Warranty liability, December 31$22,392 $21,710 

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 and other long-term liabilities on the consolidated balance sheets.
v3.25.0.1
DERIVATIVE FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS
The Company uses financial derivatives to mitigate its exposure to volatility in foreign currency exchange rates. Periodically, the Company enters into derivative transactions to hedge against fluctuations in commodity prices in North America. These derivative financial instruments are recognized at their fair value. The fair value of the hedges is recorded on the balance sheet as either an asset or liability, depending on whether the value of the hedge is positive or negative. These derivatives are designated as cash flow hedges. Any changes in fair value are recognized in other comprehensive income (OCI) until the hedged item affects earnings. When the hedged item impacts earnings, the accumulated gains or losses in OCI are reclassified to the income statement in the same period or periods during which the hedged item affects earnings. The amount of unrealized gains and losses from cash flow hedges that are expected to be reclassified to earnings in the next twelve months, is not significant; therefore, additional disclosures are not presented.
For the year ended December 31, 2024, the Company recorded a derivative loss of $0.2 million related to the derivative contracts entered into during the year. For the year ended December 31, 2023 and 2022, the Company recorded a derivative loss of $0.5 million and derivative gain of $1.3 million, respectively.
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ACCUMULATED OTHER COMPREHENSIVE LOSS
 12 Months Ended
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE LOSS ACCUMULATED OTHER COMPREHENSIVE LOSS
Accumulated other comprehensive loss consisted of the following at the dates set forth below (amounts in thousands):
 Currency
Translation
Adjustments		Gain (Loss) on DerivativesUnrecognized
Losses and
Prior Service
Cost
 
 
Total
Balance at January 1, 2023$(243,712)$1,224 $(9,267)$(251,755)
Currency translation adjustments26,257 — — 26,257 
Reclassification adjustments:
Defined benefit pension plan adjustments, net of tax of $(2,663)
— — 6,939 6,939 
Derivative loss— (484)— (484)
Balance at December 31, 2023(217,455)740 (2,328)(219,043)
Currency translation adjustments(72,223)— — (72,223)
Reclassification adjustments:
Defined benefit pension plan adjustments, net of tax of $(1,888)
— — 5,624 5,624 
Derivative loss— (235)(235)
Balance at December 31, 2024$(289,678)$505 $3,296 $(285,877)
v3.25.0.1
STOCKHOLDERS’ EQUITY
 12 Months Ended
Dec. 31, 2024
Equity, Attributable to Parent [Abstract]  
STOCKHOLDERS’ EQUITY STOCKHOLDERS’ EQUITY
On December 16, 2022, the Board of Directors authorized the Share Repurchase Program allowing for the expenditure of up to $50.0 million 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 1,964,593 shares of its common stock totaling $16.4 million during 2024. As of December 31, 2024, $1.0 million remains available for future share repurchases under this program. The Company records treasury stock using the cost method.

On October 18, 2024, the Company entered into a Stock Repurchase Agreement (the “Stock Repurchase Agreement”) with MHR Capital Partners Master Account LP, a limited partnership organized in Anguilla, British West Indies, MHR Capital Partners (100) LP, a Delaware limited partnership, and MHR Institutional Partners III L.P., a Delaware limited partnership (together, the “MHR Funds”, a related party). Pursuant to the Stock Repurchase Agreement, the Company purchased in a privately negotiated transaction from the MHR Funds, and the MHR Funds sold to the Company, an aggregate of 8,005,000 shares (the “MHR Shares”) of the Company’s Common Stock, $0.0001 par value per share, at a per share price of $7.20 per share, for aggregate cash consideration equal to $57.6 million (the “MHR Repurchase”). The Company records treasury stock using the cost method.

The Company and the Russian Direct Investment Fund (RDIF) own all of the equity interests in Voltyre-Prom, a leading producer of agricultural and industrial tires in Volgograd, Russia. On February 11, 2019, the Company entered into a definitive
agreement (the Agreement) with an affiliate of the RDIF relating to the put option included in the Voltyre-Prom Shareholders' Agreement that was exercised by RDIF. In November 2021, Titan received regulatory approval for the issuance of restricted Titan common stock to RDIF. On December 17, 2021, the Company issued 4,032,259 shares of restricted Titan common stock to the RDIF equity holders subject to the Company's right to repurchase the shares for $25.0 million until February 12, 2022. On February 1, 2022, the Company entered into a Stock Purchase Agreement with the RDIF equity holders to buy back the restricted Titan common stock for the previously agreed amount of $25.0 million. The transaction was completed on February 1, 2022. Following the transaction, the Company and RDIF's ownership remained at 64.3% and 35.7%, respectively, of Voltyre-Prom.
v3.25.0.1
VARIABLE INTEREST ENTITIES
 12 Months Ended
Dec. 31, 2024
Variable Interest Entity, Measure of Activity [Abstract]  
VARIABLE INTEREST ENTITIES VARIABLE INTEREST ENTITIES
The Company held a variable interest in one joint venture for which Titan is the primary beneficiary. Titan sold the ownership interest in a manufacturer of undercarriage components and complete track systems for earthmoving machines in India on September 30, 2024. Prior to September 30, 2024, 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 consolidated financial statements. The other equity holder's interests are reflected in “Net income attributable to noncontrolling interests” in the consolidated statements of operations and “Noncontrolling interests” in the consolidated balance sheets.

The following table summarizes the carrying amount of the VIEs’ assets and liabilities included in the Company’s consolidated balance sheets at December 31, 2024 and 2023 (amounts in thousands):
 20242023
Cash and cash equivalents$— $355 
Inventory— 1,431 
Other current assets— 2,364 
Property, plant, and equipment, net— 2,477 
Other non-current assets— 222 
   Total assets$— $6,849 
Current liabilities— 1,117 
Other long-term liabilities— 869 
  Total liabilities$— $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 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 were as follows at December 31, 2024 and 2023 (amounts in thousands):
 20242023
Investments$7,919 $7,127 
     Total VIE assets7,919 7,127 
Accounts payable to the non-consolidated VIEs2,646 3,578 
  Maximum exposure to loss$10,565 $10,705 
v3.25.0.1
ROYALTY EXPENSE
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
ROYALTY EXPENSE ROYALTY EXPENSE
The Company has trademark license agreements with The Goodyear Tire & Rubber Company to manufacture and sell certain farm tires under the Goodyear name. 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 and is expected to be renewed with similar terms as the previous agreement. The Company also has a trademark license agreement with Carlisle Companies, Inc. to manufacture and sell certain tires under the Carlisle® brand. This trademark license agreement is scheduled to expire in 2033. Royalty expenses recorded for the years ended December 31, 2024, 2023, and 2022, were $10.1 million, $9.6 million, and $11.7 million, respectively.
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OTHER INCOME
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
OTHER INCOME OTHER INCOME
Other income consisted of the following for the years set forth below (amounts in thousands):
 202420232022
Gain on property insurance settlement (a)$2,433 $— $— 
Pension plan income1,619 138 2,040 
Equity investment income1,020 1,158 859 
Gain on sale of assets806 246 216 
Income on indirect taxes (b)
— 475 32,043 
Loss on sale of Australia wheel business (c)
— — (10,890)
Proceeds from government grant (d)
— 319 1,324 
Loss on sale of investment (e)(379)— — 
Other income (expense)1,116 292 (172)
 $6,615 $2,628 $25,420 

(a) The gain on property insurance settlement relates to the receipt of insurance proceeds of $3.5 million offset by costs to repair one of the Company's operating facilities in Italy related to a 2023 hail storm weather event. During the three months ended September 30, 2024, the Company also received insurance proceeds of $0.5 million associated with certain equipment at our North American wheel facility.

(b) In May 2022 and September 2022, the Brazilian tax authorities approved indirect tax credits to be applied against future tax obligations. Refer to Note 19 for additional information.

(c) The loss on sale of the Australian wheel business is comprised primarily of the release of the cumulative translation adjustment of approximately $10.0 million and closing costs associated with the completion of the transaction of approximately $0.9 million. Refer to Note 1 for additional information.

(d) For the year ended December 31, 2023, the Company received government subsidies associated with current year capital expenditure investments in technological and digital innovation in Europe, of which $0.3 million was recorded as other income.

In addition, during August 2014, the Company received 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. The Company received proceeds of an additional $1.9 million from the grant for the year ended December 31, 2022, of which $1.3 million was recorded as other income to match to the historical depreciation recorded on the underlying assets. Refer to Note 9 for additional information.

(e) In September 2024, the Company sold its remaining ownership interest in an Indian undercarriage business and incurred a loss of $0.4 million as a result of the sale. The sale agreement includes a commitment to purchase approximately $1.7 million of products from the Indian undercarriage business over a two year period.
v3.25.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Income (loss) before income taxes, consisted of the following for the years set forth below (amounts in thousands):
 202420232022
Domestic$(32,410)$20,809 $73,361 
Foreign40,681 88,939 128,992 
 $8,271 $109,748 $202,353 

The income tax provision was as follows for the years set forth below (amounts in thousands):
 202420232022
Current   
Federal$372 $(217)$(55)
State(442)1,341 1,897 
Foreign18,289 26,999 44,710 
 18,219 28,123 46,552 
Deferred   
Federal(1,290)(2,513)(14,953)
State(1,896)1,186 (10,959)
Foreign(3,172)(754)2,527 
 (6,358)(2,081)(23,385)
Income tax provision$11,861 $26,042 $23,167 

The income tax provision differs from the amount of income tax determined by applying the statutory U.S. federal income tax rate to pre-tax income (loss) as a result of the following:
 202420232022
Statutory U.S. federal tax rate21.0 %21.0 %21.0 %
Unrecognized tax positions7.3 — (0.3)
Foreign tax rate and income differential128.4 9.6 11.7 
Valuation allowance(100.3)(3.5)(23.4)
State taxes, net (18.0)1.2 2.0 
Nondeductible royalty— 0.8 0.5 
Federal Benefit of Notice 2023-55— (5.2)— 
Expired tax credits69.5 — — 
Equity based compensation1.1 — (0.3)
Return to provision25.4 0.2 0.1 
Transaction Costs9.5 — — 
Other, net(0.5)(0.4)0.1 
Effective tax rate143.4 %23.7 %11.4 %

The effective tax rate for the year ended December 31, 2024, was 143.4% compared to 23.7% for the year ended December 31, 2023. The effective rate for 2024 was negatively affected by the impacts of foreign income, which resulted in a net $10.6 million tax expense. For 2024 the rate was positively impacted by the valuation allowance and state income tax, which resulted in a federal benefit of $8.3 million and $1.5 million, respectively. After giving consideration to these items, the effective tax rate for 2024 of 143.4% was higher than the 21% U.S. federal statutory rate.

In December 2021, the U.S. Treasury Department released final regulations concerning the U.S foreign tax credit. In November 2022, the U.S. Treasury Department and IRS released proposed regulations which provided additional guidance relating to the
credits for foreign taxes. As a result, for 2022 the Company did not expect to receive a credit for Brazilian income taxes paid for U.S. tax purposes. This resulted in US tax associated with the Brazilian income, which led to a higher impact of foreign income in the rate for 2022. In July 2023, the IRS released Notice 2023-55. This notice generally allows a taxpayer that determined foreign taxes were creditable prior to the 2022 FTC final regulations to continue to treat such foreign income taxes as creditable during 2022 and 2023. Thus, this notice allows Titan to continue to take the position Brazilian income taxes are creditable taxes for 2023. Furthermore, it allowed Titan to take the position on its 2022 tax return that the Brazilian income taxes are creditable, resulting in a $5.7 million federal benefit.

In jurisdictions where the Company operates, management continues to monitor the realizability of the deferred tax assets arising from losses in its cyclical business, taking into account multiple factors. As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. The Company continues to record a valuation allowance in several major jurisdictions, including various U.S. states, Italy, and Luxembourg as these amounts remain more likely than not that the deferred tax assets would not be utilized. The Company did not release a valuation allowance in 2024 and released a valuation allowance of $0.6 million on the net deferred tax asset in 2023. These amounts are primarily related to net operating losses generated from operations in these certain countries.

The Company is involved in various tax matters, for some of which the outcome is uncertain. The Company believes that it has adequate tax reserves to address these open tax matters acknowledging that the outcome and timing of these events are uncertain.

Management records a reduction to the carrying amounts of deferred tax assets by recording a valuation allowance if, based on the available evidence, it is more likely than not such assets will not be realized. The valuation of deferred tax assets requires judgment in assessing future profitability by year, including the impact of tax planning strategies, relative to the expiration dates, if any, of the assets.

Management considers both positive and negative evidence when measuring the need for a valuation allowance. The weight given to the evidence is commensurate with the extent to which it may be objectively verified. Current and cumulative financial reporting results are a source of objectively verifiable evidence. Management gives operating results during the most recent three-year period a significant weight in our analysis. Management considers whether positive cumulative operating results exist in the most recent three-year period. Management performs scheduling exercises as needed to determine if sufficient taxable income of the appropriate character exists in the periods required in order to realize our deferred tax assets with limited lives (such as tax loss carryforwards and tax credits) prior to their expiration. Management also considers prudent tax planning strategies (including an assessment of their feasibility) to accelerate taxable income if required to utilize expiring deferred tax assets. A valuation allowance is not required to the extent that, in our judgment, positive evidence exists with a magnitude and duration sufficient to result in a conclusion that it is more likely than not that our deferred tax assets will be realized.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.  Significant components of the Company’s deferred tax assets and liabilities at December 31, 2024 and 2023, were as follows (amounts in thousands):
 20242023
Deferred tax assets:  
Net operating loss carryforwards$101,771 $104,166 
Inventory8,385 8,492 
Warranty6,347 6,496 
Employee benefits and related costs8,352 8,130 
Prepaid royalties1,006 1,576 
Interest limitation28,834 29,020 
Lease liability5,138 4,390 
Intangible assets4,732 1,592 
Foreign Tax Credit2,318 8,068 
Other7,401 7,255 
Deferred tax assets174,284 179,185 
Deferred tax liabilities:  
Fixed assets(13,939)(11,577)
Lease assets(5,181)(4,384)
Pension(6,060)(3,740)
Other(7,292)(4,150)
Deferred tax liabilities(32,472)(23,851)
Subtotal141,812 155,334 
Valuation allowance(106,496)(119,535)
Net deferred tax liability$35,316 $35,799 
As of December 31, 2024 and 2023, certain net tax loss carryforwards of $101.8 million and $104.2 million were available with $2.8 million expiring between 2024 and 2029 and $99.0 million expiring after 2029. At December 31, 2024, a valuation allowance of $106.5 million has been established. The net change in the valuation allowance was $(13.0) million and $(1.5) million for 2024 and 2023, respectively. The majority of the valuation allowance is related to deferred tax assets in the U.S., Italy, and Luxembourg.

As of December 31, 2024, the Company has $65.6 million of gross federal net operating loss carryforward, a portion of which expires starting in 2035 and a portion of which does not expire. Additionally, the Company has $324.9 million of gross state net operating losses and $291.7 million of gross foreign loss carryforwards.

The Company intends to permanently reinvest all undistributed earnings outside of the U.S. and, therefore, has not provided deferred income taxes on the outside basis differences in its investments in its foreign subsidiaries. Determination of the total amount of unrecognized deferred income taxes on undistributed earnings of foreign subsidiaries is not practicable.

The Company or one of its subsidiaries files income tax returns in the U.S., Federal and State, and various foreign jurisdictions. The Company’s major locations are in the U.S., Brazil, and Italy. Open tax years for the U.S. are from 2021-2024, Brazil has open tax years from 2018-2024, and Italy has open tax years from 2018-2024.

The Company has applied the provisions of ASC 740, “Income Taxes” related to unrecognized tax benefits. At December 31, 2024, 2023, and 2022, the unrecognized tax benefits were $1.2 million, $0.0 million, and $0.0 million, respectively. As of December 31, 2024, $1.2 million of unrecognized tax benefits would have affected income tax expense if the tax benefits were recognized. The majority of the accrual in unrecognized tax benefits relates to potential transfer pricing items and state tax exposures. Although management cannot predict with any degree of certainty the timing of ultimate resolution of matters under review by various taxing jurisdictions, it is possible that the Company’s gross unrecognized tax benefits balance will decrease by approximately $0.0 million within the next twelve months.
A reconciliation of the total amounts of unrecognized tax benefits at December 31 were as follows (amounts in thousands):
202420232022
Balance at January 1$23 $30 $540 
     Increases to tax positions taken during the current year— — — 
     Increases to tax positions taken during the prior years3,341 — — 
     Decreases to tax positions taken during prior years— — — 
     Decreases due to lapse of statutes of limitations— (7)(506)
     Settlements(273)— — 
     Foreign exchange(12)— (4)
Balance at December 31$3,079 $23 $30 

The Company accrues interest and penalties related to unrecognized tax benefits in income tax expense. The amount of interest and penalties related to unrecognized tax benefits recorded in income tax expense was $0.0 million, $0.0 million, and $0.0 million at December 31, 2024, 2023 and 2022, respectively. There were no accrued interest and penalties excluded at December 31, 2024, 2023, and 2022.

Pillar II
The Organization for Economic Co-operation and Development (the “OECD”) has issued various proposals that would change long-standing global tax principles. These proposals include a two-pillar approach to global taxation (BEPS 2.0/ Pillar Two), focusing on global profit allocation and a global minimum tax rate. On December 12, 2022, the European Union member states agreed to implement the OECD’s global corporate minimum tax rate of 15%, which became effective January 2024. The Company is assessing the impact of this proposal as countries are actively considering changes to their tax laws to adopt certain parts of the OECD's proposal but does not expect a material impact to the financials.

Brazilian Tax Credits
In June 2021, the Company’s Brazilian subsidiaries received a notice that they had prevailed on an existing legal claim in regards to certain non-income (indirect) taxes that had been previously charged and paid. The matter specifically relates to companies’ rights to exclude the state tax on goods circulation (a value-added-tax or VAT equivalent, known in Brazil as “ICMS”) from the calculation of certain additional indirect taxes (specifically the program of social integration (“PIS”) and contribution for financing of social security (“COFINS”) levied by the Brazilian States on the sale of goods.

During the second quarter of 2023, one of the Company’s Brazilian subsidiaries received a notice that they had prevailed on an additional legal claim in regards to the non-income (indirect) taxes credits that had been granted in a prior year ruling. The most recent ruling exempted from taxes, the interest benefit on the indirect tax credits granted in prior year. For the year ended December 31, 2023, the Company recorded indirect tax credits of $0.5 million within other income in the consolidated statements of operations. The Company also recorded a $2.6 million benefit within the provision for income taxes in the consolidated statements of operations for the year ended December 31, 2023.

During the second and third quarter of 2022, the Company submitted the related supporting documentation and received the approval from the Brazilian tax authorities for two of its Brazilian subsidiaries. For the year ended December 31, 2022, the Company recorded $32.0 million within other income in the consolidated statements of operations. The Company also recorded $16.1 million of income tax expense associated with the recognition of these indirect tax credits for the year ended December 31, 2022. Of the $16.1 million income tax expense recorded, $9.4 million was recorded locally in Brazil, while the remaining $6.7 million was recorded to the US in accordance with the GILTI income tax requirements. The Company has fully utilized the credits against future PIS/COFINS and income tax obligations by the end of 2023.
v3.25.0.1
EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
Pension 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’s policy is to fund pension costs as required by law, which is consistent with the funding requirements of federal laws and regulations. Certain foreign subsidiaries maintain unfunded pension plans consistent with local practices and requirements.

The Company’s recorded liability for pensions is based on a number of assumptions, including discount rates, rates of return on investments, mortality rates, and other factors.  Certain of these assumptions are determined by the Company with the assistance of outside actuaries.  Assumptions are based on past experience and anticipated future trends.  These assumptions are reviewed on a regular basis and revised when appropriate.

The following table provides the change in benefit obligation, change in plan assets, funded status, and amounts recognized in the consolidated balance sheet of the defined benefit pension plans as of December 31, 2024 and 2023 (amounts in thousands):
Change in benefit obligation:20242023
Benefit obligation at beginning of year$77,208 $79,379 
Plan assumption changes(1,809)1,391 
Service cost340 606 
Interest cost3,752 4,331 
Actuarial gain(412)(632)
Benefits paid(8,237)(7,588)
Foreign currency translation(1,190)(279)
Benefit obligation at end of year$69,652 $77,208 
Change in plan assets:  
Fair value of plan assets at beginning of year$82,769 $75,025 
Actual return on plan assets9,733 14,558 
Employer contributions936 442 
Benefits paid(7,214)(7,294)
Foreign currency translation(201)38 
Fair value of plan assets at end of year$86,023 $82,769 
Funded (unfunded) status at end of year$16,371 $5,561 
Amounts recognized in Consolidated Balance Sheet:  
Noncurrent assets$28,352 $19,566 
Current liabilities(1,227)(1,210)
Noncurrent liabilities(10,754)(12,795)
Net amount recognized in the Consolidated Balance Sheet$16,371 $5,561 

The pension benefit obligation included $57.4 million of pension benefit obligation for the three frozen plans in the U.S. and $12.2 million of pension benefit obligation for plans at foreign subsidiaries. The fair value of plan assets included $85.4 million of plan assets for the three frozen plans in the U.S. and $0.6 million of plan assets for foreign plans.

Information for pension plans with accumulated benefit obligations and projected benefit obligations in excess of plan assets were (amounts in thousands):
 20242023
Pension Plans in which Accumulated Benefit Obligation Exceeds Plan Assets at December 31,
  Accumulated benefit obligation$11,778 $44,976 
  Fair value of plan assets$619 $31,903 
Accumulated Benefit Obligation at December 31$69,225 $76,746 
Pension Plans in which Projected Benefit Obligation Exceeds Plan Assets at December 31,
  Projected benefit obligation$12,205 $45,439 
  Fair value of plan assets$619 $31,903 
Projected Benefit Obligation at December 31$69,652 $77,208 
Amounts recognized in accumulated other comprehensive loss: 
 202420232022
Unrecognized prior service cost$445 $634 $643 
Unrecognized net loss(3,779)(11,480)(21,091)
Deferred tax effect of unrecognized items6,630 8,518 11,181 
Net amount recognized in accumulated other comprehensive loss$3,296 $(2,328)$(9,267)
The weighted-average assumptions used in the actuarial computation that derived the benefit obligations at December 31 were as follows:202420232022
Discount rate5.7 %5.2 %5.8 %
Expected long-term return on plan assets6.5 %6.5 %6.5 %
 
The following table provides the components of net periodic pension cost for the plans, settlement cost, and the assumptions used in the measurement of the Company’s benefit obligation for the years ended December 31, 2024, 2023, and 2022 (amounts in thousands):
Components of net periodic benefit cost and other
amounts recognized in other comprehensive income (loss)		   
Net periodic benefit cost:202420232022
Service cost$340 $606 $590 
Interest cost3,752 4,331 2,872 
Assumed return on assets(5,198)(4,669)(6,071)
Amortization of unrecognized prior service cost(58)(114)(85)
Amortization of net unrecognized loss279 1,004 1,426 
Net periodic pension cost (benefit)$(885)$1,158 $(1,268)

Service cost is recorded as cost of sales in the consolidated statement of operations while all other components are recorded in other income.

The weighted-average assumptions used in the actuarial computation that derived net periodic pension cost for the years ended December 31, 2024, 2023, and 2022 were as follows:
 202420232022
Discount rate4.2 %5.8 %2.7 %
The allocation of the fair value of plan assets was as follows:
 Percentage of Plan Assets
at December 31,		Target
Allocation
Asset Category202420232024
U.S. equities (a)60 %57 %
40% - 80%
Fixed income20 %21 %
20% - 50%
Cash and cash equivalents8 %10 %
0% - 20%
International equities (a)12 %12 %
0% - 16%
 100 %100 % 

(a) Total equities may not exceed 80% of total plan assets.

The majority of the Company's foreign plans do not have plan assets. The foreign plans which have plan assets holds these plan assets in an insurance or money market fund.
The fair value of the plan assets by asset categories consisted of the following as of the dates set forth below (amounts in thousands):
 Fair Value Measurements as of December 31, 2024
 TotalLevel 1Level 2Level 3
Money market funds$6,774 $6,774 $— $— 
Common stock31,271 31,271 — — 
Bonds and securities10,018 10,018 — — 
Mutual and insurance funds37,960 37,101 859 — 
Totals$86,023 $85,164 $859 $— 
 Fair Value Measurements as of December 31, 2023
 TotalLevel 1Level 2Level 3
Money market funds$8,186 $8,186 $— $— 
Common stock27,658 27,658 — — 
Bonds and securities10,302 10,302 — — 
Mutual and insurance funds36,623 35,828 795 — 
Totals$82,769 $81,974 $795 $— 
    
The Company invests in a diversified portfolio consisting of an array of asset classes in an attempt to maximize returns while minimizing risk.  These asset classes include U.S. equities, fixed income, cash and cash equivalents, international equities and REITs.  The investment objectives are to provide for the growth and preservation of plan assets on a long-term basis through investments in: investment grade securities that provide investment returns that meet or exceed the Standard & Poor’s 500 Index and investment grade fixed income securities that provide investment returns that meet or exceed the Barclays Capital Aggregate Bond Index.  The U.S. equities asset category included the Company’s common stock in the amount of $0.6 million (approximately one percent of total plan assets) at December 31, 2024, and $1.9 million (approximately two percent of total plan assets) at December 31, 2023.

The fair value of money market funds, stock, bonds, U.S. government securities and mutual funds is determined based on valuation for identical instruments in active markets.

The long-term rate of return for plan assets is determined using a weighted-average of long-term historical approximate returns on cash and cash equivalents, fixed income securities, and equity securities considering the anticipated investment allocation within the plans.  The expected return on plan assets is anticipated to be 7.0% over the long-term.  This rate assumes long-term historical returns of approximately 8.5% for equities and approximately 4.0% for fixed income securities using the plans’ target allocation percentages.  Professional investment firms, none of which are Titan employees, manage the plan assets.
Based on the 2024 minimum pension funding calculations, the Company does not anticipate any minimum funding requirements.

Projected benefit payments from the plans as of December 31, 2024, are estimated as follows (amounts in thousands):
2025$7,776 
20267,034 
20276,626 
20286,779 
20296,514 
2030-203429,117 

401(k)/Defined contribution plans
The Company sponsors three 401(k) retirement savings plans in the U.S. and a number of defined contribution plans at foreign subsidiaries.  

One U.S. plan is for the benefit of substantially all employees who are not covered by a collective bargaining arrangement.  Titan provides a 50% matching contribution in the form of the Company’s common stock on the first 6% of the employee’s contribution in this plan.  The Company issued 206,050 shares, 144,439 shares and 124,645 shares of common stock in connection with this 401(k) plan during 2024, 2023, and 2022, respectively.  Expenses to the Company related to this common stock matching contribution were $1.7 million, $1.8 million, and $1.7 million for 2024, 2023, and 2022, respectively.

The second U.S. plan is for the benefit of Carlstar employees. The Company matches employee contributions in an amount equal to 100% of the first 3% and 50% of the next 2% of the employee’s compensation. The Company incurred $1.5 million related to matching contributions from the date of the acquisition through December 31, 2024.

The third U.S. 401(k) plan is for employees covered by collective bargaining agreements and does not include a Company matching contribution.

Expenses related to foreign defined contribution plans were $3.5 million, $3.7 million, and $4.1 million for 2024, 2023, and 2022, respectively.
v3.25.0.1
STOCK COMPENSATION
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK COMPENSATION STOCK COMPENSATION
The Company recorded stock compensation of $7.4 million, $6.0 million, and $4.3 million in 2024, 2023, and 2022, respectively.  

Titan International, Inc. Equity and Incentive Compensation Plan
The Company adopted a new Titan International, Inc. Equity and Incentive Compensation Plan at the 2021 Annual Meeting of Stockholders to provide stock compensation as a means of attracting and retaining qualified independent directors and employees for the Company.  A total of 2.5 million shares are available for future issuance under the equity incentive plan at December 31, 2024.  

Stock Options
Under the Company's Equity Incentive Plan (or its predecessor plan), the Company granted no stock options in 2024, 2023, and 2022. The exercise price of stock options may not be less than the fair market value of the common stock on the date of the grant.  The vesting and term of each option is set by the Board of Directors. All options outstanding at December 31, 2024 are fully vested and expire 10 years from the grant date.
The following is a summary of activity in stock options during the year ended December 31, 2024:
 Shares Subject
to Option		Weighted-Average
Aggregate Intrinsic Value
(in thousands)
Exercise Price
Remaining Contractual Life
(in Years)
Outstanding, December 31, 2023348,200 $11.62 2.64 
Granted— —   
Exercised— —   
Forfeited/Expired(59,000)16.37   
Outstanding, December 31, 2024289,200 $10.65 2.09$— 
Exercisable, December 31, 2024289,200 $10.65 2.09$— 

The Company uses the Black-Scholes option pricing model to determine the fair value of its stock options.  The determination of the fair value of stock option awards on the date of grant using option pricing models is affected by the Company’s stock price, as well as assumptions regarding a number of complex and subjective variables.  These variables include the Company’s expected stock price volatility over the expected term of the awards, actual and projected stock option exercise behaviors, risk-free interest rates, and expected dividends.  The expected term of options represents the period of time over which options are expected to be outstanding and is estimated based on historical experience.  Expected volatility is based on the historical volatility of the Company’s common stock calculated over the expected term of the option.  The risk-free interest rate is based on U.S. Treasury yields in effect at the date of grant.

Restricted Stock Units and Performance Stock Units
Under the Company's Equity Incentive Plan (or its predecessor plan), the Company granted restricted stock units ("RSUs") to eligible employee and the members of the Company's Board of Directors. The restricted stock units to employees vest over a period of three years. The restricted stock units to the members of the Company's Board of Directors vest over a period of one year. At the time of grant, the Company estimates forfeitures, based on historical experience, in order to estimate the portion of the award that will ultimately vest. During 2024, 2023 and 2022, 665,473, 571,530, and 552,992 RSUs were granted, respectively. The Company recorded $6.5 million, $5.1 million and $3.4 million stock compensation expense associated with RSUs for the year ended December 31, 2024, 2023, and 2022, respectively.

On December 28, 2021, the Company awarded certain named executive officers grants of long-term performance stock units (PSU) based on the achievement of certain adjusted-EBITDA targets for the fiscal years commencing January 1, 2021 and ending December 31, 2024. The number of shares earned could range between 0% and 125% of the target amount depending upon performance achieved over the four year vesting period. The Company recorded $0.9 million, $0.9 million and $0.9 million of stock compensation expense associated with PSUs for the year ended December 31, 2024, 2023, and 2022, respectively.

A summary of RSU and PSU activity for the year ended December 31, 2024, is presented in the following table:
RSUPSU (a)Total SharesWeighted-Average Grant Date Fair Value
Unvested at December 31, 2023973,646 328,948 1,302,594 $11.33 
   Granted665,473 — 665,473 11.11 
   Vested(494,783)(328,948)(823,731)11.08 
   Forfeited/Expired(2,000)— (2,000)12.86 
Unvested at December 31, 20241,142,336 — 1,142,336 $11.38 

(a) The PSU awards are presented at maximum payout of 125% of the target amount and vested at December 31, 2024. The PSU award agreements indicate the shares will be issued within 15 calendar days from the filing date of the Company's Form 10-K for the year ended December 31, 2024.
Pre-tax unrecognized compensation expense for unvested RSUs and PSUs was $8.2 million at December 31, 2024, and will be recognized as an expense over a weighted-average period of 1.2 years.

The fair value of shares vested, based on the stock's fair value on the vesting date, was $8.0 million, $5.1 million, and $6.0 million for the years ended December 31, 2024, 2023, and 2022, respectively.
v3.25.0.1
LITIGATION
 12 Months Ended
Dec. 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.
v3.25.0.1
LEASES
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
LEASES 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 ASC 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 consolidated statement 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 consolidated statement of operations. For the years ended December 31, 2024, 2023, and 2022, operating lease expense was $24.5 million, $5.6 million, and $5.1 million, respectively, and finance lease amortization expense was $2.5 million, $3.0 million, and $2.6 million, respectively.
Supplemental balance sheet information related to leases was as follows (amounts in thousands):
Balance Sheet ClassificationDecember 31, 2024December 31, 2023
Operating lease ROU assetsOperating lease assets$117,027 $11,955 
Operating lease current liabilitiesOperating leases current liabilities$11,999 $5,021 
Operating lease long-term liabilitiesOperating leases long-term liabilities106,020 6,153 
    Total operating lease liabilities$118,019 $11,174 
Finance lease, grossProperty, plant & equipment, net$6,801 $5,175 
Finance lease accumulated depreciationProperty, plant & equipment, net(4,442)(3,489)
   Finance lease, net$2,359 $1,686 
Finance lease current liabilitiesOther current liabilities$986 $1,093 
Finance lease long-term liabilitiesOther long-term liabilities1,483 1,321 
   Total finance lease liabilities$2,469 $2,414 

At December 31, 2024, maturity of lease liabilities were as follows (amounts in thousands):
Operating LeasesFinance Leases
2025$19,460$1,138
202618,112884
202715,121457
202813,401236
202912,50816
Thereafter115,688—
Total future minimum lease payments$194,290$2,731
Less imputed interest76,271262
$118,019$2,469
Weighted average remaining lease term (in years)13.502.67
Weighted average discount rate7.27 %7.27 %

Supplemental cash flow information related to leases for the year ended December 31, 2024 were as follows: operating cash flows from operating leases were $39.8 million and operating cash flows from finance leases were $0.4 million.

Supplemental cash flow information related to leases for the year ended December 31, 2023 were as follows: operating cash flows from operating leases were $6.8 million and operating cash flows from finance leases were $0.2 million.
LEASES 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 ASC 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 consolidated statement 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 consolidated statement of operations. For the years ended December 31, 2024, 2023, and 2022, operating lease expense was $24.5 million, $5.6 million, and $5.1 million, respectively, and finance lease amortization expense was $2.5 million, $3.0 million, and $2.6 million, respectively.
Supplemental balance sheet information related to leases was as follows (amounts in thousands):
Balance Sheet ClassificationDecember 31, 2024December 31, 2023
Operating lease ROU assetsOperating lease assets$117,027 $11,955 
Operating lease current liabilitiesOperating leases current liabilities$11,999 $5,021 
Operating lease long-term liabilitiesOperating leases long-term liabilities106,020 6,153 
    Total operating lease liabilities$118,019 $11,174 
Finance lease, grossProperty, plant & equipment, net$6,801 $5,175 
Finance lease accumulated depreciationProperty, plant & equipment, net(4,442)(3,489)
   Finance lease, net$2,359 $1,686 
Finance lease current liabilitiesOther current liabilities$986 $1,093 
Finance lease long-term liabilitiesOther long-term liabilities1,483 1,321 
   Total finance lease liabilities$2,469 $2,414 

At December 31, 2024, maturity of lease liabilities were as follows (amounts in thousands):
Operating LeasesFinance Leases
2025$19,460$1,138
202618,112884
202715,121457
202813,401236
202912,50816
Thereafter115,688—
Total future minimum lease payments$194,290$2,731
Less imputed interest76,271262
$118,019$2,469
Weighted average remaining lease term (in years)13.502.67
Weighted average discount rate7.27 %7.27 %

Supplemental cash flow information related to leases for the year ended December 31, 2024 were as follows: operating cash flows from operating leases were $39.8 million and operating cash flows from finance leases were $0.4 million.

Supplemental cash flow information related to leases for the year ended December 31, 2023 were as follows: operating cash flows from operating leases were $6.8 million and operating cash flows from finance leases were $0.2 million.
v3.25.0.1
PURCHASE OBLIGATIONS
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
PURCHASE OBLIGATIONS PURCHASE OBLIGATIONS
The purchase obligations mainly consist of commitments for raw material purchases and equipment associated with our global manufacturing operations. At December 31, 2024, the Company's expected cash outflow resulting from non-cancellable purchase obligations are summarized by year in the table below (amounts in thousands):
2025$28,876 
20263,287 
2027479 
Total non-cancellable purchase obligations$32,642 
v3.25.0.1
SEGMENT AND GEOGRAPHICAL INFORMATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHICAL INFORMATION SEGMENT AND GEOGRAPHICAL INFORMATION
The Company has aggregated its operating segments into reportable segments based on its three customer markets: agricultural, earthmoving/construction, and consumer. These segments are based on the information used by the chief operating decision maker ("CODM") to make certain operating decisions, allocate portions of capital expenditures and assess segment performance. The accounting policies of the segments are the same as those described in Note 1, “Description of Business and Significant Accounting Policies” to these Notes to the consolidated financial statements. Segment external revenues, expenses, and income from operations are determined on the basis of the results of operations of operating units of manufacturing facilities. Segment assets are generally determined on the basis of an allocation of the tangible assets located at such operating units’ manufacturing facilities and the intangible assets associated with the acquisitions of such operating units. However, certain operating units’ property, plant, and equipment balances are carried at the corporate level.

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

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

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


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


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


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

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

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

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


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

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


The table below presents information by geographic area. Revenues from external customers were determined based on the location of the selling subsidiary. Geographic information as of and for the years ended December 31, 2024, 2023, and 2022 was as follows (amounts in thousands):
202420232022
Net Sales
United States$935,724 $814,676 $1,074,715 
Europe / CIS462,066 558,677 577,877 
Latin America292,830 354,979 422,439 
Asia and other regions155,317 93,468 94,349 
$1,845,937 $1,821,800 $2,169,380 
Long-Lived Assets  
United States$184,686 $107,639 $97,112 
Europe / CIS132,349 142,749 138,617 
Latin America53,653 61,169 49,714 
Asia and other regions50,530 10,137 11,162 
$421,218 $321,694 $296,605 
v3.25.0.1
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Earnings per share for 2024, 2023, and 2022 were as follows (amounts in thousands, except per share data):
202420232022
Net (loss) income applicable to common shareholders$(5,560)$78,760 $176,302 
Determination of shares:
Weighted average shares outstanding (basic)68,662 62,452 63,040 
Effect of restricted stock and stock options— 509 651 
Weighted average shares outstanding (diluted)68,662 62,961 63,691 
(Loss) earnings per share:
   Basic$(0.08)$1.26 $2.80 
   Diluted$(0.08)$1.25 $2.77 
The effect of restricted stock and stock options has been excluded for the fiscal year ended December 31, 2024, as the effect would have been antidilutive. The weighted average shares excluded for equity awards for the year ended December 31, 2024 was 0.5 million.
v3.25.0.1
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS

Reserves deducted in the balance sheet from the assets to which it applies (amounts in thousands):
Additions
 
Deductions
 
Description
Balance at Beginning
of Period		Charged to Costs and ExpensesCharged to Other AccountsCharged to Costs and ExpensesCharged to Other AccountsBalance
at End
of Period
Year ended December 31, 2024
Deferred income tax valuation allowance:
Domestic$38,554 $— $97 $(5,164)$— $33,487 
Foreign80,981 2,064 — (5,194)(4,842)73,009 
Year ended December 31, 2023    
Deferred income tax valuation allowance:
Domestic$41,671 $— $— $(3,117)$— $38,554 
Foreign79,386 94 2,369 (868)— 80,981 
Year ended December 31, 2022    
Deferred income tax valuation allowance:
Domestic$94,747 $— $— $(53,076)$— $41,671 
Foreign78,425 19,503 — (13,833)(4,709)79,386 
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net (loss) income applicable to common shareholders $ (5,560) $ 78,760 $ 176,302
v3.25.0.1
Insider Trading Arrangements
 12 Months Ended
Dec. 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
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
The Company subscribes to a defense in depth strategy when it comes to cybersecurity and has processes in place to assist in the assessment, identification, and management of material risks from threats. Our cybersecurity strategy is largely guided by key principles and frameworks from the National Institute of Standards and Technology (NIST). The Company maintains technical and organizational safeguards, including employee training, incident response capability reviews, cybersecurity insurance and business continuity mechanisms for the protection of the Company’s assets. From time to time, the Company’s processes are audited and validated by internal and external experts. Semi-annually, the Company performs a risk mitigation assessment to assess and determine specific cybersecurity risks prevalent within the global information technology infrastructure and how those risks are mitigated. Further, through the use of an independent third-party service provider, the Company performs external penetration testing as well as internal network vulnerability testing to assess and identify gaps and vulnerabilities within the global information systems.

In the event of a cybersecurity breach, the Company would execute its incident response plan, which provides a structured response, including proper reporting and communication of the incident. When a cybersecurity incident is determined to be significant, it is addressed by Senior Director of Information Technology using processes that leverage subject-matter expertise from across the Company. Further, the Company typically will engage third-party advisors as part of our incident management processes. All cybersecurity incidents that are identified as having the potential to be highly significant to the Company are brought to the attention of SVP, Chief Financial Officer as part of our cybersecurity incident response processes. The Company's executive management would report such incidents to the Company's Board of Directors as deemed necessary based on the overall significance and impact to the Company.
Our cybersecurity team has an average of over 25 years of experience in information technology, security, and risk management, including individuals with a master’s degree in business administration as well as a master’s degree in cybersecurity.

Cybersecurity risk management is incorporated into our overall enterprise risk management program. As part of its enterprise risk management efforts, critical enterprise risks are assessed by senior management annually and discussed with the Company's Board of Directors. Our Board of Directors has ultimate oversight for risks relating to our cybersecurity program and practices and receives regular updates from management on cybersecurity risks and threats.

There have been no recent incidents of cybersecurity breaches within the Company’s information systems in the past three fiscal years. For additional information, refer to the section entitled “The Company may be adversely affected by a disruption in, or failure of, information technology systems” within “Item 1A – Risk Factors” in Part I of this Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] The Company subscribes to a defense in depth strategy when it comes to cybersecurity and has processes in place to assist in the assessment, identification, and management of material risks from threats. Our cybersecurity strategy is largely guided by key principles and frameworks from the National Institute of Standards and Technology (NIST). The Company maintains technical and organizational safeguards, including employee training, incident response capability reviews, cybersecurity insurance and business continuity mechanisms for the protection of the Company’s assets.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Cybersecurity risk management is incorporated into our overall enterprise risk management program. As part of its enterprise risk management efforts, critical enterprise risks are assessed by senior management annually and discussed with the Company's Board of Directors. Our Board of Directors has ultimate oversight for risks relating to our cybersecurity program and practices and receives regular updates from management on cybersecurity risks and threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] All cybersecurity incidents that are identified as having the potential to be highly significant to the Company are brought to the attention of SVP, Chief Financial Officer as part of our cybersecurity incident response processes. The Company's executive management would report such incidents to the Company's Board of Directors as deemed necessary based on the overall significance and impact to the Company.
Our cybersecurity team has an average of over 25 years of experience in information technology, security, and risk management, including individuals with a master’s degree in business administration as well as a master’s degree in cybersecurity.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
In the event of a cybersecurity breach, the Company would execute its incident response plan, which provides a structured response, including proper reporting and communication of the incident. When a cybersecurity incident is determined to be significant, it is addressed by Senior Director of Information Technology using processes that leverage subject-matter expertise from across the Company. Further, the Company typically will engage third-party advisors as part of our incident management processes. All cybersecurity incidents that are identified as having the potential to be highly significant to the Company are brought to the attention of SVP, Chief Financial Officer as part of our cybersecurity incident response processes. The Company's executive management would report such incidents to the Company's Board of Directors as deemed necessary based on the overall significance and impact to the Company.
Our cybersecurity team has an average of over 25 years of experience in information technology, security, and risk management, including individuals with a master’s degree in business administration as well as a master’s degree in cybersecurity.

Cybersecurity risk management is incorporated into our overall enterprise risk management program. As part of its enterprise risk management efforts, critical enterprise risks are assessed by senior management annually and discussed with the Company's Board of Directors. Our Board of Directors has ultimate oversight for risks relating to our cybersecurity program and practices and receives regular updates from management on cybersecurity risks and threats.
Cybersecurity Risk Role of Management [Text Block]
The Company subscribes to a defense in depth strategy when it comes to cybersecurity and has processes in place to assist in the assessment, identification, and management of material risks from threats. Our cybersecurity strategy is largely guided by key principles and frameworks from the National Institute of Standards and Technology (NIST). The Company maintains technical and organizational safeguards, including employee training, incident response capability reviews, cybersecurity insurance and business continuity mechanisms for the protection of the Company’s assets. From time to time, the Company’s processes are audited and validated by internal and external experts. Semi-annually, the Company performs a risk mitigation assessment to assess and determine specific cybersecurity risks prevalent within the global information technology infrastructure and how those risks are mitigated. Further, through the use of an independent third-party service provider, the Company performs external penetration testing as well as internal network vulnerability testing to assess and identify gaps and vulnerabilities within the global information systems.

In the event of a cybersecurity breach, the Company would execute its incident response plan, which provides a structured response, including proper reporting and communication of the incident. When a cybersecurity incident is determined to be significant, it is addressed by Senior Director of Information Technology using processes that leverage subject-matter expertise from across the Company. Further, the Company typically will engage third-party advisors as part of our incident management processes. All cybersecurity incidents that are identified as having the potential to be highly significant to the Company are brought to the attention of SVP, Chief Financial Officer as part of our cybersecurity incident response processes. The Company's executive management would report such incidents to the Company's Board of Directors as deemed necessary based on the overall significance and impact to the Company.
Our cybersecurity team has an average of over 25 years of experience in information technology, security, and risk management, including individuals with a master’s degree in business administration as well as a master’s degree in cybersecurity.

Cybersecurity risk management is incorporated into our overall enterprise risk management program. As part of its enterprise risk management efforts, critical enterprise risks are assessed by senior management annually and discussed with the Company's Board of Directors. Our Board of Directors has ultimate oversight for risks relating to our cybersecurity program and practices and receives regular updates from management on cybersecurity risks and threats.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] In the event of a cybersecurity breach, the Company would execute its incident response plan, which provides a structured response, including proper reporting and communication of the incident. When a cybersecurity incident is determined to be significant, it is addressed by Senior Director of Information Technology using processes that leverage subject-matter expertise from across the Company.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] When a cybersecurity incident is determined to be significant, it is addressed by Senior Director of Information Technology using processes that leverage subject-matter expertise from across the Company.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
In the event of a cybersecurity breach, the Company would execute its incident response plan, which provides a structured response, including proper reporting and communication of the incident. When a cybersecurity incident is determined to be significant, it is addressed by Senior Director of Information Technology using processes that leverage subject-matter expertise from across the Company. Further, the Company typically will engage third-party advisors as part of our incident management processes. All cybersecurity incidents that are identified as having the potential to be highly significant to the Company are brought to the attention of SVP, Chief Financial Officer as part of our cybersecurity incident response processes. The Company's executive management would report such incidents to the Company's Board of Directors as deemed necessary based on the overall significance and impact to the Company.
Our cybersecurity team has an average of over 25 years of experience in information technology, security, and risk management, including individuals with a master’s degree in business administration as well as a master’s degree in cybersecurity.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Principles of consolidation
Principles of consolidation
The consolidated financial statements include the accounts of all majority-owned subsidiaries and variable interest entities in which Titan is the primary beneficiary. Investments in companies in which Titan does not own a majority interest, but which Titan has the ability to exercise significant influence over operating and financial policies are accounted for using the equity method. Investments in other companies are carried at cost. All significant intercompany accounts and transactions have been eliminated.
Reclassifications
Reclassifications
The Company has reclassified certain prior period amounts in the consolidated balance sheet, primarily lease liabilities and warranty liabilities and in the consolidated statement of operations, primarily interest expense and interest income, to conform with the current period presentation.
Business combinations
Business combinations
We account for business combinations under the acquisition method of accounting in accordance with Accounting Standards Codification 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.
Goodwill and other intangible assets
Goodwill and other intangible assets
Goodwill represents the excess of purchase price over the fair value of net assets acquired. Goodwill is not amortized. For goodwill, impairment tests are required at least annually, or more frequently if events or circumstances indicate that it may be impaired, when some portion but not all of a reporting unit is disposed of or classified as assets held for sale, or when a change in the composition of reporting units occurs for other reasons, such as a change in segments. Based on its current organizational structure, the Company identified reporting units for which cash flows are determinable and to which goodwill was allocated.

The Company performs its goodwill impairment test at least annually in the fourth quarter. For this goodwill impairment test, the Company used qualitative assessments. The Company performed this test by assessing qualitative factors to determine whether it was more likely than not that the fair value of each reporting unit was greater than its respective carrying value. Factors considered in the qualitative assessments include, among other things, macroeconomic conditions, industry and market considerations and the financial performance of the respective reporting units. If based on the results of the qualitative assessment, the Company were to determine that it is more likely than not that the fair value of a reporting unit is less than its
carrying value, a quantitative assessment would be conducted. Based on the results of the annual goodwill impairment test, the Company determined there was no impairment.

A quantitative test is used to determine existence of goodwill impairment and the amount of the impairment loss at the reporting unit level. The quantitative test compares the fair value of a reporting unit with its carrying amount, including goodwill. The Company uses an income-based valuation method, determining the present value of estimated future cash flows, to estimate the fair value of a reporting unit. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Factors used in the impairment analysis require significant judgment, and actual results may differ from assumed and estimated amounts. The Company uses its own market assumptions including internal projections of future cash flows, discount rates and other assumptions considered reasonable in the analysis and reflective of market participant assumptions. These forecasts are based on historical performance and future estimated results. The discount rates utilized are based on a capital asset pricing model and published relevant industry rates, which take into consideration the risks and uncertainties inherent to the reporting units and in the internally developed forecasts.

Other intangible assets with determinable lives primarily consist of customer lists/relationships and trademarks. Refer to Note 7 to the consolidated financial statements for further information.

Long-lived assets (including definite-lived intangible assets) are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, such as a significant sustained change in the business climate. If an indicator of impairment exists for any grouping of assets, an estimate of undiscounted future cash flows is prepared and compared to its carrying value. If an asset group is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset group over its fair value, as determined by an estimate of discounted future cash flows.
Cash and cash equivalents
Cash and cash equivalents
The Company considers short-term debt securities with an original maturity of three months or less to be cash equivalents. The cash in the Company's U.S. banks is not fully insured by the Federal Deposit Insurance Corporation. The Company had $185.3 million and $186.1 million of cash in foreign bank accounts at December 31, 2024 and 2023, respectively. The Company's cash in its foreign bank accounts is not fully insured.
Accounts receivable and allowance for credit loss
Accounts receivable and allowance for credit loss
The Company carries its accounts receivable at their face amounts less an allowance for credit loss. The allowance is an estimate based on historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade accounts receivable. In order to monitor credit risks associated with our customer base, credit worthiness of our existing customer base is reviewed on a periodic basis. At the end of each reporting period, the allowance for credit loss is reviewed relative to management's collectability assessment and adjusted if deemed necessary. The factors considered in this review include known bad debt risks and past loss history. Actual collection experience may differ from the current estimate of net receivables.
Concentration of credit risk
Concentration of credit risk
Net sales to Deere & Company in Titan's agricultural, earthmoving/construction, and consumer segments combined represented 11%, 13% and 15% of the Company's consolidated net sales for the years ended December 31, 2024, 2023, and 2022, respectively. No other customer accounted for 10% or more of Titan's net sales in 2024, 2023 and 2022 .
Inventories
Inventories
Inventories are valued at the lower of cost or net realizable value. The Company’s inventories are valued under the first in, first out (FIFO) method or average cost method. Net realizable value is estimated based on current selling prices. Estimated provisions are established for slow-moving and obsolete inventory.
Fixed assets
Fixed assets
Property, plant, and equipment have been recorded at cost.  Depreciation is provided using the straight-line method over the following estimated useful lives of the related assets:
 Years
Building and improvements
25 - 40
Machinery and equipment
7 - 20
Tools, dies, and molds
2 - 9

Maintenance and repairs are expensed as incurred.  When property, plant, and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are eliminated, and any gain or loss on disposition is included in the accompanying consolidated statements of operations.
Impairment of long-lived assets
Impairment of long-lived assets
The Company reviews fixed assets to assess recoverability from future operations whenever events and circumstances indicate that the carrying values may not be recoverable. Factors that could result in an impairment review include, but are not limited to, a current period cash flow loss combined with a history of cash flow losses, current cash flows that may be insufficient to recover the investment in the property over the remaining useful life, or a projection that demonstrates continuing losses associated with the use of a long-lived asset, significant changes in the manner of use of the assets, or significant changes in business strategies. Impairment losses are recognized in operating results when expected undiscounted cash flows are less than the carrying value of the asset. Impairment losses are measured as the excess of the carrying value of the asset over the discounted expected future cash flows or the estimated fair value of the asset.
Fair value of financial instruments
Fair value of financial instruments
The Company’s financial assets measured at fair value on a recurring basis include investments in marketable equity securities of $5.3 million and $30.8 million as of December 31, 2024 and 2023, respectively, which are Level 1 fair value measurements as the Company uses quoted market prices. Cash and cash equivalents are carried at cost, which approximates fair value because of the short-term maturities of these instruments. The Company’s revolving credit facility and notes payable are carried at cost, which approximates fair value due to their short terms or stated rates, which are considered Level 2 fair value measurements. Our 7.0% senior secured notes due 2028 (the senior secured notes due 2028) were carried at cost of $397.2 million and $396.3 million at December 31, 2024 and and 2023, respectively. The fair value of the senior secured notes due 2028, as determined with the assistance of an independent pricing platform using real-time trade data, was approximately $390.0 million and $401.4 million, at December 31, 2024 and 2023, respectively, which was determined to be a level 2 fair value measurement.
Investments
Investments
The Company uses the equity method to account for investments in entities that are not consolidated since Titan is not the primary beneficiary, but can exert significant influence over the entities. Under the equity method, investments are reported in other long-term assets on the consolidated balance sheets and are recorded at cost and adjusted for the Company's proportionate share of the net income or loss in the investments. The carrying value of these investments was $7.9 million and $7.1 million as of December 31, 2024, and December 31, 2023, respectively.

The Company assesses the carrying value of its equity method investments whenever events and circumstances indicate that the carrying values may not be recoverable. Investment write-downs, if necessary, are recognized in operating results when expected undiscounted future cash flows are less than the carrying value of the asset. These write-downs, if any, are measured as the excess of the carrying value of the asset over the discounted expected future cash flows or the estimated fair value of the asset.
Foreign currency translation
Foreign currency translation
The financial statements of the Company’s foreign subsidiaries are translated to United States dollars.  Assets and liabilities are translated to United States dollars at period-end exchange rates.  Income and expense items are translated at average rates of exchange prevailing during the period.  Translation adjustments are included in “Accumulated other comprehensive loss” in stockholders’ equity.  Gains and losses that result from foreign currency transactions are included in the accompanying consolidated statements of operations.

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 years ended December 31, 2024 and 2023.

In accordance with ASC 830, the Argentine and Turkish subsidiary's nonmonetary assets and liabilities, as well as related expenses such as depreciation, are remeasured into US dollars by applying the foreign exchange rate as of the date each respective entity became hyperinflationary. Monetary assets and liabilities are remeasured into US dollars using the current exchange rates. Any resulting gains or losses on these monetary assets and liabilities are reported in net income within the consolidated statements of operations.

The Company recognized a net monetary loss of $3.2 million and $15.5 million recorded in foreign exchange (loss) gain in the consolidated statements of operations for the years ended December 31, 2024 and 2023. The decrease in the net monetary loss is due to the application of the accounting standard for the year ended December 31, 2023 which included cumulative prior period impacts which were not material to the annual 2023 financial statements.
Revenue recognition
Revenue recognition
The Company derives revenues primarily from the sale of wheels, tires, tires/wheels assemblies, and undercarriage systems and components. The Company follows the five-step model to determine when to recognize revenue: (1) identify the contract(s) with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; (5) recognize revenue when the entity satisfies a performance obligation. In most arrangements within the Company, contracts with the customer are identified through the receipt of a purchase order, which also defines the terms of the contract including the performance obligations or products to be sold, and specific transaction prices associated with the products. In some other arrangements, a master agreement exists that defines pertinent contract terms such as products and price. Purchase orders are then issued under the master agreement for specific quantities of products, which are fulfilled at the specified price at a given point in time. Generally, the Company’s performance obligations under the contracts are satisfied when there is transfer of control of the products to our customers, which is primarily upon shipment or, in certain instances, upon delivery of the products to the named customer location. The payment terms and conditions in our contracts vary and are customary within the geographies that we serve. As the Company’s standard payment terms are less than one year, the Company has elected the practical expedient under ASC 606-10-32-18 to not assess whether a contract has a significant financing component.

Revenues are stated net of returns, discounts and allowances, which are determined based on historical experience. Customer discounts and allowances, consisting primarily of volume discounts and other short-term incentive programs, are recorded as a reduction of revenue at the time of sale because these allowances reflect a reduction in the transaction price.

Costs to obtain or fulfill a contract with a customer, such as sales commissions to agents and internal sales employees, are recognized as an expense when incurred since the amortization period would be one year or less. Shipping and handling costs
are included as a component of cost of sales. Revenue derived from shipping and handling costs billed to customers is included in sales.
Cost of sales
Cost of sales
Cost of sales is comprised primarily of direct materials and supplies consumed in the manufacturing of the Company’s products, as well as manufacturing labor, depreciation expense, and overhead expense necessary to acquire and convert the purchased materials and supplies into a finished product.  Cost of sales also includes all purchasing, receiving, inspection, internal transfers, and related distribution costs.
Selling, general and administrative expense
Selling, general, and administrative expense
Selling, general, and administrative (SG&A) expense is comprised primarily of sales commissions, marketing expense, selling, and administrative wages, information system costs, legal fees, bank charges, professional fees, depreciation and amortization expense on non-manufacturing assets, and other administrative items.
Research and development expense
Research and development expense
Research and development (R&D) expenses are expensed as incurred.
Advertising
Advertising
Advertising expenses are included in SG&A expense and are expensed as incurred.
Warranty costs
Warranty costs
The Company provides limited warranties on workmanship on its products in all market segments.  The provision for estimated warranty costs is made in the period when such costs become probable and is based on past warranty experience.  See Note 12 for additional information.
Income taxes
Income taxes
Deferred income tax provisions are determined using the asset and liability method to recognize deferred tax assets and liabilities. This method is based upon differences between the financial statement carrying amounts and the respective tax basis of assets and liabilities using enacted tax rates that are expected to apply in the years the temporary differences are expected to be settled or realized.  Valuation allowances are recorded where it is considered more likely than not that some portion or all of the deferred tax assets will not be realized. Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities.
Earnings per share
Earnings per share
Basic earnings per share (EPS) is computed by dividing consolidated net earnings applicable to common shareholders by the weighted average number of common shares outstanding. Diluted EPS is computed by dividing adjusted consolidated net earnings applicable to common shareholders by the sum of the weighted average number of common shares outstanding and the weighted average number of potential common shares outstanding. Potential common shares consist of outstanding options under the Company’s stock compensation plans.
Environmental liabilities
Environmental liabilities
Environmental expenditures that relate to current operations are expensed or capitalized as appropriate.  Expenditures that relate to an existing condition caused by past operations and that do not contribute to current or future revenue are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and can be reasonably estimated
Stock-based compensation
Stock-based compensation
Compensation expense for stock-based compensation is recognized over the requisite service period at the estimated fair value of the award at the grant date.
Use of estimates
Use of estimates
The policies utilized by the Company in the preparation of the financial statements conform to United States generally accepted accounting principles ("US GAAP" or "GAAP") and require management to make estimates, assumptions, and judgments that affect the reported amount of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual amounts could differ from these estimates and assumptions
Supplier financing program
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.
Adoption of new accounting standards and New accounting pronouncements to be adopted in future periods
Adoption of new accounting standards
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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. The Company adopted the impact of this ASU effective December 31, 2024 and incorporated the required disclosures within Note 25 to consolidated financial statements.

New accounting pronouncements to be adopted in future periods
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 and we are currently evaluating the impact of adoption.

In November 2024, FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires additional disclosure about the specific expense categories in the notes to financial statements at interim and annual reporting periods. The amendments in this ASU do not change or remove current expense disclosure requirements but affect where this information appears in the notes to financial statements. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. We are currently evaluating the impact that ASU 2024-03 will have on our consolidated financial statements.
v3.25.0.1
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Property, Plant, and Equipment
Property, plant, and equipment have been recorded at cost.  Depreciation is provided using the straight-line method over the following estimated useful lives of the related assets:
 Years
Building and improvements
25 - 40
Machinery and equipment
7 - 20
Tools, dies, and molds
2 - 9
Property, plant, and equipment at December 31, 2024 and 2023, consisted of the following (amounts in thousands):
 20242023
Land and improvements$42,534 $42,140 
Buildings and improvements260,256 243,241 
Machinery and equipment703,899 628,975 
Tools, dies, and molds118,569 116,328 
Construction-in-process46,997 29,744 
 1,172,255 1,060,428 
Less accumulated depreciation(751,037)(738,734)
 $421,218 $321,694 
v3.25.0.1
BUSINESS COMBINATION (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Business Acquisitions, by Acquisition
On February 29, 2024, the Company acquired 100% of the equity interests of The Carlstar Group, LLC ("Carlstar") for the following purchase consideration and subject to a working capital adjustment based on an agreed upon working capital target (amounts in thousands):
Purchase Consideration
Titan International, Inc. common stock$168,693 
Base cash consideration, net of cash acquired of $10,288
127,500 
$296,193 
Additional cash consideration for excess net working capital acquired19,759 
Other debt-like items(3,616)
Total purchase consideration, net of cash acquired$312,336 
Schedule of Assets and Liabilities of Purchase Price Consideration
The following table summarizes the measurement period changes since the first quarter of 2024, as well as the updated and the allocation of purchase price consideration to the major classes of assets and liabilities (amounts in thousands) as of February 29, 2024:
Final Purchase Price AllocationMeasurement Period ChangesPreliminary Purchase Price Allocation
Accounts receivable$92,043 $(6,396)$98,439 
Inventories150,900 4,912 145,988 
Prepaid and other current assets13,339 — 13,339 
Property, plant, and equipment115,090 (13,072)128,162 
Other long-term assets111,864 15,661 96,203 
Goodwill29,563 16,696 12,867 
Intangible assets11,500 (4,270)15,770 
Fair value of assets acquired$524,299 $13,531 $510,768 
Accounts payable$66,055 $— $66,055 
Other current liabilities28,377 2,000 26,377 
Operating leases108,249 12,773 95,476 
Deferred tax liabilities7,773 (2,678)10,451 
Other long-term liabilities1,509 — 1,509 
Fair value of liabilities assumed$211,963 $12,095 $199,868 
Purchase Price$312,336 $1,436 $310,900 
Schedule of Goodwill The carrying value of goodwill by reportable segment as of December 31, 2024 is as follows:
 Carrying Value as of December 31, 2024
Agricultural$4,844 
Earthmoving/construction— 
Consumer24,719 
Total$29,563 
Schedule of Carrying Amounts and Weighted Average Lives of the Acquired Intangible Assets
The following table summarizes the carrying amounts and weighted average lives of the acquired intangible assets as of February 29, 2024 (amounts in thousands):
 Carrying ValueWeighted Average Amortization
(in Years)
Customer lists/relationships$6,000 10.00
Trade names5,500 12.50
Total$11,500 11.30
Schedule of Business Acquisition, Pro Forma Information
Through December 31, 2024, the actual revenue and income before taxes of Carlstar since the acquisition date of February 29, 2024 included in the consolidated statement of operations is as shown below (amounts in thousands). The net income includes the effect of fair value adjustments for the amortization of inventory, intangible assets, and depreciation of property, plant and equipment.
 From Acquisition Date to
December 31, 2024
Carlstar revenue$418,888 
Carlstar income before taxes19,587 

The following is the unaudited pro forma financial information for the year ended December 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, except per share data).

Year ended December 31,
 20242023
Pro forma revenues$1,947,755 $2,436,992 
Pro forma net income20,011 83,844 
Net income per common share, basic$0.28 $1.13 
Net income per common share, diluted0.28 1.12 
v3.25.0.1
ACCOUNTS RECEIVABLE, NET (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Schedule of Accounts Receivable
Accounts receivable at December 31, 2024 and 2023, consisted of the following (amounts in thousands):
 202420232022
Accounts receivable$214,952 $224,485 $272,928 
Allowance for credit losses(3,232)(5,340)(6,170)
Accounts receivable, net$211,720 $219,145 $266,758 
Schedule of Allowance for Credit Loss
Changes in the allowance for credit losses for the periods set forth below consisted of the following (amounts in thousands):
 202420232022
Balance at January 1,$5,340 $6,170 $4,550 
Provision charged to expense191 50 2,043 
Recoveries of accounts receivable(1,098)(138)(26)
  Other, including foreign currency translation(1,201)(742)(397)
Balance at December 31,$3,232 $5,340 $6,170 
v3.25.0.1
INVENTORIES (Tables)
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventory
Inventories at December 31, 2024 and 2023, consisted of the following (amounts in thousands):
 20242023
Raw material$103,616 $108,504 
Work-in-process41,898 39,921 
Finished goods291,678 216,731 
 $437,192 $365,156 
v3.25.0.1
PREPAID AND OTHER CURRENT ASSETS (Tables)
 12 Months Ended
Dec. 31, 2024
Prepaid Expense and Other Assets, Current [Abstract]  
Schedule of Prepaid and Other Current Assets
Prepaid and other current assets at December 31, 2024 and 2023, consisted of the following (amounts in thousands):
 20242023
Value added tax and duty receivable, including tax credits $8,346 $15,255 
Factory supplies25,777 24,472 
Prepaid expense20,154 20,783 
Prepaid taxes2,160 2,144 
Deposits2,730 1,338 
Contract receivable1,734 1,213 
Other6,250 7,024 
 $67,151 $72,229 
v3.25.0.1
PROPERTY, PLANT, AND EQUIPMENT, NET (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant, and Equipment
Property, plant, and equipment have been recorded at cost.  Depreciation is provided using the straight-line method over the following estimated useful lives of the related assets:
 Years
Building and improvements
25 - 40
Machinery and equipment
7 - 20
Tools, dies, and molds
2 - 9
Property, plant, and equipment at December 31, 2024 and 2023, consisted of the following (amounts in thousands):
 20242023
Land and improvements$42,534 $42,140 
Buildings and improvements260,256 243,241 
Machinery and equipment703,899 628,975 
Tools, dies, and molds118,569 116,328 
Construction-in-process46,997 29,744 
 1,172,255 1,060,428 
Less accumulated depreciation(751,037)(738,734)
 $421,218 $321,694 
v3.25.0.1
INTANGIBLE ASSETS, NET (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Components of Intangible Assets, Net
The components of intangible assets, net at December 31, 2024 and 2023, consisted of the following (amounts in thousands):
2024
Weighted- Average
Useful Lives
(in Years)		Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Amortizable intangible assets:
Customer lists/relationships12.50$6,000 $(400)$5,600 
Trade names10.005,500 (458)5,042 
Other intangibles15.523,523 (2,180)1,343 
          Total 15,023 (3,038)11,985 
2023
Weighted- Average
Useful Lives
(in Years)		Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Amortizable intangible assets:
Other intangibles15.523,384 (1,953)1,431 
          Total 3,384 (1,953)1,431 
Schedule of Estimated Aggregate Amortization Expense
The estimated aggregate amortization expense at December 31, 2024, for each of the years set forth below was as follows (amounts in thousands):
2025$1,267 
20261,267 
20271,195 
20281,153 
20291,153 
Thereafter5,950 
 $11,985 
v3.25.0.1
OTHER LONG-TERM ASSETS (Tables)
 12 Months Ended
Dec. 31, 2024
Other Assets, Noncurrent Disclosure [Abstract]  
Schedule of Other Long-Term Assets
Other long-term assets at December 31, 2024 and 2023, consisted of the following (amounts in thousands):
 20242023
Net pension asset$28,352 $19,566 
Prepaid software3,454 5,879 
Investments in nonconsolidated affiliates7,919 7,127 
Manufacturing spares2,087 2,089 
Deferred financing costs2,646 195 
Other6,933 4,495 
 $51,391 $39,351 
v3.25.0.1
OTHER CURRENT LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Other Liabilities, Current [Abstract]  
Schedule of Other Current Liabilities
Other current liabilities at December 31, 2024 and 2023, consisted of the following (amounts in thousands):
 20242023
Compensation and benefits$47,735 $47,543 
Warranty12,571 11,848 
Accrued insurance benefits20,218 19,162 
Customer rebates and deposits15,004 15,490 
Accrued other taxes12,142 13,762 
Accrued interest5,646 4,955 
Foreign government grant (a)
3,672 4,509 
Other26,306 22,109 
 $143,294 $139,378 

(a) 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 governmental entities 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.
v3.25.0.1
DEBT (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
Long-term debt consisted of the following as of the dates set forth below (amounts in thousands):
December 31, 2024
Principal BalanceUnamortized Debt IssuanceNet Carrying Amount
7.00% senior secured notes due 2028
$400,000 $(2,847)$397,153 
Revolving credit facility146,000 — 146,000 
Titan Europe credit facilities15,199 — 15,199 
Other debt7,093 — 7,093 
     Total debt568,292 (2,847)565,445 
Less amounts due within one year12,479 — 12,479 
     Total long-term debt$555,813 $(2,847)$552,966 
December 31, 2023
Principal BalanceUnamortized Debt IssuanceNet Carrying Amount
7.00% senior secured notes due 2028
$400,000 $(3,723)$396,277 
Titan Europe credit facilities22,568 — 22,568 
Other debt7,246 — 7,246 
     Total debt429,814 (3,723)426,091 
Less amounts due within one year16,913 — 16,913 
     Total long-term debt$412,901 $(3,723)$409,178 
Schedule of Maturities of Long-Term Debt
Aggregate maturities of total debt at December 31, 2024, for each of the years (or other periods) set forth below were as follows (amounts in thousands):
2025$12,488 
20265,052 
20271,734 
2028546,521 
2029588 
Thereafter1,909 
 $568,292 
v3.25.0.1
OTHER LONG-TERM LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Other Liabilities, Noncurrent [Abstract]  
Schedule of Other Long-Term Liabilities
Other long-term liabilities at December 31, 2024 and 2023, consisted of the following (amounts in thousands):
 20242023
Accrued pension liabilities$10,146 $12,795 
Foreign government grant (a)
11,298 12,383 
Warranty9,821 9,862 
Income tax liabilities1,215 35 
Other6,057 6,677 
 $38,537 $41,752 
(a) The amount relates to foreign government grant programs related to certain capital development projects in Italy and Spain. The Company received an approximately $17 million capital grant. The grants were recorded as deferred income which will be amortized over the life of the capital development projects.
v3.25.0.1
WARRANTY (Tables)
 12 Months Ended
Dec. 31, 2024
Product Warranties Disclosures [Abstract]  
Schedule of Product Warranty Liability
Changes in the warranty liability for the periods set forth below consisted of the following (amounts in thousands):
20242023
Warranty liability, January 1$21,710 $19,914 
Provision for warranty liabilities12,766 14,478 
Warranty payments made(13,868)(12,682)
Other adjustments, including acquisition of Carlstar1,784 — 
Warranty liability, December 31$22,392 $21,710 
v3.25.0.1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 12 Months Ended
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss consisted of the following at the dates set forth below (amounts in thousands):
 Currency
Translation
Adjustments		Gain (Loss) on DerivativesUnrecognized
Losses and
Prior Service
Cost
 
 
Total
Balance at January 1, 2023$(243,712)$1,224 $(9,267)$(251,755)
Currency translation adjustments26,257 — — 26,257 
Reclassification adjustments:
Defined benefit pension plan adjustments, net of tax of $(2,663)
— — 6,939 6,939 
Derivative loss— (484)— (484)
Balance at December 31, 2023(217,455)740 (2,328)(219,043)
Currency translation adjustments(72,223)— — (72,223)
Reclassification adjustments:
Defined benefit pension plan adjustments, net of tax of $(1,888)
— — 5,624 5,624 
Derivative loss— (235)(235)
Balance at December 31, 2024$(289,678)$505 $3,296 $(285,877)
v3.25.0.1
VARIABLE INTEREST ENTITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Variable Interest Entity, Measure of Activity [Abstract]  
Schedule of Variable Interest Entities
The following table summarizes the carrying amount of the VIEs’ assets and liabilities included in the Company’s consolidated balance sheets at December 31, 2024 and 2023 (amounts in thousands):
 20242023
Cash and cash equivalents$— $355 
Inventory— 1,431 
Other current assets— 2,364 
Property, plant, and equipment, net— 2,477 
Other non-current assets— 222 
   Total assets$— $6,849 
Current liabilities— 1,117 
Other long-term liabilities— 869 
  Total liabilities$— $1,986 
Schedule of Non Consolidated Variable Interest Entities The assets and liabilities recognized in Titan's 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 were as follows at December 31, 2024 and 2023 (amounts in thousands):
 20242023
Investments$7,919 $7,127 
     Total VIE assets7,919 7,127 
Accounts payable to the non-consolidated VIEs2,646 3,578 
  Maximum exposure to loss$10,565 $10,705 
v3.25.0.1
OTHER INCOME (Tables)
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
Schedule of Other Income
Other income consisted of the following for the years set forth below (amounts in thousands):
 202420232022
Gain on property insurance settlement (a)$2,433 $— $— 
Pension plan income1,619 138 2,040 
Equity investment income1,020 1,158 859 
Gain on sale of assets806 246 216 
Income on indirect taxes (b)
— 475 32,043 
Loss on sale of Australia wheel business (c)
— — (10,890)
Proceeds from government grant (d)
— 319 1,324 
Loss on sale of investment (e)(379)— — 
Other income (expense)1,116 292 (172)
 $6,615 $2,628 $25,420 

(a) The gain on property insurance settlement relates to the receipt of insurance proceeds of $3.5 million offset by costs to repair one of the Company's operating facilities in Italy related to a 2023 hail storm weather event. During the three months ended September 30, 2024, the Company also received insurance proceeds of $0.5 million associated with certain equipment at our North American wheel facility.

(b) In May 2022 and September 2022, the Brazilian tax authorities approved indirect tax credits to be applied against future tax obligations. Refer to Note 19 for additional information.

(c) The loss on sale of the Australian wheel business is comprised primarily of the release of the cumulative translation adjustment of approximately $10.0 million and closing costs associated with the completion of the transaction of approximately $0.9 million. Refer to Note 1 for additional information.

(d) For the year ended December 31, 2023, the Company received government subsidies associated with current year capital expenditure investments in technological and digital innovation in Europe, of which $0.3 million was recorded as other income.

In addition, during August 2014, the Company received 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. The Company received proceeds of an additional $1.9 million from the grant for the year ended December 31, 2022, of which $1.3 million was recorded as other income to match to the historical depreciation recorded on the underlying assets. Refer to Note 9 for additional information.

(e) In September 2024, the Company sold its remaining ownership interest in an Indian undercarriage business and incurred a loss of $0.4 million as a result of the sale. The sale agreement includes a commitment to purchase approximately $1.7 million of products from the Indian undercarriage business over a two year period.
v3.25.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) before Income Tax, Domestic and Foreign
Income (loss) before income taxes, consisted of the following for the years set forth below (amounts in thousands):
 202420232022
Domestic$(32,410)$20,809 $73,361 
Foreign40,681 88,939 128,992 
 $8,271 $109,748 $202,353 
Schedule of Components of Income Tax Expense (Benefit)
The income tax provision was as follows for the years set forth below (amounts in thousands):
 202420232022
Current   
Federal$372 $(217)$(55)
State(442)1,341 1,897 
Foreign18,289 26,999 44,710 
 18,219 28,123 46,552 
Deferred   
Federal(1,290)(2,513)(14,953)
State(1,896)1,186 (10,959)
Foreign(3,172)(754)2,527 
 (6,358)(2,081)(23,385)
Income tax provision$11,861 $26,042 $23,167 
Schedule of Effective Income Tax Rate Reconciliation
The income tax provision differs from the amount of income tax determined by applying the statutory U.S. federal income tax rate to pre-tax income (loss) as a result of the following:
 202420232022
Statutory U.S. federal tax rate21.0 %21.0 %21.0 %
Unrecognized tax positions7.3 — (0.3)
Foreign tax rate and income differential128.4 9.6 11.7 
Valuation allowance(100.3)(3.5)(23.4)
State taxes, net (18.0)1.2 2.0 
Nondeductible royalty— 0.8 0.5 
Federal Benefit of Notice 2023-55— (5.2)— 
Expired tax credits69.5 — — 
Equity based compensation1.1 — (0.3)
Return to provision25.4 0.2 0.1 
Transaction Costs9.5 — — 
Other, net(0.5)(0.4)0.1 
Effective tax rate143.4 %23.7 %11.4 %
Schedule of Deferred Tax Assets and Liabilities
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.  Significant components of the Company’s deferred tax assets and liabilities at December 31, 2024 and 2023, were as follows (amounts in thousands):
 20242023
Deferred tax assets:  
Net operating loss carryforwards$101,771 $104,166 
Inventory8,385 8,492 
Warranty6,347 6,496 
Employee benefits and related costs8,352 8,130 
Prepaid royalties1,006 1,576 
Interest limitation28,834 29,020 
Lease liability5,138 4,390 
Intangible assets4,732 1,592 
Foreign Tax Credit2,318 8,068 
Other7,401 7,255 
Deferred tax assets174,284 179,185 
Deferred tax liabilities:  
Fixed assets(13,939)(11,577)
Lease assets(5,181)(4,384)
Pension(6,060)(3,740)
Other(7,292)(4,150)
Deferred tax liabilities(32,472)(23,851)
Subtotal141,812 155,334 
Valuation allowance(106,496)(119,535)
Net deferred tax liability$35,316 $35,799 
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the total amounts of unrecognized tax benefits at December 31 were as follows (amounts in thousands):
202420232022
Balance at January 1$23 $30 $540 
     Increases to tax positions taken during the current year— — — 
     Increases to tax positions taken during the prior years3,341 — — 
     Decreases to tax positions taken during prior years— — — 
     Decreases due to lapse of statutes of limitations— (7)(506)
     Settlements(273)— — 
     Foreign exchange(12)— (4)
Balance at December 31$3,079 $23 $30 
v3.25.0.1
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Changes in Accumulated Postemployment Benefit Obligations
The following table provides the change in benefit obligation, change in plan assets, funded status, and amounts recognized in the consolidated balance sheet of the defined benefit pension plans as of December 31, 2024 and 2023 (amounts in thousands):
Change in benefit obligation:20242023
Benefit obligation at beginning of year$77,208 $79,379 
Plan assumption changes(1,809)1,391 
Service cost340 606 
Interest cost3,752 4,331 
Actuarial gain(412)(632)
Benefits paid(8,237)(7,588)
Foreign currency translation(1,190)(279)
Benefit obligation at end of year$69,652 $77,208 
Change in plan assets:  
Fair value of plan assets at beginning of year$82,769 $75,025 
Actual return on plan assets9,733 14,558 
Employer contributions936 442 
Benefits paid(7,214)(7,294)
Foreign currency translation(201)38 
Fair value of plan assets at end of year$86,023 $82,769 
Funded (unfunded) status at end of year$16,371 $5,561 
Amounts recognized in Consolidated Balance Sheet:  
Noncurrent assets$28,352 $19,566 
Current liabilities(1,227)(1,210)
Noncurrent liabilities(10,754)(12,795)
Net amount recognized in the Consolidated Balance Sheet$16,371 $5,561 
Schedule of Accumulated and Projected Benefit Obligations
Information for pension plans with accumulated benefit obligations and projected benefit obligations in excess of plan assets were (amounts in thousands):
 20242023
Pension Plans in which Accumulated Benefit Obligation Exceeds Plan Assets at December 31,
  Accumulated benefit obligation$11,778 $44,976 
  Fair value of plan assets$619 $31,903 
Accumulated Benefit Obligation at December 31$69,225 $76,746 
Pension Plans in which Projected Benefit Obligation Exceeds Plan Assets at December 31,
  Projected benefit obligation$12,205 $45,439 
  Fair value of plan assets$619 $31,903 
Projected Benefit Obligation at December 31$69,652 $77,208 
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss
Amounts recognized in accumulated other comprehensive loss: 
 202420232022
Unrecognized prior service cost$445 $634 $643 
Unrecognized net loss(3,779)(11,480)(21,091)
Deferred tax effect of unrecognized items6,630 8,518 11,181 
Net amount recognized in accumulated other comprehensive loss$3,296 $(2,328)$(9,267)
Schedule of Defined Benefit Plan, Assumptions
The weighted-average assumptions used in the actuarial computation that derived the benefit obligations at December 31 were as follows:202420232022
Discount rate5.7 %5.2 %5.8 %
Expected long-term return on plan assets6.5 %6.5 %6.5 %
The weighted-average assumptions used in the actuarial computation that derived net periodic pension cost for the years ended December 31, 2024, 2023, and 2022 were as follows:
 202420232022
Discount rate4.2 %5.8 %2.7 %
Schedule of Net Periodic Pension Cost (Benefit)
The following table provides the components of net periodic pension cost for the plans, settlement cost, and the assumptions used in the measurement of the Company’s benefit obligation for the years ended December 31, 2024, 2023, and 2022 (amounts in thousands):
Components of net periodic benefit cost and other
amounts recognized in other comprehensive income (loss)		   
Net periodic benefit cost:202420232022
Service cost$340 $606 $590 
Interest cost3,752 4,331 2,872 
Assumed return on assets(5,198)(4,669)(6,071)
Amortization of unrecognized prior service cost(58)(114)(85)
Amortization of net unrecognized loss279 1,004 1,426 
Net periodic pension cost (benefit)$(885)$1,158 $(1,268)
Schedule of Allocation of Plan Assets
The allocation of the fair value of plan assets was as follows:
 Percentage of Plan Assets
at December 31,		Target
Allocation
Asset Category202420232024
U.S. equities (a)60 %57 %
40% - 80%
Fixed income20 %21 %
20% - 50%
Cash and cash equivalents8 %10 %
0% - 20%
International equities (a)12 %12 %
0% - 16%
 100 %100 % 

(a) Total equities may not exceed 80% of total plan assets.
The fair value of the plan assets by asset categories consisted of the following as of the dates set forth below (amounts in thousands):
 Fair Value Measurements as of December 31, 2024
 TotalLevel 1Level 2Level 3
Money market funds$6,774 $6,774 $— $— 
Common stock31,271 31,271 — — 
Bonds and securities10,018 10,018 — — 
Mutual and insurance funds37,960 37,101 859 — 
Totals$86,023 $85,164 $859 $— 
 Fair Value Measurements as of December 31, 2023
 TotalLevel 1Level 2Level 3
Money market funds$8,186 $8,186 $— $— 
Common stock27,658 27,658 — — 
Bonds and securities10,302 10,302 — — 
Mutual and insurance funds36,623 35,828 795 — 
Totals$82,769 $81,974 $795 $— 
Schedule of Expected Benefit Payments
Projected benefit payments from the plans as of December 31, 2024, are estimated as follows (amounts in thousands):
2025$7,776 
20267,034 
20276,626 
20286,779 
20296,514 
2030-203429,117 
v3.25.0.1
STOCK COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The following is a summary of activity in stock options during the year ended December 31, 2024:
 Shares Subject
to Option		Weighted-Average
Aggregate Intrinsic Value
(in thousands)
Exercise Price
Remaining Contractual Life
(in Years)
Outstanding, December 31, 2023348,200 $11.62 2.64 
Granted— —   
Exercised— —   
Forfeited/Expired(59,000)16.37   
Outstanding, December 31, 2024289,200 $10.65 2.09$— 
Exercisable, December 31, 2024289,200 $10.65 2.09$— 
Schedule of RSU and PSU Activity
A summary of RSU and PSU activity for the year ended December 31, 2024, is presented in the following table:
RSUPSU (a)Total SharesWeighted-Average Grant Date Fair Value
Unvested at December 31, 2023973,646 328,948 1,302,594 $11.33 
   Granted665,473 — 665,473 11.11 
   Vested(494,783)(328,948)(823,731)11.08 
   Forfeited/Expired(2,000)— (2,000)12.86 
Unvested at December 31, 20241,142,336 — 1,142,336 $11.38 

(a) The PSU awards are presented at maximum payout of 125% of the target amount and vested at December 31, 2024. The PSU award agreements indicate the shares will be issued within 15 calendar days from the filing date of the Company's Form 10-K for the year ended December 31, 2024.
v3.25.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Supplemental Balance Sheet Information Related to Leases
Supplemental balance sheet information related to leases was as follows (amounts in thousands):
Balance Sheet ClassificationDecember 31, 2024December 31, 2023
Operating lease ROU assetsOperating lease assets$117,027 $11,955 
Operating lease current liabilitiesOperating leases current liabilities$11,999 $5,021 
Operating lease long-term liabilitiesOperating leases long-term liabilities106,020 6,153 
    Total operating lease liabilities$118,019 $11,174 
Finance lease, grossProperty, plant & equipment, net$6,801 $5,175 
Finance lease accumulated depreciationProperty, plant & equipment, net(4,442)(3,489)
   Finance lease, net$2,359 $1,686 
Finance lease current liabilitiesOther current liabilities$986 $1,093 
Finance lease long-term liabilitiesOther long-term liabilities1,483 1,321 
   Total finance lease liabilities$2,469 $2,414 
Schedule of Maturities of Operating Lease Liabilities
At December 31, 2024, maturity of lease liabilities were as follows (amounts in thousands):
Operating LeasesFinance Leases
2025$19,460$1,138
202618,112884
202715,121457
202813,401236
202912,50816
Thereafter115,688—
Total future minimum lease payments$194,290$2,731
Less imputed interest76,271262
$118,019$2,469
Weighted average remaining lease term (in years)13.502.67
Weighted average discount rate7.27 %7.27 %
Schedule of Maturities of Finance Lease Liabilities
At December 31, 2024, maturity of lease liabilities were as follows (amounts in thousands):
Operating LeasesFinance Leases
2025$19,460$1,138
202618,112884
202715,121457
202813,401236
202912,50816
Thereafter115,688—
Total future minimum lease payments$194,290$2,731
Less imputed interest76,271262
$118,019$2,469
Weighted average remaining lease term (in years)13.502.67
Weighted average discount rate7.27 %7.27 %
v3.25.0.1
PURCHASE OBLIGATIONS (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Purchase Obligations At December 31, 2024, the Company's expected cash outflow resulting from non-cancellable purchase obligations are summarized by year in the table below (amounts in thousands):
2025$28,876 
20263,287 
2027479 
Total non-cancellable purchase obligations$32,642 
v3.25.0.1
SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)
 12 Months Ended
Dec. 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 years ended December 31, 2024, 2023, and 2022 (amounts in thousands):


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


For the Year Ended December 31, 2022
 AgricultureEarthmoving/ConstructionConsumerCorporate & UnallocatedTotal
Net sales$1,192,239 $807,356 $169,785 $— $2,169,380 
Cost of sales998,654 671,568 138,448 — 1,808,670 
Gross profit193,585 135,788 31,337 — 360,710 
Selling, general and administrative expenses51,582 48,735 6,218 26,257 132,792 
Research and development expenses3,317 5,735 284 1,068 10,404 
Royalty expense8,212 1,508 1,992 — 11,712 
Segment profit (loss)$130,474 $79,810 $22,843 $(27,325)$205,802 
Interest expense(32,149)(32,149)
Interest income2,353 2,353 
Foreign exchange gain927 927 
Other income25,420 25,420 
(Loss) income before income taxes$(30,774)$202,353 
Schedule of Reconciliation of Revenue from Segments to Consolidated
The table below presents information by products and reportable segments as of and for the years ended December 31, 2024, 2023, and 2022 (amounts in thousands):

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

2022Agricultural SegmentEarthmoving/Construction SegmentConsumer SegmentTotal
Revenues from external customers   
Wheels and Tires [including assemblies]$1,152,933 $329,403 $147,307 $1,629,643 
Undercarriage systems and components39,306 477,953 22,478 539,737 
 Total$1,192,239 $807,356 $169,785 $2,169,380 
Schedule of Reconciliation of Other Items from Segments to Consolidated
Depreciation and amortization expense by segment were as follows for the fiscal years ended as set forth below (amounts in thousands):
AgricultureEarthmoving/ConstructionConsumerCorporate & UnallocatedTotal
2024$24,850 18,433 15,585 1,836 $60,704 
2023$21,405 15,185 3,404 2,440 $42,434 
2022$22,645 15,337 3,226 1,539 $42,747 
Schedule of Reconciliation of Assets from Segment to Consolidated
Assets by segment were as follows as of the dates set forth below (amounts in thousands):
AgricultureEarthmoving/ConstructionConsumer
Corporate & Unallocated(a)
Total
December 31, 2024$569,632 441,551 512,254 61,516 $1,584,953 
December 31, 2023$559,607 497,508 155,602 76,528 $1,289,245 

(a) Unallocated assets included cash of approximately $7 million, $32 million, and $20 million as of December 31, 2024, 2023, and 2022, respectively.
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area
The table below presents information by geographic area. Revenues from external customers were determined based on the location of the selling subsidiary. Geographic information as of and for the years ended December 31, 2024, 2023, and 2022 was as follows (amounts in thousands):
202420232022
Net Sales
United States$935,724 $814,676 $1,074,715 
Europe / CIS462,066 558,677 577,877 
Latin America292,830 354,979 422,439 
Asia and other regions155,317 93,468 94,349 
$1,845,937 $1,821,800 $2,169,380 
Long-Lived Assets  
United States$184,686 $107,639 $97,112 
Europe / CIS132,349 142,749 138,617 
Latin America53,653 61,169 49,714 
Asia and other regions50,530 10,137 11,162 
$421,218 $321,694 $296,605 
v3.25.0.1
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Earnings per share for 2024, 2023, and 2022 were as follows (amounts in thousands, except per share data):
202420232022
Net (loss) income applicable to common shareholders$(5,560)$78,760 $176,302 
Determination of shares:
Weighted average shares outstanding (basic)68,662 62,452 63,040 
Effect of restricted stock and stock options— 509 651 
Weighted average shares outstanding (diluted)68,662 62,961 63,691 
(Loss) earnings per share:
   Basic$(0.08)$1.26 $2.80 
   Diluted$(0.08)$1.25 $2.77 
v3.25.0.1
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Dec. 16, 2022
USD ($)
Mar. 29, 2022
USD ($)
Dec. 17, 2021
shares
Mar. 31, 2022
Jul. 31, 2018
Dec. 31, 2024
USD ($)
Rate
shares
Dec. 31, 2023
USD ($)
Rate
shares
Dec. 31, 2022
USD ($)
Apr. 22, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                  
Cash in foreign bank accounts           $ 185,300 $ 186,100    
Investments in marketable equity securities           $ 5,300 30,800    
Debt instrument interest rate stated percentage (in percent)           6.20%      
Aggregate principal amount           $ 568,292      
Fair value of the senior secured notes           390,000 401,400    
Carrying value of equity method investments           $ 7,900 $ 7,100    
Consolidated assets (in percent)           5.00% 7.00%    
Consolidated sales (in percent)           5.00% 6.00% 6.00%  
Gross proceeds and cash repatriated   $ 17,500              
Net monetary loss           $ 3,200 $ 15,500    
Research and development expenses           16,520 12,539 $ 10,404  
Advertising costs           $ 4,800 $ 3,300 3,000  
Stock repurchase program, authorized amount $ 50,000                
Stock repurchased (in shares) | shares     4,032,259     1,964,593 2,653,786    
Stock repurchase amount           $ 16,382 $ 32,579 $ 25,000  
Stock repurchase program, remaining authorized repurchase amount           $ 1,000      
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]           Accounts payable to the non-consolidated VIEs Accounts payable to the non-consolidated VIEs    
Supplier finance program obligation           $ 13,200 $ 7,400    
Maximum                  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                  
Stock repurchase program, period in force (in years) 3 years                
TÜRKIYE                  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                  
Cumulative period for rate of inflation (in years)       3 years          
Percentage of inflation (in percent)       1          
ARGENTINA                  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                  
Cumulative period for rate of inflation (in years)         3 years        
Percentage of inflation (in percent)         1        
Voltyre-Prom                  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                  
Ownership percentage by parent (in percent)           64.30%      
7.0% Senior Secured Notes Due 2028                  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                  
Debt instrument interest rate stated percentage (in percent)           7.00% 7.00%   7.00%
Aggregate principal amount           $ 397,153 $ 396,277    
Deere & Company | Revenue Benchmark | Customer Concentration Risk                  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                  
Concentration risk, customer (in percent)           11.00% 13.00% 15.00%  
v3.25.0.1
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment (Details)
Dec. 31, 2024
Minimum | Building and improvements  
Property, Plant and Equipment [Line Items]  
Estimated useful life (in years) 25 years
Minimum | Machinery and equipment  
Property, Plant and Equipment [Line Items]  
Estimated useful life (in years) 7 years
Minimum | Tools, dies, and molds  
Property, Plant and Equipment [Line Items]  
Estimated useful life (in years) 2 years
Maximum | Building and improvements  
Property, Plant and Equipment [Line Items]  
Estimated useful life (in years) 40 years
Maximum | Machinery and equipment  
Property, Plant and Equipment [Line Items]  
Estimated useful life (in years) 20 years
Maximum | Tools, dies, and molds  
Property, Plant and Equipment [Line Items]  
Estimated useful life (in years) 9 years
v3.25.0.1
BUSINESS COMBINATION - Narrative (Details)
$ in Thousands
 12 Months Ended
Feb. 29, 2024
country
facility
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]        
Acquisition related expenses   $ 6,196 $ 0 $ 0
The Carlstar Group, LLC        
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]        
Number of facilities | facility 17      
Number of countries facilities are located | country 4      
The Carlstar Group, LLC        
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]        
Percentage of equity interests (in percent) 100.00%      
Gain related to sale-leaseback transaction   56,200    
Acquisition related expenses   $ 6,200    
v3.25.0.1
BUSINESS COMBINATION - Working Capital Adjustment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 29, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]        
Base cash consideration, net of cash acquired of $10,288   $ 143,643 $ 0 $ 0
The Carlstar Group, LLC        
Business Acquisition [Line Items]        
Titan International, Inc. common stock $ 168,693      
Base cash consideration, net of cash acquired of $10,288 127,500      
Business combination, price of acquisition, expected 296,193      
Additional cash consideration for excess net working capital acquired 19,759      
Other debt-like items (3,616)      
Total purchase consideration, net of cash acquired 312,336      
Cash acquired from acquisition $ 10,288      
v3.25.0.1
BUSINESS COMBINATION - Assets and Liabilities of Purchase Price Consideration (Details) - USD ($)
$ in Thousands
 10 Months Ended
Feb. 29, 2024
Dec. 31, 2024
Dec. 31, 2023
Business Acquisition [Line Items]      
Goodwill   $ 29,563 $ 0
The Carlstar Group, LLC      
Business Acquisition [Line Items]      
Accounts receivable $ 92,043    
Inventories 150,900    
Prepaid and other current assets 13,339    
Property, plant, and equipment 115,090    
Other long-term assets 111,864    
Goodwill 29,563    
Intangible assets 11,500    
Fair value of assets acquired 524,299    
Accounts payable 66,055    
Other current liabilities 28,377    
Operating leases 108,249    
Deferred tax liabilities 7,773    
Other long-term liabilities 1,509    
Fair value of liabilities assumed 211,963    
Purchase Price 312,336    
Measurement Period Changes      
Accounts receivable   (6,396)  
Inventories   4,912  
Property, plant, and equipment   (13,072)  
Other long-term assets   15,661  
Goodwill   16,696  
Intangible assets   (4,270)  
Fair value of assets acquired   13,531  
Other current liabilities   2,000  
Operating leases   12,773  
Deferred tax liabilities   (2,678)  
Other long-term liabilities   0  
Fair value of liabilities assumed   12,095  
Purchase Price   $ 1,436  
The Carlstar Group, LLC | Previously Reported      
Business Acquisition [Line Items]      
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    
v3.25.0.1
BUSINESS COMBINATION - Goodwill by Reportable Segment (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Business Combination Segment Allocation [Line Items]    
Goodwill $ 29,563 $ 0
Operating Segments    
Business Combination Segment Allocation [Line Items]    
Goodwill 29,563  
Operating Segments | Agricultural    
Business Combination Segment Allocation [Line Items]    
Goodwill 4,844  
Operating Segments | Earthmoving/construction    
Business Combination Segment Allocation [Line Items]    
Goodwill 0  
Operating Segments | Consumer    
Business Combination Segment Allocation [Line Items]    
Goodwill $ 24,719  
v3.25.0.1
BUSINESS COMBINATION - Carrying Amounts and Weighted Average Lives of the Acquired Intangible Assets (Details) - The Carlstar Group, LLC
$ in Thousands
Feb. 29, 2024
USD ($)
Business Acquisition [Line Items]  
Carrying Value $ 11,500
Weighted Average Amortization (in Years) 11 years 3 months 18 days
Customer lists/relationships  
Business Acquisition [Line Items]  
Carrying Value $ 6,000
Weighted Average Amortization (in Years) 10 years
Trade names  
Business Acquisition [Line Items]  
Carrying Value $ 5,500
Weighted Average Amortization (in Years) 12 years 6 months
v3.25.0.1
BUSINESS COMBINATION - Actual Revenue and Net Income (Details) - The Carlstar Group, LLC
$ in Thousands
 10 Months Ended
Dec. 31, 2024
USD ($)
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]  
Carlstar revenue $ 418,888
Carlstar income before taxes $ 19,587
v3.25.0.1
BUSINESS COMBINATION - Proforma Financial Information (Details) - The Carlstar Group, LLC - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]    
Pro forma revenues $ 1,947,755 $ 2,436,992
Pro forma net income $ 20,011 $ 83,844
Net income per common share, basic (in dollars per share) $ 0.28 $ 1.13
Net income per common share, diluted (in dollars per share) $ 0.28 $ 1.12
v3.25.0.1
ACCOUNTS RECEIVABLE, NET - Accounts Receivable (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Receivables [Abstract]        
Accounts receivable $ 214,952 $ 224,485 $ 272,928  
Allowance for credit losses (3,232) (5,340) (6,170) $ (4,550)
Accounts receivable, net $ 211,720 $ 219,145 $ 266,758  
v3.25.0.1
ACCOUNTS RECEIVABLE, NET - Allowance for Credit Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at January 1, $ 5,340 $ 6,170 $ 4,550
Provision charged to expense 191 50 2,043
Recoveries of accounts receivable (1,098) (138) (26)
Other, including foreign currency translation (1,201) (742) (397)
Balance at December 31, $ 3,232 $ 5,340 $ 6,170
v3.25.0.1
INVENTORIES (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw material $ 103,616 $ 108,504
Work-in-process 41,898 39,921
Finished goods 291,678 216,731
Total inventory $ 437,192 $ 365,156
v3.25.0.1
PREPAID AND OTHER CURRENT ASSETS (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]    
Value added tax and duty receivable, including tax credits $ 8,346 $ 15,255
Factory supplies 25,777 24,472
Prepaid expense 20,154 20,783
Prepaid taxes 2,160 2,144
Deposits 2,730 1,338
Contract receivable 1,734 1,213
Other 6,250 7,024
Prepaid and other current assets $ 67,151 $ 72,229
v3.25.0.1
PROPERTY, PLANT, AND EQUIPMENT, NET (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross $ 1,172,255 $ 1,060,428  
Less accumulated depreciation (751,037) (738,734)  
Property, plant and equipment, net 421,218 321,694  
Depreciation 55,700 41,000 $ 41,500
Land and improvements      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 42,534 42,140  
Building and improvements      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 260,256 243,241  
Machinery and equipment      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 703,899 628,975  
Tools, dies, and molds      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 118,569 116,328  
Construction-in-process      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross $ 46,997 $ 29,744  
v3.25.0.1
INTANGIBLE ASSETS, NET - Components of Intangible Assets, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 15,023 $ 3,384
Accumulated Amortization (3,038) (1,953)
Intangible assets, net $ 11,985 $ 1,431
Customer lists/relationships    
Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Useful Lives (in Years) 12 years 6 months  
Gross Carrying Amount $ 6,000  
Accumulated Amortization (400)  
Intangible assets, net $ 5,600  
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Useful Lives (in Years) 10 years  
Gross Carrying Amount $ 5,500  
Accumulated Amortization (458)  
Intangible assets, net $ 5,042  
Other intangibles    
Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Useful Lives (in Years) 15 years 6 months 7 days 15 years 6 months 7 days
Gross Carrying Amount $ 3,523 $ 3,384
Accumulated Amortization (2,180) (1,953)
Intangible assets, net $ 1,343 $ 1,431
v3.25.0.1
INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization of intangible assets $ 1.5 $ 0.6 $ 0.4
v3.25.0.1
INTANGIBLE ASSETS, NET - Estimated Aggregate Amortization Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
2025 $ 1,267  
2026 1,267  
2027 1,195  
2028 1,153  
2029 1,153  
Thereafter 5,950  
Intangible assets, net $ 11,985 $ 1,431
v3.25.0.1
OTHER LONG-TERM ASSETS (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Other Assets, Noncurrent [Abstract]    
Net pension asset $ 28,352 $ 19,566
Prepaid software 3,454 5,879
Investments in nonconsolidated affiliates 7,900 7,100
Manufacturing spares 2,087 2,089
Deferred financing costs 2,646 195
Other 6,933 4,495
Total other long-term assets 51,391 39,351
Equity Method Investments    
Other Assets, Noncurrent [Abstract]    
Investments in nonconsolidated affiliates $ 7,919 $ 7,127
v3.25.0.1
OTHER CURRENT LIABILITIES (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Aug. 31, 2014
Aug. 31, 2014
Dec. 31, 2024
Dec. 31, 2022
Dec. 31, 2023
Other Liabilities, Current [Abstract]          
Compensation and benefits     $ 47,735   $ 47,543
Warranty     12,571   11,848
Accrued insurance benefits     20,218   19,162
Customer rebates and deposits     15,004   15,490
Accrued other taxes     12,142   13,762
Accrued interest     5,646   4,955
Foreign government grant     3,672   4,509
Other     26,306   22,109
Other current liabilities     $ 143,294   $ 139,378
Capital grant from the Italian government $ 17,000 $ 17,000   $ 1,900  
Government Assistance, Income, Increase (Decrease), Statement of Income or Comprehensive Income [Extensible Enumeration]     Other current liabilities    
v3.25.0.1
DEBT - Long-Term Debt Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Apr. 22, 2021
Debt Instrument [Line Items]      
Revolving credit facility $ 146,000    
Less amounts due within one year 12,479 $ 16,913  
Debt instrument, unamortized discount (2,847) (3,723)  
Debt instrument, unamortized discount, current 0 0  
Debt instrument, unamortized discount (premium), net (2,847) (3,723)  
Long-term debt 568,292    
Total debt 565,445 426,091  
Total long-term debt $ 552,966 409,178  
Debt instrument interest rate stated percentage (in percent) 6.20%    
Long-Term Debt      
Debt Instrument [Line Items]      
Total debt $ 568,292 429,814  
Total long-term debt 555,813 412,901  
7.0% Senior Secured Notes Due 2028      
Debt Instrument [Line Items]      
7.00% senior secured notes due 2028 400,000 400,000 $ 400,000
Debt instrument, unamortized discount (2,847) (3,723)  
Long-term debt $ 397,153 $ 396,277  
Debt instrument interest rate stated percentage (in percent) 7.00% 7.00% 7.00%
Line of Credit      
Debt Instrument [Line Items]      
Revolving credit facility $ 146,000    
Debt instrument, unamortized discount 0    
Titan Europe Credit Facilities      
Debt Instrument [Line Items]      
Titan Europe credit facilities 15,199 $ 22,568  
Debt instrument, unamortized discount, noncurrent 0 0  
Other Debt      
Debt Instrument [Line Items]      
Other debt 7,093 7,246  
Debt instrument, unamortized discount, noncurrent $ 0 $ 0  
v3.25.0.1
DEBT - Narrative (Details)
$ in Thousands
 12 Months Ended
Feb. 29, 2024
USD ($)
Dec. 31, 2024
USD ($)
Rate
Feb. 28, 2024
USD ($)
Dec. 31, 2023
USD ($)
Rate
Apr. 22, 2021
USD ($)
Debt Instrument [Line Items]          
Weighted-average interest rates on short-term borrowings (in percent)   4.10%   3.10%  
Debt instrument interest rate stated percentage (in percent)   6.20%      
Debt instrument, interest rate, effective percentage (in percent)   7.27%     7.27%
Line of credit facility $ 225,000 $ 177,100      
Bridge loan 20,000        
Letters of credit $ 50,000        
Debt instrument term (in years) 5 years        
Line of credit facility maximum expansion $ 50,000        
Outstanding letters of credit   9,900      
Revolving credit facility   146,000      
Remaining availability under the credit facility   21,200      
BMO Harris Bank N.A.          
Debt Instrument [Line Items]          
Line of credit facility     $ 125,000    
Line of credit facility maximum expansion     $ 50,000    
7.0% Senior Secured Notes Due 2028          
Debt Instrument [Line Items]          
Aggregate principal amount   $ 400,000   $ 400,000 $ 400,000
Debt instrument interest rate stated percentage (in percent)   7.00%   7.00% 7.00%
Line of credit facility $ 225,000        
Debt instrument term (in years) 91 days        
Titan Europe Credit Facilities          
Debt Instrument [Line Items]          
Other borrowings   $ 15,199   $ 22,568  
Titan Europe Credit Facilities | Minimum          
Debt Instrument [Line Items]          
Debt instrument interest rate stated percentage (in percent)   0.50%      
Debt instrument term (in years)   1 year      
Titan Europe Credit Facilities | Maximum          
Debt Instrument [Line Items]          
Debt instrument interest rate stated percentage (in percent)   6.50%      
Debt instrument term (in years)   5 years      
Other Debt          
Debt Instrument [Line Items]          
Other debt   $ 7,093   $ 7,246  
Other Debt | Minimum          
Debt Instrument [Line Items]          
Debt instrument interest rate stated percentage (in percent)   6.90%   5.00%  
Debt instrument term (in years)   1 year      
Other Debt | Maximum          
Debt Instrument [Line Items]          
Debt instrument interest rate stated percentage (in percent)   7.60%   6.50%  
Debt instrument term (in years)   2 years      
Titan Brazil          
Debt Instrument [Line Items]          
Other debt   $ 7,100   $ 7,200  
Credit Agreement | Revolving Credit Facility          
Debt Instrument [Line Items]          
Remaining availability under the credit facility $ 17,000        
Credit Agreement | Minimum          
Debt Instrument [Line Items]          
Minimum fixed charge coverage ratio 1.0        
Credit Agreement | Maximum          
Debt Instrument [Line Items]          
Credit facility’s line cap (in percent) 10.00%        
v3.25.0.1
DEBT - Maturities of Long-Term Debt (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Debt Disclosure [Abstract]  
2025 $ 12,488
2026 5,052
2027 1,734
2028 546,521
2029 588
Thereafter 1,909
Long-term debt $ 568,292
v3.25.0.1
OTHER LONG-TERM LIABILITIES (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Aug. 31, 2014
Aug. 31, 2014
Dec. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Other Liabilities, Noncurrent [Abstract]          
Accrued pension liabilities       $ 10,146 $ 12,795
Foreign government grant       11,298 12,383
Warranty       9,821 9,862
Income tax liabilities       1,215 35
Other       6,057 6,677
Other long-term liabilities       $ 38,537 $ 41,752
Capital grant from the Italian government $ 17,000 $ 17,000 $ 1,900    
v3.25.0.1
WARRANTY - Product Warranty Liability (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]    
Warranty liability, January 1 $ 21,710 $ 19,914
Provision for warranty liabilities 12,766 14,478
Warranty payments made (13,868) (12,682)
Other adjustments, including acquisition of Carlstar 1,784 0
Warranty liability, December 31 $ 22,392 $ 21,710
v3.25.0.1
WARRANTY - Narrative (Details)
Dec. 31, 2024
Minimum  
Product Warranty Liability [Line Items]  
Warranty term (in years) 1 year
Maximum  
Product Warranty Liability [Line Items]  
Warranty term (in years) 10 years
v3.25.0.1
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]      
Derivative (loss) gain $ (235) $ (484) $ 1,263
v3.25.0.1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]      
Currency Translation Adjustments $ (289,678) $ (217,455) $ (243,712)
Currency translation adjustments (72,223) 26,257  
Gain (Loss) on Derivatives 505 740 1,224
Derivative loss (235) (484) 1,263
Unrecognized Losses and Prior Service Cost 3,296 (2,328) (9,267)
Defined benefit pension plan adjustments, net of tax 5,624 6,939  
Accumulated other comprehensive loss (285,877) (219,043) (251,755)
Defined benefit pension plan adjustments, tax $ (1,888) $ (2,663) $ (383)
v3.25.0.1
STOCKHOLDERS’ EQUITY (Details) - USD ($)
$ / shares in Units, $ in Thousands
 2 Months Ended 12 Months Ended
Oct. 18, 2024
Dec. 16, 2022
Feb. 01, 2022
Dec. 17, 2021
Feb. 12, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Noncontrolling Interest [Line Items]                
Stock repurchase program, authorized amount   $ 50,000            
Stock repurchased (in shares)       4,032,259   1,964,593 2,653,786  
Stock repurchase amount           $ 16,382 $ 32,579 $ 25,000
Stock repurchase program, remaining authorized repurchase amount           $ 1,000    
Treasury stock (in shares)           15,307,600 5,809,414  
Common stock, par value (in dollars per share)           $ 0.0001 $ 0.0001  
Payments for repurchase of redeemable noncontrolling interest     $ 25,000   $ 25,000      
Stock Repurchase Agreement                
Noncontrolling Interest [Line Items]                
Stock repurchase amount $ 57,600              
Treasury stock (in shares) 8,005,000              
Common stock, par value (in dollars per share) $ 0.0001              
Share price (in dollars per share) $ 7.20              
RDIF                
Noncontrolling Interest [Line Items]                
Ownership percentage by parent (in percent)           64.30%    
Ownership percentage by RDIF (in percent)           35.70%    
Maximum                
Noncontrolling Interest [Line Items]                
Stock repurchase program, period in force (in years)   3 years            
v3.25.0.1
VARIABLE INTEREST ENTITIES - Narrative (Details)
 9 Months Ended
Sep. 30, 2024
jointVenture
Variable Interest Entity, Measure of Activity [Abstract]  
Number of joint ventures 1
v3.25.0.1
VARIABLE INTEREST ENTITIES - Variable Interest Entities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]    
Cash and cash equivalents $ 195,974 $ 220,251
Inventory 437,192 365,156
Other current assets 6,250 7,024
Property, plant, and equipment, net 421,218 321,694
Total assets 1,584,953 1,289,245
Current liabilities 387,358 362,513
Total liabilities 1,091,297 821,830
Consolidated VIEs    
Variable Interest Entity [Line Items]    
Cash and cash equivalents 0 355
Inventory 0 1,431
Other current assets 0 2,364
Property, plant, and equipment, net 0 2,477
Other non-current assets 0 222
Total assets 0 6,849
Current liabilities 0 1,117
Other long-term liabilities 0 869
Total liabilities $ 0 $ 1,986
v3.25.0.1
VARIABLE INTEREST ENTITIES - Non Consolidated Variable Interest Entities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]    
Total assets $ 1,584,953 $ 1,289,245
Accounts payable to the non-consolidated VIEs 219,586 201,201
Non-Consolidated VIEs    
Variable Interest Entity [Line Items]    
Investments 7,919 7,127
Total assets 7,919 7,127
Accounts payable to the non-consolidated VIEs 2,646 3,578
  Maximum exposure to loss $ 10,565 $ 10,705
v3.25.0.1
ROYALTY EXPENSE (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Income and Expenses [Abstract]      
Royalty expense $ 10,108 $ 9,645 $ 11,712
v3.25.0.1
OTHER INCOME (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Aug. 31, 2014
Sep. 30, 2024
Aug. 31, 2014
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Income and Expenses [Abstract]              
Gain on property insurance settlement         $ 2,433 $ 0 $ 0
Pension plan income         1,619 138 2,040
Equity investment income         1,020 1,158 859
Gain on sale of assets         806 246 216
Income on indirect taxes         0 475 32,043
Loss on sale of Australia wheel business         0 0 (10,890)
Proceeds from government grant         0 319 1,324
Loss on sale of investment         (379) 0 0
Other income         1,116 292  
Other expense             (172)
Total nonoperating income (expense)         6,615 $ 2,628 25,420
Insurance proceeds       $ 500 $ 3,500    
Cumulative translation adjustment             10,000
Closing costs             900
Government grant $ 17,000   $ 17,000       $ 1,900
Loss on sale of investments   $ (400)          
Sale agreement includes a commitment to purchase   $ 1,700          
Purchase commitment period (in years)   2 years          
v3.25.0.1
INCOME TAXES - Income (Loss) before Income Tax, Domestic and Foreign (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Domestic $ (32,410) $ 20,809 $ 73,361
Foreign 40,681 88,939 128,992
(Loss) income before income taxes $ 8,271 $ 109,748 $ 202,353
v3.25.0.1
INCOME TAXES - Components of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current      
Federal $ 372 $ (217) $ (55)
State (442) 1,341 1,897
Foreign 18,289 26,999 44,710
Current income tax expense (benefit) 18,219 28,123 46,552
Deferred      
Federal (1,290) (2,513) (14,953)
State (1,896) 1,186 (10,959)
Foreign (3,172) (754) 2,527
Deferred income tax expense (benefit) (6,358) (2,081) (23,385)
Income tax provision $ 11,861 $ 26,042 $ 23,167
v3.25.0.1
INCOME TAXES - Effective Income Tax Rate Reconciliation (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Statutory U.S. federal tax rate 21.00% 21.00% 21.00%
Unrecognized tax positions 7.30% 0.00% (0.30%)
Foreign tax rate and income differential 128.40% 9.60% 11.70%
Valuation allowance (100.30%) (3.50%) (23.40%)
State taxes, net (18.00%) 1.20% 2.00%
Nondeductible royalty 0.00% 0.80% 0.50%
Federal Benefit of Notice 2023-55 0.00% (5.20%) 0.00%
Expired tax credits 69.50% 0.00% 0.00%
Equity based compensation 1.10% 0.00% (0.30%)
Return to provision 0.254 0.002 0.001
Transaction Costs 0.095 0 0
Other, net (0.50%) (0.40%) 0.10%
Effective tax rate 143.40% 23.70% 11.40%
v3.25.0.1
INCOME TAXES - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Contingency [Line Items]      
Effective tax rate (in percent) 143.40% 23.70% 11.40%
Foreign income tax rate $ 10,600,000    
Valuation allowance 8,300,000    
State income taxes 1,500,000    
Federal benefit     $ 5,700,000
Deferred tax assets, valuation allowance 106,496,000 $ 119,535,000  
Net operating loss carryforwards 101,771,000 104,166,000  
Net tax loss carryforwards expiring between 2023 and 2028 2,800,000    
Net tax loss carryforwards expiring after 2028 99,000,000    
Net change in the valuation allowance (13,000,000.0) (1,500,000)  
Gross federal net operating loss carryforward 65,600,000    
Gross state net operating losses 324,900,000    
Gross foreign loss carryforwards 291,700,000    
Unrecognized tax benefits, gross 1,200,000 0.0 0.0
Unrecognized tax benefits would have affected income tax expense 1,200,000    
Decrease unrecognized tax benefits (0.0)    
Unrecognized tax benefits, income tax penalties and interest expense (0.0) (0.0) (0.0)
Unrecognized tax benefits, income tax penalties and interest accrued 0 0 0
Brazil income tax adjustment $ 0 475,000 32,043,000
Brazil income tax provision/expense   2,600,000 16,100,000
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount   $ 600,000  
BRAZIL      
Income Tax Contingency [Line Items]      
Brazil income tax provision/expense     9,400,000
UNITED STATES      
Income Tax Contingency [Line Items]      
Brazil income tax provision/expense     $ 6,700,000
v3.25.0.1
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Net operating loss carryforwards $ 101,771 $ 104,166
Inventory 8,385 8,492
Warranty 6,347 6,496
Employee benefits and related costs 8,352 8,130
Prepaid royalties 1,006 1,576
Interest limitation 28,834 29,020
Lease liability 5,138 4,390
Intangible assets 4,732 1,592
Foreign Tax Credit 2,318 8,068
Other 7,401 7,255
Deferred tax assets 174,284 179,185
Deferred tax liabilities:    
Fixed assets (13,939) (11,577)
Lease assets (5,181) (4,384)
Pension (6,060) (3,740)
Other (7,292) (4,150)
Deferred tax liabilities (32,472) (23,851)
Subtotal 141,812 155,334
Valuation allowance (106,496) (119,535)
Net deferred tax liability $ 35,316 $ 35,799
v3.25.0.1
INCOME TAXES - Unrecognized Tax Benefits Roll Forward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]      
Balance at January 1 $ 23 $ 30 $ 540
Increases to tax positions taken during the current year 0 0 0
Increases to tax positions taken during the prior years 3,341 0 0
Decreases to tax positions taken during prior years 0 0 0
Decreases due to lapse of statutes of limitations 0 (7) (506)
Settlements (273) 0 0
Foreign exchange (12) 0 (4)
Balance at December 31 $ 3,079 $ 23 $ 30
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Narrative (Details)
$ in Thousands
 10 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
plan
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
shares
Defined Benefit Plan Disclosure [Line Items]        
Number of frozen plans | plan   3    
Number of subsidiaries with frozen plans | plan   3    
Fair value of the plan assets $ 86,023 $ 86,023 $ 82,769  
Percentage of plan assets (in percent) 100.00% 100.00% 100.00%  
Expected return on plan assets (in percent)   7.00%    
Long-term historical returns for equities (in percent)   8.50%    
Fixed income securities (in percent)   4.00%    
UNITED STATES        
Defined Benefit Plan Disclosure [Line Items]        
Number of retirement savings plans | plan   3    
UNITED STATES | U.S. Plan Number One        
Defined Benefit Plan Disclosure [Line Items]        
Matching contribution (in percent)   50.00%    
UNITED STATES | Employees Not Covered By Collective Bargaining        
Defined Benefit Plan Disclosure [Line Items]        
Employer matching contribution (in percent)   6.00%    
Stock issued during period (in shares) | shares   206,050 144,439 124,645
Defined contribution plan   $ 1,700 $ 1,800 $ 1,700
UNITED STATES | Carlstar Employees Plan        
Defined Benefit Plan Disclosure [Line Items]        
Defined contribution plan $ 1,500      
UNITED STATES | Carlstar Employees Plan | Defined Benefit Plan, Tranche One        
Defined Benefit Plan Disclosure [Line Items]        
Matching contribution (in percent)   100.00%    
Employer matching contribution (in percent)   3.00%    
UNITED STATES | Carlstar Employees Plan | Defined Benefit Plan, Tranche Two        
Defined Benefit Plan Disclosure [Line Items]        
Matching contribution (in percent)   50.00%    
Employer matching contribution (in percent)   2.00%    
UNITED STATES | U.S. Plan Number Three        
Defined Benefit Plan Disclosure [Line Items]        
Matching contribution (in percent)   0.00%    
Foreign Plan        
Defined Benefit Plan Disclosure [Line Items]        
Defined contribution plan   $ 3,500 3,700 $ 4,100
Defined Benefit Plan, Equity Securities, Common Stock, Employer, Related Party        
Defined Benefit Plan Disclosure [Line Items]        
U.S. equities asset category included the common stock $ 600 $ 600 $ 1,900  
Parent Common Stock        
Defined Benefit Plan Disclosure [Line Items]        
Percentage of plan assets (in percent) 1.00% 1.00% 2.00%  
Titan Tire, Bryan and Walcott Plans        
Defined Benefit Plan Disclosure [Line Items]        
Pension benefit obligation $ 57,400 $ 57,400    
Fair value of the plan assets 85,400 85,400    
Foreign Plan        
Defined Benefit Plan Disclosure [Line Items]        
Pension benefit obligation 12,200 12,200    
Fair value of the plan assets $ 600 $ 600    
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Changes in Accumulated Postemployment Benefit Obligations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Change in plan assets:      
Fair value of plan assets at beginning of year $ 82,769    
Fair value of plan assets at end of year 86,023 $ 82,769  
Amounts recognized in Consolidated Balance Sheet:      
Noncurrent assets 28,352 19,566  
Noncurrent liabilities (10,146) (12,795)  
Pension Plan      
Change in benefit obligation:      
Benefit obligation at beginning of year 77,208 79,379  
Plan assumption changes (1,809) 1,391  
Service cost 340 606 $ 590
Interest cost 3,752 4,331 2,872
Actuarial gain (412) (632)  
Benefits paid (8,237) (7,588)  
Foreign currency translation (1,190) (279)  
Benefit obligation at end of year 69,652 77,208 79,379
Change in plan assets:      
Fair value of plan assets at beginning of year 82,769 75,025  
Actual return on plan assets 9,733 14,558  
Employer contributions 936 442  
Benefits paid (7,214) (7,294)  
Foreign currency translation (201) 38  
Fair value of plan assets at end of year 86,023 82,769 $ 75,025
Funded (unfunded) status at end of year 16,371 5,561  
Amounts recognized in Consolidated Balance Sheet:      
Noncurrent assets 28,352 19,566  
Current liabilities (1,227) (1,210)  
Noncurrent liabilities (10,754) (12,795)  
Net amount recognized in the Consolidated Balance Sheet $ 16,371 $ 5,561  
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Accumulated and Projected Benefit Obligations (Details) - Pension Plan - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Plans in which Accumulated Benefit Obligation Exceeds Plan Assets at December 31,      
Accumulated benefit obligation $ 11,778 $ 44,976  
Fair value of plan assets 619 31,903  
Accumulated Benefit Obligation at December 31 69,225 76,746  
Pension Plans in which Projected Benefit Obligation Exceeds Plan Assets at December 31,      
Projected benefit obligation 12,205 45,439  
Fair value of plan assets 619 31,903  
Pension benefit obligation $ 69,652 $ 77,208 $ 79,379
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Net amount recognized in accumulated other comprehensive loss $ (3,296) $ 2,328 $ 9,267
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Unrecognized prior service cost 445 634 643
Unrecognized net loss (3,779) (11,480) (21,091)
Deferred tax effect of unrecognized items 6,630 8,518 11,181
Net amount recognized in accumulated other comprehensive loss $ 3,296 $ (2,328) $ (9,267)
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Defined Benefit Plan, Assumptions (Details) - Pension Plan
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 5.70% 5.20% 5.80%
Expected long-term return on plan assets 6.50% 6.50% 6.50%
Discount rate 4.20% 5.80% 2.70%
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Net Periodic Pension Cost (Benefit) (Details) - Pension Plan - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Service cost $ 340 $ 606 $ 590
Interest cost 3,752 4,331 2,872
Assumed return on assets (5,198) (4,669) (6,071)
Amortization of unrecognized prior service cost (58) (114) (85)
Amortization of net unrecognized loss 279 1,004 1,426
Net periodic pension cost (benefit) $ (885) $ 1,158 $ (1,268)
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Allocation of Plan Assets (Details)
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Percentage of plan assets (in percent) 100.00% 100.00%
Maximum    
Defined Benefit Plan Disclosure [Line Items]    
Percentage of plan assets (in percent) 80.00%  
U.S. equities    
Defined Benefit Plan Disclosure [Line Items]    
Percentage of plan assets (in percent) 60.00% 57.00%
U.S. equities | Minimum    
Defined Benefit Plan Disclosure [Line Items]    
Target allocation (in percent) 40.00%  
U.S. equities | Maximum    
Defined Benefit Plan Disclosure [Line Items]    
Target allocation (in percent) 80.00%  
Fixed income    
Defined Benefit Plan Disclosure [Line Items]    
Percentage of plan assets (in percent) 20.00% 21.00%
Fixed income | Minimum    
Defined Benefit Plan Disclosure [Line Items]    
Target allocation (in percent) 20.00%  
Fixed income | Maximum    
Defined Benefit Plan Disclosure [Line Items]    
Target allocation (in percent) 50.00%  
Cash and cash equivalents    
Defined Benefit Plan Disclosure [Line Items]    
Percentage of plan assets (in percent) 8.00% 10.00%
Cash and cash equivalents | Minimum    
Defined Benefit Plan Disclosure [Line Items]    
Target allocation (in percent) 0.00%  
Cash and cash equivalents | Maximum    
Defined Benefit Plan Disclosure [Line Items]    
Target allocation (in percent) 20.00%  
International equities    
Defined Benefit Plan Disclosure [Line Items]    
Percentage of plan assets (in percent) 12.00% 12.00%
International equities | Minimum    
Defined Benefit Plan Disclosure [Line Items]    
Target allocation (in percent) 0.00%  
International equities | Maximum    
Defined Benefit Plan Disclosure [Line Items]    
Target allocation (in percent) 16.00%  
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Fair Value of the Plan Assets by Asset Categories (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Fair value of the plan assets $ 86,023 $ 82,769
Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of the plan assets 85,164 81,974
Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of the plan assets 859 795
Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of the plan assets 0 0
Money market funds    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of the plan assets 6,774 8,186
Money market funds | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of the plan assets 6,774 8,186
Money market funds | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of the plan assets 0 0
Money market funds | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of the plan assets 0 0
Common stock    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of the plan assets 31,271 27,658
Common stock | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of the plan assets 31,271 27,658
Common stock | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of the plan assets 0 0
Common stock | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of the plan assets 0 0
Bonds and securities    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of the plan assets 10,018 10,302
Bonds and securities | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of the plan assets 10,018 10,302
Bonds and securities | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of the plan assets 0 0
Bonds and securities | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of the plan assets 0 0
Mutual and insurance funds    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of the plan assets 37,960 36,623
Mutual and insurance funds | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of the plan assets 37,101 35,828
Mutual and insurance funds | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of the plan assets 859 795
Mutual and insurance funds | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of the plan assets $ 0 $ 0
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Expected Benefit Payments (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Retirement Benefits [Abstract]  
2025 $ 7,776
2026 7,034
2027 6,626
2028 6,779
2029 6,514
2030-2034 $ 29,117
v3.25.0.1
STOCK COMPENSATION - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2021
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock compensation expense   $ 7.4 $ 6.0 $ 4.3
All options outstanding fully vested and expired (in years)   10 years    
Restricted stock awards (in shares)   665,473    
Pre-tax unrecognized compensation expense for unvested RSUs and PSUs   $ 8.2    
Weighted-average period (in years)   1 year 2 months 12 days    
Fair value of shares vested   $ 8.0 5.1 6.0
Restricted Stock Units (RSUs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock compensation expense   $ 6.5 $ 5.1 $ 3.4
Restricted stock awards (in shares)   665,473 571,530 552,992
Restricted Stock Units (RSUs) | Employee        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period (in years)   3 years    
Restricted Stock Units (RSUs) | Board of Directors        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period (in years)   1 year    
Performance Stock Unit        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock compensation expense   $ 0.9 $ 0.9 $ 0.9
Vesting period (in years) 4 years      
Restricted stock awards (in shares)   0    
Performance Stock Unit | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Percentage of target amount depending upon performance achieved over performance period (in percent) 0.00%      
Performance Stock Unit | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Percentage of target amount depending upon performance achieved over performance period (in percent) 125.00%      
Equity and Incentive Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares are available for future issuance under the equity incentive plan   2,500,000    
v3.25.0.1
STOCK COMPENSATION - Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Shares Subject to Option    
Shares subject to option, outstanding, beginning of year (in shares) 348,200  
Granted (in shares) 0  
Exercised (in shares) 0  
Forfeited/Expired (in shares) (59,000)  
Shares subject to option, outstanding, end of year (in shares) 289,200 348,200
Shares subject to option, exercisable (in shares) 289,200  
Weighted Average Exercise Price    
Weighted-average exercise price, beginning of year (in usd per share) $ 11.62  
Granted (in usd per share) 0  
Exercised (in usd per share) 0  
Forfeited/Expired (in usd per share) 16.37  
Weighted-average exercise price, end of year (in usd per share) 10.65 $ 11.62
Weighted average exercise price, exercisable (in usd per share) $ 10.65  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]    
Remaining Contractual Life (in Years) 2 years 1 month 2 days 2 years 7 months 20 days
Weighted average remaining contractual term, exercisable (in years) 2 years 1 month 2 days  
Outstanding aggregate intrinsic value $ 0  
Aggregate intrinsic value, exercisable $ 0  
v3.25.0.1
STOCK COMPENSATION - RSU and PSU Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Total Shares      
Unvested, beginning of period (in shares) 1,302,594    
Granted (in shares) 665,473    
Vested (in shares) (823,731)    
Forfeited/Expired (in shares) (2,000)    
Unvested, end of period (in shares) 1,142,336 1,302,594  
Weighted-Average Grant Date Fair Value      
Weighted-average grant date fair value, beginning of period (in usd per share) $ 11.33    
Granted (in usd per share) 11.11    
Vested (in usd per share) 11.08    
Forfeited/Expired (in usd per share) 12.86    
Weighted-average grant date fair value, end of period (in usd per share) $ 11.38 $ 11.33  
Award vesting rights (in percent) 125.00%    
RSU      
Total Shares      
Unvested, beginning of period (in shares) 973,646    
Granted (in shares) 665,473 571,530 552,992
Vested (in shares) (494,783)    
Forfeited/Expired (in shares) (2,000)    
Unvested, end of period (in shares) 1,142,336 973,646  
PSU      
Total Shares      
Unvested, beginning of period (in shares) 328,948    
Granted (in shares) 0    
Vested (in shares) (328,948)    
Forfeited/Expired (in shares) 0    
Unvested, end of period (in shares) 0 328,948  
v3.25.0.1
LEASES - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Apr. 22, 2021
Leases [Abstract]        
Debt instrument, interest rate, effective percentage (in percent) 7.27%     7.27%
Operating lease expense $ 24.5 $ 5.6 $ 5.1  
Finance lease amortization expense 2.5 3.0 $ 2.6  
Operating cash flows from operating leases 39.8 6.8    
Operating cash flows from finance leases $ 0.4 $ 0.2    
v3.25.0.1
LEASES - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Operating lease ROU assets $ 117,027 $ 11,955
Operating lease current liabilities $ 11,999 $ 5,021
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Operating lease current liabilities Operating lease current liabilities
Operating lease long-term liabilities $ 106,020 $ 6,153
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Operating lease long-term liabilities Operating lease long-term liabilities
Total operating lease liabilities $ 118,019 $ 11,174
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other Liabilities Other Liabilities
Finance lease, gross $ 6,801 $ 5,175
Finance lease accumulated depreciation (4,442) (3,489)
Finance lease, net $ 2,359 $ 1,686
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, plant, and equipment, net Property, plant, and equipment, net
Finance lease current liabilities $ 986 $ 1,093
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Current Other Liabilities, Current
Finance lease long-term liabilities $ 1,483 $ 1,321
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other long-term liabilities Other long-term liabilities
Total finance lease liabilities $ 2,469 $ 2,414
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other Liabilities Other Liabilities
v3.25.0.1
LEASES - Maturity of Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Operating Leases    
2025 $ 19,460  
2026 18,112  
2027 15,121  
2028 13,401  
2029 12,508  
Thereafter 115,688  
Total future minimum lease payments 194,290  
Less imputed interest 76,271  
Total operating lease liabilities $ 118,019 $ 11,174
Weighted average remaining lease term (in years) 13 years 6 months  
Weighted average discount rate 7.27%  
Finance Leases    
2025 $ 1,138  
2026 884  
2027 457  
2028 236  
2029 16  
Thereafter 0  
Total future minimum lease payments 2,731  
Less imputed interest 262  
Total finance lease liabilities $ 2,469 $ 2,414
Weighted average remaining lease term (in years) 2 years 8 months 1 day  
Weighted average discount rate   7.27%
v3.25.0.1
PURCHASE OBLIGATIONS (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2025 $ 28,876
2026 3,287
2027 479
Total non-cancellable purchase obligations $ 32,642
v3.25.0.1
SEGMENT AND GEOGRAPHICAL INFORMATION - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
Number of operating segments 3
v3.25.0.1
SEGMENT AND GEOGRAPHICAL INFORMATION - Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Net sales $ 1,845,937 $ 1,821,800 $ 2,169,380
Cost of sales 1,588,135 1,515,951 1,808,670
Gross profit 257,802 305,849 360,710
Selling, general and administrative expenses 191,794 134,938 132,792
Acquisition related expenses 6,196 0 0
Research and development expenses 16,520 12,539 10,404
Royalty expense 10,108 9,645 11,712
Income from operations 33,184 148,727 205,802
Interest expense (36,429) (29,157) (32,149)
Interest income 11,024 10,372 2,353
Foreign exchange (loss) gain (6,123) (22,822) 927
Other income 6,615 2,628 25,420
(Loss) income before income taxes 8,271 109,748 202,353
Operating Segments      
Segment Reporting Information [Line Items]      
Net sales 1,845,937 1,821,800 2,169,380
Cost of sales 1,588,135 1,515,951 1,808,670
Gross profit 257,802 305,849 360,710
Selling, general and administrative expenses 191,794 134,938 132,792
Acquisition related expenses 6,196    
Research and development expenses 16,520 12,539 10,404
Royalty expense 10,108 9,645 11,712
Income from operations 33,184 148,727 205,802
Interest expense (36,429) (29,157) (32,149)
Interest income 11,024 10,372 2,353
Foreign exchange (loss) gain (6,123) (22,822) 927
Other income 6,615 2,628 25,420
(Loss) income before income taxes 8,271 109,748 202,353
Operating Segments | Agriculture      
Segment Reporting Information [Line Items]      
Net sales 788,580 980,537 1,192,239
Cost of sales 684,592 817,511 998,654
Gross profit 103,988 163,026 193,585
Selling, general and administrative expenses 52,910 51,666 51,582
Acquisition related expenses 0    
Research and development expenses 4,994 4,107 3,317
Royalty expense 6,304 6,611 8,212
Income from operations 39,780 100,642 130,474
Operating Segments | Earthmoving/Construction      
Segment Reporting Information [Line Items]      
Net sales 583,391 687,758 807,356
Cost of sales 520,567 577,068 671,568
Gross profit 62,824 110,690 135,788
Selling, general and administrative expenses 47,741 47,712 48,735
Acquisition related expenses 0    
Research and development expenses 6,503 6,480 5,735
Royalty expense 1,571 1,376 1,508
Income from operations 7,009 55,122 79,810
Operating Segments | Consumer      
Segment Reporting Information [Line Items]      
Net sales 473,966 153,505 169,785
Cost of sales 382,976 121,372 138,448
Gross profit 90,990 32,133 31,337
Selling, general and administrative expenses 64,900 7,684 6,218
Acquisition related expenses 0    
Research and development expenses 3,380 411 284
Royalty expense 2,233 1,658 1,992
Income from operations 20,477 22,380 22,843
Operating Segments | Corporate & Unallocated      
Segment Reporting Information [Line Items]      
Net sales 0 0 0
Cost of sales 0 0 0
Gross profit 0 0 0
Selling, general and administrative expenses 26,243 27,876 26,257
Acquisition related expenses 6,196    
Research and development expenses 1,643 1,541 1,068
Royalty expense 0 0 0
Income from operations (34,082) (29,417) (27,325)
Interest expense (36,429) (29,157) (32,149)
Interest income 11,024 10,372 2,353
Foreign exchange (loss) gain (6,123) (22,822) 927
Other income 6,615 2,628 25,420
(Loss) income before income taxes $ (58,995) $ (68,396) $ (30,774)
v3.25.0.1
SEGMENT AND GEOGRAPHICAL INFORMATION - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 1,845,937 $ 1,821,800 $ 2,169,380
Operating Segments      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 1,845,937 1,821,800 2,169,380
Operating Segments | Wheels and Tires [including assemblies]      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 1,408,993 1,324,280 1,629,643
Operating Segments | Undercarriage systems and components      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 436,944 497,520 539,737
Operating Segments | Agricultural      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 788,580 980,537 1,192,239
Operating Segments | Agricultural | Wheels and Tires [including assemblies]      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 746,994 935,274 1,152,933
Operating Segments | Agricultural | Undercarriage systems and components      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 41,586 45,263 39,306
Operating Segments | Earthmoving/construction      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 583,391 687,758 807,356
Operating Segments | Earthmoving/construction | Wheels and Tires [including assemblies]      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 213,994 258,709 329,403
Operating Segments | Earthmoving/construction | Undercarriage systems and components      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 369,397 429,049 477,953
Operating Segments | Consumer      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 473,966 153,505 169,785
Operating Segments | Consumer | Wheels and Tires [including assemblies]      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 448,005 130,297 147,307
Operating Segments | Consumer | Undercarriage systems and components      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 25,961 $ 23,208 $ 22,478
v3.25.0.1
SEGMENT AND GEOGRAPHICAL INFORMATION - Reconciliation of Other Items from Segments to Consolidated (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]      
Depreciation and amortization $ 60,704 $ 42,434 $ 42,747
Operating Segments      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Depreciation and amortization 60,704 42,434 42,747
Operating Segments | Agricultural      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Depreciation and amortization 24,850 21,405 22,645
Operating Segments | Earthmoving/construction      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Depreciation and amortization 18,433 15,185 15,337
Operating Segments | Consumer      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Depreciation and amortization 15,585 3,404 3,226
Operating Segments | Corporate & Unallocated      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Depreciation and amortization $ 1,836 $ 2,440 $ 1,539
v3.25.0.1
SEGMENT AND GEOGRAPHICAL INFORMATION - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total assets $ 1,584,953 $ 1,289,245  
Cash and cash equivalents 195,974 220,251  
Operating Segments      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total assets 1,584,953 1,289,245  
Operating Segments | Agricultural      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total assets 569,632 559,607  
Operating Segments | Earthmoving/construction      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total assets 441,551 497,508  
Operating Segments | Consumer      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total assets 512,254 155,602  
Operating Segments | Corporate & Unallocated      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total assets 61,516 76,528  
Cash and cash equivalents $ 7,000 $ 32,000 $ 20,000
v3.25.0.1
SEGMENT AND GEOGRAPHICAL INFORMATION - Revenue from External Customers Attributed to Foreign Countries by Geographic Area (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Sales $ 1,845,937 $ 1,821,800 $ 2,169,380
Long-Lived Assets 421,218 321,694 296,605
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Sales 935,724 814,676 1,074,715
Long-Lived Assets 184,686 107,639 97,112
Europe / CIS      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Sales 462,066 558,677 577,877
Long-Lived Assets 132,349 142,749 138,617
Latin America      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Sales 292,830 354,979 422,439
Long-Lived Assets 53,653 61,169 49,714
Asia and other regions      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Sales 155,317 93,468 94,349
Long-Lived Assets $ 50,530 $ 10,137 $ 11,162
v3.25.0.1
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Net (loss) income applicable to common shareholders $ (5,560) $ 78,760 $ 176,302
Weighted average shares outstanding (basic) (in shares) 68,662 62,452 63,040
Effect of restricted stock and stock options (in shares) 0 509 651
Weighted average shares outstanding (diluted) (in shares) 68,662 62,961 63,691
(Loss) earnings per share, basic (in usd per share) $ (0.08) $ 1.26 $ 2.80
(Loss) earnings per share, diluted (in usd per share) $ (0.08) $ 1.25 $ 2.77
Antidilutive securities excluded (in shares) 500    
v3.25.0.1
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Domestic      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period $ 38,554 $ 41,671 $ 94,747
Charged to Costs and Expenses 0 0 0
Charged to Other Accounts 97 0 0
Charged to Costs and Expenses (5,164) (3,117) (53,076)
Charged to Other Accounts 0 0 0
Balance at End of Period 33,487 38,554 41,671
Foreign      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 80,981 79,386 78,425
Charged to Costs and Expenses 2,064 94 19,503
Charged to Other Accounts 0 2,369 0
Charged to Costs and Expenses (5,194) (868) (13,833)
Charged to Other Accounts (4,842) 0 (4,709)
Balance at End of Period $ 73,009 $ 80,981 $ 79,386