TITAN INTERNATIONAL INC, 10-Q filed on 4/30/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
Apr. 22, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 1-12936  
Entity Registrant Name TITAN INTERNATIONAL, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 36-3228472  
Entity Address, Address Line One 1525 Kautz Road, Suite 600  
Entity Address, City or Town West Chicago  
Entity Address, State or Province IL  
Entity Address, Postal Zip Code 60185  
City Area Code 630  
Local Phone Number 377-0486  
Title of 12(b) Security Common stock, $0.0001 par value  
Trading Symbol TWI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   63,704,208
Entity Central Index Key 0000899751  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Net sales $ 490,708 $ 482,209
Cost of sales 422,064 404,839
Gross profit 68,644 77,370
Selling, general and administrative expenses 49,855 39,420
Acquisition related expenses 0 6,196
Research and development expenses 4,544 3,654
Royalty expense 2,446 3,028
Income from operations 11,799 25,072
Interest expense (9,535) (8,367)
Interest income 2,239 2,875
Foreign exchange loss (1,385) (275)
Other income 1,134 405
Income before income taxes 4,252 19,710
Provision for income taxes 4,230 9,736
Net income 22 9,974
Net income attributable to noncontrolling interests 671 773
Net (loss) income attributable to Titan and applicable to common shareholders $ (649) $ 9,201
(Loss) earnings per common share:    
Basic (in dollars per share) $ (0.01) $ 0.14
Diluted (in dollars per share) $ (0.01) $ 0.14
Average common shares and equivalents outstanding:    
Basic (in shares) 63,283 64,928
Diluted (in shares) 63,283 65,704
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 22 $ 9,974
Derivative (loss) gain (8) 2
Currency translation adjustment 46,225 (14,368)
Pension liability adjustments, net of tax 90 148
Comprehensive income (loss) 46,329 (4,244)
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest 7,622 437
Comprehensive income (loss) attributable to Titan $ 38,707 $ (4,681)
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Pension liability adjustments $ (21) $ (12)
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 174,430 $ 195,974
Accounts receivable, net of allowance of $3,778 and $3,232, respectively 323,264 211,720
Inventories 455,945 437,192
Prepaid and other current assets 72,756 67,151
Total current assets 1,026,395 912,037
Property, plant and equipment, net 439,164 421,218
Operating lease assets 117,600 117,027
Goodwill 29,563 29,563
Intangible assets, net 11,706 11,985
Deferred income taxes 45,359 41,732
Other long-term assets 52,225 51,391
Total assets 1,722,012 1,584,953
Current liabilities    
Short-term debt 13,814 12,479
Accounts payable 283,220 219,586
Operating leases 11,872 11,999
Other current liabilities 146,075 143,294
Total current liabilities 454,981 387,358
Long-term debt 571,589 552,966
Deferred income taxes 8,652 6,416
Operating leases 107,802 106,020
Other long-term liabilities 39,532 38,537
Total liabilities 1,182,556 1,091,297
Titan shareholders' equity    
Common stock ($0.0001 par value, 120,000,000 shares authorized, 78,447,035 issued and 63,651,552 outstanding at March 31, 2025; 78,447,035 issued and 63,139,435 outstanding at December 31, 2024) 0 0
Additional paid-in capital 735,616 740,223
Retained earnings 163,414 164,063
Treasury stock (at cost, 14,795,483 shares at March 31, 2025 and 15,307,600 shares at December 31, 2024) (118,258) (122,336)
Accumulated other comprehensive loss (246,521) (285,877)
Total Titan shareholders’ equity 534,251 496,073
Noncontrolling interests 5,205 (2,417)
Total equity 539,456 493,656
Total liabilities and equity $ 1,722,012 $ 1,584,953
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
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 78,447,035
Common stock, shares outstanding (in shares) 63,651,552 63,139,435
Treasury stock (in shares) 14,795,483 15,307,600
Accounts Receivable, Allowance for Credit Loss $ (3,778) $ (3,232)
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($)
$ in Thousands
Total
Total Titan Equity
Common Stock
Additional paid-in capital
Retained earnings
Treasury stock
Accumulated other comprehensive (loss) income
Non-controlling interest
Balance, beginning (in shares) at Dec. 31, 2023     60,715,855          
Balance, beginning at Dec. 31, 2023 $ 467,415 $ 467,060   $ 569,065 $ 169,623 $ (52,585) $ (219,043) $ 355
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 9,974 9,201     9,201     773
Currency translation adjustment, net (14,368) (14,032)         (14,032) (336)
Pension liability adjustments, net of tax 148 148         148  
Derivative gain 2 2         2  
Stock-based compensation (in shares)     266,817          
Stock-based compensation 32 32   (2,388)   2,420    
Issuance of treasury stock under 401(k) plan (in shares)     29,523          
Issuance of treasury stock under 401(k) plan $ 441 441   174   267    
Common stock repurchase (in shares) (100,000)   (100,000)          
Common stock repurchase $ (1,402) (1,402)       (1,402)    
Common stock issuance (in shares)     11,921,766          
Common stock issuance 168,693 168,693   168,693        
Balance, ending (in shares) at Mar. 31, 2024     72,833,961          
Balance, ending at Mar. 31, 2024 $ 630,935 630,143   735,544 178,824 (51,300) (232,925) 792
Balance, beginning (in shares) at Dec. 31, 2024 63,139,435   63,139,435          
Balance, beginning at Dec. 31, 2024 $ 493,656 496,073   740,223 164,063 (122,336) (285,877) (2,417)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 22 (649)     (649)     671
Currency translation adjustment, net 46,225 39,274         39,274 6,951
Pension liability adjustments, net of tax 90 90         90  
Derivative loss (8) (8)         (8)  
Stock-based compensation (in shares)     453,842          
Stock-based compensation (925) (925)   (4,539)   3,614    
Issuance of treasury stock under 401(k) plan (in shares)     58,275          
Issuance of treasury stock under 401(k) plan $ 396 396   (68)   464    
Balance, ending (in shares) at Mar. 31, 2025 63,651,552   63,651,552          
Balance, ending at Mar. 31, 2025 $ 539,456 $ 534,251   $ 735,616 $ 163,414 $ (118,258) $ (246,521) $ 5,205
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 22 $ 9,974
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 15,871 12,001
Deferred income tax (benefit) provision (793) 3,491
Loss on fixed asset and investment sale 40 25
Stock-based compensation (925) 32
Issuance of stock under 401(k) plan 396 441
Foreign currency loss (gain) 2,759 (390)
Increase in assets, net of acquisitions:    
Accounts receivable (97,101) (43,140)
Inventories (5,339) (136)
Prepaid and other current assets (2,358) (6,548)
Other assets (1,443) (4,037)
Increase (decrease) in liabilities, net of acquisitions:    
Accounts payable 51,188 25,196
Other current liabilities (1,154) 3,695
Other liabilities 246 1,401
Net cash (used for) provided by operating activities (38,591) 2,005
Cash flows from investing activities:    
Capital expenditures (15,027) (16,607)
Business acquisition, net of cash acquired 0 (142,207)
Proceeds from sale of fixed assets 199 52
Net cash used for investing activities (14,828) (158,762)
Cash flows from financing activities:    
Proceeds from borrowings 26,606 154,771
Repayments of debt (8,013) (7,021)
Repurchase of common stock 0 (1,402)
Other financing activities 21 (642)
Net cash provided by financing activities 18,614 145,706
Effect of exchange rate changes on cash 13,261 (5,572)
Net decrease in cash and cash equivalents (21,544) (16,623)
Cash and cash equivalents, beginning of period 195,974 220,251
Cash and cash equivalents, end of period 174,430 203,628
Supplemental information:    
Interest paid 3,209 843
Income taxes paid, net of refunds received 3,421 5,549
Non cash financing activity:    
Issuance of common stock in connection with business acquisition $ 0 $ 168,693
v3.25.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited condensed consolidated interim financial statements include the accounts of Titan International, Inc. and its subsidiaries (Titan or the Company) and have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the SEC). Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. The accompanying unaudited condensed consolidated interim financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the Company's financial position and the results of operations and cash flows for the periods presented, and should be read in conjunction with the consolidated financial statements and the related notes thereto included in the Company’s latest Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025 (the 2024 Form 10-K). All intercompany transactions have been eliminated in consolidation. These unaudited condensed consolidated interim financial statements include estimates and assumptions of management that affect the amounts reported in the condensed consolidated financial statements. Actual results could differ from these estimates. The Company’s results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025.

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 $3.4 million as of March 31, 2025 and $5.3 million as of December 31, 2024, 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 7.00% senior secured notes due 2028 were carried at a cost of $397.4 million at March 31, 2025 and $397.2 million at December 31, 2024. 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 $390.8 million and $390.0 million, at March 31, 2025 and December 31, 2024, respectively, which was determined to be a level 2 fair value measurement.

Hyperinflation in Argentina and Turkey
In July 2018 and March 2022, the three-year cumulative rate of inflation for consumer prices and wholesale prices reached a level in excess of 100% for Argentina and Turkey, respectively. As a result, in accordance with Accounting Standards Codification (ASC) Topic 830, Foreign Currency Matters, Argentina and Turkey were considered hyperinflationary economies and the Company has applied the standard since December 31, 2023.

For the three months ended March 31, 2025 and 2024, the Company recognized a net monetary loss of $1.1 million and $1.2 million, respectively, recorded in foreign exchange loss in the consolidated statements of operations associated with the application of ASC 830.

Russia-Ukraine Military Conflict
In February 2022, in response to the military conflict between Russia and Ukraine, the United States, other North Atlantic Treaty Organization member states, as well as non-member states, announced targeted economic sanctions on Russia, certain Russian citizens and enterprises. The continuation of the conflict triggered additional economic and other sanctions enacted by the United States and other countries throughout the world. The scope of potential additional sanctions is unknown.

The Company currently owns 64.3% of the Voltyre-Prom, a leading producer of agricultural and industrial tires in Volgograd, Russia, which represented approximately 6% and 5% of consolidated assets of Titan as of March 31, 2025 and December 31, 2024, respectively. The Russian operations represented 4% and 5% of consolidated global sales for the three months ended March 31, 2025 and 2024, 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.
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. Titan did not repurchase any shares of its common stock under the Share Repurchase Program during the three months ended March 31, 2025. Titan repurchased 100,000 shares of its common stock totaling $1.4 million during the three months ended March 31, 2024. As of March 31, 2025, $1.0 million remains available for future share repurchases under this program. The Company records treasury stock using the cost method.

Supplier Financing Program
A subsidiary of Titan participates in supplier financing programs pursuant to credit agreements between certain suppliers and financial institutions. The program enables those suppliers to receive payment from participating financial institutions prior to the payment date specified in the terms between Titan and the supplier. Titan does not incur annual service fees associated with its enrollment in the supplier financing program. The transactions are at the sole discretion of both the suppliers and the financial institution, and Titan is not a party to the agreement and has no economic interest in the supplier's decision to receive payment prior to the payment date. The terms between Titan and a supplier, including the amount due and scheduled payment dates, are not impacted by a supplier's participation in the program. Amounts due to suppliers who participate in the program are included in the accounts payable line item in Titan's consolidated balance sheets, and Titan’s payments made under the program are reflected in cash flows from operating activities in Titan's consolidated statements of cash flows. For suppliers who participate in a supplier financing program, Titan will pay the financial institution directly rather than the supplier. The confirmed obligations under the supplier financing programs included in the accounts payable line item in Titan's consolidated balance sheet were $15.8 million at March 31, 2025, and $13.2 million at December 31, 2024.

New Accounting Pronouncements to be Adopted in Future Periods
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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.
v3.25.1
BUSINESS COMBINATION
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
BUSINESS COMBINATION BUSINESS COMBINATION
Acquisition of The Carlstar Group (now also known as Titan Specialty)

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 acquisition, the Company refers to much of Carlstar’s product line as “Titan Specialty” with all of Carlstar's operations now integrated as part of our One Titan platform.

The following table summarizes the final allocation of purchase price consideration to the major classes of assets and liabilities as of February 29, 2024 (amounts in thousands):
Final Purchase Price Allocation
Accounts receivable$92,043 
Inventories150,900 
Prepaid and other current assets13,339 
Property, plant, and equipment115,090 
Other long-term assets111,864 
Goodwill29,563 
Intangible assets11,500 
Fair value of assets acquired$524,299 
Accounts payable$66,055 
Other current liabilities28,377 
Operating leases108,249 
Deferred tax liabilities7,773 
Other long-term liabilities1,509 
Fair value of liabilities assumed$211,963 
Purchase price$312,336 

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 March 31, 2025 and December 31, 2024 was as follows:
 Carrying Value
Agricultural$4,844 
Earthmoving/construction— 
Consumer24,719 
Total$29,563 
Through March 31, 2024, the actual revenue and income before taxes of Titan Specialty since the acquisition date of February 29, 2024 included in the consolidated statement of operations is as shown below (amounts in thousands). The net income includes the effect of fair value adjustments for the amortization of inventory, intangible assets, and depreciation of property, plant and equipment.
 
From Acquisition Date to March 31, 2024
Titan Specialty revenue
$51,788 
Titan Specialty income before taxes
1,254 

The following is the unaudited pro forma financial information for the three months ended March 31, 2024 that reflects our results of our operations as if the acquisition of Titan Specialty had been completed on January 1, 2023. This unaudited pro forma financial information is provided for informational purposes only and is not necessarily indicative of what the actual results of operations would have been had the transactions taken place on January 1, 2023, nor is it indicative of the future consolidated results of operations or financial position of the combined companies (amounts in thousands, except per share data).

Three months ended
March 31, 2024
Pro forma revenues$584,027 
Pro forma net income25,445 
Net income per common share, basic$0.35 
Net income per common share, diluted0.35 

These pro forma amounts have been calculated after applying Titan's accounting policies and making certain adjustments, which primarily relate to: (i) severance-related costs, (ii) adjustments relating to the fair value step-ups to inventory and (iii) transaction-related costs of both Titan and Titan Specialty. These pro forma amounts were adjusted to be excluded from the unaudited pro forma information for the three months ended March 31, 2024.

Total acquisition-related costs for the three months ended March 31, 2024 was $6.2 million.
v3.25.1
ACCOUNTS RECEIVABLE, NET
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
ACCOUNTS RECEIVABLE, NET ACCOUNTS RECEIVABLE, NET
Accounts receivable consisted of the following (amounts in thousands):
 March 31,
2025		December 31,
2024		March 31,
2024
Accounts receivable$327,042 $214,952 $362,763 
Allowance for credit losses(3,778)(3,232)(7,204)
Accounts receivable, net$323,264 $211,720 $355,559 

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

Changes in the allowance for credit losses during the three months ended March 31, 2025 and 2024, respectively, consisted of the following (amounts in thousands):
 20252024
Balance at January 1,$3,232 $5,340 
Provision charged to expense72 198 
Recoveries of accounts receivable— (742)
Other, including foreign currency translation and acquisition related activity474 2,408 
Balance at March 31,$3,778 $7,204 
v3.25.1
INVENTORIES
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
Inventories consisted of the following (amounts in thousands):
 March 31,
2025		December 31,
2024
Raw material$102,510 $103,616 
Work-in-process45,432 41,898 
Finished goods308,003 291,678 
 $455,945 $437,192 
Inventories are reduced by estimated provisions for slow-moving and obsolete inventory. These provisions reduce the cost basis of the asset.
v3.25.1
PROPERTY, PLANT AND EQUIPMENT, NET
 3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, NET PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, net consisted of the following (amounts in thousands):
 March 31,
2025		December 31,
2024
Land and improvements$45,053 $42,534 
Buildings and improvements271,578 260,256 
Machinery and equipment740,016 703,899 
Tools, dies and molds117,863 118,569 
Construction-in-process47,951 46,997 
 1,222,461 1,172,255 
Less accumulated depreciation(783,297)(751,037)
 $439,164 $421,218 
 
Depreciation on property, plant and equipment was $14.1 million and $11.5 million for the three months ended March 31, 2025 and 2024, respectively.
v3.25.1
INTANGIBLE ASSETS, NET
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS, NET INTANGIBLE ASSETS, NET
The components of intangible assets, net consisted of the following (amounts in thousands):
March 31, 2025
Weighted- Average Useful Lives (in Years)Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Amortizable intangible assets:
Customer lists/relationships12.50$6,000 $(520)$5,480 
Trade names10.005,500 (596)4,904 
Other intangibles15.373,585 (2,263)1,322 
Total$15,085 $(3,379)$11,706 

December 31, 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 

Amortization related to intangible assets was $0.3 million and $0.2 million for the three months ended March 31, 2025 and 2024, respectively.

The estimated aggregate amortization expense at March 31, 2025, for each of the years (or other periods) set forth below was as follows (amounts in thousands):
April 1 - December 31, 2025$957 
20261,276 
20271,218 
20281,153 
20291,153 
Thereafter5,949 
 $11,706 
v3.25.1
OTHER CURRENT LIABILITIES
 3 Months Ended
Mar. 31, 2025
Other Liabilities, Current [Abstract]  
OTHER CURRENT LIABILITIES OTHER CURRENT LIABILITIES
Other current liabilities consisted of the following (amounts in thousands):
 March 31,
2025		December 31,
2024
Compensation and benefits$47,274 $47,735 
Warranty12,186 12,571 
Accrued insurance benefits19,819 20,218 
Customer rebates and deposits11,854 15,004 
Accrued other taxes12,891 12,142 
Accrued interest12,513 5,646 
Foreign government grant (1)
3,894 3,672 
Other25,644 26,306 
 $146,075 $143,294 
(1) The Company received government subsidies in 2023 associated with capital expenditure investments in technological and digital innovation in Europe. The amount of the government subsidies 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 its 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.
v3.25.1
WARRANTY
 3 Months Ended
Mar. 31, 2025
Product Warranties Disclosures [Abstract]  
WARRANTY WARRANTY
Changes in the warranty liability during the three months ended March 31, 2025 and 2024, respectively, consisted of the following (amounts in thousands):
 20252024
Warranty liability at beginning of the period$22,392 $21,710 
Provision for warranty liabilities3,058 4,043 
Warranty payments made(3,032)(4,037)
   Other adjustments, including acquisition of Titan Specialty— 1,784 
Warranty liability at end of the period$22,418 $23,500 

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 condensed consolidated balance sheets.
v3.25.1
DEBT
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
Long-term debt consisted of the following (amounts in thousands):
March 31, 2025
Principal BalanceUnamortized Debt IssuanceNet Carrying Amount
7.00% senior secured notes due 2028
$400,000 $(2,628)$397,372 
Revolving credit facility163,000 — 163,000 
Titan Europe credit facilities18,176 — 18,176 
Other debt6,855 — 6,855 
     Total debt588,031 (2,628)585,403 
Less amounts due within one year13,814 — 13,814 
     Total long-term debt$574,217 $(2,628)$571,589 
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 

The weighted-average interest rates on short-term borrowings due within one year at March 31, 2025 and December 31, 2024, were approximately 2.6% and 4.1%, respectively.

Aggregate principal maturities of long-term debt at March 31, 2025 for each of the years (or other periods) set forth below were as follows (amounts in thousands):
April 1 - December 31, 2025$12,184 
20267,449 
20272,259 
2028563,549 
2029556 
Thereafter2,034 
 $588,031 
7.00% senior secured notes due 2028
On April 22, 2021, the Company issued $400 million aggregate principal amount of 7.00% senior secured notes due April 2028 (the senior secured notes due 2028), guaranteed by certain of the Company's subsidiaries. Including the impact of debt issuance costs, these notes had an effective yield of 7.27% at issuance. These notes are secured by the land and buildings of the following subsidiaries of the Company: Titan Wheel Corporation of Illinois, Titan Tire Corporation, Titan Tire Corporation of Freeport, and Titan Tire Corporation of Bryan.

Revolving Credit Facility
In connection with the acquisition of Titan Specialty, 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 March 31, 2025, the weighted average interest rate was 6.35%.

The Company's total amount available for borrowing under the new credit facility at March 31, 2025 totaled $225.0 million, based on eligible accounts receivable and inventory balances. With outstanding letters of credit totaling $5.4 million and $163.0 million in outstanding borrowings under the revolving credit facility, the net amount available for borrowing under the new credit facility totaled $56.6 million at March 31, 2025.

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

Titan Europe Credit Facilities
The Titan Europe credit facilities include borrowings from various institutions totaling $18.2 million and $15.2 million in aggregate principal amount at March 31, 2025 and December 31, 2024, respectively. Maturity dates on this 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 6.0% and 7.6%, which totaled $6.9 million at March 31, 2025. Similarly, the Company had a working capital loan at Titan Pneus do Brasil Ltda at varying interest rates from approximately 6.9% to 7.6%, which totaled $7.1 million at December 31, 2024. The maturity dates on these loans range from one year to two years. The Company expects to negotiate an extension of the maturity dates on these loans with the applicable financial institutions or to repay the loan, as needed.

Debt Restrictions
The Company’s $225.0 million revolving 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) $17.0 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 March 31, 2025.
v3.25.1
LEASES
 3 Months Ended
Mar. 31, 2025
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 Topic 842, Leases, the Company made an accounting policy election, by class of underlying asset, not to separate non-lease components such as those previously stated from lease components and instead will treat the lease agreement as a single lease component for all asset classes. Operating right-of-use (ROU) assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent Titan's obligations to make lease payments arising from the lease. The majority of Titan's leases are operating leases. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of Titan's leases do not provide an implicit interest rate, the Company used its incremental borrowing rate (7.27%), based on the information available at the lease commencement date, in determining the present value of lease payments. Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of sales and selling, general and administrative expenses on the condensed consolidated statements of operations. Amortization expense associated with finance leases is included in cost of sales and selling, general and administrative expenses, and interest expense associated with finance leases is included in interest expense in the condensed consolidated statements of operations.

Supplemental balance sheet information related to leases was as follows (amounts in thousands):
Balance Sheet ClassificationMarch 31,
2025		December 31,
2024
Operating lease ROU assetsOperating lease assets$117,600 $117,027 
                                
Operating lease current liabilitiesOperating leases current liabilities11,872 11,999 
Operating lease long-term liabilitiesOperating leases long-term liabilities107,802 106,020 
    Total operating lease liabilities$119,674 $118,019 
Finance lease, grossProperty, plant & equipment, net$7,123 $6,801 
Finance lease accumulated depreciationProperty, plant & equipment, net(4,687)(4,442)
   Finance lease, net$2,436 $2,359 
Finance lease current liabilitiesOther current liabilities$953 $986 
Finance lease long-term liabilitiesOther long-term liabilities1,631 1,483 
   Total finance lease liabilities$2,584 $2,469 
At March 31, 2025, maturities of lease liabilities were as follows (amounts in thousands):
Operating
Leases		Finance
Leases
April 1 - December 31, 2025$16,493 $975 
202618,730 994 
202715,699 562 
202813,997 313 
202913,121 74 
Thereafter119,172 66 
Total lease payments$197,212 $2,984 
Less imputed interest77,538 400 
$119,674 $2,584 
Weighted average remaining lease term (in years)13.342.96
Weighted average discount rate 7.27 %7.27 %
Supplemental cash flow information related to leases for the three months ended March 31, 2025 were as follows: operating cash flows from operating leases were $5.3 million.

Supplemental cash flow information related to leases for the three months ended March 31, 2024 were as follows: operating cash flows from operating leases were $3.9 million.
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 Topic 842, Leases, the Company made an accounting policy election, by class of underlying asset, not to separate non-lease components such as those previously stated from lease components and instead will treat the lease agreement as a single lease component for all asset classes. Operating right-of-use (ROU) assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent Titan's obligations to make lease payments arising from the lease. The majority of Titan's leases are operating leases. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of Titan's leases do not provide an implicit interest rate, the Company used its incremental borrowing rate (7.27%), based on the information available at the lease commencement date, in determining the present value of lease payments. Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of sales and selling, general and administrative expenses on the condensed consolidated statements of operations. Amortization expense associated with finance leases is included in cost of sales and selling, general and administrative expenses, and interest expense associated with finance leases is included in interest expense in the condensed consolidated statements of operations.

Supplemental balance sheet information related to leases was as follows (amounts in thousands):
Balance Sheet ClassificationMarch 31,
2025		December 31,
2024
Operating lease ROU assetsOperating lease assets$117,600 $117,027 
                                
Operating lease current liabilitiesOperating leases current liabilities11,872 11,999 
Operating lease long-term liabilitiesOperating leases long-term liabilities107,802 106,020 
    Total operating lease liabilities$119,674 $118,019 
Finance lease, grossProperty, plant & equipment, net$7,123 $6,801 
Finance lease accumulated depreciationProperty, plant & equipment, net(4,687)(4,442)
   Finance lease, net$2,436 $2,359 
Finance lease current liabilitiesOther current liabilities$953 $986 
Finance lease long-term liabilitiesOther long-term liabilities1,631 1,483 
   Total finance lease liabilities$2,584 $2,469 
At March 31, 2025, maturities of lease liabilities were as follows (amounts in thousands):
Operating
Leases		Finance
Leases
April 1 - December 31, 2025$16,493 $975 
202618,730 994 
202715,699 562 
202813,997 313 
202913,121 74 
Thereafter119,172 66 
Total lease payments$197,212 $2,984 
Less imputed interest77,538 400 
$119,674 $2,584 
Weighted average remaining lease term (in years)13.342.96
Weighted average discount rate 7.27 %7.27 %
Supplemental cash flow information related to leases for the three months ended March 31, 2025 were as follows: operating cash flows from operating leases were $5.3 million.

Supplemental cash flow information related to leases for the three months ended March 31, 2024 were as follows: operating cash flows from operating leases were $3.9 million.
v3.25.1
EMPLOYEE BENEFIT PLANS
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
The Company has three frozen defined benefit pension plans covering certain employees or former employees of three U.S. subsidiaries. The Company also has pension plans covering certain employees of several foreign subsidiaries. The Company also sponsors a number of defined contribution plans in the U.S. and at foreign subsidiaries. The Company contributed approximately $0.1 million to the pension plans during the three months ended March 31, 2025 and $0.2 million are expected to be contributed to the pension plans during the remainder of 2025.

The components of net periodic pension cost consisted of the following for the periods set forth below (amounts in thousands):
Three months ended
March 31,
20252024
Service cost$161 $162 
Interest cost945 952 
Expected return on assets(1,329)(1,301)
Amortization of unrecognized prior service cost(14)(16)
Amortization of net unrecognized loss 18 68 
   Net periodic pension (benefit)$(219)$(135)
Service cost is recorded as cost of sales in the condensed consolidated statements of operations while all other components are recorded in other income.
v3.25.1
VARIABLE INTEREST ENTITIES
 3 Months Ended
Mar. 31, 2025
Variable Interest Entity, Measure of Activity [Abstract]  
VARIABLE INTEREST ENTITIES VARIABLE INTEREST ENTITIES
The Company holds variable interests in certain variable interest entities (VIEs) that are not consolidated because Titan is not the primary beneficiary. The Company's involvement with these entities is in the form of direct equity interests and prepayments related to purchases of materials. The maximum exposure to loss represents the loss of assets recognized by Titan relating to non-consolidated entities and amounts due to the non-consolidated assets. The assets and liabilities recognized in
Titan's condensed consolidated balance sheets related to Titan's interest in these non-consolidated VIEs and the Company's maximum exposure to loss relating to non-consolidated VIEs as of the dates set forth below were as follows (amounts in thousands):
 March 31,
2025		December 31,
2024
Investments$8,174 $7,919 
     Total VIE assets8,174 7,919 
Accounts payable to the non-consolidated VIEs3,473 2,646 
  Maximum exposure to loss$11,647 $10,565 
v3.25.1
ROYALTY EXPENSE
 3 Months Ended
Mar. 31, 2025
Other Income and Expenses [Abstract]  
ROYALTY EXPENSE ROYALTY EXPENSEThe Company has trademark license agreements with The Goodyear Tire & Rubber Company to manufacture and sell certain farm, ATV and truck tires under the Goodyear brand. These agreements cover sales in North America, Latin America, Europe, the Middle East, Africa, Russia, other Commonwealth of Independent States countries, Australia, and New Zealand. The farm and ATV agreement is scheduled to expire in 2029 with annual renewal options following the initial term. The truck tires royalty agreement expires December 31, 2025. 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 were $2.4 million and $3.0 million for the three months ended March 31, 2025 and 2024, respectively.
v3.25.1
OTHER INCOME
 3 Months Ended
Mar. 31, 2025
Other Income and Expenses [Abstract]  
OTHER INCOME OTHER INCOME
Other income consisted of the following (amounts in thousands):
Three months ended
March 31,
 20252024
Equity investment income$174 $327 
Loss on sale of assets(40)(25)
Pension plan income527 405 
Other income (loss)473 (302)
 $1,134 $405 
v3.25.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company recorded income tax expense of $4.2 million and $9.7 million for the three months ended March 31, 2025 and 2024, respectively. The Company's effective income tax rate was 99.5% and 49.4% for the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025, and 2024, the income tax expense differed each period due to an overall decrease in pre-tax income.

The Company’s 2025 and 2024 income tax expense and rates differed from the amount of income tax determined by applying the U.S. Federal income tax rate to pre-tax income primarily as a result of foreign income tax rate differential on the mix of earnings, the valuation allowance on the interest expense carryforward, and certain foreign inclusion items on the domestic provision.

The Company continues to monitor the realization of its deferred tax assets and assesses the need for a valuation allowance. The Company analyzes available positive and negative evidence to determine if a valuation allowance is needed based on the weight of the evidence. This objectively verifiable evidence primarily includes the past three years' profit and loss positions. This process requires management to make estimates, assumptions, and judgments that are uncertain in nature. The Company has established valuation allowances with respect to certain deferred tax assets in the U.S. and certain foreign jurisdictions and continues to monitor and assess the need for valuation allowances in all its jurisdictions.
The Organization Economic Co-operation and Development (“OECD”) introduced Base Erosion and Profit Shifting (“BEPS”) Pillar 2 rules that impose a global minimum tax rate of 15%. Numerous countries, including European Union member states, have enacted or are expected to enact legislation to be effective as early as January 1, 2024, with general implementation of a global minimum tax by January 1, 2025. Titan will continue to evaluate the potential impact on the condensed consolidated financial statements and related disclosures but does not anticipate a material impact. Titan did not record any tax associated with Pillar 2 for the three months ended March 31, 2025.
v3.25.1
EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE (LOSS) EARNINGS PER SHARE
(Loss) earnings per share (EPS) were as follows (amounts in thousands, except per share data):
Three months ended
March 31,
20252024
Net (loss) income attributable to Titan and applicable to common shareholders$(649)$9,201 
Determination of shares:
   Weighted average shares outstanding (basic)63,283 64,928 
   Effect of restricted stock and stock options— 776 
   Weighted average shares outstanding (diluted)63,283 65,704 
(Loss) earnings per common share:
Basic$(0.01)$0.14 
Diluted$(0.01)$0.14 

The effect of restricted stock and stock options has been excluded for the three months ended March 31, 2025, as the effect would have been antidilutive. The weighted average shares excluded for equity awards for the three months ended March 31, 2025 was 0.8 million.
v3.25.1
LITIGATION
 3 Months Ended
Mar. 31, 2025
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.
v3.25.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT 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, “Basis of Presentation and Significant Accounting Policies” to these Notes to the Condensed Consolidated Financial Statements. Segment external revenues, expenses, and income from operations are determined on the basis of the results of operations of operating units of manufacturing facilities.

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 CODM 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 CODM does not review asset information by segment to manage operations or allocate resources. Therefore, segment assets are not disclosed.

The table below presents information about certain operating results, separated by market segments, for the three months ended March 31, 2025 and 2024 (amounts in thousands):
Three months ended March 31, 2025
AgricultureEarthmoving/ConstructionConsumerCorporate & UnallocatedTotal
Net sales$197,746 $143,290 $149,672 $— $490,708 
Cost of sales173,259 128,397 120,408 — 422,064 
Gross profit$24,487 $14,893 $29,264 $— $68,644 
Selling, general and administrative expenses12,074 11,021 19,087 7,673 49,855 
Research and development expenses1,354 1,849 888 453 4,544 
Royalty expense1,617 347 482 — 2,446 
Segment profit (loss)$9,442 $1,676 $8,807 $(8,126)$11,799 
Interest expense(9,535)(9,535)
Interest income2,239 2,239 
Foreign exchange loss(1,385)(1,385)
Other income1,134 1,134 
(Loss) income before income taxes$(15,673)$4,252 
Three months ended March 31, 2024
AgricultureEarthmoving/ConstructionConsumerCorporate & UnallocatedTotal
Net sales$239,673 $165,208 $77,328 $— $482,209 
Cost of sales199,054 142,231 63,554 — 404,839 
Gross profit$40,619 $22,977 $13,774 $— $77,370 
Selling, general and administrative expenses13,394 11,956 7,803 6,267 39,420 
Acquisition related expenses— — — 6,196 6,196 
Research and development expenses1,230 1,666 336 422 3,654 
Royalty expense1,985 521 522 — 3,028 
Segment profit (loss)$24,010 $8,834 $5,113 $(12,885)$25,072 
Interest expense(8,367)(8,367)
Interest income2,875 2,875 
Foreign exchange loss(275)(275)
Other income405 405 
(Loss) income before income taxes$(18,247)$19,710 


The table below presents net sales by products and reportable segments for the three months ended March 31, 2025 and 2024 (amounts in thousands):
Agricultural SegmentEarthmoving/Construction SegmentConsumer SegmentTotal
Three months ended March 31, 2025
Wheels and Tires [including assemblies]$188,367 $54,413 $142,175 $384,955 
Undercarriage systems and components9,379 88,877 7,497 105,753 
Total$197,746 $143,290 $149,672 $490,708 

Agricultural SegmentEarthmoving/Construction SegmentConsumer SegmentTotal
Three months ended March 31, 2024
Wheels and Tires [including assemblies]$229,034 $66,245 $71,354 $366,633 
Undercarriage systems and components10,639 98,963 5,974 115,576 
Total$239,673 $165,208 $77,328 $482,209 


Depreciation and amortization expense by segment were as follows as of the periods set forth below (amounts in thousands):
Agricultural SegmentEarthmoving/Construction SegmentConsumer SegmentCorporate & UnallocatedTotal
Three months ended March 31, 2025$6,158 $4,463 $4,661 $589 $15,871 
Three months ended March 31, 20245,708 3,935 1,842 516 12,001 
v3.25.1
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
 3 Months Ended
Mar. 31, 2025
Stockholders' Equity Note [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Accumulated other comprehensive (loss) income consisted of the following (amounts in thousands):
 
 Currency
Translation
Adjustments		Gain (Loss) on
Derivatives		Unrecognized
Losses and
Prior Service
Cost
 
 
Total
Balance at January 1, 2025$(289,678)$505 $3,296 $(285,877)
Currency translation adjustments39,274 — — 39,274 
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $(21)
— — 90 90 
Derivative loss— (8)— (8)
Balance at March 31, 2025$(250,404)$497 $3,386 $(246,521)

 
 Currency
Translation
Adjustments		Gain (Loss) on
Derivatives		Unrecognized
Losses and
Prior Service
Cost
 
 
Total
Balance at January 1, 2024$(217,455)$740 $(2,328)$(219,043)
Currency translation adjustments, net(14,032)— — (14,032)
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $(12)
— — 148 148 
Derivative gain— 2 — 2 
Balance at March 31, 2024$(231,487)$742 $(2,180)$(232,925)
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net (loss) income attributable to Titan and applicable to common shareholders $ (649) $ 9,201
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
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
v3.25.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited condensed consolidated interim financial statements include the accounts of Titan International, Inc. and its subsidiaries (Titan or the Company) and have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the SEC). Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. The accompanying unaudited condensed consolidated interim financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the Company's financial position and the results of operations and cash flows for the periods presented, and should be read in conjunction with the consolidated financial statements and the related notes thereto included in the Company’s latest Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025 (the 2024 Form 10-K). All intercompany transactions have been eliminated in consolidation. These unaudited condensed consolidated interim financial statements include estimates and assumptions of management that affect the amounts reported in the condensed consolidated financial statements. Actual results could differ from these estimates. The Company’s results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025.
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 $3.4 million as of March 31, 2025 and $5.3 million as of December 31, 2024, 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 7.00% senior secured notes due 2028 were carried at a cost of $397.4 million at March 31, 2025 and $397.2 million at December 31, 2024. 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 $390.8 million and $390.0 million, at March 31, 2025 and December 31, 2024, respectively, which was determined to be a level 2 fair value measurement.
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.
New Accounting Pronouncements to be Adopted in Future Periods
New Accounting Pronouncements to be Adopted in Future Periods
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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.
v3.25.1
BUSINESS COMBINATION (Tables)
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Business Acquisitions, by Acquisition
On February 29, 2024, the Company acquired 100% of the equity interests of The Carlstar Group, LLC ("Carlstar") for the following purchase consideration and subject to a working capital adjustment based on an agreed upon working capital target (amounts in thousands):
Purchase Consideration
Titan International, Inc. common stock$168,693 
Base cash consideration, net of cash acquired of $10,288
127,500 
$296,193 
Additional cash consideration for excess net working capital 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 final allocation of purchase price consideration to the major classes of assets and liabilities as of February 29, 2024 (amounts in thousands):
Final Purchase Price Allocation
Accounts receivable$92,043 
Inventories150,900 
Prepaid and other current assets13,339 
Property, plant, and equipment115,090 
Other long-term assets111,864 
Goodwill29,563 
Intangible assets11,500 
Fair value of assets acquired$524,299 
Accounts payable$66,055 
Other current liabilities28,377 
Operating leases108,249 
Deferred tax liabilities7,773 
Other long-term liabilities1,509 
Fair value of liabilities assumed$211,963 
Purchase price$312,336 
Schedule of Goodwill The carrying value of goodwill by reportable segment as of March 31, 2025 and December 31, 2024 was as follows:
 Carrying Value
Agricultural$4,844 
Earthmoving/construction— 
Consumer24,719 
Total$29,563 
Schedule of Carrying Amounts and Weighted Average Lives of the Acquired Intangible Assets
Schedule of Business Acquisition, Pro Forma Information
Through March 31, 2024, the actual revenue and income before taxes of Titan Specialty since the acquisition date of February 29, 2024 included in the consolidated statement of operations is as shown below (amounts in thousands). The net income includes the effect of fair value adjustments for the amortization of inventory, intangible assets, and depreciation of property, plant and equipment.
 
From Acquisition Date to March 31, 2024
Titan Specialty revenue
$51,788 
Titan Specialty income before taxes
1,254 

The following is the unaudited pro forma financial information for the three months ended March 31, 2024 that reflects our results of our operations as if the acquisition of Titan Specialty had been completed on January 1, 2023. This unaudited pro forma financial information is provided for informational purposes only and is not necessarily indicative of what the actual results of operations would have been had the transactions taken place on January 1, 2023, nor is it indicative of the future consolidated results of operations or financial position of the combined companies (amounts in thousands, except per share data).

Three months ended
March 31, 2024
Pro forma revenues$584,027 
Pro forma net income25,445 
Net income per common share, basic$0.35 
Net income per common share, diluted0.35 
v3.25.1
ACCOUNTS RECEIVABLE, NET (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Schedule of Accounts Receivable
Accounts receivable consisted of the following (amounts in thousands):
 March 31,
2025		December 31,
2024		March 31,
2024
Accounts receivable$327,042 $214,952 $362,763 
Allowance for credit losses(3,778)(3,232)(7,204)
Accounts receivable, net$323,264 $211,720 $355,559 
Schedule of Allowance for Credit Loss
Changes in the allowance for credit losses during the three months ended March 31, 2025 and 2024, respectively, consisted of the following (amounts in thousands):
 20252024
Balance at January 1,$3,232 $5,340 
Provision charged to expense72 198 
Recoveries of accounts receivable— (742)
Other, including foreign currency translation and acquisition related activity474 2,408 
Balance at March 31,$3,778 $7,204 
v3.25.1
INVENTORIES (Tables)
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventory
Inventories consisted of the following (amounts in thousands):
 March 31,
2025		December 31,
2024
Raw material$102,510 $103,616 
Work-in-process45,432 41,898 
Finished goods308,003 291,678 
 $455,945 $437,192 
v3.25.1
PROPERTY, PLANT AND EQUIPMENT, NET (Tables)
 3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
Property, plant and equipment, net consisted of the following (amounts in thousands):
 March 31,
2025		December 31,
2024
Land and improvements$45,053 $42,534 
Buildings and improvements271,578 260,256 
Machinery and equipment740,016 703,899 
Tools, dies and molds117,863 118,569 
Construction-in-process47,951 46,997 
 1,222,461 1,172,255 
Less accumulated depreciation(783,297)(751,037)
 $439,164 $421,218 
v3.25.1
INTANGIBLE ASSETS, NET (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets, Net
The components of intangible assets, net consisted of the following (amounts in thousands):
March 31, 2025
Weighted- Average Useful Lives (in Years)Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Amortizable intangible assets:
Customer lists/relationships12.50$6,000 $(520)$5,480 
Trade names10.005,500 (596)4,904 
Other intangibles15.373,585 (2,263)1,322 
Total$15,085 $(3,379)$11,706 

December 31, 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 
Schedule of Aggregate Amortization Expense
The estimated aggregate amortization expense at March 31, 2025, for each of the years (or other periods) set forth below was as follows (amounts in thousands):
April 1 - December 31, 2025$957 
20261,276 
20271,218 
20281,153 
20291,153 
Thereafter5,949 
 $11,706 
v3.25.1
OTHER CURRENT LIABILITIES (Tables)
 3 Months Ended
Mar. 31, 2025
Other Liabilities, Current [Abstract]  
Schedule of Other Current Liabilities
Other current liabilities consisted of the following (amounts in thousands):
 March 31,
2025		December 31,
2024
Compensation and benefits$47,274 $47,735 
Warranty12,186 12,571 
Accrued insurance benefits19,819 20,218 
Customer rebates and deposits11,854 15,004 
Accrued other taxes12,891 12,142 
Accrued interest12,513 5,646 
Foreign government grant (1)
3,894 3,672 
Other25,644 26,306 
 $146,075 $143,294 
(1) The Company received government subsidies in 2023 associated with capital expenditure investments in technological and digital innovation in Europe. The amount of the government subsidies 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 its 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.
v3.25.1
WARRANTY (Tables)
 3 Months Ended
Mar. 31, 2025
Product Warranties Disclosures [Abstract]  
Schedule of Product Warranty Liability
Changes in the warranty liability during the three months ended March 31, 2025 and 2024, respectively, consisted of the following (amounts in thousands):
 20252024
Warranty liability at beginning of the period$22,392 $21,710 
Provision for warranty liabilities3,058 4,043 
Warranty payments made(3,032)(4,037)
   Other adjustments, including acquisition of Titan Specialty— 1,784 
Warranty liability at end of the period$22,418 $23,500 
v3.25.1
DEBT (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Long-term debt consisted of the following (amounts in thousands):
March 31, 2025
Principal BalanceUnamortized Debt IssuanceNet Carrying Amount
7.00% senior secured notes due 2028
$400,000 $(2,628)$397,372 
Revolving credit facility163,000 — 163,000 
Titan Europe credit facilities18,176 — 18,176 
Other debt6,855 — 6,855 
     Total debt588,031 (2,628)585,403 
Less amounts due within one year13,814 — 13,814 
     Total long-term debt$574,217 $(2,628)$571,589 
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 
Schedule of Maturities of Long-term Debt
Aggregate principal maturities of long-term debt at March 31, 2025 for each of the years (or other periods) set forth below were as follows (amounts in thousands):
April 1 - December 31, 2025$12,184 
20267,449 
20272,259 
2028563,549 
2029556 
Thereafter2,034 
 $588,031 
v3.25.1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2025
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 ClassificationMarch 31,
2025		December 31,
2024
Operating lease ROU assetsOperating lease assets$117,600 $117,027 
                                
Operating lease current liabilitiesOperating leases current liabilities11,872 11,999 
Operating lease long-term liabilitiesOperating leases long-term liabilities107,802 106,020 
    Total operating lease liabilities$119,674 $118,019 
Finance lease, grossProperty, plant & equipment, net$7,123 $6,801 
Finance lease accumulated depreciationProperty, plant & equipment, net(4,687)(4,442)
   Finance lease, net$2,436 $2,359 
Finance lease current liabilitiesOther current liabilities$953 $986 
Finance lease long-term liabilitiesOther long-term liabilities1,631 1,483 
   Total finance lease liabilities$2,584 $2,469 
Schedule of Maturities of Operating Lease Liabilities
At March 31, 2025, maturities of lease liabilities were as follows (amounts in thousands):
Operating
Leases		Finance
Leases
April 1 - December 31, 2025$16,493 $975 
202618,730 994 
202715,699 562 
202813,997 313 
202913,121 74 
Thereafter119,172 66 
Total lease payments$197,212 $2,984 
Less imputed interest77,538 400 
$119,674 $2,584 
Weighted average remaining lease term (in years)13.342.96
Weighted average discount rate 7.27 %7.27 %
Schedule of Maturities of Finance Lease Liabilities
At March 31, 2025, maturities of lease liabilities were as follows (amounts in thousands):
Operating
Leases		Finance
Leases
April 1 - December 31, 2025$16,493 $975 
202618,730 994 
202715,699 562 
202813,997 313 
202913,121 74 
Thereafter119,172 66 
Total lease payments$197,212 $2,984 
Less imputed interest77,538 400 
$119,674 $2,584 
Weighted average remaining lease term (in years)13.342.96
Weighted average discount rate 7.27 %7.27 %
v3.25.1
EMPLOYEE BENEFIT PLANS (Tables)
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Components of Net Periodic Pension Cost
The components of net periodic pension cost consisted of the following for the periods set forth below (amounts in thousands):
Three months ended
March 31,
20252024
Service cost$161 $162 
Interest cost945 952 
Expected return on assets(1,329)(1,301)
Amortization of unrecognized prior service cost(14)(16)
Amortization of net unrecognized loss 18 68 
   Net periodic pension (benefit)$(219)$(135)
v3.25.1
VARIABLE INTEREST ENTITIES (Tables)
 3 Months Ended
Mar. 31, 2025
Variable Interest Entity, Measure of Activity [Abstract]  
Schedule of Non Consolidated Variable Interest Entities The assets and liabilities recognized in
Titan's condensed consolidated balance sheets related to Titan's interest in these non-consolidated VIEs and the Company's maximum exposure to loss relating to non-consolidated VIEs as of the dates set forth below were as follows (amounts in thousands):
 March 31,
2025		December 31,
2024
Investments$8,174 $7,919 
     Total VIE assets8,174 7,919 
Accounts payable to the non-consolidated VIEs3,473 2,646 
  Maximum exposure to loss$11,647 $10,565 
v3.25.1
OTHER INCOME (Tables)
 3 Months Ended
Mar. 31, 2025
Other Income and Expenses [Abstract]  
Schedule of Other Income
Other income consisted of the following (amounts in thousands):
Three months ended
March 31,
 20252024
Equity investment income$174 $327 
Loss on sale of assets(40)(25)
Pension plan income527 405 
Other income (loss)473 (302)
 $1,134 $405 
v3.25.1
EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
(Loss) earnings per share (EPS) were as follows (amounts in thousands, except per share data):
Three months ended
March 31,
20252024
Net (loss) income attributable to Titan and applicable to common shareholders$(649)$9,201 
Determination of shares:
   Weighted average shares outstanding (basic)63,283 64,928 
   Effect of restricted stock and stock options— 776 
   Weighted average shares outstanding (diluted)63,283 65,704 
(Loss) earnings per common share:
Basic$(0.01)$0.14 
Diluted$(0.01)$0.14 
v3.25.1
SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The table below presents information about certain operating results, separated by market segments, for the three months ended March 31, 2025 and 2024 (amounts in thousands):
Three months ended March 31, 2025
AgricultureEarthmoving/ConstructionConsumerCorporate & UnallocatedTotal
Net sales$197,746 $143,290 $149,672 $— $490,708 
Cost of sales173,259 128,397 120,408 — 422,064 
Gross profit$24,487 $14,893 $29,264 $— $68,644 
Selling, general and administrative expenses12,074 11,021 19,087 7,673 49,855 
Research and development expenses1,354 1,849 888 453 4,544 
Royalty expense1,617 347 482 — 2,446 
Segment profit (loss)$9,442 $1,676 $8,807 $(8,126)$11,799 
Interest expense(9,535)(9,535)
Interest income2,239 2,239 
Foreign exchange loss(1,385)(1,385)
Other income1,134 1,134 
(Loss) income before income taxes$(15,673)$4,252 
Three months ended March 31, 2024
AgricultureEarthmoving/ConstructionConsumerCorporate & UnallocatedTotal
Net sales$239,673 $165,208 $77,328 $— $482,209 
Cost of sales199,054 142,231 63,554 — 404,839 
Gross profit$40,619 $22,977 $13,774 $— $77,370 
Selling, general and administrative expenses13,394 11,956 7,803 6,267 39,420 
Acquisition related expenses— — — 6,196 6,196 
Research and development expenses1,230 1,666 336 422 3,654 
Royalty expense1,985 521 522 — 3,028 
Segment profit (loss)$24,010 $8,834 $5,113 $(12,885)$25,072 
Interest expense(8,367)(8,367)
Interest income2,875 2,875 
Foreign exchange loss(275)(275)
Other income405 405 
(Loss) income before income taxes$(18,247)$19,710 
Schedule of Reconciliation of Revenue from Segments to Consolidated
The table below presents net sales by products and reportable segments for the three months ended March 31, 2025 and 2024 (amounts in thousands):
Agricultural SegmentEarthmoving/Construction SegmentConsumer SegmentTotal
Three months ended March 31, 2025
Wheels and Tires [including assemblies]$188,367 $54,413 $142,175 $384,955 
Undercarriage systems and components9,379 88,877 7,497 105,753 
Total$197,746 $143,290 $149,672 $490,708 

Agricultural SegmentEarthmoving/Construction SegmentConsumer SegmentTotal
Three months ended March 31, 2024
Wheels and Tires [including assemblies]$229,034 $66,245 $71,354 $366,633 
Undercarriage systems and components10,639 98,963 5,974 115,576 
Total$239,673 $165,208 $77,328 $482,209 
Segment, Reconciliation of Other Items from Segments to Consolidated
Depreciation and amortization expense by segment were as follows as of the periods set forth below (amounts in thousands):
Agricultural SegmentEarthmoving/Construction SegmentConsumer SegmentCorporate & UnallocatedTotal
Three months ended March 31, 2025$6,158 $4,463 $4,661 $589 $15,871 
Three months ended March 31, 20245,708 3,935 1,842 516 12,001 
v3.25.1
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)
 3 Months Ended
Mar. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Accumulated Other Comprehensive (Loss) Income
Accumulated other comprehensive (loss) income consisted of the following (amounts in thousands):
 
 Currency
Translation
Adjustments		Gain (Loss) on
Derivatives		Unrecognized
Losses and
Prior Service
Cost
 
 
Total
Balance at January 1, 2025$(289,678)$505 $3,296 $(285,877)
Currency translation adjustments39,274 — — 39,274 
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $(21)
— — 90 90 
Derivative loss— (8)— (8)
Balance at March 31, 2025$(250,404)$497 $3,386 $(246,521)

 
 Currency
Translation
Adjustments		Gain (Loss) on
Derivatives		Unrecognized
Losses and
Prior Service
Cost
 
 
Total
Balance at January 1, 2024$(217,455)$740 $(2,328)$(219,043)
Currency translation adjustments, net(14,032)— — (14,032)
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $(12)
— — 148 148 
Derivative gain— 2 — 2 
Balance at March 31, 2024$(231,487)$742 $(2,180)$(232,925)
v3.25.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details)
$ in Thousands
 1 Months Ended 3 Months Ended
Dec. 16, 2022
USD ($)
Mar. 31, 2022
Jul. 31, 2018
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
shares
Dec. 31, 2024
USD ($)
Apr. 22, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Investments in marketable equity securities       $ 3,400   $ 5,300  
Debt instrument interest rate stated percentage (in percent)       7.00%   7.00% 7.00%
Aggregate principal amount       $ 588,031      
Net monetary loss       $ (1,100) $ 1,200    
Consolidated assets (in percent)       6.00%   5.00%  
Consolidated sales (in percent)       4.00% 5.00%    
Stock repurchase program, authorized amount $ 50,000            
Stock repurchased (in shares) | shares         100,000    
Stock repurchase amount         $ 1,402    
Stock repurchase program, remaining authorized repurchase amount       $ 1,000      
Supplier finance program obligation       $ 15,800   $ 13,200  
Maximum              
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Stock repurchase program, period in force (in years) 3 years            
Voltyre-Prom              
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Ownership percentage by parent (in percent)       64.30%      
ARGENTINA              
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Cumulative period for rate of inflation (in years)     3 years        
Percentage of Inflation     1        
TÜRKIYE              
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Cumulative period for rate of inflation (in years)   3 years          
Percentage of Inflation   1          
7.00% 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%      
Aggregate principal amount       $ 397,372   397,153  
Fair value of the senior secured notes       $ 390,800   $ 390,000  
v3.25.1
BUSINESS COMBINATION - Narrative (Details)
$ in Thousands
 3 Months Ended
Feb. 29, 2024
facility
country
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]      
Total acquisition-related costs   $ 0 $ 6,196
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%    
Total acquisition-related costs     $ 6,200
v3.25.1
BUSINESS COMBINATION - Working Capital Adjustment (Details) - The Carlstar Group, LLC
$ in Thousands
Feb. 29, 2024
USD ($)
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
v3.25.1
BUSINESS COMBINATION - Goodwill by Operating Segment (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Business Combination Segment Allocation [Line Items]    
Goodwill $ 29,563 $ 29,563
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  
v3.25.1
BUSINESS COMBINATION - Assets and Liabilities of Purchase Price Consideration (Details) - USD ($)
$ in Thousands
Feb. 29, 2024
Mar. 31, 2025
Dec. 31, 2024
Business Acquisition [Line Items]      
Goodwill   $ 29,563 $ 29,563
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    
v3.25.1
BUSINESS COMBINATION - Actual Revenue and Net Income (Details) - The Carlstar Group, LLC
$ in Thousands
 1 Months Ended
Mar. 31, 2024
USD ($)
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]  
Titan Specialty revenue $ 51,788
Titan Specialty income before taxes $ 1,254
v3.25.1
BUSINESS COMBINATION - Proforma Financial Information (Details) - The Carlstar Group, LLC
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
$ / shares
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]  
Pro forma revenues | $ $ 584,027
Pro forma net income | $ $ 25,445
Net income per common share, basic (in dollars per share) | $ / shares $ 0.35
Net income per common share, diluted (in dollars per share) | $ / shares $ 0.35
v3.25.1
ACCOUNTS RECEIVABLE, NET - Accounts Receivable (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Receivables [Abstract]        
Accounts receivable $ 327,042 $ 214,952 $ 362,763  
Allowance for credit losses (3,778) (3,232) (7,204) $ (5,340)
Accounts receivable, net $ 323,264 $ 211,720 $ 355,559  
v3.25.1
ACCOUNTS RECEIVABLE, NET - Allowance for Credit Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at January 1, $ 3,232 $ 5,340
Provision charged to expense 72 198
Recoveries of accounts receivable 0 (742)
Other, including foreign currency translation and acquisition related activity 474 2,408
Balance at March 31, $ 3,778 $ 7,204
v3.25.1
INVENTORIES (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw material $ 102,510 $ 103,616
Work-in-process 45,432 41,898
Finished goods 308,003 291,678
Total inventory $ 455,945 $ 437,192
v3.25.1
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross $ 1,222,461   $ 1,172,255
Less accumulated depreciation (783,297)   (751,037)
Property, plant and equipment, net 439,164   421,218
Depreciation 14,100 $ 11,500  
Land and improvements      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 45,053   42,534
Buildings and improvements      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 271,578   260,256
Machinery and equipment      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 740,016   703,899
Tools, dies and molds      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 117,863   118,569
Construction-in-process      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross $ 47,951   $ 46,997
v3.25.1
INTANGIBLE ASSETS, NET - Components of Intangible Assets, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount $ 15,085   $ 15,023
Accumulated Amortization (3,379)   (3,038)
Total 11,706   $ 11,985
Amortization related to intangible assets $ 300 $ 200  
Customer lists/relationships      
Finite-Lived Intangible Assets [Line Items]      
Weighted- Average Useful Lives (in Years) 12 years 6 months   12 years 6 months
Gross Carrying Amount $ 6,000   $ 6,000
Accumulated Amortization (520)   (400)
Total $ 5,480   $ 5,600
Trade names      
Finite-Lived Intangible Assets [Line Items]      
Weighted- Average Useful Lives (in Years) 10 years   10 years
Gross Carrying Amount $ 5,500   $ 5,500
Accumulated Amortization (596)   (458)
Total $ 4,904   $ 5,042
Other intangibles      
Finite-Lived Intangible Assets [Line Items]      
Weighted- Average Useful Lives (in Years) 15 years 4 months 13 days   15 years 6 months 7 days
Gross Carrying Amount $ 3,585   $ 3,523
Accumulated Amortization (2,263)   (2,180)
Total $ 1,322   $ 1,343
v3.25.1
INTANGIBLE ASSETS, NET - Aggregate Amortization Expense (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
April 1 - December 31, 2025 $ 957  
2026 1,276  
2027 1,218  
2028 1,153  
2029 1,153  
Thereafter 5,949  
Total $ 11,706 $ 11,985
v3.25.1
OTHER CURRENT LIABILITIES (Details) - USD ($)
$ in Thousands
 1 Months Ended
Aug. 31, 2014
Mar. 31, 2025
Dec. 31, 2024
Other Liabilities, Current [Abstract]      
Compensation and benefits   $ 47,274 $ 47,735
Warranty   12,186 12,571
Accrued insurance benefits   19,819 20,218
Customer rebates and deposits   11,854 15,004
Accrued other taxes   12,891 12,142
Accrued interest   12,513 5,646
Foreign government grant   3,894 3,672
Other   25,644 26,306
Total   $ 146,075 $ 143,294
Capital grant from the Italian government $ 17,000    
v3.25.1
WARRANTY - Product Warranty Liability (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Product Warranty Liability [Roll Forward]    
Warranty liability at beginning of the period $ 22,392 $ 21,710
Provision for warranty liabilities 3,058 4,043
Warranty payments made (3,032) (4,037)
Other adjustments, including acquisition of Titan Specialty 0 1,784
Warranty liability at end of the period $ 22,418 $ 23,500
v3.25.1
WARRANTY - Narrative (Details)
Mar. 31, 2025
Minimum  
Product Warranty Liability [Line Items]  
Warranty term (in years) 1 year
Maximum  
Product Warranty Liability [Line Items]  
Warranty term (in years) 10 years
v3.25.1
DEBT - Long-term Debt Instruments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Feb. 29, 2024
Mar. 31, 2025
Dec. 31, 2024
Apr. 22, 2021
Debt Instrument [Line Items]        
Revolving credit facility   $ 163,000 $ 146,000  
Less amounts due within one year   13,814 12,479  
Debt instrument, unamortized discount   (2,628) (2,847)  
Debt instrument, unamortized discount, current   0 0  
Debt instrument, unamortized discount (premium), net   (2,628) (2,847)  
Long-term debt   588,031    
Total debt   585,403 565,445  
Total long-term debt   $ 571,589 $ 552,966  
Debt instrument interest rate stated percentage (in percent)   7.00% 7.00% 7.00%
Debt instrument term (in years) 5 years      
Long-term Debt        
Debt Instrument [Line Items]        
Total debt   $ 588,031 $ 568,292  
Long-Term Debt, Gross   574,217 555,813  
7.00% 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   (2,628) (2,847)  
Long-term debt   $ 397,372 397,153  
Debt instrument interest rate stated percentage (in percent)   7.00%    
Line of Credit        
Debt Instrument [Line Items]        
Revolving credit facility   $ 163,000 146,000  
Debt instrument, unamortized discount   0    
Debt instrument, unamortized discount, noncurrent     0  
Debt instrument term (in years) 91 days      
Titan Europe credit facilities        
Debt Instrument [Line Items]        
Titan Europe credit facilities   18,176 15,199  
Debt instrument, unamortized discount, noncurrent   $ 0 0  
Titan Europe credit facilities | Minimum        
Debt Instrument [Line Items]        
Debt instrument interest rate stated percentage (in percent)   0.50%    
Other debt        
Debt Instrument [Line Items]        
Other debt   $ 6,855 7,093  
Debt instrument, unamortized discount, noncurrent   $ 0 $ 0  
Other debt | Minimum        
Debt Instrument [Line Items]        
Debt instrument interest rate stated percentage (in percent)   6.00% 6.90%  
Debt instrument term (in years)   1 year    
v3.25.1
DEBT - Narrative (Details)
$ in Thousands
 3 Months Ended
Feb. 29, 2024
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Feb. 28, 2024
USD ($)
Apr. 22, 2021
USD ($)
Debt Instrument [Line Items]          
Weighted-average interest rates on short-term borrowings (in percent)   2.60% 4.10%    
Debt instrument interest rate stated percentage (in percent)   7.00% 7.00%   7.00%
Debt instrument, interest rate, effective percentage (in percent)         7.27%
Debt instrument term (in years) 5 years        
Line of credit facility $ 225,000 $ 225,000 $ 177,100    
Bridge loan 20,000        
Letters of Credit, Maximum Capacity 50,000        
Line of credit facility maximum expansion 50,000        
Line of credit facility, interest rate (in percent)   6.35%      
Outstanding letters of credit   $ 5,400 9,900    
Revolving credit facility   163,000 146,000    
Borrowing under the new credit facility   56,600 21,200    
BMO Harris Bank N.A.          
Debt Instrument [Line Items]          
Line of credit facility       $ 125,000  
7.00% 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%      
Titan Europe credit facilities          
Debt Instrument [Line Items]          
Other borrowings   $ 18,176 15,199    
Titan Europe credit facilities | Minimum          
Debt Instrument [Line Items]          
Debt instrument interest rate stated percentage (in percent)   0.50%      
Titan Europe credit facilities | Maximum          
Debt Instrument [Line Items]          
Debt instrument interest rate stated percentage (in percent)   6.50%      
Other debt          
Debt Instrument [Line Items]          
Other debt   $ 6,855 $ 7,093    
Other debt | Minimum          
Debt Instrument [Line Items]          
Debt instrument interest rate stated percentage (in percent)   6.00% 6.90%    
Debt instrument term (in years)   1 year      
Other debt | Maximum          
Debt Instrument [Line Items]          
Debt instrument interest rate stated percentage (in percent)   7.60% 7.60%    
Debt instrument term (in years)   2 years      
Titan Brazil          
Debt Instrument [Line Items]          
Other debt   $ 6,900 $ 7,100    
Credit Agreement | Revolving Credit Facility          
Debt Instrument [Line Items]          
Borrowing under the new credit facility $ 17,000        
Credit Agreement | Minimum          
Debt Instrument [Line Items]          
Fixed Charge Coverage Ratio 1.0        
Credit Agreement | Maximum          
Debt Instrument [Line Items]          
Line of Credit Facility, Commitment Fee Percentage 10.00%        
Line of Credit          
Debt Instrument [Line Items]          
Debt instrument term (in years) 91 days        
Revolving credit facility   $ 163,000 $ 146,000    
v3.25.1
DEBT - Maturities of Long-term Debt (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Debt Disclosure [Abstract]  
April 1 - December 31, 2025 $ 12,184
2026 7,449
2027 2,259
2028 563,549
2029 556
Thereafter 2,034
Long-term debt $ 588,031
v3.25.1
LEASES - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Apr. 22, 2021
Leases [Abstract]      
Debt instrument, interest rate, effective percentage (in percent)     7.27%
Operating cash flows from operating leases $ 5.3 $ 3.9  
v3.25.1
LEASES - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating lease ROU assets $ 117,600 $ 117,027
Operating lease current liabilities 11,872 11,999
Operating lease long-term liabilities 107,802 106,020
Total operating lease liabilities 119,674 118,019
Finance lease, gross 7,123 6,801
Finance lease accumulated depreciation (4,687) (4,442)
Finance lease, net 2,436 2,359
Finance lease current liabilities 953 986
Finance lease long-term liabilities 1,631 1,483
Total finance lease liabilities $ 2,584 $ 2,469
v3.25.1
LEASES - Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Operating Leases    
April 1 - December 31, 2025 $ 16,493  
2026 18,730  
2027 15,699  
2028 13,997  
2029 13,121  
Thereafter 119,172  
Total lease payments 197,212  
Less imputed interest 77,538  
Operating lease liability 119,674 $ 118,019
Finance Leases    
April 1 - December 31, 2025 975  
2026 994  
2027 562  
2028 313  
2029 74  
Thereafter 66  
Total lease payments 2,984  
Less imputed interest 400  
Finance lease liability $ 2,584 $ 2,469
Operating lease, weighted average remaining lease term (in years) 13 years 4 months 2 days  
Finance lease, weighted average remaining lease term (in years) 2 years 11 months 15 days  
Operating Lease, Weighted Average Discount Rate, Percent 7.27%  
Finance Lease, Weighted Average Discount Rate, Percent 7.27%  
v3.25.1
EMPLOYEE BENEFIT PLANS - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
plan
Retirement Benefits [Abstract]  
Number of frozen plans | plan 3
Number of subsidiaries with frozen plans | plan 3
Contributions by employer | $ $ 0.1
Estimated future employer contributions | $ $ 0.2
v3.25.1
EMPLOYEE BENEFIT PLANS - Components of Net Periodic Pension Cost (Details) - Pension Plan - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Service cost $ 161 $ 162
Interest cost 945 952
Expected return on assets (1,329) (1,301)
Amortization of unrecognized prior service cost (14) (16)
Amortization of net unrecognized loss 18 68
Net periodic pension (benefit) $ (219) $ (135)
v3.25.1
VARIABLE INTEREST ENTITIES - Non Consolidated Variable Interest Entities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Total assets $ 1,722,012 $ 1,584,953
Accounts payable 283,220 219,586
Non-Consolidated VIEs    
Variable Interest Entity [Line Items]    
Investments 8,174 7,919
Total assets 8,174 7,919
Accounts payable 3,473 2,646
  Maximum exposure to loss $ 11,647 $ 10,565
v3.25.1
ROYALTY EXPENSE (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Other Income and Expenses [Abstract]    
Royalty expenses $ 2,446 $ 3,028
v3.25.1
OTHER INCOME (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Other Income and Expenses [Abstract]    
Equity investment income $ 174 $ 327
Loss on sale of assets (40) (25)
Pension plan income 527 405
Other income (loss)   (302)
Other income (loss) 473  
Total other income $ 1,134 $ 405
v3.25.1
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Income tax expense $ 4,230 $ 9,736
Effective income tax rate (in percent) 99.50% 49.40%
Profit and loss positions (in years) 3 years  
v3.25.1
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Net (loss) income attributable to Titan and applicable to common shareholders $ (649) $ 9,201
Weighted average shares outstanding (basic) (in shares) 63,283 64,928
Effect of restricted stock and stock options (in shares) 0 776
Weighted average shares outstanding (diluted) (in shares) 63,283 65,704
Earnings per common share, basic (in dollars per share) $ (0.01) $ 0.14
Earnings per common share, diluted (in dollars per share) $ (0.01) $ 0.14
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 800  
v3.25.1
SEGMENT INFORMATION - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.25.1
SEGMENT INFORMATION - Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax $ 490,708 $ 482,209
Cost of sales 422,064 404,839
Gross profit 68,644 77,370
Selling, general and administrative expenses 49,855 39,420
Total acquisition-related costs 0 6,196
Research and development expenses 4,544 3,654
Royalty expense 2,446 3,028
Income from operations 11,799 25,072
Interest expense (9,535) (8,367)
Interest income 2,239 2,875
Foreign exchange loss (1,385) (275)
Other income 1,134 405
Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 490,708 482,209
Cost of sales 422,064 404,839
Gross profit 68,644 77,370
Selling, general and administrative expenses 49,855 39,420
Total acquisition-related costs   6,196
Research and development expenses 4,544 3,654
Royalty expense 2,446 3,028
Income from operations 11,799 25,072
Interest expense (9,535) (8,367)
Interest income 2,239 2,875
Foreign exchange loss (1,385) (275)
Other income 1,134 405
(Loss) income before income taxes 4,252 19,710
Operating Segments | Agriculture    
Segment Reporting Information [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 197,746 239,673
Cost of sales 173,259 199,054
Gross profit 24,487 40,619
Selling, general and administrative expenses 12,074 13,394
Total acquisition-related costs   0
Research and development expenses 1,354 1,230
Royalty expense 1,617 1,985
Income from operations 9,442 24,010
Operating Segments | Earthmoving/Construction    
Segment Reporting Information [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 143,290 165,208
Cost of sales 128,397 142,231
Gross profit 14,893 22,977
Selling, general and administrative expenses 11,021 11,956
Total acquisition-related costs   0
Research and development expenses 1,849 1,666
Royalty expense 347 521
Income from operations 1,676 8,834
Operating Segments | Consumer    
Segment Reporting Information [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 149,672 77,328
Cost of sales 120,408 63,554
Gross profit 29,264 13,774
Selling, general and administrative expenses 19,087 7,803
Total acquisition-related costs   0
Research and development expenses 888 336
Royalty expense 482 522
Income from operations 8,807 5,113
Operating Segments | Corporate & Unallocated    
Segment Reporting Information [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 0 0
Cost of sales 0 0
Gross profit 0 0
Selling, general and administrative expenses 7,673 6,267
Total acquisition-related costs   6,196
Research and development expenses 453 422
Royalty expense 0 0
Income from operations (8,126) (12,885)
Interest expense (9,535) (8,367)
Interest income 2,239 2,875
Foreign exchange loss (1,385) (275)
Other income 1,134 405
(Loss) income before income taxes $ (15,673) $ (18,247)
v3.25.1
SEGMENT INFORMATION - Revenue from Segments to Consolidated (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Net sales $ 490,708 $ 482,209
Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 490,708 482,209
Operating Segments | Wheels and Tires [including assemblies]    
Segment Reporting Information [Line Items]    
Net sales 384,955 366,633
Operating Segments | Undercarriage systems and components    
Segment Reporting Information [Line Items]    
Net sales 105,753 115,576
Operating Segments | Agricultural    
Segment Reporting Information [Line Items]    
Net sales 197,746 239,673
Operating Segments | Agricultural | Wheels and Tires [including assemblies]    
Segment Reporting Information [Line Items]    
Net sales 188,367 229,034
Operating Segments | Agricultural | Undercarriage systems and components    
Segment Reporting Information [Line Items]    
Net sales 9,379 10,639
Operating Segments | Earthmoving/construction    
Segment Reporting Information [Line Items]    
Net sales 143,290 165,208
Operating Segments | Earthmoving/construction | Wheels and Tires [including assemblies]    
Segment Reporting Information [Line Items]    
Net sales 54,413 66,245
Operating Segments | Earthmoving/construction | Undercarriage systems and components    
Segment Reporting Information [Line Items]    
Net sales 88,877 98,963
Operating Segments | Consumer    
Segment Reporting Information [Line Items]    
Net sales 149,672 77,328
Operating Segments | Consumer | Wheels and Tires [including assemblies]    
Segment Reporting Information [Line Items]    
Net sales 142,175 71,354
Operating Segments | Consumer | Undercarriage systems and components    
Segment Reporting Information [Line Items]    
Net sales $ 7,497 $ 5,974
v3.25.1
SEGMENT INFORMATION - Reconciliation of Other Items from Segments to Consolidated (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]    
Depreciation and amortization $ 15,871 $ 12,001
Operating Segments    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Depreciation and amortization 15,871 12,001
Operating Segments | Agricultural    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Depreciation and amortization 6,158 5,708
Operating Segments | Earthmoving/construction    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Depreciation and amortization 4,463 3,935
Operating Segments | Consumer    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Depreciation and amortization 4,661 1,842
Operating Segments | Corporate & Unallocated    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Depreciation and amortization $ 589 $ 516
v3.25.1
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Stockholders' Equity Note [Abstract]        
Currency Translation Adjustments $ (250,404) $ (231,487) $ (289,678) $ (217,455)
Currency translation adjustments, net 39,274 (14,032)    
Gain (Loss) on Derivatives 497 742 505 740
Gain (Loss) on Derivatives (8) 2    
Unrecognized Losses and Prior Service Cost 3,386 (2,180) 3,296 (2,328)
Amortization of unrecognized losses and prior service cost, net of tax 90 148    
Accumulated other comprehensive loss (246,521) (232,925) $ (285,877) $ (219,043)
Amortization of unrecognized losses and prior service cost, tax $ (21) $ (12)