SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment information

SEGMENT INFORMATION

The Company has aggregated its operating units into reportable segments based on its three customer markets: agricultural, earthmoving/construction, and consumer. These segments are based on the information used by the Chief Executive Officer to make certain operating decisions, allocate portions of capital expenditures, and assess segment performance. Segment external sales, expenses, and income from operations are determined based on the results of operations for the operating units of the Company's manufacturing facilities. Segment assets are generally determined on the basis of the tangible assets located at such operating units’ manufacturing facilities and the intangible assets associated with the acquisitions of such operating units. However, certain operating units’ property, plant and equipment balances are carried at the corporate level.

Titan is organized primarily on the basis of products being included in three market segments, with each reportable segment including wheels, tires, wheel/tire assemblies, and undercarriage systems and components.

The table below presents information about certain operating results, separated by market segments, for each of the three months ended March 31, 2021 and 2020 (amounts in thousands):

	Three months ended
	March 31,
	2021		2020
Net sales
Agricultural	$	208,759	$	172,938
Earthmoving/construction	164,807		136,922
Consumer	29,952		31,640
	$	403,518	$	341,500
Gross profit
Agricultural	$	29,789	$	14,027
Earthmoving/construction	19,742		10,754
Consumer	3,734		2,463
	$	53,265	$	27,244
Income (loss) from operations
Agricultural	$	15,283	$	1,875
Earthmoving/construction	5,575		(3,915)
Consumer	1,667		(425)
Corporate & Unallocated	(8,294)		(7,138)
Income (loss) from operations	14,231		(9,603)
Interest expense	(7,523)		(7,920)
Foreign exchange gain (loss)	9,477		(17,242)
Other (expense) income, net	(368)		7,321
Income (loss) before income taxes	$	15,817	$	(27,444)

Assets by segment were as follows as of the dates set forth below (amounts in thousands):

	March 31, 2021		December 31, 2020
Total assets
Agricultural	$	452,622	$	420,993
Earthmoving/construction	483,411		473,873
Consumer	116,913		114,993
Corporate & Unallocated	18,502		22,025
	$	1,071,448	$	1,031,884